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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08055

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

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

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: December 31, 2006

Item 1. Reports to Stockholders.

International Equity

Growth Equity

Growth & Income

Equity Index

Social Choice Equity

Managed Allocation

High-Yield Bond

Short-Term Bond

Tax-Exempt Bond

Bond Plus

Money Market

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2006 ANNUAL REPORT

TIAA-CREF
MUTUAL FUNDS

DECEMBER 31, 2006
Audited financial statements including summary portfolios of investments

PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2006
			Average annual compound rates of total return
	Inception date		1 year		5 years		Since inception
EQUITIES
International Equity Fund		9/2/1997	29.36	%	15.53	%	9.14	%
Growth Equity Fund		9/2/1997	5.42		1.06		2.55
Growth & Income Fund		9/2/1997	16.72		5.41		6.74
Equity Index Fund		4/3/2000	15.42		6.94		1.38
Social Choice Equity Fund		4/3/2000	14.08		7.07		1.59
EQUITIES & FIXED INCOME
Managed Allocation Fund		9/2/1997	11.94		7.01		6.85
FIXED INCOME
High-Yield Bond Fund		4/3/2000	9.68		8.77		7.69
Short-Term Bond Fund		4/3/2000	4.39		3.75		5.27
Tax-Exempt Bond Fund		4/3/2000	4.37		5.48		5.95
Bond Plus Fund		9/2/1997	4.34		5.15		6.17
Money Market Fund*		9/2/1997	4.89		2.31		3.66

NET ANNUALIZED YIELD			NET ANNUALIZED YIELD
(30-day period ended 12/31/2006)			(7-day period ended 12/26/2006)
	Effective			Current	Effective
High-Yield Bond Fund	7.63	%	Money Market Fund*	5.13%	5.26	%
Short-Term Bond Fund	4.88
Tax-Exempt Bond Fund	3.70
Bond Plus Fund	5.00

*

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

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

Understanding your TIAA-CREF Mutual Funds report

This report contains information about TIAA-CREF Mutual Funds and analyzes the funds’ results for the year ended December 31, 2006. It has five main sections:

• The performance overview on the inside front cover shows the funds’ returns over a variety of time periods.

• The letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the funds’ investment adviser, explains how returns from various asset classes differed during the twelve-month period.

• The fund performance section compares each fund’s return with the returns of that fund’s benchmark index and peer group.

• The summary portfolios of investments list the industries or types of securities in which each fund had investments as of December 31, 2006, and the largest individual issues the fund held on that date.

• The financial statements contain detailed information about the operations and financial condition of each fund.

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

Contents

Report to investors	2
More information for investors	4
Special terms	5
Important information about expenses	6
Fund performance
International Equity Fund	7
Growth Equity Fund	11
Growth & Income Fund	15
Equity Index Fund	19
Social Choice Equity Fund	23
Managed Allocation Fund	27
High-Yield Bond Fund	31
Short-Term Bond Fund	35
Tax-Exempt Bond Fund	39
Bond Plus Fund	43
Money Market Fund	47

Summary portfolios of investments	51
Financial statements
Statements of assets and liabilities	94
Statements of operations	98
Statements of changes in net assets	102
Financial highlights	110
Notes to financial statements	121
Report of independent registered public accounting firm	133
Management	134
Important tax information	139
How to reach us	Inside back cover

Report to investors

The U.S. stock market got off to a strong start in 2006, but a sell-off during the second quarter erased many of those early gains. During the year’s second half, a vigorous rally on Wall Street and in many other stock markets around the world enabled U.S. and foreign stocks to score impressive gains for the twelve-month period. Both categories posted their best returns since 2003.

          The Russell 3000^® Index, which measures the broad U.S. market, advanced 15.7% for the year—nearly twice the 8.6% average annual return of the index over the decade that ended December 31, 2006.

          U.S. stocks benefited from a double-digit increase in corporate profits and solid economic growth. All twelve industry sectors of the Russell 3000 advanced, led by the 34.7% jump in the integrated oils sector. Financial stocks, which made up nearly one-quarter of the index, in terms of market capitalization, climbed 19.4%.

          The MSCI EAFE^® Index, which tracks 21 stock markets in developed nations outside North America, rose 26.3%, in terms of dollars. This exceptional return owed much to the increased value of the euro and pound versus the dollar as well as to higher corporate profits in Europe. The average annual return for the EAFE index over the 10-year period was 7.7% in dollar terms.

U.S. economy shows resilience

Despite patches of weakness and a downturn in the housing market, the overall national economy continued to expand at a healthy pace in 2006. Initial estimates are that Gross Domestic Product rose 3.4% during the year.

          After raising short-term interest rates four times during the first six months of 2006, the Federal Reserve held them steady for the rest of the year.

          The price of oil, which peaked at $77 per barrel in mid-July, declined to $61 per barrel at year’s end—a 21% drop. In December, the overall inflation rate as measured by the Consumer Price Index was 2.5% on a year-over-year basis.

          Level short-term interest rates in the second half of the year and expectations of a cooling economy in 2007 lifted prices for both government and corporate bonds. The Lehman Brothers U.S. Aggregate Index, which measures the total return for investment-grade U.S. bonds, rose 4.3% for the year. High-yield bonds, which often perform well when company fundamentals are strong, returned 11.9%, as measured by the Lehman Brothers U.S. Corporate High Yield Index.

2  | 2006 Annual Report   TIAA-CREF Mutual Funds

Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.

Five funds post double-digit gains

During 2006, five of the TIAA-CREF Mutual Funds posted double-digit gains, and all the funds registered solid positive returns. The performance of individual funds reflected the widely varying returns of the asset classes in which the funds invest.

          Returns for the equity funds ranged from 5.4% for the Growth Equity Fund to 29.4% for the International Equity Fund, which invests in foreign stocks.

          A rally in the bond market during the second half of 2006 enabled all of our fixed-income funds to post positive results for the year. Returns varied from 4.3% for the Bond Plus Fund to 9.7% for the High-Yield Bond Fund.

          Increases in short-term interest rates by the Federal Reserve during the year’s first half were still affecting the market at year-end, when the effective 7-day yield of the Money Market Fund was 5.26%.

Is your asset allocation on track?

Over the last three years, our best-performing fund, the International Equity Fund, produced a cumulative return of 73.4%. During the same time, the Bond Plus Fund returned 11.5%. (Of course, past performance is no guarantee of future results.)

          When returns differ so sharply, the asset allocations you have chosen for your portfolio can shift significantly. This can change the degree of risk to which your investments are exposed. Many financial planners recommend rebalancing a portfolio at least once a year to restore allocations in each asset class (stocks, bonds and cash) to the levels originally intended.

          If you would like assistance in finding the mix of investments best suited to your financial needs, time horizon and attitude toward risk, we invite you to visit our website or to call us.

/s/ Edward J. Grzybowski
________________________________________
Edward J. Grzybowski
Chief Investment Officer
Teachers Advisors, Inc.

TIAA-CREF Mutual Funds   2006 Annual Report   |  3

More information for investors

Portfolio listings

SEC rules intended to provide investors with more meaningful information about fund performance allow investment companies to list the top holdings of each fund in their annual and semiannual reports instead of providing complete portfolio listings. The funds file complete portfolio listings with the SEC, which are available to investors.

          You can obtain a complete list of TIAA-CREF Mutual Funds’ holdings (called “TIAA-CREF Mutual Funds Statements of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2006) in the following ways:

• by visiting the TIAA-CREF website at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA-CREF Mutual Funds’ holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of December 31 or June 30; Form N-Q lists holdings as of March 31 or September 30.) Copies of these forms are available:

• through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

4  | 2006 Annual Report   TIAA-CREF Mutual Funds

Special terms

Agency securities are bonds issued by U.S. government entities such as Fannie Mae.

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

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or S&P 500^® Index, whose performance can be used as a standard by which to judge the performance of a fund.*

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

Emerging markets are nations with relatively low per capita income levels and above-average economic growth rates or prospects for growth.

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

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

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

Mortgage-backed securities are bonds that represent an interest in a pool of mortgages usually issued by Ginnie Mae, Fannie Mae or other federal entities.

Overweight holding is a security held by a fund. In terms of market capitalization, its percentage of the fund is larger than that same security’s percentage of the benchmark. See also “Underweight holding.”

Peer groups are groupings of mutual funds with similar objectives whose performance can be compared with that of an individual mutual fund with a similar objective.

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

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

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

Underweight holding is a security held by a fund. In terms of market capitalization, its percentage of the fund is smaller than that same security’s percentage of the benchmark. See also “Overweight holding.”

* Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

TIAA-CREF Mutual Funds   2006 Annual Report   |  5

Important information about expenses
	DISCLOSURE

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

• Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

• However, they do incur ongoing costs, including management fees.

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

6  | 2006 Annual Report   TIAA-CREF Mutual Funds

International Equity Fund   |  Foreign stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The International Equity Fund returned 29.36% for the year, compared with the 26.34% gain of the fund’s benchmark, the MSCI EAFE^® Index, and the 24.82% average return of the fund’s peer group, the Morningstar Foreign Large Blend category.

Weak dollar helps foreign stocks soar

Foreign stocks achieved exceptional returns in 2006, outpacing domestic issues for the fifth consecutive year. The lofty return of the EAFE index was more than ten percentage points higher than the 15.72% gain of the Russell 3000^® Index, a measure of the broad U.S. stock market. Most of this outperformance, however, was due to the weaker dollar, which amplified the EAFE’s 16.46% rise in terms of local currencies to 26.34% in dollar terms.

          For the ten years ended December 31, 2006, U.S. stocks had the advantage over foreign issues: the average annual return of the Russell 3000 was 8.64%, versus 7.71% in dollar terms for the EAFE.

European stocks climb the highest

For the year, the EAFE’s European segment surged 33.72%, thanks largely to German, French and British stocks, which gained 36.0%, 34.48% and 30.61%, respectively. (All these figures are in dollar terms.) Stocks from these three countries made up more than 40% of the benchmark in terms of market capitalization at year’s end. Japanese stocks, which constituted slightly less than one-quarter of the benchmark’s market capitalization at year’s end, returned just 6.24% in dollars.

Stock selections lift the fund above the benchmark

The fund topped its benchmark due to numerous successful stock selections. Among the largest contributors were overweight holdings, relative to the benchmark, in Italian carmaker Fiat, British financial company Man Group and French hotel operator Accor. A position in Swiss private bank Julius Baer, a stock not in the benchmark, also boosted returns.

          Nonbenchmark holdings that detracted from relative performance included Israel’s Teva Pharmaceutical and two Japanese companies, magnet maker Neomax and credit company Orient. Teva was held as an American Depositary Receipt (a receipt for shares of a foreign stock traded on a U.S. exchange). Overweights in British utility Centrica and German post office Deutsche Post also reduced relative returns.

          On December 31, 2006, emerging-market stocks, which are not included in the benchmark, made up approximately 2.9% of the fund’s total portfolio investments.

TIAA-CREF Mutual Funds   2006 Annual Report   |  7

International Equity Fund   |   Foreign stocks

Investment objective

The fund seeks favorable long-term returns, mainly through capital appreciation.

Risks of this fund

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including foreign investment risks and small-cap risk. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006							Ticker symbol: TIINX
	Average annual compound rates of total return*							Cumulative rates of total return*
	1 year		5 years		since inception1			5 years		since inception1
International Equity Fund	29.36	%	15.53	%	9.14	%		105.88	%	126.45	%
Benchmark:
MSCI EAFE Index2	26.34		15.05		7.78			101.65		101.34
Peer group:
Morningstar Foreign Large Blend	24.82		13.19		6.90			86.66		89.58

*	The returns presented above and in the graphs show past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Inception date: September 2, 1997
2	From May 31, 2001, through May 31, 2002, MSCI published both a “standard” and a “provisional” version of this index while its composition was being revised. The fund used the provisional version from July 1, 2001, through May 31, 2002, and the returns shown reflect this. EAFE is a trademark of Morgan Stanley Capital International, Inc.

8  | 2006 Annual Report   TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $22,645 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from September 2, 1997, through December 31, 1997

TIAA-CREF Mutual Funds   2006 Annual Report   |  9

International Equity Fund   |  Foreign stocks
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	International Equity Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,169.10			$	2.68
5% annual hypothetical return			1,000.00			1,022.71	†			2.50

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.49%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Diversification among world markets
Country (12/31/2006)	Percent of portfolio investments
Japan	21.0
Germany	19.7
France	13.5
Switzerland	10.0
United Kingdom	8.9
Finland	5.6
Italy	4.8
Australia	4.4
United States	2.9
13 other nations	9.2
Total	100.0

Portfolio breakdown by company size
As of 12/31/2006	Percent of portfolio investments
Over $5 billion	82.43
$1 billion–$5 billion	15.71
Under $1 billion	1.86
Total	100.00

Fund facts
Inception date	9/2/1997
Net assets (12/31/2006)	$537.53 million
2006 expense ratio	0.49%

10  | 2006 Annual Report  TIAA-CREF Mutual Funds

Growth Equity Fund   |  Large-cap growth stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Growth Equity Fund returned 5.42% for the year, compared with the 9.07% gain of the fund’s benchmark, the Russell 1000^® Growth Index, and the 6.93% average return of the fund’s peer group, the Morningstar Large Growth category.

Large-cap growth trails large-cap value

The large-cap growth category scored a solid return during 2006, but it was less than half the 22.25% gain of large-cap value stocks, as measured by the Russell 1000 Value Index. This was the seventh consecutive year in which large-cap growth underperformed large-cap value. For the year, large-cap growth also trailed growth stocks in the small- and mid-cap subcategories.

          For the ten years ended December 31, 2006, large-cap growth produced an average annual return of 5.44%—less than half the 11% average return for large-cap value issues.

Largest sectors post lackluster results

For the year, the fund’s benchmark failed to keep pace with its value counterpart because its three largest sectors, which together made up more than half of its market capitalization, each lagged the broad U.S. stock market for the year. Of these sectors, the technology and consumer discretionary sectors posted returns of 8.6% and 7.4%, respectively, while health care returned just 3.7%.

          In contrast, the two largest sectors of the Russell 1000 Value Index, financials and utilities, posted gains of 20% and 31%, respectively, for the period.

Individual stock selections limit returns

The fund underperformed its benchmark largely because of overweight positions in a number of stocks that did not perform as anticipated. These stocks included medical device maker St. Jude Medical, eBay and prescription retailer Caremark. Also detracting from relative performance were positions in several nonbench-mark stocks, including semiconductor maker Marvell Technology and Israel’s Teva Pharmaceutical.

          Positive contributors to relative performance included underweight holdings in chip maker Intel and UnitedHealth Group, an HMO. Overweight positions in Goldman Sachs and computer company Network Appliance also helped relative performance, as did a nonbenchmark holding in French industrial giant Alstom.

          On December 31, 2006, foreign securities made up 6.37% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Mutual Funds   2006 Annual Report   |  11

Growth Equity Fund   |  Large-cap growth stocks

Investment objective

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

Risks of this fund

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, large-cap risk, style risk, foreign investment risks and reorganization risk. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006	Ticker symbol: TIGEX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Growth Equity Fund	5.42	%	1.06	%	2.55	%	5.40	%	26.54	%
Benchmark:
Russell 1000 Growth Index2	9.07		2.69		3.56		14.20		38.69
Peer group:
Morningstar Large Growth	6.93		2.88		4.24		16.09		51.44

*	The returns presented above and in the graphs show past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Inception date: September 2, 1997
2	Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

12  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $12,654 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from September 2, 1997, through December 31, 1997

TIAA-CREF Mutual Funds  2006 Annual Report   |  13

Growth Equity Fund  |   Large-cap growth stocks
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Growth Equity Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,085.90			$	2.37
5% annual hypothetical return			1,000.00			1,022.91	†			2.30

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.45%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size
As of 12/31/2006	Percent of portfolio investments
Over $5 billion	96.54
$1 billion–$5 billion	3.00
Under $1 billion	0.46
Total	100.00

Fund facts
Inception date	9/2/1997
Net assets (12/31/2006)	$518.72 million
2006 expense ratio	0.45%

14  |   2006 Annual Report  TIAA-CREF Mutual Funds

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

Performance in the twelve months ended December 31, 2006

The Growth & Income Fund returned 16.72% for the year, compared with the 15.79% gain of the fund’s benchmark, the S&P 500^® Index, and the 14.13% average return of the fund’s peer group, the Morningstar Large Blend category.

S&P 500 edges past the broad U.S. market

During 2006, the S&P 500 Index, consisting mostly of large-cap stocks, just topped the broad-based Russell 3000^® Index, which gained 15.72%. The lower return of the Russell 3000 was due to the underperformance of its mid-cap stocks. The S&P 500 Index includes few mid-cap stocks.

          For the ten-year period ended December 31, 2006, the 8.42% average annual return of the S&P 500 fell short of the 8.64% average return of the Russell 3000.

Broad-based sector gains lift the index

All ten sectors of the S&P 500 advanced for the year, with eight generating double-digit gains. The financial and energy sectors, which together made up nearly one-third of the benchmark’s total market capitalization on December 31, 2006, returned 19.2% and 24.2%, respectively.

          The weakest results came from the information technology and health care sectors, which produced gains of 8.4% and 7.5%, respectively.

Stock selections boost the fund above the benchmark

The fund outperformed its benchmark primarily because of overweight positions in several stocks that posted extraordinary returns. These stocks included computer graphics company Nvidia, computer network provider Cisco and Occidental Petroleum. A position in French industrial giant Alstom, a stock not included in the benchmark, also contributed to the fund’s strong showing.

          The largest detractors from relative performance included overweight positions in Coventry Health Care and fiber-optics maker JDS Uniphase; these stocks did not perform as anticipated. Underweight holdings in insurer Cigna and Goldman Sachs also subtracted from relative returns.

          On December 31, 2006, foreign securities made up 6.78% of the fund’s total portfolio investments. Many of these securities were held as American Depositary Receipts, which are receipts for shares of a foreign stock traded on a U.S. exchange.

TIAA-CREF Mutual Funds   2006 Annual Report   |  15

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

Investment objective

The fund seeks a favorable long-term return through capital appreciation and investment income.

Risks of this fund

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including growth investing risks, large-cap risk, style risk, dividend risk and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006	Ticker symbol: TIGIX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Growth & Income Fund	16.72	%	5.41	%	6.74	%	30.17	%	83.96	%
Benchmark: S&P 500 Index2	15.79		6.19		6.66		35.03		82.63
Peer group: Morningstar Large Blend	14.13		5.91		6.23		33.87		78.58

*	The returns presented above and in the graphs show past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Inception date: September 2, 1997
2	S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies, Inc.

16  |   2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $18,396 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

Best quarter: 22.99%, for the quarter ended December 31, 1998
Worst quarter: –16.54%, for the quarter ended September 30, 2002
*	Does not include returns from September 2, 1997, through December 31, 1997

TIAA-CREF Mutual Funds   2006 Annual Report   |  17

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

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Growth & Income Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,137.00			$	2.32
5% annual hypothetical return			1,000.00			1,023.02	†			2.19

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.43%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size
As of 12/31/2006	Percent of portfolio investments
Over $5 billion	92.65
$1 billion–$5 billion	6.50
Under $1 billion	0.85
Total	100.00

Fund facts
Inception date	9/2/1997
Net assets (12/31/2006)	$549.23 million
2006 expense ratio	0.43%

18  |   2006 Annual Report  TIAA-CREF Mutual Funds

Equity Index Fund   |    U.S. stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Equity Index Fund returned 15.42% for the year, compared with the 15.72% gain of its benchmark, the Russell 3000^® Index, and the 14.13% average return of the fund’s peer group, the Morningstar Large Blend category.

Stocks sizzle in the second half of 2006

The broad U.S. stock market, as measured by the Russell 3000 Index, posted its best calendar-year return since 2003. Stock prices were propelled by continued growth in corporate earnings and falling energy prices. Most of the market’s climb occurred between August and December, when the index jumped 12.20% after a 3.13% rise through July.

          Both growth and value stocks posted strong results across all three market-capitalization sizes, as defined by the Russell indexes. Small-cap value stocks led the pack with a 23.48% gain, while large-cap growth stocks trailed other categories, returning 9.07%.

          However, U.S. stocks continued to trail foreign issues, which soared 26.34% in dollar terms, as measured by the MSCI EAFE^® Index. This return resulted largely from a weaker dollar. For the ten-year period, the average annual return of the Russell 3000 was 8.64%, versus 7.71% for the EAFE in dollar terms.

Integrated oils lead a broad-based advance

All twelve benchmark sectors moved solidly upward, and ten produced double-digit gains. The largest sector, financial stocks, which made up nearly a quarter of the benchmark in terms of market capitalization at year’s end, climbed 19.4%. The next-largest sector, consumer discretionary, rose 12.3%, and the third-largest, technology, returned 10.9%.

          The best-performing sectors, integrated oils and utilities, posted outsized gains of 34.7% and 30.5%, respectively. Although these two sectors together constituted only about 12% of the benchmark’s market capitalization on December 31, their exceptional performance contributed substantially to overall returns.

Largest stocks post strong results

In descending order according to cap size, the benchmark’s five-largest holdings performed as follows: ExxonMobil, 38.9%; General Electric, 8.9%; Citigroup, 19.4%; Microsoft, 15.3%; and Bank of America, 20.6%.

          For the period, the fund’s return was comparable to that of the benchmark, minus the effects of expenses and of some cash holdings for liquidity. The fund had a risk profile similar to that of the benchmark.

TIAA-CREF Mutual Funds  2006 Annual Report   |  19

Equity Index Fund  |   U.S. stocks

Investment objective

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

Risks of this fund

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including index risk and small-cap risk. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006						Ticker symbol: TCEIX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Equity Index Fund	15.42	%	6.94	%	1.38	%	39.90	%	9.71	%
Benchmark:
Russell 3000 Index2	15.72		7.16		1.52		41.35		10.76
Peer group:
Morningstar Large Blend	14.13		5.91		1.54		33.87		13.23

*	The returns presented above and in the graphs show past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Inception date: April 3, 2000
2	Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

20  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $10,971 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from April 3, 2000, through December 31, 2000

TIAA-CREF Mutual Funds   2006 Annual Report   |  21

Equity Index Fund   |   U.S. stocks
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Equity Index Fund expense example
	Starting fund value (7/1/06)		Ending fund value (12/31/06)			Expenses paid* (7/1/06–12/31/06)
Actual return	$	1,000.00	$	1,119.20		$	1.39
5% annual hypothetical return		1,000.00		1,023.88	†		1.33

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.26%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size
As of 12/31/2006	Percent of portfolio investments
Over $5 billion	81.88
$1 billion–$5 billion	14.52
Under $1 billion	3.60
Total	100.00

Fund facts
Inception date	4/3/2000
Net assets (12/31/2006)	$395.51 million
2006 expense ratio	0.26%

22  | 2006 Annual Report  TIAA-CREF Mutual Funds

Social Choice Equity Fund  |   Socially screened stocks
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Social Choice Equity Fund returned 14.08% for the year, compared with the 15.72% gain of its benchmark, the Russell 3000^® Index, and the 14.13% average return of the fund’s peer group, the Morningstar Large Blend category. Unlike the fund, the benchmark and the Morningstar category do not screen investments according to social criteria.

Exclusion of major stocks trims returns

Because of its social screens, the fund did not invest in several stocks that were sizable components of the benchmark in terms of market capitalization. The exclusion of these stocks produced both positive and negative results, but the net effect was to lower the fund’s return versus that of its benchmark.

          Relative performance suffered most from the exclusion of ExxonMobil, which advanced 38.9% for the year and was the largest component of the Russell 3000 on December 31, 2006. The avoidance of two other energy stocks, Chevron and ConocoPhillips, and of Morgan Stanley also hurt relative performance.

          Performance versus the benchmark was helped by the exclusion of Yahoo, which fell 35.4% for the year. Avoiding stocks such as General Electric, Wal-Mart and insurer American International Group also proved advantageous.

Additional techniques help manage risk

Because the fund’s social screens prevent it from investing in some stocks of the Russell 3000, the fund’s managers use statistical techniques to ensure that the risk characteristics of the portfolio resemble those of the index. One of these methods is to overweight or underweight certain stocks relative to each one’s percentage of capitalization within the benchmark.

          During 2006 overweight positions in Merck, Verizon and AT&T enhanced the fund’s return. Chip maker Intel and Anadarko Petroleum were also overweighted, but they did not perform as anticipated and reduced returns. Relative performance was also hurt by underweights in HMO UnitedHealth Group and Bank of America, which was added to the list of major holdings in the second quarter of 2006.

          Coca-Cola and JPMorgan Chase—until recently two of the portfolio’s largest companies in terms of market capitalization—were dropped during the year because they failed the fund’s qualitative screens.

TIAA-CREF Mutual Funds  2006 Annual Report   |  23

Social Choice Equity Fund  |   Socially screened stocks

Investment objective

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

Risks of this fund

In addition to the risks of any equity investment—market risk and company risk—the fund is subject to special risks, including the risk of socially screened investing, index risk and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006					Ticker symbol: TCSCX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Social Choice Equity Fund	14.08	%	7.07	%	1.59	%	40.72	%	11.24	%
Benchmark:
Russell 3000 Index2	15.72		7.16		1.52		41.35		10.76
Peer group:
Morningstar Large Blend	14.13		5.91		1.54		33.87		13.23

*	The returns presented above and in the graphs show past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Inception date: April 3, 2000
2	Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

24  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $11,124 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from April 3, 2000, through December 31, 2000

TIAA-CREF Mutual Funds  2006 Annual Report   |  25

Social Choice Equity Fund  |   Socially screened stocks
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Social Choice Equity Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,112.00			$	1.44
5% annual hypothetical return			1,000.00			1,023.83	†			1.38

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.27%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size
As of 12/31/2006	Percent of portfolio investments
Over $5 billion		83.27
$1 billion–$5 billion		12.59
Under $1 billion		4.14
Total		100.00

Fund facts
Inception date	4/3/2000
Net assets (12/31/2006)	$164.96 million
2006 expense ratio	0.27%

26  | 2006 Annual Report  TIAA-CREF Mutual Funds

Managed Allocation Fund   |    Stocks and bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Managed Allocation Fund returned 11.94%, compared with the 12.43% return of its benchmark, the Managed Allocation Composite Index, and the 11.26% average return of the fund’s peer group, the Morningstar Moderate Allocation category.

U.S. stocks and bonds rally

After gaining only 3.23% in the first half of 2006, the Russell 3000^® Index, a proxy for the broad U.S. stock market, rose 12.09% in the second half. The sharp rise in stock prices resulted largely from the Federal Reserve’s decision to hold short-term rates unchanged during the six-month period.

          International shares topped domestic issues. The MSCI EAFE^® Index, which tracks stocks in 21 developed nations outside North America, rose 26.34% in dollar terms and 16.46% in local currencies.

          Rising short-term interest rates in the period’s first half led to disappointing bond returns. However, the Fed’s pause in the second half helped spur a rally later in the year.

          For the reporting period, the Lehman Brothers U.S. Aggregate Index, a measure of the overall investment-grade bond market, gained 4.33%, short-term bonds returned 4.22%, and high-yield bonds advanced 11.9%.

Stock funds detract from relative returns

During the period, four of the fund’s five equity components trailed their respective benchmarks, mainly because of unsuccessful stock choices. The Growth Equity Fund, which made up about one-fifth of the fund’s portfolio, gained 5.42%, lagging its benchmark by more than three percentage points. Despite a 21.24% advance, the Large-Cap Value Fund, another large component, also trailed its benchmark.

          Other underlying funds performed well. The International Equity Fund’s 29.36% return topped its benchmark by more than three percentage points. In addition, each bond fund helped relative performance by outpacing its index.

Asset allocation varies slightly from target

During the period, the Managed Allocation Fund maintained a target allocation ratio of 60% equity and real estate securities to 40% fixed-income investments. On December 31, 2006, the fund’s asset allocation, shown on page 30, differed slightly from this target ratio, as it did at other times throughout the period, because of fluctuations in the market values of the securities in which the component funds invest.

          The weightings of the fund’s composite benchmark remained fixed during 2006.

TIAA-CREF Mutual Funds  2006 Annual Report   |  27

Managed Allocation Fund   |  Stocks and bonds

Investment objective

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

Risks of this fund

The underlying funds of the Managed Allocation Fund invest in both equity and fixed-income securities. Therefore, the Managed Allocation Fund is subject to the general and special risks of those underlying funds. For a complete discussion of risk, please see the prospectus.

About the fund’s expenses

The Managed Allocation Fund itself has no expense charges because the fund’s adviser does not receive a management fee for its services to the fund. Shareholders in the fund indirectly bear their pro rata share of the fees and expenses incurred by the funds in which the Managed Allocation Fund invests. Based on the fund’s allocations on December 31, 2006, the current pro rata expense ratio is 0.49%.

Performance as of December 31, 2006							Ticker symbol: TIMAX
	Average annual compound rates of total return*							Cumulative rates of total return*
	1 year		5 years		since inception1			5 years		since inception1
Managed Allocation Fund	11.94	%	7.01	%	6.85	%		40.37	%	85.81	%
Benchmark: Managed Allocation Composite Index	12.43		7.68		7.36			44.78		94.16
Benchmark components (percentage of composite index):2 Russell 3000® Index3 (48%)	15.72		7.16		6.99			41.35		88.00
Lehman Brothers U.S. Aggregate Index (40%)	4.33		5.06		6.14			27.98		74.45
MSCI EAFE® Index4 (12%)	26.34		15.05		7.78			101.65		101.34
Peer group: Morningstar Moderate Allocation	11.26		6.09		6.15			34.89		76.93

*	The returns presented above and in the graphs show past performance, which is no guarantee of future results, and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org.
1	Inception date: September 2, 1997
2	You cannot invest directly in these indexes.
3	Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
4	EAFE is a trademark of Morgan Stanley Capital International, Inc.

28  |   2006 Annual Report   TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $18,581 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark components and peer group during the same period.

During the period, the fund changed its broad-based index from the Managed Allocation Composite Index to the Russell 3000 Index in order to more appropriately reflect the broad-based securities market through a widely recognized index. For the period from inception through December 31, 2006, a hypothetical $10,000 investment in the Managed Allocation Fund would have increased by $8,581, compared with an increase of $9,416 for the Managed Allocation Composite Index and an increase of $8,800 for the Russell 3000 Index.

Calendar year total returns*

Best quarter: 14.01%, for the quarter ended December 31, 1998 Worst quarter: –9.43%, for the quarter ended March 31, 2001
*	Does not include returns from September 2, 1997, through December 31, 1997

TIAA-CREF Mutual Funds  2006 Annual Report   |  29

Managed Allocation Fund   |   Stocks and bonds
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Managed Allocation Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,094.70			$	2.59
5% annual hypothetical return			1,000.00			1,022.71	†			2.50

*	“Expenses paid” is based on the fund’s annualized pro rata expense ratio, which the fund bears indirectly through the funds in which it invests. This annualized pro rata expense ratio was 0.49%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown (12/31/2006)
Fund	Percent of portfolio investments
Bond Plus Fund	36.4
Growth Equity Fund	21.0
Institutional Large-Cap Value Fund	21.0
International Equity Fund	13.7
Institutional Small-Cap Equity Fund	3.8
High-Yield Bond Fund	2.5
Short-Term Bond Fund	1.5
Institutional Real Estate Securities Fund	0.1
Total	100.0

Fund facts
Inception date	9/2/1997
Net assets (12/31/2006)	$568.61 million
2006 calculated pro rata expense ratio	0.48%‡

^‡ Reflects the expenses of the underlying funds in which the Managed Allocation Fund invests. Effective February 1, 2006, three of the underlying funds in which the Managed Allocation Fund invests implemented a new investment management agreement and other arrangements that resulted in an increase in their expense charges. If the new expense ratios of these underlying funds had been in effect for the entire year, the Managed Allocation Fund’s pro rata expense ratio would have been 0.49%.

30  |   2006 Annual Report  TIAA-CREF Mutual Funds

High-Yield Bond Fund   |  High-yield bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The High-Yield Bond Fund returned 9.68% for the year, compared with the 9.27% gain of its benchmark, the Merrill Lynch BB/B Cash Pay Issuer Constrained Index, and the 10.14% average return of the fund’s peer group, the Morningstar High-Yield Bond category.

High-yield bonds make a comeback

In 2006 the benchmark posted a return nearly triple its 3.41% gain in 2005 and in line with its five-year average of 9.08%. For the year, the Lehman Brothers U.S. Aggregate Index, which tracks investment-grade bonds, rose 4.33%, while the Russell 3000^® Index, a proxy for domestic stocks, advanced 15.72%.

          During the period, investors showed a strong appetite for high-yield securities. This activity bolstered bond prices and helped finance $137 billion of new issues. The increase in leveraged buyouts funded by new issues made headlines. Because of strong corporate balance sheets, historically low default rates declined for the fifth consecutive year, from 2.34% to 1.82%.

Lowest-quality bonds lead the market

When interest rates rise, bond prices normally fall. However, lower-quality bonds are less sensitive to changes in interest rates than those of higher quality. Instead, they are primarily affected by factors that can lead to defaults, such as lower corporate profitability.

          In the first half of the year, long-term interest rates rose, and higher-quality bonds trailed their lower-rated counterparts. When interest rates fell in the second half, lower-rated bonds continued to prevail, though by a smaller margin. Their prices were buoyed by increased demand.

Trading strategies help the fund

The fund topped its benchmark for the year because of successful sector positions and security selections. Overweights in the automobile and automobile credit sectors boosted performance, although an underweight in the airline sector partly offset these contributions. Overweighting lower-rated C to CCC+ bonds and underweighting higher-rated BB bonds also enhanced relative performance.

          Holdings in General Motors, Ford and GMAC Financial Services helped returns, as did a holding in Keystone Automotive, a position that had hurt performance in 2005. Other successful investments included Hertz, software company Sunguard, satellite services provider Intelsat and Reliant Energy.

TIAA-CREF Mutual Funds  2006 Annual Report   |  31

High-Yield Bond Fund   |  High-yield bonds

Investment objective

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

Risks of this fund

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including illiquid security risk and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006										Ticker symbol: TCHYX
	Average annual compound rates of total return*										Cumulative rates of total return*
	1 year			5 years			since inception1				5 years			since inception1
High-Yield Bond Fund		9.68	%		8.77	%		7.69	%			52.26	%		64.97	%
Benchmark:
Merrill Lynch BB/B Cash Pay Issuer Constrained Index		9.27			9.08			7.57				54.49			63.73
Peer group:
Morningstar High-Yield Bond		10.14			8.93			5.97				53.83			49.40

*

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

1

Inception date: April 3, 2000

32  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $16,497 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from April 3, 2000, through December 31, 2000

TIAA-CREF Mutual Funds  2006 Annual Report   |  33

High-Yield Bond Fund  |   High-yield bonds
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	High-Yield Bond Fund expense example
	Starting fund value (7/1/06)		Ending fund value (12/31/06)		Expenses paid* (7/1/06–12/31/06)
Actual return	$	1,000.00	$	1,077.50	$	1.78
5% annual hypothetical return		1,000.00		1,023.47†		1.74

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.34%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Credit quality of portfolio assets (12/31/2006)
	Rating	Percent of total net assets
Bonds	Ba/BB	32.3
	B/B	60.1
	Below B/B	4.9
Short-term investments		0.1
Other assets and liabilities—net		2.6
Total		100.0

Fund facts
Inception date	4/3/2000
Net assets (12/31/2006)	$287.93 million
2006 expense ratio	0.34%

34  | 2006 Annual Report  TIAA-CREF Mutual Funds

Short-Term Bond Fund  |   Short-term bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Short-Term Bond Fund returned 4.39% for the year, compared with the 4.22% gain of its benchmark, the Lehman Brothers U.S. Government/Credit (1–5 Year) Index, and the 4.01% average return of the fund’s peer group, the Morningstar Short-Term Bond category.

Bonds dip, then soar

During the first six months of 2006, the Federal Reserve raised short-term interest rates four times in an effort to combat inflation. As a result, bond yields rose, pushing bond prices lower. (Bond yields and prices move in opposite directions.) For the first half of the year, the fund’s benchmark eked out a gain of 0.65%, while the Lehman Brothers U.S. Aggregate Index, which measures intermediate-term bonds, lost 0.72%.

          During the second half of 2006, inflation eased, and the Fed kept rates unchanged at each of its remaining four meetings. These decisions to hold rates steady helped the benchmark jump 3.54% and the Lehman aggregate index rise 5.09%.

Longer maturities provide lower yields

When the reporting period began, the 2-year Treasury note yielded 4.40% and the 5-year just 4.35%. (Securities with longer maturities usually have higher yields to compensate investors for their greater inflation risk.) Both yields climbed steadily during the first six months of the year, and on June 30 the 2-year stood at 5.15% and the 5-year at 5.09%. Yields fell in the second half, but by year-end the shorter-dated maturity, at 4.81%, held a wider lead over the longer-term note, which yielded 4.69%.

Consistent outperformance tops the benchmark

During the year’s first half, the fund gained 0.77%, topping its benchmark. By maintaining a duration shorter than the benchmark’s, the fund’s managers helped the portfolio retain more of its value as bond prices fell. An underweight position in U.S. Treasuries also boosted relative returns, as did individual security selections in corporate bonds and positions in asset-backed securities, which are not in the benchmark.

In the second half, the fund returned 3.59%, again beating its benchmark. Holdings in asset-backed securities and an underweight position in U.S. Treasuries continued to help relative returns. While keeping a shorter duration than the benchmark’s benefited the fund in the first half, the same strategy detracted from returns in the second because yields were falling and bond prices rising.

TIAA-CREF Mutual Funds  2006 Annual Report   |  35

Short-Term Bond Fund   | Short-term bonds

Investment objective

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

Risks of this fund

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including foreign investments risks. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006						Ticker symbol: TCSTX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Short-Term Bond Fund	4.39	%	3.75	%	5.27	%	20.24	%	41.46	%
Benchmark:
Lehman Brothers U.S. Government/Credit (1–5 Year) Index	4.22		3.77		5.22		20.31		41.06
Peer group:
Morningstar Short-Term Bond	4.01		3.15		4.38		16.80		33.69

*

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

1

Inception date: April 3, 2000

36  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $14,146 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from April 3, 2000, through December 31, 2000

TIAA-CREF Mutual Funds  2006 Annual Report   |  37

Short-Term Bond Fund   |  Short-term bonds
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Short-Term Bond Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,035.90			$	1.54
5% annual hypothetical return			1,000.00			1,023.68	†			1.53

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.30%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Credit quality of portfolio assets (12/31/2006)
Type of asset	Rating	Percent of total net assets
U.S. agency securities		23.5
U.S. Treasury securities		21.5
Asset-backed securities		11.3
Mortgage-backed securities and commercial mortgage-backed securities		5.0
Corporate bonds	Aaa/AAA	5.2
	Aa/AA	10.2
	A/A	10.6
	Baa/BBB	8.4
	Ba/BB	0.9
Short-term investments		2.0
Other assets and liabilities—net		1.4
Total		100.0

Fund facts
Inception date	4/3/2000
Net assets (12/31/2006)	$190.90 million
2006 expense ratio	0.30%

38  | 2006 Annual Report  TIAA-CREF Mutual Funds

Tax-Exempt Bond Fund   |   Tax-exempt bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Tax-Exempt Bond Fund returned 4.37% for the year, compared with the 4.71% gain of the fund’s benchmark, the Lehman Brothers 10-Year Municipal Bond Index, and the 4.59% average return of the fund’s peer group, the Morningstar Municipal National Long category.

Yield spreads tighten

During 2006 short-term interest rates rose but then leveled off. At year’s end, yields on shorter-term municipal bond issues stood lower, and those on longer-term munis higher, than they had been twelve months earlier. The spread between the yields of 1-year and 30-year munis narrowed to 0.65 of a percentage point, versus 1.15 percentage points at the beginning of 2006.

          With longer-term yields falling, municipal bonds became a less-attractive alternative to Treasury securities. At year-end, 10-year munis provided 83% of the yield of 10-year Treasuries—down from 89% at the beginning of the year.

          Thirty-year bonds topped their shorter-term counterparts, gaining 6.82% for the year. Hungry for higher returns, investors favored BBB-rated bonds, which outperformed higher-quality AAA issues. With no natural disasters occurring to deplete their resources, property and casualty insurers regained their interest in municipal bonds.

Bond issues fall

States and municipalities issued $383 billion in bonds in 2006. This total was down about 6.2% from the record $408 billion in bonds they had issued in 2005. Higher short-term interest rates had made refunding less advantageous, and as a result, refunding activity fell off sharply. This decline was partly offset by a moderate rise in new issues, the result of lower long-term rates.

Fund trails the benchmark

The fund lagged its benchmark for the year primarily because its managers continued to favor high-grade securities and to avoid volatile industrial, health care, resource recovery and tobacco bonds, which outperformed the overall tax-exempt market in 2006.

          In the second quarter, the fund’s relative performance was reduced by a drop in the high-grade market, which was caused by a large insurance company’s liquidation of about $7 billion in high-grade securities.

          In the third quarter, the high-grade sector rebounded, and the high-yield sector lagged. This enabled the fund to top its benchmark for the quarter. This outperformance was not enough, however, to lift the fund’s return above the benchmark’s for the year.

TIAA-CREF Mutual Funds   2006 Annual Report |  39

Tax-Exempt Bond Fund   |   Tax-exempt bonds

Investment objective

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

Risks of this fund

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including tax risk. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

The Lehman Brothers 10-Year Municipal Bond Index measures the performance of long-term, tax-exempt bonds. These bonds must be rated investment grade by at least two of the major ratings agencies. In addition, they must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. You cannot invest directly in this index.

Performance as of December 31, 2006		Ticker symbol: TCTEX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Tax-Exempt Bond Fund	4.37	%	5.48	%	5.95	%	30.60	%	47.76	%
Benchmark:
Lehman Brothers 10-Year Municipal Bond Index	4.71		5.46		5.95		30.48		47.75
Peer group:
Morningstar Municipal National Long	4.59		4.99		5.48		27.57		43.45

*

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

1

Inception date: April 3, 2000

40  | 2006 Annual Report   TIAA-CREF Mutual Funds

   PERFORMANCE

$10,000 since April 3, 2000 inception

An investment of $10,000 in this fund on April 3, 2000, would have grown to $14,776 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from April 3, 2000, through December 31, 2000

TIAA-CREF Mutual Funds  2006 Annual Report   |  41

Tax-Exempt Bond Fund  |  Tax-exempt bonds
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Tax-Exempt Bond Fund expense example
		Starting fund value (7/1/06)		Ending fund value (12/31/06)			Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00	$	1,047.60		$	1.55
5% annual hypothetical return			1,000.00		1,023.68	†		1.53

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.30%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Credit quality of portfolio assets (12/31/2006)
	Rating	Percent of total net assets
Long-term municipal bonds
	Aaa/AAA	69.2
	Aa/AA	6.6
	A/A	10.2
	Baa/BBB	11.3
	Ba/BB	1.0
	B/B	0.4
Short-term investments		0.5
Other assets and liabilities—net		0.8
Total		100.0

Fund facts
Inception date	4/3/2000
Net assets (12/31/2006)	$195.54 million
2006 expense ratio	0.30%

42  |   2006 Annual Report  TIAA-CREF Mutual Funds

Bond Plus Fund   |   Intermediate-term bonds
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Bond Plus Fund returned 4.34% for the year, compared with the 4.33% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, and the 4.12% average return of the fund’s peer group, the Morningstar Intermediate-Term Bond category.

Second-half rally lifts bond returns

During the first six months of 2006, the Federal Reserve raised short-term interest rates four times in an effort to combat inflation. As a result, yields for 10-year Treasury bonds rose from 4.39% to 5.14%, pushing bond prices lower. (Bond prices and yields move in opposite directions.) The Lehman Brothers U.S. Aggregate Index, which measures the investment-grade U.S. bond market, fell 0.72%.

          During the second half of 2006, inflation eased, and the Fed kept rates unchanged at each of its remaining four meetings. Level rates fueled a bond rally that sent the benchmark up 5.09% during the six-month period.

Longer maturities provide lower yields

The 2-year Treasury note yielded 4.40% at the start of 2006—slightly more than the yield for a 10-year issue. (Securities with longer maturities usually have higher yields to compensate investors for their greater inflation risk.) The spread between 2-year and 10-year Treasuries was still close in June, but at the end of December, the shorter-dated note had widened its lead: it stood at 4.81%, versus 4.70% for the longer-dated issue.

A strong finish helps the fund edge past the benchmark

During the first half of the year, the fund matched the 0.72% drop of the benchmark. Relative performance benefited from individual bond selection among mortgage-backed securities. In addition, an underweight in Treasuries helped, since they did not perform as well as other bond sectors. Maintaining a duration that was shorter than the benchmark’s also aided returns when bond prices fell.

          In the second half, the fund’s 5.10% gain topped the benchmark’s return by 0.01 of a percentage point. Security selection among corporate bonds helped relative performance, as did a continued underweight in Treasuries. The fund’s shorter duration did not meaningfully affect relative performance.

TIAA-CREF Mutual Funds  2006 Annual Report   |  43

Bond Plus Fund   |   Intermediate-term bonds

Investment objective

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

Risks of this fund

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including illiquid security risk, index risk, and foreign investment risks. For a complete discussion of risk, please see the prospectus.

The fund’s benchmark

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

Performance as of December 31, 2006					Ticker symbol: TIPBX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Bond Plus Fund	4.34	%	5.15	%	6.17	%	28.55	%	74.97	%
Benchmark:
Lehman Brothers U.S. Aggregate Index	4.33		5.06		6.14		27.98		74.45
Peer group:
Morningstar Intermediate-Term Bond	4.12		4.62		5.36		25.47		63.08

*

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

1

Inception date: September 2, 1997

44  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $17,497 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the fund’s benchmark and peer group during the same period.

Calendar year total returns*

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

* Does not include returns from September 2, 1997, through December 31, 1997

TIAA-CREF Mutual Funds  2006 Annual Report   |  45

Bond Plus Fund   |   Intermediate-term bonds
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Bond Plus Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,051.00			$	1.55
5% annual hypothetical return			1,000.00			1,023.68	†			1.53

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.30%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by sector (12/31/2006)
	Percent of total net assets
Mortgage-backed securities and
commercial mortgage-backed
securities		42.8
Corporate bonds		26.6
Asset-backed securities		13.5
U.S. Treasury securities		6.7
U.S. agency securities		6.7
Yankees‡		2.2
Short-term investments		7.5
Other assets and liabilities—net		–6.0
Total		100.0

^‡ Foreign government and corporate bonds denominated in U.S. dollars

Risk characteristics (12/31/2006)
	Average maturity (in years)		Option-adjusted duration (in years)
Bond Plus		6.70		4.36
Lehman Brothers
U.S. Aggregate
Index*		6.96		4.46

* Source: Lehman Brothers Global Family of Indices. Copyright 2007. Used with permission.

Fund facts
Inception date	9/2/1997
Net assets (12/31/2006)	$475.57 million
2006 expense ratio	0.30%

46  | 2006 Annual Report  TIAA-CREF Mutual Funds

Money Market Fund  |  Cash equivalents
	DISCUSSION

Performance in the twelve months ended December 31, 2006

The Money Market Fund returned 4.89% for the year, compared with the 4.50% gain of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

The Fed raises rates four times, then pauses

During the first half of 2006, the Federal Reserve raised the federal funds rate four times, lifting it from 4.25% to 5.25%. (The federal funds rate is the rate commercial U.S. banks charge one another for overnight loans.) Behind these increases was the Fed’s concern that higher energy prices and an expanding economy would send inflation out of control: year-over-year inflation climbed 4.3% in June.

          During the second half of the year, economic growth moderated. Oil prices dropped 21% from their midsummer high, and in October year-over-year inflation fell to 1.3%. The slowing economy led the Fed to hold rates steady at four successive meetings, after 17 consecutive quarter-point hikes that spanned more than two years.

A volatile LIBOR reflects investor uncertainty

Early in the year, yields on twelve-month issues rose in tandem with yields on shorter-maturity issues, and the LIBOR curve held steady. (The LIBOR, the interest rate that banks charge one another for loans on the London market, is the most widely used benchmark for short-term rates.) However, later in the period, with some investors anticipating a Fed rate cut, yields of longer-maturity issues fell, and the LIBOR flattened. The LIBOR fluctuated widely throughout much of the twelve months as investors reacted to shifting economic data.

Fund strategies pay off

During the year, the fund’s managers adjusted their strategies to the uncertain interest-rate environment.

          Commercial paper, which was in short supply for much of the year, made up 88.2% of the portfolio at year-end, virtually unchanged from a year earlier. (Commercial paper offers higher returns than other money market instruments without significant additional risk.) Certificates of deposit and floating-rate securities accounted for 6.1% and 5% of the portfolio, respectively, while U.S. agency securities declined to just 0.7%.

          On December 31, 2006, foreign securities made up 16% of the fund’s total portfolio investments.

          During the year, the fund’s weighted average maturity fluctuated between 36 and 48 days. On December 26, 2006, it stood at 42 days, the same as that of the average iMoneyNet fund.

TIAA-CREF Mutual Funds  2006 Annual Report |  47

Money Market Fund  |   Cash equivalents

Investment objective

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

Risks of this fund

In addition to the risks of any fixed-income investment—income volatility risk, credit risk, interest-rate risk, call risk, prepayment risk and extension risk—the fund is subject to special risks, including foreign investment risks. For a complete discussion of risk, please see the prospectus.

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

Yield and average maturity
	Net annualized yield (for the 7 days ended 12/26/2006)				Average maturity (as of 12/26/2006)
	Current yield		Effective yield		Days
Money Market Fund	5.13	%	5.26	%	42
iMoneyNet Money Fund
Report AveragesTM—All Taxable	4.74		4.85		42

Performance as of December 31, 2006						Ticker symbol: TIAXX
	Average annual compound rates of total return*						Cumulative rates of total return*
	1 year		5 years		since inception1		5 years		since inception1
Money Market Fund	4.89	%	2.31	%	3.66	%	12.10	%	39.90	%
iMoneyNet Money Fund
Report Averages—All Taxable	4.50		1.97		3.29		10.24		35.24

*

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

1

Inception date: September 2, 1997

48  | 2006 Annual Report  TIAA-CREF Mutual Funds

  PERFORMANCE

$10,000 since September 2, 1997 inception

An investment of $10,000 in this fund on September 2, 1997, would have grown to $13,990 as of December 31, 2006, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the value of the average iMoneyNet fund during the same period.

Calendar year total returns*

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

* Does not include returns from September 2, 1997, through December 31, 1997

TIAA-CREF Mutual Funds  2006 Annual Report   |  49

Money Market Fund   |   Cash equivalents
	PERFORMANCE

Fund expenses—six months ended December 31, 2006

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

          The examples assume $1,000 was invested on July 1, 2006, and held for six months until December 31, 2006. Please see page 6 for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

	Money Market Fund expense example
	Starting fund value (7/1/06)			Ending fund value (12/31/06)				Expenses paid* (7/1/06–12/31/06)
Actual return		$	1,000.00		$	1,025.90			$	1.48
5% annual hypothetical return			1,000.00			1,023.73	†			1.48

*	“Expenses paid” is equal to the fund’s annualized expense ratio of 0.29%, multiplied by the average fund value over the six-month period, multiplied by 184/365. There were 184 days in the second half of 2006.
†	Ending fund value for the hypothetical example would be $1,025.21 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Asset allocation (12/31/2006)
	Percent of portfolio investments
Commercial paper		88.2
Certificates of deposit		6.1
Floating-rate securities		5.0
U.S. agency securities		0.7
Total		100.0

Fund facts
Inception date	9/2/1997
Net assets (12/31/2006)	$701.71 million
2006 expense ratio	0.29%

50  |  2006 Annual Report  TIAA-CREF Mutual Funds

International Equity Fund  |   Summary portfolio of investments
December 31, 2006

COMPANY	SHARES		VALUE		% OF NET ASSETS
COMMON STOCKS
AGRICULTURAL SERVICES			$	131,041		0.02	%
APPAREL AND OTHER TEXTILE PRODUCTS				905,004		0.17
BUSINESS SERVICES
Adecco S.A.		175,167		11,967,708		2.23
WPP Group plc		160,873		2,174,981		0.40
Other				2,279,962		0.42
				16,422,651		3.05
CHEMICALS AND ALLIED PRODUCTS
Bayer AG.		541,285		29,052,403		5.41
Reckitt Benckiser plc		114,366		5,226,445		0.97
Takeda Pharmaceutical Co Ltd		58,122		3,990,225		0.74
Other				9,080,102		1.69
				47,349,175		8.81
COAL MINING				501,527		0.09
COMMUNICATIONS
KDDI Corp		371		2,515,835		0.47
Royal KPN NV		281,414		4,000,830		0.74
Other				1,422,337		0.27
				7,939,002		1.48
DEPOSITORY INSTITUTIONS
Julius Baer Holding AG.		102,293		11,266,082		2.10
Mitsubishi UFJ Financial Group, Inc		448		5,533,885		1.03
Mizuho Financial Group. Inc		350		2,499,895		0.46
Nordea Bank AB		633,700		9,765,679		1.82
Societe Generale (A Shares)		53,673		9,111,409		1.70
Sumitomo Mitsui Financial Group, Inc		306		3,137,011		0.58
Other				7,106,120		1.32
				48,420,081		9.01
ELECTRIC, GAS, AND SANITARY SERVICES
Fortum Oyj		642,578		18,287,878		3.40
Xinao Gas Holdings Ltd		3,171,000		3,587,519		0.67
Other				436,122		0.08
				22,311,519		4.15
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
Sony Corp		66,700		2,858,451		0.53
Other				10,606,599		1.98
				13,465,050		2.51
FABRICATED METAL PRODUCTS				420,896		0.08

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  51

International Equity Fund  |   Summary portfolio of investments
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	FOOD AND KINDRED PRODUCTS
	Groupe Danone		125,005	$	18,943,402		3.52	%
	Nisshin Oillio Group Ltd		617,000		4,007,739		0.75
	Sampo Oyj (A Shares)		429,900		11,508,642		2.14
	Other				3,726,971		0.69
					38,186,754		7.10
	FOOD STORES				1,061,027		0.20
	GENERAL BUILDING CONTRACTORS
	Shanghai Forte Land Co		5,352,884		2,394,872		0.44
	Other				6,653,264		1.24
					9,048,136		1.68
	HEALTH SERVICES				1,413,242		0.26
	HEAVY CONSTRUCTION, EXCEPT BUILDING
	Vinci S.A.		177,378		22,665,422		4.22
					22,665,422		4.22
	HOLDING AND OTHER INVESTMENT OFFICES
*	Ashmore Group plc		2,629,856		13,323,581		2.48
	GEA Group AG.		689,722		15,541,620		2.89
	iShares MSCI EAFE Index Fund		210,000		15,376,200		2.86
	Man Group Plc		1,324,983		13,561,664		2.53
	Other				876,233		0.16
					58,679,298		10.92
	HOTELS AND OTHER LODGING PLACES
	Accor S.A.		259,761		20,128,006		3.74
	Other				480,623		0.09
					20,608,629		3.83
	INDUSTRIAL MACHINERY AND EQUIPMENT
	Canon, Inc		64,400		3,625,730		0.68
	Rheinmetall AG.		108,745		8,251,155		1.53
	Other				10,110,688		1.88
					21,987,573		4.09
	INSTRUMENTS AND RELATED PRODUCTS
	Phonak Holding AG.		205,100		16,327,206		3.04
	Tecan Group AG.		40,546		2,543,900		0.47
	Terumo Corp		69,100		2,717,432		0.51
					21,588,538		4.02
	INSURANCE AGENTS, BROKERS AND SERVICE				1,611,803		0.30
	INSURANCE CARRIERS
	Aioi Insurance Co Ltd		354,000		2,498,719		0.46
	AMP Ltd		388,299		3,095,677		0.58
	Zurich Financial Services AG.		23,687		6,376,148		1.19
	Other				2,408,981		0.45
					14,379,525		2.68

52  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund  |   Summary portfolio of investments
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	LUMBER AND WOOD PRODUCTS			$	433,891		0.08	%
	METAL MINING
	BHP Billiton Ltd		206,835		4,130,594		0.77
	MMC Norilsk Nickel (ADR)		39,434		6,230,572		1.16
	Other				4,921,657		0.91
					15,282,823		2.84
	MISCELLANEOUS MANUFACTURING INDUSTRIES				1,143,870		0.21
	MISCELLANEOUS RETAIL				554,871		0.10
	NONDEPOSITORY INSTITUTIONS
*	Collins Stewart plc		756,815		3,763,848		0.70
	Deutsche Postbank AG.		173,860		14,681,307		2.73
*	Tullett Prebon plc		756,815		9,631,895		1.79
	Other				785,851		0.15
					28,862,901		5.37
	OIL AND GAS EXTRACTION
	PetroChina Co Ltd (Class H)		2,231,634		3,161,694		0.59
	Other				3,594,035		0.67
					6,755,729		1.26
	PETROLEUM AND COAL PRODUCTS
	ENI S.p.A.		146,715		4,934,721		0.92
	Other				990,043		0.18
					5,924,764		1.10
	PRIMARY METAL INDUSTRIES				2,615,411		0.49
	RAILROAD TRANSPORTATION				1,549,851		0.29
	REAL ESTATE
	Mitsui Fudosan Co Ltd		97,000		2,367,842		0.44
	Other				4,025,666		0.75
					6,393,508		1.19
	SECURITY AND COMMODITY BROKERS				1,622,623		0.30
	SPECIAL TRADE CONTRACTORS				664,031		0.12
	STONE, CLAY, AND GLASS PRODUCTS
	Holcim Ltd		57,471		5,268,372		0.98
	Other				4,385,767		0.82
					9,654,139		1.80
	TOBACCO PRODUCTS
	Japan Tobacco, Inc		612		2,957,019		0.55
					2,957,019		0.55
	TRANSPORTATION BY AIR				997,622		0.19

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  53

International Equity Fund   |   Summary portfolio of investments
December 31, 2006 concluded

	COMPANY		SHARES		VALUE		% OF NET ASSETS
	TRANSPORTATION EQUIPMENT
*	Fiat S.p.A.			1,074,973	$	20,547,303		3.82	%
	Honda Motor Co Ltd			102,400		4,044,200		0.75
	Siemens AG			95,606		9,482,984		1.76
	Toyota Industries Corp			51,100		2,348,784		0.44
	Toyota Motor Corp			113,700		7,605,159		1.42
	Other					5,737,131		1.07
						49,765,561		9.26
	TRUCKING AND WAREHOUSING
	Deutsche Post AG.			938,526		28,296,395		5.26
						28,296,395		5.26
	WHOLESALE TRADE-DURABLE GOODS					1,260,002		0.23
	WHOLESALE TRADE-NONDURABLE GOODS					1,163,653		0.22
	TOTAL COMMON STOCKS	(Cost $441,974,940)				534,994,557		99.53
	TOTAL PORTFOLIO	(Cost $441,974,940)				534,994,557		99.53
	OTHER ASSETS & LIABILITIES, NET					2,535,229		0.47
	NET ASSETS				$	537,529,786		100.00	%

*	Non-income producing
ABBREVIATION:
ADR - American Depositary Receipt.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

54  | 2006 Annual Report   TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund   |    Summary of market values by country
December 31, 2006

	VALUE		% OF MARKET VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	15,785,590		2.95	%
TOTAL DOMESTIC		15,785,590		2.95
FOREIGN
AUSTRALIA		23,408,181		4.38
BRAZIL		1,285,044		0.24
CANADA		291,420		0.05
FINLAND		29,796,520		5.57
FRANCE		72,321,420		13.52
GERMANY		105,643,836		19.75
HONG KONG		12,826,428		2.40
INDIA		4,880,561		0.91
INDONESIA		652,449		0.12
ITALY		25,482,024		4.76
JAPAN		112,399,611		21.01
KAZAKHSTAN		357,116		0.07
MALAYSIA		161,700		0.03
NETHERLANDS		4,000,830		0.75
NEW ZEALAND		1,005,232		0.19
RUSSIA		8,625,598		1.61
SINGAPORE		4,622,569		0.86
SOUTH AFRICA		250,920		0.05
SWEDEN		9,765,679		1.82
SWITZERLAND		53,749,415		10.05
UNITED KINGDOM		47,682,414		8.91
TOTAL FOREIGN		519,208,967		97.05
TOTAL PORTFOLIO	$	534,994,557		100.00	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  55

Growth Equity Fund   | Summary portfolio of investments  
December 31, 2006

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	COMMON STOCKS
	APPAREL AND ACCESSORY STORES
*	J Crew Group, Inc		120,027	$	4,627,041		0.89	%
					4,627,041		0.89
	APPAREL AND OTHER TEXTILE PRODUCTS
	Polo Ralph Lauren Corp		71,059		5,518,442		1.06
					5,518,442		1.06
	BUSINESS SERVICES
*	Adobe Systems, Inc		259,643		10,676,520		2.06
*	Electronic Arts, Inc		157,169		7,915,031		1.52
*	Google, Inc (Class A)		36,036		16,593,857		3.20
	Microsoft Corp		430,377		12,851,057		2.48
*	Yahoo!, Inc		315,001		8,045,126		1.55
	Other				3,409,448		0.66
					59,491,039		11.47
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		179,155		8,726,640		1.68
*	Amgen, Inc		95,923		6,552,500		1.26
*	Genentech, Inc		82,831		6,720,079		1.30
*	Gilead Sciences, Inc		119,932		7,787,185		1.50
	Monsanto Co		202,797		10,652,926		2.05
	Procter & Gamble Co		187,710		12,064,122		2.33
	Roche Holding AG.		29,100		5,218,178		1.01
	Wyeth		176,101		8,967,063		1.73
	Other				2,356,308		0.45
					69,045,001		13.31
	COMMUNICATIONS
	America Movil S.A. de C.V. (Series L) (ADR)		100,517		4,545,379		0.88
	Other				8,856,372		1.71
					13,401,751		2.59
	EATING AND DRINKING PLACES
*	Starbucks Corp		202,240		7,163,341		1.38
					7,163,341		1.38
	ELECTRIC, GAS, AND SANITARY SERVICES				4,196,139		0.81
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		150,615		12,778,177		2.46
*	Cisco Systems, Inc		608,274		16,624,128		3.20
	Cooper Industries Ltd (Class A)		67,979		6,147,341		1.19
	Emerson Electric Co		205,591		9,064,507		1.75
	Motorola, Inc		323,821		6,657,760		1.28
	Qualcomm, Inc		367,246		13,878,226		2.68
	Other				18,230,280		3.51
					83,380,419		16.07

56  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund   | Summary portfolio of investments  
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	ENGINEERING AND MANAGEMENT SERVICES
*	Celgene Corp		134,643	$	7,746,012		1.49	%
	Paychex, Inc		172,594		6,824,367		1.32
	Other				3,096,658		0.60
					17,667,037		3.41
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		199,826		12,499,116		2.41
					12,499,116		2.41
	FURNITURE AND HOME FURNISHINGS STORES				3,275,242		0.63
	GENERAL MERCHANDISE STORES
	Target Corp		165,559		9,445,141		1.82
	Other				733,200		0.14
					10,178,341		1.96
	HEALTH SERVICES				4,033,812		0.78
	HOLDING AND OTHER INVESTMENT OFFICES				2,520,841		0.49
	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc		120,899		7,556,188		1.46
	Other				2,721,048		0.52
					10,277,236		1.98
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Alstom RGPT		38,767		5,255,588		1.01
	Hewlett-Packard Co		134,465		5,538,613		1.07
	International Game Technology		184,073		8,504,173		1.64
	Other				6,373,379		1.23
					25,671,753		4.95
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		144,178		9,518,632		1.83
*	St. Jude Medical, Inc		142,827		5,221,755		1.01
*	Zimmer Holdings, Inc		95,474		7,483,252		1.44
	Other				2,936,736		0.57
					25,160,375		4.85
	INSURANCE CARRIERS
	American International Group, Inc		70,877		5,079,046		0.98
	Progressive Corp		214,965		5,206,452		1.00
	Other				3,887,798		0.75
					14,173,296		2.73
	LEATHER AND LEATHER PRODUCTS
*	Coach, Inc		182,621		7,845,398		1.51
					7,845,398		1.51

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  57

Growth Equity Fund   | Summary portfolio of investments  
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	METAL MINING
	Anglo American plc		120,398	$	5,872,211		1.13	%
					5,872,211		1.13
	MISCELLANEOUS RETAIL
	Best Buy Co, Inc		135,143		6,647,684		1.28
	Other		159,749		4,265,298		0.82
					10,912,982		2.10
	MOTION PICTURES				1,298,422		0.25
	NONDEPOSITORY INSTITUTIONS
	American Express Co		188,042		11,408,508		2.20
					11,408,508		2.20
	OIL AND GAS EXTRACTION
	Schlumberger Ltd		95,080		6,005,253		1.16
	XTO Energy, Inc		163,488		7,692,110		1.48
					13,697,363		2.64
	PETROLEUM AND COAL PRODUCTS
*	Suncor Energy, Inc		61,032		4,816,035		0.93
					4,816,035		0.93
	PRIMARY METAL INDUSTRIES
*	Corning, Inc		420,951		7,875,993		1.52
	Other				3,876,364		0.75
					11,752,357		2.27
	RAILROAD TRANSPORTATION				2,123,470		0.41
	SECURITY AND COMMODITY BROKERS
	Charles Schwab Corp		536,536		10,376,606		2.00
	Chicago Mercantile Exchange Holdings, Inc		13,792		7,030,472		1.35
	Goldman Sachs Group, Inc		38,308		7,636,700		1.47
	Other				7,398,830		1.43
					32,442,608		6.25
	TOBACCO PRODUCTS
	Altria Group, Inc		171,988		14,760,010		2.85
					14,760,010		2.85
	TRANSPORTATION EQUIPMENT
	Boeing Co		125,857		11,181,136		2.16
	United Technologies Corp		175,170		10,951,628		2.11
	Other				1,240,432		0.24
					23,373,196		4.51
	TRANSPORTATION SERVICES				2,331,057		0.45

58  | 2006 Annual Report   TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund   | Summary portfolio of investments  
December 31, 2006 concluded

		VALUE			% OF NET ASSETS
TOTAL TRUCKING AND WAREHOUSING		$	3,014,946			0.58	%
TOTAL WHOLESALE TRADE-DURABLE GOODS			889,795			0.17
TOTAL COMMON STOCKS	(Cost $459,908,456)		518,818,580			100.02
TOTAL PORTFOLIO	(Cost $459,908,456)		518,818,580			100.02
OTHER ASSETS & LIABILITIES, NET			(94,704	)		(0.02	)
NET ASSETS		$	518,723,876			100.00	%

*	Non-income producing
ABBREVIATION:
ADR - American Depositary Receipt
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  59

Growth & Income Fund   |    Summary portfolio of investments
December 31, 2006

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES			$	6,906,737		1.26	%
	APPAREL AND ACCESSORY STORES				4,730,198		0.86
	BUILDING MATERIALS AND GARDEN SUPPLIES				2,221,089		0.40
	BUSINESS SERVICES
*	Google, Inc (Class A)		11,421		5,259,142		0.96
	Microsoft Corp		402,001		12,003,750		2.19
	Other				10,787,401		1.96
					28,050,293		5.11
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		116,942		5,696,245		1.04
	Air Products & Chemicals, Inc		64,299		4,518,934		0.82
	Colgate-Palmolive Co		60,217		3,928,557		0.72
	Du Pont (E.I.) de Nemours & Co		108,023		5,261,800		0.96
*	Gilead Sciences, Inc		61,796		4,012,414		0.73
	Merck & Co, Inc		185,937		8,106,853		1.48
	Pfizer, Inc		172,663		4,471,972		0.81
	Procter & Gamble Co		167,449		10,761,947		1.96
	Wyeth		131,936		6,718,181		1.22
	Other				23,177,190		4.22
					76,654,093		13.96
	COAL MINING				3,448,029		0.63
	COMMUNICATIONS
	AT&T, Inc		196,744		7,033,598		1.28
	Verizon Communications, Inc		129,809		4,834,087		0.88
	Other				4,979,944		0.91
					16,847,629		3.07
	DEPOSITORY INSTITUTIONS
	Bank of America Corp		180,041		9,612,389		1.75
	Citigroup, Inc		151,645		8,446,627		1.54
	JPMorgan Chase & Co		209,389		10,113,489		1.84
	Northern Trust Corp		78,623		4,771,630		0.87
	SunTrust Banks, Inc		78,121		6,597,318		1.20
	US Bancorp		212,746		7,699,278		1.40
	Wells Fargo & Co		137,735		4,897,857		0.89
	Other				2,332,554		0.43
					54,471,142		9.92
	EATING AND DRINKING PLACES
	McDonald’s Corp		89,220		3,955,123		0.72
	Other				1,477,668		0.27
					5,432,791		0.99
	ELECTRIC, GAS, AND SANITARY SERVICES
	American Electric Power Co, Inc		98,488		4,193,619		0.76
	Other				12,828,104		2.34
					17,021,723		3.10

60  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  |   Summary portfolio of investments
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		78,410	$	6,652,304		1.21	%
*	Cisco Systems, Inc		465,411		12,719,683		2.31
	Emerson Electric Co		99,694		4,395,508		0.80
	Honeywell International, Inc		143,454		6,489,859		1.18
	Intel Corp		216,506		4,384,247		0.80
	Qualcomm, Inc		152,112		5,748,312		1.05
	Other				11,536,349		2.10
					51,926,262		9.45
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		110,734		6,926,412		1.26
	Other				6,772,045		1.23
					13,698,457		2.49
	GENERAL MERCHANDISE STORES				12,417,001		2.26
	HEALTH SERVICES				3,385,798		0.61
	HOLDING AND OTHER INVESTMENT OFFICES
	SPDR Trust Series 1		31,070		4,402,308		0.80
	Other				2,220,706		0.40
					6,623,014		1.20
	HOTELS AND OTHER LODGING PLACES				5,767,721		1.05
	INDUSTRIAL MACHINERY AND EQUIPMENT
*	Alstom RGPT		40,756		5,525,234		1.01
	General Electric Co		469,509		17,470,430		3.18
	Hewlett-Packard Co		249,742		10,286,873		1.87
	International Business Machines Corp		47,793		4,643,090		0.84
	Other				3,397,129		0.62
					41,322,756		7.52
	INSTRUMENTS AND RELATED PRODUCTS				4,758,956		0.87
	INSURANCE AGENTS, BROKERS AND SERVICE
	Hartford Financial Services Group, Inc		52,715		4,918,837		0.90
					4,918,837		0.90
	INSURANCE CARRIERS
	ACE Ltd		111,645		6,762,338		1.23
	American International Group, Inc		171,160		12,265,326		2.23
	Other				2,774,531		0.51
					21,802,195		3.97
	METAL MINING				4,999,103		0.91
	MISCELLANEOUS RETAIL
	Best Buy Co, Inc		78,335		3,853,299		0.70
	Other				1,587,412		0.29
					5,440,711		0.99

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  61

Growth & Income Fund  |   Summary portfolio of investments
December 31, 2006 continued

	COMPANY		SHARES	VALUE		% OF NET ASSETS
	MOTION PICTURES
	News Corp (Class A)		271,542	$	5,832,722	1.06	%
	Walt Disney Co		157,577		5,400,164	0.98
	Other				5,069,113	0.93
					16,301,999	2.97
	NONDEPOSITORY INSTITUTIONS
	American Express Co		117,022		7,099,725	1.29
	Fannie Mae		91,003		5,404,668	0.98
	Other				3,476,618	0.64
					15,981,011	2.91
	OIL AND GAS EXTRACTION
*	Cameron International Corp		101,776		5,399,217	0.98
	Schlumberger Ltd		103,429		6,532,576	1.19
					11,931,793	2.17
	PETROLEUM AND COAL PRODUCTS
	Exxon Mobil Corp		288,087		22,076,107	4.02
	Other				16,844,657	3.07
					38,920,764	7.09
	PRINTING AND PUBLISHING				1,422,443	0.26
	REAL ESTATE				1,192,820	0.22
	SECURITY AND COMMODITY BROKERS
	Bear Stearns Cos, Inc		25,205		4,102,870	0.75
	Morgan Stanley		93,193		7,588,706	1.38
	Other				6,395,432	1.16
					18,087,008	3.29
	TOBACCO PRODUCTS
	Altria Group, Inc		249,471		21,409,601	3.90
					21,409,601	3.90
	TRANSPORTATION BY AIR				2,824,782	0.51
	TRANSPORTATION EQUIPMENT
	Boeing Co		85,046		7,555,481	1.38
	United Technologies Corp		102,203		6,389,732	1.16
	Other				9,171,837	1.67
					23,117,050	4.21
	TRUCKING AND WAREHOUSING				2,247,132	0.41
	WHOLESALE TRADE-NONDURABLE GOODS				1,982,246	0.36
	TOTAL COMMON STOCKS	(Cost $457,513,257)			548,263,184	99.82

62  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund  |   Summary portfolio of investments
December 31, 2006 concluded

	ISSUER		VALUE			% OF NET ASSETS
	SHORT-TERM INVESTMENTS
+	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		$	1,019,450			0.19	%
	TOTAL SHORT-TERM INVESTMENTS	(Cost $1,019,864)		1,019,450			0.19
	TOTAL PORTFOLIO	(Cost $458,533,121)		549,282,634			100.01
	OTHER ASSETS & LIABILITIES, NET			(53,165	)		(0.01	)
	NET ASSETS		$	549,229,469			100.00	%

*	Non-income producing
+	Notes have a rate of 4.800% and mature on 01/02/07.

ABBREVIATION:
SPDR - Standard & Poor’s Depository Receipts

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

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  63

Equity Index Fund   |    Summary portfolio of investments
December 31, 2006

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS			$	15,826		0.00	%**
	AGRICULTURAL PRODUCTION-LIVESTOCK				48,316		0.01
	AMUSEMENT AND RECREATION SERVICES				999,471		0.25
	APPAREL AND ACCESSORY STORES				2,811,961		0.71
	APPAREL AND OTHER TEXTILE PRODUCTS				771,973		0.19
	AUTO REPAIR, SERVICES AND PARKING				251,365		0.06
	AUTOMOTIVE DEALERS AND SERVICE STATIONS				725,696		0.18
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot, Inc		53,474		2,147,516		0.54
	Other				1,541,770		0.39
					3,689,286		0.93
	BUSINESS SERVICES
*	Google, Inc (Class A)		5,191		2,390,352		0.61
	Microsoft Corp		224,329		6,698,464		1.69
*	Oracle Corp		100,328		1,719,622		0.44
*	Other				16,855,591		4.26
					27,664,029		7.00
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		38,501		1,875,384		0.47
*	Amgen, Inc		29,709		2,029,422		0.51
	Merck & Co, Inc		55,042		2,399,831		0.61
	Pfizer, Inc		185,049		4,792,769		1.21
	Procter & Gamble Co		83,056		5,338,009		1.35
	Wyeth		33,949		1,728,683		0.44
	Other				17,874,261		4.52
					36,038,359		9.11
	COAL MINING				655,459		0.16
	COMMUNICATIONS
	AT&T, Inc		98,063		3,505,752		0.89
	BellSouth Corp		45,678		2,151,891		0.54
*	Comcast Corp (Class A)		49,101		2,078,445		0.53
	Verizon Communications, Inc		73,609		2,741,199		0.69
	Other				8,764,004		2.21
					19,241,291		4.86
	DEPOSITORY INSTITUTIONS
	Bank of America Corp		115,107		6,145,563		1.55
	Citigroup, Inc		125,829		7,008,675		1.77
	JPMorgan Chase & Co		87,599		4,231,032		1.07
	US Bancorp		44,849		1,623,085		0.41
	Wachovia Corp		47,563		2,708,713		0.69
	Wells Fargo & Co		84,734		3,013,141		0.76
	Other				15,467,404		3.91
					40,197,613		10.16

64  | 2006 Annual Report   TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund  |   Summary portfolio of investments
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	EATING AND DRINKING PLACES			$	3,861,319		0.97	%
	EDUCATIONAL SERVICES				459,623		0.12
	ELECTRIC, GAS, AND SANITARY SERVICES				16,440,309		4.16
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		21,556		1,828,811		0.46
*	Cisco Systems, Inc		154,090		4,211,280		1.07
	Intel Corp		147,170		2,980,193		0.75
	Qualcomm, Inc		42,270		1,597,383		0.40
	Other				13,356,628		3.38
					23,974,295		6.06
	ENGINEERING AND MANAGEMENT SERVICES				3,107,557		0.79
	ENVIRONMENTAL QUALITY AND HOUSING				5,637		0.00	**
	FABRICATED METAL PRODUCTS				1,562,068		0.40
	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co		51,407		2,480,388		0.63
	PepsiCo, Inc		41,659		2,605,770		0.66
	Other				5,815,576		1.47
					10,901,734		2.76
	FOOD STORES				940,466		0.24
	FORESTRY				520,177		0.13
	FURNITURE AND FIXTURES				1,212,065		0.31
	FURNITURE AND HOME FURNISHINGS STORES				761,234		0.19
	GENERAL BUILDING CONTRACTORS				1,407,171		0.36
	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc		62,171		2,871,057		0.73
	Other				3,771,618		0.95
					6,642,675		1.68
	HEALTH SERVICES				5,776,208		1.46
	HEAVY CONSTRUCTION, EXCEPT BUILDING				60,493		0.02
	HOLDING AND OTHER INVESTMENT OFFICES
	iShares Russell 3000 Index Fund		30,900		2,535,036		0.64
	Other				10,629,850		2.69
					13,164,886		3.33
	HOTELS AND OTHER LODGING PLACES				2,296,061		0.58
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co		19,064		1,485,658		0.37
*	Dell, Inc		58,415		1,465,632		0.37
d	General Electric Co		262,634		9,772,611		2.47
	Hewlett-Packard Co		70,658		2,910,403		0.74
	International Business Machines Corp		39,122		3,800,702		0.96
	Other				9,641,837		2.44
					29,076,843		7.35

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  65

Equity Index Fund   |   Summary portfolio of investments
December 31, 2006 continued

COMPANY	SHARES		VALUE		% OF NET ASSETS
INSTRUMENTS AND RELATED PRODUCTS
Johnson & Johnson		74,636	$	4,927,469		1.25	%
Medtronic, Inc		30,462		1,630,022		0.41
Other				10,076,174		2.55
				16,633,665		4.21
INSURANCE AGENTS, BROKERS AND SERVICE				1,694,749		0.43
INSURANCE CARRIERS
American International Group, Inc		55,663		3,988,811		1.01
UnitedHealth Group, Inc		34,073		1,830,742		0.46
Other				12,330,862		3.12
				18,150,415		4.59
JUSTICE, PUBLIC ORDER AND SAFETY				92,709		0.02
LEATHER AND LEATHER PRODUCTS				570,123		0.14
LEGAL SERVICES				37,185		0.01
LOCAL AND INTERURBAN PASSENGER TRANSIT				60,799		0.02
LUMBER AND WOOD PRODUCTS				130,467		0.03
METAL MINING				1,580,907		0.40
MISCELLANEOUS MANUFACTURING INDUSTRIES				895,084		0.23
MISCELLANEOUS RETAIL				4,826,544		1.22
MOTION PICTURES
Time Warner, Inc		100,628		2,191,678		0.55
Walt Disney Co		52,587		1,802,156		0.46
Other				2,141,288		0.54
				6,135,122		1.55
NONDEPOSITORY INSTITUTIONS
American Express Co		27,232		1,652,165		0.41
Fannie Mae		24,443		1,451,670		0.37
Other				4,069,276		1.03
				7,173,111		1.81
NONMETALLIC MINERALS, EXCEPT FUELS				310,362		0.08
OIL AND GAS EXTRACTION				6,659,852		1.68
PAPER AND ALLIED PRODUCTS				2,052,808		0.52
PERSONAL SERVICES				616,344		0.16
PETROLEUM AND COAL PRODUCTS
Chevron Corp		55,918		4,111,651		1.04
ConocoPhillips		41,709		3,000,963		0.76
Exxon Mobil Corp		152,786		11,707,991		2.96
Other				6,070,035		1.53
				24,890,640		6.29
PRIMARY METAL INDUSTRIES				3,494,239		0.88
PRINTING AND PUBLISHING				2,522,364		0.64

66  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund   |   Summary portfolio of investments
December 31, 2006 continued

COMPANY	SHARES		VALUE		% OF NET ASSETS
RAILROAD TRANSPORTATION			$	2,348,460		0.59	%
REAL ESTATE				483,008		0.12
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				690,858		0.18
SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc		9,648		1,923,329		0.49
Merrill Lynch & Co, Inc		23,284		2,167,740		0.55
Morgan Stanley		27,050		2,202,682		0.56
Other				6,303,963		1.59
				12,597,714		3.19
SOCIAL SERVICES				52,993		0.01
SPECIAL TRADE CONTRACTORS				210,462		0.05
STONE, CLAY, AND GLASS PRODUCTS				341,266		0.09
TEXTILE MILL PRODUCTS				20,414		0.01
TOBACCO PRODUCTS
Altria Group, Inc		52,706		4,523,229		1.15
Other				720,942		0.18
				5,244,171		1.33
TRANSPORTATION BY AIR				1,898,156		0.48
TRANSPORTATION EQUIPMENT
Boeing Co		20,139		1,789,149		0.45
United Technologies Corp		25,494		1,593,885		0.40
Other				6,693,795		1.70
				10,076,829		2.55
TRANSPORTATION SERVICES				742,123		0.19
TRUCKING AND WAREHOUSING				1,622,068		0.41
WATER TRANSPORTATION				238,244		0.06
WHOLESALE TRADE-DURABLE GOODS				1,508,267		0.38
WHOLESALE TRADE-NONDURABLE GOODS				3,241,292		0.82
TOTAL COMMON STOCKS (Cost $293,518,082)				395,125,280		99.90

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  67

Equity Index Fund   |   Summary portfolio of investments
December 31, 2006 concluded

	ISSUER		VALUE		% OF NET ASSETS
	SHORT-TERM INVESTMENTS
+,d	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		$	139,925		0.04	%
	TOTAL SHORT-TERM INVESTMENTS	(Cost $139,981)		139,925		0.04
	TOTAL PORTFOLIO	(Cost $293,658,063)		395,265,205		99.94
	OTHER ASSETS & LIABILITIES, NET			245,541		0.06
	NET ASSETS		$	395,510,746		100.00	%

*	Non-income producing
**	Percentage represents less that 0.01%
+	Notes have a rate of 4.800% and mature on 01/02/07.
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts in the amount of $157,413.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the funds use more specific industry categories in following their investment limitations on industry concentration.

68  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund  |   Summary portfolio of investments
December 31, 2006

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	COMMON STOCKS
	AGRICULTURAL PRODUCTION-CROPS			$	351		0.00	%**
	AMUSEMENT AND RECREATION SERVICES				104,543		0.06
	APPAREL AND ACCESSORY STORES				1,417,432		0.86
	APPAREL AND OTHER TEXTILE PRODUCTS				183,578		0.11
	AUTO REPAIR, SERVICES AND PARKING				36,530		0.02
	AUTOMOTIVE DEALERS AND SERVICE STATIONS				84,425		0.05
	BUILDING MATERIALS AND GARDEN SUPPLIES
	Home Depot		32,484		1,304,557		0.79
	Lowe’s Cos, Inc		22,800		710,220		0.43
	Other				30,570		0.02
					2,045,347		1.24
	BUSINESS SERVICES
	Automatic Data Processing, Inc		15,483		762,538		0.46
*	Google, Inc (Class A)		2,553		1,175,605		0.72
	Microsoft Corp		114,821		3,428,555		2.08
	Other				5,496,339		3.33
					10,863,037		6.59
	CHEMICALS AND ALLIED PRODUCTS
	Abbott Laboratories		25,277		1,231,243		0.74
*	Amgen, Inc		18,391		1,256,289		0.76
	Bristol-Myers Squibb Co		30,664		807,076		0.49
	Merck & Co, Inc		38,848		1,693,773		1.03
	Procter & Gamble Co		48,257		3,101,477		1.88
	Other				7,802,167		4.73
					15,892,025		9.63
	COMMUNICATIONS
	AT&T, Inc		57,668		2,061,631		1.25
	BellSouth Corp		27,232		1,282,900		0.78
	Sprint Nextel Corp		37,789		713,834		0.44
	Verizon Communications, Inc		46,176		1,719,594		1.04
	Other				2,795,169		1.69
					8,573,128		5.20
	DEPOSITORY INSTITUTIONS
	Bank of America Corp		59,586		3,181,297		1.93
	Regions Financial Corp		20,226		756,452		0.46
	SunTrust Banks, Inc		9,054		764,610		0.46
	US Bancorp		40,458		1,464,175		0.89
	Wachovia Corp		36,042		2,052,592		1.24
	Washington Mutual, Inc		23,057		1,048,863		0.64
	Wells Fargo & Co		57,098		2,030,405		1.23
	Other				5,746,184		3.48
					17,044,578		10.33
	EATING AND DRINKING PLACES
	McDonald’s Corp		30,463		1,350,425		0.82
	Other				933,830		0.57
					2,284,255		1.39

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  69

Social Choice Equity Fund   |    Summary portfolio of investments
December 31, 2006 continued

	COMPANY	SHARES		VALUE		% OF NET ASSETS
	ELECTRIC, GAS, AND SANITARY SERVICES			$	9,606,797		5.82	%
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	Apple Computer, Inc		10,479		889,038		0.54
*	Cisco Systems, Inc		76,463		2,089,734		1.27
	Emerson Electric Co		27,156		1,197,308		0.73
	Intel Corp		77,657		1,572,554		0.95
	Motorola, Inc		36,247		745,238		0.45
	Qualcomm, Inc		24,073		909,719		0.55
	Other				3,216,528		1.95
					10,620,119		6.44
	ENGINEERING AND MANAGEMENT SERVICES				1,287,097		0.78
	FABRICATED METAL PRODUCTS				1,107,968		0.67
	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		29,074		1,818,579		1.10
	Other				2,469,942		1.50
					4,288,521		2.60
	FOOD STORES				462,012		0.28
	FORESTRY				135,153		0.08
	FURNITURE AND FIXTURES				944,675		0.57
	FURNITURE AND HOME FURNISHINGS STORES				162,261		0.10
	GENERAL BUILDING CONTRACTORS				867,604		0.53
	GENERAL MERCHANDISE STORES
	Target Corp		14,778		843,085		0.51
	Other				1,205,322		0.73
					2,048,407		1.24
	HEALTH SERVICES
*	WellPoint, Inc		12,419		977,251		0.60
	Other				1,404,578		0.85
					2,381,829		1.45
	HOLDING AND OTHER INVESTMENT OFFICES				4,847,949		2.94
	HOTELS AND OTHER LODGING PLACES				451,037		0.27
	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co		19,266		1,501,399		0.91
*	Dell, Inc		31,801		797,887		0.49
	Hewlett-Packard Co		39,947		1,645,417		1.00
	International Business Machines Corp		26,031		2,528,912		1.53
	Other				3,862,158		2.34
					10,335,773		6.27
	INSTRUMENTS AND RELATED PRODUCTS
	Johnson & Johnson		51,822		3,421,288		2.08
	Medtronic, Inc		19,176		1,026,108		0.62
	Other				4,026,574		2.44
					8,473,970		5.14

70  |  2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund   |    Summary portfolio of investments
December 31, 2006 continued

COMPANY	SHARES		VALUE		% OF NET ASSETS
INSURANCE AGENTS, BROKERS AND SERVICE
Hartford Financial Services Group, Inc		7,996	$	746,107		0.45	%
Other				95,096		0.06
				841,203		0.51
INSURANCE CARRIERS
Prudential Financial, Inc		13,359		1,147,004		0.70
St. Paul Travelers Cos, Inc		17,554		942,474		0.57
Other				5,450,140		3.30
				7,539,618		4.57
LEATHER AND LEATHER PRODUCTS				281,790		0.17
LUMBER AND WOOD PRODUCTS				23,055		0.01
METAL MINING				156,549		0.10
MISCELLANEOUS MANUFACTURING INDUSTRIES				291,435		0.18
MISCELLANEOUS RETAIL				2,094,433		1.27
MOTION PICTURES
Time Warner, Inc		80,862		1,761,174		1.07
Walt Disney Co		41,546		1,423,781		0.86
Other				94,963		0.06
				3,279,918		1.99
NONDEPOSITORY INSTITUTIONS
American Express Co		23,853		1,447,162		0.88
Freddie Mac		17,580		1,193,682		0.72
Other				2,516,556		1.53
				5,157,400		3.13
NONMETALLIC MINERALS, EXCEPT FUELS				317,561		0.19
OIL AND GAS EXTRACTION
Anadarko Petroleum Corp		16,522		719,037		0.44
Other				4,539,853		2.75
				5,258,890		3.19
PAPER AND ALLIED PRODUCTS				1,376,179		0.83
PERSONAL SERVICES				15,759		0.01
PETROLEUM AND COAL PRODUCTS
Apache Corp		11,234		747,173		0.46
Devon Energy Corp		13,034		874,321		0.53
Other				2,912,740		1.76
				4,534,234		2.75
PRIMARY METAL INDUSTRIES				2,057,977		1.25
PRINTING AND PUBLISHING				1,403,656		0.85
RAILROAD TRANSPORTATION				1,001,048		0.61
REAL ESTATE				121,799		0.07
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				136,808		0.08

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  71

Social Choice Equity Fund   |    Summary portfolio of investments
December 31, 2006 concluded

	COMPANY		SHARES		VALUE			ASSETS % OF NET
	SECURITY AND COMMODITY BROKERS
	Goldman Sachs Group, Inc			6,636	$	1,322,887			0.80	%
	Merrill Lynch & Co, Inc			18,286		1,702,427			1.03
	Other					2,538,289			1.54
						5,563,603			3.37
	SOCIAL SERVICES					38,304			0.02
	SPECIAL TRADE CONTRACTORS					87,774			0.05
	STONE, CLAY, AND GLASS PRODUCTS					96,932			0.06
	TRANSPORTATION BY AIR					1,194,341			0.72
	TRANSPORTATION EQUIPMENT					1,599,492			0.97
	TRANSPORTATION SERVICES					185,850			0.11
	TRUCKING AND WAREHOUSING
	United Parcel Service, Inc (Class B)			13,857		1,038,998			0.63
						1,038,998			0.63
	WATER TRANSPORTATION					65,286			0.04
	WHOLESALE TRADE-DURABLE GOODS					866,694			0.53
	WHOLESALE TRADE-NONDURABLE GOODS					1,671,270			1.01
	TOTAL COMMON STOCKS	(Cost $139,686,412)				164,848,257			99.93
	ISSUER
	SHORT-TERM INVESTMENTS
+	U.S. GOVERNMENT AND AGENCIES NOTES					159,914			0.10
	TOTAL SHORT-TERM INVESTMENTS	(Cost $159,979)				159,914			0.10
	TOTAL PORTFOLIO	(Cost $139,846,391)				165,008,171			100.03
	OTHER ASSETS & LIABILITIES, NET					(51,907	)		(0.03	)
	NET ASSETS				$	164,956,264			100.00	%

*	Non-income producing
**	Percentage represents less that 0.01%
+	Notes have a rate of 4.800% and mature on 01/02/07.

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

72  |  2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Managed Allocation Fund  |   Portfolio of investments
December 31, 2006

COMPANY		SHARES		VALUE			% OF NET ASSETS
TIAA-CREF FUNDS
TIAA-CREF Bond Plus Fund			20,594,507	$	207,180,742			36.44	%
TIAA-CREF Growth Equity Fund			11,873,847		119,569,644			21.03
TIAA-CREF High-Yield Bond Fund			1,546,036		14,254,456			2.51
TIAA-CREF Institutional Large-Cap Value Fund - Retail Class			7,627,322		119,291,312			20.98
TIAA-CREF Institutional Real Estate Securities Fund - Retail Class			24,105		380,619			0.07
TIAA-CREF Institutional Small-Cap Equity Fund - Retail Class			1,414,472		21,683,855			3.81
TIAA-CREF International Equity Fund			5,574,287		78,040,016			13.72
TIAA-CREF Money Market Fund			133,050		133,050			0.02
TIAA-CREF Short-Term Bond Fund			811,389		8,357,304			1.47
TOTAL TIAA-CREF FUNDS	(Cost $534,269,362)				568,890,998			100.05
TOTAL PORTFOLIO	(Cost $534,269,362)				568,890,998			100.05
OTHER ASSETS & LIABILITIES, NET					(276,042	)		(0.05	)
NET ASSETS				$	568,614,956			100.00	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  73

High-Yield Bond Fund  |   Summary portfolio of investments
December 31, 2006

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	CORPORATE BONDS
	AGRICULTURAL PRODUCTION-CROPS					$	702,581		0.24	%
	AGRICULTURAL PRODUCTION-LIVESTOCK						752,400		0.26
	AGRICULTURAL SERVICES						1,030,000		0.36
	AMUSEMENT AND RECREATION SERVICES
g	Pokagon Gaming Authority	10.375%, 06/15/14	B3	$	1,950,000		2,135,250		0.74
	Speedway Motorsports, Inc	6.750%, 06/01/13	Ba2		2,000,000		2,000,000		0.70
	Other						3,093,937		1.07
							7,229,187		2.51
	APPAREL AND OTHER TEXTILE PRODUCTS						1,697,500		0.59
	AUTO REPAIR, SERVICES AND PARKING
d	Keystone Automotive Operations, Inc	9.750%, 11/01/13	Caa1		3,446,000		3,411,540		1.18
	Other						2,319,425		0.81
							5,730,965		1.99
	AUTOMOTIVE DEALERS AND SERVICE STATIONS						2,814,200		0.98
	BUSINESS SERVICES
	Advanstar Communications, Inc	10.750%, 08/15/10	B1		1,750,000		1,883,437		0.65
	Iron Mountain, Inc	8.625%, 04/01/13	B3		2,500,000		2,581,250		0.90
	Other						9,246,752		3.21
							13,711,439		4.76
	CHEMICALS AND ALLIED PRODUCTS
	BCP Crystal US Holdings Corp	9.625%, 06/15/14	B3		2,125,000		2,348,125		0.82
g	Ineos Group Holdings plc	8.500%, 02/15/16	B2		2,160,000		2,062,800		0.72
g	Nell AF SARL	8.375%, 08/15/15	B2		2,500,000		2,568,750		0.89
g	Reichhold Industries, Inc	9.000%, 08/15/14	B2		2,732,000		2,677,360		0.93
	Other						7,291,299		2.53
							16,948,334		5.89
	COAL MINING
g	Griffin Coal Mining Co Pty Ltd	9.500%, 12/01/16	Ba2		2,720,000		2,801,600		0.97
	Other						1,501,250		0.52
							4,302,850		1.49
	COMMUNICATIONS
	Allbritton Communications Co	7.750%, 12/15/12	B1		2,902,000		2,931,020		1.02
d	American Cellular Corp	10.000%, 08/01/11	B3		3,250,000		3,436,875		1.20
	Citizens Communications Co	9.000%, 08/15/31	Ba2		2,026,000		2,198,210		0.76
g	Intelsat Bermuda Ltd	11.250%, 06/15/16	Caa1		3,210,000		3,522,975		1.22
d	Qwest Communications International, Inc	7.250%, 02/15/11	Ba3		3,980,000		4,069,550		1.41
	Qwest Corp	7.250–8.875%, 03/15/12–10/15/35	Ba1		3,200,000		3,387,750		1.18
	Other						14,053,689		4.88
							33,600,069		11.67

74  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

High-Yield Bond Fund  |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	ELECTRIC, GAS, AND SANITARY SERVICES
	AES Corp                                              7.750–9.375%, 09/15/10–05/15/15		B1-Ba3	$	2,750,000	$	2,944,375		1.02	%
	Allied Waste North America, Inc	7.875%, 04/15/13	B2		2,000,000		2,062,500		0.72
	Edison Mission Energy	7.500%, 06/15/13	B1		2,175,000		2,272,875		0.79
g	El Paso Performance-Linked Trust	7.750%, 07/15/11	B2		2,840,000		3,003,300		1.04
	Midwest Generation LLC	8.300%, 07/02/09	Ba2		2,479,385		2,550,668		0.89
	Mirant North America LLC	7.375%, 12/31/13	B2		2,690,000		2,730,350		0.95
	NRG Energy, Inc	7.375%, 02/01/16	B1		2,000,000		2,010,000		0.70
	Sierra Pacific Resources	8.625%, 03/15/14	B1		2,000,000		2,147,318		0.74
	Other						14,877,971		5.17
							34,599,357		12.02
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
g,o	Freescale Semiconductor, Inc	9.125%, 12/15/14	B1		2,565,000		2,548,969		0.89
	L-3 Communications Corp	7.625%, 06/15/12	Ba3		1,905,000		1,971,675		0.68
	Other						2,048,400		0.71
							6,569,044		2.28
	FABRICATED METAL PRODUCTS						2,307,500		0.80
	FOOD AND KINDRED PRODUCTS						2,473,202		0.86
	FOOD STORES
d	Stater Brothers Holdings	8.125%, 06/15/12	B1		2,983,000		3,027,745		1.05
							3,027,745		1.05
	FURNITURE AND HOME FURNISHINGS STORES
	GSC Holdings Corp	8.000%, 10/01/12	B1		2,300,000		2,403,500		0.83
							2,403,500		0.83
	GENERAL BUILDING CONTRACTORS						3,057,350		1.06
	HEALTH SERVICES
g	HCA, Inc	9.125%, 11/15/14	B2		2,720,000		2,907,000		1.01
	Other						3,143,750		1.09
							6,050,750		2.10
	HOLDING AND OTHER INVESTMENT OFFICES
	Sungard Data Systems, Inc	9.125%, 08/15/13	Caa1		2,000,000		2,100,000		0.73
	Sungard Data Systems, Inc	10.250%, 08/15/15	Caa1		2,690,000		2,871,575		1.00
							4,971,575		1.73
	HOTELS AND OTHER LODGING PLACES
d	MGM Mirage	6.750%, 09/01/12	Ba2		2,750,000		2,708,750		0.94
	Other						1,751,250		0.61
							4,460,000		1.55
	INDUSTRIAL MACHINERY AND EQUIPMENT
	Case New Holland, Inc	9.250%, 08/01/11	Ba3		2,000,000		2,117,500		0.74
	Other						1,466,250		0.50
							3,583,750		1.24
	INSTRUMENTS AND RELATED PRODUCTS						1,267,362		0.44
	JUSTICE, PUBLIC ORDER AND SAFETY						1,486,875		0.52

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  75

High-Yield Bond Fund   |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	LEGAL SERVICES
g	FTI Consulting, Inc	7.750%, 10/01/16	Ba2	$	2,177,000	$	2,258,638		0.78	%
							2,258,638		0.78
	MISCELLANEOUS RETAIL						7,434,404		2.58
	NONDEPOSITORY INSTITUTIONS
	Ford Motor Credit Co 5.700–9.875%, 01/15/10–10/01/13		B1		5,490,000		5,504,675		1.91
	General Motors Acceptance
	Corp 5.625–8.000%, 05/15/09–11/01/31		Ba1		4,645,000		4,861,618		1.69
	Other						1,742,388		0.61
							12,108,681		4.21
	OIL AND GAS EXTRACTION
	Chesapeake Energy Corp	7.750%, 01/15/15	Ba2		2,000,000		2,082,500		0.72
	Chesapeake Energy Corp	6.875%, 11/15/20	Ba2		3,000,000		2,947,500		1.03
g	Sabine Pass LNG LP	7.250%, 11/30/13	Ba3		2,700,000		2,683,125		0.93
	Other						11,566,337		4.02
							19,279,462		6.70
	PAPER AND ALLIED PRODUCTS
	Abitibi-Consolidated, Inc	8.550%, 08/01/10	B2		3,331,000		3,164,450		1.10
	Cenveo Corp	7.875%, 12/01/13	B3		3,355,000		3,220,800		1.12
	Graphic Packaging International Corp	9.500%, 08/15/13	B3		1,718,000		1,812,490		0.63
	Greif, Inc	8.875%, 08/01/12	Ba3		2,005,000		2,105,250		0.73
	Other						7,907,781		2.75
							18,210,771		6.33
	PERSONAL SERVICES
	Mac-Gray Corp	7.625%, 08/15/15	B2		1,900,000		1,928,500		0.67
							1,928,500		0.67
	PETROLEUM AND COAL PRODUCTS
	Lyondell Chemical Co	8.000%, 09/15/14	B1		2,100,000		2,178,750		0.76
	Other						2,277,700		0.79
							4,456,450		1.55
	PRIMARY METAL INDUSTRIES
g	Novelis, Inc	8.250%, 02/15/15	B2		3,050,000		2,950,875		1.02
	Other						1,000,000		0.35
							3,950,875		1.37
	PRINTING AND PUBLISHING
g	Idearc, Inc	8.000%, 11/15/16	B2		3,000,000		3,045,000		1.06
d	Morris Publishing Group LLC	7.000%, 08/01/13	B1		3,580,000		3,392,050		1.18
d	RH Donnelley Corp	8.875%, 01/15/16	B3		3,060,000		3,213,000		1.11
	Other						6,252,563		2.17
							15,902,613		5.52
	SECURITY AND COMMODITY BROKERS						832,000		0.29
	SOCIAL SERVICES						1,780,950		0.62
	STONE, CLAY, AND GLASS PRODUCTS						2,836,875		0.99

76  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

High-Yield Bond Fund  |   Summary portfolio of investments
December 31, 2006 concluded

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	TRANSPORTATION EQUIPMENT					$	6,979,775		2.42	%
	TRANSPORTATION SERVICES
	United Rentals North America, Inc	6.500%, 02/15/12	B1	$	1,850,000		1,826,875		0.63
							1,826,875		0.63
	WATER TRANSPORTATION
	Gulfmark Offshore, Inc	7.750%, 07/15/14	B1		2,500,000		2,550,000		0.89
							2,550,000		0.89
	WHOLESALE TRADE-DURABLE GOODS
g	Baker & Taylor, Inc	11.500%, 07/01/13	B2		2,770,000		2,842,713		0.99
g,i,o	CDRV Investors, Inc	9.860%, 12/01/11	Caa1		1,892,000		1,844,700		0.64
	Ryerson, Inc	8.250%, 12/15/11	B3		3,250,000		3,225,625		1.12
	Other						3,594,569		1.25
							11,507,607		4.00
	WHOLESALE TRADE-NONDURABLE GOODS						1,355,512		0.47
	TOTAL CORPORATE BONDS		(Cost $274,877,713)				279,977,523		97.24
	WARRANTS
	AUTOMOTIVE DEALERS AND SERVICE STATIONS						102,000		0.03
	HOLDING AND OTHER INVESTMENT OFFICES						15		0.00	*
	PAPER AND ALLIED PRODUCTS						3		0.00	*
	TOTAL WARRANTS		(Cost $162,890)				102,018		0.03
	SHORT-TERM INVESTMENTS
+	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES						259,860		0.09
	TOTAL SHORT-TERM INVESTMENTS		(Cost $259,965)				259,860		0.09
	TOTAL PORTFOLIO		(Cost $275,300,568)				280,339,401		97.36
	OTHER ASSETS & LIABILITIES, NET						7,592,721		2.64
		NET ASSETS				$	287,932,122		100.00	%

†	As provided by Moody’s Investors Service (unaudited)
+	Notes have a rate of 4.800% and mature on 01/02/07.
*	Represents less than 0.01%
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 December 31, 2006, the value of these securities amounted to $39,853,055 or 13.84% of net assets.
i	Floating rate or variable rate securities reflects rate at December 31, 2006.
o	Payment-in-kind security.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  77

Short-Term Bond Fund  |   Summary portfolio of investments
December 31, 2006

	ISSUER		RATING†		PRINCIPAL		VALUE		% OF NET ASSETS
	BONDS
	CORPORATE BONDS
	ASSET BACKED
i	Centex Home Equity Series 2004-D
	(Class MF2)	5.560%, 09/25/34		A2	$	1,500,000	$	1,461,989		0.77	%
	CIT Equipment Collateral Series 2005-VT1
	(Class A4)	4.360%, 11/20/12		Aaa		1,320,000		1,305,163		0.68
i	Citicorp Mortgage Securities, Inc
	Series 2006-1 (Class A3)	5.706%, 07/25/36		Aaa		2,500,000		2,504,270		1.31
	GMAC Mortgage Corporation Loan Trust
	2006-HLTV A3	5.590%, 03/01/30		Aaa		2,000,000		1,999,216		1.05
	GMAC Mortgage Corporation Loan Trust
	2006-HLTV A4	5.810%, 03/01/36		Aaa		2,000,000		2,005,582		1.05
	Marriott Vacation Club Owner Trust Series
	2006-1A (Class A)	5.737%, 04/20/28		Aaa		1,914,756		1,937,553		1.01
	Residential Funding Mortgage Securities II, Inc
	Series 2006-H12 (Class A3)	5.790%, 02/25/36		Aaa		3,000,000		3,012,126		1.58
i	Residential Funding Mortgage Securities II, Inc
	Series 2006-HI1 (Class A3)	5.570%, 02/25/36		Aaa		2,000,000		1,998,058		1.05
	Residential Funding Mortgage Securities II, Inc
	Series 2006-HI3 (Class A2)	5.950%, 02/25/36		Aaa		1,000,000		1,003,672		0.52
	Residential Funding Mortgage Securities II, Inc
	Series 2006-HI3 (Class A3)	5.960%, 02/25/36		Aaa		1,300,000		1,310,013		0.69
g,v	Sierra Receivables Funding Co Series
	2006-1A (Class A1)	5.840%, 05/20/18		Aaa		1,473,238		1,485,681		0.78
	Other							5,648,544		2.96
								25,671,867		13.45
	CHEMICALS AND ALLIED PRODUCTS							1,470,219		0.77
	COMMUNICATIONS							1,197,221		0.63
	DEPOSITORY INSTITUTIONS
	Bank One NA	3.700%, 01/15/08		Aa2		1,000,000		984,015		0.51
	Citigroup, Inc	5.125%, 02/14/11		Aa1		3,000,000		2,992,468		1.57
	Wells Fargo & Co	4.875%, 01/12/11		Aa1		1,750,000		1,731,285		0.91
	Wells Fargo Bank NA	6.450%, 02/01/11		Aa1		1,000,000		1,044,212		0.55
	Other							5,200,605		2.72
								11,952,585		6.26
	EATING AND DRINKING PLACES							502,964		0.26
	ELECTRIC, GAS, AND SANITARY SERVICES
	Duke Energy Corp	3.750%, 03/05/08		A2		2,000,000		1,962,047		1.03
	Ohio Power Co	5.300%, 11/01/10		A3		1,000,000		996,371		0.52
	Tampa Electric Co	5.375%, 08/15/07		Baa2		1,000,000		999,053		0.52
	Other							2,226,009		1.17
								6,183,480		3.24
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT							1,244,787		0.65

78  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Short-Term Bond Fund   |   Summary portfolio of investments  
December 31, 2006 continued

	ISSUER		RATING†		PRINCIPAL		VALUE		% OF NET ASSETS
	FABRICATED METAL PRODUCTS
	Illinois Tool Works, Inc	5.750%, 03/01/09		Aa3	$	1,000,000	$	1,009,870		0.53	%
	Other							491,475		0.26
								1,501,345		0.79
	FOOD AND KINDRED PRODUCTS
	General Mills, Inc	5.125%, 02/15/07		Baa1		1,000,000		999,294		0.52
	Other							1,864,834		0.98
								2,864,128		1.50
	FOOD STORES							999,364		0.52
	FURNITURE AND FIXTURES							496,359		0.26
	GENERAL BUILDING CONTRACTORS							551,698		0.29
	GENERAL MERCHANDISE STORES
	May Department Stores Co	3.950%, 07/15/07		Baa1		1,000,000		990,275		0.52
	Other							1,471,038		0.77
								2,461,313		1.29
	HOLDING AND OTHER INVESTMENT OFFICES							502,973		0.26
	INSURANCE CARRIERS							1,235,931		0.65
	MOTION PICTURES							253,963		0.13
	NONDEPOSITORY INSTITUTIONS
g	American Honda Finance Corp	5.125%, 12/15/10		A1		1,000,000		995,294		0.52
	HSBC Finance Corp	5.250%, 01/14/11		Aa3		1,000,000		999,911		0.52
	HSBC Finance Corp	5.700%, 06/01/11		Aa3		1,500,000		1,525,527		0.80
g,i	USB Realty Corp	6.091%, 12/30/49		A1		1,100,000		1,100,616		0.58
	Western Financial Bank	9.625%, 05/15/12		Aa3		900,000		989,667		0.52
	Other							6,163,402		3.23
								11,774,417		6.17
	OIL AND GAS EXTRACTION							935,214		0.49
	OTHER MORTGAGE BACKED SECURITIES
	LB-UBS Commercial Mortgage Trust
	Series 2005-C3 (Class A2)	4.553%, 07/15/30		Aaa		2,000,000		1,961,258		1.03
	Morgan Stanley Capital I Series
	2005-HQ5 (Class A2)	4.809%, 01/14/42		NR		1,000,000		988,512		0.52
	Other							1,855,295		0.97
								4,805,065		2.52
	PIPELINES, EXCEPT NATURAL GAS
	Enterprise Products Operating LP	.4.000%, 10/15/07		Baa3		1,000,000		987,767		0.52
	Other							2,200,057		1.15
								3,187,824		1.67
	PRINTING AND PUBLISHING							962,596		0.50
	RAILROAD TRANSPORTATION							587,874		0.31
	SECURITY AND COMMODITY BROKERS							3,726,478		1.95
	TRANSPORTATION BY AIR							200,140		0.11

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  79

Short-Term Bond Fund   |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	TRANSPORTATION EQUIPMENT					$	1,972,496		1.03	%
	TOTAL CORPORATE BONDS		(Cost $87,770,900)				87,242,301		45.70
	GOVERNMENT BONDS
	AGENCY SECURITIES
	Federal Farm Credit Bank (FFCB)	5.375%, 07/18/11	Aaa		4,000,000		4,068,404		2.13
	Federal Home Loan Bank (FHLB)	5.375%, 08/19/11	Aaa		2,000,000		2,034,100		1.06
	Federal Home Loan Mortgage Corp (FHLMC)	4.375%, 11/16/07	Aaa		2,750,000		2,729,826		1.43
	FHLMC	4.750%, 11/03/09	Aaa		3,700,000		3,682,056		1.93
	FHLMC	7.000%, 03/15/10	Aaa		5,200,000		5,512,761		2.89
	Federal National Mortgage Association (FNMA)	5.000%, 09/15/08	Aaa		2,000,000		1,998,872		1.05
d	FNMA	5.375%, 08/15/09	Aaa		3,000,000		3,032,775		1.59
	FNMA	4.625%, 12/15/09	Aaa		1,000,000		991,757		0.52
	FNMA	7.125%, 06/15/10	Aaa		8,900,000		9,510,696		4.98
	FNMA	6.250%, 02/01/11	Aa2		3,500,000		3,649,773		1.91
	Private Export Funding Corp	4.900%, 12/15/11	Aaa		5,000,000		4,982,350		2.61
	Other						2,712,584		1.42
							44,905,954		23.52
	FOREIGN GOVERNMENT BONDS
	International Finance Corp	5.125%, 05/02/11	Aaa		1,000,000		1,008,060		0.53
	Kreditanstalt fuer Wiederaufbau	5.250%, 05/19/09	Aaa		1,250,000		1,257,765		0.66
	Other						3,157,636		1.65
							5,423,461		2.84
	MORTGAGE BACKED SECURITIES
	Federal National Mortgage Association
	(FNMA) 5.000–6.366%, 02/01/08–02/23/35				2,061,256		2,052,169		1.08
	Other						2,593,986		1.36
							4,646,155		2.44
	MUNICIPAL BONDS
	Grand Prairie Sports Facilities	7.130%, 09/15/18	Aaa		1,000,000		1,013,010		0.53
							1,013,010		0.53
	U.S. TREASURY SECURITIES
	United States Treasury Note	4.375%, 12/31/07			9,950,000		9,888,210		5.18
	United States Treasury Note	4.875%, 10/31/08			4,000,000		4,002,280		2.10
	United States Treasury Note	4.875%, 05/15/09			5,000,000		5,011,550		2.62
	United States Treasury Note	4.625%, 11/15/09			1,000,000		996,950		0.52
	United States Treasury Note	4.500%, 09/30/11			13,160,000		13,045,772		6.83
	United States Treasury Note	4.625%, 10/31/11			6,600,000		6,577,230		3.45
	Other						1,563,052		0.82
							41,085,044		21.52
	TOTAL GOVERNMENT BONDS		(Cost $97,545,861)				97,073,624		50.85
	TOTAL BONDS		(Cost $185,316,761)				184,315,925		96.55
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)	4.800%, 01/02/07			3,870,000		3,867,915		2.03
	TOTAL SHORT-TERM INVESTMENTS		(Cost $3,869,484)				3,867,915		2.03

80  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Short-Term Bond Fund   |   Summary portfolio of investments
December 31, 2006 concluded

		VALUE		% OF NET ASSETS
TOTAL PORTFOLIO	(Cost $189,186,245)	$	188,183,840		98.58	%
OTHER ASSETS & LIABILITIES, NET			2,713,478		1.42
NET ASSETS		$	190,897,318		100.00	%

†	As provided by Moody’s Investor Service (unaudited)
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 December 31, 2006, the value of these securities amounted to $3,581,591 or 1.88% of net assets.
i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
v	Security valued at fair value.

ABBREVIATION:
NR - Not Rated

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

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  81

Tax-Exempt Bond Fund   |    Summary portfolio of investments
December 31, 2006 continued

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	LONG-TERM MUNICIPAL BONDS
	ALABAMA
	Courtland IDB, International Paper Project, Series 2003A	5.000%, 11/01/13	Baa3	$	2,300,000	$	2,412,240		1.23	%
	Other						445,465		0.23
							2,857,705		1.46
	ARIZONA
	Arizona Water Infrastructure Finance Authority,
	Water Quality	5.000%, 10/01/16	Aaa		1,535,000		1,686,336		0.86
	Greater Arizona Development Authority	5.000%, 08/01/14	Aaa		2,045,000		2,217,762		1.13
	Other						3,339,262		1.71
							7,243,360		3.70
	ARKANSAS
	Arkansas Development Finance Authority,
	Waste Water Revenue, Series 2001-A	5.500%, 12/01/18	NR		1,600,000		1,822,288		0.93
	Other						4,203,453		2.15
							6,025,741		3.08
	CALIFORNIA
d	California State Department of
	Water Resources	5.500%, 05/01/12	A1		1,485,000		1,613,037		0.83
	Other						46,034		0.02
							1,659,071		0.85
	CONNECTICUT						1,495,452		0.76
	DISTRICT OF COLUMBIA						323,442		0.17
	FLORIDA
	Broward County School Board, COP	5.250%, 07/01/16	Aaa		1,885,000		2,078,967		1.06
	Broward County School Board, COP	5.250%, 07/01/15	Aaa		1,500,000		1,645,185		0.84
*	First Florida Governmental Financing Commission, Series 2001B	5.500%, 07/01/15	Aaa		1,600,000		1,792,144		0.92
	Lake County School Board, COP	5.250%, 06/01/17	Aaa		2,000,000		2,225,480		1.14
	Lake County School Board, COP	5.250%, 06/01/18	Aaa		1,925,000		2,145,490		1.10
	Other						1,873,446		0.96
							11,760,712		6.02
	GEORGIA						2,265,276		1.16
	ILLINOIS						6,681,525		3.42
	INDIANA
	New Albany Floyd County School Building Corp, 1st Mtge	5.000%, 07/15/15	NR		2,000,000		2,174,960		1.11
	South Madison Elementary School Building Corp, 1st Mtge	5.000%, 07/15/15	Aaa		2,000,000		2,144,480		1.10
	Other						6,499,757		3.32
							10,819,197		5.53

82  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Tax-Exempt Bond Fund  |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	KENTUCKY
a	Kentucky Turnpike Authority, Toll Revenue, ETM 6.000%, 07/01/11		Aaa	$	1,775,000	$	1,869,288		0.96	%
							1,869,288		0.96
	LOUISIANA
	Desoto Parish, Pollution Control Revenue, International Paper, Series 2002A	5.000%, 10/01/12	Baa3		2,235,000		2,329,876		1.19
	Other						815,177		0.42
							3,145,053		1.61
	MARYLAND
	Maryland State GO	5.500%, 08/01/12	Aaa		1,550,000		1,698,335		0.87
	Other						1,408,205		0.72
							3,106,540		1.59
	MASSACHUSETTS
	Massachusetts St Water Pollution
	Abatement	5.000%, 08/01/16	Aaa		2,000,000		2,191,080		1.12
							2,191,080		1.12
	MICHIGAN
	Ann Arbor School District	5.000%, 05/01/15	Aaa		2,020,000		2,196,023		1.12
	Bedford Public School District	5.000%, 05/01/14	Aaa		1,710,000		1,846,851		0.95
	Caledonia Community Schools	5.000%, 05/01/15	Aaa		1,705,000		1,853,574		0.95
	L’Anse Creuse Public Schools	5.000%, 05/01/15	Aaa		1,750,000		1,902,495		0.97
	Other						2,896,631		1.48
							10,695,574		5.47
	MINNESOTA						363,356		0.19
	MISSISSIPPI						1,468,005		0.75
	MISSOURI
	Missouri Environmental Improvement & Energy Resources Authority	5.500%, 07/01/12	Aaa		1,575,000		1,718,813		0.88
	Other						1,792,377		0.92
							3,511,190		1.80
	NEVADA						803,184		0.41
	NEW JERSEY
	Garden State Preservation Trust, Series 2005-C	5.125%, 11/01/18	Aaa		4,010,000		4,503,952		2.30
	New Jersey Economic Development Authority, School Facilities Construction	5.250%, 09/01/14	Aaa		2,450,000		2,689,120		1.38
	New Jersey Transportation Trust Fund Authority, ETM	5.750%, 12/15/14	Aaa		2,000,000		2,278,560		1.17
	Other						3,564,862		1.82
							13,036,494		6.67
	NEW MEXICO						468,442		0.24

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  83

Tax-Exempt Bond Fund  |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	NEW YORK
	Long Island Power Authority	5.250%, 12/01/14	A3	$	2,000,000	$	2,193,560		1.12	%
d	Metropolitan Transportation Authority	5.500%, 11/15/13	Aaa		2,100,000		2,328,522		1.19
	Metropolitan Transportation Authority, Dedicated Tax	5.500%, 11/15/16	Aaa		2,050,000		2,336,160		1.20
	Metropolitan Transportation Authority, Service Contract	5.500%, 07/01/16	A1		2,650,000		2,958,831		1.51
	Metropolitan Transportation Authority, Service Contract	5.750%, 01/01/18	Aaa		1,500,000		1,749,060		0.89
	New York State Dormitory Authority	5.500%, 05/15/17	Aaa		2,500,000		2,851,950		1.46
	New York State Environmental Facilities Corp	5.000%, 03/15/14	NR		1,825,000		1,965,251		1.00
	New York State Environmental Facilities Corp	5.250%, 06/15/18	Aaa		2,800,000		3,028,060		1.55
	New York State Thruway Authority, Service Contract	5.500%, 04/01/12	A1		1,830,000		1,988,258		1.02
	Tobacco Settlement Financing Authority, Series 2003 B-1C	5.500%, 06/01/16	A1		5,000,000		5,348,100		2.74
	Other						858,545		0.44
							27,606,297		14.12
	NORTH CAROLINA						322,957		0.17
	OHIO
	Akron Sewer System Revenue	5.000%, 12/01/17	Aaa		1,800,000		1,981,224		1.01
	Cincinnati City School District GO	5.000%, 12/01/16	Aaa		1,820,000		1,997,286		1.02
	Other						2,501,668		1.28
							6,480,178		3.31
	OKLAHOMA						463,984		0.24
	OREGON
	Oregon State Department of Administrative Services,
	Lottery Revenue	5.000%, 04/01/13	Aaa		1,795,000		1,922,858		0.98
							1,922,858		0.98
	PENNSYLVANIA
	Carbon County Hospital Authority	5.400%, 11/15/14	Aaa		1,845,000		1,985,423		1.02
d	Carbon County IDA, Panter Creek	6.650%, 05/01/10	NR		2,220,000		2,305,448		1.18
	Other						7,669,456		3.92
							11,960,327		6.12
	PUERTO RICO
	Puerto Rico Commonwealth GO	5.000%, 07/01/12	Baa3		2,645,000		2,784,894		1.43
	Puerto Rico Highway & Transportation Authority, Series 2005A	5.000%, 07/01/14	Baa3		2,300,000		2,450,673		1.25
	Puerto Rico Public Finance Corp	5.750%, 08/01/27	Ba1		1,800,000		1,943,334		0.99
	Other						6,470,507		3.31
							13,649,408		6.98
	RHODE ISLAND						1,045,599		0.53

84  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Tax-Exempt Bond Fund  |   Summary portfolio of investments
December 31, 2006 continued

ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
SOUTH CAROLINA
Scago Educational Facilities Corp for Colleton
School District	5.000%, 12/01/16	Aaa	$	2,000,000	$	2,177,580		1.11	%
Other						1,624,838		0.83
						3,802,418		1.94
TENNESSEE
Tennessee Energy Acquisition Corp	5.000%, 09/01/16	Aa3		2,500,000		2,694,375		1.38
Other						2,604,941		1.33
						5,299,316		2.71
TEXAS
Brazos River Authority, Houston Industries Project,
Series 1998-D	4.900%, 10/01/15	Aaa		3,520,000		3,800,086		1.94
Dallas, Water & Sewer System Revenue	5.375%, 10/01/13	Aaa		2,575,000		2,820,475		1.44
Other						9,753,464		4.99
						16,374,025		8.37
VIRGINIA
Hopewell GO	5.000%, 07/15/09	A2		1,700,000		1,728,458		0.88
						1,728,458		0.88
WASHINGTON
Kings County School District No 401	5.125%, 12/01/20	Aaa		1,540,000		1,631,907		0.83
Port of Seattle	5.500%, 09/01/17	Aaa		2,925,000		3,327,041		1.70
Other						1,710,411		0.88
						6,669,359		3.41
WISCONSIN
Wisconsin GO	5.250%, 05/01/15	Aaa		3,500,000		3,869,635		1.98
Other						43,744		0.02
						3,913,379		2.00
TOTAL LONG-TERM MUNICIPAL BONDS		(Cost $190,951,531)				193,028,250		98.72
SHORT-TERM MUNICIPAL BONDS
NEW YORK						620,000		0.31
WYOMING						290,000		0.15
TOTAL SHORT-TERM MUNICIPAL BONDS		(Cost $910,000)				910,000		0.46
TOTAL PORTFOLIO		(Cost $191,861,531)				193,938,250		99.18
OTHER ASSETS AND LIABILITIES, NET						1,598,495		0.82
NET ASSETS					$	195,536,745		100.00	%

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  85

Tax-Exempt Bond Fund  |   Summary portfolio of investments
December 31, 2006 concluded

†	As provided by Moody’s Investors Service (unaudited)
*	Variable rate demand note (VRDN)
a	The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.

ABBREVIATIONS:

COP - Certificate of Participation

ETM - Escrowed to Maturity

GO - General Obligation

Mtge - Mortgage

NR - Not Rated

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

86  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Bond Plus Fund    | Summary portfolio of investments
December 31, 2006

	ISSUER		RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	BONDS
	CORPORATE BONDS
	ASSET BACKED
	Centex Home Equity Series 2002-A
	(Class AF6)	5.540%, 01/25/32	Aaa	$	2,472,205	$	2,463,582		0.52	%
i	Citicorp Mortgage Securities, Inc
	Series 2006-1 (Class A3)	5.706%, 07/25/36	Aaa		3,000,000		3,005,124		0.63
g	Hertz Vehicle Financing LLC
	Series 2005-1A (Class A3)	5.010%, 02/25/11	Aaa		4,000,000		3,976,100		0.84
	Household Automotive Trust
	Series 2006-3 (Class A4)	5.340%, 09/17/13	Aaa		2,500,000		2,518,895		0.53
i	Residential Asset Mortgage Products, Inc
	Series 2004-RS11 (Class M1)	5.970%, 11/25/34	Aa1		5,000,000		5,036,045		1.06
	Residential Funding Mortgage Securities II, Inc
	Series 2006-H12 (Class A3)	5.790%, 02/25/36	Aaa		6,000,000		6,024,252		1.27
	Residential Funding Mortgage Securities II, Inc
	Series 2006-HI4 (Class A3)	5.440%, 09/25/36	Aaa		3,528,000		3,509,457		0.74
i	Residential Funding Mortgage Securities II, Inc
	Series 2006-HSA2 (Class AI3)	5.550%, 03/25/36	Aaa		3,000,000		2,996,775		0.63
g,v	Sierra Receivables Funding Co
	Series 2006-1A (Class A1)	5.840%, 05/20/18	Aaa		2,946,476		2,971,362		0.62
g,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096%, 12/20/31	Aaa		4,000,000		3,966,094		0.83
	Other						30,794,882		6.47
							67,262,568		14.14
	BUILDING MATERIALS AND GARDEN SUPPLIES						760,794		0.16
	CHEMICALS AND ALLIED PRODUCTS						2,699,026		0.57
	COMMUNICATIONS						12,513,552		2.63
	DEPOSITORY INSTITUTIONS						16,347,683		3.44
	ELECTRIC, GAS, AND SANITARY SERVICES						9,985,035		2.10
	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT						2,015,466		0.42
	FABRICATED METAL PRODUCTS						479,936		0.10
	FOOD AND KINDRED PRODUCTS						3,321,579		0.70
	FOOD STORES						1,012,327		0.21
	FURNITURE AND FIXTURES						496,359		0.11
	GENERAL BUILDING CONTRACTORS						1,667,772		0.35
	GENERAL MERCHANDISE STORES						2,237,575		0.47
	HEALTH SERVICES						492,083		0.10
	HOLDING AND OTHER INVESTMENT OFFICES						1,742,018		0.37
	HOTELS AND OTHER LODGING PLACES						249,375		0.05
	INDUSTRIAL MACHINERY AND EQUIPMENT						515,419		0.11
	INSTRUMENTS AND RELATED PRODUCTS						703,734		0.15
	INSURANCE CARRIERS						4,455,168		0.94

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  87

Bond Plus Fund   |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER			RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	METAL MINING						$	727,317		0.15	%
	MISCELLANEOUS MANUFACTURING INDUSTRIES							739,521		0.16
	MISCELLANEOUS RETAIL							206,150		0.04
	MOTION PICTURES							3,277,038		0.69
	NONDEPOSITORY INSTITUTIONS
	General Electric Capital Corp	6.000%, 06/15/12		Aaa	$	2,500,000		2,587,654		0.54
	Other							12,262,145		2.58
								14,849,799		3.12
	OIL AND GAS EXTRACTION							6,046,076		1.27
	OTHER MORTGAGE BACKED SECURITIES
d	Banc of America Commercial Mortgage, Inc
	Series 2002-2 (Class A3)	5.118%, 07/11/43		NR		3,000,000		2,981,715		0.63
i	Bear Stearns Commercial Mortgage Securities
	Series 2004-PWR5 (Class A5)	4.978%, 07/11/42		Aaa		3,000,000		2,937,690		0.62
	Washington Mutual, Inc
	Series 2003-S10 (Class A1)	4.500%, 10/25/18		NR		4,758,951		4,586,211		0.96
	Wells Fargo Mortgage Backed Securities Trust
	Series 2004-7 (Class 1A1)	4.500%, 07/25/19		NR		2,857,950		2,733,809		0.57
	Wells Fargo Mortgage Backed Securities Trust
	Series 2005-1 (Class 2A1)	5.000%, 01/25/20		Aaa		2,316,923		2,286,460		0.48
	Other							37,834,569		7.96
								53,360,454		11.22
	PAPER AND ALLIED PRODUCTS							2,505,111		0.53
	PETROLEUM AND COAL PRODUCTS							1,045,008		0.22
	PIPELINES, EXCEPT NATURAL GAS							2,680,805		0.56
	PRIMARY METAL INDUSTRIES							230,862		0.05
	RAILROAD TRANSPORTATION							1,950,606		0.41
	RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS							248,798		0.05
	SECURITY AND COMMODITY BROKERS							8,297,995		1.75
	STONE, CLAY, AND GLASS PRODUCTS							249,667		0.05
	TOBACCO PRODUCTS							250,336		0.05
	TRANSPORTATION BY AIR							500,349		0.11
	TRANSPORTATION EQUIPMENT							3,866,102		0.81
	WHOLESALE TRADE-NONDURABLE GOODS							469,113		0.10
	TOTAL CORPORATE BONDS		(Cost $230,962,744)					230,458,576		48.46

88  | 2006 Annual Report   TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Bond Plus Fund   |   Summary portfolio of investments
December 31, 2006 continued

	ISSUER			RATING†	PRINCIPAL		VALUE		% OF NET ASSETS
	GOVERNMENT BONDS
	AGENCY SECURITIES
	Cal Dive International, Inc	4.930%, 02/01/27		NR	$	2,919,041	$	2,805,169		0.59	%
	Federal Home Loan Mortgage Corp (FHLMC)	5.875%, 03/21/11		Aa2		2,990,000		3,081,357		0.65
	FHLMC	6.250%, 03/05/12		Aa2		3,000,000		3,004,181		0.63
	Federal National Mortgage Association (FNMA)	4.125%, 01/30/12		Aaa		2,500,000		2,387,083		0.50
	FNMA	5.250%, 08/01/12		Aa2		6,000,000		6,038,093		1.27
	FNMA	5.250%, 12/03/07		Aaa		2,500,000		2,500,773		0.52
	Housing Urban Development	4.790%, 08/01/11		NR		8,514,000		8,449,541		1.78
	Other							6,172,486		1.30
								34,438,683		7.24
	FOREIGN GOVERNMENT BONDS
g	Hypothekenbank in Essen AG	5.000%, 01/20/12		Aaa		3,000,000		2,986,212		0.63
	Other							13,305,791		2.80
								16,292,003		3.43
	MORTGAGE BACKED SECURITIES
	Federal Home Loan Mortgage Corp	5.000%, 06/15/31				3,000,000		2,925,666		0.62
	Federal Home Loan Mortgage Corp Gold
	(FGLMC)	5.500%, 12/01/33				4,438,161		4,396,851		0.93
	FGLMC	5.000%, 01/01/34				2,493,191		2,409,889		0.51
	FGLMC	6.000%, 05/01/35				2,863,834		2,885,660		0.61
	FGLMC	5.500%, 06/01/35				2,611,621		2,583,301		0.54
	Federal National Mortgage Association
	(FNMA)	4.778%, 02/01/14				3,303,524		3,233,509		0.68
	FNMA	4.640%, 11/01/14				2,912,806		2,817,666		0.59
h	FNMA	6.000%, 01/25/22				8,000,000		8,110,000		1.71
	FNMA	5.000%, 10/01/25				4,522,493		4,400,870		0.92
	FNMA	5.000%, 08/01/34				4,610,067		4,456,409		0.94
	FNMA	5.000%, 02/25/35				2,620,531		2,577,746		0.54
	FNMA	5.500%, 05/01/35				4,974,549		4,917,730		1.03
	FNMA	5.500%, 05/01/35				4,010,729		3,964,919		0.83
	FNMA	6.000%, 05/01/35				3,332,631		3,355,924		0.71
d	FNMA	6.000%, 08/01/35				5,221,711		5,258,206		1.11
	FNMA	5.000%, 05/01/36				3,779,587		3,633,601		0.76
h	FNMA	6.000%, 01/25/37				6,000,000		6,039,372		1.27
h	FNMA	6.500%, 01/25/37				13,000,000		13,243,750		2.78
	Government National Mortgage Association
	(GNMA)	5.000%, 09/15/33				2,643,965		2,574,529		0.54
	GNMA	5.500%, 02/20/35				2,283,116		2,266,982		0.48
	Other							65,299,429		13.73
								151,352,009		31.83
	U.S. TREASURY SECURITIES
d	United States Treasury Bond	8.000%, 11/15/21				19,709,000		26,127,038		5.49
	Other							5,854,699		1.23
								31,981,737		6.72
	TOTAL GOVERNMENT BONDS		(Cost $235,538,808)					234,064,432		49.22
	TOTAL BONDS		(Cost $466,501,552)					464,523,008		97.68

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  89

Bond Plus Fund   |   Summary portfolio of investments
December 31, 2006 concluded

	COMPANY			SHARES		VALUE			% OF NET ASSETS
	PREFERRED STOCKS
	DEPOSITORY INSTITUTIONS					$	259,000			0.05	%
	TOTAL PREFERRED STOCKS		(Cost $250,000)				259,000			0.05
	TIAA-CREF MUTUAL FUNDS
q	TIAA-CREF High-Yield Bond Fund				416,505		3,840,178			0.81
	TOTAL TIAA-CREF MUTUAL FUNDS		(Cost $3,901,899)				3,840,178			0.81
	ISSUER			PRINCIPAL
	SHORT-TERM INVESTMENTS
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
	Federal Home Loan Bank (FHLB)	4.800%, 01/02/07		$	10,000,000		9,994,611			2.10
	Federal National Mortgage Association Discount Note
	(FNMA)	5.150%, 01/09/07			10,000,000		9,991,430			2.10
d	FNMA	5.150%, 01/25/07			8,495,000		8,462,188			1.78
	FNMA	5.160%, 01/08/07			7,080,000		7,074,945			1.49
							35,523,174			7.47
	TOTAL SHORT-TERM INVESTMENTS		(Cost $35,525,925)				35,523,174			7.47
	TOTAL PORTFOLIO		(Cost $506,179,376)				504,145,360			106.01
	OTHER ASSETS & LIABILITIES, NET						(28,574,656	)		(6.01	)
	NET ASSETS					$	475,570,704			100.00	%

†	As provided by Moody’s Investors Service (unaudited).
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 December 31, 2006, the value of these securities amounted to $13,899,768 or 2.92% of net assets.
h	These securities were purchased on a delayed delivery basis.
i	Floating rate or variable rate securities reflect rate at December 31, 2006.
q	Affiliated fund.
v	Security valued at fair value.
ABBREVIATION:
NR - Not Rated
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

90  | 2006 Annual Report   TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Money Market Fund  |   Summary portfolio of investments
December 31, 2006

	ISSUER		PRINCIPAL		VALUE		% OF NET ASSETS
	SHORT-TERM INVESTMENTS
	CERTIFICATES OF DEPOSIT
	American Express Bank FSB	5.565%, 01/08/07	$	7,000,000	$	7,000,026		1.00	%
	Bank Of Montreal	5.285%, 02/27/07		5,000,000		5,000,078		0.71
	Calyon	5.290%, 01/10/07		5,000,000		5,000,012		0.71
	Deutsche Bank	5.290%, 01/09/07		6,075,000		6,075,013		0.87
	Lloyds Bank plc	5.305%, 01/31/07		5,000,000		5,000,021		0.71
	Rabobank	5.290%, 03/05/07		6,000,000		6,000,000		0.86
	Other					8,865,060		1.26
						42,940,210		6.12
	COMMERCIAL PAPER
c	Abbott Laboratories	5.230%, 02/08/07		10,260,000		10,203,359		1.45
	American Honda Finance
	Corp	5.220–5.240%, 01/17/07–03/09/07		24,800,000		24,672,393		3.52
c	Atlantis One Funding Corp	5.185–5.280%, 01/08/07–06/25/07		7,730,000		7,641,859		1.09
c	BMW US Capital Corp	5.210–5.240%, 02/07/07–02/22/07		7,050,000		7,003,282		1.00
	Calyon North America, Inc	5.200–5.280%, 01/16/07–03/28/07		11,350,000		11,246,366		1.60
	Canadian Imperial Holding, Inc	5.230%, 01/16/07		5,000,000		4,989,104		0.71
c	CC (USA), Inc	5.230–5.250%, 01/12/07–03/09/07		16,000,000		15,920,547		2.27
c	Ciesco LP	5.250–5.260%, 01/22/07–02/14/07		16,780,000		16,713,219		2.38
	Citigroup Funding, Inc	5.230–5.270%, 01/10/07–03/13/07		24,360,000		24,200,130		3.45
c	Corporate Asset Funding
	Corp, Inc	5.250–5.255%, 01/22/07–02/14/07		25,000,000		24,878,110		3.55
c	Dorada Finance, Inc	5.260%, 01/23/07–01/29/07		8,500,000		8,468,453		1.21
c	Edison Asset Securitization LLC	5.240%, 01/02/07–02/28/07		11,985,000		11,942,770		1.70
c	Fairway Finance Corp	5.250–5.270%, 01/03/07–02/22/07		9,989,000		9,961,734		1.42
	General Electric Capital
	Corp	5.170–5.240%, 01/30/07–06/27/07		17,700,000		17,560,781		2.50
c	Govco, Inc	5.230–5.250%, 01/22/07–03/16/07		24,065,000		23,881,448		3.40
c	Greyhawk Funding LLC	5.190–5.300%, 01/19/07–04/02/07		24,165,000		23,993,609		3.42
c	Harley-Davidson Funding
	Corp	5.210–5.230%, 01/12/07–02/21/07		13,805,000		13,729,150		1.96
	HBOS Treasury Services plc	5.235–5.280%, 01/25/07–03/06/07		23,952,000		23,774,475		3.39
	HSBC Finance Corp	5.230%, 02/23/07–03/01/07		24,945,000		24,740,901		3.53
	ING Finance	5.235–5.270%, 02/01/07–03/27/07		17,505,000		17,359,768		2.47
c	Johnson & Johnson	5.200–5.250%, 01/11/07–01/12/07		8,000,000		7,988,149		1.14
c	Links Finance LLC	5.255–5.315%, 01/16/07–02/08/07		8,000,000		7,965,452		1.13
	Morgan Stanley Dean Witter	5.220–5.240%, 02/13/07–04/20/07		13,295,000		13,152,697		1.87
	Paccar Financial Corp	5.220–5.250%, 01/04/07–03/14/07		21,740,000		21,597,152		3.08
c	Private Export Funding Corp	5.220–5.260%, 01/11/07–01/25/07		17,610,000		17,570,784		2.50
c	Procter & Gamble
	International S.C.A.	5.230–5.300%, 01/08/07–02/13/07		12,424,000		12,386,224		1.76
c	Ranger Funding Co LLC	5.250%–5.320%%, 01/10/07–03/12/07		15,658,000		15,584,987		2.22
	Royal Bank of Canada	5.245%, 02/05/07		5,000,000		4,974,503		0.71
	Royal Bank of Scotland plc	5.240%, 01/24/07		5,000,000		4,983,261		0.71
c	Scaldis Capital LLC	5.220%–5.310%%, 01/18/07–04/05/07		18,312,000		18,225,979		2.60
c	Sheffield Receivables
	Corp	5.240%–5.260%%, 01/04/07–01/17/07		18,100,000		18,082,708		2.57
c	Sigma Finance, Inc	5.235%–5.250%%, 01/04/07–01/29/07		12,000,000		11,979,738		1.71
	Societe Generale North
	America, Inc	5.250%, 01/08/07–04/02/07		14,660,000		14,560,701		2.08

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds   2006 Annual Report   |  91

Money Market Fund  |   Summary portfolio of investments
December 31, 2006 concluded

	ISSUER			PRINCIPAL		VALUE		% OF NET ASSETS
	COMMERCIAL PAPER—(continued)
	Swedish Export Credit
	Corp	5.220%–5.260%%, 01/05/07–02/13/07		$	25,100,000	$	24,986,449		3.56	%
	Toronto-Dominion Holdings
	USA, Inc	5.195%, 01/29/07–02/12/07			5,460,000		5,434,908		0.77
	Toyota Motor Credit
	Corp	5.230%–5.240%%, 01/03/07–02/22/07			25,000,000		24,877,731		3.54
	UBS Finance, (Delaware),
	Inc	5.185%–5.235%%, 01/02/07–03/08/07			18,133,000		18,029,812		2.57
c	Variable Funding Capital Corp	5.250%, 02/06/07			8,790,000		8,743,852		1.25
c	Yorktown Capital LLC	5.260–5.350%, 01/09/07–02/26/07			13,284,000		13,236,490		1.89
	Other						30,713,133		4.38
							617,956,168		88.06
	U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES						4,885,229		0.70
	VARIABLE NOTES
i	International Business Machines Corp	5.363%, 06/28/07			5,000,000		5,001,105		0.71
i	National City Bank of Indiana	5.400%, 06/04/07			5,000,000		5,001,521		0.71
i	PNC Bank NA	5.295%, 01/02/08			8,000,000		7,997,996		1.14
i	Suntrust Bank	5.295–5.319%, 05/01/07–09/27/07			9,000,000		8,999,927		1.29
i	US Bank NA	5.320%, 11/30/07–12/05/07			8,000,000		8,000,670		1.14
							35,001,219		4.99
	TOTAL SHORT-TERM INVESTMENTS		(Cost $700,782,826)				700,782,826		99.87
	TOTAL PORTFOLIO		(Cost $700,782,826)				700,782,826		99.87
	OTHER ASSETS & LIABILITIES, NET						925,360		0.13
	NET ASSETS					$	701,708,186		100.00	%

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 December 31, 2006.
For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

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TIAA-CREF Mutual Funds  2006 Annual Report   |  93

Statements of assets and liabilities  |   TIAA-CREF Mutual Funds
December 31, 2006

	International Equity Fund			Growth Equity Fund			Growth & Income Fund			Equity Index Fund			Social Choice Equity Fund			Managed Allocation Fund
ASSETS
Portfolio investments, at value:
Unaffiliated issuers (cost of $441,974,940, $459,908,456, $458,533,121, $293,658,063, $139,846,391, and $—, respectively)	$	534,994,557		$	518,818,580		$	549,282,634		$	395,265,205		$	165,008,171		$	—
Affiliated issuers (cost of $—, $—, $—, $—, $—, and $534,269,362, respectively)		—			—			—			—			—			568,890,998
Total portfolio investments, at value		534,994,557			518,818,580			549,282,634			395,265,205			165,008,171			568,890,998
Cash		2,610,127			—			7,689			25,404			30,418			183,000
Cash - foreign (cost of $5,002,607, $79,565, $1,210,520, $—, $—, and $—, respectively)		5,021,767			78,874			1,210,282			—			—			—
Receivable from securities transactions		3,945,600			1,807,945			3,235,261			92,515			—			—
Receivable for Fund shares sold		288,888			23,041			95,996			95,942			137,281			119,039
Dividends and interest receivable		54,202			526,260			997,996			508,584			208,527			595
Reclaims receivable		472,638			4,423			47,292			—			—			—
Total assets		547,387,779			521,259,123			554,877,150			395,987,650			165,384,397			569,193,632
LIABILITIES
Management fees payable		105,991			184,918			186,523			84,753			24,629			—
Cash overdrafts		—			1,365,468			—			—			—			177,151
Income distribution payable		828			—			—			—			—			—
Payable for securities transactions		9,551,145			—			5,187,492			139,123			—			—
Payable for Fund shares redeemed		200,029			984,861			273,666			252,199			403,504			401,525
Payable for variation margin		—			—			—			829			—			—
Total liabilities		9,857,993			2,535,247			5,647,681			476,904			428,133			578,676
NET ASSETS	$	537,529,786		$	518,723,876		$	549,229,469		$	395,510,746		$	164,956,264		$	568,614,956
NET ASSETS CONSIST OF:
Paid-in-capital	$	434,328,807		$	788,848,243		$	531,692,042		$	294,828,650		$	140,982,397		$	539,226,267
Accumulated undistributed (distributions in excess of) net investment income		(1,332,877	)		93,744			101,168			(137,842	)		(54,417	)		—
Accumulated net realized gain (loss) on total investments		11,489,765			(329,127,873	)		(73,316,791	)		(787,580	)		(1,133,496	)		(5,232,947	)
Net unrealized appreciation on total investments		93,044,091			58,909,762			90,753,050			101,607,518			25,161,780			34,621,636
NET ASSETS	$	537,529,786		$	518,723,876		$	549,229,469		$	395,510,746		$	164,956,264		$	568,614,956
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		38,401,587			51,522,528			37,253,710			39,401,708			15,569,256			47,810,732
Net asset value per share	$	14.00		$	10.07		$	14.74		$	10.04		$	10.59		$	11.89

94  |   2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  95

Statements of assets and liabilities  |   TIAA-CREF Mutual Funds
December 31, 2006 concluded

	High-Yield Bond Fund			Short-Term Bond Fund			Tax-Exempt Bond Fund			Bond Plus Fund			Money Market Fund
ASSETS
Portfolio investments, at value:
Unaffiliated issuers (cost of $275,300,568, $189,186,245, $191,861,531, $502,277,477, and $700,782,826, respectively)	$	280,339,401		$	188,183,840		$	193,938,250		$	500,305,182		$	700,782,826
Affiliated issuers (cost of $—, $—, $—, $3,901,899, and $—, respectively)		—			—			—			3,840,178			—
Total portfolio investments, at value		280,339,401			188,183,840			193,938,250			504,145,360			700,782,826
Cash		871,377			516,255			62,223			517,399			53,529
Receivable from securities transactions		1,224,448			—			111,915			3,044,366			—
Receivable for Fund shares sold		645,032			323,517			129,014			131,200			1,890,477
Dividends and interest receivable		5,723,231			2,173,080			2,607,869			3,899,948			555,798
Total assets		288,803,489			191,196,692			196,849,271			511,738,273			703,282,630
LIABILITIES
Management fees payable		75,288			46,396			52,250			127,823			186,232
Income distribution payable		—			—			—			—			43,640
Payable for securities transactions		729,513			—			1,193,764			35,890,926			—
Payable for Fund shares redeemed		66,566			252,978			66,512			148,820			1,344,572
Total liabilities		871,367			299,374			1,312,526			36,167,569			1,574,444
NET ASSETS	$	287,932,122		$	190,897,318		$	195,536,745		$	475,570,704		$	701,708,186
NET ASSETS CONSIST OF:
Paid-in-capital	$	286,836,497		$	197,059,904		$	194,082,987		$	482,785,406		$	701,718,220
Accumulated undistributed net investment income		—			—			4,825			20,492			396
Accumulated net realized loss on total investments		(3,943,208	)		(5,160,181	)		(627,786	)		(5,201,178	)		(10,430	)
Net unrealized appreciation (depreciation) on total investments		5,038,833			(1,002,405	)		2,076,719			(2,034,016	)		—
NET ASSETS	$	287,932,122		$	190,897,318		$	195,536,745		$	475,570,704		$	701,708,186
Outstanding shares of beneficial interest, unlimited shares authorized ($0.0001 par value)		31,223,572			18,540,618			18,160,752			47,266,658			701,718,220
Net asset value per share	$	9.22		$	10.30		$	10.77		$	10.06		$	1.00

96  |   2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  97

Statements of Operations  |   TIAA-CREF Mutual Funds
For the year ended December 31, 2006

	International Equity Fund			Growth Equity Fund			Growth & Income Fund			Equity Index Fund			Social Choice Equity Fund			Managed Allocation Fund
INVESTMENT INCOME
Interest	$	—		$	38,378		$	51,146		$	11,141		$	19,850		$	5,812
Dividends:
Unaffiliated issuers		9,995,885			5,534,274			9,681,699			6,739,979			2,856,030			—
Affiliated issuers		—			—			—			—			—			15,018,698
Foreign taxes withheld		(845,194	)		(32,931	)		(48,120	)		(182	)		(393	)		—
Total income		9,150,691			5,539,721			9,684,725			6,750,938			2,875,487			15,024,510
EXPENSES
Investment management fees		2,375,432			2,384,718			2,249,885			976,142			440,753			—
Total expenses		2,375,432			2,384,718			2,249,885			976,142			440,753			—
Net investment income		6,775,259			3,155,003			7,434,840			5,774,796			2,434,734			15,024,510
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		77,618,705			21,722,718			20,919,989			7,495,471			4,170,938			11,248,688
Underlying fund distributions		—			—			—			—			—			14,651,947
Futures transactions		—			—			—			122			—			—
Foreign currency transactions		(1,027,642	)		4,468			37,782			—			—			—
Net realized gain on total investments		76,591,063			21,727,186			20,957,771			7,495,593			4,170,938			25,900,635
Change in unrealized appreciation (depreciation) on:
Portfolio investments		40,721,871			2,578,634			52,805,937			40,885,956			14,367,545			21,185,858
Futures transactions		—			—			—			376			—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		43,896			(362	)		3,945			—			—			—
Net change in unrealized appreciation on total investments		40,765,767			2,578,272			52,809,882			40,886,332			14,367,545			21,185,858
Net realized and unrealized gain on total investments		117,356,830			24,305,458			73,767,653			48,381,925			18,538,483			47,086,493
Net increase in net assets resulting from operations	$	124,132,089		$	27,460,461		$	81,202,493		$	54,156,721		$	20,973,217		$	62,111,003

98  |   2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  99

Statements of operations  |   TIAA-CREF Mutual Funds
For the year ended December 31, 2006 concluded

	High-Yield Bond Fund		Short-Term Bond Fund			Tax-Exempt Bond Fund			Bond Plus Fund			Money Market Fund
INVESTMENT INCOME
Interest	$	22,038,021	$	9,534,711		$	8,118,847		$	24,467,864		$	34,179,463
Dividends:
Unaffiliated issuers		—		—			—			3,877			—
Affiliated issuers		—		—			—			275,969			—
Total income		22,038,021		9,534,711			8,118,847			24,747,710			34,179,463
EXPENSES
Investment management fees		962,173		607,771			592,759			1,420,284			1,955,024
Total expenses		962,173		607,771			592,759			1,420,284			1,955,024
Net investment income		21,075,848		8,926,940			7,526,088			23,327,426			32,224,439
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on total investments		586,077		(2,382,774	)		(292,186	)		(4,213,728	)		(219	)
Net change in unrealized appreciation on total investments		4,398,857		1,843,361			1,043,864			813,852			—
Net realized and unrealized gain (loss) on total investments		4,984,934		(539,413	)		751,678			(3,399,876	)		(219	)
Net increase in net assets resulting from operations	$	26,060,782	$	8,387,527		$	8,277,766		$	19,927,550		$	32,224,220

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Statements of changes in net assets  | TIAA-CREF Mutual Funds

	International Equity Fund						Growth Equity Fund						Growth & Income Fund
	For the Years Ended December 31,						For the Years Ended December 31,						For the Years Ended December 31,
	2006			2005			2006			2005			2006			2005
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	6,775,259		$	5,760,498		$	3,155,003		$	2,381,991		$	7,434,840		$	6,210,874
Net realized gain on total investments		76,591,063			39,070,337			21,727,186			2,129,742			20,957,771			14,489,460
Net change in unrealized appreciation on total investments		40,765,767			7,790,003			2,578,272			22,521,193			52,809,882			10,248,258
Net increase from operations		124,132,089			52,620,838			27,460,461			27,032,926			81,202,493			30,948,592
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(7,783,236	)		(5,854,549	)		(3,142,791	)		(2,346,613	)		(7,456,740	)		(6,099,920	)
From net realized gain on total investments		(45,207,629	)		—			—			—			—			—
Total distributions		(52,990,865	)		(5,854,549	)		(3,142,791	)		(2,346,613	)		(7,456,740	)		(6,099,920	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		44,125,814			41,903,545			29,554,816			42,712,381			28,205,907			33,884,274
Reinvestment of distributions		51,339,181			5,697,143			3,078,439			2,294,682			7,089,618			5,788,299
Exchanges among the Funds, net		18,666,172			11,025,112			(29,565,444	)		(24,387,856	)		(16,779,126	)		(16,394,911	)
Redemptions		(69,173,914	)		(45,608,790	)		(61,023,045	)		(60,016,736	)		(58,097,685	)		(71,327,294	)
Net increase (decrease) from shareholder transactions		44,957,253			13,017,010			(57,955,234	)		(39,397,529	)		(39,581,286	)		(48,049,632	)
Net increase (decrease) in net assets		116,098,477			59,783,299			(33,637,564	)		(14,711,216	)		34,164,467			(23,200,960	)
NET ASSETS
Beginning of year		421,431,309			361,648,010			552,361,440			567,072,656			515,065,002			538,265,962
End of year	$	537,529,786		$	421,431,309		$	518,723,876		$	552,361,440		$	549,229,469		$	515,065,002
Accumulated undistributed (distributions in excess of) net investment income included in net assets	$	(1,332,877	)	$	(151,357	)	$	93,744		$	92,349		$	101,168		$	92,421
CHANGE IN FUND SHARES:
Shares outstanding, beginning of year		35,063,790			33,906,775			57,503,285			61,807,324			40,206,203			44,137,435
Shares sold		3,303,293			3,877,919			3,073,065			4,721,493			2,079,465			2,773,390
Shares issued in reinvestment of distributions		3,720,234			472,501			307,237			234,176			515,928			469,767
Shares exchanged among the Funds, net		1,398,681			940,685			(3,045,115	)		(2,688,520	)		(1,240,307	)		(1,346,139	)
Shares redeemed		(5,084,411	)		(4,134,090	)		(6,315,944	)		(6,571,188	)		(4,307,579	)		(5,828,250	)
Net increase (decrease) in shares outstanding		3,337,797			1,157,015			(5,980,757	)		(4,304,039	)		(2,952,493	)		(3,931,232	)
Shares outstanding, end of year		38,401,587			35,063,790			51,522,528			57,503,285			37,253,710			40,206,203

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Statements of changes in net assets  | TIAA-CREF Mutual Funds continued

	Equity Index Fund						Social Choice Equity Fund						Managed Allocation Fund
	For the Years Ended December 31,						For the Years Ended December 31,						For the Years Ended December 31,
	2006			2005			2006			2005			2006			2005
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	5,774,796		$	5,358,558		$	2,434,734		$	1,961,442		$	15,024,510		$	12,944,131
Net realized gain (loss) on total investments		7,495,593			(1,875,493	)		4,170,938			576,941			25,900,635			11,971,674
Net change in unrealized appreciation on total investments		40,886,332			16,894,739			14,367,545			7,303,551			21,185,858			1,441,798
Net increase from operations		54,156,721			20,377,804			20,973,217			9,841,934			62,111,003			26,357,603
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(5,818,595	)		(5,351,534	)		(2,453,218	)		(1,944,481	)		(20,807,127	)		(15,509,384	)
From net realized gain on total investments		(5,672,167	)		(25,616	)		(4,162,540	)		—			(16,687,660	)		—
Total distributions		(11,490,762	)		(5,377,150	)		(6,615,758	)		(1,944,481	)		(37,494,787	)		(15,509,384	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		29,023,654			45,979,415			24,922,738			41,373,856			45,697,714			59,276,341
Reinvestment of distributions		11,005,287			5,172,393			6,067,135			1,837,684			35,613,199			14,689,828
Exchanges among the Funds, net		(13,441,047	)		459,816			(2,997,843	)		1,122,848			(16,756,372	)		(4,220,979	)
Redemptions		(39,496,499	)		(57,588,206	)		(36,314,089	)		(12,394,288	)		(52,176,845	)		(46,117,187	)
Net increase (decrease) from shareholder transactions		(12,908,605	)		(5,976,582	)		(8,322,059	)		31,940,100			12,377,696			23,628,003
Net increase in net assets		29,757,354			9,024,072			6,035,400			39,837,553			36,993,912			34,476,222
NET ASSETS
Beginning of year		365,753,392			356,729,320			158,920,864			119,083,311			531,621,044			497,144,822
End of year	$	395,510,746		$	365,753,392		$	164,956,264		$	158,920,864		$	568,614,956		$	531,621,044
Accumulative undistributed (distributions in excess of) net investment income included in net assets	$	(137,842	)	$	20,341		$	(54,417	)	$	19,484		$	—		$	4,372
CHANGE IN FUND SHARES:
Shares outstanding, beginning of year		40,820,859			41,523,373			16,426,487			12,961,306			46,772,766			44,654,041
Shares sold		3,077,544			5,340,736			2,475,810			4,494,725			3,882,728			5,334,462
Shares issued in reinvestment of distributions		1,102,870			568,588			575,210			186,937			3,017,596			1,303,578
Shares exchanged among the Funds, net		(1,419,962	)		72,305			(295,298	)		111,604			(1,426,917	)		(375,618	)
Shares redeemed		(4,179,603	)		(6,684,143	)		(3,612,953	)		(1,328,085	)		(4,435,441	)		(4,143,697	)
Net increase (decrease) in shares outstanding		(1,419,151	)		(702,514	)		(857,231	)		3,465,181			1,037,966			2,118,725
Shares outstanding, end of year		39,401,708			40,820,859			15,569,256			16,426,487			47,810,732			46,772,766

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Statements of changes in net assets  | TIAA-CREF Mutual Funds continued

	High-Yield Bond Fund						Short-Term Bond Fund						Tax-Exempt Bond Fund
	For the Years Ended December 31,						For the Years Ended December 31,						For the Years Ended December 31,
	2006			2005			2006			2005			2006			2005
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	21,075,848		$	19,941,064		$	8,926,940		$	8,094,288		$	7,526,088		$	7,006,131
Net realized gain (loss) on total investments		586,077			3,650,159			(2,382,774	)		(2,615,307	)		(292,186	)		450,099
Net change in unrealized appreciation (depreciation) on total investments		4,398,857			(15,705,156	)		1,843,361			(2,311,617	)		1,043,864			(3,396,498	)
Net increase from operations		26,060,782			7,886,067			8,387,527			3,167,364			8,277,766			4,059,732
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(21,471,959	)		(19,643,500	)		(9,166,523	)		(7,912,491	)		(7,521,263	)		(7,010,435	)
From net realized gain on total investments		—			—			—			(7,937	)		—			(1,057,480	)
Total distributions		(21,471,959	)		(19,643,500	)		(9,166,523	)		(7,920,428	)		(7,521,263	)		(8,067,915	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		63,314,302			118,663,979			33,765,792			55,567,416			19,511,435			36,716,723
Reinvestment of distributions		14,214,171			12,941,244			6,277,379			5,000,849			5,587,261			5,917,335
Exchanges among the Funds, net		(1,173,418	)		(2,498,508	)		(8,154,761	)		(8,102,571	)		(6,762,887	)		(4,798,894	)
Redemptions		(73,265,100	)		(116,372,053	)		(51,207,562	)		(75,825,546	)		(24,010,109	)		(28,037,406	)
Net increase (decrease) from shareholder transactions		3,089,955			12,734,662			(19,319,152	)		(23,359,852	)		(5,674,300	)		9,797,758
Total increase (decrease) in net assets		7,678,778			977,229			(20,098,148	)		(28,112,916	)		(4,917,797	)		5,789,575
NET ASSETS
Beginning of year		280,253,344			279,276,115			210,995,466			239,108,382			200,454,542			194,664,967
End of year	$	287,932,122		$	280,253,344		$	190,897,318		$	210,995,466		$	195,536,745		$	200,454,542
Accumulative undistributed net investment income included in net assets	$	—		$	385,403		$	—		$	225,422		$	4,825		$	—
CHANGE IN FUND SHARES:
Shares outstanding, beginning of year		30,905,457			29,443,995			20,422,186			22,663,250			18,703,553			17,812,629
Shares sold		6,946,243			12,879,218			3,277,003			5,321,725			1,824,493			3,375,073
Shares issued in reinvestment of distributions		1,568,801			1,408,904			611,569			480,578			523,453			547,245
Shares exchanged among the Funds, net		(129,882	)		(274,251	)		(792,290	)		(776,475	)		(634,937	)		(446,025	)
Shares redeemed		(8,067,047	)		(12,552,409	)		(4,977,850	)		(7,266,892	)		(2,255,810	)		(2,585,369	)
Net increase (decrease) in shares outstanding		318,115			1,461,462			(1,881,568	)		(2,241,064	)		(542,801	)		890,924
Shares outstanding, end of year		31,223,572			30,905,457			18,540,618			20,422,186			18,160,752			18,703,553

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Statements of changes in net assets  | TIAA-CREF Mutual Funds concluded

	Bond Plus Fund						Money Market Fund
	For the Years Ended December 31,						For the Years Ended December 31,
	2006			2005			2006			2005
CHANGE IN NET ASSETS
OPERATIONS
Net investment income	$	23,327,426		$	20,244,205		$	32,224,439		$	18,075,391
Net realized loss on total investments		(4,213,728	)		(434,797	)		(219	)		(8,935	)
Net change in unrealized appreciation (depreciation) on total investments		813,852			(8,611,011	)		—			—
Net increase from operations		19,927,550			11,198,397			32,224,220			18,066,456
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(23,344,960	)		(20,275,507	)		(32,224,439	)		(18,075,391	)
From net realized gain on total investments		—			(438,041	)		—			—
Total distributions		(23,344,960	)		(20,713,548	)		(32,224,439	)		(18,075,391	)
SHAREHOLDER TRANSACTIONS:
Subscriptions		41,507,995			49,543,729			370,354,390			336,523,127
Reinvestment of distributions		21,905,336			19,414,815			31,664,759			17,727,247
Exchanges among the Funds, net		(13,938,220	)		1,996,718			43,397,863			36,363,881
Redemptions		(53,903,787	)		(47,032,081	)		(372,736,251	)		(362,272,218	)
Net increase (decrease) from shareholder transactions		(4,428,676	)		23,923,181			72,680,761			28,342,037
Total increase (decrease) in net assets		(7,846,086	)		14,408,030			72,680,542			28,333,102
NET ASSETS
Beginning of year		483,416,790			469,008,760			629,027,644			600,694,542
End of year	$	475,570,704		$	483,416,790		$	701,708,186		$	629,027,644
Accumulated undistributed net investment income included in net assets	$	20,492		$	38,026		$	396		$	396
CHANGE IN FUND SHARES:
Shares outstanding, beginning of year		47,731,942			45,396,118			629,037,459			600,695,422
Shares sold		4,137,981			4,831,769			370,354,390			336,523,142
Shares issued in reinvestment of distributions		2,194,195			1,899,598			31,664,759			17,726,749
Shares exchanged among the Funds, net		(1,395,821	)		192,833			43,397,863			36,363,881
Shares redeemed		(5,401,639	)		(4,588,376	)		(372,736,251	)		(362,271,735	)
Net increase (decrease) in shares outstanding		(465,284	)		2,335,824			72,680,761			28,342,037
Shares outstanding, end of year		47,266,658			47,731,942			701,718,220			629,037,459

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Financial highlights  |   TIAA-CREF Mutual Funds

	International Equity Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	12.02		$	10.67		$	9.24		$	6.68		$	8.07
Gain (loss) from investment operations:
Net investment income (a)		0.19			0.17			0.16			0.14			0.11
Net realized and unrealized gain (loss) on total investments		3.31			1.35			1.44			2.59			(1.38	)
Total gain (loss) from investment operations		3.50			1.52			1.60			2.73			(1.27	)
Less distributions from:
Net investment income		(0.22	)		(0.17	)		(0.17	)		(0.17	)		(0.12	)
Net realized gains		(1.30	)		—			—			—			—
Total distributions		(1.52	)		(0.17	)		(0.17	)		(0.17	)		(0.12	)
Net asset value, end of year	$	14.00		$	12.02		$	10.67		$	9.24		$	6.68
TOTAL RETURN		29.36	%		14.23	%		17.37	%		40.86	%		(15.73	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	537,530		$	421,431		$	361,648		$	286,770		$	218,794
Ratio of expenses to average net assets before expense waiver		0.49	%		0.50	%(c)		0.49	%		0.49	%		0.88	%(b)
Ratio of expenses to average net assets after expense waiver		0.49	%		0.50	%(c)		0.49	%		0.49	%		0.49	%
Ratio of net investment income to average net assets		1.40	%		1.53	%		1.69	%		1.96	%		1.47	%
Portfolio turnover rate		152	%		151	%		154	%		162	%		78	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.

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Financial highlights  |   TIAA-CREF Mutual Funds continued

	Growth Equity Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	9.61		$	9.17		$	8.70		$	6.84		$	9.85
Gain (loss) from investment operations:
Net investment income (a)		0.06			0.04			0.07			0.06			0.03
Net realized and unrealized gain (loss) on total investments		0.46			0.44			0.47			1.86			(3.00	)
Total gain (loss) from investment operations		0.52			0.48			0.54			1.92			(2.97	)
Less distributions from:
Net investment income		(0.06	)		(0.04	)		(0.07	)		(0.06	)		(0.04	)
Total distributions		(0.06	)		(0.04	)		(0.07	)		(0.06	)		(0.04	)
Net asset value, end of year	$	10.07		$	9.61		$	9.17		$	8.70		$	6.84
TOTAL RETURN		5.42	%		5.24	%		6.16	%		28.06	%		(30.12	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	518,724		$	552,361		$	567,073		$	549,884		$	421,906
Ratio of expenses to average net assets before expense waiver		0.45	%		0.45	%		0.45	%		0.45	%		0.85	%(b)
Ratio of expenses to average net assets after expense waiver		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income to average net assets		0.60	%		0.44	%		0.76	%		0.72	%		0.40	%
Portfolio turnover rate		86	%		78	%		65	%		73	%		50	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.

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Financial highlights  |   TIAA-CREF Mutual Funds continued

	Growth & Income Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	12.81		$	12.20		$	11.30		$	9.09		$	12.07
Gain (loss) from investment operations:
Net investment income (a)		0.19			0.15			0.17			0.12			0.10
Net realized and unrealized gain (loss) on total investments		1.94			0.61			0.90			2.21			(2.98	)
Total gain (loss) from investment operations		2.13			0.76			1.07			2.33			(2.88	)
Less distributions from:
Net investment income		(0.20	)		(0.15	)		(0.17	)		(0.12	)		(0.10	)
Total distributions		(0.20	)		(0.15	)		(0.17	)		(0.12	)		(0.10	)
Net asset value, end of year	$	14.74		$	12.81		$	12.20		$	11.30		$	9.09
TOTAL RETURN		16.72	%		6.26	%		9.55	%		25.83	%		(23.86	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	549,229		$	515,065		$	538,266		$	551,444		$	496,843
Ratio of expenses to average net assets before expense waiver		0.43	%		0.43	%		0.43	%		0.43	%		0.82	%(b)
Ratio of expenses to average net assets after expense waiver		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Ratio of net investment income to average net assets		1.42	%		1.21	%		1.48	%		1.21	%		0.99	%
Portfolio turnover rate		107	%		183	%		75	%		141	%		112	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.

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Financial highlights | TIAA-CREF Mutual Funds continued

	Equity Index Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	8.96		$	8.59		$	7.90		$	6.23		$	8.05
Gain (loss) from investment operations:
Net investment income (a)		0.15			0.13			0.13			0.10			0.10
Net realized and unrealized gain (loss) on total investments		1.23			0.37			0.79			1.81			(1.83	)
Total gain (loss) from investment operations		1.38			0.50			0.92			1.91			(1.73	)
Less distributions from:
Net investment income		(0.15	)		(0.13	)		(0.14	)		(0.09	)		(0.09	)
Net realized gains		(0.15	)		(0.00)	(c)		(0.09	)		(0.15	)		—
Total distributions		(0.30	)		(0.13	)		(0.23	)		(0.24	)		(0.09	)
Net asset value, end of year	$	10.04		$	8.96		$	8.59		$	7.90		$	6.23
TOTAL RETURN		15.42	%		5.84	%		11.68	%		30.67	%		(21.52	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	395,511		$	365,753		$	356,729		$	338,188		$	139,872
Ratio of expenses to average net assets before expense waiver		0.26	%		0.26	%		0.26	%		0.26	%		0.63	%(b)
Ratio of expenses to average net assets after expense waiver		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%
Ratio of net investment income to average net assets		1.54	%		1.52	%		1.65	%		1.49	%		1.40	%
Portfolio turnover rate		7	%		8	%		15	%		17	%		4	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.
(c)	Amount represents less than $(0.01) per share.

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  113

Financial highlights  |    
TIAA-CREF Mutual Funds continued

	Social Choice Equity Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	9.67		$	9.19		$	8.28		$	6.47		$	8.28
Gain (loss) from investment operations: Net investment income (a)		0.15			0.13			0.14			0.10			0.10
Net realized and unrealized gain (loss) on total investments		1.21			0.47			0.89			1.83			(1.82	)
Total gain (loss) from investment operations		1.36			0.60			1.03			1.93			(1.72	)
Less distributions from:
Net investment income		(0.16	)		(0.12	)		(0.12	)		(0.12	)		(0.09	)
Net realized gains		(0.28	)		—			—			—			—
Total distributions		(0.44	)		(0.12	)		(0.12	)		(0.12	)		(0.09	)
Net asset value, end of year	$	10.59		$	9.67		$	9.19		$	8.28		$	6.47
TOTAL RETURN		14.08	%		6.52	%		12.46	%		29.87	%		(20.71	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	164,956		$	158,921		$	119,083		$	70,192		$	67,731
Ratio of expenses to average net assets before expense waiver		0.27	%		0.28	%(c)		0.27	%		0.27	%		0.65	%(b)
Ratio of expenses to average net assets after expense waiver		0.27	%		0.28	%(c)		0.27	%		0.27	%		0.27	%
Ratio of net investment income to average net assets		1.49	%		1.43	%		1.70	%		1.46	%		1.33	%
Portfolio turnover rate		20	%		7	%		6	%		11	%		29	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.

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Financial highlights  |   TIAA-CREF Mutual Funds continued

	Managed Allocation Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	11.37		$	11.13		$	10.41		$	8.87		$	10.50
Gain (loss) from investment operations:
Net investment income (a)		0.32			0.28			0.26			0.25			0.26
Net realized and unrealized gain
(loss) on total investments		1.02			0.30			0.84			1.72			(1.52	)
Total gain (loss) from investment operations		1.34			0.58			1.10			1.97			(1.26	)
Less distributions from:
Net investment income		(0.45	)		(0.34	)		(0.38	)		(0.43	)		(0.34	)
Net realized gains		(0.37	)		—			—			—			(0.03	)
Total distributions		(0.82	)		(0.34	)		(0.38	)		(0.43	)		(0.37	)
Net asset value, end of year	$	11.89		$	11.37		$	11.13		$	10.41		$	8.87
TOTAL RETURN		11.94	%		5.24	%		10.70	%		22.45	%		(12.09	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	568,615		$	531,621		$	497,145		$	397,992		$	287,473
Ratio of expenses to average net assets (b)		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets (b)		2.75	%		2.54	%		2.46	%		2.56	%		2.68	%
Portfolio turnover rate		11	%		33	%		10	%		37	%		12	%

(a)	Based on average shares outstanding.
(b)	The Fund’s expenses do not include the expenses of the Underlying Funds.

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  115

Financial highlights  |  TIAA-CREF Mutual Funds continued

	High-Yield Bond Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	9.07		$	9.48		$	9.32		$	8.20		$	8.94
Gain (loss) from investment operations:
Net investment income (a)		0.68			0.66			0.66			0.72			0.78
Net realized and unrealized gain (loss) on total investments		0.16			(0.42	)		0.16			1.12			(0.75	)
Total gain from investment operations		0.84			0.24			0.82			1.84			0.03
Less distributions from:
Net investment income		(0.69	)		(0.65	)		(0.66	)		(0.72	)		(0.77	)
Total distributions		(0.69	)		(0.65	)		(0.66	)		(0.72	)		(0.77	)
Net asset value, end of year	$	9.22		$	9.07		$	9.48		$	9.32		$	8.20
TOTAL RETURN		9.68	%		2.72	%		9.16	%		23.24	%		0.46	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	287,932		$	280,253		$	279,276		$	228,324		$	103,939
Ratio of expenses to average net assets before expense waiver		0.34	%		0.35	%(c)		0.34	%		0.34	%		0.72	%(b)
Ratio of expenses to average net assets after expense waiver		0.34	%		0.35	%(c)		0.34	%		0.34	%		0.34	%
Ratio of net investment income to average net assets		7.45	%		7.16	%		7.14	%		8.13	%		9.17	%
Portfolio turnover rate		81	%		72	%		42	%		42	%		74	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.

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Financial highlights  |  TIAA-CREF Mutual Funds continued

	Short-Term Bond Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	10.33		$	10.55		$	10.69		$	10.76		$	10.48
Gain (loss) from investment operations:
Net investment income (a)		0.46			0.38			0.31			0.32			0.46
Net realized and unrealized gain (loss) on total investments		(0.02	)		(0.23	)		(0.13	)		0.05			0.33
Total gain from investment operations		0.44			0.15			0.18			0.37			0.79
Less distributions from:
Net investment income		(0.47	)		(0.37	)		(0.30	)		(0.32	)		(0.45	)
Net realized gains		—			(0.00	)(d)		(0.02	)		(0.12	)		(0.06	)
Total distributions		(0.47	)		(0.37	)		(0.32	)		(0.44	)		(0.51	)
Net asset value, end of year	$	10.30		$	10.33		$	10.55		$	10.69		$	10.76
TOTAL RETURN		4.39	%		1.47	%		1.73	%		3.51	%		7.81	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	190,897		$	210,995		$	239,108		$	211,083		$	149,001
Ratio of expenses to average net assets before expense waiver		0.30	%		0.31	%(c)		0.30	%		0.30	%		0.63	%(b)
Ratio of expenses to average net assets after expense waiver		0.30	%		0.31	%(c)		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		4.44	%		3.62	%		2.87	%		3.00	%		4.32	%
Portfolio turnover rate		135	%		189	%		118	%		176	%		157	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.
(c)	Includes 0.01% of overdraft charges included in interest expense.
(d)	Amount represents less than $(0.01) per share.

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  117

Financial highlights  |  TIAA-CREF Mutual Funds continued

	Tax-Exempt Bond Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	10.72		$	10.93		$	10.92		$	10.92		$	10.38
Gain (loss) from investment operations:
Net investment income (a)		0.41			0.38			0.39			0.42			0.44
Net realized and unrealized gain (loss) on total investments		0.05			(0.15	)		0.09			0.21			0.65
Total gain from investment operations		0.46			0.23			0.48			0.63			1.09
Less distributions from:
Net investment income		(0.41	)		(0.38	)		(0.38	)		(0.42	)		(0.43	)
Net realized gains		—			(0.06	)		(0.09	)		(0.21	)		(0.12	)
Total distributions		(0.41	)		(0.44	)		(0.47	)		(0.63	)		(0.55	)
Net asset value, end of year	$	10.77		$	10.72		$	10.93		$	10.92		$	10.92
TOTAL RETURN		4.37	%		2.12	%		4.55	%		5.87	%		10.70	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	195,537		$	200,455		$	194,665		$	168,380		$	146,496
Ratio of expenses to average net assets before expense waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.64	%(b)
Ratio of expenses to average net assets after expense waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		3.81	%		3.51	%		3.54	%		3.79	%		4.06	%
Portfolio turnover rate		65	%		90	%		57	%		157	%		264	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.

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Financial highlights  |  TIAA-CREF Mutual Funds continued

	Bond Plus Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	10.13		$	10.33		$	10.32		$	10.52		$	10.18
Gain (loss) from investment operations:
Net investment income (a)		0.49			0.43			0.40			0.40			0.53
Net realized and unrealized gain (loss) on total investments		(0.07	)		(0.18	)		0.04			0.05			0.51
Total gain from investment operations		0.42			0.25			0.44			0.45			1.04
Less distributions from:
Net investment income		(0.49	)		(0.44	)		(0.40	)		(0.40	)		(0.52	)
Net realized gains		—			(0.01	)		(0.03	)		(0.25	)		(0.18	)
Total distributions		(0.49	)		(0.45	)		(0.43	)		(0.65	)		(0.70	)
Net asset value, end of year	$	10.06		$	10.13		$	10.33		$	10.32		$	10.52
TOTAL RETURN		4.34	%		2.42	%		4.29	%		4.38	%		10.50	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	475,571		$	483,417		$	469,009		$	426,440		$	370,654
Ratio of expenses to average net assets before expense waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.67	%(b)
Ratio of expenses to average net assets after expense waiver		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		4.93	%		4.24	%		3.87	%		3.78	%		5.10	%
Portfolio turnover rate		181	%		234	%		104	%		140	%		244	%

(a)           Based on average shares outstanding.

(b)           Waiver was eliminated effective October 1, 2002.

SEE NOTES TO FINANCIAL STATEMENTS TIAA-CREF Mutual Funds  2006 Annual Report   |  119

Financial highlights  |  TIAA-CREF Mutual Funds concluded

	Money Market Fund
	For the Years Ended December 31,
	2006			2005			2004			2003			2002
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Gain (loss) from investment operations net investment income (a)		0.05			0.03			0.01			0.01			0.02
Total gain from investment operations		0.05			0.03			0.01			0.01			0.02
Less distributions from net investment income		(0.05	)		(0.03	)		(0.01	)		(0.01	)		(0.02	)
Total distributions		(0.05	)		(0.03	)		(0.01	)		(0.01	)		(0.02	)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN		4.89	%		3.02	%		1.13	%		0.93	%		1.64	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of year (in thousands)	$	701,708		$	629,028		$	600,695		$	622,233		$	696,452
Ratio of expenses to average net assets before expense waiver		0.29	%		0.29	%		0.29	%		0.29	%		0.67	%(b)
Ratio of expenses to average net assets after expense waiver		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Ratio of net investment income to average net assets		4.78	%		2.98	%		1.11	%		0.93	%		1.62	%

(a)	Based on average shares outstanding.
(b)	Waiver was eliminated effective October 1, 2002.

120  | 2006 Annual Report  TIAA-CREF Mutual Funds SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements | TIAA-CREF Mutual Funds

Note 1—significant accounting policies

TIAA-CREF Mutual Funds (the “Funds” or individually, the “Fund”) is a Delaware statutory trust that was organized on January 13, 1997, and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940 as an open-end management investment company. The Funds currently consist of eleven series.

The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles, which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

Valuation of investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities will generally be valued using prices provided by a pricing service which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, all of its investments are valued using the amortized cost. Investments in other registered investment companies are valued at their net asset value. Net asset value of underlying funds is calculated as of the close of business of the New York Stock Exchange (generally 4:00 p.m. Eastern Time). The market value of the underlying Funds is based on their net asset values as of the close of business on the valuation date. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges.

Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time a Fund’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as American Depositary Receipts and futures contracts. Other factors may also be considered in

TIAA-CREF Mutual Funds  2006 Annual Report   |  121

Notes to financial statements continued

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

Trading in securities on most foreign exchanges and over the counter markets is normally completed before the close of the domestic stock market and may also take place on days when the domestic market is closed. If events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net assets are calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. The Funds have retained an independent fair value pricing service to assist in the fair valuation process for Funds that primarily invest in international securities.

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

Distributions received from Real Estate Investment Trusts (“REITs”) are recorded on the ex-dividend date. Each REIT reports annually the tax character of its distributions. Dividend income, realized gains and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by each REIT, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported.

Mortgage dollar roll transactions: The Funds may enter into mortgage dollar rolls in which the Fund sells mortgage-backed securities for delivery and contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Funds’ policy is to record the dollar rolls using “to be announced’’ mortgage-backed securities as purchase and sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the trade date of the sale transaction. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its dollar roll commitments. In addition, the Funds may receive compensation that is recorded as deferred income and amortized to income over the roll period. The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such a contract while it is the holder. Dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing their yields, principally by earning a negotiated fee.

122  | 2006 Annual Report  TIAA-CREF Mutual Funds

Notes to financial statements continued

Loan participations and commitments: High-Yield Bond Fund may invest in loan participations. When a Fund purchases a loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participation (“Selling Participant”), but not the borrower. As a result, the Fund assumes the credit risk of the borrower, Selling Participant and any other persons interpositioned between the Fund and the borrower (“Intermediate Participants”). The Fund may not directly benefit from the collateral supporting the senior loan which it has purchased from the Selling Participant.

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

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

Forward foreign currency contracts will be used primarily to protect the Funds from adverse currency movements and will generally not be entered into for terms greater than one year. The use of forward foreign currency contracts does not eliminate fluctuations in the underlying prices of a Fund’s investment securities; however, it does establish a rate of exchange that can be achieved in the future. The use of forward foreign currency contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward foreign currency contract would limit the risk of loss due to a decline in the value of a particular currency; however, it also would limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Statements of assets and liabilities. In addition, the Funds could be exposed to risks if counterparties to the contracts are unable to meet the terms of their contracts. The use of derivative instruments involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statements of assets and liabilities. There were no open forward foreign currency contracts for the year ended December 31, 2006.

TIAA-CREF Mutual Funds  2006 Annual Report   |  123

Notes to financial statements continued

Futures contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts, that a change in the value of the contract may not correlate with a change in the value of the underlying securities, or that the counterparty to a contract may default on its obligation to perform.

Securities purchased on a when-issued or delayed delivery basis: The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.

Treasury Inflation-Protected Securities: The Bond Plus Fund and Short-Term Bond Fund invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation are reflected in interest income in the Statements of operations. TIPS are backed by the full faith and credit of the U.S. Government. TIPS are subject to interest rate risk. However, because TIPS have better price protection through inflation adjustments, they tend to perform well in a rising rate environment if rates increase due to inflation.

Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the

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Notes to financial statements continued

Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded.

Distributions to shareholders: Distributions from net investment income, if any, for the Bond Plus, Short-Term Bond, Tax-Exempt Bond and High-Yield Bond Funds are declared and paid monthly; for the Growth & Income and Managed Allocation Funds distributions are declared and paid quarterly; for the Growth Equity, International Equity, Social Choice Equity and Equity Index Funds distributions are declared and paid annually; and for the Money Market Fund distributions are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds to the extent they exceed capital loss carryovers.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

Income taxes: The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. Therefore, no federal income tax provision is required.

Furthermore, the Tax-Exempt Bond Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income taxes, to retain such tax-exempt status when distributed to shareholders of the Tax-Exempt Bond Fund.

For the year ended December 31, 2006, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, dividend reclassifications, capital gain distributions from the underlying funds, and gains and losses from the sale of stock in passive foreign investment companies were identified and reclassified among the components of the Funds’ net assets. Net investment income and net realized gains (losses), as disclosed on the Statements of Operations, and net assets were not affected by these reclassifications.

Foreign taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees, pursuant to the Investment Company Act of 1940. These transactions are effected at market rates without incurring broker commissions.

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Notes to financial statements continued

Income and expenses: Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums using the effective yield method.

Indemnification: In the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund that have not yet occurred.

Also, under the Funds’ organizational documents, the trustees and officers of the Funds are indemnified against certain liabilities that may arise out of their duties to the Funds. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

Note 2—management agreement

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for the Funds and is also responsible for providing, or obtaining at its own expense, the services reasonably necessary for the ordinary operation of the Funds. Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management and administration of the Funds’ net assets, based on the average daily net assets of each Fund. During the year ended December 31, 2006, Advisors received the following annualized percentages of each Fund’s average daily net assets:

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

Advisors will not receive a management fee for its services to the Managed Allocation Fund. However, shareholders in the Managed Allocation Fund will indirectly bear their pro rata share of the fees and expenses incurred by the Funds in which the Managed Allocation Fund invests. Total investment management fees incurred for each Fund for the year ended December 31, 2006, are reflected in the Statements of operations.

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Notes to financial statements continued

The Funds publicly offer their shares, without a sales load, through their distributor, Teachers Personal Investors Services, Inc., a wholly owned subsidiary of TIAA and a registered broker-dealer and member of the National Association of Securities Dealers, Inc.

The Trustees of Funds, all of whom are independent, receive remuneration for their services, plus travel and other expenses incurred in attending Board meetings. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. TIAA overseas the administration and recordkeeping of these deferred compensation plans on behalf of the Funds.

Note 3—investments

At December 31, 2006, net unrealized appreciation (depreciation) based on aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

Fund		Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International Equity	$	444,577,766	$	93,274,425	$	(2,857,634	)	$	90,416,791
Growth Equity		460,136,530		69,438,178		(10,756,128	)		58,682,050
Growth & Income		461,424,764		90,221,755		(2,363,885	)		87,857,870
Equity Index		294,569,284		117,580,101		(16,884,180	)		100,695,921
Social Choice Equity		140,071,216		32,992,886		(8,055,931	)		24,936,955
Managed Allocation		549,402,172		37,358,780		(17,869,954	)		19,488,826
High-Yield Bond		275,456,766		6,771,420		(1,735,087	)		5,036,333
Short-Term Bond		189,206,133		416,387		(1,438,680	)		(1,022,293	)
Tax-Exempt Bond		191,877,898		2,391,341		(330,989	)		2,060,352
Bond Plus		506,341,787		2,534,160		(4,730,587	)		(2,196,427	)

At December 31, 2006, the following Fund held open futures contracts:

Fund	Futures Contracts	Number of Contracts	Market Value	Expiration Date	Unrealized Appreciation
Equity Index	E-mini S&P 500 Index	1	$71,420	March 2007	$376

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Notes to financial statements continued

The following is information about the holdings of the Managed Allocation Fund in the other Funds and TIAA-CREF Institutional Mutual Funds, which are also managed by Advisors, as of December 31, 2006:

	Number of Shares Held in Fund		% of Total Shares Outstanding in the Underlying Fund
TIAA-CREF Mutual Funds:
International Equity		5,574,287	14.52	%
Growth Equity		11,873,847	23.05
High-Yield Bond		1,546,036	4.95
Short-Term Bond		811,389	4.38
Bond Plus		20,594,507	43.57
Money Market		133,050	0.02
TIAA-CREF Institutional Mutual Funds:
Large-Cap Value – Retail Class		7,627,322	55.64
Small-Cap Equity – Retail Class		1,414,472	23.01
Real Estate Securities – Retail Class		24,105	0.18

The Bond Plus Fund owned 416,505 shares of the High-Yield Bond Fund, representing 1.33% of High-Yield Bond Fund’s total shares outstanding.

For the year ended December 31, 2006, purchases and sales proceeds of investments, other than short-term investments, were as follows:

Fund	Non-Government Purchases		Government Purchases		Non-Government Sales		Government Sales
International Equity	$	734,179,690	$	—	$	746,205,930	$	—
Growth Equity		457,435,314		—		515,030,796		—
Growth & Income		559,734,718		—		599,699,530		—
Equity Index		28,072,082		—		46,468,925		—
Social Choice Equity		33,158,809		—		45,549,179		—
Managed Allocation		67,920,070		—		62,857,168		—
High-Yield Bond		222,869,104		—		219,884,104		—
Short-Term Bond		54,834,433		197,064,999		74,997,980		200,425,744
Tax-Exempt Bond		124,390,355		—		124,351,574		—
Bond Plus		91,994,221		755,005,892		86,989,106		762,843,375

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Notes to financial statements continued

Note 4—distributions to shareholders

The tax character of distributions paid to shareholders during the years ended December 31, 2006 and 2005, were as follows:

	2006						2005
Fund	Ordinary Income		Long-Term Capital Gain		Total		Ordinary Income		Long-Term Capital Gain		Total
International Equity	$	23,466,935	$	29,523,930	$	52,990,865	$	5,854,549	$	—	$	5,854,549
Growth Equity		3,142,791		—		3,142,791		2,346,613		—		2,346,613
Growth & Income		7,456,740		—		7,456,740		6,099,920		—		6,099,920
Equity Index		5,969,568		5,521,194		11,490,762		5,351,534		25,616		5,377,150
Social Choice Equity		2,497,455		4,118,303		6,615,758		1,944,481		—		1,944,481
Managed Allocation		20,807,127		16,687,660		37,494,787		15,509,384		—		15,509,384
High-Yield Bond		21,471,959		—		21,471,959		19,643,500		—		19,643,500
Short-Term Bond		9,166,523		—		9,166,523		7,912,497		7,931		7,920,428
Tax-Exempt Bond*		7,521,263		—		7,521,263		7,096,421		971,494		8,067,915
Bond Plus		23,344,960		—		23,344,960		20,278,949		434,599		20,713,548
Money Market		32,224,439		—		32,224,439		18,075,391		—		18,075,391

* Includes ordinary income that will not be taxable for federal income tax purposes in 2006 and 2005 of $7,513,524 and $7,000,115 respectively.

As of December 31, 2006, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Unrealized Appreciation/ (Depreciation)			Capital Loss Carryover			Post- October Losses			Total
International Equity	$	8,340,294	$	4,489,316	$	90,441,266		$	—		$	(69,897	)	$	103,200,979
Growth Equity		83,635		—		58,681,689			(328,889,691	)		—			(270,124,367	)
Growth & Income		155,622		—		87,861,406			(70,479,601	)		—			17,537,427
Equity Index		—		—		100,695,921			—			(13,825	)		100,682,096
Social Choice Equity		—		—		24,936,956			—			(963,089	)		23,973,867
Managed Allocation		1,326,968		8,572,895		19,488,826			—			—			29,388,689
High-Yield Bond		—		—		5,036,333			(3,911,250	)		(29,458	)		1,095,625
Short-Term Bond		—		—		(1,022,293	)		(4,876,904	)		(263,389	)		(6,162,586	)
Tax-Exempt Bond		4,825		—		2,060,352			(611,419	)		—			1,453,758
Bond Plus		20,492		—		(2,196,428	)		(4,903,461	)		(135,305	)		(7,214,702	)
Money Market		396		—		—			(10,430	)		—			(10,034	)

The difference between book basis and tax basis net investment income, net realized gains and losses and unrealized appreciation and depreciation is attributable primarily to the tax deferral of losses on wash sales, the realization, for tax purposes, of unrealized gains on investments in passive foreign investment companies and futures contracts, adjustments for REIT distributions, and the use of capital loss carryovers.

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Notes to financial statements continued

At December 31, 2006, the following Funds had capital loss carryovers, which will expire as follows:

	Date of Expiration
Fund	12/31/09		12/31/10		12/31/11		12/31/12		12/31/13		12/31/14		Total
Growth Equity	$	127,399,836	$	129,325,246	$	60,601,952	$	9,870,740	$	1,691,917	$	—	$	328,889,691
Growth & Income		—		31,136,828		39,342,773		—		—		—		70,479,601
High-Yield Bond		—		76,784		3,834,466		—		—		—		3,911,250
Short-Term Bond		—		—		—		—		2,271,167		2,605,737		4,876,904
Tax-Exempt Bond		—		—		—		—		—		611,419		611,419
Bond Plus		—		—		—		—		—		4,903,461		4,903,461
Money Market		—		—		1,276		—		8,935		219		10,430

For the year ending December 31, 2006, the International Equity Fund, Growth Equity Fund, Growth & Income Fund, Equity Index Fund, Social Choice Equity Fund, and High-Yield Bond Fund utilized $18,961,972, $20,307,701, $19,954,581, $1,787,060, $649,733, and $615,535, respectively, of their capital loss carryover available from prior years.

Note 5—line of credit

Each of the Funds, except the Short-Term Bond, Bond Plus and Money Market Funds, participated in a $1.75 billion committed revolving credit facility dated August 8, 2005, which was replaced by a new agreement dated August 7, 2006.

Under the new agreement each of the Funds, except the Short-Term Bond, Bond Plus and Money Market Funds, participate in a $1.5 billion committed revolving credit facility that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by Advisors. Interest associated with any borrowing under the facility is charged to Advisors at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the year ended December 31, 2006 there were no borrowings under this credit facility by the Funds.

Note 6—securities lending

On July 27, 2006, the Funds entered into a four-year agreement with State Street Bank and Trust Company to engage in securities lending transactions. Under the terms of the agreement, the Funds may lend portfolio securities to qualified borrowers consisting of financial institutions and brokers. By lending such securities, the Funds will attempt to increase their net investment income through the receipt of interest on collateral (after rebates and fees). The loans will be secured by collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of the securities loaned for

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Notes to financial statements continued

foreign securities. All cash collateral will be invested in the State Street Bank Navigator Securities Lending Prime Portfolio, a Rule 2a-7 money market fund, registered under the Investment Company Act of 1940. The risk of borrower default will be borne by State Street Bank. As of December 31, 2006, none of the Funds have yet engaged in such securities lending.

Note 7—new accounting pronouncements

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as the Funds, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. Management continues to evaluate the application of the interpretation to the Funds, and is not in a position at this time to estimate the significance of its impact, if any, on the Funds’ financial statements.

In September 2006, FASB issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“FAS 157”). This new standard applies to all entities that follow U.S. GAAP, including mutual funds, and their valuation techniques for assets and liabilities. FAS 157 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the financial statements.

Note 8—subsequent event

The Funds’ Board of Trustees has approved a plan to reorganize each of the Funds into corresponding funds of the TIAA-CREF Institutional Mutual Funds, for which Teachers Advisors, Inc. also serves as investment advisor. These reorganizations are subject to approval by the Funds’ shareholders at a special meeting scheduled to be held on April 3, 2007. If approved by the shareholders, the mergers are expected to occur in the second quarter of 2007. In contemplation of this reorganization, the Board of Trustees closed the Funds to new investors effective April 28, 2006.

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132  | 2006 Annual Report  TIAA-CREF Mutual Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of
TIAA-CREF Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the summary portfolios of investments (portfolio of investments for Managed Allocation Fund), and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the International Equity Fund, Growth Equity Fund, Growth & Income Fund, Equity Index Fund, Social Choice Equity Fund, Managed Allocation Fund, High-Yield Bond Fund, Short-Term Bond Fund, Tax-Exempt Bond Fund, Bond Plus Fund and Money Market Fund (constituting the TIAA-CREF Mutual Funds, hereafter referred to as the “Funds”) at December 31, 2006, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2006 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for each of the periods in the three year period ended December 31, 2004 were audited by other auditors whose report dated February 25, 2005 expressed an unqualified opinion on those financial highlights.

/s/ PricewaterhouseCoopers LLP
___________________________________________

PricewaterhouseCoopers LLP
New York, New York
February 28, 2007

TIAA-CREF Mutual Funds  2006 Annual Report   |  133

Management  |  Trustees and officers of the TIAA-CREF Mutual Funds (unaudited)

Below are the current TIAA-CREF Mutual Funds board of trustees and officers:

DISINTERESTED TRUSTEES

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustees
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 Date of Birth (“DOB”): 4/25/54	Trustee	Indefinite term. Trustee since 2006.	Retired. Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).	66	Director and member of the Investment Committee, the Maine Coast Heritage Trusts and the Boston Athaneum; Investment Committee member, Gulf of Maine Research Institute, Maine Community Foundation and Carnegie Endowment for International Peace.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/55	Trustee	Indefinite term. Trustee since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	66	None
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Trustee	Indefinite term. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004) and Vice Dean for Budget (since 2003) and on the faculty (since 1989) of Harvard Law School.	66	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Chairman of the Board, Trustee	Indefinite term. Trustee since 2001.	President and Founder (since October 2006) of NLJ Advisors, Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).	66	Director and Chairman of the Okabena Company (financial services).

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Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Trustee	Indefinite term. Trustee since 2003.	Independent Consultant for Merrill Lynch(since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.	66	Director, J Sainsbury plc (food retailer), Prudential plc, International Advisory Board, British-American Business Council and Federal National Mortgage Association (Fannie Mae).
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Trustee	Indefinite term. Trustee since 2006.	Head (since 2006) and Associate Head (1994-2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (1990-present).	66	The Jeffrey Company (unregistered investment company)
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Trustee	Indefinite term. Trustee since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).	66	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Trustee	Indefinite term. Trustee since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).	66	None

TIAA-CREF Mutual Funds  2006 Annual Report   |  135

Management  |  Trustees and officers of the TIAA-CREF Mutual Funds (unaudited) continued

OFFICERS

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/28/49	Vice President	One-year term. Vice President since 2004.	Vice President and Treasurer of TIAA, CREF and TIAA Separate Account VA-1 (since 2004), Vice President (since 2004) and Treasurer (2004-2/2007) of TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (these investment companies, along with CREF and TIAA Separate Account VA-1, are collectively referred to as the “TIAA-CREF Funds Complex”). Formerly, Second Vice President and Associate Treasurer (1998-2003) of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”), TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) and TCT Holdings, Inc.
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	President and Principal Executive Officer	One-year term. President and Principal Executive Officer since February 2007.	Principal Executive Officer and President of TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds and TIAA- CREF Life Funds (since 2/2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1, and Head of Asset Management (since 2006). Executive Vice President of the TIAA-CREF Funds Complex (2006-2/2007). Director of TPIS (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Funds Complex (2003-2005) and Executive Vice President of CREF Investments (since 1997).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Principal Financial Officer, Principal Accounting Officer and Treasurer	One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since February 2007.	Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA-CREF Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (since 2/2007). Formerly Funds Treasurer (2006-2/2007) of TIAA-CREF Funds Complex; Chief Financial Officer, Van Kampen Funds (2005-2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995-2005).
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/52	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Director of TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice and Chief Communications Officer for Insurance Information Institute (1993-2001).

136  | 2006 Annual Report  TIAA-CREF Mutual Funds

E. Laverne Jones TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/7/49	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since 2001.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds Complex (since 1999).
Susan S. Kozik TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 8/20/57	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Vice President of IT Operations and Services, Lucent Technologies (2000-2003; and Senior Vice President and Chief Technology Officer, Penn Mutual Life Insurance Company (1997-2000).
George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/17/53	Executive Vice President and General Counsel	One-year term. Executive Vice President and General Counsel since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated (1997-2003).
Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/18/56	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management (1997-1999).
Frances Nolan TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 8/4/57	Executive Vice President	One-year term. Executive Vice President since 2001.	Executive Vice President, Individual Client Services, of TIAA and the TIAA-CREF Funds Complex (since 2006). President, Chief Executive Officer and Manager of Services (since 2003). Formerly, Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds Complex (2003-2005); Director of TPIS, Tuition Financing and TIAA-CREF Life (2003-2006). Formerly, Executive Vice President, Retirement Services, CREF and TIAA (2000-2003); Vice President, Eastern Division (1994-2000).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One year term. Executive Vice President since 2003.	Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999).

TIAA-CREF Mutual Funds  2006 Annual Report   |  137

Management  |   Trustees and officers of the TIAA-CREF Mutual Funds (unaudited) concluded

OFFICERS—concluded

Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Eric C. Oppenheim TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 7/31/48	Vice President and Acting Chief Compliance Officer	One year-term. Vice President and Acting Chief Compliance Officer since 2005.	Vice President and Acting Chief Compliance Officer of the TIAA-CREF Funds Complex (since 2005). Vice President of Investment Management and Advisors (since 2006). Formerly, Vice President and Acting Chief Compliance Officer of Tuition Financing and Chief Compliance Officer, Advisors and Services (2005-2006), Vice President and Compliance Officer of TIAA (2004-2005); First Vice President and Manager of Compliance and Centralized Trust Functions, Private Banking Division Comerica Incorporated (2001-2004); and Manager of Compliance and Regulatory Affairs, Investment Bank Division, Comerica Incorporated (1993-2001).
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/51	Executive Vice President	One-year term. Executive Vice President since 2001.	Executive Vice President, Strategy Implementation and Policy of TIAA and the TIAA-CREF Funds Complex (since 2006). Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Funds Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy(1996-2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since 2006.	Executive Vice President, Institutional Client Services (since 2006). Director of Tuition Financing and Manager of Services. Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998- 2003), of TIAA and the TIAA-CREF Funds Complex.

The Funds’ Statement of Additional Information (SAI) includes additional information about the Funds’ trustees and is available, without charge, upon request, by calling 800 223-1200.

138  | 2006 Annual Report   TIAA-CREF Mutual Funds

Important tax information (unaudited)

For the fiscal year ended December 31, 2006, the Funds designated the following amounts (or the maximum allowable) as being from Section 1250 gains and net long-term capital gains.

Fund	Section 1250 Gains		Long Term Capital Gains		Total
International Equity	$	—	$	29,523,930	$	29,523,930
Equity Index		—		5,521,194		5,521,194
Social Choice Equity		—		4,118,303		4,118,303
Managed Allocation		10,623		16,677,037		16,687,660

For the fiscal year ended December 31, 2006, the following Funds designated the following percentages (or the maximum amount allowable) of ordinary income dividends paid as qualifying for the maximum tax rate of 15% as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Fund	Percentage
International Equity		37.63	%
Growth Equity		100.00	%
Growth & Income		100.00	%
Equity Index		100.00	%
Social Choice Equity		100.00	%
Managed Allocation		20.31	%

TIAA-CREF Mutual Funds  2006 Annual Report   |  139

Important tax information (unaudited) concluded

For the fiscal year ended December 31, 2006, the following Funds designated the following percentages (or maximum amount allowable) of ordinary income dividends paid as qualifying for the corporate dividends received deduction.

Fund	Percentage
Growth Equity	100.00	%
Growth & Income	100.00	%
Equity Index	100.00	%
Social Choice Equity	100.00	%
Managed Allocation	13.83	%

The International Equity Fund received income from foreign sources during the year ended December 31, 2006 of $9,676,535 ($0.251983 per share) and paid taxes to foreign countries during the year ended December 31, 2006 of $833,110 ($0.021695 per share).

The Tax-Exempt Bond Fund paid distributions to shareholders during the year ended December 31, 2006 totaling $7,521,263, of which $7,513,524 was exempt from federal income tax and has been designated as Exempt Interest Dividends.

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2006, which will be reported in conjunction with your 2006 Form 1099-DIV.

By early 2007, shareholders should receive their Form 1099-DIV and a tax information letter from the Funds. For your specific situation, we recommend that you consult a professional tax advisor.

140  | 2006 Annual Report  TIAA-CREF Mutual Funds

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HOW TO REACH US

TIAA-CREF WEBSITE Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options www.tiaa-cref.org 24 hours a day, 7 days a week AUTOMATED TELEPHONE SERVICE Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums. 800 842-2252 24 hours a day, 7 days a week TELEPHONE COUNSELING CENTER Retirement saving and planning, income options and payments, and tax reporting 800 842-2776 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday PLANNING AND SERVICE CENTER TIAA-CREF Mutual Funds, after-tax annuities and life insurance 800 223-1200 8 a.m. to 10 p.m. ET, Monday–Friday

FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS 800 842-2755 8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday TIAA-CREF BROKERAGE SERVICES Self-directed brokerage accounts for investing in stocks, bonds and mutual funds 800 927-3059 8 a.m. to 6 p.m. ET, Monday–Friday TIAA-CREF TRUST COMPANY, FSB Asset management, trust administration, estate planning, planned giving and endowment management 888 842-9001 8 a.m. to 5 p.m. CT, Monday–Friday TIAA-CREF TUITION FINANCING, INC. Tuition financing programs 888 381-8283 8 a.m. to 11 p.m. ET, Monday–Friday

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 800 223-1200 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY,

and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC, member NASD/SIPC. TIAA-CREF Trust Company, FSB, provides trust services. TIAA-CREF Tuition Financing, Inc. (TFI) is the program manager for 529 college savings plans. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2007 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017

730 Third Avenue
New York, NY 10017-3206

	Printed on recycled paper	A10841
C37737		2/07

Item 2. Code of Ethics.

2(a) The Board of Trustees of the TIAA-CREF Mutual Funds (the “Registrant”) has adopted a code of ethics for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b) No response required.

2(c) During the reporting period, there were no amendments to the code of ethics.

2(d) During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of ethics.

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee.

3(b) Maceo K. Sloan is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

     PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PricewaterhouseCoopers for management advisory or consulting services.

4(a) Audit Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $514,600 and $383,000, respectively.

4(b)Audit Related Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2005 and December 31, 2006, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $544,000 and $834,000, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for tax services billed to the Registrant were $31,600 and $33,400.

For the fiscal years ended December 31, 2005 and December 31, 2006, the Tax Fees billed by PwC to the Fund Service Providers were $10,000 and $10,000, respectively.

4(d)All Other Fees.

For the fiscal years ended December 31, 2005 and December 31, 2006, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2005 and December 31, 2006, the Other Fees billed by PwC to the Fund Service Providers were $10,000 and $101,200, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to

preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

     The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2005 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2005 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2005 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2005 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2005 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2005 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f) The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g) Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2005 and December 31, 2006, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $595,600 and $978,600, respectively.

4(h) The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

TCMF Semi-Annual filing of Form N-CSR for Annual Period Ended 12-31-06 (2).DOC

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA-CREF MUTUAL FUNDS - International Equity Fund

TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS
December 31, 2006

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.53%
AGRICULTURAL SERVICES - 0.02%
53,900		AWB Ltd	$	131,041
		TOTAL AGRICULTURAL SERVICES		131,041
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
300,000		Toyobo Co Ltd		905,004
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		905,004
BUSINESS SERVICES - 3.05%
175,167		Adecco S.A.		11,967,708
182		COSCO Pacific Ltd		427
186		NTT Data Corp		931,524
26,000		Secom Co Ltd		1,348,011
160,873		WPP Group plc		2,174,981
		TOTAL BUSINESS SERVICES		16,422,651
CHEMICALS AND ALLIED PRODUCTS - 8.81%
118,000		Air Water, Inc		1,253,325
577	*	Arkema		29,652
541,285		Bayer AG.		29,052,403
42,562		Dr Reddy's Laboratories Ltd		780,079
203,200	*	Dyno Nobel Ltd		381,741
35,100		JSR Corp		908,432
44,000		Kaken Pharmaceutical Co Ltd		343,481
27,500		Kuraray Co Ltd		324,440
215,000		Nippon Paint Co Ltd		1,127,348
53,000		Nippon Shokubai Co Ltd		563,380
114,366		Reckitt Benckiser plc		5,226,445
27,885		Shin-Etsu Chemical Co Ltd		1,867,514
58,122		Takeda Pharmaceutical Co Ltd		3,990,225
164,000		Teijin Ltd		1,010,142
21,000		Tsumura & Co		490,568
		TOTAL CHEMICALS AND ALLIED PRODUCTS		47,349,175
COAL MINING - 0.09%
386,000	*	China Coal Energy Co		250,607
6,800		Sasol Ltd (ADR)		250,920
		TOTAL COAL MINING		501,527
COMMUNICATIONS - 1.48%
32,000	*	China Communications Services Corp Ltd		18,266
371		KDDI Corp		2,515,835
18,230		News Corp		409,390
202		Nippon Telegraph & Telephone Corp		994,681
281,414		Royal KPN NV		4,000,830
		TOTAL COMMUNICATIONS		7,939,002
DEPOSITORY INSTITUTIONS - 9.01%
81,925		Australia & New Zealand Banking Group Ltd		1,824,263
163,000	*	China Merchants Bank Co Ltd		345,351

1

TIAA-CREF MUTUAL FUNDS - International Equity Fund

SHARES		COMPANY		VALUE
285		DBS Group Holdings Ltd	$	4,200
15,458		ICICI Bank Ltd (ADR)		645,217
2,500,000	*	Industrial & Commercial Bank of China		1,552,396
102,293		Julius Baer Holding AG.		11,266,082
7,000	v*	Kazkommertsbank (GDR)		161,700
448		Mitsubishi UFJ Financial Group, Inc		5,533,885
350		Mizuho Financial Group. Inc		2,499,895
633,700		Nordea Bank AB		9,765,679
53,673		Societe Generale (A Shares)		9,111,409
306		Sumitomo Mitsui Financial Group, Inc		3,137,011
205,000		Sumitomo Trust & Banking Co Ltd		2,149,826
139,200	*	Yes Bank Ltd		423,167
		TOTAL DEPOSITORY INSTITUTIONS		48,420,081
ELECTRIC, GAS, AND SANITARY SERVICES - 4.15%
642,578		Fortum Oyj		18,287,878
193,845		Hong Kong & China Gas Ltd		436,122
3,171,000		Xinao Gas Holdings Ltd		3,587,519
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		22,311,519
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.51%
35,430		Advantest Corp		2,030,441
65,506		Crompton Greaves Ltd		309,030
7,800		Fanuc Ltd		768,169
4,500		Hirose Electric Co Ltd		510,861
38,800		Hitachi Maxell Ltd		578,715
36,600		Hoya Corp		1,427,032
15,600		Kyocera Corp		1,470,795
9,100	*	NEC Electronics Corp		266,106
15,000		NGK Spark Plug Co Ltd		282,341
5,300		Rohm Co Ltd		527,751
77,470		Satyam Computer Services Ltd		846,114
66,700		Sony Corp		2,858,451
18,800		Sumco Corp		1,589,244
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,465,050
FABRICATED METAL PRODUCTS - 0.08%
38,629		Tata Steel Ltd		420,896
		TOTAL FABRICATED METAL PRODUCTS		420,896
FOOD AND KINDRED PRODUCTS - 7.10%
33,000		Ajinomoto Co, Inc		436,192
132,620		Bajaj Hindusthan Ltd		659,055
14,100	*	Cosan SA Industria e Comercio		295,001
125,005		Groupe Danone		18,943,402
116,000		Meiji Seika Kaisha Ltd		554,632
86,000		Nichirei Corp		482,013
215,000		Nippon Formula Feed Manufacturing Co Ltd		312,550
617,000		Nisshin Oillio Group Ltd		4,007,739
112,000		Nosan Corp		287,988
343,000		Olam International Ltd		476,342
156,000		PT Astra Agro Lestari Tbk		218,558
429,900		Sampo Oyj (A Shares)		11,508,642
432		Swire Pacific Ltd (A Shares)		4,640
		TOTAL FOOD AND KINDRED PRODUCTS		38,186,754

2

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
FOOD STORES - 0.20%
56,242		Woolworths Ltd	$	1,061,027
		TOTAL FOOD STORES		1,061,027
GENERAL BUILDING CONTRACTORS - 1.68%
14,700		Daito Trust Construction Co Ltd		674,442
129,120		Fletcher Building Ltd		1,005,232
147,500		Lend Lease Corp Ltd		2,146,945
137,000		Sekisui Chemical Co Ltd		1,092,500
59,000		Sekisui House Ltd		859,182
5,352,884		Shanghai Forte Land Co		2,394,872
175,000		Shimizu Corp		874,963
		TOTAL GENERAL BUILDING CONTRACTORS		9,048,136
HEALTH SERVICES - 0.26%
892,000	*	Wilmar International Ltd		1,413,242
		TOTAL HEALTH SERVICES		1,413,242
HEAVY CONSTRUCTION, EXCEPT BUILDING - 4.22%
177,378		Vinci S.A.		22,665,422
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		22,665,422
HOLDING AND OTHER INVESTMENT OFFICES - 10.92%
2,629,856	*	Ashmore Group plc		13,323,581
689,722		GEA Group AG.		15,541,620
210,000		iShares MSCI EAFE Index Fund		15,376,200
1,324,983		Man Group Plc		13,561,664
1,221,748		Noble Group Ltd		876,233
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		58,679,298
HOTELS AND OTHER LODGING PLACES - 3.83%
259,761		Accor S.A.		20,128,006
133,160		Indian Hotels Co Ltd		465,278
32,000	*	Shanghai Jin Jiang International Hotels Group Co Ltd		15,345
		TOTAL HOTELS AND OTHER LODGING PLACES		20,608,629
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.09%
64,400		Canon, Inc		3,625,730
34,300		Fuji Photo Film Co Ltd		1,409,411
76,600		Komatsu Ltd		1,554,464
69,000		Konica Minolta Holdings, Inc		974,077
18,800		Melco Holdings, Inc		526,062
108,745		Rheinmetall AG.		8,251,155
36,500		Riso Kagaku Corp		719,234
7,600		SMC Corp		1,078,005
46,000		Sumitomo Heavy Industries Ltd		483,173
34,500		Tokyo Seimitsu Co Ltd		1,629,259
64,800		Toyota Tsusho Corp		1,737,003
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		21,987,573
INSTRUMENTS AND RELATED PRODUCTS - 4.02%
205,100		Phonak Holding AG.		16,327,206
40,546		Tecan Group AG.		2,543,900
69,100		Terumo Corp		2,717,432
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		21,588,538

3

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.30%
70,778		QBE Insurance Group Ltd	$	1,611,803
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,611,803
INSURANCE CARRIERS - 2.68%
354,000		Aioi Insurance Co Ltd		2,498,719
388,299		AMP Ltd		3,095,677
48,000		Insurance Australia Group Ltd		240,593
20,500		Millea Holdings, Inc		723,499
95,000		Nipponkoa Insurance Co Ltd		770,346
10,200		T&D Holdings, Inc		674,543
23,687		Zurich Financial Services AG.		6,376,148
		TOTAL INSURANCE CARRIERS		14,379,525
LUMBER AND WOOD PRODUCTS - 0.08%
1,432,000	*	Sumalindo Lestari Jaya Tbk PT		433,891
		TOTAL LUMBER AND WOOD PRODUCTS		433,891
METAL MINING - 2.84%
206,835		BHP Billiton Ltd		4,130,594
7,200		Cameco Corp		291,420
39,434		MMC Norilsk Nickel (ADR)		6,230,572
19,700		Newcrest Mining Ltd		409,746
343,019		Oxiana Ltd		858,312
62,260	*	Paladin Resources Ltd		437,388
35,286	*	Polyus Gold (ADR)		1,711,371
13,702		Rio Tinto Ltd		803,601
21,000	*	Zhaojin Mining Industry Co Ltd		41,901
24,806		Zinifex Ltd		367,918
		TOTAL METAL MINING		15,282,823
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
735,601		Futuris Corp Ltd		1,143,870
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,143,870
MISCELLANEOUS RETAIL - 0.10%
85,000		Origin Energy Ltd		554,871
		TOTAL MISCELLANEOUS RETAIL		554,871
NONDEPOSITORY INSTITUTIONS - 5.37%
756,815	*	Collins Stewart plc		3,763,848
13,000		Credit Saison Co Ltd		447,880
173,860		Deutsche Postbank AG.		14,681,307
5,363		Hypo Real Estate Holding AG.		337,971
756,815	*	Tullett Prebon plc		9,631,895
		TOTAL NONDEPOSITORY INSTITUTIONS		28,862,901
OIL AND GAS EXTRACTION - 1.26%
47		Inpex Holdings, Inc		386,253
10,600		Japan Petroleum Exploration Co		630,629
14,600	v*	KazMunaiGas Exploration Production (GDR)		357,116
2,231,634		PetroChina Co Ltd (Class H)		3,161,694
20,010		Total S.A.		1,443,530
25,813		Woodside Petroleum Ltd		776,507
		TOTAL OIL AND GAS EXTRACTION		6,755,729

4

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 1.10%
146,715		ENI S.p.A.	$	4,934,721
9,613		Petroleo Brasileiro S.A. (ADR)		990,043
		TOTAL PETROLEUM AND COAL PRODUCTS		5,924,764
PRIMARY METAL INDUSTRIES - 0.49%
301,000		Nippon Steel Corp		1,730,045
69,000		Sumitomo Metal Mining Co Ltd		885,366
		TOTAL PRIMARY METAL INDUSTRIES		2,615,411
RAILROAD TRANSPORTATION - 0.29%
232		East Japan Railway Co		1,549,851
		TOTAL RAILROAD TRANSPORTATION		1,549,851
REAL ESTATE - 1.19%
20		City Developments Ltd		166
97,000		Mitsui Fudosan Co Ltd		2,367,842
1,710		ORIX Corp		495,017
31,977	*	Parsvnath Developers Ltd		331,727
812,000	*	Shui On Land Ltd		708,828
58,000		Sumitomo Realty & Development Co Ltd		1,861,771
37,913		Westfield Group		628,157
		TOTAL REAL ESTATE		6,393,508
SECURITY AND COMMODITY BROKERS - 0.30%
26,044		Macquarie Bank Ltd		1,622,623
		TOTAL SECURITY AND COMMODITY BROKERS		1,622,623
SPECIAL TRADE CONTRACTORS - 0.12%
71,000		Takasago Thermal Engineering Co Ltd		664,031
		TOTAL SPECIAL TRADE CONTRACTORS		664,031
STONE, CLAY, AND GLASS PRODUCTS - 1.80%
200,613		CSR Ltd		593,825
57,471		Holcim Ltd		5,268,372
56,000		Krosaki Harima Corp		223,049
127,000		NGK Insulators Ltd		1,961,481
103,000		Nippon Sheet Glass Co Ltd		482,955
344,000		Sumitomo Osaka Cement Co Ltd		1,124,457
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		9,654,139
TOBACCO PRODUCTS - 0.55%
612		Japan Tobacco, Inc		2,957,019
		TOTAL TOBACCO PRODUCTS		2,957,019
TRANSPORTATION BY AIR - 0.19%
282,000		All Nippon Airways Co Ltd		997,622
		TOTAL TRANSPORTATION BY AIR		997,622
TRANSPORTATION EQUIPMENT - 9.26%
20,100		Denso Corp		797,210
1,074,973	*	Fiat S.p.A.		20,547,303
102,400		Honda Motor Co Ltd		4,044,200
161,426		Keppel Corp Ltd		1,852,386
29,000		Mitsuba Corp		228,579
91,000		NHK Spring Co Ltd		956,607

5

TIAA-CREF MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
193,000		NSK Ltd	$	1,902,349
95,606		Siemens AG.		9,482,984
51,100		Toyota Industries Corp		2,348,784
113,700		Toyota Motor Corp		7,605,159
		TOTAL TRANSPORTATION EQUIPMENT		49,765,561
TRUCKING AND WAREHOUSING - 5.26%
938,526		Deutsche Post AG.		28,296,395
		TOTAL TRUCKING AND WAREHOUSING		28,296,395
WHOLESALE TRADE-DURABLE GOODS - 0.23%
312,000	*	China Communications Construction Co Ltd		308,459
17,900		Sumitomo Corp		267,888
19,533	*	TMK OAO (GDR)		683,655
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,260,002
WHOLESALE TRADE-NONDURABLE GOODS - 0.22%
30,600		Mitsubishi Corp		575,976
249,000		Sigma Pharmaceuticals Ltd		587,677
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,163,653
		TOTAL COMMON STOCKS
		(Cost $441,974,940)		534,994,557
		TOTAL PORTFOLIO - 99.53%
		(Cost $441,974,940)		534,994,557
		OTHER ASSETS & LIABILITIES, NET - 0.47%		2,535,229
		NET ASSETS - 100.00%	$	537,529,786
	*	Non-income producing
	v	Security valued at fair value
		ABBREVIATION:
		ADR - American Depositary Receipt
		GDR - Global Depositary Receipt

6

TIAA-CREF MUTUAL FUNDS - International Equity Fund

TIAA-CREF MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
Summary of market values by country
December 31, 2006

			% OF
		VALUE	MARKET VALUE
DOMESTIC
UNITED STATES OF AMERICA	$	15,785,590	2.95	%
TOTAL DOMESTIC		15,785,590	2.95
FOREIGN
AUSTRALIA		23,408,181	4.38
BRAZIL		1,285,044	0.24
CANADA		291,420	0.05
FINLAND		29,796,520	5.57
FRANCE		72,321,420	13.52
GERMANY		105,643,836	19.75
HONG KONG		12,826,428	2.40
INDIA		4,880,561	0.91
INDONESIA		652,449	0.12
ITALY		25,482,024	4.76
JAPAN		112,399,611	21.01
KAZAKHSTAN		357,116	0.07
MALAYSIA		161,700	0.03
NETHERLANDS		4,000,830	0.75
NEW ZEALAND		1,005,232	0.19
RUSSIA		8,625,598	1.61
SINGAPORE		4,622,569	0.86
SOUTH AFRICA		250,920	0.05
SWEDEN		9,765,679	1.82
SWITZERLAND		53,749,415	10.05
UNITED KINGDOM		47,682,414	8.91
TOTAL FOREIGN		519,208,967	97.05
TOTAL PORTFOLIO	$	534,994,557	100.00	%

7

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS
December 31, 2006

SHARES		COMPANY		VALUE
COMMON STOCKS - 100.02%
APPAREL AND ACCESSORY STORES - 0.89%
120,027	*	J Crew Group, Inc	$	4,627,041
		TOTAL APPAREL AND ACCESSORY STORES		4,627,041
APPAREL AND OTHER TEXTILE PRODUCTS - 1.06%
71,059		Polo Ralph Lauren Corp		5,518,442
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		5,518,442
BUSINESS SERVICES - 11.47%
259,643	*	Adobe Systems, Inc		10,676,520
14,485	*	Cognizant Technology Solutions Corp (Class A)		1,117,663
76,215	*	eBay, Inc		2,291,785
157,169	*	Electronic Arts, Inc		7,915,031
36,036	*	Google, Inc (Class A)		16,593,857
430,377		Microsoft Corp		12,851,057
315,001	*	Yahoo!, Inc		8,045,126
		TOTAL BUSINESS SERVICES		59,491,039
CHEMICALS AND ALLIED PRODUCTS - 13.31%
179,155		Abbott Laboratories		8,726,640
95,923	*	Amgen, Inc		6,552,500
82,831	*	Genentech, Inc		6,720,079
119,932	*	Gilead Sciences, Inc		7,787,185
177,166	*	Keryx Biopharmaceuticals, Inc		2,356,308
202,797		Monsanto Co		10,652,926
187,710		Procter & Gamble Co		12,064,122
29,100		Roche Holding AG.		5,218,178
176,101		Wyeth		8,967,063
		TOTAL CHEMICALS AND ALLIED PRODUCTS		69,045,001
COMMUNICATIONS - 2.59%
100,517		America Movil S.A. de C.V.(Series L) (ADR)		4,545,379
105,492		AT&T, Inc		3,771,339
23,406	*	Comcast Corp (Class A)		990,776
151,583		Grupo Televisa S.A. (ADR)		4,094,257
		TOTAL COMMUNICATIONS		13,401,751
EATING AND DRINKING PLACES - 1.38%
202,240	*	Starbucks Corp		7,163,341
		TOTAL EATING AND DRINKING PLACES		7,163,341
ELECTRIC, GAS, AND SANITARY SERVICES - 0.81%
147,439		Fortum Oyj		4,196,139
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,196,139

8

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 16.07%
150,615	*	Apple Computer, Inc	$	12,778,177
70,254	*	Broadcom Corp (Class A)		2,269,907
608,274	*	Cisco Systems, Inc		16,624,128
67,979		Cooper Industries Ltd (Class A)		6,147,341
205,591		Emerson Electric Co		9,064,507
35,428		Intel Corp		717,417
226,597	*	Marvell Technology Group Ltd		4,348,396
323,821		Motorola, Inc		6,657,760
106,347		National Semiconductor Corp		2,414,077
104,571	*	Network Appliance, Inc		4,107,549
367,246		Qualcomm, Inc		13,878,226
151,838		Texas Instruments, Inc		4,372,934
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		83,380,419
ENGINEERING AND MANAGEMENT SERVICES - 3.41%
134,643	*	Celgene Corp		7,746,012
37,926		Fluor Corp		3,096,658
172,594		Paychex, Inc		6,824,367
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		17,667,037
FOOD AND KINDRED PRODUCTS - 2.41%
199,826		PepsiCo, Inc		12,499,116
		TOTAL FOOD AND KINDRED PRODUCTS		12,499,116
FURNITURE AND HOME FURNISHINGS STORES - 0.63%
59,431	*	GameStop Corp (Class A)		3,275,242
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		3,275,242
GENERAL MERCHANDISE STORES - 1.96%
165,559		Target Corp		9,445,141
15,877		Wal-Mart Stores, Inc		733,200
		TOTAL GENERAL MERCHANDISE STORES		10,178,341
HEALTH SERVICES - 0.78%
75,483	*	Medco Health Solutions, Inc		4,033,812
		TOTAL HEALTH SERVICES		4,033,812
HOLDING AND OTHER INVESTMENT OFFICES - 0.49%
22,398		Alcon, Inc		2,503,424
708		Hugoton Royalty Trust		17,417
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,520,841
HOTELS AND OTHER LODGING PLACES - 1.98%
77,967		Hilton Hotels Corp		2,721,048
120,899		Starwood Hotels & Resorts Worldwide, Inc		7,556,188
		TOTAL HOTELS AND OTHER LODGING PLACES		10,277,236
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.95%
38,767	*	Alstom RGPT		5,255,588
100,502		Applied Materials, Inc		1,854,262
121,449		General Electric Co		4,519,117
134,465		Hewlett-Packard Co		5,538,613

9

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
184,073		International Game Technology	$	8,504,173
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		25,671,753
INSTRUMENTS AND RELATED PRODUCTS - 4.85%
144,178		Johnson & Johnson		9,518,632
54,882		Medtronic, Inc		2,936,736
142,827	*	St. Jude Medical, Inc		5,221,755
95,474	*	Zimmer Holdings, Inc		7,483,252
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		25,160,375
INSURANCE CARRIERS - 2.73%
90,037		Aetna, Inc		3,887,798
70,877		American International Group, Inc		5,079,046
214,965		Progressive Corp		5,206,452
		TOTAL INSURANCE CARRIERS		14,173,296
LEATHER AND LEATHER PRODUCTS - 1.51%
182,621	*	Coach, Inc		7,845,398
		TOTAL LEATHER AND LEATHER PRODUCTS		7,845,398
METAL MINING - 1.13%
120,398		Anglo American plc		5,872,211
		TOTAL METAL MINING		5,872,211
MISCELLANEOUS RETAIL - 2.10%
135,143		Best Buy Co, Inc		6,647,684
159,749		Staples, Inc		4,265,298
		TOTAL MISCELLANEOUS RETAIL		10,912,982
MOTION PICTURES - 0.25%
37,888		Walt Disney Co		1,298,422
		TOTAL MOTION PICTURES		1,298,422
NONDEPOSITORY INSTITUTIONS - 2.20%
188,042		American Express Co		11,408,508
		TOTAL NONDEPOSITORY INSTITUTIONS		11,408,508
OIL AND GAS EXTRACTION - 2.64%
95,080		Schlumberger Ltd		6,005,253
163,488		XTO Energy, Inc		7,692,110
		TOTAL OIL AND GAS EXTRACTION		13,697,363
PETROLEUM AND COAL PRODUCTS - 0.93%
61,032	*	Suncor Energy, Inc		4,816,035
		TOTAL PETROLEUM AND COAL PRODUCTS		4,816,035
PRIMARY METAL INDUSTRIES - 2.27%
211,854		BHP Billiton plc		3,876,364
420,951	*	Corning, Inc		7,875,993
		TOTAL PRIMARY METAL INDUSTRIES		11,752,357

10

TIAA-CREF MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
RAILROAD TRANSPORTATION - 0.41%
61,675		CSX Corp	$	2,123,470
		TOTAL RAILROAD TRANSPORTATION		2,123,470
SECURITY AND COMMODITY BROKERS - 6.25%
536,536		Charles Schwab Corp		10,376,606
13,792		Chicago Mercantile Exchange Holdings, Inc		7,030,472
38,308		Goldman Sachs Group, Inc		7,636,700
46,217		Merrill Lynch & Co, Inc		4,302,803
191,349		TD Ameritrade Holding Corp		3,096,027
		TOTAL SECURITY AND COMMODITY BROKERS		32,442,608
TOBACCO PRODUCTS - 2.85%
171,988		Altria Group, Inc		14,760,010
		TOTAL TOBACCO PRODUCTS		14,760,010
TRANSPORTATION EQUIPMENT - 4.51%
125,857		Boeing Co		11,181,136
37,061	*	Spirit Aerosystems Holdings, Inc (Class A)		1,240,432
175,170		United Technologies Corp		10,951,628
		TOTAL TRANSPORTATION EQUIPMENT		23,373,196
TRANSPORTATION SERVICES - 0.45%
57,008		CH Robinson Worldwide, Inc		2,331,057
		TOTAL TRANSPORTATION SERVICES		2,331,057
TRUCKING AND WAREHOUSING - 0.58%
40,210		United Parcel Service, Inc (Class B)		3,014,946
		TOTAL TRUCKING AND WAREHOUSING		3,014,946
WHOLESALE TRADE-DURABLE GOODS - 0.17%
15,130	*	WESCO International, Inc		889,795
		TOTAL WHOLESALE TRADE-DURABLE GOODS		889,795
		TOTAL COMMON STOCKS
		(Cost $459,908,456)		518,818,580
		TOTAL PORTFOLIO - 100.02%
		(Cost $459,908,456)		518,818,580
		OTHER ASSETS & LIABILITIES, NET - (0.02)%		(94,704	)
		NET ASSETS - 100.00%	$	518,723,876
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

11

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund

TIAA-CREF MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS
December 31, 2006

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.82%
AMUSEMENT AND RECREATION SERVICES - 1.26%
167,217	*	Activision, Inc	$	2,882,821
132,350		Aristocrat Leisure Ltd		1,661,074
9,100		Nintendo Co Ltd		2,362,842
		TOTAL AMUSEMENT AND RECREATION SERVICES		6,906,737
APPAREL AND ACCESSORY STORES - 0.86%
55,013	*	J Crew Group, Inc		2,120,751
33,877	*	JOS A Bank Clothiers, Inc		994,290
32,015	*	Under Armour, Inc (Class A)		1,615,157
		TOTAL APPAREL AND ACCESSORY STORES		4,730,198
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.40%
55,306		Home Depot, Inc		2,221,089
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,221,089
BUSINESS SERVICES - 5.11%
79,448	*	Adobe Systems, Inc		3,266,902
49,110	*	Akamai Technologies, Inc		2,608,723
107,115	*	BEA Systems, Inc		1,347,507
25,439	*	Computer Sciences Corp		1,357,679
11,421	*	Google, Inc (Class A)		5,259,142
402,001		Microsoft Corp		12,003,750
163,211		WPP Group plc		2,206,590
		TOTAL BUSINESS SERVICES		28,050,293
CHEMICALS AND ALLIED PRODUCTS - 13.96%
116,942		Abbott Laboratories		5,696,245
64,299		Air Products & Chemicals, Inc		4,518,934
19,930		Avery Dennison Corp		1,353,845
77,788		Bristol-Myers Squibb Co		2,047,380
29,353	*	Chattem, Inc		1,469,998
60,217		Colgate-Palmolive Co		3,928,557
30,151		Cytec Industries, Inc		1,703,833
108,023		Du Pont (E.I.) de Nemours & Co		5,261,800
61,796	*	Gilead Sciences, Inc		4,012,414
53,482	*	Keryx Biopharmaceuticals, Inc		711,311
60,619	*	Medimmune, Inc		1,962,237
185,937		Merck & Co, Inc		8,106,853
72,013		Monsanto Co		3,782,843
31,673		Novartis AG. (ADR)		1,819,297
172,663		Pfizer, Inc		4,471,972
167,449		Procter & Gamble Co		10,761,947
15,862		Roche Holding AG.		2,844,355
127,572		Schering-Plough Corp		3,015,802

12

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
31,733		Sigma-Aldrich Corp	$	2,466,289
131,936		Wyeth		6,718,181
		TOTAL CHEMICALS AND ALLIED PRODUCTS		76,654,093
COAL MINING - 0.63%
53,053		Peabody Energy Corp		2,143,872
35,343		Sasol Ltd (ADR)		1,304,157
		TOTAL COAL MINING		3,448,029
COMMUNICATIONS - 3.07%
49,248		America Movil S.A. de C.V.(Series L) (ADR)		2,226,995
196,744		AT&T, Inc		7,033,598
129,809		Verizon Communications, Inc		4,834,087
67,096	*	Viacom, Inc (Class B)		2,752,949
		TOTAL COMMUNICATIONS		16,847,629
DEPOSITORY INSTITUTIONS - 9.92%
180,041		Bank of America Corp		9,612,389
151,645		Citigroup, Inc		8,446,627
209,389		JPMorgan Chase & Co		10,113,489
78,623		Northern Trust Corp		4,771,630
78,121		SunTrust Banks, Inc		6,597,318
212,746		US Bancorp		7,699,278
137,735		Wells Fargo & Co		4,897,857
104,039		Western Union Co		2,332,554
		TOTAL DEPOSITORY INSTITUTIONS		54,471,142
EATING AND DRINKING PLACES - 0.99%
25,924	*	Chipotle Mexican Grill, Inc (Class A)		1,477,668
89,220		McDonald's Corp		3,955,123
		TOTAL EATING AND DRINKING PLACES		5,432,791
ELECTRIC, GAS, AND SANITARY SERVICES - 3.10%
98,488		American Electric Power Co, Inc		4,193,619
46,421		Constellation Energy Group, Inc		3,197,014
131,856		DPL, Inc		3,662,960
98,033		Duke Energy Corp		3,255,676
29,381		Entergy Corp		2,712,454
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		17,021,723
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.45%
54,480	*	Agere Systems, Inc		1,044,382
78,410	*	Apple Computer, Inc		6,652,304
31,422	*	Broadcom Corp (Class A)		1,015,245
465,411	*	Cisco Systems, Inc		12,719,683
99,694		Emerson Electric Co		4,395,508
76,817	*	First Solar, Inc		2,289,147
69,624		Gamesa Corp Tecnologica S.A.		1,916,257
143,454		Honeywell International, Inc		6,489,859
216,506		Intel Corp		4,384,247
77,533		Motorola, Inc		1,594,078
99,358	*	Nvidia Corp		3,677,240
152,112		Qualcomm, Inc		5,748,312
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		51,926,262

13

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
FOOD AND KINDRED PRODUCTS - 2.49%
95,511		C&C Group plc	$	1,695,760
55,804		Coca-Cola Co		2,692,543
15,730		Groupe Danone		2,383,742
110,734		PepsiCo, Inc		6,926,412
		TOTAL FOOD AND KINDRED PRODUCTS		13,698,457
GENERAL MERCHANDISE STORES - 2.26%
105,035		Saks, Inc		1,871,724
62,882		Target Corp		3,587,418
114,780		TJX Cos, Inc		3,273,526
79,782		Wal-Mart Stores, Inc		3,684,333
		TOTAL GENERAL MERCHANDISE STORES		12,417,001
HEALTH SERVICES - 0.61%
63,357	*	Medco Health Solutions, Inc		3,385,798
		TOTAL HEALTH SERVICES		3,385,798
HOLDING AND OTHER INVESTMENT OFFICES - 1.20%
19,849		Boston Properties, Inc		2,220,706
31,070		SPDR Trust Series 1		4,402,308
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,623,014
HOTELS AND OTHER LODGING PLACES - 1.05%
38,197		Accor S.A.		2,959,757
27,514	*	MGM Mirage		1,577,928
25,994		Orient-Express Hotels Ltd (Class A)		1,230,036
		TOTAL HOTELS AND OTHER LODGING PLACES		5,767,721
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.52%
40,756	*	Alstom RGPT		5,525,234
33,510		Deere & Co		3,185,796
469,509		General Electric Co		17,470,430
249,742		Hewlett-Packard Co		10,286,873
47,793		International Business Machines Corp		4,643,090
7,657	*	Isilon Systems, Inc		211,333
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		41,322,756
INSTRUMENTS AND RELATED PRODUCTS - 0.87%
49,350	*	St. Jude Medical, Inc		1,804,236
65,240	*	Thermo Electron Corp		2,954,720
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,758,956
INSURANCE AGENTS, BROKERS AND SERVICE - 0.90%
52,715		Hartford Financial Services Group, Inc		4,918,837
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,918,837
INSURANCE CARRIERS - 3.97%
111,645		ACE Ltd		6,762,338
64,255		Aetna, Inc		2,774,531
171,160		American International Group, Inc		12,265,326
		TOTAL INSURANCE CARRIERS		21,802,195

14

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
METAL MINING - 0.91%
74,919		Anglo American plc	$	3,654,049
11,235		Phelps Dodge Corp		1,345,054
		TOTAL METAL MINING		4,999,103
MISCELLANEOUS RETAIL - 0.99%
78,335		Best Buy Co, Inc		3,853,299
25,042	*	Nutri/System, Inc		1,587,412
		TOTAL MISCELLANEOUS RETAIL		5,440,711
MOTION PICTURES - 2.97%
75,003	*	DreamWorks Animation SKG, Inc (Class A)		2,211,838
271,542		News Corp (Class A)		5,832,722
131,188		Time Warner, Inc		2,857,275
157,577		Walt Disney Co		5,400,164
		TOTAL MOTION PICTURES		16,301,999
NONDEPOSITORY INSTITUTIONS - 2.91%
117,022		American Express Co		7,099,725
91,003		Fannie Mae		5,404,668
71,286		SLM Corp		3,476,618
		TOTAL NONDEPOSITORY INSTITUTIONS		15,981,011
OIL AND GAS EXTRACTION - 2.17%
101,776	*	Cameron International Corp		5,399,217
103,429		Schlumberger Ltd		6,532,576
		TOTAL OIL AND GAS EXTRACTION		11,931,793
PETROLEUM AND COAL PRODUCTS - 7.09%
33,863		Cabot Oil & Gas Corp		2,053,791
50,260		Devon Energy Corp		3,371,441
288,087		Exxon Mobil Corp		22,076,107
59,745		Hess Corp		2,961,560
40,635		Marathon Oil Corp		3,758,738
70,712		Noble Energy, Inc		3,469,838
11,936		Petroleo Brasileiro S.A. (ADR)		1,229,289
		TOTAL PETROLEUM AND COAL PRODUCTS		38,920,764
PRINTING AND PUBLISHING - 0.26%
25,243		Meredith Corp		1,422,443
		TOTAL PRINTING AND PUBLISHING		1,422,443
REAL ESTATE - 0.22%
78,600		Urban Corp		1,192,820
		TOTAL REAL ESTATE		1,192,820
SECURITY AND COMMODITY BROKERS - 3.29%
30,383		AllianceBernstein Holding LP		2,442,793
25,205		Bear Stearns Cos, Inc		4,102,870
77,936		Lazard Ltd (Class A)		3,689,490
93,193		Morgan Stanley		7,588,706

15

TIAA-CREF MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
2,122	*	Nymex Holdings, Inc	$	263,149
		TOTAL SECURITY AND COMMODITY BROKERS		18,087,008
TOBACCO PRODUCTS - 3.90%
249,471		Altria Group, Inc		21,409,601
		TOTAL TOBACCO PRODUCTS		21,409,601
TRANSPORTATION BY AIR - 0.51%
93,443	*	AMR Corp		2,824,782
		TOTAL TRANSPORTATION BY AIR		2,824,782
TRANSPORTATION EQUIPMENT - 4.21%
85,046		Boeing Co		7,555,481
250,709	*	Ford Motor Co		1,882,825
23,595		Goodrich Corp		1,074,752
47,402		ITT Industries, Inc		2,693,382
42,441		Raytheon Co		2,240,885
38,243	*	Spirit Aerosystems Holdings, Inc (Class A)		1,279,993
102,203		United Technologies Corp		6,389,732
		TOTAL TRANSPORTATION EQUIPMENT		23,117,050
TRUCKING AND WAREHOUSING - 0.41%
12,300		DSV A/S		2,247,132
		TOTAL TRUCKING AND WAREHOUSING		2,247,132
WHOLESALE TRADE-NONDURABLE GOODS - 0.36%
53,924		Sysco Corp		1,982,246
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,982,246
		TOTAL COMMON STOCKS		548,263,184
		(Cost $457,513,257)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.19%
$     1,020,000		Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		1,019,450
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,019,450
		TOTAL SHORT-TERM INVESTMENTS		1,019,450
		(Cost $1,019,864)
		TOTAL PORTFOLIO - 100.01%		549,282,634
		(Cost $458,533,121)
		OTHER ASSETS & LIABILITIES, NET - (0.01)%		(53,165	)
		NET ASSETS - 100.00%	$	549,229,469
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt
		SPDR - Standard & Poor's Depositary Receipts

16

TIAA-CREF MUTUAL FUNDS - Equity Index Fund

TIAA-CREF MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS
December 31, 2006

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.90%
AGRICULTURAL PRODUCTION-CROPS - 0.00% **
991	*	Chiquita Brands International, Inc	$	15,826
		TOTAL AGRICULTURAL PRODUCTION-CROPS		15,826
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
1,042		Pilgrim's Pride Corp		30,666
10		Seaboard Corp		17,650
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		48,316
AMUSEMENT AND RECREATION SERVICES - 0.25%
7,137	*	Activision, Inc		123,042
1,525	*	Bally Technologies, Inc		28,487
970	*	Bally Total Fitness Holding Corp		2,377
518	*	Century Casinos, Inc		5,781
273		Churchill Downs, Inc		11,668
427		Dover Downs Gaming & Entertainment, Inc		5,709
102		Dover Motorsports, Inc		542
4,616		Harrah's Entertainment, Inc		381,836
879		International Speedway Corp (Class A)		44,864
594	*	Lakes Entertainment, Inc		6,409
992	*	Leapfrog Enterprises, Inc		9,404
788	*	Life Time Fitness, Inc		38,226
1,805	*	Live Nation, Inc		40,432
1,100	*	Magna Entertainment Corp		4,961
1,389	*	Marvel Entertainment, Inc		37,378
1,000	*	MTR Gaming Group, Inc		12,220
570	*	Multimedia Games, Inc		5,472
1,802	*	Penn National Gaming, Inc		74,999
1,238	*	Pinnacle Entertainment, Inc		41,027
2,074	*	Six Flags, Inc		10,868
287		Speedway Motorsports, Inc		11,021
2,388		Warner Music Group Corp		54,805
1,947		Westwood One, Inc		13,746
829	*	WMS Industries, Inc		28,899
325		World Wrestling Entertainment, Inc		5,298
		TOTAL AMUSEMENT AND RECREATION SERVICES		999,471
APPAREL AND ACCESSORY STORES - 0.71%
2,205		Abercrombie & Fitch Co (Class A)		153,534
1,261	*	Aeropostale, Inc		38,927
4,251		American Eagle Outfitters, Inc		132,674
1,768	*	AnnTaylor Stores Corp		58,061
370		Bebe Stores, Inc		7,322
703		Brown Shoe Co, Inc		33,561
250		Buckle, Inc		12,713
269	*	Cache, Inc		6,790

17

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,244	*	Carter's, Inc	$	31,722
792	*	Casual Male Retail Group, Inc		10,336
685		Cato Corp (Class A)		15,693
327	*	Charlotte Russe Holding, Inc		10,055
3,171	*	Charming Shoppes, Inc		42,904
4,627	*	Chico's FAS, Inc		95,733
583	*	Children's Place Retail Stores, Inc		37,032
933		Christopher & Banks Corp		17,410
162	*	Citi Trends, Inc		6,422
2,536		Claire's Stores, Inc		84,043
58		DEB Shops, Inc		1,531
1,236	*	Dress Barn, Inc		28,836
421	*	DSW, Inc (Class A)		16,238
1,089		Finish Line, Inc (Class A)		15,551
3,896		Foot Locker, Inc		85,439
13,486		Gap, Inc		262,977
2,404	*	Hanesbrands, Inc		56,782
1,169	*	HOT Topic, Inc		15,594
400	*	J Crew Group, Inc		15,420
455	*	Jo-Ann Stores, Inc		11,193
527	*	JOS A Bank Clothiers, Inc		15,467
8,224	*	Kohl's Corp		562,768
8,803		Limited Brands, Inc		254,759
344	*	New York & Co, Inc		4,500
5,915		Nordstrom, Inc		291,846
1,709	*	Pacific Sunwear Of California, Inc		33,462
1,721	*	Payless Shoesource, Inc		56,483
3,699		Ross Stores, Inc		108,381
107	*	Shoe Carnival, Inc		3,381
709		Stage Stores, Inc		21,547
312	*	Syms Corp		6,212
646		Talbots, Inc		15,569
763	*	Tween Brands, Inc		30,467
539	*	Under Armour, Inc (Class A)		27,193
2,958	*	Urban Outfitters, Inc		68,123
1,096	*	Wet Seal, Inc (Class A)		7,310
		TOTAL APPAREL AND ACCESSORY STORES		2,811,961
APPAREL AND OTHER TEXTILE PRODUCTS - 0.19%
371		Columbia Sportswear Co		20,665
541	*	Guess ?, Inc		34,316
910	*	Gymboree Corp		34,726
644	*	Hartmarx Corp		4,547
2,908		Jones Apparel Group, Inc		97,214
705		Kellwood Co		22,927
2,500		Liz Claiborne, Inc		108,650
1,425		Phillips-Van Heusen Corp		71,492
1,470		Polo Ralph Lauren Corp		114,160
2,914	*	Quiksilver, Inc		45,896
335	*	True Religion Apparel, Inc		5,129
2,213		VF Corp		181,643
1,206	*	Warnaco Group, Inc		30,608
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		771,973

18

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.06%
262	*	Amerco, Inc	$	22,797
248		Bandag, Inc		12,507
346		Central Parking Corp		6,228
654	*	Dollar Thrifty Automotive Group, Inc		29,829
730	*	Midas, Inc		16,790
302		Monro Muffler, Inc		10,600
1,367	*	PHH Corp		39,465
1,575		Ryder System, Inc		80,420
1,050	*	Wright Express Corp		32,729
		TOTAL AUTO REPAIR, SERVICES AND PARKING		251,365
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
2,751		Advance Auto Parts		97,826
163	*	America's Car-Mart, Inc		1,933
500		Asbury Automotive Group, Inc		11,780
3,795	*	Autonation, Inc		80,909
1,209	*	Autozone, Inc		139,712
2,739	*	Carmax, Inc		146,893
1,757	*	Copart, Inc		52,710
892	*	CSK Auto Corp		15,298
500		Lithia Motors, Inc (Class A)		14,380
328	*	MarineMax, Inc		8,505
2,843	*	O'Reilly Automotive, Inc		91,147
547	*	Rush Enterprises, Inc (Class A)		9,255
768		Sonic Automotive, Inc (Class A)		22,303
1,402		United Auto Group, Inc		33,045
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		725,696
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.93%
387	*	Builders FirstSource, Inc		6,900
556	*	Central Garden & Pet Co		26,922
3,226		Fastenal Co		115,749
53,474		Home Depot, Inc		2,147,516
39,160		Lowe's Cos, Inc		1,219,834
2,711		Sherwin-Williams Co		172,365
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,689,286
BUSINESS SERVICES - 7.00%
1,607	*	@Road, Inc		11,731
1,241	*	24/7 Real Media, Inc		11,231
9,999	*	3Com Corp		41,096
315	*	3D Systems Corp		5,027
1,127		Aaron Rents, Inc		32,435
1,217		ABM Industries, Inc		27,638
723	*	Acacia Research (Acacia Technologies)		9,674
1,472	*	Actuate Corp		8,744
2,074		Acxiom Corp		53,198
462		Administaff, Inc		19,760
15,156	*	Adobe Systems, Inc		623,215
473	*	Advent Software, Inc		16,692
839	*	Advo, Inc		27,351

19

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,703	*	Affiliated Computer Services, Inc (Class A)	$	132,015
800	*	Agile Software Corp		4,920
3,991	*	Akamai Technologies, Inc		212,002
2,116	*	Alliance Data Systems Corp		132,187
585	*	Altiris, Inc		14,847
671	*	American Reprographics Co		22,351
791	*	AMN Healthcare Services, Inc		21,784
348	*	Ansoft Corp		9,674
786	*	Ansys, Inc		34,183
1,968	*	aQuantive, Inc		48,531
863		Arbitron, Inc		37,489
1,822	*	Ariba, Inc		14,102
2,878	*	Art Technology Group, Inc		6,706
1,181	*	Aspen Technology, Inc		13,015
236	*	Asset Acceptance Capital Corp		3,970
1,032	*	Audible, Inc		8,184
5,883	*	Autodesk, Inc		238,026
14,478		Automatic Data Processing, Inc		713,042
2,543	*	Avis Budget Group, Inc		55,158
1,183	*	Avocent Corp		40,045
300	*	Bankrate, Inc		11,385
9,935	*	BEA Systems, Inc		124,982
4,932	*	BearingPoint, Inc		38,815
3,395	*	BISYS Group, Inc		43,829
1,136		Blackbaud, Inc		29,536
720	*	Blackboard, Inc		21,629
252	*	Blue Coat Systems, Inc		6,035
5,592	*	BMC Software, Inc		180,062
2,400	*	Borland Software Corp		13,056
350	*	Bottomline Technologies, Inc		4,008
958		Brady Corp (Class A)		35,714
1,277		Brink's Co		81,626
11,218		CA, Inc		254,088
816	*	CACI International, Inc (Class A)		46,104
7,162	*	Cadence Design Systems, Inc		128,271
1,288		Catalina Marketing Corp		35,420
1,584	*	CBIZ, Inc		11,040
3,421	*	Ceridian Corp		95,720
1,542	*	Cerner Corp		70,161
2,040	*	Checkfree Corp		81,926
2,221	*	ChoicePoint, Inc		87,463
2,007	*	Chordiant Software, Inc		6,643
1,170	*	Ciber, Inc		7,933
4,657	*	Citrix Systems, Inc		125,972
900	*	Clear Channel Outdoor Holdings, Inc (Class A)		25,119
9,912	*	CMGI, Inc		13,282
3,399	*	CNET Networks, Inc		30,897
900	*	Cogent Communications Group, Inc		14,598
1,121	*	Cogent, Inc		12,342
1,131		Cognex Corp		26,940
3,526	*	Cognizant Technology Solutions Corp (Class A)		272,066
167		Computer Programs & Systems, Inc		5,676
4,317	*	Computer Sciences Corp		230,398

20

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
10,298	*	Compuware Corp	$	85,782
435	*	COMSYS IT Partners, Inc		8,791
615	*	Concur Technologies, Inc		9,865
718	*	Convera Corp (Class A)		3,296
3,438	*	Convergys Corp		81,756
485	*	CoStar Group, Inc		25,977
565	*	Covansys Corp		12,967
1,338	*	CSG Systems International, Inc		35,765
769	*	Cybersource Corp		8,474
271	*	DealerTrack Holdings, Inc		7,973
1,276		Deluxe Corp		32,155
1,104	*	Dendrite International, Inc		11,824
988	*	Digital Insight Corp		38,028
1,024	*	Digital River, Inc		57,129
1,523	*	DST Systems, Inc		95,385
3,901	*	Earthlink, Inc		27,697
29,598	*	eBay, Inc		890,012
570	*	Echelon Corp		4,560
1,158	*	Eclipsys Corp		23,808
304	*	eCollege.com, Inc		4,758
1,052	*	eFunds Corp		28,930
490	*	Electro Rent Corp		8,183
7,700	*	Electronic Arts, Inc		387,772
13,125		Electronic Data Systems Corp		361,594
367	*	Emageon, Inc		5,637
4,121	*	Emdeon Corp		51,059
1,073	*	Epicor Software Corp		14,496
350	*	EPIQ Systems, Inc		5,940
3,183		Equifax, Inc		129,230
742	*	Equinix, Inc		56,110
632	*	eSpeed, Inc (Class A)		5,517
1,832	*	Evergreen Energy, Inc		18,118
5,420	*	Expedia, Inc		113,712
1,050	*	F5 Networks, Inc		77,921
1,079		Factset Research Systems, Inc		60,942
1,771		Fair Isaac Corp		71,991
448	*	FalconStor Software, Inc		3,875
4,845		Fidelity National Information Services, Inc		194,236
19,165		First Data Corp		489,091
4,337	*	Fiserv, Inc		227,346
595	*	Forrester Research, Inc		16,130
600	*	FTD Group, Inc		10,734
1,783	*	Gartner, Inc		35,286
578	*	Gerber Scientific, Inc		7,260
1,270	*	Getty Images, Inc		54,381
667		Gevity HR, Inc		15,801
858	*	Global Cash Access, Inc		13,925
5,191	*	Google, Inc (Class A)		2,390,352
296	*	H&E Equipment Services, Inc		7,332
509		Healthcare Services Group		14,741
365		Heartland Payment Systems, Inc		10,311
472	*	Heidrick & Struggles International, Inc		19,994
560	*	Hudson Highland Group, Inc		9,341

21

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,347	*	Hypercom Corp	$	8,553
1,381	*	Hyperion Solutions Corp		49,633
379	*	i2 Technologies, Inc		8,649
900	*	iGate Corp		6,192
601	*	IHS, Inc (Class A)		23,727
5,149		IMS Health, Inc		141,495
442	*	Infocrossing, Inc		7,205
2,278	*	Informatica Corp		27,814
899	*	Infospace, Inc		18,438
814		infoUSA, Inc		9,695
294	*	Innovative Solutions & Support, Inc		5,007
270		Integral Systems, Inc		6,256
861		Interactive Data Corp		20,698
783	*	Internap Network Services Corp		15,558
1,072	*	Internet Capital Group, Inc		10,999
306		Interpool, Inc		7,148
11,058	*	Interpublic Group of Cos, Inc		135,350
1,025	*	Interwoven, Inc		15,037
8,764	*	Intuit, Inc		267,390
754	*	inVentiv Health, Inc		26,654
1,244	*	Ipass, Inc		7,315
2,919	*	Iron Mountain, Inc		120,671
1,902		Jack Henry & Associates, Inc		40,703
844	*	JDA Software Group, Inc		11,622
14,608	*	Juniper Networks, Inc		276,676
710	*	Jupitermedia Corp		5,623
638	*	Kanbay International, Inc		18,355
1,356	*	Keane, Inc		16,150
567		Kelly Services, Inc (Class A)		16,409
410	*	Kenexa Corp		13,637
719	*	Kforce, Inc		8,750
1,189	*	Kinetic Concepts, Inc		47,025
367	*	Knot, Inc		9,630
983	*	Korn/Ferry International		22,570
779	*	Kronos, Inc		28,620
1,234	*	Labor Ready, Inc		22,619
2,180	*	Lamar Advertising Co (Class A)		142,550
3,187	*	Lawson Software, Inc		23,552
1,312	*	Lionbridge Technologies		8,449
434	*	LoJack Corp		7,413
693	*	Magma Design Automation, Inc		6,188
840	*	Manhattan Associates, Inc		25,267
2,264		Manpower, Inc		169,642
498	*	Mantech International Corp (Class A)		18,341
569	*	Mapinfo Corp		7,425
508		Marchex, Inc (Class B)		6,797
400	*	Marlin Business Services, Inc		9,612
1,587		Mastercard, Inc (Class A)		156,304
4,235	*	McAfee, Inc		120,189
1,742	*	Mentor Graphics Corp		31,408
224,329		Microsoft Corp		6,698,464
305	*	MicroStrategy, Inc (Class A)		34,773
1,053	*	Midway Games, Inc		7,350

22

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,272		MoneyGram International, Inc	$	71,250
3,194	*	Monster Worldwide, Inc		148,968
2,175	*	Move, Inc		11,984
2,867	*	MPS Group, Inc		40,654
2,396	*	NAVTEQ Corp		83,788
4,568	*	NCR Corp		195,328
505	*	Neoware, Inc		6,671
700	*	Ness Technologies, Inc		9,982
1,083	*	NetFlix, Inc		28,006
271	*	Netratings, Inc		4,745
668	*	Netscout Systems, Inc		5,544
1,600	*	NIC, Inc		7,952
8,338	*	Novell, Inc		51,696
3,405	*	Nuance Communications, Inc		39,021
4,305		Omnicom Group, Inc		450,045
670	*	On Assignment, Inc		7,873
548	*	Online Resources Corp		5,595
527	*	Open Solutions, Inc		19,836
334	*	Opnet Technologies, Inc		4,826
2,107	*	Opsware, Inc		18,584
100,328	*	Oracle Corp		1,719,622
800	*	Packeteer, Inc		10,880
2,658	*	Parametric Technology Corp		47,897
388	*	PDF Solutions, Inc		5,607
479	*	PeopleSupport, Inc		10,083
443	*	Perficient, Inc		7,270
2,293	*	Perot Systems Corp (Class A)		37,582
800	*	Phase Forward, Inc		11,984
412	*	Portfolio Recovery Associates, Inc		19,236
296	*	PRA International		7,480
2,046	*	Premiere Global Services, Inc		19,314
972	*	Progress Software Corp		27,148
361		QAD, Inc		3,029
352		Quality Systems, Inc		13,119
1,722	*	Quest Software, Inc		25,227
583	*	Radiant Systems, Inc		6,087
438	*	Radisys Corp		7,301
3,043	*	RealNetworks, Inc		33,290
4,612	*	Red Hat, Inc		106,076
1,439	*	Redback Networks, Inc		35,889
200		Renaissance Learning, Inc		3,546
1,610	*	Rent-A-Center, Inc		47,511
698	*	Rewards Network, Inc		4,851
400	*	RightNow Technologies, Inc		6,888
3,898		Robert Half International, Inc		144,694
569		Rollins, Inc		12,581
2,338	*	S1 Corp		12,882
669	*	SafeNet, Inc		16,016
2,182	*	Salesforce.com, Inc		79,534
1,800	*	Sapient Corp		9,882
995	*	Secure Computing Corp		6,527
7,580		ServiceMaster Co		99,374
326	*	SI International, Inc		10,569

23

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,510	*	Sitel Corp	$	6,372
521	*	Smith Micro Software, Inc		7,393
500	*	Sohu.com, Inc		12,000
1,573	*	SonicWALL, Inc		13,245
6,480	*	Sonus Networks, Inc		42,703
1,566		Sotheby's		48,577
1,706	*	Spherion Corp		12,676
496	*	SPSS, Inc		14,915
995	*	SRA International, Inc (Class A)		26,606
227		Startek, Inc		3,074
186	*	Stratasys, Inc		5,842
89,197	*	Sun Microsystems, Inc		483,448
2,450	*	Sybase, Inc		60,515
984	*	SYKES Enterprises, Inc		17,358
23,917	*	Symantec Corp		498,669
319	*	SYNNEX Corp		6,999
4,000	*	Synopsys, Inc		106,920
77		Syntel, Inc		2,064
2,005	*	Take-Two Interactive Software, Inc		35,609
414		TAL International Group, Inc		11,050
819		Talx Corp		22,482
1,044	*	TeleTech Holdings, Inc		24,931
465		TheStreet.com, Inc		4,139
1,845	*	THQ, Inc		59,999
5,605	*	TIBCO Software, Inc		52,911
614	*	TNS, Inc		11,820
1,127		Total System Services, Inc		29,742
466	*	TradeStation Group, Inc		6,408
860	*	Transaction Systems Architects, Inc		28,010
1,400	*	Trizetto Group, Inc		25,718
431	*	Ultimate Software Group, Inc		10,025
9,103	*	Unisys Corp		71,368
1,499		United Online, Inc		19,907
1,750	*	United Rentals, Inc		44,503
780	*	Universal Compression Holdings, Inc		48,446
2,642	*	Valueclick, Inc		62,430
611	*	Vasco Data Security International		7,240
223	*	Verint Systems, Inc		7,644
6,034	*	VeriSign, Inc		145,118
190	*	Vertrue, Inc		7,298
657		Viad Corp		26,674
687	*	Vignette Corp		11,727
135	*	Volt Information Sciences, Inc		6,778
13,773		Waste Management, Inc		506,433
1,082	*	WebEx Communications, Inc		37,751
129	*	WebMD Health Corp (Class A)		5,163
1,434	*	webMethods, Inc		10,554
1,200	*	Websense, Inc		27,396
400	*	WebSideStory, Inc		5,064
2,000	*	Wind River Systems, Inc		20,500
864	*	Witness Systems, Inc		15,146
35,462	*	Yahoo!, Inc		905,699
		TOTAL BUSINESS SERVICES		27,664,029

24

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
CHEMICALS AND ALLIED PRODUCTS - 9.11%
38,501		Abbott Laboratories	$	1,875,384
600	*	Abraxis BioScience, Inc		16,404
605	*	Acadia Pharmaceuticals, Inc		5,318
300	*	Adams Respiratory Therapeutics, Inc		12,243
399	*	Adeza Biomedical Corp		5,949
1,486	*	Adolor Corp		11,175
210	*	Advanced Magnetics, Inc		12,541
1,393	*	ADVENTRX Pharmaceuticals, Inc		4,109
5,586		Air Products & Chemicals, Inc		392,584
646	*	Albany Molecular Research, Inc		6,822
948		Albemarle Corp		68,066
1,891		Alberto-Culver Co		40,562
811	*	Alexion Pharmaceuticals, Inc		32,756
2,524	*	Alkermes, Inc		33,746
817	*	Alnylam Pharmaceuticals, Inc		17,484
1,204	*	Alpharma, Inc (Class A)		29,016
1,136	*	American Oriental Bioengineering, Inc		13,257
362		American Vanguard Corp		5,756
29,709	*	Amgen, Inc		2,029,422
530		Arch Chemicals, Inc		17,654
941	*	Arena Pharmaceuticals, Inc		12,148
672	*	Array Biopharma, Inc		8,682
941	*	Atherogenics, Inc		9,325
710	*	AVANIR Pharmaceuticals (Class A)		1,640
350	*	Aventine Renewable Energy Holdings, Inc		8,246
2,334		Avery Dennison Corp		158,549
1,330	*	AVI BioPharma, Inc		4,229
11,420		Avon Products, Inc		377,317
303		Balchem Corp		7,781
2,689	*	Barr Pharmaceuticals, Inc		134,773
345	*	Bentley Pharmaceuticals, Inc		3,509
590	*	BioCryst Pharmaceuticals, Inc		6,820
1,246	*	Bioenvision, Inc		5,781
8,738	*	Biogen Idec, Inc		429,822
2,402	*	BioMarin Pharmaceuticals, Inc		39,369
49,630		Bristol-Myers Squibb Co		1,306,262
1,771		Cabot Corp		77,162
828	*	Calgon Carbon Corp		5,134
692		Cambrex Corp		15,722
700	*	Caraco Pharmaceutical Laboratories Ltd		9,800
1,838		Celanese Corp (Series A)		47,567
922	*	Cell Genesys, Inc		3,126
1,633	*	Cephalon, Inc		114,980
1,411		CF Industries Holdings, Inc		36,178
1,794	*	Charles River Laboratories International, Inc		77,591
380	*	Chattem, Inc		19,030
5,934		Chemtura Corp		57,144
1,519		Church & Dwight Co, Inc		64,785
3,740		Clorox Co		239,921
477	*	Coley Pharmaceutical Group, Inc		4,622
12,987		Colgate-Palmolive Co		847,272

25

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
618	*	Combinatorx, Inc	$	5,352
701	*	Conor Medsystems, Inc		21,962
500	*	Cotherix, Inc		6,745
1,403	*	Cubist Pharmaceuticals, Inc		25,408
827	*	Cypress Bioscience, Inc		6,409
942		Cytec Industries, Inc		53,232
2,200		Dade Behring Holdings, Inc		87,582
1,627	*	Dendreon Corp		6,785
395	*	Digene Corp		18,928
24,225		Dow Chemical Co		967,547
23,179		Du Pont (E.I.) de Nemours & Co		1,129,049
855	*	Durect Corp		3,796
1,981		Eastman Chemical Co		117,493
4,655		Ecolab, Inc		210,406
24,784		Eli Lilly & Co		1,291,246
562	*	Elizabeth Arden, Inc		10,706
594	*	Emisphere Technologies, Inc		3,142
1,500	*	Encysive Pharmaceuticals, Inc		6,315
1,167	*	Enzon Pharmaceuticals, Inc		9,931
3,014		Estee Lauder Cos (Class A)		123,031
943		Ferro Corp		19,511
979		FMC Corp		74,942
8,240	*	Forest Laboratories, Inc		416,944
11,787	*	Genentech, Inc		956,279
624	*	Genitope Corp		2,196
3,482	*	Genta, Inc		1,541
6,623	*	Genzyme Corp		407,844
876		Georgia Gulf Corp		16,916
1,870	*	Geron Corp		16,419
11,718	*	Gilead Sciences, Inc		760,850
1,580		H.B. Fuller Co		40,796
732	*	Hana Biosciences, Inc		4,663
2,712	*	Hercules, Inc		52,369
450	*	Hi-Tech Pharmacal Co, Inc		5,477
3,906	*	Hospira, Inc		131,163
3,724	*	Human Genome Sciences, Inc		46,327
2,306	*	Huntsman Corp		43,745
333	*	Idenix Pharmaceuticals, Inc		2,894
746	*	Idexx Laboratories, Inc		59,158
1,739	*	ImClone Systems, Inc		46,536
1,734	*	Immucor, Inc		50,685
1,204	*	Indevus Pharmaceuticals, Inc		8,548
145		Innospec, Inc		6,750
143		Inter Parfums, Inc		2,744
672	*	InterMune, Inc		20,664
2,270		International Flavors & Fragrances, Inc		111,593
718	*	Inverness Medical Innovations, Inc		27,787
1,376	*	Invitrogen Corp		77,868
609	*	Keryx Biopharmaceuticals, Inc		8,100
6,296	*	King Pharmaceuticals, Inc		100,232
256		Koppers Holdings, Inc		6,674
47		Kronos Worldwide, Inc		1,530
1,171	*	KV Pharmaceutical Co (Class A)		27,846

26

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,654		Lubrizol Corp	$	82,915
5,561		Lyondell Chemical Co		142,195
758		MacDermid, Inc		25,848
400		Mannatech, Inc		5,892
500	*	MannKind Corp		8,245
800	*	Martek Biosciences Corp		18,672
3,148	*	Medarex, Inc		46,559
1,220	*	Medicines Co		38,698
1,487		Medicis Pharmaceutical Corp (Class A)		52,238
299	*	Medifast, Inc		3,761
6,327	*	Medimmune, Inc		204,805
55,042		Merck & Co, Inc		2,399,831
424		Meridian Bioscience, Inc		10,401
2,000	*	MGI Pharma, Inc		36,820
8,169	*	Millennium Pharmaceuticals, Inc		89,042
579		Minerals Technologies, Inc		34,039
300	*	Momenta Pharmaceuticals, Inc		4,719
13,782		Monsanto Co		723,968
3,476	*	Mosaic Co		74,247
5,545		Mylan Laboratories, Inc		110,678
1,400	*	Nabi Biopharmaceuticals		9,492
2,743	*	Nalco Holding Co		56,122
460	*	Nastech Pharmaceutical Co, Inc		6,960
1,323	*	NBTY, Inc		54,997
1,057	*	Neurocrine Biosciences, Inc		11,014
400	*	New River Pharmaceuticals, Inc		21,884
338		NewMarket Corp		19,959
82		NL Industries, Inc		848
536	*	Northfield Laboratories, Inc		2,182
1,579	*	Novavax, Inc		6,474
885	*	Noven Pharmaceuticals, Inc		22,523
1,049	*	NPS Pharmaceuticals, Inc		4,752
1,348	*	Nuvelo, Inc		5,392
1,642		Olin Corp		27,126
690	*	OM Group, Inc		31,243
1,063	*	Omnova Solutions, Inc		4,869
939	*	Onyx Pharmaceuticals, Inc		9,935
970	*	OraSure Technologies, Inc		8,012
1,507	*	OSI Pharmaceuticals, Inc		52,715
558	*	Pacific Ethanol, Inc		8,588
1,000	*	Pain Therapeutics, Inc		8,900
1,282	*	Panacos Pharmaceuticals, Inc		5,141
915	*	Par Pharmaceutical Cos, Inc		20,469
695	*	Parexel International Corp		20,134
400	*	Parlux Fragrances, Inc		2,228
2,955	*	PDL BioPharma, Inc		59,514
700	*	Penwest Pharmaceuticals Co		11,634
4,436	*	Peregrine Pharmaceuticals, Inc		5,146
2,191		Perrigo Co		37,904
473	*	PetMed Express, Inc		6,315
185,049		Pfizer, Inc		4,792,769
635	*	Pharmion Corp		16,345
291	*	Pioneer Cos, Inc		8,340

27

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,878	*	PolyOne Corp	$	14,085
607	*	Pozen, Inc		10,313
4,132		PPG Industries, Inc		265,316
8,142		Praxair, Inc		483,065
733	*	Prestige Brands Holdings, Inc		9,544
83,056		Procter & Gamble Co		5,338,009
616	*	Progenics Pharmaceuticals, Inc		15,856
791	*	Quidel Corp		10,773
502	*	Renovis, Inc		1,586
4,544	*	Revlon, Inc		227
4,544	*	Revlon, Inc (Class A)		5,816
849	*	Rockwood Holdings, Inc		21,446
4,007		Rohm & Haas Co		204,838
2,867		RPM International, Inc		59,892
1,014	*	Salix Pharmaceuticals Ltd		12,340
1,168	*	Santarus, Inc		9,145
37,679		Schering-Plough Corp		890,732
739	*	Sciele Pharma, Inc		17,736
1,136		Scotts Miracle-Gro Co (Class A)		58,674
1,177		Sensient Technologies Corp		28,954
2,817	*	Sepracor, Inc		173,471
1,664		Sigma-Aldrich Corp		129,326
1,015	*	Sirna Therapeutics, Inc		13,205
601	*	Solexa, Inc		7,903
422		Stepan Co		13,365
1,247	*	SuperGen, Inc		6,335
371	*	SurModics, Inc		11,546
603	*	Tanox, Inc		12,000
1,073		Tronox, Inc (Class B)		16,943
1,322		UAP Holding Corp		33,288
700	*	United Therapeutics Corp		38,059
238	*	USANA Health Sciences, Inc		12,295
2,541	*	USEC, Inc		32,322
2,420	*	Valeant Pharmaceuticals International		41,721
2,627		Valspar Corp		72,610
2,139	*	VCA Antech, Inc		68,854
2,848	*	Vertex Pharmaceuticals, Inc		106,572
1,755	*	Viropharma, Inc		25,693
2,434	*	Watson Pharmaceuticals, Inc		63,357
346		Westlake Chemical Corp		10,857
1,796	*	WR Grace & Co		35,561
33,949		Wyeth		1,728,683
424	*	Xenoport, Inc		10,409
960	*	Zymogenetics, Inc		14,947
		TOTAL CHEMICALS AND ALLIED PRODUCTS		36,038,359
COAL MINING - 0.16%
1,341	*	Alpha Natural Resources, Inc		19,082
3,620		Arch Coal, Inc		108,709
4,758		Consol Energy, Inc		152,875
2,929	*	International Coal Group, Inc		15,963
340	*	James River Coal Co		3,155
2,003		Massey Energy Co		46,530

28

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
6,820		Peabody Energy Corp	$	275,596
479		Penn Virginia Corp		33,549
		TOTAL COAL MINING		655,459
COMMUNICATIONS - 4.86%
800		Alaska Communications Systems Group, Inc		12,152
9,768		Alltel Corp		590,769
10,630	*	American Tower Corp (Class A)		396,286
780	*	Anixter International, Inc		42,354
98,063		AT&T, Inc		3,505,752
447	*	Audiovox Corp (Class A)		6,298
11,443	*	Avaya, Inc		159,973
45,678		BellSouth Corp		2,151,891
1,468	*	Brightpoint, Inc		19,745
5,599		Cablevision Systems Corp (Class A)		159,460
422	*	Cbeyond Communications, Inc		12,909
573		Centennial Communications Corp		4,120
2,912		CenturyTel, Inc		127,138
7,200	*	Charter Communications, Inc (Class A)		22,032
6,901	*	Cincinnati Bell, Inc		31,538
1,135		Citadel Broadcasting Corp		11,305
8,886		Citizens Communications Co		127,692
12,688		Clear Channel Communications, Inc		450,932
49,101	*	Comcast Corp (Class A)		2,078,445
582		Commonwealth Telephone Enterprises, Inc		24,363
400		Consolidated Communications Holdings, Inc		8,360
7,515	*	Covad Communications Group, Inc		10,371
864	*	Cox Radio, Inc (Class A)		14,083
5,407	*	Crown Castle International Corp		174,646
240	*	Crown Media Holdings, Inc (Class A)		871
470		CT Communications, Inc		10,772
400	*	CTC Media, Inc		9,604
1,076	*	Cumulus Media, Inc (Class A)		11,180
20,178	*	DIRECTV Group, Inc		503,239
4,000	*	Dobson Communications Corp (Class A)		34,840
5,388	*	EchoStar Communications Corp (Class A)		204,906
3,848		Embarq Corp		202,251
1,072		Emmis Communications Corp (Class A)		8,833
1,021		Entercom Communications Corp (Class A)		28,772
1,997	*	Entravision Communications Corp (Class A)		16,415
700		Fairpoint Communications, Inc		13,265
1,410	*	FiberTower Corp		8,291
168	*	Fisher Communications, Inc		7,427
3,778	*	Foundry Networks, Inc		56,594
1,242	*	General Communication, Inc (Class A)		19,537
1,764		Global Payments, Inc		81,673
565		Golden Telecom, Inc		26,465
1,071		Gray Television, Inc		7,850
548		Hearst-Argyle Television, Inc		13,974
4,384	*	IAC/InterActiveCorp		162,909
1,514	*	IDT Corp (Class B)		19,803
413	*	InPhonic, Inc		4,580
600		Iowa Telecommunications Services, Inc		11,826

29

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
428	*	iPCS, Inc	$	23,694
1,234	*	j2 Global Communications, Inc		33,627
1,136	*	Leap Wireless International, Inc		67,558
28,929	*	Level 3 Communications, Inc		162,002
10,315	*	Liberty Global, Inc (Class A)		300,682
3,548	*	Liberty Media Corp - Capital (Series A)		347,633
17,644	*	Liberty Media Holding Corp (Interactive A)		380,581
703	*	Lightbridge, Inc		9,519
717	*	Lin TV Corp (Class A)		7,134
281	*	Lodgenet Entertainment Corp		7,033
1,415	*	Mastec, Inc		16,329
1,695	*	Mediacom Communications Corp (Class A)		13,628
1,612	*	NeuStar, Inc (Class A)		52,293
3,554	*	NII Holdings, Inc		229,020
356		North Pittsburgh Systems, Inc		8,594
1,100	*	Novatel Wireless, Inc		10,637
377	*	NTELOS Holdings Corp		6,741
40,227	*	Qwest Communications International, Inc		336,700
1,864	*	Radio One, Inc (Class D)		12,563
597	*	RCN Corp		18,000
270		Salem Communications Corp (Class A)		3,227
212	*	SAVVIS, Inc		7,571
2,662	*	SBA Communications Corp (Class A)		73,205
288		Shenandoah Telecom Co		13,539
1,294		Sinclair Broadcast Group, Inc (Class A)		13,587
1,300	*	Spanish Broadcasting System, Inc (Class A)		5,343
73,217		Sprint Nextel Corp		1,383,069
581		SureWest Communications		16,001
449	*	Syniverse Holdings, Inc		6,731
2,830		Telephone & Data Systems, Inc		153,754
900	*	Terremark Worldwide, Inc		6,048
2,300	*	TiVo, Inc		11,776
5,354	*	Univision Communications, Inc (Class A)		189,639
403	*	US Cellular Corp		28,045
665		USA Mobility, Inc		14,876
73,609		Verizon Communications, Inc		2,741,199
16,082	*	Viacom, Inc (Class B)		659,844
798	*	Vonage Holdings Corp		5,538
11,106		Windstream Corp		157,927
1,100	*	Wireless Facilities, Inc		3,135
6,559	*	XM Satellite Radio Holdings, Inc (Class A)		94,778
		TOTAL COMMUNICATIONS		19,241,291
DEPOSITORY INSTITUTIONS - 10.16%
205		1st Source Corp		6,587
336		Alabama National Bancorp		23,093
806		Amcore Financial, Inc		26,332
183		AmericanWest Bancorp		4,442
162		Ameris Bancorp		4,565
495		Anchor Bancorp Wisconsin, Inc		14,266
142		Arrow Financial Corp		3,517
3,211		Associated Banc-Corp		112,000
2,359		Astoria Financial Corp		71,147

30

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
106		Bancfirst Corp	$	5,724
270	*	Bancorp, Inc		7,992
2,175		Bancorpsouth, Inc		58,334
300		BancTrust Financial Group, Inc		7,656
1,582		Bank Mutual Corp		19,158
115,107		Bank of America Corp		6,145,563
472		Bank of Granite Corp		8,954
1,161		Bank of Hawaii Corp		62,636
19,167		Bank of New York Co, Inc		754,605
500		Bank of the Ozarks, Inc		16,530
1,300		BankAtlantic Bancorp, Inc (Class A)		17,953
700		BankFinancial Corp		12,467
878		BankUnited Financial Corp (Class A)		24,549
400		Banner Corp		17,736
13,707		BB&T Corp		602,149
145		Berkshire Hills Bancorp, Inc		4,852
497		BOK Financial Corp		27,325
878		Boston Private Financial Holdings, Inc		24,768
2,000		Brookline Bancorp, Inc		26,340
194		Cadence Financial Corp		4,204
310		Camden National Corp		14,297
401		Capital City Bank Group, Inc		14,155
239		Capital Corp of the West		7,670
321		Capitol Bancorp Ltd		14,830
610		Capitol Federal Financial		23,436
700		Cardinal Financial Corp		7,175
721		Cascade Bancorp		22,373
145		Cass Information Systems, Inc		5,246
1,326		Cathay General Bancorp		45,760
1,500	*	Centennial Bank Holdings, Inc		14,190
297		Center Financial Corp		7,119
226		Centerstate Banks of Florida, Inc		4,723
793		Central Pacific Financial Corp		30,737
149		Charter Financial Corp		7,676
654		Chemical Financial Corp		21,778
1,202		Chittenden Corp		36,889
125,829		Citigroup, Inc		7,008,675
1,103		Citizens Banking Corp		29,230
221		Citizens First Bancorp, Inc		6,794
600		City Bank		21,480
463		City Holding Co		18,932
1,046		City National Corp		74,475
193		Coastal Financial Corp		3,233
386		CoBiz, Inc		8,507
3,766		Colonial Bancgroup, Inc		96,937
253		Columbia Bancorp		6,692
530		Columbia Banking System, Inc		18,614
3,994		Comerica, Inc		234,368
4,714		Commerce Bancorp, Inc		166,263
1,661		Commerce Bancshares, Inc		80,409
158	*	Community Bancorp		4,770
910		Community Bank System, Inc		20,930
457		Community Banks, Inc		12,686

31

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
435		Community Trust Bancorp, Inc	$	18,066
3,148		Compass Bancshares, Inc		187,778
940		Corus Bankshares, Inc		21,686
1,487		Cullen/Frost Bankers, Inc		83,004
1,583		CVB Financial Corp		22,890
759		Dime Community Bancshares		10,634
476		Downey Financial Corp		34,548
1,506		East West Bancorp, Inc		53,343
214		Enterprise Financial Services Corp		6,972
815	*	Euronet Worldwide, Inc		24,197
112		Farmers Capital Bank Corp		3,823
750		Fidelity Bankshares, Inc		29,753
11,924		Fifth Third Bancorp		488,049
450		First Bancorp		9,828
2,064		First Bancorp		19,670
211		First Busey Corp		4,864
859		First Charter Corp		21,131
140		First Citizens Bancshares, Inc (Class A)		28,370
1,674		First Commonwealth Financial Corp		22,482
595		First Community Bancorp, Inc		31,101
243		First Community Bancshares, Inc		9,613
973		First Financial Bancorp		16,162
620		First Financial Bankshares, Inc		25,953
446		First Financial Corp		15,811
450		First Financial Holdings, Inc		17,631
3,092		First Horizon National Corp		129,184
442		First Indiana Corp		11,209
380		First Merchants Corp		10,332
1,305		First Midwest Bancorp, Inc		50,477
2,877		First Niagara Financial Group, Inc		42,752
398		First Place Financial Corp		9,349
300	*	First Regional Bancorp		10,227
510		First Republic Bank		19,931
300		First South Bancorp, Inc		9,567
400		First State Bancorporation		9,900
369	*	FirstFed Financial Corp		24,712
2,164		FirstMerit Corp		52,239
900		Flagstar Bancorp, Inc		13,356
590		Flushing Financial Corp		10,071
1,224		FNB Corp		22,362
179		FNB Corp		7,437
529	*	Franklin Bank Corp		10,866
1,741		Fremont General Corp		28,222
936		Frontier Financial Corp		27,359
4,143		Fulton Financial Corp		69,188
150		GB&T Bancshares, Inc		3,326
1,519		Glacier Bancorp, Inc		37,124
250		Great Southern Bancorp, Inc		7,378
1,352		Greater Bay Bancorp		35,598
226		Greene County Bancshares, Inc		8,979
766		Hancock Holding Co		40,475
1,034		Hanmi Financial Corp		23,296
810		Harleysville National Corp		15,641

32

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
459		Heartland Financial USA, Inc	$	13,242
311		Heritage Commerce Corp		8,285
326		Horizon Financial Corp		7,844
15,008		Hudson City Bancorp, Inc		208,311
6,093		Huntington Bancshares, Inc		144,709
228		IBERIABANK Corp		13,463
283		Independent Bank Corp		10,196
493		Independent Bank Corp		12,468
1,712		IndyMac Bancorp, Inc		77,314
667		Integra Bank Corp		18,356
325		Interchange Financial Services Corp		7,472
1,178		International Bancshares Corp		36,412
124	*	Intervest Bancshares Corp		4,267
1,375	*	Investors Bancorp, Inc		21,629
1,743		Investors Financial Services Corp		74,374
441		Irwin Financial Corp		9,980
130		ITLA Capital Corp		7,528
87,599		JPMorgan Chase & Co		4,231,032
558		Kearny Financial Corp		8,961
10,038		Keycorp		381,745
600		KNBT Bancorp, Inc		10,038
612		Lakeland Bancorp, Inc		9,119
138		Lakeland Financial Corp		3,523
1,833		M&T Bank Corp		223,919
426		Macatawa Bank Corp		9,057
757		MAF Bancorp, Inc		33,830
308		MainSource Financial Group, Inc		5,218
6,213		Marshall & Ilsley Corp		298,907
841		MB Financial, Inc		31,630
600		MBT Financial Corp		9,192
10,279		Mellon Financial Corp		433,260
148		Mercantile Bank Corp		5,580
3,105		Mercantile Bankshares Corp		145,283
584		Mid-State Bancshares		21,252
427		Midwest Banc Holdings, Inc		10,141
800		Nara Bancorp, Inc		16,736
200		NASB Financial, Inc		8,270
15,181		National City Corp		555,017
1,244		National Penn Bancshares, Inc		25,191
1,016		NBT Bancorp, Inc		25,918
1,241	*	Net 1 UEPS Technologies, Inc		36,684
1,289	*	NetBank, Inc		5,981
7,533		New York Community Bancorp, Inc		121,281
2,984		NewAlliance Bancshares, Inc		48,938
216	*	Northern Empire Bancshares		6,381
5,342		Northern Trust Corp		324,206
480		Northwest Bancorp, Inc		13,181
375		OceanFirst Financial Corp		8,599
1,788		Old National Bancorp		33,829
254		Old Second Bancorp, Inc		7,442
333		Omega Financial Corp		10,629
478		Oriental Financial Group, Inc		6,190
1,210		Pacific Capital Bancorp		40,632

33

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
344		Park National Corp	$	34,056
1,309		Partners Trust Financial Group, Inc		15,237
236		Pennfed Financial Services, Inc		4,560
322		Peoples Bancorp, Inc		9,563
1,508		People's Bank		67,287
612		PFF Bancorp, Inc		21,120
300	*	Pinnacle Financial Partners, Inc		9,954
299		Placer Sierra Bancshares		7,107
7,466		PNC Financial Services Group, Inc		552,783
6,897		Popular, Inc		123,801
200		Preferred Bank		12,018
378		Premierwest Bancorp		6,033
400		PrivateBancorp, Inc		16,652
655		Prosperity Bancshares, Inc		22,604
780		Provident Bankshares Corp		27,768
1,599		Provident Financial Services, Inc		28,990
1,047		Provident New York Bancorp		15,684
738	*	R & G Financial Corp (Class B)		5,646
18,258		Regions Financial Corp		682,849
225		Renasant Corp		6,892
2,244		Republic Bancorp, Inc		30,204
115		Republic Bancorp, Inc (Class A)		2,885
333		Royal Bancshares of Pennsylvania (Class A)		8,751
701		S&T Bancorp, Inc		24,304
420		S.Y. Bancorp, Inc		11,760
404		Sandy Spring Bancorp, Inc		15,425
158		Santander BanCorp		2,820
319		SCBT Financial Corp		13,312
476		Seacoast Banking Corp of Florida		11,805
202		Security Bank Corp		4,610
220		Shore Bancshares, Inc		6,635
758	*	Signature Bank		23,483
456		Simmons First National Corp (Class A)		14,387
2,518		Sky Financial Group, Inc		71,864
201		Smithtown Bancorp, Inc		5,451
1,830		South Financial Group, Inc		48,660
315		Southside Bancshares, Inc		8,105
340		Southwest Bancorp, Inc		9,472
9,475		Sovereign Bancorp, Inc		240,570
269		State National Bancshares, Inc		10,354
8,405		State Street Corp		566,833
504		Sterling Bancorp		9,929
1,983		Sterling Bancshares, Inc		25,819
721		Sterling Financial Corp		17,066
858		Sterling Financial Corp		29,009
278		Suffolk Bancorp		10,600
363	*	Sun Bancorp, Inc		7,648
9,191		SunTrust Banks, Inc		776,180
445	*	Superior Bancorp		5,046
1,209		Susquehanna Bancshares, Inc		32,498
916	*	SVB Financial Group		42,704
6,690		Synovus Financial Corp		206,253
156		Taylor Capital Group, Inc		5,711

34

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,221		TCF Financial Corp	$	88,320
2,303		TD Banknorth, Inc		74,341
561	*	Texas Capital Bancshares, Inc		11,153
238		Texas United Bancshares, Inc		8,173
700		TierOne Corp		22,127
268		Tompkins Trustco, Inc		12,181
360		Trico Bancshares		9,796
2,095		Trustco Bank Corp NY		23,296
1,343		Trustmark Corp		43,930
2,592		UCBH Holdings, Inc		45,516
770		UMB Financial Corp		28,113
1,513		Umpqua Holdings Corp		44,528
343		Union Bankshares Corp		10,492
1,300		UnionBanCal Corp		79,625
957		United Bankshares, Inc		36,988
790		United Community Banks, Inc		25,533
933		United Community Financial Corp		11,420
305		Univest Corp of Pennsylvania		9,296
44,849		US Bancorp		1,623,085
536		USB Holding Co, Inc		12,918
2,734		Valley National Bancorp		72,478
204		Vineyard National Bancorp		4,696
300	*	Virginia Commerce Bancorp		5,964
148		Virginia Financial Group, Inc		4,143
3,203		W Holding Co, Inc		19,090
47,563		Wachovia Corp		2,708,713
2,002		Washington Federal, Inc		47,107
24,199		Washington Mutual, Inc		1,100,813
378		Washington Trust Bancorp, Inc		10,542
1,157		Webster Financial Corp		56,369
84,734		Wells Fargo & Co		3,013,141
594		WesBanco, Inc		19,917
539		West Bancorporation, Inc		9,583
463		West Coast Bancorp		16,038
810		Westamerica Bancorporation		41,010
340	*	Western Alliance Bancorp		11,822
19,465		Western Union Co		436,405
300	*	Westfield Financial, Inc		10,380
1,690		Whitney Holding Corp		55,128
385		Willow Grove Bancorp, Inc		5,744
1,670		Wilmington Trust Corp		70,424
396		Wilshire Bancorp, Inc		7,512
687		Wintrust Financial Corp		32,990
197		WSFS Financial Corp		13,185
400		Yardville National Bancorp		15,088
2,677		Zions Bancorporation		220,692
		TOTAL DEPOSITORY INSTITUTIONS		40,197,613
EATING AND DRINKING PLACES - 0.97%
512	*	AFC Enterprises		9,047
2,086		Applebees International, Inc		51,462
2,995		Aramark Corp (Class B)		100,183
289	*	BJ's Restaurants, Inc		5,841

35

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
945		Bob Evans Farms, Inc	$	32,338
2,979		Brinker International, Inc		89,847
131	*	Buffalo Wild Wings, Inc		6,969
599	*	California Pizza Kitchen, Inc		19,953
819		CBRL Group, Inc		36,658
944	*	CEC Entertainment, Inc		37,996
2,120	*	Cheesecake Factory		52,152
443	*	Chipotle Mexican Grill, Inc (Class B)		23,036
1,534		CKE Restaurants, Inc		28,226
869	*	Cosi, Inc		4,423
3,629		Darden Restaurants, Inc		145,777
801		Domino's Pizza, Inc		22,428
571		IHOP Corp		30,092
985	*	Jack in the Box, Inc		60,124
1,773	*	Krispy Kreme Doughnuts, Inc		19,680
601		Landry's Restaurants, Inc		18,084
602	*	Luby's, Inc		6,556
302	*	McCormick & Schmick's Seafood Restaurants, Inc		7,260
31,327		McDonald's Corp		1,388,726
553	*	O'Charleys, Inc		11,768
1,645		OSI Restaurant Partners, Inc		64,484
570	*	Papa John's International, Inc		16,536
797	*	PF Chang's China Bistro, Inc		30,589
964	*	Rare Hospitality International, Inc		31,745
371	*	Red Robin Gourmet Burgers, Inc		13,300
1,586		Ruby Tuesday, Inc		43,520
330	*	Ruth's Chris Steak House, Inc		6,032
2,219	*	Sonic Corp		53,145
19,466	*	Starbucks Corp		689,486
890	*	Steak N Shake Co		15,664
1,092	*	Texas Roadhouse, Inc (Class A)		14,480
4,896		Tim Hortons, Inc		141,788
1,594		Triarc Cos (Class B)		31,880
2,998		Wendy's International, Inc		99,204
6,817		Yum! Brands, Inc		400,840
		TOTAL EATING AND DRINKING PLACES		3,861,319
EDUCATIONAL SERVICES - 0.12%
3,400	*	Apollo Group, Inc (Class A)		132,498
2,538	*	Career Education Corp		62,892
2,375	*	Corinthian Colleges, Inc		32,371
1,572		DeVry, Inc		44,016
470	*	Educate, Inc		3,346
1,129	*	ITT Educational Services, Inc		74,932
1,166	*	Laureate Education, Inc		56,703
381		Strayer Education, Inc		40,405
561	*	Universal Technical Institute, Inc		12,460
		TOTAL EDUCATIONAL SERVICES		459,623
ELECTRIC, GAS, AND SANITARY SERVICES - 4.16%
17,012	*	AES Corp		374,944
2,014		AGL Resources, Inc		78,365
4,238	*	Allegheny Energy, Inc		194,567

36

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
547		Allete, Inc	$	25,457
3,079		Alliant Energy Corp		116,294
6,436	*	Allied Waste Industries, Inc		79,098
5,004		Ameren Corp		268,865
400		American Ecology Corp		7,404
9,805		American Electric Power Co, Inc		417,497
401		American States Water Co		15,487
3,314		Aqua America, Inc		75,493
9,595	*	Aquila, Inc		45,097
2,086		Atmos Energy Corp		66,564
1,238		Avista Corp		31,334
875		Black Hills Corp		32,323
444		California Water Service Group		17,938
442		Cascade Natural Gas Corp		11,457
553	*	Casella Waste Systems, Inc (Class A)		6,763
8,025		Centerpoint Energy, Inc		133,055
467		CH Energy Group, Inc		24,658
400	*	Clean Harbors, Inc		19,364
1,455		Cleco Corp		36,710
5,689	*	CMS Energy Corp		95,006
6,144		Consolidated Edison, Inc		295,342
4,428		Constellation Energy Group, Inc		304,956
2,952	*	Covanta Holding Corp		65,062
681		Crosstex Energy, Inc		21,581
8,797		Dominion Resources, Inc		737,540
3,071		DPL, Inc		85,312
4,381		DTE Energy Co		212,084
31,389		Duke Energy Corp		1,042,429
1,878		Duquesne Light Holdings, Inc		37,278
8,957	*	Dynegy, Inc (Class A)		64,849
8,262		Edison International		375,756
16,666		El Paso Corp		254,656
1,465	*	El Paso Electric Co		35,702
665		Empire District Electric Co		16,419
1,914		Energen Corp		89,843
3,852		Energy East Corp		95,530
177		EnergySouth, Inc		7,098
5,170		Entergy Corp		477,294
16,881		Exelon Corp		1,044,765
8,399		FirstEnergy Corp		506,460
10,216		FPL Group, Inc		555,955
2,033		Great Plains Energy, Inc		64,649
1,942		Hawaiian Electric Industries, Inc		52,725
1,026		Idacorp, Inc		39,655
300		ITC Holdings Corp		11,970
4,393		KeySpan Corp		180,904
2,750		Kinder Morgan, Inc		290,813
511		Laclede Group, Inc		17,900
4,648		MDU Resources Group, Inc		119,175
670		Metal Management, Inc		25,360
461		MGE Energy, Inc		16,863
6,813	*	Mirant Corp		215,086
2,122		National Fuel Gas Co		81,782

37

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
729		New Jersey Resources Corp	$	35,415
1,150		Nicor, Inc		53,820
6,747		NiSource, Inc		162,603
3,964		Northeast Utilities		111,626
689		Northwest Natural Gas Co		29,241
933		NorthWestern Corp		33,010
3,471	*	NRG Energy, Inc		194,411
2,778		NSTAR		95,452
2,378		OGE Energy Corp		95,120
2,944		Oneok, Inc		126,945
300		Ormat Technologies, Inc		11,046
890		Otter Tail Corp		27,732
1,085		Peoples Energy Corp		48,358
4,920		Pepco Holdings, Inc		127,969
8,826		PG&E Corp		417,735
90	*	Pico Holdings, Inc		3,129
2,138		Piedmont Natural Gas Co, Inc		57,192
400	*	Pike Electric Corp		6,532
2,464		Pinnacle West Capital Corp		124,900
1,364	*	Plug Power, Inc		5,306
1,795		PNM Resources, Inc		55,825
691		Portland General Electric Co		18,830
9,584		PPL Corp		343,491
6,443		Progress Energy, Inc		316,222
445	v*	Progress Energy, Inc		4
6,399		Public Service Enterprise Group, Inc		424,766
2,999		Puget Energy, Inc		76,055
2,210		Questar Corp		183,541
8,031	*	Reliant Energy, Inc		114,121
2,871		Republic Services, Inc		116,764
800		Resource America, Inc (Class A)		21,120
2,837		SCANA Corp		115,239
6,490		Sempra Energy		363,700
4,965	*	Sierra Pacific Resources		83,561
648		SJW Corp		25,116
672		South Jersey Industries, Inc		22,452
18,652		Southern Co		687,513
2,494		Southern Union Co		69,730
1,030		Southwest Gas Corp		39,521
487		Southwest Water Co		6,701
1,143	*	Stericycle, Inc		86,297
1,592		Synagro Technologies, Inc		7,037
5,187		TECO Energy, Inc		89,372
11,538		TXU Corp		625,475
2,660		UGI Corp		72,565
575		UIL Holdings Corp		24,259
758		Unisource Energy Corp		27,690
2,064		Vectren Corp		58,370
1,137	*	Waste Connections, Inc		47,242
565	*	Waste Services, Inc		5,565
2,264		Westar Energy, Inc		58,773
1,175		WGL Holdings, Inc		38,282
15,063		Williams Cos, Inc		393,446

38

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,853		Wisconsin Energy Corp	$	135,403
1,065		WPS Resources Corp		57,542
10,609		Xcel Energy, Inc		244,644
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		16,440,309
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.06%
722	*	Actel Corp		13,112
1,166		Acuity Brands, Inc		60,679
2,884	*	Adaptec, Inc		13,439
3,168	*	ADC Telecommunications, Inc		46,031
1,713		Adtran, Inc		38,885
938	*	Advanced Analogic Technologies, Inc		5,056
609	*	Advanced Energy Industries, Inc		11,492
13,577	*	Advanced Micro Devices, Inc		276,292
1,672	*	Aeroflex, Inc		19,596
4,255	*	Agere Systems, Inc		81,568
8,948	*	Altera Corp		176,097
4,357		American Power Conversion Corp		133,281
687	*	American Superconductor Corp		6,739
2,763		Ametek, Inc		87,974
982	*	AMIS Holdings, Inc		10,380
2,073	*	Amkor Technology, Inc		19,362
2,296		Amphenol Corp (Class A)		142,536
1,240	*	Anadigics, Inc		10,986
9,019		Analog Devices, Inc		296,455
4,336	*	Andrew Corp		44,357
21,556	*	Apple Computer, Inc		1,828,811
9,310	*	Applied Micro Circuits Corp		33,144
2,569	*	Arris Group, Inc		32,138
1,331	*	Atheros Communications, Inc		28,377
10,601	*	Atmel Corp		64,136
973	*	ATMI, Inc		29,706
4,326	*	Avanex Corp		8,176
3,411	*	Avnet, Inc		87,083
1,162		AVX Corp		17,186
810		Baldor Electric Co		27,070
257		Bel Fuse, Inc (Class B)		8,941
1,878	*	Benchmark Electronics, Inc		45,748
1,449	*	Bookham, Inc		5,897
11,400	*	Broadcom Corp (Class A)		368,334
1,990	*	Broadwing Corp		31,084
7,166	*	Brocade Communications Systems, Inc		58,833
580	*	CalAmp Corp		4,895
2,707	*	Capstone Turbine Corp		3,330
931	*	C-COR, Inc		10,371
673	*	Ceradyne, Inc		38,025
1,008	*	Checkpoint Systems, Inc		20,362
717	*	China BAK Battery, Inc		4,675
2,233	*	Ciena Corp		61,876
154,090	*	Cisco Systems, Inc		4,211,280
600	*	Color Kinetics, Inc		12,810
456	*	Comtech Telecommunications Corp		17,360
5,207	*	Comverse Technology, Inc		109,920

39

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
10,588	*	Conexant Systems, Inc	$	21,600
2,139	*	Cree, Inc		37,047
1,104		CTS Corp		17,333
360		Cubic Corp		7,812
3,443	*	Cypress Semiconductor Corp		58,083
513	*	Diodes, Inc		18,201
695	*	Ditech Networks, Inc		4,809
721	*	Dolby Laboratories, Inc (Class A)		22,365
795	*	DSP Group, Inc		17,252
473	*	DTS, Inc		11,442
1,002	*	Electro Scientific Industries, Inc		20,180
1,200	*	Emcore Corp		6,636
20,596		Emerson Electric Co		908,078
383	*	EMS Technologies, Inc		7,671
1,395	*	Energizer Holdings, Inc		99,031
1,010	*	Energy Conversion Devices, Inc		34,320
1,186	*	EnerSys		18,976
1,721	*	Evergreen Solar, Inc		13,028
901	*	Exar Corp		11,713
3,140	*	Fairchild Semiconductor International, Inc		52,783
4,657	*	Finisar Corp		15,042
300	*	First Solar, Inc		8,940
576		Franklin Electric Co, Inc		29,601
1,189	*	FuelCell Energy, Inc		7,681
6,578	*	Gemstar-TV Guide International, Inc		26,378
625	*	Genlyte Group, Inc		48,819
2,670	*	GrafTech International Ltd		18,476
567	*	Greatbatch, Inc		15,264
1,653		Harman International Industries, Inc		165,151
2,383	*	Harmonic, Inc		17,324
3,396		Harris Corp		155,741
2,411	*	Hexcel Corp		41,976
332	*	Hittite Microwave Corp		10,730
20,974		Honeywell International, Inc		948,864
593	*	Hutchinson Technology, Inc		13,977
296	*	ID Systems, Inc		5,571
534	*	Ikanos Communications, Inc		4,640
862		Imation Corp		40,023
5,405	*	Integrated Device Technology, Inc		83,669
147,170		Intel Corp		2,980,193
1,294	*	Interdigital Communications Corp		43,414
1,847	*	International Rectifier Corp		71,165
3,852		Intersil Corp (Class A)		92,140
499		Inter-Tel, Inc		11,058
916	*	InterVoice, Inc		7,017
290	*	iRobot Corp		5,237
529	*	IXYS Corp		4,708
5,274	*	JDS Uniphase Corp		87,865
2,675	*	Kemet Corp		19,528
3,051		L-3 Communications Holdings, Inc		249,511
358	*	Lamson & Sessions Co		8,685
2,469	*	Lattice Semiconductor Corp		15,999
1,041		Lincoln Electric Holdings, Inc		62,897

40

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,634		Linear Technology Corp	$	231,463
463	*	Littelfuse, Inc		14,760
293	*	Loral Space & Communications, Inc		11,931
508		LSI Industries, Inc		10,084
10,469	*	LSI Logic Corp		94,221
1,123	*	Mattson Technology, Inc		10,466
7,978		Maxim Integrated Products, Inc		244,286
375	*	Maxwell Technologies, Inc		5,231
3,375	*	McData Corp (Class A)		18,731
366	*	Medis Technologies Ltd		6,379
3,609	*	MEMC Electronic Materials, Inc		141,256
597	*	Mercury Computer Systems, Inc		7,976
1,436		Methode Electronics, Inc		15,552
1,757	*	Micrel, Inc		18,940
5,430		Microchip Technology, Inc		177,561
18,229	*	Micron Technology, Inc		254,477
1,829	*	Microsemi Corp		35,940
1,400	*	Microtune, Inc		6,580
2,839	*	Mindspeed Technologies, Inc		5,422
1,154	*	MIPS Technologies, Inc		9,578
696	*	Mobility Electronics, Inc		2,332
3,603		Molex, Inc		113,963
700	*	Monolithic Power Systems, Inc		7,777
867	*	Moog, Inc (Class A)		33,111
603	*	MoSys, Inc		5,578
62,226		Motorola, Inc		1,279,367
2,667	*	MRV Communications, Inc		9,441
300	*	Multi-Fineline Electronix, Inc		6,087
128		National Presto Industries, Inc		7,663
8,503		National Semiconductor Corp		193,018
300	*	Netlogic Microsystems, Inc		6,507
9,543	*	Network Appliance, Inc		374,849
3,326	*	Novellus Systems, Inc		114,481
8,924	*	Nvidia Corp		330,277
1,167	*	Omnivision Technologies, Inc		15,930
3,389	*	ON Semiconductor Corp		25,655
2,142	*	Openwave Systems, Inc		19,771
752	*	Oplink Communications, Inc		15,461
517	*	Optical Communication Products, Inc		848
347	*	OSI Systems, Inc		7,263
400		Park Electrochemical Corp		10,260
474	*	Parkervision, Inc		5,285
271	*	Pericom Semiconductor Corp		3,108
1,081	*	Photronics, Inc		17,664
1,280		Plantronics, Inc		27,136
1,179	*	Plexus Corp		28,155
557	*	PLX Technology, Inc		7,263
4,913	*	PMC - Sierra, Inc		32,966
2,444	*	Polycom, Inc		75,544
391	*	Portalplayer, Inc		5,259
108	*	Powell Industries, Inc		3,410
2,364	*	Power-One, Inc		17,210
2,962	*	Powerwave Technologies, Inc		19,105

41

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,162	*	QLogic Corp	$	91,231
42,270		Qualcomm, Inc		1,597,383
1,165	*	Quantum Fuel Systems Technologies Worldwide, Inc		1,864
3,459		RadioShack Corp		58,042
455	*	Radyne Corp		4,887
2,024	*	Rambus, Inc		38,314
354		Raven Industries, Inc		9,487
794		Regal-Beloit Corp		41,693
4,968	*	RF Micro Devices, Inc		33,733
458	*	Rogers Corp		27,091
14,370	*	Sanmina-SCI Corp		49,577
1,640	*	Semtech Corp		21,435
2,200	*	Silicon Image, Inc		27,984
1,289	*	Silicon Laboratories, Inc		44,664
2,309	*	Silicon Storage Technology, Inc		10,414
642	*	Sirenza Microdevices, Inc		5,046
36,213	*	Sirius Satellite Radio, Inc		128,194
3,963	*	Skyworks Solutions, Inc		28,058
850	*	Spansion, Inc (Class A)		12,631
1,075	*	Spectrum Brands, Inc		11,718
398	*	Standard Microsystems Corp		11,136
2,467	*	Stratex Networks, Inc		11,916
200	*	Sunpower Corp (Class A)		7,434
400	*	Supertex, Inc		15,700
5,522	*	Sycamore Networks, Inc		20,763
1,400	*	Symmetricom, Inc		12,488
620	*	Synaptics, Inc		18,408
1,002		Technitrol, Inc		23,938
1,594	*	Tekelec		23,639
991		Teleflex, Inc		63,979
11,241	*	Tellabs, Inc		115,333
1,148	*	Tessera Technologies, Inc		46,310
39,416		Texas Instruments, Inc		1,135,181
1,611	*	Thomas & Betts Corp		76,168
5,130	*	Transmeta Corp		5,694
2,723	*	Transwitch Corp		3,812
1,456	*	Trident Microsystems, Inc		26,470
2,542	*	Triquint Semiconductor, Inc		11,439
1,148	*	TTM Technologies, Inc		13,007
100	*	Ulticom, Inc		959
400	*	Universal Display Corp		6,004
400	*	Universal Electronics, Inc		8,408
2,735	*	Utstarcom, Inc		23,931
1,441	*	Varian Semiconductor Equipment Associates, Inc		65,594
559	*	Viasat, Inc		16,664
270		Vicor Corp		3,000
4,556	*	Vishay Intertechnology, Inc		61,688
392	*	Volterra Semiconductor Corp		5,880
1,812		Whirlpool Corp		150,432
8,756		Xilinx, Inc		208,480
652	*	Zhone Technologies, Inc		854
359	*	Zoltek Cos, Inc		7,062
1,164	*	Zoran Corp		16,971
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		23,974,295

42

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
ENGINEERING AND MANAGEMENT SERVICES - 0.79%
499	*	Advisory Board Co	$	26,716
2,651	*	Amylin Pharmaceuticals, Inc		95,622
1,934	*	Applera Corp (Celera Genomics Group)		27,057
1,473	*	Ariad Pharmaceuticals, Inc		7,571
462		CDI Corp		11,504
9,167	*	Celgene Corp		527,378
304	*	Cornell Cos, Inc		5,572
1,045		Corporate Executive Board Co		91,647
193	*	CRA International, Inc		10,113
1,159	*	CV Therapeutics, Inc		16,180
1,224	*	deCODE genetics, Inc		5,545
656		Diamond Management & Technology Consultants, Inc		8,161
2,311	*	Digitas, Inc		30,991
800	*	Diversa Corp		8,704
1,615	*	eResearch Technology, Inc		10,869
444	*	Essex Corp		10,616
2,026	*	Exelixis, Inc		18,234
338	*	Exponent, Inc		6,307
557	*	First Consulting Group, Inc		7,664
2,206		Fluor Corp		180,120
1,427	*	Gen-Probe, Inc		74,732
1,141	*	Harris Interactive, Inc		5,751
2,568	*	Hewitt Associates, Inc (Class A)		66,126
446	*	Huron Consulting Group, Inc		20,222
1,608	*	ICOS Corp		54,334
1,684	*	Incyte Corp		9,835
688	*	Infrasource Services, Inc		14,978
2,316	*	Isis Pharmaceuticals, Inc		25,754
1,506	*	Jacobs Engineering Group, Inc		122,799
319	*	Kendle International, Inc		10,033
230		Landauer, Inc		12,068
620	*	LECG Corp		11,458
1,784	*	Lexicon Genetics, Inc		6,440
800	*	Lifecell Corp		19,312
563	*	Luminex Corp		7,150
643		MAXIMUS, Inc		19,792
393	*	Maxygen, Inc		4,233
3,141	*	Monogram Biosciences, Inc		5,591
6,083		Moody's Corp		420,092
265	*	MTC Technologies, Inc		6,241
1,022	*	Myriad Genetics, Inc		31,989
1,293	*	Navigant Consulting, Inc		25,550
692	*	Omnicell, Inc		12,892
8,444		Paychex, Inc		333,876
956	*	Per-Se Technologies, Inc		26,558
551	*	PharmaNet Development Group, Inc		12,161
3,874		Quest Diagnostics, Inc		205,322
1,461	*	Regeneron Pharmaceuticals, Inc		29,322
3,534	*	Rentech, Inc		13,323
1,302	*	Resources Connection, Inc		41,456

43

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
682	*	Rigel Pharmaceuticals, Inc	$	8,095
1,800	*	SAIC, Inc		32,022
1,380	*	Savient Pharmaceuticals, Inc		15,470
539	*	Senomyx, Inc		7,002
2,024	*	Shaw Group, Inc		67,804
700	*	Symyx Technologies, Inc		15,113
325	*	Tejon Ranch Co		18,148
1,200	*	Telik, Inc		5,316
1,586	*	Tetra Tech, Inc		28,691
482	*	Trimeris, Inc		6,126
1,320	*	URS Corp		56,562
700	*	Washington Group International, Inc		41,853
1,094		Watson Wyatt & Co Holdings (Class A)		49,394
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,107,557
ENVIRONMENTAL QUALITY AND HOUSING - 0.00% **
962	*	Home Solutions of America, Inc		5,637
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		5,637
FABRICATED METAL PRODUCTS - 0.40%
822	*	Alliant Techsystems, Inc		64,272
298		Ameron International Corp		22,758
919		Aptargroup, Inc		54,258
2,667		Ball Corp		116,281
500		CIRCOR International, Inc		18,395
3,196		Commercial Metals Co		82,457
325	*	Commercial Vehicle Group, Inc		7,085
1,378		Crane Co		50,490
4,184	*	Crown Holdings, Inc		87,529
400		Dynamic Materials Corp		11,240
1,009	*	Griffon Corp		25,730
100		Gulf Island Fabrication, Inc		3,690
12,491		Illinois Tool Works, Inc		576,959
367		Insteel Industries, Inc		6,529
2,538	*	Jacuzzi Brands, Inc		31,547
362	*	Ladish Co, Inc		13,423
201		Lifetime Brands, Inc		3,302
913	*	Mobile Mini, Inc		24,596
2,511		Mueller Water Products, Inc (Class A)		37,339
551	*	NCI Building Systems, Inc		28,514
2,626		Pentair, Inc		82,456
576		Silgan Holdings, Inc		25,298
954		Simpson Manufacturing Co, Inc		30,194
744	*	Smith & Wesson Holding Corp		7,693
1,508		Snap-On, Inc		71,841
2,026	*	Taser International, Inc		15,418
566		Valmont Industries, Inc		31,407
763		Watts Water Technologies, Inc (Class A)		31,367
		TOTAL FABRICATED METAL PRODUCTS		1,562,068
FOOD AND KINDRED PRODUCTS - 2.76%
19,451		Anheuser-Busch Cos, Inc		956,989
16,620		Archer Daniels Midland Co		531,175

44

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
300	*	Boston Beer Co, Inc (Class A)	$	10,794
651	*	Burger King Holdings, Inc		13,736
5,866		Campbell Soup Co		228,129
200		Coca-Cola Bottling Co Consolidated		13,686
51,407		Coca-Cola Co		2,480,388
7,594		Coca-Cola Enterprises, Inc		155,069
13,090		ConAgra Foods, Inc		353,430
5,012	*	Constellation Brands, Inc (Class A)		145,448
1,935		Corn Products International, Inc		66,835
1,501	*	Darling International, Inc		8,271
5,488		Del Monte Foods Co		60,533
401		Diamond Foods, Inc		7,623
300		Farmer Bros Co		6,405
1,356		Flowers Foods, Inc		36,598
8,804		General Mills, Inc		507,110
1,344	*	Gold Kist, Inc		28,251
8,452		H.J. Heinz Co		380,425
1,572	*	Hansen Natural Corp		52,945
4,266		Hershey Co		212,447
1,703		Hormel Foods Corp		63,590
296		Imperial Sugar Co		7,166
568		J&J Snack Foods Corp		23,515
1,464		J.M. Smucker Co		70,960
561	*	Jones Soda Co		6,900
6,175		Kellogg Co		309,121
5,244		Kraft Foods, Inc (Class A)		187,211
532		Lancaster Colony Corp		23,573
991		Lance, Inc		19,899
274	*	M&F Worldwide Corp		6,921
3,222		McCormick & Co, Inc		124,240
239		MGP Ingredients, Inc		5,404
1,229		Molson Coors Brewing Co (Class B)		93,945
283	*	Peet's Coffee & Tea, Inc		7,426
3,429		Pepsi Bottling Group, Inc		105,990
1,453		PepsiAmericas, Inc		30,484
41,659		PepsiCo, Inc		2,605,770
1,022	*	Performance Food Group Co		28,248
358		Premium Standard Farms, Inc		6,648
708	*	Ralcorp Holdings, Inc		36,030
427		Reddy Ice Holdings, Inc		11,025
466		Sanderson Farms, Inc		14,115
19,234		Sara Lee Corp		327,555
2,442	*	Smithfield Foods, Inc		62,662
923		Tootsie Roll Industries, Inc		30,182
1,164		Topps Co, Inc		10,360
784	*	TreeHouse Foods, Inc		24,461
5,837		Tyson Foods, Inc (Class A)		96,019
5,917		Wrigley (Wm.) Jr Co		306,027
		TOTAL FOOD AND KINDRED PRODUCTS		10,901,734
FOOD STORES - 0.24%
35		Arden Group, Inc (Class A)		4,333
453		Great Atlantic & Pacific Tea Co, Inc		11,660

45

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
636		Ingles Markets, Inc (Class A)	$	18,946
18,259		Kroger Co		421,235
839	*	Panera Bread Co (Class A)		46,908
588	*	Pantry, Inc		27,542
1,200	*	Pathmark Stores, Inc		13,380
1,005		Ruddick Corp		27,889
5,098		Supervalu, Inc		182,254
314		Weis Markets, Inc		12,595
3,498		Whole Foods Market, Inc		164,161
665	*	Wild Oats Markets, Inc		9,563
		TOTAL FOOD STORES		940,466
FORESTRY - 0.13%
1,965		Rayonier, Inc		80,663
6,221		Weyerhaeuser Co		439,514
		TOTAL FORESTRY		520,177
FURNITURE AND FIXTURES - 0.31%
856		Ethan Allen Interiors, Inc		30,910
1,351		Furniture Brands International, Inc		21,927
1,706		Herman Miller, Inc		62,030
1,519		Hillenbrand Industries, Inc		86,477
1,341		HNI Corp		59,554
164		Hooker Furniture Corp		2,572
1,255	*	Interface, Inc (Class A)		17,846
4,885		Johnson Controls, Inc		419,719
620		Kimball International, Inc (Class B)		15,066
1,120		La-Z-Boy, Inc		13,294
4,711		Leggett & Platt, Inc		112,593
9,956		Masco Corp		297,386
522		Sealy Corp		7,700
1,137	*	Select Comfort Corp		19,772
340		Stanley Furniture Co, Inc		7,293
1,121	*	Tempur-Pedic International, Inc		22,936
764	*	Williams Scotsman International, Inc		14,990
		TOTAL FURNITURE AND FIXTURES		1,212,065
FURNITURE AND HOME FURNISHINGS STORES - 0.19%
7,082	*	Bed Bath & Beyond, Inc		269,824
4,606		Circuit City Stores, Inc		87,422
707	*	Cost Plus, Inc		7,282
1,692	*	GameStop Corp (Class A)		93,246
672	*	Guitar Center, Inc		30,549
768		Haverty Furniture Cos, Inc		11,366
864		Knoll, Inc		19,008
1,303	*	Mohawk Industries, Inc		97,543
2,367	*	Pier 1 Imports, Inc		14,084
741	*	Restoration Hardware, Inc		6,306
1,989		Steelcase, Inc (Class A)		36,120
668		Tuesday Morning Corp		10,387
2,484		Williams-Sonoma, Inc		78,097
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		761,234

46

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
GENERAL BUILDING CONTRACTORS - 0.36%
90	*	Avatar Holdings, Inc	$	7,277
1,053		Beazer Homes USA, Inc		49,502
344		Brookfield Homes Corp		12,917
165	*	Cavco Industries, Inc		5,782
2,932		Centex Corp		164,984
7,940		DR Horton, Inc		210,331
1,288	*	Hovnanian Enterprises, Inc (Class A)		43,663
2,070		KB Home		106,150
3,324		Lennar Corp (Class A)		174,377
325		Levitt Corp (Class A)		3,978
266		M/I Homes, Inc		10,159
532		McGrath RentCorp		16,295
834		MDC Holdings, Inc		47,580
586	*	Meritage Homes Corp		27,964
120	*	NVR, Inc		77,400
429	*	Palm Harbor Homes, Inc		6,015
514	*	Perini Corp		15,821
5,294		Pulte Homes, Inc		175,337
1,022		Ryland Group, Inc		55,822
1,437		Standard-Pacific Corp		38,497
382		Technical Olympic USA, Inc		3,885
3,278	*	Toll Brothers, Inc		105,650
1,122		Walter Industries, Inc		30,350
909	*	WCI Communities, Inc		17,435
		TOTAL GENERAL BUILDING CONTRACTORS		1,407,171
GENERAL MERCHANDISE STORES - 1.68%
1,137	*	99 Cents Only Stores		13,837
3,096	*	Big Lots, Inc		70,960
1,740	*	BJ's Wholesale Club, Inc		54,131
801	*	Cabela's, Inc		19,328
1,339		Casey's General Stores, Inc		31,533
207	*	Conn's, Inc		4,817
11,963		Costco Wholesale Corp		632,484
1,549		Dillard's, Inc (Class A)		54,169
8,151		Dollar General Corp		130,905
3,892		Family Dollar Stores, Inc		114,152
13,912		Federated Department Stores, Inc		530,465
1,283		Fred's, Inc		15,447
5,870		JC Penney Co, Inc		454,103
373	*	Retail Ventures, Inc		7,102
3,234		Saks, Inc		57,630
556		Stein Mart, Inc		7,373
21,818		Target Corp		1,244,717
11,517		TJX Cos, Inc		328,465
62,171		Wal-Mart Stores, Inc		2,871,057
		TOTAL GENERAL MERCHANDISE STORES		6,642,675
HEALTH SERVICES - 1.46%
1,059	*	Alliance Imaging, Inc		7,042
676	*	Amedisys, Inc		22,220
5,238		AmerisourceBergen Corp		235,500

47

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
793	*	Amsurg Corp	$	18,239
796	*	Apria Healthcare Group, Inc		21,213
500	*	Bio-Reference Labs, Inc		11,245
315		Brookdale Senior Living, Inc		15,120
11,218		Caremark Rx, Inc		640,660
2,793		Cigna Corp		367,475
2,381	*	Community Health Systems, Inc		86,954
135	*	Corvel Corp		6,422
1,241	*	Covance, Inc		73,107
3,958	*	Coventry Health Care, Inc		198,098
941	*	Cross Country Healthcare, Inc		20,533
2,701	*	DaVita, Inc		153,633
1,437	*	Edwards Lifesciences Corp		67,596
604	*	Enzo Biochem, Inc		8,619
2,938	*	Express Scripts, Inc		210,361
817	*	Five Star Quality Care, Inc		9,110
517	*	Genesis HealthCare Corp		24,418
671	*	Gentiva Health Services, Inc		12,789
5,904		Health Management Associates, Inc (Class A)		124,633
867	*	Healthways, Inc		41,365
270	*	Horizon Health Corp		5,284
708	*	Kindred Healthcare, Inc		17,877
3,121	*	Laboratory Corp of America Holdings		229,300
404		LCA-Vision, Inc		13,881
294	*	LHC Group, Inc		8,382
1,383	*	LifePoint Hospitals, Inc		46,607
2,396	*	Lincare Holdings, Inc		95,457
959	*	Magellan Health Services, Inc		41,448
1,789		Manor Care, Inc		83,940
450	*	Matria Healthcare, Inc		12,929
7,616		McKesson Corp		386,131
170	*	Medcath Corp		4,651
7,588	*	Medco Health Solutions, Inc		405,503
175		National Healthcare Corp		9,660
2,300	*	Nektar Therapeutics		34,983
631	*	Odyssey HealthCare, Inc		8,367
2,930		Omnicare, Inc		113,186
1,087		Option Care, Inc		15,490
1,266	*	Pediatrix Medical Group, Inc		61,907
2,609		Pharmaceutical Product Development, Inc		84,062
1,358	*	Psychiatric Solutions, Inc		50,952
400	*	Radiation Therapy Services, Inc		12,608
500	*	RehabCare Group, Inc		7,425
1,449	*	Sierra Health Services, Inc		52,222
610	*	Stereotaxis, Inc		6,295
594	*	Sun Healthcare Group, Inc		7,502
1,145	*	Sunrise Senior Living, Inc		35,174
467	*	Symbion, Inc		8,644
12,116	*	Tenet Healthcare Corp		84,449
2,123	*	Triad Hospitals, Inc		88,805
1,188	*	United Surgical Partners International, Inc		33,680
1,141		Universal Health Services, Inc (Class B)		63,246
309	*	VistaCare, Inc (Class A)		3,136

48

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
16,097	*	WellPoint, Inc	$	1,266,673
		TOTAL HEALTH SERVICES		5,776,208
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%
933		Granite Construction, Inc		46,949
529	*	Matrix Service Co		8,517
231	*	Sterling Construction Co, Inc		5,027
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		60,493
HOLDING AND OTHER INVESTMENT OFFICES - 3.33%
690		Acadia Realty Trust		17,264
861	*	Affiliated Managers Group, Inc		90,517
695	*	Affordable Residential Communities LP		8,097
695	v*	Affordable Residential Communities LP		167
496		Agree Realty Corp		17,048
54	*	Alexander's, Inc		22,661
586		Alexandria Real Estate Equities, Inc		58,834
3,428		Allied Capital Corp		112,027
2,246		AMB Property Corp		131,638
400		American Campus Communities, Inc		11,388
3,293		American Financial Realty Trust		37,672
1,135		American Home Mortgage Investment Corp		39,861
4,212		Annaly Mortgage Management, Inc		58,589
1,284		Anthracite Capital, Inc		16,345
1,557		Anworth Mortgage Asset Corp		14,807
2,490		Apartment Investment & Management Co (Class A)		139,490
2,088		Apollo Investment Corp		46,771
197		Arbor Realty Trust, Inc		5,928
5,410		Archstone-Smith Trust		314,916
1,164		Ashford Hospitality Trust, Inc		14,492
1,906		AvalonBay Communities, Inc		247,875
1,443		BioMed Realty Trust, Inc		41,270
2,922		Boston Properties, Inc		326,913
2,273		Brandywine Realty Trust		75,577
1,328		BRE Properties, Inc (Class A)		86,347
1,452		Camden Property Trust		107,230
637		Capital Lease Funding, Inc		7,389
79		Capital Southwest Corp		9,973
373		Capital Trust, Inc (Class A)		18,628
1,657		CBL & Associates Properties, Inc		71,831
777		Cedar Shopping Centers, Inc		12,362
309		CentraCore Properties Trust		9,990
300		Cherokee, Inc		12,873
1,100		Colonial Properties Trust		51,568
336		Compass Diversified Trust		5,762
957		Corporate Office Properties Trust		48,300
936		Cousins Properties, Inc		33,013
2,446		Crescent Real Estate Equities Co		48,309
1,329		Deerfield Triarc Capital Corp		22,500
2,785		Developers Diversified Realty Corp		175,316
1,659		DiamondRock Hospitality Co		29,879
300		Digital Realty Trust, Inc		10,269
1,700		Douglas Emmett, Inc		45,203

49

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,560		Duke Realty Corp	$	145,604
570		EastGroup Properties, Inc		30,529
600		Education Realty Trust, Inc		8,862
87	*	Enstar Group, Inc		8,343
663		Entertainment Properties Trust		38,746
1,440		Equity Inns, Inc		22,982
476		Equity Lifestyle Properties, Inc		25,909
9,249		Equity Office Properties Trust		445,524
800		Equity One, Inc		21,328
7,352		Equity Residential		373,114
618		Essex Property Trust, Inc		79,877
1,100		Extra Space Storage, Inc		20,086
1,367		Federal Realty Investment Trust		116,195
1,572		FelCor Lodging Trust, Inc		34,332
1,272		Fieldstone Investment Corp		5,571
1,143		First Industrial Realty Trust, Inc		53,595
423		First Potomac Realty Trust		12,314
1,277		Franklin Street Properties Corp		26,881
3,885		Friedman Billings Ramsey Group, Inc (Class A)		31,080
4,334		General Growth Properties, Inc		226,365
629		Getty Realty Corp		19,436
236		Gladstone Capital Corp		5,631
430		Gladstone Investment Corp		6,583
789		Glimcher Realty Trust		21,074
390		Global Signal, Inc		20,541
800		GMH Communities Trust		8,120
400		Gramercy Capital Corp		12,356
350	*	Harris & Harris Group, Inc		4,232
4,886		Health Care Property Investors, Inc		179,903
1,802		Health Care REIT, Inc		77,522
1,251		Healthcare Realty Trust, Inc		49,465
706		Hersha Hospitality Trust		8,006
1,539		Highland Hospitality Corp		21,931
1,624		Highwoods Properties, Inc		66,194
946		Home Properties, Inc		56,069
1,700		HomeBanc Corp		7,191
1,756		Hospitality Properties Trust		83,463
13,064		Host Marriott Corp		320,721
5,594		HRPT Properties Trust		69,086
2,165		IMPAC Mortgage Holdings, Inc		19,052
1,748		Inland Real Estate Corp		32,723
920		Innkeepers U.S.A. Trust		14,260
1,600		Investors Real Estate Trust		16,416
30,900		iShares Russell 3000 Index Fund		2,535,036
2,822		iStar Financial, Inc		134,948
674		JER Investors Trust, Inc		13,932
800		Kilroy Realty Corp		62,400
5,650		Kimco Realty Corp		253,968
700		Kite Realty Group Trust		13,034
1,771		KKR Financial Corp		47,445
931		LaSalle Hotel Properties		42,686
1,363		Lexington Corporate Properties Trust		30,558
2,152		Liberty Property Trust		105,749

50

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
597		LTC Properties, Inc	$	16,304
1,028		Luminent Mortgage Capital, Inc		9,982
1,853		Macerich Co		160,414
1,407		Mack-Cali Realty Corp		71,757
956		Maguire Properties, Inc		38,240
1,021		Medical Properties Trust, Inc		15,621
2,141		MFA Mortgage Investments, Inc		16,464
569		Mid-America Apartment Communities, Inc		32,570
1,511	*	Mills Corp		30,220
500		MortgageIT Holdings, Inc		7,375
913		National Health Investors, Inc		30,129
1,431		National Retail Properties, Inc		32,841
1,874		Nationwide Health Properties, Inc		56,632
1,272		New Century Financial Corp		40,182
2,873		New Plan Excel Realty Trust		78,950
1,140		Newcastle Investment Corp		35,705
496		Newkirk Realty Trust, Inc		8,948
700		NorthStar Realty Finance Corp		11,599
704		Novastar Financial, Inc		18,762
6,657		NTL, Inc		168,023
1,305		Omega Healthcare Investors, Inc		23,125
509		Parkway Properties, Inc		25,964
1,044		Pennsylvania Real Estate Investment Trust		41,113
4,562		Plum Creek Timber Co, Inc		181,796
1,037		Post Properties, Inc		47,391
1,045		Potlatch Corp		45,792
6,156		Prologis		374,100
437		PS Business Parks, Inc		30,900
3,047		Public Storage, Inc		297,083
731		RAIT Investment Trust		25,205
311		Ramco-Gershenson Properties		11,862
5,957	*	Realogy Corp		180,616
2,302		Realty Income Corp		63,765
2,127		Reckson Associates Realty Corp		96,991
514		Redwood Trust, Inc		29,853
1,682		Regency Centers Corp		131,482
650		Republic Property Trust		7,501
340		Saul Centers, Inc		18,765
1,653		Senior Housing Properties Trust		40,465
5,559		Simon Property Group, Inc		563,071
1,116		SL Green Realty Corp		148,182
368		Sovran Self Storage, Inc		21,079
2,128		Spirit Finance Corp		26,536
478	*	Star Maritime Acquisition Corp		4,689
1,893		Strategic Hotels & Resorts, Inc		41,248
366		Sun Communities, Inc		11,844
1,496		Sunstone Hotel Investors, Inc		39,988
766		Tanger Factory Outlet Centers, Inc		29,935
273		Tarragon Corp		3,322
1,400		Taubman Centers, Inc		71,204
2,881		Thornburg Mortgage, Inc		72,400
1,750		Trustreet Properties, Inc		29,488
3,488		United Dominion Realty Trust, Inc		110,884

51

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
488		Universal Health Realty Income Trust	$	19,022
562		Urstadt Biddle Properties, Inc (Class A)		10,729
1,218		U-Store-It Trust		25,030
2,686		Ventas, Inc		113,672
3,088		Vornado Realty Trust		375,192
1,105		Washington Real Estate Investment Trust		44,200
2,101		Weingarten Realty Investors		96,877
600		Winston Hotels, Inc		7,950
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		13,164,886
HOTELS AND OTHER LODGING PLACES - 0.58%
632		Ameristar Casinos, Inc		19,428
950	*	Aztar Corp		51,699
469	*	Bluegreen Corp		6,017
1,136		Boyd Gaming Corp		51,472
890		Choice Hotels International, Inc		37,469
1,045	*	Gaylord Entertainment Co		53,222
665	*	Great Wolf Resorts, Inc		9,283
9,642		Hilton Hotels Corp		336,506
243	*	Isle of Capri Casinos, Inc		6,459
3,584	*	Las Vegas Sands Corp		320,696
530	*	Lodgian, Inc		7,208
485		Marcus Corp		12,406
8,614		Marriott International, Inc (Class A)		411,060
3,085	*	MGM Mirage		176,925
268	*	Monarch Casino & Resort, Inc		6,400
464	*	Morgans Hotel Group Co		7,856
300	*	Riviera Holdings Corp		7,248
5,427		Starwood Hotels & Resorts Worldwide, Inc		339,188
1,308		Station Casinos, Inc		106,824
720	*	Trump Entertainment Resorts, Inc		13,133
796	*	Vail Resorts, Inc		35,677
5,086	*	Wyndham Worldwide Corp		162,854
1,247		Wynn Resorts Ltd		117,031
		TOTAL HOTELS AND OTHER LODGING PLACES		2,296,061
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.35%
19,064		3M Co		1,485,658
128		Aaon, Inc		3,364
696		Actuant Corp (Class A)		33,164
2,424	*	AGCO Corp		74,999
741		Albany International Corp (Class A)		24,386
359	*	Allis-Chalmers Energy, Inc		8,271
4,397		American Standard Cos, Inc		201,602
190		Ampco-Pittsburgh Corp		6,361
35,179		Applied Materials, Inc		649,053
455	*	Astec Industries, Inc		15,971
354	*	ASV, Inc		5,760
1,413	*	Asyst Technologies, Inc		10,329
2,844	*	Axcelis Technologies, Inc		16,581
1,861		Black & Decker Corp		148,824
472		Black Box Corp		19,819
776	*	Blount International, Inc		10,445

52

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,362		Briggs & Stratton Corp	$	36,706
2,121	*	Brooks Automation, Inc		30,542
796		Bucyrus International, Inc (Class A)		41,201
813		Carlisle Cos, Inc		63,821
328		Cascade Corp		17,351
16,885		Caterpillar, Inc		1,035,557
1,514		CDW Corp		106,464
2,247	*	Cirrus Logic, Inc		15,459
465	*	Columbus McKinnon Corp		9,774
1,196		Cummins, Inc		141,343
1,061		Curtiss-Wright Corp		39,342
1,006	*	Cymer, Inc		44,214
5,856		Deere & Co		556,730
58,415	*	Dell, Inc		1,465,632
1,867		Diebold, Inc		87,002
1,931		Donaldson Co, Inc		67,025
5,106		Dover Corp		250,296
802	*	Dresser-Rand Group, Inc		19,625
576	*	Dril-Quip, Inc		22,556
3,825		Eaton Corp		287,411
1,285	*	Electronics for Imaging, Inc		34,155
55,977	*	EMC Corp		738,896
1,918	*	Emulex Corp		37,420
549	*	EnPro Industries, Inc		18,232
3,733	*	Entegris, Inc		40,391
2,903	*	Extreme Networks, Inc		12,164
368	*	Flanders Corp		3,643
1,341	*	Flowserve Corp		67,680
1,696	*	FMC Technologies, Inc		104,524
1,308	*	Gardner Denver, Inc		48,801
6,285	*	Gateway, Inc		12,633
261	*	Gehl Co		7,185
262,634	d	General Electric Co		9,772,611
996	*	Global Imaging Systems, Inc		21,862
602	*	Goodman Global, Inc		10,354
156		Gorman-Rupp Co		5,767
1,799		Graco, Inc		71,276
3,382	*	Grant Prideco, Inc		134,502
70,658		Hewlett-Packard Co		2,910,403
465	*	Hydril		34,963
1,320		IDEX Corp		62,581
1,307	*	Intermec, Inc		31,721
39,122		International Business Machines Corp		3,800,702
8,569		International Game Technology		395,888
471	*	Intevac, Inc		12,222
4,717		Jabil Circuit, Inc		115,802
3,127		Joy Global, Inc		151,159
277	*	Kadant, Inc		6,753
816		Kaydon Corp		32,428
1,026		Kennametal, Inc		60,380
700	*	Komag, Inc		26,516
1,778	*	Kulicke & Soffa Industries, Inc		14,935
3,482	*	Lam Research Corp		176,259

53

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
264	*	LB Foster Co (Class A)	$	6,840
1,559		Lennox International, Inc		47,721
2,577	*	Lexmark International, Inc (Class A)		188,636
347		Lindsay Manufacturing Co		11,330
400		Lufkin Industries, Inc		23,232
1,577		Manitowoc Co, Inc		93,721
987	*	Micros Systems, Inc		52,015
126	*	Middleby Corp		13,188
907		Modine Manufacturing Co		22,702
142		Nacco Industries, Inc (Class A)		19,397
375	*	NATCO Group, Inc (Class A)		11,955
909	*	Netgear, Inc		23,861
286		NN, Inc		3,555
806		Nordson Corp		40,163
1,282	*	Oil States International, Inc		41,319
3,241		Pall Corp		111,977
2,354	*	Palm, Inc		33,168
3,006		Parker Hannifin Corp		231,101
1,062	*	Paxar Corp		24,490
590	*	ProQuest Co		6,166
3,577	*	Quantum Corp		8,299
714	*	Rackable Systems, Inc		22,113
535	*	RBC Bearings, Inc		15,333
115		Robbins & Myers, Inc		5,281
4,481		Rockwell Automation, Inc		273,699
3,122	*	Safeguard Scientifics, Inc		7,555
5,616	*	SanDisk Corp		241,656
270		Sauer-Danfoss, Inc		8,708
706	*	Scansource, Inc		21,462
1,684	*	Scientific Games Corp (Class A)		50,907
200	*	Semitool, Inc		2,662
571	*	Sigma Designs, Inc		14,532
5,444		Smith International, Inc		223,585
23,271	*	Solectron Corp		74,933
1,571		SPX Corp		96,082
344		Standex International Corp		10,365
2,097		Stanley Works		105,458
6,474	*	Symbol Technologies, Inc		96,722
367	*	Tecumseh Products Co (Class A)		6,202
468		Tennant Co		13,572
2,594	*	Terex Corp		167,521
2,153		Timken Co		62,825
989		Toro Co		46,117
341	*	TurboChef Technologies, Inc		5,804
810	*	Ultratech, Inc		10,109
1,608	*	VA Software Corp		8,088
3,245	*	Varian Medical Systems, Inc		154,365
1,003	*	VeriFone Holdings, Inc		35,506
719		Watsco, Inc		33,908
5,786	*	Western Digital Corp		118,382
900		Woodward Governor Co		35,739
1,879	*	Zebra Technologies Corp (Class A)		65,370
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		29,076,843

54

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
INSTRUMENTS AND RELATED PRODUCTS - 4.21%
492	*	Abaxis, Inc	$	9,471
429	*	Abiomed, Inc		6,049
1,470	*	Advanced Medical Optics, Inc		51,744
1,784	*	Affymetrix, Inc		41,139
10,763	*	Agilent Technologies, Inc		375,091
1,500	*	Align Technology, Inc		20,955
3,774		Allergan, Inc		451,899
1,794	*	American Medical Systems Holdings, Inc		33,225
214	*	American Science & Engineering, Inc		12,735
360		Analogic Corp		20,210
700	*	Anaren, Inc		12,432
310	*	Angiodynamics, Inc		6,662
4,635		Applera Corp (Applied Biosystems Group)		170,058
232	*	Argon ST, Inc		4,997
785	*	Armor Holdings, Inc		43,057
547		Arrow International, Inc		19,353
700	*	Arthrocare Corp		27,944
449	*	Aspect Medical Systems, Inc		8,446
288		Badger Meter, Inc		7,978
2,573		Bard (C.R.), Inc		213,482
1,394		Bausch & Lomb, Inc		72,572
16,606		Baxter International, Inc		770,352
1,612		Beckman Coulter, Inc		96,398
6,185		Becton Dickinson & Co		433,878
6,152		Biomet, Inc		253,893
432	*	Bio-Rad Laboratories, Inc (Class A)		35,649
365	*	Biosite, Inc		17,830
31,430	*	Boston Scientific Corp		539,967
446	*	Bruker BioSciences Corp		3,349
414	*	Candela Corp		5,121
1,175	*	Cepheid, Inc		9,988
708	*	Cerus Corp		4,149
793	*	Coherent, Inc		25,035
475		Cohu, Inc		9,576
987	*	Conmed Corp		22,819
1,094		Cooper Cos, Inc		48,683
2,710	*	Credence Systems Corp		14,092
555	*	Cyberonics, Inc		11,455
5,955		Danaher Corp		431,380
446		Datascope Corp		16,252
3,900		Dentsply International, Inc		116,415
931	*	Depomed, Inc		3,212
440	*	DexCom, Inc		4,338
526	*	Dionex Corp		29,829
503	*	DJ Orthopedics, Inc		21,538
992		DRS Technologies, Inc		52,259
7,483		Eastman Kodak Co		193,061
656		EDO Corp		15,573
600	*	ESCO Technologies, Inc		27,264
565	*	Esterline Technologies Corp		22,730
127	*	ev3, Inc		2,188

55

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
245	*	Excel Technology, Inc	$	6,270
815	*	FEI Co		21,492
1,894	*	Flir Systems, Inc		60,286
1,180	*	Formfactor, Inc		43,955
1,212	*	Fossil, Inc		27,367
357	*	Foxhollow Technologies, Inc		7,704
675	*	Haemonetics Corp		30,389
888	*	HealthTronics, Inc		5,914
463	*	Herley Industries, Inc		7,496
1,179	*	Hologic, Inc		55,743
283	*	ICU Medical, Inc		11,512
511	*	I-Flow Corp		7,639
600	*	II-VI, Inc		16,764
1,080	*	Illumina, Inc		42,455
1,834	*	Input/Output, Inc		24,997
454	*	Integra LifeSciences Holdings Corp		19,336
343	*	Intralase Corp		7,676
937	*	Intuitive Surgical, Inc		89,858
737		Invacare Corp		18,093
900	*	Ionatron, Inc		3,690
420	*	IRIS International, Inc		5,313
593	*	Itron, Inc		30,741
995	*	Ixia		9,552
74,636		Johnson & Johnson		4,927,469
207	*	Kensey Nash Corp		6,583
4,943		Kla-Tencor Corp		245,914
2,526	*	Kopin Corp		9,018
1,137	*	Kyphon, Inc		45,935
1,243	*	L-1 Identity Solutions, Inc		18,807
1,706	*	LTX Corp		9,554
293	*	Measurement Specialties, Inc		6,341
233	*	Medical Action Industries, Inc		7,512
30,462		Medtronic, Inc		1,630,022
1,051		Mentor Corp		51,362
814	*	Merit Medical Systems, Inc		12,894
1,091	*	Mettler-Toledo International, Inc		86,025
1,370	*	Millipore Corp		91,242
801		Mine Safety Appliances Co		29,357
854	*	MKS Instruments, Inc		19,283
369	*	Molecular Devices Corp		7,775
404		Movado Group, Inc		11,716
609		MTS Systems Corp		23,520
1,411		National Instruments Corp		38,436
475	*	Natus Medical, Inc		7,890
200	*	Neurometrix, Inc		2,982
1,300	*	Newport Corp		27,235
855	*	NuVasive, Inc		19,751
609		Oakley, Inc		12,217
99	*	OYO Geospace Corp		5,751
446	*	Palomar Medical Technologies, Inc		22,599
3,347		PerkinElmer, Inc		74,404
500	*	Photon Dynamics, Inc		5,845
5,539		Pitney Bowes, Inc		255,846

56

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
677		PolyMedica Corp	$	27,358
1,950	*	Resmed, Inc		95,979
1,862	*	Respironics, Inc		70,291
4,214		Rockwell Collins, Inc		266,704
311	*	Rofin-Sinar Technologies, Inc		18,803
2,220		Roper Industries, Inc		111,533
814	*	Rudolph Technologies, Inc		12,959
1,331	*	Sirf Technology Holdings, Inc		33,967
432		Sirona Dental Systems, Inc		16,636
491	*	Sonic Solutions, Inc		8,003
600	*	SonoSite, Inc		18,558
784	*	Spectranetics Corp		8,851
9,176	*	St. Jude Medical, Inc		335,475
1,571		STERIS Corp		39,542
7,542		Stryker Corp		415,640
892	*	Symmetry Medical, Inc		12,336
1,152	*	Techne Corp		63,878
2,257		Tektronix, Inc		65,837
901	*	Teledyne Technologies, Inc		36,157
5,161	*	Teradyne, Inc		77,209
10,566	*	Thermo Electron Corp		478,534
1,256	*	ThermoGenesis Corp		5,413
1,349	*	Thoratec Corp		23,715
1,427	*	Trimble Navigation Ltd		72,392
152		United Industrial Corp		7,714
804	*	Varian, Inc		36,011
647	*	Veeco Instruments, Inc		12,118
702	*	Ventana Medical Systems, Inc		30,207
1,005	*	Viasys Healthcare, Inc		27,959
400	*	Vital Images, Inc		13,920
178		Vital Signs, Inc		8,886
2,546	*	Waters Corp		124,678
754	*	Wright Medical Group, Inc		17,553
23,280	*	Xerox Corp		394,596
544		X-Rite, Inc		6,691
300		Young Innovations, Inc		9,990
6,214	*	Zimmer Holdings, Inc		487,053
300	*	Zoll Medical Corp		17,472
471	*	Zygo Corp		7,748
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		16,633,665
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
8,065		AON Corp		285,017
2,944		Brown & Brown, Inc		83,050
454		Clark, Inc		7,550
364		Crawford & Co (Class B)		2,657
2,498		Gallagher (Arthur J.) & Co		73,816
7,589		Hartford Financial Services Group, Inc		708,130
977		Hilb Rogal & Hobbs Co		41,151
229		James River Group, Inc		7,401
14,038		Marsh & McLennan Cos, Inc		430,405
917		National Financial Partners Corp		40,320
993	*	USI Holdings Corp		15,252
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,694,749

57

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
INSURANCE CARRIERS - 4.59%
637		21st Century Insurance Group	$	11,243
13,336		Aetna, Inc		575,848
400		Affirmative Insurance Holdings, Inc		6,508
12,474		Aflac, Inc		573,804
988		Alfa Corp		18,584
110	*	Alleghany Corp		39,996
16,003		Allstate Corp		1,041,955
2,628		Ambac Financial Group, Inc		234,076
1,449		American Equity Investment Life Holding Co		18,880
2,047		American Financial Group, Inc		73,508
55,663		American International Group, Inc		3,988,811
259		American National Insurance Co		29,554
450	*	American Physicians Capital, Inc		18,018
1,329	*	AMERIGROUP Corp		47,698
723	*	Argonaut Group, Inc		25,204
3,189		Assurant, Inc		176,192
437		Baldwin & Lyons, Inc (Class B)		11,161
426		Bristol West Holdings, Inc		6,744
1,142	*	Centene Corp		28,059
10,346		Chubb Corp		547,407
3,818		Cincinnati Financial Corp		172,994
643	*	CNA Financial Corp		25,926
362	*	CNA Surety Corp		7,783
1,312		Commerce Group, Inc		39,032
3,868	*	Conseco, Inc		77,283
1,095		Delphi Financial Group, Inc (Class A)		44,304
652		Direct General Corp		13,457
156		Donegal Group, Inc (Class A)		3,056
100		EMC Insurance Group, Inc		3,412
1,223		Erie Indemnity Co (Class A)		70,910
572		FBL Financial Group, Inc (Class A)		22,354
5,446		Fidelity National Title Group, Inc (Class A)		130,050
576	*	First Acceptance Corp		6,175
2,132		First American Corp		86,730
226	*	Fpic Insurance Group, Inc		8,807
11,467		Genworth Financial, Inc (Class A)		392,286
101		Great American Financial Resources, Inc		2,328
1,381		Hanover Insurance Group, Inc		67,393
475		Harleysville Group, Inc		16,540
2,843		HCC Insurance Holdings, Inc		91,232
2,813	*	Health Net, Inc		136,881
701	*	HealthExtras, Inc		16,894
481	*	Healthspring, Inc		9,788
887		Horace Mann Educators Corp		17,917
4,145	*	Humana, Inc		229,260
180		Independence Holding Co		3,929
582		Infinity Property & Casualty Corp		28,163
91		Kansas City Life Insurance Co		4,557
473		LandAmerica Financial Group, Inc		29,851
4,218		Leucadia National Corp		118,948

58

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,061		Lincoln National Corp	$	468,850
11,041		Loews Corp		457,870
256	*	Markel Corp		122,906
3,328		MBIA, Inc		243,144
667	*	Meadowbrook Insurance Group, Inc		6,597
553		Mercury General Corp		29,160
11,647		Metlife, Inc		687,289
2,059		MGIC Investment Corp		128,770
306		Midland Co		12,837
200	*	Molina Healthcare, Inc		6,502
410		National Interstate Corp		9,963
59		National Western Life Insurance Co (Class A)		13,578
1,262		Nationwide Financial Services, Inc (Class A)		68,400
300	*	Navigators Group, Inc		14,454
151		NYMAGIC, Inc		5,527
329		Odyssey Re Holdings Corp		12,272
1,636		Ohio Casualty Corp		48,769
5,743		Old Republic International Corp		133,697
1,344	*	Philadelphia Consolidated Holding Co		59,889
2,899		Phoenix Cos, Inc		46,065
1,362	*	PMA Capital Corp (Class A)		12,558
2,108		PMI Group, Inc		99,434
370		Presidential Life Corp		8,122
6,951		Principal Financial Group		408,024
741	*	ProAssurance Corp		36,991
19,806		Progressive Corp		479,701
1,641		Protective Life Corp		77,948
12,403		Prudential Financial, Inc		1,064,922
2,026		Radian Group, Inc		109,222
834		Reinsurance Group Of America, Inc		46,454
488		RLI Corp		27,533
2,979		Safeco Corp		186,336
282		Safety Insurance Group, Inc		14,300
259	*	SCPIE Holdings, Inc		6,770
500	*	SeaBright Insurance Holdings, Inc		9,005
742		Selective Insurance Group, Inc		42,509
17,499		St. Paul Travelers Cos, Inc		939,521
1,458		Stancorp Financial Group, Inc		65,683
374		State Auto Financial Corp		12,989
432		Stewart Information Services Corp		18,732
2,491		Torchmark Corp		158,826
435		Tower Group, Inc		13,515
598		Transatlantic Holdings, Inc		37,136
263	*	Triad Guaranty, Inc		14,431
398		United Fire & Casualty Co		14,030
34,073		UnitedHealth Group, Inc		1,830,742
1,256		Unitrin, Inc		62,938
650	*	Universal American Financial Corp		12,116
7,761		UnumProvident Corp		161,274
4,018		W.R. Berkley Corp		138,661
844	*	WellCare Health Plans, Inc		58,152
20		Wesco Financial Corp		9,200
951		Zenith National Insurance Corp		44,611
		TOTAL INSURANCE CARRIERS		18,150,415

59

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
1,552	*	Corrections Corp of America	$	70,197
600	*	Geo Group, Inc		22,512
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		92,709
LEATHER AND LEATHER PRODUCTS - 0.14%
9,750	*	Coach, Inc		418,860
254	*	CROCS, Inc		10,973
646	*	Genesco, Inc		24,096
914	*	Iconix Brand Group, Inc		17,722
402		Steven Madden Ltd		14,106
1,374	*	Timberland Co (Class A)		43,391
150		Weyco Group, Inc		3,728
1,306		Wolverine World Wide, Inc		37,247
		TOTAL LEATHER AND LEATHER PRODUCTS		570,123
LEGAL SERVICES - 0.01%
1,106	*	FTI Consulting, Inc		30,846
162	*	Pre-Paid Legal Services, Inc		6,339
		TOTAL LEGAL SERVICES		37,185
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,998		Laidlaw International, Inc		60,799
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		60,799
LUMBER AND WOOD PRODUCTS - 0.03%
174		American Woodmark Corp		7,282
2,253	*	Champion Enterprises, Inc		21,088
347		Deltic Timber Corp		19,356
2,601		Louisiana-Pacific Corp		56,000
134		Skyline Corp		5,389
458		Universal Forest Products, Inc		21,352
		TOTAL LUMBER AND WOOD PRODUCTS		130,467
METAL MINING - 0.40%
1,204		Cleveland-Cliffs, Inc		58,322
6,691	*	Coeur d'Alene Mines Corp		33,120
1,177		Foundation Coal Holdings, Inc		37,382
4,863		Freeport-McMoRan Copper & Gold, Inc (Class B)		271,015
2,577	*	Hecla Mining Co		19,740
10,558		Newmont Mining Corp		476,694
5,166		Phelps Dodge Corp		618,474
1,110	*	Rosetta Resources, Inc		20,724
429		Royal Gold, Inc		15,435
394		Southern Copper Corp		21,233
702	*	Stillwater Mining Co		8,768
		TOTAL METAL MINING		1,580,907
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.23%
870		Blyth, Inc		18,053
1,930		Callaway Golf Co		27,811

60

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,004		Daktronics, Inc	$	36,997
3,689		Fortune Brands, Inc		315,004
4,349		Hasbro, Inc		118,510
815	*	Jakks Pacific, Inc		17,800
1,500	*	K2, Inc		19,785
9,761		Mattel, Inc		221,184
699		Nautilus, Inc		9,786
1,187	*	Progressive Gaming International Corp		10,766
537	*	RC2 Corp		23,628
239	*	Russ Berrie & Co, Inc		3,693
1,005	*	Shuffle Master, Inc		26,331
189	*	Steinway Musical Instruments, Inc		5,868
1,163		Yankee Candle Co, Inc		39,868
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		895,084
MISCELLANEOUS RETAIL - 1.22%
1,405	*	1-800-FLOWERS.COM, Inc (Class A)		8,655
564	*	AC Moore Arts & Crafts, Inc		12,222
7,951	*	Amazon.com, Inc		313,746
1,303		Barnes & Noble, Inc		51,742
10,147		Best Buy Co, Inc		499,131
500		Big 5 Sporting Goods Corp		12,210
389	*	Blue Nile, Inc		14,350
369		Books-A-Million, Inc		8,369
1,498		Borders Group, Inc		33,480
388	*	Build-A-Bear Workshop, Inc		10,872
681		Cash America International, Inc		31,939
1,324	*	CKX, Inc		15,531
1,531	*	Coldwater Creek, Inc		37,540
20,536		CVS Corp		634,768
511	*	dELiA*s, Inc		5,360
844	*	Dick's Sporting Goods, Inc		41,348
2,556	*	Dollar Tree Stores, Inc		76,936
1,400	*	Drugstore.com, Inc		5,124
930	*	Ezcorp, Inc (Class A)		15,113
1,021	*	GSI Commerce, Inc		19,144
988	*	Hibbett Sporting Goods, Inc		30,164
819		Longs Drug Stores Corp		34,709
980		MSC Industrial Direct Co (Class A)		38,367
829	*	Nutri/System, Inc		52,550
7,231	*	Office Depot, Inc		276,007
1,867		OfficeMax, Inc		92,697
306	*	Overstock.com, Inc		4,835
3,618		Petsmart, Inc		104,415
719	*	Priceline.com, Inc		31,356
12,886	*	Rite Aid Corp		70,100
2,102	*	Sears Holdings Corp		352,989
490	*	Stamps.com, Inc		7,718
18,399		Staples, Inc		491,253
3,683		Tiffany & Co		144,521
394	*	Valuevision International, Inc (Class A)		5,177
25,480		Walgreen Co		1,169,277
606		World Fuel Services Corp		26,943

61

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,236	*	Zale Corp	$	34,868
373	*	Zumiez, Inc		11,018
		TOTAL MISCELLANEOUS RETAIL		4,826,544
MOTION PICTURES - 1.55%
1,023	*	Avid Technology, Inc		38,117
4,898	*	Blockbuster, Inc (Class A)		25,910
216		Carmike Cinemas, Inc		4,404
17,041		CBS Corp (Class B)		531,338
2,338	*	Denny's Corp		11,012
7,297	*	Discovery Holding Co (Class A)		117,409
1,054	*	DreamWorks Animation SKG, Inc (Class A)		31,082
407	*	Gaiam, Inc (Class A)		5,568
1,186	*	Macrovision Corp		33,516
58,436		News Corp (Class A)		1,255,205
1,631		Regal Entertainment Group (Class A)		34,773
2,657	*	Time Warner Telecom, Inc (Class A)		52,954
100,628		Time Warner, Inc		2,191,678
52,587		Walt Disney Co		1,802,156
		TOTAL MOTION PICTURES		6,135,122
NONDEPOSITORY INSTITUTIONS - 1.81%
513	*	Accredited Home Lenders Holding Co		13,995
1,900		Advance America Cash Advance Centers, Inc		27,835
391		Advanta Corp (Class B)		17,059
3,441		American Capital Strategies Ltd		159,181
27,232		American Express Co		1,652,165
3,209	*	AmeriCredit Corp		80,771
977		Ares Capital Corp		18,670
261		Asta Funding, Inc		7,945
10,052		Capital One Financial Corp		772,195
2,310		CapitalSource, Inc		63,086
1,377		CharterMac		29,564
4,946		CIT Group, Inc		275,838
629	*	CompuCredit Corp		25,040
15,292		Countrywide Financial Corp		649,145
245	*	Credit Acceptance Corp		8,166
2,470	*	Doral Financial Corp		7,089
24,443		Fannie Mae		1,451,670
210		Federal Agricultural Mortgage Corp (Class C)		5,697
661		Financial Federal Corp		19,440
660	*	First Cash Financial Services, Inc		17,074
1,180		First Marblehead Corp		64,487
17,440		Freddie Mac		1,184,176
1,184	*	INVESTools, Inc		16,327
1,244		MCG Capital Corp		25,278
370		Medallion Financial Corp		4,577
451	*	Nelnet, Inc (Class A)		12,339
458		NGP Capital Resources Co		7,672
815	*	Ocwen Financial Corp		12,926
10,408		SLM Corp		507,598
27		Student Loan Corp		5,597
503		Technology Investment Capital Corp		8,118

62

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
259	*	United PanAm Financial Corp	$	3,564
401	*	World Acceptance Corp		18,827
		TOTAL NONDEPOSITORY INSTITUTIONS		7,173,111
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
401		AMCOL International Corp		11,124
831		Compass Minerals International, Inc		26,226
1,127		Florida Rock Industries, Inc		48,517
2,498		Vulcan Materials Co		224,495
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		310,362
OIL AND GAS EXTRACTION - 1.68%
11,637		Anadarko Petroleum Corp		506,442
278	*	Arena Resources, Inc		11,873
561	*	Atlas America, Inc		28,594
470	*	ATP Oil & Gas Corp		18,598
724	*	Atwood Oceanics, Inc		35,454
1,725	*	Aurora Oil & Gas Corp		5,537
8,204		Baker Hughes, Inc		612,511
318	*	Basic Energy Services, Inc		7,839
803		Berry Petroleum Co (Class A)		24,901
737	*	Bill Barrett Corp		20,054
7,534		BJ Services Co		220,897
436	*	Bois d'Arc Energy, Inc		6,379
625	*	Brigham Exploration Co		4,569
300	*	Bronco Drilling Co, Inc		5,157
353	*	Callon Petroleum Co		5,306
2,994	*	Cameron International Corp		158,832
498	*	Carrizo Oil & Gas, Inc		14,452
1,459	*	Cheniere Energy, Inc		42,121
10,109		Chesapeake Energy Corp		293,666
2,117		Cimarex Energy Co		77,271
92	*	Clayton Williams Energy, Inc		3,341
718	*	CNX Gas Corp		18,309
675	*	Complete Production Services, Inc		14,310
1,066	*	Comstock Resources, Inc		33,110
190	*	Dawson Geophysical Co		6,922
1,045		Delta & Pine Land Co		42,270
1,376	*	Delta Petroleum Corp		31,868
3,080	*	Denbury Resources, Inc		85,593
1,444		Diamond Offshore Drilling, Inc		115,433
365	*	Edge Petroleum Corp		6,658
1,281	*	Encore Acquisition Co		31,423
870	*	Energy Partners Ltd		21,245
3,945		ENSCO International, Inc		197,487
2,978		Equitable Resources, Inc		124,332
1,000	*	EXCO Resources, Inc		16,910
737	*	Exploration Co of Delaware, Inc		9,832
1,291	*	Forest Oil Corp		42,190
1,694	*	Gasco Energy, Inc		4,150
2,243	*	Global Industries Ltd		29,249
206	*	GMX Resources, Inc		7,313
273	*	Goodrich Petroleum Corp		9,877

63

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,422	*	Grey Wolf, Inc	$	30,335
25,952		Halliburton Co		805,810
2,636	*	Hanover Compressor Co		49,794
1,312	*	Harvest Natural Resources, Inc		13,947
2,355	*	Helix Energy Solutions Group, Inc		73,876
2,566		Helmerich & Payne, Inc		62,790
519	*	Hercules Offshore, Inc		14,999
808	*	Houston Exploration Co		41,838
1,881	*	Mariner Energy, Inc		36,868
716	*	McMoRan Exploration Co		10,182
1,700	*	Meridian Resource Corp		5,253
410	*	Metretek Technologies, Inc		5,051
4,485	*	National Oilwell Varco, Inc		274,392
1,860	*	Newpark Resources, Inc		13,411
1,358	*	Oceaneering International, Inc		53,913
793	*	Parallel Petroleum Corp		13,933
2,546	*	Parker Drilling Co		20,801
4,247		Patterson-UTI Energy, Inc		98,658
144	v*	PetroCorp		(0	)
4,209	*	PetroHawk Energy Corp		48,404
421	*	Petroleum Development Corp		18,124
1,072	*	Petroquest Energy, Inc		13,657
1,074	*	Pioneer Drilling Co		14,263
3,400		Pioneer Natural Resources Co		134,946
2,021	*	Plains Exploration & Production Co		96,058
1,361		Pogo Producing Co		65,927
4,125	*	Pride International, Inc		123,791
497	*	Quest Resource Corp		5,020
1,611	*	Quicksilver Resources, Inc		58,946
3,394		Range Resources Corp		93,199
2,739		Rowan Cos, Inc		90,935
831		RPC, Inc		14,027
525	*	SEACOR Holdings, Inc		52,049
4,404	*	Southwestern Energy Co		154,360
1,510		St. Mary Land & Exploration Co		55,628
607	*	Stone Energy Corp		21,457
884	*	Sulphco, Inc		4,172
2,135	*	Superior Energy Services		69,772
288	*	Superior Well Services, Inc		7,361
743	*	Swift Energy Co		33,294
790	*	Syntroleum Corp		2,733
1,686	*	Tetra Technologies, Inc		43,128
1,559		Tidewater, Inc		75,393
1,595	*	Todco		54,501
565	*	Toreador Resources Corp		14,560
1,788	*	Transmeridian Exploration, Inc		6,169
302	*	Trico Marine Services, Inc		11,570
341	*	Union Drilling, Inc		4,801
1,202	*	Unit Corp		58,237
1,473	*	Vaalco Energy, Inc		9,943
838	*	Veritas DGC, Inc		71,758
335		W&T Offshore, Inc		10,291
1,376	*	Warren Resources, Inc		16,127

64

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
822	*	W-H Energy Services, Inc	$	40,023
955	*	Whiting Petroleum Corp		44,503
9,407		XTO Energy, Inc		442,599
		TOTAL OIL AND GAS EXTRACTION		6,659,852
PAPER AND ALLIED PRODUCTS - 0.52%
2,562		Bemis Co		87,057
1,495		Bowater, Inc		33,638
827	*	Buckeye Technologies, Inc		9,907
696	*	Caraustar Industries, Inc		5,631
1,296	*	Cenveo, Inc		27,475
780		Chesapeake Corp		13,276
1,264		Glatfelter		19,592
2,067	*	Graphic Packaging Corp		8,950
400		Greif, Inc (Class A)		47,360
11,924		International Paper Co		406,608
11,567		Kimberly-Clark Corp		785,978
1,760		Longview Fibre Co		38,632
4,536		MeadWestvaco Corp		136,352
921	*	Mercer International, Inc		10,932
406		Neenah Paper, Inc		14,340
1,682		Packaging Corp of America		37,172
1,450	*	Playtex Products, Inc		20,866
826		Rock-Tenn Co (Class A)		22,393
456		Schweitzer-Mauduit International, Inc		11,879
6,769	*	Smurfit-Stone Container Corp		71,481
2,474		Sonoco Products Co		94,160
2,850		Temple-Inland, Inc		131,186
1,197		Wausau Paper Corp		17,943
		TOTAL PAPER AND ALLIED PRODUCTS		2,052,808
PERSONAL SERVICES - 0.16%
3,588		Cintas Corp		142,479
576	*	Coinstar, Inc		17,608
554		G & K Services, Inc (Class A)		21,545
8,328		H&R Block, Inc		191,877
800		Jackson Hewitt Tax Service, Inc		27,176
1,185		Regis Corp		46,855
1,891	*	Sally Beauty Holdings, Inc		14,750
8,069		Service Corp International		82,707
241		Unifirst Corp		9,257
1,182		Weight Watchers International, Inc		62,090
		TOTAL PERSONAL SERVICES		616,344
PETROLEUM AND COAL PRODUCTS - 6.29%
313		Alon USA Energy, Inc		8,235
8,352		Apache Corp		555,492
1,595		Ashland, Inc		110,342
1,179		Cabot Oil & Gas Corp		71,506
55,918		Chevron Corp		4,111,651
41,709		ConocoPhillips		3,000,963
11,155		Devon Energy Corp		748,277
524		ElkCorp		21,531

65

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
6,086		EOG Resources, Inc	$	380,071
152,786		Exxon Mobil Corp		11,707,991
2,800		Frontier Oil Corp		80,472
377	*	Giant Industries, Inc		28,256
952	*	Headwaters, Inc		22,810
6,192		Hess Corp		306,937
1,200		Holly Corp		61,680
9,163		Marathon Oil Corp		847,578
4,816		Murphy Oil Corp		244,894
3,192	*	Newfield Exploration Co		146,672
4,584		Noble Energy, Inc		224,937
21,602		Occidental Petroleum Corp		1,054,826
3,342		Sunoco, Inc		208,407
1,826		Tesoro Corp		120,096
15,585		Valero Energy Corp		797,329
552		WD-40 Co		19,248
410		Western Refining, Inc		10,439
		TOTAL PETROLEUM AND COAL PRODUCTS		24,890,640
PRIMARY METAL INDUSTRIES - 0.88%
2,561	*	AK Steel Holding Corp		43,281
22,061		Alcoa, Inc		662,051
2,590		Allegheny Technologies, Inc		234,861
1,171		Belden CDT, Inc		45,774
472	*	Brush Engineered Materials, Inc		15,939
658		Carpenter Technology Corp		67,458
500	*	Century Aluminum Co		22,325
1,276		Chaparral Steel Co		56,489
1,678	*	CommScope, Inc		51,145
39,510	*	Corning, Inc		739,232
605		Encore Wire Corp		13,316
1,176	*	General Cable Corp		51,403
474		Gibraltar Industries, Inc		11,144
1,542		Hubbell, Inc (Class B)		69,714
818	*	Lone Star Technologies, Inc		39,599
774		Matthews International Corp (Class A)		30,457
999		Mueller Industries, Inc		31,668
7,849		Nucor Corp		429,026
212		Olympic Steel, Inc		4,713
800	*	Oregon Steel Mills, Inc		49,928
3,520		Precision Castparts Corp		275,546
901		Quanex Corp		31,166
657	*	RTI International Metals, Inc		51,391
450		Schnitzer Steel Industries, Inc (Class A)		17,865
2,454		Steel Dynamics, Inc		79,632
300		Steel Technologies, Inc		5,265
442	*	Superior Essex, Inc		14,697
638		Texas Industries, Inc		40,979
1,615	*	Titanium Metals Corp		47,659
741		Tredegar Corp		16,754
2,833		United States Steel Corp		207,206
2,063		Worthington Industries, Inc		36,556
		TOTAL PRIMARY METAL INDUSTRIES		3,494,239

66

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
PRINTING AND PUBLISHING - 0.64%
990	*	ACCO Brands Corp	$	26,205
1,535		American Greetings Corp (Class A)		36,640
663		Banta Corp		24,133
2,378		Belo (A.H.) Corp (Class A)		43,684
539		Bowne & Co, Inc		8,592
295	*	Consolidated Graphics, Inc		17,426
337		Courier Corp		13,133
162		CSS Industries, Inc		5,730
1,526		Dow Jones & Co, Inc		57,988
1,573	*	Dun & Bradstreet Corp		130,229
422		Ennis, Inc		10,322
2,041		EW Scripps Co (Class A)		101,928
5,938		Gannett Co, Inc		359,011
1,303		Harte-Hanks, Inc		36,106
739		John H Harland Co		37,098
1,195		John Wiley & Sons, Inc (Class A)		45,972
721		Journal Communications, Inc (Class A)		9,092
1,179		Journal Register Co		8,607
1,300		Lee Enterprises, Inc		40,378
590		Martha Stewart Living Omnimedia, Inc (Class A)		12,921
1,418		McClatchy Co (Class A)		61,399
9,035		McGraw-Hill Cos, Inc		614,561
574		Media General, Inc (Class A)		21,336
802		Meredith Corp		45,193
3,415		New York Times Co (Class A)		83,189
550	*	Playboy Enterprises, Inc (Class B)		6,303
703	*	Presstek, Inc		4,471
4,589	*	Primedia, Inc		7,755
1,381		R.H. Donnelley Corp		86,630
5,587		R.R. Donnelley & Sons Co		198,562
2,596		Reader's Digest Association, Inc		43,353
234		Schawk, Inc		4,572
1,013	*	Scholastic Corp		36,306
338		Standard Register Co		4,056
1,952	*	Sun-Times Media Group, Inc (Class A)		9,584
4,718		Tribune Co		145,220
1,194	*	Valassis Communications, Inc		17,313
144		Washington Post Co (Class B)		107,366
		TOTAL PRINTING AND PUBLISHING		2,522,364
RAILROAD TRANSPORTATION - 0.59%
9,211		Burlington Northern Santa Fe Corp		679,864
11,216		CSX Corp		386,167
842		Florida East Coast Industries		50,183
929	*	Genesee & Wyoming, Inc (Class A)		24,377
2,136	*	Kansas City Southern Industries, Inc		61,901
10,416		Norfolk Southern Corp		523,821
6,761		Union Pacific Corp		622,147
		TOTAL RAILROAD TRANSPORTATION		2,348,460

67

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
REAL ESTATE - 0.12%
201		California Coastal Communities, Inc	$	4,311
4,771	*	CB Richard Ellis Group, Inc (Class A)		158,397
151		Consolidated-Tomoka Land Co		10,932
1,722		Forest City Enterprises, Inc (Class A)		100,565
956		Jones Lang LaSalle, Inc		88,115
1,980		St. Joe Co		106,069
2,339		Stewart Enterprises, Inc (Class A)		14,619
		TOTAL REAL ESTATE		483,008
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.18%
186	*	AEP Industries, Inc		9,916
1,674		Cooper Tire & Rubber Co		23,938
252	*	Deckers Outdoor Corp		15,107
4,563	*	Goodyear Tire & Rubber Co		95,777
1,336	*	Jarden Corp		46,479
7,148		Newell Rubbermaid, Inc		206,935
272		PW Eagle, Inc		9,384
1,096		Schulman (A.), Inc		24,386
2,106		Sealed Air Corp		136,722
384	*	Skechers U.S.A., Inc (Class A)		12,791
757		Spartech Corp		19,849
500		Titan International, Inc		10,075
200	*	Trex Co, Inc		4,578
1,467		Tupperware Corp		33,169
815		West Pharmaceutical Services, Inc		41,752
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		690,858
SECURITY AND COMMODITY BROKERS - 3.19%
1,822		A.G. Edwards, Inc		115,314
5,347		Ameriprise Financial, Inc		291,412
2,970		Bear Stearns Cos, Inc		483,457
500		BlackRock, Inc		75,950
500		Calamos Asset Management, Inc (Class A)		13,415
1,364	*	Cbot Holdings, Inc (Class A)		206,605
26,396		Charles Schwab Corp		510,499
893		Chicago Mercantile Exchange Holdings, Inc		455,207
342		Cohen & Steers, Inc		13,738
10,735	*	E*Trade Financial Corp		240,679
3,131		Eaton Vance Corp		103,354
2,221		Federated Investors, Inc (Class B)		75,025
4,278		Franklin Resources, Inc		471,307
175		GAMCO Investors, Inc (Class A)		6,731
305	*	GFI Group, Inc		18,989
9,648		Goldman Sachs Group, Inc		1,923,329
454		Greenhill & Co, Inc		33,505
1,200	*	IntercontinentalExchange, Inc		129,480
987		International Securities Exchange, Inc		46,182
1,109	*	Investment Technology Group, Inc		47,554
5,681		Janus Capital Group, Inc		122,653
3,059		Jefferies Group, Inc		82,042
2,998	*	Knight Capital Group, Inc (Class A)		57,472
1,377	*	LaBranche & Co, Inc		13,536
3,192		Legg Mason, Inc		303,400

68

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
13,524		Lehman Brothers Holdings, Inc	$	1,056,495
588	*	MarketAxess Holdings, Inc		7,979
23,284		Merrill Lynch & Co, Inc		2,167,740
27,050		Morgan Stanley		2,202,682
366	*	Morningstar, Inc		16,488
2,434	*	Nasdaq Stock Market, Inc		74,943
2,042		Nuveen Investments, Inc (Class A)		105,939
4,023	*	NYSE Group, Inc		391,036
558		optionsXpress Holdings, Inc		12,661
544	*	Piper Jaffray Cos		35,442
2,489		Raymond James Financial, Inc		75,442
284		Sanders Morris Harris Group, Inc		3,627
1,632		SEI Investments Co		97,202
202	*	Stifel Financial Corp		7,924
376		SWS Group, Inc		13,423
6,788		T Rowe Price Group, Inc		297,111
7,854		TD Ameritrade Holding Corp		127,078
2,327		Waddell & Reed Financial, Inc (Class A)		63,667
		TOTAL SECURITY AND COMMODITY BROKERS		12,597,714
SOCIAL SERVICES - 0.01%
636	*	Bright Horizons Family Solutions, Inc		24,588
559	*	Capital Senior Living Corp		5,948
539	*	Providence Service Corp		13,545
491	*	Res-Care, Inc		8,912
		TOTAL SOCIAL SERVICES		52,993
SPECIAL TRADE CONTRACTORS - 0.05%
200		Alico, Inc		10,126
677		Chemed Corp		25,035
1,100		Comfort Systems USA, Inc		13,904
1,044	*	Dycom Industries, Inc		22,049
808	*	EMCOR Group, Inc		45,935
675	*	Insituform Technologies, Inc (Class A)		17,456
395	*	Integrated Electrical Services, Inc		7,027
277	*	Layne Christensen Co		9,094
3,042	*	Quanta Services, Inc		59,836
		TOTAL SPECIAL TRADE CONTRACTORS		210,462
STONE, CLAY, AND GLASS PRODUCTS - 0.09%
488		Apogee Enterprises, Inc		9,423
634	*	Cabot Microelectronics Corp		21,518
477		CARBO Ceramics, Inc		17,825
1,316		Eagle Materials, Inc		56,891
4,151		Gentex Corp		64,590
3,965	*	Owens-Illinois, Inc		73,154
861	*	US Concrete, Inc		6,130
1,674	*	USG Corp		91,735
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		341,266
TEXTILE MILL PRODUCTS - 0.01%
310		Oxford Industries, Inc		15,392
513		Xerium Technologies, Inc		5,022
		TOTAL TEXTILE MILL PRODUCTS		20,414

69

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
TOBACCO PRODUCTS - 1.33%
52,706		Altria Group, Inc	$	4,523,229
2,409		Loews Corp (Carolina Group)		155,910
4,454		Reynolds American, Inc		291,603
617		Universal Corp		30,239
3,969		UST, Inc		230,996
687		Vector Group Ltd		12,194
		TOTAL TOBACCO PRODUCTS		5,244,171
TRANSPORTATION BY AIR - 0.48%
1,497	*	ABX Air, Inc		10,374
271	*	Air Methods Corp		7,566
2,312	*	Airtran Holdings, Inc		27,143
1,018	*	Alaska Air Group, Inc		40,211
5,444	*	AMR Corp		164,572
517	*	Atlas Air Worldwide Holdings, Inc		23,007
579	*	Bristow Group, Inc		20,896
2,163	*	Continental Airlines, Inc (Class B)		89,224
806	*	EGL, Inc		24,003
1,011	*	ExpressJet Holdings, Inc		8,189
7,676		FedEx Corp		833,767
799	*	Frontier Airlines Holdings, Inc		5,913
4,471	*	JetBlue Airways Corp		63,488
614	*	Mesa Air Group, Inc		5,262
353	*	PHI, Inc		11,554
836	*	Republic Airways Holdings, Inc		14,028
1,643		Skywest, Inc		41,913
20,269		Southwest Airlines Co		310,521
2,545	*	UAL Corp		111,980
1,570	*	US Airways Group, Inc		84,545
		TOTAL TRANSPORTATION BY AIR		1,898,156
TRANSPORTATION EQUIPMENT - 2.55%
467		A.O. Smith Corp		17,541
803	*	AAR Corp		23,440
500	*	Accuride Corp		5,630
603	*	Aftermarket Technology Corp		12,832
1,104		American Axle & Manufacturing Holdings, Inc		20,965
228		American Railcar Industries, Inc		7,761
468		Arctic Cat, Inc		8,232
1,592		ArvinMeritor, Inc		29,022
2,138		Autoliv, Inc		128,921
2,006	*	BE Aerospace, Inc		51,514
20,139		Boeing Co		1,789,149
2,390		Brunswick Corp		76,241
1,380		Clarcor, Inc		46,658
1,274		Federal Signal Corp		20,435
1,526	*	Fleetwood Enterprises, Inc		12,071
45,596	*	Ford Motor Co		342,426
300		Freightcar America, Inc		16,635
284	*	Fuel Systems Solutions, Inc		6,271

70

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,424	*	GenCorp, Inc	$	19,964
10,146		General Dynamics Corp		754,355
12,035		General Motors Corp		369,715
265	*	GenTek, Inc		9,166
4,256		Genuine Parts Co		201,862
3,019		Goodrich Corp		137,515
348		Greenbrier Cos, Inc		10,440
642		Group 1 Automotive, Inc		33,204
6,733		Harley-Davidson, Inc		474,475
1,105		Harsco Corp		84,091
719		Heico Corp		27,919
4,606		ITT Industries, Inc		261,713
493	*	K&F Industries Holdings, Inc		11,196
885		Kaman Corp		19,815
9,254		Lockheed Martin Corp		852,016
239	*	Miller Industries, Inc		5,736
783		Monaco Coach Corp		11,087
700	*	Navistar International Corp		23,401
268		Noble International Ltd		5,373
8,671		Northrop Grumman Corp		587,027
1,213	*	Orbital Sciences Corp		22,368
1,933		Oshkosh Truck Corp		93,596
6,303		Paccar, Inc		409,065
3,641	*	Pactiv Corp		129,947
1,070		Polaris Industries, Inc		50,108
11,121		Raytheon Co		587,189
233	*	Sequa Corp (Class A)		26,809
1,200	*	Spirit Aerosystems Holdings, Inc (Class A)		40,164
574		Superior Industries International, Inc		11,061
1,117	*	Tenneco, Inc		27,612
3,266		Textron, Inc		306,253
904		Thor Industries, Inc		39,767
289	*	TransDigm Group, Inc		7,661
2,034		Trinity Industries, Inc		71,597
316		Triumph Group, Inc		16,568
1,123	*	TRW Automotive Holdings Corp		29,052
25,494		United Technologies Corp		1,593,885
2,804	*	Visteon Corp		23,778
969		Wabash National Corp		14,632
1,181		Westinghouse Air Brake Technologies Corp		35,879
730		Winnebago Industries, Inc		24,024
		TOTAL TRANSPORTATION EQUIPMENT		10,076,829
TRANSPORTATION SERVICES - 0.19%
532		Ambassadors Group, Inc		16,146
4,462		CH Robinson Worldwide, Inc		182,451
400	*	Dynamex, Inc		9,344
5,370		Expeditors International Washington, Inc		217,485
1,234		GATX Corp		53,469
1,800	*	Hertz Global Holdings, Inc		31,302
1,028	*	HUB Group, Inc (Class A)		28,321
1,571	*	Lear Corp		46,392
966		Pacer International, Inc		28,758

71

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,200	*	RailAmerica, Inc	$	19,296
3,423		Sabre Holdings Corp (Class A)		109,159
		TOTAL TRANSPORTATION SERVICES		742,123
TRUCKING AND WAREHOUSING - 0.41%
600		Arkansas Best Corp		21,600
594	*	Celadon Group, Inc		9,950
1,136		Con-way, Inc		50,029
909		Forward Air Corp		26,297
1,616		Heartland Express, Inc		24,272
2,869		J.B. Hunt Transport Services, Inc		59,589
1,380		Landstar System, Inc		52,688
385	*	Marten Transport Ltd		7,057
672	*	Old Dominion Freight Line		16,175
400	*	P.A.M. Transportation Services, Inc		8,808
399	*	Saia, Inc		9,261
900	*	SIRVA, Inc		3,132
1,374	*	Swift Transportation Co, Inc		36,095
200	*	U.S. Xpress Enterprises, Inc (Class A)		3,294
16,189		United Parcel Service, Inc (Class B)		1,213,851
151	*	Universal Truckload Services, Inc		3,586
1,281		Werner Enterprises, Inc		22,392
1,431	*	YRC Worldwide, Inc		53,992
		TOTAL TRUCKING AND WAREHOUSING		1,622,068
WATER TRANSPORTATION - 0.06%
1,029		Alexander & Baldwin, Inc		45,626
796	*	American Commercial Lines, Inc		52,146
484	*	Gulfmark Offshore, Inc		18,106
359		Horizon Lines, Inc (Class A)		9,679
635	*	Hornbeck Offshore Services, Inc		22,670
1,364	*	Kirby Corp		46,553
772		Overseas Shipholding Group, Inc		43,464
		TOTAL WATER TRANSPORTATION		238,244
WHOLESALE TRADE-DURABLE GOODS - 0.38%
2,330		Adesa, Inc		64,658
1,111		Agilysys, Inc		18,598
1,302		Applied Industrial Technologies, Inc		34,256
3,068	*	Arrow Electronics, Inc		96,795
884		Barnes Group, Inc		19,227
1,124	*	Beacon Roofing Supply, Inc		21,154
700		BlueLinx Holdings, Inc		7,280
1,472		BorgWarner, Inc		86,877
728		Building Material Holding Corp		17,974
400		Castle (A.M.) & Co		10,180
578	*	Conceptus, Inc		12,306
2,908	*	Cytyc Corp		82,296
604	*	Digi International, Inc		8,329
332	*	Drew Industries, Inc		8,635
818	*	Genesis Microchip, Inc		8,295
3,161		IKON Office Solutions, Inc		51,746
3,621	*	Ingram Micro, Inc (Class A)		73,905

72

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,245	*	Insight Enterprises, Inc	$	23,493
704	*	Interline Brands, Inc		15,819
440	*	Keystone Automotive Industries, Inc		14,956
1,558		Knight Transportation, Inc		26,564
122		Lawson Products, Inc		5,599
1,160	*	LKQ Corp		26,668
1,179		Martin Marietta Materials, Inc		122,510
309	*	Merge Technologies, Inc		2,027
1,158		Owens & Minor, Inc		36,211
3,578	*	Patterson Cos, Inc		127,055
1,474		PEP Boys-Manny Moe & Jack		21,904
1,396		Pool Corp		54,681
1,667	*	PSS World Medical, Inc		32,557
1,612		Reliance Steel & Aluminum Co		63,481
644		Ryerson Tull, Inc		16,158
1,588	*	Tech Data Corp		60,138
1,740	*	Tyler Technologies, Inc		24,464
1,867		W.W. Grainger, Inc		130,578
1,246	*	WESCO International, Inc		73,277
441	*	West Marine, Inc		7,616
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,508,267
WHOLESALE TRADE-NONDURABLE GOODS - 0.82%
1,707		Airgas, Inc		69,168
1,145	*	Akorn, Inc		7,156
1,977	*	Alliance One International, Inc		13,958
1,194	*	Allscripts Healthcare Solutions, Inc		32,226
342		Andersons, Inc		14,497
1,496		Brown-Forman Corp (Class B)		99,095
10,482		Cardinal Health, Inc		675,307
873	*	Central European Distribution Corp		25,928
256	*	Core-Mark Holding Co, Inc		8,563
3,424	*	Dean Foods Co		144,767
3,432	*	Endo Pharmaceuticals Holdings, Inc		94,655
200	*	Green Mountain Coffee Roasters, Inc		9,846
797	*	Hain Celestial Group, Inc		24,874
2,300	*	Henry Schein, Inc		112,654
3,680	*	Idearc, Inc		105,432
300		Kenneth Cole Productions, Inc (Class A)		7,197
648		K-Swiss, Inc (Class A)		19,920
1,144		Men's Wearhouse, Inc		43,769
685		Myers Industries, Inc		10,727
331		Nash Finch Co		9,036
4,852		Nike, Inc (Class B)		480,494
1,471		Nu Skin Enterprises, Inc (Class A)		26,816
278	*	Nuco2, Inc		6,836
377	*	Perry Ellis International, Inc		15,457
11,320		Safeway, Inc		391,219
596	*	School Specialty, Inc		22,344
352	*	Smart & Final, Inc		6,653
857	*	Source Interlink Cos, Inc		6,993
535		Spartan Stores, Inc		11,198
1,173		Stride Rite Corp		17,689

73

TIAA-CREF MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
15,669		Sysco Corp	$	575,992
2,443	*	Terra Industries, Inc		29,267
932	*	Tractor Supply Co		41,670
1,020	*	United Natural Foods, Inc		36,638
711	*	United Stationers, Inc		33,197
340	*	Volcom, Inc		10,054
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,241,292
		TOTAL COMMON STOCKS		395,125,280
		(Cost $293,518,082)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.04%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.04%
$     140,000	d	Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		139,925
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		139,925
		TOTAL SHORT-TERM INVESTMENTS		139,925
		(Cost $139,981)
		TOTAL PORTFOLIO - 99.94%		395,265,205
		(Cost $293,658,063)
		OTHER ASSETS & LIABILITIES, NET - 0.06%		245,541
		NET ASSETS - 100.00%	$	395,510,746
	*	Non-income producing
	**	Percentage represents less than 0.01%
	d	All or a portion of these securities have been segregated by the custodian to cover margin or other
		requirements on open futures contracts in the amount of $157,413.
	v	Security valued at fair value

	ACQUISITION	ACQUISITION
SECURITY	DATE	COST	VALUE
Maguire Properties, Inc	06/25/04	$21,871	$38,240

74

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund

TIAA-CREF MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS
December 31, 2006

SHARES		COMPANY	VALUE
COMMON STOCKS - 99.93%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
22	*	Chiquita Brands International, Inc	$	351
		TOTAL AGRICULTURAL PRODUCTION-CROPS		351
AMUSEMENT AND RECREATION SERVICES - 0.06%
6,064	*	Activision, Inc		104,543
		TOTAL AMUSEMENT AND RECREATION SERVICES		104,543
APPAREL AND ACCESSORY STORES - 0.86%
3,150		American Eagle Outfitters, Inc		98,311
400	*	AnnTaylor Stores Corp		13,136
801		Bebe Stores, Inc		15,852
871	*	Charming Shoppes, Inc		11,785
2,890	*	Chico's FAS, Inc		59,794
2,765		Foot Locker, Inc		60,636
13,478		Gap, Inc		262,821
5,151	*	Kohl's Corp		352,483
7,247		Limited Brands, Inc		209,728
4,148		Nordstrom, Inc		204,662
151	*	Payless Shoesource, Inc		4,956
2,144		Ross Stores, Inc		62,819
450		Stage Stores, Inc		13,675
2,031	*	Urban Outfitters, Inc		46,774
		TOTAL APPAREL AND ACCESSORY STORES		1,417,432
APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%
900	*	Hartmarx Corp		6,354
100		Kellwood Co		3,252
1,619		Liz Claiborne, Inc		70,362
700		Polo Ralph Lauren Corp		54,362
600		VF Corp		49,248
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		183,578
AUTO REPAIR, SERVICES AND PARKING - 0.02%
567		Bandag, Inc		28,594
248		Central Parking Corp		4,464
68		Ryder System, Inc		3,472
		TOTAL AUTO REPAIR, SERVICES AND PARKING		36,530
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
337	*	Autozone, Inc		38,944
435	*	Carmax, Inc		23,329
400	*	Copart, Inc		12,000
600	*	Rush Enterprises, Inc (Class A)		10,152
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		84,425

75

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.24%
852		Fastenal Co	$	30,570
32,484		Home Depot, Inc		1,304,557
22,800		Lowe's Cos, Inc		710,220
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,045,347
BUSINESS SERVICES - 6.59%
202	*	24/7 Real Media, Inc		1,828
5,432	*	3Com Corp		22,326
302		Administaff, Inc		12,916
8,249	*	Adobe Systems, Inc		339,199
2,519	*	Akamai Technologies, Inc		133,809
1,014	*	Alliance Data Systems Corp		63,345
326	*	aQuantive, Inc		8,039
800	*	Ariba, Inc		6,192
2,815	*	Art Technology Group, Inc		6,559
888	*	Audible, Inc		7,042
3,858	*	Autodesk, Inc		156,095
15,483		Automatic Data Processing, Inc		762,538
49	*	Avocent Corp		1,659
6,868	*	BEA Systems, Inc		86,399
3,286	*	BearingPoint, Inc		25,861
858	*	BISYS Group, Inc		11,077
358	*	Blue Coat Systems, Inc		8,574
689	*	Cerner Corp		31,350
1,200	*	Checkfree Corp		48,192
612	*	Ciber, Inc		4,149
17,828	*	CMGI, Inc		23,890
2,668	*	CNET Networks, Inc		24,252
1,465	*	Cogent Communications Group, Inc		23,762
2,191	*	Cogent, Inc		24,123
5,069	*	Compuware Corp		42,225
1,964	*	Convergys Corp		46,704
100	*	CSG Systems International, Inc		2,673
842		Deluxe Corp		21,218
100	*	Digital Insight Corp		3,849
261	*	Digital River, Inc		14,561
764	*	DST Systems, Inc		47,849
400	*	Earthlink, Inc		2,840
17,234	*	eBay, Inc		518,226
196	*	Eclipsys Corp		4,030
43	*	eFunds Corp		1,182
4,897	*	Electronic Arts, Inc		246,613
2,254	*	Emdeon Corp		27,927
714	*	Equinix, Inc		53,993
4,961	*	Evergreen Energy, Inc		49,064
3,843	*	Expedia, Inc		80,626
300		Fair Isaac Corp		12,195
400	*	First Advantage Corp (Class A)		9,184
3,936	*	Fiserv, Inc		206,325
50	*	Gartner, Inc		989
1,054	*	Getty Images, Inc		45,132
2,553	*	Google, Inc (Class A)		1,175,605
295	*	Hudson Highland Group, Inc		4,921

76

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
366	*	iGate Corp	$	2,518
3,736		IMS Health, Inc		102,665
2,300	*	Infocrossing, Inc		37,490
1,705	*	Informatica Corp		20,818
10,166	*	Innovative Solutions & Support, Inc		173,127
1,907	*	Internap Network Services Corp		37,892
4,136	*	Intuit, Inc		126,189
1,900	*	Ipass, Inc		11,172
1,277	*	Iron Mountain, Inc		52,791
620		Jack Henry & Associates, Inc		13,268
328	*	Jupitermedia Corp		2,598
600	*	Kanbay International, Inc		17,262
861	*	Kinetic Concepts, Inc		34,053
938	*	Lamar Advertising Co (Class A)		61,336
2,204	*	Lawson Software, Inc		16,288
801	*	Lionbridge Technologies		5,158
1,013		Manpower, Inc		75,904
900		Marchex, Inc (Class B)		12,042
746	*	Mentor Graphics Corp		13,450
114,821		Microsoft Corp		3,428,555
1,574	*	Midway Games, Inc		10,987
1,644		MoneyGram International, Inc		51,556
1,966	*	Monster Worldwide, Inc		91,694
1,102	*	NIC, Inc		5,477
6,916	*	Novell, Inc		42,879
2,906	*	Nuance Communications, Inc		33,303
4,313		Omnicom Group, Inc		450,881
1,848	*	Opsware, Inc		16,299
687	*	Parametric Technology Corp		12,380
1,100		QAD, Inc		9,229
1,390	*	Quest Software, Inc		20,364
1,527	*	RealNetworks, Inc		16,705
1,300	*	Rewards Network, Inc		9,035
2,625		Robert Half International, Inc		97,440
1,832	*	Salesforce.com, Inc		66,776
4,349	*	Sapient Corp		23,876
748		ServiceMaster Co		9,806
1,799	*	Smith Micro Software, Inc		25,528
350	*	Sohu.com, Inc		8,400
7,211	*	Sonus Networks, Inc		47,520
1,789	*	Spherion Corp		13,292
3,200		Startek, Inc		43,328
56,610	*	Sun Microsystems, Inc		306,826
1,000	*	SYKES Enterprises, Inc		17,640
17,596	*	Symantec Corp		366,877
4,220	*	TIBCO Software, Inc		39,837
2,725	*	Tiens Biotech Group USA, Inc		10,709
1,828		Total System Services, Inc		48,241
175	*	Travelzoo, Inc		5,241
580	*	Trizetto Group, Inc		10,655
5,669	*	Unisys Corp		44,445
1,246		United Online, Inc		16,547
935	*	United Rentals, Inc		23,777

77

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
600	*	Universal Compression Holdings, Inc	$	37,266
1,335	*	Vasco Data Security International		15,820
4,563	*	VeriSign, Inc		109,740
200	*	WebEx Communications, Inc		6,978
		TOTAL BUSINESS SERVICES		10,863,037
CHEMICALS AND ALLIED PRODUCTS - 9.63%
25,277		Abbott Laboratories		1,231,243
2,685	*	Abraxis BioScience, Inc		73,408
354	*	Adolor Corp		2,662
1,973	*	ADVENTRX Pharmaceuticals, Inc		5,820
8,213		Air Products & Chemicals, Inc		577,210
64	*	Alexion Pharmaceuticals, Inc		2,585
809	*	Alkermes, Inc		10,816
18,391	*	Amgen, Inc		1,256,289
1,260	*	Arena Pharmaceuticals, Inc		16,267
300	*	Array Biopharma, Inc		3,876
392	*	Atherogenics, Inc		3,885
700	*	Auxilium Pharmaceuticals, Inc		10,283
475	*	AVANIR Pharmaceuticals (Class A)		1,097
3,718		Avery Dennison Corp		252,564
112	*	AVI BioPharma, Inc		356
6,444		Avon Products, Inc		212,910
450		Balchem Corp		11,556
2,656	*	Barr Pharmaceuticals, Inc		133,119
1,749	*	Bentley Pharmaceuticals, Inc		17,787
2,200	*	Bioenvision, Inc		10,208
812	*	BioMarin Pharmaceuticals, Inc		13,309
30,664		Bristol-Myers Squibb Co		807,076
1,225		Cabot Corp		53,373
1,400	*	Calgon Carbon Corp		8,680
1,400	*	Caraco Pharmaceutical Laboratories Ltd		19,600
2,008	*	Cell Genesys, Inc		6,807
822	*	Cephalon, Inc		57,877
600	*	Charles River Laboratories International, Inc		25,950
523		Clorox Co		33,550
10,194		Colgate-Palmolive Co		665,057
1,271	*	Combinatorx, Inc		11,007
811	*	Cotherix, Inc		10,940
1,400		Dade Behring Holdings, Inc		55,734
3,385	*	Dendreon Corp		14,115
298	*	Digene Corp		14,280
5,738	*	Durect Corp		25,477
6,992		Ecolab, Inc		316,038
828	*	Encysive Pharmaceuticals, Inc		3,486
700	*	Enzon Pharmaceuticals, Inc		5,957
7,198	*	Forest Laboratories, Inc		364,219
6,647	*	Genentech, Inc		539,271
4,347	*	Genzyme Corp		267,688
860	*	Geron Corp		7,551
7,506	*	Gilead Sciences, Inc		487,365
136		H.B. Fuller Co		3,512
1,041	*	Hospira, Inc		34,957

78

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,961	*	Human Genome Sciences, Inc	$	24,395
1,486	*	Huntsman Corp		28,189
595	*	Idenix Pharmaceuticals, Inc		5,171
1,545	*	Inverness Medical Innovations, Inc		59,792
500	*	Invitrogen Corp		28,295
6,847	*	King Pharmaceuticals, Inc		109,004
1,200		Lubrizol Corp		60,156
1,851		Mannatech, Inc		27,265
1,010	*	Medarex, Inc		14,938
1,712		Medicis Pharmaceutical Corp (Class A)		60,143
3,855	*	Medimmune, Inc		124,786
38,848		Merck & Co, Inc		1,693,773
688	*	MGI Pharma, Inc		12,666
4,469	*	Millennium Pharmaceuticals, Inc		48,712
7,494		Mylan Laboratories, Inc		149,580
573	*	Nabi Biopharmaceuticals		3,885
1,484	*	Nastech Pharmaceutical Co, Inc		22,453
700	*	NBTY, Inc		29,099
2,019	*	Neurocrine Biosciences, Inc		21,038
1,937	*	Noven Pharmaceuticals, Inc		49,297
217	*	NPS Pharmaceuticals, Inc		983
700	*	Nuvelo, Inc		2,800
319	*	OraSure Technologies, Inc		2,635
751	*	Pacific Ethanol, Inc		11,558
900	*	Par Pharmaceutical Cos, Inc		20,133
1,466	*	PDL BioPharma, Inc		29,525
2,010	*	Penwest Pharmaceuticals Co		33,406
4,279		Perrigo Co		74,027
1,200	*	Pharmion Corp		30,888
924	*	Pozen, Inc		15,699
1,403		PPG Industries, Inc		90,087
10,918		Praxair, Inc		647,765
1,133	*	Prestige Brands Holdings, Inc		14,752
48,257		Procter & Gamble Co		3,101,477
937	*	Progenics Pharmaceuticals, Inc		24,118
617	*	Renovis, Inc		1,950
6,483		Rohm & Haas Co		331,411
2,600		RPM International, Inc		54,314
1,668	*	Salix Pharmaceuticals Ltd		20,300
23,272		Schering-Plough Corp		550,150
500	*	Sciele Pharma, Inc		12,000
1,235	*	Sepracor, Inc		76,051
1,906		Sigma-Aldrich Corp		148,134
1,261	*	Sirna Therapeutics, Inc		16,406
109	*	Somaxon Pharmaceuticals, Inc		1,547
1,211	*	SuperGen, Inc		6,152
530	*	Tanox, Inc		10,547
235	*	United Therapeutics Corp		12,777
962	*	USANA Health Sciences, Inc		49,697
2,200		Valspar Corp		60,808
1,302	*	VCA Antech, Inc		41,911
1,138	*	Vertex Pharmaceuticals, Inc		42,584
3,448	*	Watson Pharmaceuticals, Inc		89,751

79

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
400	*	Zymogenetics, Inc	$	6,228
		TOTAL CHEMICALS AND ALLIED PRODUCTS		15,892,025
COMMUNICATIONS - 5.20%
4,949		Alltel Corp		299,316
4,800	*	American Tower Corp (Class A)		178,944
57,668		AT&T, Inc		2,061,631
27,232		BellSouth Corp		1,282,900
4,366		Cablevision Systems Corp (Class A)		124,344
5,900		Citadel Broadcasting Corp		58,764
968	*	Covad Communications Group, Inc		1,336
1,500	*	Crown Castle International Corp		48,450
1,653	*	Crown Media Holdings, Inc (Class A)		6,000
864		Embarq Corp		45,412
400		Entercom Communications Corp (Class A)		11,272
500	*	Entravision Communications Corp (Class A)		4,110
602	*	FiberTower Corp		3,540
400	*	Fisher Communications, Inc		17,684
421		Global Payments, Inc		19,492
2,200		Gray Television, Inc		16,126
3,430	*	IAC/InterActiveCorp		127,459
7,237	*	Level 3 Communications, Inc		40,527
9,835	*	Liberty Global, Inc (Class A)		286,690
4,375	*	Liberty Media Corp - Capital (Series A)		428,663
10,483	*	Liberty Media Holding Corp (Interactive A)		226,118
2,100	*	Lin TV Corp (Class A)		20,895
1,600	*	Mediacom Communications Corp (Class A)		12,864
384	*	NeuStar, Inc (Class A)		12,457
1,800	*	NII Holdings, Inc		115,992
1,042	*	Novatel Wireless, Inc		10,076
1,179	*	Radio One, Inc (Class D)		7,946
400		Salem Communications Corp (Class A)		4,780
350	*	SAVVIS, Inc		12,499
285	*	SBA Communications Corp (Class A)		7,838
2,000	*	Spanish Broadcasting System, Inc (Class A)		8,220
37,789		Sprint Nextel Corp		713,834
2,625	*	TiVo, Inc		13,440
4,861	*	Univision Communications, Inc (Class A)		172,177
208		USA Mobility, Inc		4,653
46,176		Verizon Communications, Inc		1,719,594
6,996	*	Viacom, Inc (Class B)		287,046
5,254		Windstream Corp		74,712
5,905	*	XM Satellite Radio Holdings, Inc (Class A)		85,327
		TOTAL COMMUNICATIONS		8,573,128
DEPOSITORY INSTITUTIONS - 10.33%
59,586		Bank of America Corp		3,181,297
14,107		BB&T Corp		619,721
18,571		Cadence Financial Corp		402,434
3,969		Comerica, Inc		232,901
400		Commerce Bancorp, Inc		14,108
400		Compass Bancshares, Inc		23,860
12,758		Fifth Third Bancorp		522,185

80

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
2,900		Fremont General Corp	$	47,009
1,191		IndyMac Bancorp, Inc		53,786
11,672		Keycorp		443,886
1,300		M&T Bank Corp		158,808
4,800		Marshall & Ilsley Corp		230,928
10,665		Mellon Financial Corp		449,530
17,280		National City Corp		631,757
2,400		New York Community Bancorp, Inc		38,640
3,981		Northern Trust Corp		241,607
7,664		PNC Financial Services Group, Inc		567,443
4,720		Popular, Inc		84,724
1,000	*	R & G Financial Corp (Class B)		7,650
20,226		Regions Financial Corp		756,452
4,092		Sovereign Bancorp, Inc		103,896
7,399		State Street Corp		498,989
9,054		SunTrust Banks, Inc		764,610
100	*	Superior Bancorp		1,134
5,386		Synovus Financial Corp		166,050
1,400		TD Banknorth, Inc		45,192
1,400		UnionBanCal Corp		85,750
40,458		US Bancorp		1,464,175
36,042		Wachovia Corp		2,052,592
23,057		Washington Mutual, Inc		1,048,863
57,098		Wells Fargo & Co		2,030,405
900		Zions Bancorporation		74,196
		TOTAL DEPOSITORY INSTITUTIONS		17,044,578
EATING AND DRINKING PLACES - 1.39%
2,300	*	AFC Enterprises		40,641
1,000		Applebees International, Inc		24,670
400	*	Cheesecake Factory		9,840
3,240		Darden Restaurants, Inc		130,151
30,463		McDonald's Corp		1,350,425
700	*	O'Charleys, Inc		14,896
200		Ruby Tuesday, Inc		5,488
13,780	*	Starbucks Corp		488,088
4,517		Tim Hortons, Inc		130,812
2,697		Wendy's International, Inc		89,244
		TOTAL EATING AND DRINKING PLACES		2,284,255
ELECTRIC, GAS, AND SANITARY SERVICES - 5.82%
16,683	*	AES Corp		367,693
5,496		AGL Resources, Inc		213,849
3,033		Allete, Inc		141,156
4,312		Alliant Energy Corp		162,864
2,000		Aqua America, Inc		45,560
6,200		Atmos Energy Corp		197,842
8,785		Avista Corp		222,348
2,200		Cascade Natural Gas Corp		57,024
1,800		CH Energy Group, Inc		95,040
7,601		Cleco Corp		191,773
9,467		Consolidated Edison, Inc		455,079
3,939		Crosstex Energy, Inc		124,827

81

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,900		Duquesne Light Holdings, Inc	$	37,715
16,027		El Paso Corp		244,893
10,686		Empire District Electric Co		263,837
2,600		Energen Corp		122,044
2,165		Energy East Corp		53,692
800		EnergySouth, Inc		32,080
10,210		Hawaiian Electric Industries, Inc		277,202
7,750		Idacorp, Inc		299,538
600		ITC Holdings Corp		23,940
10,534		KeySpan Corp		433,790
5,670		Kinder Morgan, Inc		599,603
400		Laclede Group, Inc		14,012
2,270		Markwest Hydrocarbon, Inc		110,209
1,700		Metal Management, Inc		64,345
3,914		MGE Energy, Inc		143,174
6,291		National Fuel Gas Co		242,455
862		Nicor, Inc		40,342
22,178		NiSource, Inc		534,490
2,575		Northeast Utilities		72,512
3,726	*	NRG Energy, Inc		208,693
3,400		NSTAR		116,824
12,169		OGE Energy Corp		486,760
3,100		Oneok, Inc		133,672
3,014		Otter Tail Corp		93,916
22,084		Pepco Holdings, Inc		574,405
2,700		Piedmont Natural Gas Co, Inc		72,225
966	*	Plug Power, Inc		3,758
22,459		Puget Energy, Inc		569,560
3,400		Questar Corp		282,370
897		Resource America, Inc (Class A)		23,681
7,894	*	Sierra Pacific Resources		132,856
1,200		SJW Corp		46,512
1,400		South Jersey Industries, Inc		46,774
3,400		Synagro Technologies, Inc		15,028
4,164		TECO Energy, Inc		71,746
2,900		UGI Corp		79,112
1,100		UIL Holdings Corp		46,409
5,063		Unisource Energy Corp		184,951
1,480	*	Waste Services, Inc		14,578
3,500		WGL Holdings, Inc		114,030
14,640		Williams Cos, Inc		382,397
400		WPS Resources Corp		21,612
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		9,606,797
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.44%
7,379	*	Advanced Micro Devices, Inc		150,163
3,820	*	Agere Systems, Inc		73,229
3,200		American Power Conversion Corp		97,888
2,181		Ametek, Inc		69,443
10,479	*	Apple Computer, Inc		889,038
2,545	*	Arris Group, Inc		31,838
1,216	*	Atheros Communications, Inc		25,925
961		Baldor Electric Co		32,117

82

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
114	*	Benchmark Electronics, Inc	$	2,777
233	*	Bookham, Inc		948
5,687	*	Brocade Communications Systems, Inc		46,690
1,000	*	CalAmp Corp		8,440
3,799	*	Capstone Turbine Corp		4,673
821	*	C-COR, Inc		9,146
76,463	*	Cisco Systems, Inc		2,089,734
12	*	Color Kinetics, Inc		256
16,506	*	Conexant Systems, Inc		33,672
1,090	*	Cree, Inc		18,879
2,030	*	Ditech Networks, Inc		14,048
2,324	*	Emcore Corp		12,852
27,156		Emerson Electric Co		1,197,308
300	*	Energizer Holdings, Inc		21,297
393	*	Energy Conversion Devices, Inc		13,354
709	*	Evergreen Solar, Inc		5,367
9,228	*	Finisar Corp		29,806
594	*	FuelCell Energy, Inc		3,837
1,601	*	GrafTech International Ltd		11,079
300	*	Greatbatch, Inc		8,076
900		Harman International Industries, Inc		89,919
2,048	*	Harmonic, Inc		14,889
77,657		Intel Corp		1,572,554
1,135	*	Interdigital Communications Corp		38,079
2,483	*	InterVoice, Inc		19,020
136		Lincoln Electric Holdings, Inc		8,217
286		LSI Industries, Inc		5,677
7,142	*	LSI Logic Corp		64,278
1,388	*	McData Corp (Class A)		7,703
730	*	Medis Technologies Ltd		12,724
12,043	*	Micron Technology, Inc		168,120
1,197	*	Microtune, Inc		5,626
4,735		Molex, Inc		149,768
36,247		Motorola, Inc		745,238
5,740	*	MRV Communications, Inc		20,320
5,801		National Semiconductor Corp		131,683
1,193	*	Novellus Systems, Inc		41,063
1,177	*	Omnivision Technologies, Inc		16,066
4,933	*	ON Semiconductor Corp		37,343
6,139	*	Optical Communication Products, Inc		10,068
1,526		Plantronics, Inc		32,351
644	*	Plexus Corp		15,379
183	*	PLX Technology, Inc		2,386
1,279	*	Polycom, Inc		39,534
1,716	*	Power-One, Inc		12,492
3,075	*	Powerwave Technologies, Inc		19,834
1,986	*	QLogic Corp		43,533
24,073		Qualcomm, Inc		909,719
4,296	*	Quantum Fuel Systems Technologies Worldwide, Inc		6,874
571		RadioShack Corp		9,581
3,582	*	RF Micro Devices, Inc		24,322
772	*	Silicon Image, Inc		9,820
28,640	*	Sirius Satellite Radio, Inc		101,386

83

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
2,651	*	Sycamore Networks, Inc	$	9,968
200	*	Symmetricom, Inc		1,784
900		Technitrol, Inc		21,501
700	*	Tekelec		10,381
2,441		Teleflex, Inc		157,591
9,443	*	Tellabs, Inc		96,885
16	*	Tessera Technologies, Inc		645
23,374		Texas Instruments, Inc		673,171
1,538	*	Thomas & Betts Corp		72,717
7,174	*	Transmeta Corp		7,963
5,767	*	Transwitch Corp		8,074
1,102	*	Trident Microsystems, Inc		20,034
1,390	*	Triquint Semiconductor, Inc		6,255
700		Whirlpool Corp		58,114
6,538		Xilinx, Inc		155,670
15,725	*	Zhone Technologies, Inc		20,600
216	*	Zoltek Cos, Inc		4,249
485	*	Zoran Corp		7,071
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		10,620,119
ENGINEERING AND MANAGEMENT SERVICES - 0.78%
1,300	*	Amylin Pharmaceuticals, Inc		46,891
1,251	*	Applera Corp (Celera Genomics Group)		17,501
436	*	Ariad Pharmaceuticals, Inc		2,241
4,150	*	Celgene Corp		238,750
200		Corporate Executive Board Co		17,540
360	*	CV Therapeutics, Inc		5,026
731	*	Digitas, Inc		9,803
1,000	*	First Consulting Group, Inc		13,760
200	*	Gen-Probe, Inc		10,474
1,400	*	Harris Interactive, Inc		7,056
39	*	Hewitt Associates, Inc (Class A)		1,004
504	*	ICOS Corp		17,030
2,197	*	Incyte Corp		12,830
2,102	*	Isis Pharmaceuticals, Inc		23,374
1,827	*	Lexicon Genetics, Inc		6,595
473	*	Lifecell Corp		11,418
400	*	Maxygen, Inc		4,308
1,900	*	Monogram Biosciences, Inc		3,382
4,442		Moody's Corp		306,765
6,720		Paychex, Inc		265,709
3,832		Quest Diagnostics, Inc		203,096
608	*	Regeneron Pharmaceuticals, Inc		12,203
3,603	*	Rentech, Inc		13,583
1,573	*	Savient Pharmaceuticals, Inc		17,633
19	*	Symyx Technologies, Inc		410
620	*	Tetra Tech, Inc		11,216
590	*	Trimeris, Inc		7,499
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,287,097
FABRICATED METAL PRODUCTS - 0.67%
400		Ameron International Corp		30,548
4,764		Commercial Metals Co		122,911

84

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,344		Dynamic Materials Corp	$	37,766
744		Gulf Island Fabrication, Inc		27,454
14,402		Illinois Tool Works, Inc		665,228
2,000		Pentair, Inc		62,800
600		Shiloh Industries, Inc		11,370
1,700		Silgan Holdings, Inc		74,664
900		Snap-On, Inc		42,876
583		Valmont Industries, Inc		32,351
		TOTAL FABRICATED METAL PRODUCTS		1,107,968
FOOD AND KINDRED PRODUCTS - 2.60%
7,203		Campbell Soup Co		280,125
6,359		Coca-Cola Enterprises, Inc		129,851
8,864		General Mills, Inc		510,566
7,208		H.J. Heinz Co		324,432
676	*	Hansen Natural Corp		22,768
3,964		Hershey Co		197,407
911		Imperial Sugar Co		22,055
2,700	*	Jones Soda Co		33,210
10,164		Kellogg Co		508,810
1,500		Pepsi Bottling Group, Inc		46,365
29,074		PepsiCo, Inc		1,818,579
6,377		Sara Lee Corp		108,600
5,525		Wrigley (Wm.) Jr Co		285,753
		TOTAL FOOD AND KINDRED PRODUCTS		4,288,521
FOOD STORES - 0.28%
13,265		Kroger Co		306,024
2,280		Supervalu, Inc		81,510
1,587		Whole Foods Market, Inc		74,478
		TOTAL FOOD STORES		462,012
FORESTRY - 0.08%
1,913		Weyerhaeuser Co		135,153
		TOTAL FORESTRY		135,153
FURNITURE AND FIXTURES - 0.57%
1,230		Hillenbrand Industries, Inc		70,024
5,194		Johnson Controls, Inc		446,268
3,685		Leggett & Platt, Inc		88,072
11,028		Masco Corp		329,406
533	*	Tempur-Pedic International, Inc		10,905
		TOTAL FURNITURE AND FIXTURES		944,675
FURNITURE AND HOME FURNISHINGS STORES - 0.10%
3,353	*	Bed Bath & Beyond, Inc		127,749
1,379		Circuit City Stores, Inc		26,173
1,000	*	Pier 1 Imports, Inc		5,950
76		Williams-Sonoma, Inc		2,389
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		162,261
GENERAL BUILDING CONTRACTORS - 0.53%
121	*	Avatar Holdings, Inc		9,783
500		Beazer Homes USA, Inc		23,505

85

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
2,224		Centex Corp	$	125,144
5,669		DR Horton, Inc		150,172
1,068	*	Hovnanian Enterprises, Inc (Class A)		36,205
64		Lennar Corp (B Shares)		3,144
2,940		Lennar Corp (Class A)		154,232
600		MDC Holdings, Inc		34,230
149	*	Meritage Homes Corp		7,110
42	*	NVR, Inc		27,090
3,996		Pulte Homes, Inc		132,348
600		Ryland Group, Inc		32,772
700		Standard-Pacific Corp		18,753
2,200		Technical Olympic USA, Inc		22,374
2,653	*	Toll Brothers, Inc		85,506
273	*	WCI Communities, Inc		5,236
		TOTAL GENERAL BUILDING CONTRACTORS		867,604
GENERAL MERCHANDISE STORES - 1.24%
41	*	BJ's Wholesale Club, Inc		1,276
424		Bon-Ton Stores, Inc		14,692
9,298		Costco Wholesale Corp		491,585
3,008		Dollar General Corp		48,308
2,521		Family Dollar Stores, Inc		73,941
3,991		JC Penney Co, Inc		308,744
14,778		Target Corp		843,085
9,354		TJX Cos, Inc		266,776
		TOTAL GENERAL MERCHANDISE STORES		2,048,407
HEALTH SERVICES - 1.45%
1,915	*	Alliance Imaging, Inc		12,735
900	*	Bio-Reference Labs, Inc		20,241
939		Brookdale Senior Living, Inc		45,072
1,234	*	Community Health Systems, Inc		45,066
450	*	Corvel Corp		21,407
1,957	*	DaVita, Inc		111,314
207	*	Edwards Lifesciences Corp		9,737
2,590	*	Express Scripts, Inc		185,444
304	*	Five Star Quality Care, Inc		3,390
5,341		Health Management Associates, Inc (Class A)		112,749
699	*	Healthways, Inc		33,349
1,570	*	Hythiam, Inc		14,507
2,955	*	Laboratory Corp of America Holdings		217,104
900	*	LHC Group, Inc		25,659
394	*	LifePoint Hospitals, Inc		13,278
1,209	*	Lincare Holdings, Inc		48,167
900	*	Medcath Corp		24,624
100		National Healthcare Corp		5,520
3,064	*	Nektar Therapeutics		46,603
2,234		Omnicare, Inc		86,299
800		Option Care, Inc		11,400
500	*	Pediatrix Medical Group, Inc		24,450
2,157		Pharmaceutical Product Development, Inc		69,499
856	*	Psychiatric Solutions, Inc		32,117

86

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
800	*	RehabCare Group, Inc	$	11,880
1,435	*	Sierra Health Services, Inc		51,717
1,338	*	Sunrise Senior Living, Inc		41,103
400	*	Symbion, Inc		7,404
845	*	Triad Hospitals, Inc		35,346
400		Universal Health Services, Inc (Class B)		22,172
1,500	*	VistaCare, Inc (Class A)		15,225
12,419	*	WellPoint, Inc		977,251
		TOTAL HEALTH SERVICES		2,381,829
HOLDING AND OTHER INVESTMENT OFFICES - 2.94%
8,224		Allied Capital Corp		268,760
584		AMB Property Corp		34,228
1,800		American Financial Realty Trust		20,592
1,100		Annaly Mortgage Management, Inc		15,301
6,691		Archstone-Smith Trust		389,483
1,147		AvalonBay Communities, Inc		149,167
2,085		Boston Properties, Inc		233,270
1,100		Cherokee, Inc		47,201
1,632		Crescent Real Estate Equities Co		32,232
200		Developers Diversified Realty Corp		12,590
3,083		Duke Realty Corp		126,095
11,489		Equity Office Properties Trust		553,425
8,962		Equity Residential		454,822
2,980		General Growth Properties, Inc		155,645
700		Gladstone Capital Corp		16,702
1,600	*	Harris & Harris Group, Inc		19,344
1,300		Health Care Property Investors, Inc		47,866
800		Hospitality Properties Trust		38,024
7,900		Host Marriott Corp		193,945
2,700		HRPT Properties Trust		33,345
2,829		iStar Financial, Inc		135,283
4,500		Kimco Realty Corp		202,275
2,900		Luminent Mortgage Capital, Inc		28,159
1,300		MFA Mortgage Investments, Inc		9,997
800		NorthStar Realty Finance Corp		13,256
1,718		NTL, Inc		43,362
817		Potlatch Corp		35,801
5,933		Prologis		360,548
2,182		Public Storage, Inc		212,745
5,237		Simon Property Group, Inc		530,456
3,003		Vornado Realty Trust		364,865
1,500		Weingarten Realty Investors		69,165
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,847,949
HOTELS AND OTHER LODGING PLACES - 0.27%
2,300		Choice Hotels International, Inc		96,830
2,851	*	Gaylord Entertainment Co		145,201
6,000	*	Great Wolf Resorts, Inc		83,760
4,400	*	Lodgian, Inc		59,840
2,256		Marcus Corp		57,708
600	*	Outdoor Channel Holdings, Inc		7,698
		TOTAL HOTELS AND OTHER LODGING PLACES		451,037

87

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.27%
19,266		3M Co	$	1,501,399
2,700	*	AGCO Corp		83,538
4,100		American Standard Cos, Inc		187,985
500		Ampco-Pittsburgh Corp		16,740
27,711		Applied Materials, Inc		511,268
700	*	Astec Industries, Inc		24,570
169	*	Asyst Technologies, Inc		1,235
359	*	Axcelis Technologies, Inc		2,093
2,047		Black & Decker Corp		163,699
900		Briggs & Stratton Corp		24,255
1,010	*	Brooks Automation, Inc		14,544
1,034		Cummins, Inc		122,198
6,567		Deere & Co		624,325
31,801	*	Dell, Inc		797,887
300		Donaldson Co, Inc		10,413
37,354	*	EMC Corp		493,073
539	*	Emulex Corp		10,516
266	*	ENGlobal Corp		1,710
233	*	Extreme Networks, Inc		976
300	*	Flowserve Corp		15,141
1,300	*	FMC Technologies, Inc		80,119
843	*	Gehl Co		23,208
696		Graco, Inc		27,576
2,598	*	Grant Prideco, Inc		103,322
39,947		Hewlett-Packard Co		1,645,417
26,031		International Business Machines Corp		2,528,912
314	*	Intevac, Inc		8,148
67	*	Komag, Inc		2,538
2,287	*	Lam Research Corp		115,768
1,700	*	LB Foster Co (Class A)		44,047
1,488	*	Lexmark International, Inc (Class A)		108,922
500		Lufkin Industries, Inc		29,040
1,625		Manitowoc Co, Inc		96,574
992		Modine Manufacturing Co		24,830
500		NN, Inc		6,215
787		Nordson Corp		39,216
700	*	Oil States International, Inc		22,561
2,100		Pall Corp		72,555
324	*	Rackable Systems, Inc		10,034
2,459	*	Semitool, Inc		32,729
1,102	*	Sigma Designs, Inc		28,046
5,584		Smith International, Inc		229,335
24,230	*	Solectron Corp		78,021
948		SPX Corp		57,980
2,100		Stanley Works		105,609
2,800		Tennant Co		81,200
650	*	TurboChef Technologies, Inc		11,063
5,222	*	VA Software Corp		26,267
1,870	*	Varian Medical Systems, Inc		88,956
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		10,335,773

88

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
INSTRUMENTS AND RELATED PRODUCTS - 5.14%
267	*	Advanced Medical Optics, Inc	$	9,398
856	*	Affymetrix, Inc		19,739
300		Analogic Corp		16,842
1,892		Bard (C.R.), Inc		156,979
583		Bausch & Lomb, Inc		30,351
13,631		Baxter International, Inc		632,342
722		Beckman Coulter, Inc		43,176
6,035		Becton Dickinson & Co		423,355
4,606		Biomet, Inc		190,090
19,140	*	Boston Scientific Corp		328,825
864	*	Bruker BioSciences Corp		6,489
533	*	Cepheid, Inc		4,531
300		Cooper Cos, Inc		13,350
4,403	*	Credence Systems Corp		22,896
1,612		Dentsply International, Inc		48,118
1,700	*	Depomed, Inc		5,865
118	*	DexCom, Inc		1,163
500	*	DJ Orthopedics, Inc		21,410
311	*	Formfactor, Inc		11,585
348	*	Hologic, Inc		16,453
18	*	Illumina, Inc		708
1,074	*	Input/Output, Inc		14,639
454	*	Intuitive Surgical, Inc		43,539
1,710	*	Ixia		16,416
51,822		Johnson & Johnson		3,421,288
3,411		Kla-Tencor Corp		169,697
82	*	L-1 Identity Solutions, Inc		1,241
2,123	*	LTX Corp		11,889
19,176		Medtronic, Inc		1,026,108
195	*	Millipore Corp		12,987
305	*	MKS Instruments, Inc		6,887
301	*	OYO Geospace Corp		17,485
4,442		Pitney Bowes, Inc		205,176
315		Roper Industries, Inc		15,826
5,480	*	St. Jude Medical, Inc		200,349
6,192		Stryker Corp		341,241
1,500		Tektronix, Inc		43,755
6,266	*	Thermo Electron Corp		283,787
1,647	*	Waters Corp		80,654
13,987	*	Xerox Corp		237,080
4,086	*	Zimmer Holdings, Inc		320,261
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,473,970
INSURANCE AGENTS, BROKERS AND SERVICE - 0.51%
1,640		Brown & Brown, Inc		46,264
1,400		Clark, Inc		23,282
3,500		Crawford & Co (Class B)		25,550
7,996		Hartford Financial Services Group, Inc		746,107
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		841,203
INSURANCE CARRIERS - 4.57%
9,924		Aetna, Inc		428,518

89

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
400		Affirmative Insurance Holdings, Inc	$	6,508
14,694		Aflac, Inc		675,924
3,000		Ambac Financial Group, Inc		267,210
1,050		American Financial Group, Inc		37,706
1,549	*	AMERIGROUP Corp		55,594
2,300		Assurant, Inc		127,075
742	*	Centene Corp		18,231
12,896		Chubb Corp		682,327
8,075		Cincinnati Financial Corp		365,878
800		Commerce Group, Inc		23,800
737		Erie Indemnity Co (Class A)		42,731
900		HCC Insurance Holdings, Inc		28,881
561	*	HealthExtras, Inc		13,520
9,786		Lincoln National Corp		649,790
3,793		MBIA, Inc		277,117
900		Mercury General Corp		47,457
2,005		MGIC Investment Corp		125,393
648	*	Molina Healthcare, Inc		21,066
900		Phoenix Cos, Inc		14,301
1,000		PMI Group, Inc		47,170
8,228		Principal Financial Group		482,984
17,932		Progressive Corp		434,313
300		Protective Life Corp		14,250
13,359		Prudential Financial, Inc		1,147,004
1,400		Radian Group, Inc		75,474
4,593		Safeco Corp		287,292
17,554		St. Paul Travelers Cos, Inc		942,474
1,100		Tower Group, Inc		34,177
2,700		W.R. Berkley Corp		93,177
1,049	*	WellCare Health Plans, Inc		72,276
		TOTAL INSURANCE CARRIERS		7,539,618
LEATHER AND LEATHER PRODUCTS - 0.17%
5,576	*	Coach, Inc		239,545
1,700		Weyco Group, Inc		42,245
		TOTAL LEATHER AND LEATHER PRODUCTS		281,790
LUMBER AND WOOD PRODUCTS - 0.01%
1,174	*	Champion Enterprises, Inc		10,989
300		Skyline Corp		12,066
		TOTAL LUMBER AND WOOD PRODUCTS		23,055
METAL MINING - 0.10%
4,351		Royal Gold, Inc		156,549
		TOTAL METAL MINING		156,549
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.18%
709		Callaway Golf Co		10,217
600		Daktronics, Inc		22,110
900		Marine Products Corp		10,566
9,534		Mattel, Inc		216,040
161		Nautilus, Inc		2,254
1,783	*	Russ Berrie & Co, Inc		27,547

90

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
87	*	Steinway Musical Instruments, Inc	$	2,701
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		291,435
MISCELLANEOUS RETAIL - 1.27%
4,539	*	Amazon.com, Inc		179,109
5,851		Best Buy Co, Inc		287,811
49	*	Coldwater Creek, Inc		1,201
12,118		CVS Corp		374,567
326	*	GSI Commerce, Inc		6,113
151	*	Nutri/System, Inc		9,572
3,460	*	Office Depot, Inc		132,068
351		Petsmart, Inc		10,130
129	*	Priceline.com, Inc		5,626
12,734		Staples, Inc		339,998
594		Tiffany & Co		23,309
14,090		Walgreen Co		646,590
1,762		World Fuel Services Corp		78,339
		TOTAL MISCELLANEOUS RETAIL		2,094,433
MOTION PICTURES - 1.99%
5,902	*	Discovery Holding Co (Class A)		94,963
80,862		Time Warner, Inc		1,761,174
41,546		Walt Disney Co		1,423,781
		TOTAL MOTION PICTURES		3,279,918
NONDEPOSITORY INSTITUTIONS - 3.13%
647	*	Accredited Home Lenders Holding Co		17,650
1,014		Advanta Corp (Class A)		40,367
4,068		American Capital Strategies Ltd		188,186
23,853		American Express Co		1,447,162
2,446	*	AmeriCredit Corp		61,566
100		Ares Capital Corp		1,911
500		Asta Funding, Inc		15,220
5,791		Capital One Financial Corp		444,865
2,678		CapitalSource, Inc		73,136
5,580		CIT Group, Inc		311,197
500	*	CompuCredit Corp		19,905
11,350		Countrywide Financial Corp		481,808
1,446	*	Credit Acceptance Corp		48,195
2,900	*	Doral Financial Corp		8,323
1,200		Federal Agricultural Mortgage Corp (Class C)		32,556
1,318		First Marblehead Corp		72,029
17,580		Freddie Mac		1,193,682
4,300		MCG Capital Corp		87,376
3,800		Medallion Financial Corp		47,006
11,005		SLM Corp		536,714
608	*	World Acceptance Corp		28,546
		TOTAL NONDEPOSITORY INSTITUTIONS		5,157,400
NONMETALLIC MINERALS, EXCEPT FUELS - 0.19%
2,751		AMCOL International Corp		76,313
600		Florida Rock Industries, Inc		25,830
2,397		Vulcan Materials Co		215,418
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		317,561

91

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
OIL AND GAS EXTRACTION - 3.19%
16,522		Anadarko Petroleum Corp	$	719,037
798	*	Atlas America, Inc		40,674
959	*	ATP Oil & Gas Corp		37,948
2,981		Baker Hughes, Inc		222,561
1,400		Berry Petroleum Co (Class A)		43,414
2,100	*	Callon Petroleum Co		31,563
2,400	*	Cameron International Corp		127,320
1,500	*	Cheniere Energy, Inc		43,305
8,196		Chesapeake Energy Corp		238,094
4,009		Cimarex Energy Co		146,329
500	*	Delta Petroleum Corp		11,580
4,330	*	Denbury Resources, Inc		120,331
2,000	*	Edge Petroleum Corp		36,480
1,600	*	Encore Acquisition Co		39,248
1,136	*	Energy Partners Ltd		27,741
4,117		ENSCO International, Inc		206,097
8,666		Equitable Resources, Inc		361,806
2,600	*	Exploration Co of Delaware, Inc		34,684
3,043	*	Forest Oil Corp		99,445
854	*	Gasco Energy, Inc		2,092
3,100	*	GeoGlobal Resources, Inc		24,335
2,700	*	Global Industries Ltd		35,208
700	*	Goodrich Petroleum Corp		25,326
4,000	*	Grey Wolf, Inc		27,440
1,548	*	Helix Energy Solutions Group, Inc		48,561
3,998		Helmerich & Payne, Inc		97,831
1,600	*	Houston Exploration Co		82,848
5,079	*	Meridian Resource Corp		15,694
3,887	*	National Oilwell Varco, Inc		237,807
200	*	Oceaneering International, Inc		7,940
2,200	*	Parallel Petroleum Corp		38,654
7,423	*	PetroHawk Energy Corp		85,365
623	*	Petroleum Development Corp		26,820
3,147	*	Petroquest Energy, Inc		40,093
4,916		Pioneer Natural Resources Co		195,116
2,509	*	Plains Exploration & Production Co		119,253
3,597		Pogo Producing Co		174,239
3,452	*	Pride International, Inc		103,595
199	*	Quicksilver Resources, Inc		7,281
3,504		Range Resources Corp		96,220
2,457		Rowan Cos, Inc		81,572
300		RPC, Inc		5,064
2,329	*	Southwestern Energy Co		81,631
2,000		St. Mary Land & Exploration Co		73,680
1,555	*	Stone Energy Corp		54,969
1,232	*	Superior Energy Services		40,262
1,641	*	Swift Energy Co		73,533
2,200		Tidewater, Inc		106,392
949	*	Toreador Resources Corp		24,456
1,000	*	Unit Corp		48,450

92

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,000		W&T Offshore, Inc	$	30,720
1,000	*	Whiting Petroleum Corp		46,600
10,886		XTO Energy, Inc		512,186
		TOTAL OIL AND GAS EXTRACTION		5,258,890
PAPER AND ALLIED PRODUCTS - 0.83%
1,600		Bemis Co		54,368
1,600		Bowater, Inc		36,000
3,300	*	Buckeye Technologies, Inc		39,534
2,100		Chesapeake Corp		35,742
800		Glatfelter		12,400
6,425		International Paper Co		219,093
8,700		Kimberly-Clark Corp		591,165
5,776		MeadWestvaco Corp		173,627
100		Packaging Corp of America		2,210
900		Rock-Tenn Co (Class A)		24,399
108	*	Smurfit-Stone Container Corp		1,140
1,971		Sonoco Products Co		75,016
2,422		Temple-Inland, Inc		111,485
		TOTAL PAPER AND ALLIED PRODUCTS		1,376,179
PERSONAL SERVICES - 0.01%
300		Weight Watchers International, Inc		15,759
		TOTAL PERSONAL SERVICES		15,759
PETROLEUM AND COAL PRODUCTS - 2.75%
2,101		Alon USA Energy, Inc		55,277
11,234		Apache Corp		747,173
200		Ashland, Inc		13,836
1,950		Cabot Oil & Gas Corp		118,268
13,034		Devon Energy Corp		874,321
6,516		EOG Resources, Inc		406,924
5,344		Frontier Oil Corp		153,586
978	*	Headwaters, Inc		23,433
6,142		Hess Corp		304,459
2,271		Holly Corp		116,729
5,581		Murphy Oil Corp		283,794
3,996	*	Newfield Exploration Co		183,616
6,762		Noble Energy, Inc		331,811
4,034		Sunoco, Inc		251,560
11,568		Valero Energy Corp		591,819
3,049		Western Refining, Inc		77,628
		TOTAL PETROLEUM AND COAL PRODUCTS		4,534,234
PRIMARY METAL INDUSTRIES - 1.25%
538	*	Brush Engineered Materials, Inc		18,168
1,451	*	Century Aluminum Co		64,787
2,354		Chaparral Steel Co		104,212
661	*	CommScope, Inc		20,147
22,383	*	Corning, Inc		418,786
2,368		Gibraltar Industries, Inc		55,672
1,700		Hubbell, Inc (Class B)		76,857
1,023	*	Lone Star Technologies, Inc		49,523

93

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
2,369		Mueller Industries, Inc	$	75,097
7,143		Nucor Corp		390,436
2,190		Olympic Steel, Inc		48,684
1,575		Quanex Corp		54,479
5,060		Steel Dynamics, Inc		164,197
2,300		Steel Technologies, Inc		40,365
3,180		Tredegar Corp		71,900
3,455		United States Steel Corp		252,699
3,300	*	Wheeling-Pittsburgh Corp		61,809
5,088		Worthington Industries, Inc		90,159
		TOTAL PRIMARY METAL INDUSTRIES		2,057,977
PRINTING AND PUBLISHING - 0.85%
919		Dow Jones & Co, Inc		34,922
908	*	Dun & Bradstreet Corp		75,173
4,090		EW Scripps Co (Class A)		204,255
9,270		McGraw-Hill Cos, Inc		630,545
2,996		New York Times Co (Class A)		72,982
200	*	Presstek, Inc		1,272
417		R.H. Donnelley Corp		26,158
6,297		Tribune Co		193,822
137	*	Valassis Communications, Inc		1,986
218		Washington Post Co (Class B)		162,541
		TOTAL PRINTING AND PUBLISHING		1,403,656
RAILROAD TRANSPORTATION - 0.61%
9,328		CSX Corp		321,163
2,161	*	Kansas City Southern Industries, Inc		62,626
12,274		Norfolk Southern Corp		617,259
		TOTAL RAILROAD TRANSPORTATION		1,001,048
REAL ESTATE - 0.07%
2,517	*	CB Richard Ellis Group, Inc (Class A)		83,564
400		Forest City Enterprises, Inc (Class A)		23,360
2,380		Stewart Enterprises, Inc (Class A)		14,875
		TOTAL REAL ESTATE		121,799
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.08%
1,671		Cooper Tire & Rubber Co		23,895
1,295		Sealed Air Corp		84,071
1,100		Spartech Corp		28,842
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		136,808
SECURITY AND COMMODITY BROKERS - 3.37%
990		A.G. Edwards, Inc		62,657
1,886		Ameriprise Financial, Inc		102,787
407	*	Cbot Holdings, Inc (Class A)		61,648
20,486		Charles Schwab Corp		396,199
500		Chicago Mercantile Exchange Holdings, Inc		254,875
4,328	*	E*Trade Financial Corp		97,034
900		Eaton Vance Corp		29,709
796		Federated Investors, Inc (Class B)		26,889
5,236		Franklin Resources, Inc		576,850

94

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
6,636		Goldman Sachs Group, Inc	$	1,322,887
751	*	IntercontinentalExchange, Inc		81,033
440		International Securities Exchange, Inc		20,588
3,086		Janus Capital Group, Inc		66,627
2,096		Legg Mason, Inc		199,225
18,286		Merrill Lynch & Co, Inc		1,702,427
968	*	Nasdaq Stock Market, Inc		29,805
1,996	*	NYSE Group, Inc		194,011
738		SEI Investments Co		43,955
6,726		T Rowe Price Group, Inc		294,397
		TOTAL SECURITY AND COMMODITY BROKERS		5,563,603
SOCIAL SERVICES - 0.02%
3,600	*	Capital Senior Living Corp		38,304
		TOTAL SOCIAL SERVICES		38,304
SPECIAL TRADE CONTRACTORS - 0.05%
1,404	*	Layne Christensen Co		46,093
2,119	*	Quanta Services, Inc		41,681
		TOTAL SPECIAL TRADE CONTRACTORS		87,774
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
241		Apogee Enterprises, Inc		4,654
48	*	Cabot Microelectronics Corp		1,629
450		CARBO Ceramics, Inc		16,816
541		Eagle Materials, Inc		23,387
3,242		Gentex Corp		50,446
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		96,932
TRANSPORTATION BY AIR - 0.72%
800	*	Air Methods Corp		22,336
2,858	*	Airtran Holdings, Inc		33,553
705	*	Alaska Air Group, Inc		27,847
2,505	*	Continental Airlines, Inc (Class B)		103,331
3,091	*	ExpressJet Holdings, Inc		25,037
4,890		FedEx Corp		531,152
2,968	*	Frontier Airlines Holdings, Inc		21,963
4,578	*	JetBlue Airways Corp		65,008
1,732	*	Mesa Air Group, Inc		14,843
1,722		Skywest, Inc		43,928
19,931		Southwest Airlines Co		305,343
		TOTAL TRANSPORTATION BY AIR		1,194,341
TRANSPORTATION EQUIPMENT - 0.97%
1,500		American Axle & Manufacturing Holdings, Inc		28,485
1,603		ArvinMeritor, Inc		29,223
2,760		Autoliv, Inc		166,428
7,400	*	BE Aerospace, Inc		190,032
1,937		Brunswick Corp		61,790
200		Federal Signal Corp		3,208
1,100	*	Fuel Systems Solutions, Inc		24,288
8,030		Genuine Parts Co		380,863
5,276		Harley-Davidson, Inc		371,800

95

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
1,727		Harsco Corp	$	131,425
300	*	Navistar International Corp		10,029
1,050		Noble International Ltd		21,052
1,600		Superior Industries International, Inc		30,832
1,182	*	Tenneco, Inc		29,219
300		Thor Industries, Inc		13,197
1,600	*	TRW Automotive Holdings Corp		41,392
3,511	*	Visteon Corp		29,773
1,200		Westinghouse Air Brake Technologies Corp		36,456
		TOTAL TRANSPORTATION EQUIPMENT		1,599,492
TRANSPORTATION SERVICES - 0.11%
500		CH Robinson Worldwide, Inc		20,445
1,000		Expeditors International Washington, Inc		40,500
2,183	*	RailAmerica, Inc		35,103
2,816		Sabre Holdings Corp (Class A)		89,802
		TOTAL TRANSPORTATION SERVICES		185,850
TRUCKING AND WAREHOUSING - 0.63%
13,857		United Parcel Service, Inc (Class B)		1,038,998
		TOTAL TRUCKING AND WAREHOUSING		1,038,998
WATER TRANSPORTATION - 0.04%
600	*	Gulfmark Offshore, Inc		22,446
1,200	*	Hornbeck Offshore Services, Inc		42,840
		TOTAL WATER TRANSPORTATION		65,286
WHOLESALE TRADE-DURABLE GOODS - 0.53%
1,000		Adesa, Inc		27,750
5,538		Barnes Group, Inc		120,451
1,298		BorgWarner, Inc		76,608
2,116		Castle (A.M.) & Co		53,852
496	*	Cytyc Corp		14,037
240		Martin Marietta Materials, Inc		24,938
140	*	Merge Technologies, Inc		918
700	*	MWI Veterinary Supply, Inc		22,610
2,096	*	Patterson Cos, Inc		74,429
3,984		Reliance Steel & Aluminum Co		156,890
3,530		Ryerson Tull, Inc		88,568
2,424		W.W. Grainger, Inc		169,534
614	*	WESCO International, Inc		36,109
		TOTAL WHOLESALE TRADE-DURABLE GOODS		866,694
WHOLESALE TRADE-NONDURABLE GOODS - 1.01%
300		Airgas, Inc		12,156
150	*	Akorn, Inc		937
590	*	Allscripts Healthcare Solutions, Inc		15,924
3,200	*	Endo Pharmaceuticals Holdings, Inc		88,256
486	*	Henry Schein, Inc		23,804
2,308	*	Idearc, Inc		66,124
300		Men's Wearhouse, Inc		11,478
600		Nash Finch Co		16,380
5,700		Nike, Inc (Class B)		564,471

96

TIAA-CREF MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY	VALUE
8,400		Safeway, Inc	$	290,304
1,270		Spartan Stores, Inc		26,581
15,094		Sysco Corp		554,855
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,671,270
		TOTAL COMMON STOCKS		164,848,257
		(Cost $139,686,412)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.10%
U.S. GOVERNMENT AND AGENCIES NOTES - 0.10%
$ 160,000		Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		159,914
		TOTAL U.S. GOVERNMENT AND AGENCIES NOTES		159,914
		TOTAL SHORT-TERM INVESTMENTS		159,914
		(Cost $159,979)
		TOTAL PORTFOLIO - 100.03%
		(Cost $139,846,391)		165,008,171
		OTHER ASSETS & LIABILITIES, NET - (0.03)%		(51,907	)
		NET ASSETS - 100.00%	$	164,956,264
	*	Non-income producing
	**	Percentage represents less that 0.01%
		ABBREVIATION: ADR - American Depositary Receipt

97

TIAA-CREF MUTUAL FUNDS - Managed Allocation Fund

TIAA-CREF MUTUAL FUNDS
MANAGED ALLOCATION FUND
STATEMENT OF INVESTMENTS
December 31, 2006

SHARES	COMPANY		VALUE
	TIAA-CREF FUNDS - 100.05%
20,594,507	TIAA-CREF Bond Plus Fund	$	207,180,742
11,873,847	TIAA-CREF Growth Equity Fund		119,569,644
1,546,036	TIAA-CREF High-Yield Bond Fund		14,254,456
7,627,322	TIAA-CREF Institutional Large-Cap Value Fund - Retail Class		119,291,312
24,105	TIAA-CREF Institutional Real Estate Securities Fund - Retail Class		380,619
1,414,472	TIAA-CREF Institutional Small-Cap Equity Fund - Retail Class		21,683,855
5,574,287	TIAA-CREF International Equity Fund		78,040,016
133,050	TIAA-CREF Money Market Fund		133,050
811,389	TIAA-CREF Short-Term Bond Fund		8,357,304
	TOTAL TIAA-CREF FUNDS		568,890,998
	(Cost $534,269,362)
	TOTAL PORTFOLIO - 100.05%		568,890,998
	(Cost $534,269,362)
	OTHER ASSETS & LIABILITIES, NET - (0.05)%		(276,042	)
	NET ASSETS - 100.00%	$	568,614,956

98

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

TIAA-CREF MUTUAL FUNDS
HIGH-YIELD BOND FUND
STATEMENT OF INVESTMENTS
December 31, 2006

PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
CORPORATE BONDS - 97.24%
AGRICULTURAL PRODUCTION-CROPS - 0.24%
$     707,000		Dole Food Co, Inc	8.625%	05/01/09	B3	$	702,581
		TOTAL AGRICULTURAL PRODUCTION-CROPS					702,581
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.26%
720,000		Pilgrim's Pride Corp	9.625	09/15/11	Ba3		752,400
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK					752,400
AGRICULTURAL SERVICES - 0.36%
1,000,000		American Rock Salt Co LLC	9.500	03/15/14	Caa1		1,030,000
		TOTAL AGRICULTURAL SERVICES					1,030,000
AMUSEMENT AND RECREATION SERVICES - 2.51%
1,700,000	g	Buffalo Thunder Development Authority	9.375	12/15/14	B2		1,725,500
1,000,000		Mohegan Tribal Gaming Authority	6.125	02/15/13	Baa2		992,500
375,000		Mohegan Tribal Gaming Authority	6.875	02/15/15	Ba2		375,937
1,950,000	g	Pokagon Gaming Authority	10.375	06/15/14	B3		2,135,250
2,000,000		Speedway Motorsports, Inc	6.750	06/01/13	Ba2		2,000,000
		TOTAL AMUSEMENT AND RECREATION SERVICES					7,229,187
APPAREL AND OTHER TEXTILE PRODUCTS - 0.59%
1,750,000		Broder Brothers	11.250	10/15/10	B2		1,697,500
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					1,697,500
AUTO REPAIR, SERVICES AND PARKING - 1.99%
670,000	g	Avis Budget Car Rental LLC	7.625	05/15/14	Ba3		653,250
1,010,000	g	Hertz Corp	10.500	01/01/16	B2		1,111,000
530,000	g	Hertz Corp	8.875	01/01/14	B1		555,175
3,446,000	d	Keystone Automotive Operations, Inc	9.750	11/01/13	Caa1		3,411,540
		TOTAL AUTO REPAIR, SERVICES AND PARKING					5,730,965
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.98%
1,780,000		Asbury Automotive Group, Inc	8.000	03/15/14	B3		1,806,700
1,000,000		Autonation, Inc	7.000	04/15/14	Ba2		1,007,500
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					2,814,200
BUSINESS SERVICES - 4.76%
1,750,000		Advanstar Communications, Inc	10.750	08/15/10	B1		1,883,437
1,375,000	g	Activant Solutions, Inc	9.500	05/01/16	Caa1		1,278,750
1,000,000		Advanstar, Inc	15.000	10/15/11	NA		1,037,500
2,500,000		Iron Mountain, Inc	8.625	04/01/13	B3		2,581,250
1,420,000		Lamar Media Corp	6.625	08/15/15	Ba3		1,407,575
1,000,000		Lamar Media Corp	7.250	01/01/13	Ba3		1,018,750
979,000		Serena Software, Inc	10.375	03/15/16	Caa1		1,038,964
1,000,000		Stena AB	9.625	12/01/12	Ba3		1,065,000
1,390,000		United Rentals North America, Inc	7.750	11/15/13	B3		1,395,213

99

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,000,000		Universal Compression, Inc	7.250	05/15/10	B1	$	1,005,000
		TOTAL BUSINESS SERVICES					13,711,439
CHEMICALS AND ALLIED PRODUCTS - 5.89%
2,125,000		BCP Crystal US Holdings Corp	9.625	06/15/14	B3		2,348,125
700,000	g	Berry Plastics Holding Corp	8.875	09/15/14	B2		710,500
688,000	g	Georgia Gulf Corp	10.750	10/15/16	B2		660,480
1,000,000		Hercules, Inc	6.750	10/15/29	Ba3		980,000
1,000,000	g	Huntsman International LLC	7.875	11/15/14	B3		1,007,500
2,160,000	g	Ineos Group Holdings plc	8.500	02/15/16	B2		2,062,800
690,000	j	Koppers Holdings, Inc (Step Bond, 0.000% - 9.875%
		until 11/15/09)	0.000	11/15/14	B3		552,000
1,022,000		Koppers, Inc	9.875	10/15/13	B2		1,111,425
1,215,000	g	Mosaic Co	7.375	12/01/14	B1		1,246,894
1,000,000		Nalco Co	7.750	11/15/11	B1		1,022,500
2,500,000	g	Nell AF SARL	8.375	08/15/15	B2		2,568,750
2,732,000	g	Reichhold Industries, Inc	9.000	08/15/14	B2		2,677,360
		TOTAL CHEMICALS AND ALLIED PRODUCTS					16,948,334
COAL MINING - 1.49%
1,000,000		Arch Western Finance LLC	6.750	07/01/13	B1		992,500
500,000		Foundation PA Coal Co	7.250	08/01/14	Ba3		508,750
2,720,000	g	Griffin Coal Mining Co Pty Ltd	9.500	12/01/16	Ba2		2,801,600
		TOTAL COAL MINING					4,302,850
COMMUNICATIONS - 11.67%
2,902,000		Allbritton Communications Co	7.750	12/15/12	B1		2,931,020
3,250,000	d	American Cellular Corp	10.000	08/01/11	B3		3,436,875
1,000,000	g	Charter Communications Operating LLC	8.000	04/30/12	B3		1,038,750
692,000	g	Charter Communications Operating LLC	8.375	04/30/14	B3		722,275
1,000,000		Citizens Communications Co	9.250	05/15/11	Ba2		1,106,250
2,026,000		Citizens Communications Co	9.000	08/15/31	Ba2		2,198,210
1,450,000		Echostar DBS Corp	6.375	10/01/11	Ba3		1,440,937
3,210,000	g	Intelsat Bermuda Ltd	11.250	06/15/16	Caa1		3,522,975
1,080,000		Intelsat Subsidiary Holding Co Ltd	8.250	01/15/13	B2		1,096,200
1,000,000		Liberty Media Corp	8.250	02/01/30	Ba2		980,228
1,315,000		PanAmSat Corp	9.000	08/15/14	B2		1,388,969
165,000		Quebecor Media, Inc	7.750	03/15/16	B2		168,506
3,980,000	d	Qwest Communications International, Inc	7.250	02/15/11	Ba3		4,069,550
1,000,000		Qwest Corp	8.875	03/15/12	Ba1		1,113,750
1,400,000		Qwest Corp	7.500	10/01/14	Ba1		1,484,000
800,000		Qwest Corp	7.250	10/15/35	Ba1		790,000
1,000,000		Rogers Cable, Inc	7.875	05/01/12	Ba2		1,080,874
750,000		Rogers Wireless, Inc	9.625	05/01/11	Ba2		851,250
1,550,000		Shaw Communications, Inc	8.250	04/11/10	Ba2		1,646,875
1,000,000		Videotron Ltee	6.875	01/15/14	Ba2		1,006,250
1,410,000	g	Windstream Corp	8.125	08/01/13	Ba3		1,526,325
		TOTAL COMMUNICATIONS					33,600,069
ELECTRIC, GAS, AND SANITARY SERVICES - 12.02%
500,000		AES Corp	9.375	09/15/10	B1		543,125
1,000,000		AES Corp	8.875	02/15/11	B1		1,072,500
750,000		AES Corp	7.750	03/01/14	B1		791,250

100

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     500,000	g	AES Corp	9.000	05/15/15	Ba3	$	537,500
1,000,000		Allied Waste North America, Inc	5.750	02/15/11	B2		967,500
2,000,000		Allied Waste North America, Inc	7.875	04/15/13	B2		2,062,500
250,000		Allied Waste North America, Inc	6.125	02/15/14	B2		237,500
81,000		Aquila, Inc	9.950	02/01/11	B2		88,719
1,500,000		CMS Energy Corp	8.500	04/15/11	Ba3		1,631,250
688,000		Dynegy Holdings, Inc	8.750	02/15/12	NR		729,280
1,000,000		Dynegy Holdings, Inc	8.375	05/01/16	B2		1,050,000
2,175,000		Edison Mission Energy	7.500	06/15/13	B1		2,272,875
2,840,000	g	El Paso Performance-Linked Trust	7.750	07/15/11	B2		3,003,300
1,400,000		General Cable Corp	9.500	11/15/10	B1		1,484,000
1,250,000		Inergy LP	8.250	03/01/16	B1		1,312,500
2,479,385		Midwest Generation LLC	8.300	07/02/09	Ba2		2,550,668
2,690,000		Mirant North America LLC	7.375	12/31/13	B2		2,730,350
1,183,239	i ,v,x	NRG Energy, Inc	4.645	02/01/13	Ba1		1,191,595
306,344	i ,v,x	NRG Energy, Inc	4.645	02/01/13	Ba1		307,876
2,000,000		NRG Energy, Inc	7.375	02/01/16	B1		2,010,000
250,000		Orion Power Holdings, Inc	12.000	05/01/10	B2		283,750
1,500,000		Reliant Energy, Inc	9.500	07/15/13	B2		1,608,750
700,000		Reliant Energy, Inc	6.750	12/15/14	B2		684,250
2,000,000		Sierra Pacific Resources	8.625	03/15/14	B1		2,147,318
1,000,000		Southern Natural Gas Co	8.000	03/01/32	Ba1		1,168,501
1,000,000		Williams Cos, Inc	8.125	03/15/12	Ba2		1,082,500
1,000,000		Williams Cos, Inc	7.750	06/15/31	Ba2		1,050,000
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					34,599,357
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.28%
2,565,000	g,o	Freescale Semiconductor, Inc	9.125	12/15/14	B1		2,548,969
1,280,000	g	Freescale Semiconductor, Inc	10.125	12/15/16	B2		1,281,600
1,905,000		L-3 Communications Corp	7.625	06/15/12	Ba3		1,971,675
710,000	g	Nortel Networks Ltd	10.125	07/15/13	B3		766,800
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					6,569,044
FABRICATED METAL PRODUCTS - 0.80%
1,000,000		Ball Corp	6.875	12/15/12	Ba1		1,020,000
1,250,000		Crown Americas LLC and Crown Americas Capital Corp	7.625	11/15/13	B1		1,287,500
		TOTAL FABRICATED METAL PRODUCTS					2,307,500
FOOD AND KINDRED PRODUCTS - 0.86%
1,171,000		Constellation Brands, Inc	7.250	09/01/16	Ba2		1,203,202
500,000		Del Monte Corp	8.625	12/15/12	B2		527,500
750,000		Del Monte Corp	6.750	02/15/15	B2		742,500
		TOTAL FOOD AND KINDRED PRODUCTS					2,473,202
FOOD STORES - 1.05%
2,983,000	d	Stater Brothers Holdings	8.125	06/15/12	B1		3,027,745
		TOTAL FOOD STORES					3,027,745
FURNITURE AND HOME FURNISHINGS STORES - 0.83%
2,300,000		GSC Holdings Corp	8.000	10/01/12	B1		2,403,500
		TOTAL FURNITURE AND HOME FURNISHINGS STORES					2,403,500

101

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
GENERAL BUILDING CONTRACTORS - 1.06%
$     1,000,000		Beazer Homes USA, Inc	8.375	04/15/12	Ba1	$	1,027,500
1,250,000		K Hovnanian Enterprises, Inc	8.000	04/01/12	Ba1		1,278,125
250,000		KB Home	8.625	12/15/08	Ba2		259,754
500,000		KB Home	6.375	08/15/11	Ba1		491,971
		TOTAL GENERAL BUILDING CONTRACTORS					3,057,350
HEALTH SERVICES - 2.10%
1,000,000		DaVita, Inc	6.625	03/15/13	B2		1,002,500
1,500,000		DaVita, Inc	7.250	03/15/15	B3		1,530,000
2,720,000	g	HCA, Inc	9.125	11/15/14	B2		2,907,000
750,000		HCA, Inc	7.500	11/06/33	Caa1		611,250
		TOTAL HEALTH SERVICES					6,050,750
HOLDING AND OTHER INVESTMENT OFFICES - 1.73%
2,000,000		Sungard Data Systems, Inc	9.125	08/15/13	Caa1		2,100,000
2,690,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		2,871,575
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					4,971,575
HOTELS AND OTHER LODGING PLACES - 1.55%
750,000		MGM Mirage	8.500	09/15/10	Ba2		802,500
2,750,000	d	MGM Mirage	6.750	09/01/12	Ba2		2,708,750
1,000,000		Station Casinos, Inc	6.000	04/01/12	Ba2		948,750
		TOTAL HOTELS AND OTHER LODGING PLACES					4,460,000
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.24%
2,000,000		Case New Holland, Inc	9.250	08/01/11	Ba3		2,117,500
1,500,000		Scientific Games Corp	6.250	12/15/12	Ba3		1,466,250
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					3,583,750
INSTRUMENTS AND RELATED PRODUCTS - 0.44%
1,250,000		Fisher Scientific International, Inc	6.750	08/15/14	Baa3		1,267,362
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,267,362
JUSTICE, PUBLIC ORDER AND SAFETY - 0.52%
1,500,000		Corrections Corp of America	6.250	03/15/13	Ba3		1,486,875
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					1,486,875
LEGAL SERVICES - 0.78%
2,177,000	g	FTI Consulting, Inc	7.750	10/01/16	Ba2		2,258,638
		TOTAL LEGAL SERVICES					2,258,638
MISCELLANEOUS RETAIL - 2.58%
1,250,000		AmeriGas Partners LP	7.125	05/20/16	B1		1,250,000
1,000,000		Couche-Tard US LP	7.500	12/15/13	Ba2		1,022,500
944,000		FTD, Inc	7.750	02/15/14	B3		945,180
1,050,000	g	Michaels Stores, Inc	11.375	11/01/16	Caa1		1,094,625
1,000,000		Rite Aid Corp	7.500	01/15/15	B2		990,000
785,000	g	Sally Holdings LLC	9.250	11/15/14	B2		799,719
1,228,000	g	Stripes Acquisition LLC	10.625	12/15/13	B2		1,332,380
		TOTAL MISCELLANEOUS RETAIL					7,434,404
NONDEPOSITORY INSTITUTIONS - 4.21%
1,250,000		Ford Motor Credit Co	5.700	01/15/10	B1		1,198,254

102

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,300,000		Ford Motor Credit Co	7.875	06/15/10	B1	$	1,310,798
980,000	g	Ford Motor Credit Co	9.750	09/15/10	B1		1,042,534
710,000		Ford Motor Credit Co	9.875	08/10/11	B1		759,363
1,250,000		Ford Motor Credit Co	7.000	10/01/13	B1		1,193,726
1,450,000		General Motors Acceptance Corp	5.625	05/15/09	Ba1		1,438,552
710,000		General Motors Acceptance Corp	7.750	01/19/10	Ba1		743,132
1,600,000		General Motors Acceptance Corp	7.250	03/02/11	Ba1		1,663,894
885,000		General Motors Acceptance Corp	8.000	11/01/31	Ba1		1,016,040
1,750,000		GMAC LLC	6.000	12/15/11	Ba1		1,742,388
		TOTAL NONDEPOSITORY INSTITUTIONS					12,108,681
OIL AND GAS EXTRACTION - 6.70%
1,060,000		Chesapeake Energy Corp	7.625	07/15/13	Ba2		1,116,975
750,000		Chesapeake Energy Corp	7.500	09/15/13	Ba2		780,938
2,000,000		Chesapeake Energy Corp	7.750	01/15/15	Ba2		2,082,500
620,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		606,050
3,000,000		Chesapeake Energy Corp	6.875	11/15/20	Ba2		2,947,500
1,360,000	g	Complete Production Services, Inc	8.000	12/15/16	B2		1,394,000
1,630,000		Denbury Resources, Inc	7.500	04/01/13	B1		1,654,450
1,450,000		Encore Acquisition Co	6.000	07/15/15	B1		1,323,125
425,000		Encore Acquisition Co	7.250	12/01/17	B1		411,188
1,000,000		Hanover Compressor Co	9.000	06/01/14	B2		1,080,000
649,000		Magnum Hunter Resources, Inc	9.600	03/15/12	B1		682,261
1,440,000		Pogo Producing Co	7.875	05/01/13	B1		1,461,600
1,030,000		Range Resources Corp	7.500	05/15/16	B1		1,055,750
2,700,000	g	Sabine Pass LNG LP	7.250	11/30/13	Ba3		2,683,125
		TOTAL OIL AND GAS EXTRACTION					19,279,462
PAPER AND ALLIED PRODUCTS - 6.33%
3,331,000		Abitibi-Consolidated, Inc	8.550	08/01/10	B2		3,164,450
850,000		Abitibi-Consolidated, Inc	6.000	06/20/13	B2		680,000
710,000		Bowater, Inc	9.000	08/01/09	B2		743,725
888,000		Bowater, Inc	6.500	06/15/13	B2		810,300
1,421,000		Caraustar Industries, Inc	7.375	06/01/09	B3		1,374,818
3,355,000		Cenveo Corp	7.875	12/01/13	B3		3,220,800
689,000		Domtar, Inc	7.875	10/15/11	B2		714,838
810,000		Domtar, Inc	7.125	08/15/15	B2		793,800
1,380,000	g	Georgia-Pacific Corp	7.000	01/15/15	Ba3		1,376,550
1,718,000		Graphic Packaging International Corp	9.500	08/15/13	B3		1,812,490
2,005,000		Greif, Inc	8.875	08/01/12	Ba3		2,105,250
1,450,000		Jefferson Smurfit Corp US	8.250	10/01/12	B2		1,413,750
		TOTAL PAPER AND ALLIED PRODUCTS					18,210,771
PERSONAL SERVICES - 0.67%
1,900,000		Mac-Gray Corp	7.625	08/15/15	B2		1,928,500
		TOTAL PERSONAL SERVICES					1,928,500
PETROLEUM AND COAL PRODUCTS - 1.55%
1,500,000		Equistar Chemicals LP	8.750	02/15/09	B1		1,571,250
2,100,000		Lyondell Chemical Co	8.000	09/15/14	B1		2,178,750
710,000		Tesoro Corp	6.250	11/01/12	Ba1		706,450
		TOTAL PETROLEUM AND COAL PRODUCTS					4,456,450

103

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund

PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PRIMARY METAL INDUSTRIES - 1.37%
$     1,000,000		AK Steel Corp	7.875	02/15/09	B2	$	1,000,000
3,050,000	g	Novelis, Inc	8.250	02/15/15	B2		2,950,875
		TOTAL PRIMARY METAL INDUSTRIES					3,950,875
PRINTING AND PUBLISHING - 5.52%
1,121,692	o	AAC Group Holding Corp	12.750	10/01/12	Caa1		1,194,603
1,200,000		American Achievement Corp	8.250	04/01/12	B1		1,228,500
3,000,000	g	Idearc, Inc	8.000	11/15/16	B2		3,045,000
3,580,000	d	Morris Publishing Group LLC	7.000	08/01/13	B1		3,392,050
1,000,000		Primedia, Inc	8.875	05/15/11	B2		1,020,000
1,348,000	g	Quebecor World Capital Corp	8.750	03/15/16	B2		1,290,710
3,060,000	d	RH Donnelley Corp	8.875	01/15/16	B3		3,213,000
1,500,000		Visant Corp	7.625	10/01/12	B2		1,518,750
		TOTAL PRINTING AND PUBLISHING					15,902,613
SECURITY AND COMMODITY BROKERS - 0.29%
800,000		E*Trade Financial Corp	7.375	09/15/13	Ba2		832,000
		TOTAL SECURITY AND COMMODITY BROKERS					832,000
SOCIAL SERVICES - 0.62%
1,860,000	g	Knowledge Learning Corp, Inc	7.750	02/01/15	B2		1,780,950
		TOTAL SOCIAL SERVICES					1,780,950
STONE, CLAY, AND GLASS PRODUCTS - 0.99%
1,000,000		Owens Brockway Glass Container, Inc	8.875	02/15/09	Ba2		1,022,500
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		530,000
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					2,836,875
TRANSPORTATION EQUIPMENT - 2.42%
1,000,000	g	Bombardier, Inc	6.750	05/01/12	Ba2		980,000
898,000	g	Bombardier, Inc	8.000	11/15/14	Ba2		920,450
450,000		Ford Motor Co	6.625	10/01/28	Caa1		326,250
1,420,000		Ford Motor Co	7.450	07/16/31	Caa1		1,114,700
700,000		General Motors Corp	7.200	01/15/11	Caa1		679,000
450,000		General Motors Corp	7.700	04/15/16	Caa1		424,125
850,000		General Motors Corp	8.375	07/15/33	Caa1		786,250
700,000	g	Lear Corp	8.500	12/01/13	B3		679,000
1,000,000		Sequa Corp	9.000	08/01/09	B2		1,070,000
		TOTAL TRANSPORTATION EQUIPMENT					6,979,775
TRANSPORTATION SERVICES - 0.63%
1,850,000		United Rentals North America, Inc	6.500	02/15/12	B1		1,826,875
		TOTAL TRANSPORTATION SERVICES					1,826,875
WATER TRANSPORTATION - 0.89%
2,500,000		Gulfmark Offshore, Inc	7.750	07/15/14	B1		2,550,000
		TOTAL WATER TRANSPORTATION					2,550,000
WHOLESALE TRADE-DURABLE GOODS - 4.00%
2,770,000	g	Baker & Taylor, Inc	11.500	07/01/13	B2		2,842,713
1,892,000	g,i,o	CDRV Investors, Inc	9.860	12/01/11	Caa1		1,844,700

104

TIAA-CREF MUTUAL FUNDS - High-Yield Bond Fund
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,500,000		IKON Office Solutions, Inc	7.750	09/15/15	Ba3	$	1,571,250
1,273,000		Interline Brands, Inc	8.125	06/15/14	B3		1,308,007
750,000		Russel Metals, Inc	6.375	03/01/14	Ba2		715,312
3,250,000		Ryerson, Inc	8.250	12/15/11	B3		3,225,625
		TOTAL WHOLESALE TRADE-DURABLE GOODS					11,507,607
WHOLESALE TRADE-NONDURABLE GOODS - 0.47%
1,300,000		Supervalu, Inc	7.500	11/15/14	B1		1,355,512
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					1,355,512
		TOTAL CORPORATE BONDS					279,977,523
		(Cost $274,877,713)
SHARES		COMPANY
WARRANTS - 0.03%
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.03%
1,500		Travelcenters Of America, Inc, (Initial expires 05/01/09)					76,500
500		Travelcenters Of America, Inc, (Contingent expires 05/01/09)					25,500
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					102,000
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					102,018
		(Cost $162,890)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.09%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.09%
$     260,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07			259,860
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					259,860
		TOTAL SHORT-TERM INVESTMENTS					259,860
		(Cost $259,965)
		TOTAL PORTFOLIO - 97.36%					280,339,401
		(Cost $275,300,568)
		OTHER ASSETS & LIABILITIES, NET - 2.64%					7,592,721
		NET ASSETS - 100.00%				$	287,932,122
	+	As provided by Moody's Investors Service (unaudited)
	*	Percentage represents less than 0.01%.
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased
		on a delayed delivery basis.

105

TIAA-CREF MUTUAL FUNDS - High-Yield Bond 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 December 31, 2006, the value of these securities amounted to $67,366,272 or 23.40% of net assets.
	i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
	j	Zero coupon
	o	Payment-in-kind security.
	v	Security valued at fair value.
	x	Loan partcipation agreement
		ABBREVIATION:
		NR - Not Rated

106

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund

TIAA-CREF MUTUAL FUNDS
SHORT-TERM BOND FUND
STATEMENT OF INVESTMENTS
December 31, 2006

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 96.55%
CORPORATE BONDS - 45.70%
ASSET BACKED - 13.45%
$     78,426		Asset Backed Funding Corp NIM Trust Series
		2005-WMC1 (Class N1)	5.900%	07/26/35	NR	$	78,353
1,500,000	i	Centex Home Equity Series 2004-D (Class
		MF2)	5.560	09/25/34	A2		1,461,989
500,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		484,437
500,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M2)	5.700	02/25/34	A2		492,426
492,846		Chase Manhattan Auto Owner Trust Series
		2004-A (Class A4)	2.830	09/15/10	Aaa		483,809
1,320,000		CIT Equipment Collateral Series 2005-VT1
		(Class A4)	4.360	11/20/12	Aaa		1,305,163
586,623	i	CIT Group Home Equity Loan Trust Series
		2002-2 (Class BF)	6.830	06/25/33	Ba1		548,638
434,221	i	CIT Group Home Equity Loan Trust Series
		2002-2 (Class MF2)	6.390	12/25/30	A3		432,130
2,500,000	i	Citicorp Mortgage Securities, Inc Series
		2006-1 (Class A3)	5.706	07/25/36	Aaa		2,504,270
534,164	i	GMAC Mortgage Corporation Loan Trust
		2005-HE2 A3	4.622	11/25/35	Aaa		528,622
2,000,000		GMAC Mortgage Corporation Loan Trust
		2006-HLTV A3	5.590	03/01/30	Aaa		1,999,216
2,000,000		GMAC Mortgage Corporation Loan Trust
		2006-HLTV A4	5.810	03/01/36	Aaa		2,005,582
500,000		Household Automotive Trust Series 2006-2
		(Class A3)	5.610	08/17/11	Aaa		503,910
413,095		Long Beach Asset Holdings Corp Series
		2006-4 (Class N1)	5.877	06/25/46	NR		412,317
1,914,756		Marriott Vacation Club Owner Trust Series
		2006-1A (Class A)	5.737	04/20/28	Aaa		1,937,553
679,639	v	New York City Tax Lien Series 2006-AA
		(Class A)	5.930	07/01/36	Aaa		683,356
3,000,000		Residential Funding Mortgage Securities II,
		Inc Series 2006-H12 (Class A3)	5.790	02/25/36	Aaa		3,012,126
2,000,000	i	Residential Funding Mortgage Securities II,
		Inc Series 2006-HI1 (Class A3)	5.570	02/25/36	Aaa		1,998,058
500,000	i	Residential Funding Mortgage Securities II,
		Inc Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		502,355
1,000,000		Residential Funding Mortgage Securities II,
		Inc Series 2006-HI3 (Class A2)	5.950	02/25/36	Aaa		1,003,672
1,300,000		Residential Funding Mortgage Securities II,
		Inc Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		1,310,013

107

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     500,000	i	Saxon Asset Securities Trust Series 2002-2
		(Class AF6)	5.620	11/25/30	Aaa	$	498,191
1,473,238	g,v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		1,485,681
		TOTAL ASSET BACKED					25,671,867
CHEMICALS AND ALLIED PRODUCTS - 0.77%
250,000		Abbott Laboratories	5.600	05/15/11	A1		253,538
1,000,000		Eli Lilly & Co	2.900	03/15/08	Aa3		971,602
250,000		Lubrizol Corp	4.625	10/01/09	Baa3		245,079
		TOTAL CHEMICALS AND ALLIED PRODUCTS					1,470,219
COMMUNICATIONS - 0.63%
500,000		CBS Corp	5.625	05/01/07	Baa3		500,258
500,000		Verizon Global Funding Corp	7.375	09/01/12	A3		546,987
150,000		Viacom, Inc	5.750	04/30/11	Baa3		149,976
		TOTAL COMMUNICATIONS					1,197,221
DEPOSITORY INSTITUTIONS - 6.26%
500,000		Bank of America Corp	5.250	02/01/07	Aa2		499,944
250,000		Bank of America Corp	5.375	08/15/11	Aa2		251,844
1,000,000		Bank One NA	3.700	01/15/08	Aa2		984,015
3,000,000		Citigroup, Inc	5.125	02/14/11	Aa1		2,992,468
1,000,000		JPMorgan Chase & Co	3.500	03/15/09	Aa3		965,192
250,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		248,201
500,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		487,980
500,000		Mellon Funding Corp	4.875	06/15/07	A1		499,107
250,000		Popular North America, Inc	3.875	10/01/08	A3		242,808
250,000		Popular North America, Inc	5.650	04/15/09	A3		250,731
500,000		US Bank NA	5.700	12/15/08	Aa2		503,747
500,000		Wachovia Bank NA	4.850	07/30/07	Aa2		498,368
500,000		Wachovia Corp	5.300	10/15/11	Aa3		501,604
250,000		Washington Mutual, Inc	5.500	08/24/11	A3		251,079
1,750,000		Wells Fargo & Co	4.875	01/12/11	Aa1		1,731,285
1,000,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		1,044,212
		TOTAL DEPOSITORY INSTITUTIONS					11,952,585
EATING AND DRINKING PLACES - 0.26%
500,000		McDonald's Corp	5.950	01/15/08	A2		502,964
		TOTAL EATING AND DRINKING PLACES					502,964
ELECTRIC, GAS, AND SANITARY SERVICES - 3.24%
500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		480,594
250,000		Consumers Energy Co	4.400	08/15/09	Baa2		243,554
2,000,000		Duke Energy Corp	3.750	03/05/08	A2		1,962,047
500,000		Midamerican Energy Holdings Co	4.625	10/01/07	Baa1		496,750
1,000,000		Ohio Power Co	5.300	11/01/10	A3		996,371
500,000		ONEOK Partners LP	5.900	04/01/12	Baa2		505,511
500,000		Pepco Holdings, Inc	5.500	08/15/07	Baa3		499,600
1,000,000		Tampa Electric Co	5.375	08/15/07	Baa2		999,053
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					6,183,480

108

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.65%
$     500,000		Cisco Systems, Inc	5.250	02/22/11	A1	$	501,221
500,000		Cooper Industries, Inc	5.250	07/01/07	A3		498,466
250,000		Hewlett-Packard Co	3.625	03/15/08	A3		245,100
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,244,787
FABRICATED METAL PRODUCTS - 0.79%
500,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		491,475
1,000,000		Illinois Tool Works, Inc	5.750	03/01/09	Aa3		1,009,870
		TOTAL FABRICATED METAL PRODUCTS					1,501,345
FOOD AND KINDRED PRODUCTS - 1.50%
500,000	g	Cadbury Schweppes US Finance LLC	3.875	10/01/08	Baa2		486,940
900,000		Diageo Capital plc	5.125	01/30/12	A3		888,638
1,000,000		General Mills, Inc	5.125	02/15/07	Baa1		999,294
500,000		Kraft Foods, Inc	4.000	10/01/08	A3		489,256
		TOTAL FOOD AND KINDRED PRODUCTS					2,864,128
FOOD STORES - 0.52%
500,000		Fred Meyer, Inc	7.450	03/01/08	Baa2		510,704
500,000		Safeway, Inc	4.125	11/01/08	Baa2		488,660
		TOTAL FOOD STORES					999,364
FURNITURE AND FIXTURES - 0.26%
500,000		Masco Corp	4.625	08/15/07	Baa1		496,359
		TOTAL FURNITURE AND FIXTURES					496,359
GENERAL BUILDING CONTRACTORS - 0.29%
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		551,698
		TOTAL GENERAL BUILDING CONTRACTORS					551,698
GENERAL MERCHANDISE STORES - 1.29%
1,000,000		May Department Stores Co	3.950	07/15/07	Baa1		990,275
500,000		Target Corp	3.375	03/01/08	A1		488,949
500,000		Wal-Mart Stores, Inc	4.375	07/12/07	Aa2		498,109
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		483,980
		TOTAL GENERAL MERCHANDISE STORES					2,461,313
HOLDING AND OTHER INVESTMENT OFFICES - 0.26%
500,000		Simon Property Group LP	5.600	09/01/11	A3		502,973
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					502,973
INSURANCE CARRIERS - 0.65%
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		243,831
500,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		498,248
500,000		WellPoint, Inc	5.000	01/15/11	Baa1		493,852
		TOTAL INSURANCE CARRIERS					1,235,931
MOTION PICTURES - 0.13%
250,000		Walt Disney Co	5.700	07/15/11	A3		253,963
		TOTAL MOTION PICTURES					253,963

109

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
NONDEPOSITORY INSTITUTIONS - 6.17%
$     250,000		American General Finance Corp	2.750	06/15/08	A1	$	241,077
1,000,000	g	American Honda Finance Corp	5.125	12/15/10	A1		995,294
250,000		Caterpillar Financial Services Corp	4.875	06/15/07	A2		249,504
1,000,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		962,785
250,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		252,077
140,000		FIA Card Services NA	5.375	01/15/08	Aa1		140,073
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		479,302
200,000		Ford Motor Credit Co	9.875	08/10/11	B1		213,905
500,000		General Motors Acceptance Corp	6.125	08/28/07	Ba1		500,098
1,000,000		HSBC Finance Corp	5.250	01/14/11	Aa3		999,911
1,500,000		HSBC Finance Corp	5.700	06/01/11	Aa3		1,525,527
1,000,000	g	IBM Canada Credit Services Co	3.750	11/30/07	A1		983,232
500,000		International Lease Finance Corp	5.450	03/24/11	A1		502,354
500,000		National Rural Utilities Cooperative Finance
		Corp	6.500	03/01/07	A2		500,697
500,000		Residential Capital Corp	6.125	11/21/08	Baa3		502,388
250,000		SLM Corp	5.400	10/25/11	A2		250,585
400,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		385,325
1,100,000	g,i	USB Realty Corp	6.091	12/30/49	A1		1,100,616
900,000		Western Financial Bank	9.625	05/15/12	Aa3		989,667
		TOTAL NONDEPOSITORY INSTITUTIONS					11,774,417
OIL AND GAS EXTRACTION - 0.49%
500,000		Anadarko Petroleum Corp	3.250	05/01/08	Baa2		485,577
200,000		BJ Services Co	5.750	06/01/11	Baa1		201,600
250,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		248,037
		TOTAL OIL AND GAS EXTRACTION					935,214
OTHER MORTGAGE BACKED SECURITIES - 2.52%
454,225		Banc of America Mortgage Securities Series
		2006-1 (Class A8)	6.000	05/01/36	Aaa		455,975
455,705		First Horizon Asset Securities, Inc Series
		2003-9 (Class 1A4)	5.500	11/25/33	Aaa		454,290
2,000,000		LB-UBS Commercial Mortgage Trust Series
		2005-C3 (Class A2)	4.553	07/15/30	Aaa		1,961,258
1,000,000		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809	01/14/42	NR		988,512
939,822		Residential Asset Securitization Trust Series
		2006-A6 (Class 2A6)	6.000	07/25/36	Aaa		945,030
		TOTAL OTHER MORTGAGE BACKED SECURITIES					4,805,065
PIPELINES, EXCEPT NATURAL GAS - 1.67%
750,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		726,854
1,000,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		987,767
500,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		490,727
500,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		489,538
500,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		492,938
		TOTAL PIPELINES, EXCEPT NATURAL GAS					3,187,824
PRINTING AND PUBLISHING - 0.50%
1,000,000		RR Donnelley & Sons Co	3.750	04/01/09	Baa2		962,596
		TOTAL PRINTING AND PUBLISHING					962,596

110

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
RAILROAD TRANSPORTATION - 0.31%
$     87,000		Norfolk Southern Corp	7.350	05/15/07	Baa1	$	87,603
500,000		Union Pacific Corp	5.750	10/15/07	Baa2		500,271
		TOTAL RAILROAD TRANSPORTATION					587,874
SECURITY AND COMMODITY BROKERS - 1.95%
500,000		Bear Stearns Cos, Inc	5.700	01/15/07	A1		500,024
500,000		Franklin Resources, Inc	3.700	04/15/08	A2		490,008
500,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		528,586
1,000,000		Merrill Lynch & Co, Inc	4.125	09/10/09	Aa3		972,575
500,000		Morgan Stanley	5.800	04/01/07	Aa3		500,332
750,000		Morgan Stanley	3.625	04/01/08	Aa3		734,953
		TOTAL SECURITY AND COMMODITY BROKERS					3,726,478
TRANSPORTATION BY AIR - 0.11%
200,000		FedEx Corp	5.500	08/15/09	Baa2		200,140
		TOTAL TRANSPORTATION BY AIR					200,140
TRANSPORTATION EQUIPMENT - 1.03%
500,000		Boeing Capital Corp	5.750	02/15/07	A2		500,370
500,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		502,221
1,000,000		General Dynamics Corp	3.000	05/15/08	A2		969,905
		TOTAL TRANSPORTATION EQUIPMENT					1,972,496
		TOTAL CORPORATE BONDS					87,242,301
		(Cost $87,770,900)
GOVERNMENT BONDS - 50.85%
AGENCY SECURITIES - 23.52%
750,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		731,559
750,000		Federal Farm Credit Bank (FFCB)	4.125	04/15/09	Aaa		736,569
4,000,000		Federal Farm Credit Bank (FFCB)	5.375	07/18/11	Aaa		4,068,404
2,000,000		Federal Home Loan Bank (FHLB)	5.375	08/19/11	Aaa		2,034,100
2,750,000		Federal Home Loan Mortgage Corp (FHLMC)	4.375	11/16/07	Aaa		2,729,826
500,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	02/27/09	Aaa		485,551
3,700,000		Federal Home Loan Mortgage Corp (FHLMC)	4.750	11/03/09	Aaa		3,682,056
5,200,000		Federal Home Loan Mortgage Corp (FHLMC)	7.000	03/15/10	Aaa		5,512,761
750,000		Federal Home Loan Mortgage Corp (FHLMC)	5.250	07/18/11	Aaa		758,905
2,000,000		Federal National Mortgage Association
		(FNMA)	5.000	09/15/08	Aaa		1,998,872
3,000,000	d	Federal National Mortgage Association
		(FNMA)	5.375	08/15/09	Aaa		3,032,775
1,000,000		Federal National Mortgage Association
		(FNMA)	4.625	12/15/09	Aaa		991,757
8,900,000		Federal National Mortgage Association
		(FNMA)	7.125	06/15/10	Aaa		9,510,696
3,500,000		Federal National Mortgage Association
		(FNMA)	6.250	02/01/11	Aa2		3,649,773
5,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		4,982,350
		TOTAL AGENCY SECURITIES					44,905,954

111

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
FOREIGN GOVERNMENT BONDS - 2.84%
$     250,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa	$	248,275
800,000		Eksportfinans A/S	5.125	10/26/11	Aaa		803,435
1,000,000		Federal Republic of Germany	3.875	06/01/10	Aaa		970,487
1,000,000		International Finance Corp	5.125	05/02/11	Aaa		1,008,060
1,250,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		1,257,765
150,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		151,718
1,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		983,721
		TOTAL FOREIGN GOVERNMENT BONDS					5,423,461
MORTGAGE BACKED SECURITIES - 2.44%
808,683		Federal Home Loan Mortgage Corp (FHLMC)	5.125	10/15/15			800,508
241,134		Federal Home Loan Mortgage Corp (FHLMC)	6.000	12/15/30			242,149
144,994		Federal Home Loan Mortgage Corp Gold
		(FGLMC)	6.000	12/01/17			147,062
638,159		Federal Home Loan Mortgage Corp Gold
		(FGLMC)	5.500	01/01/19			638,967
559,034		Federal Home Loan Mortgage Corp Gold
		(FGLMC)	5.500	01/01/19			559,742
554,215		Federal National Mortgage Association
		(FNMA)	6.143	02/01/08			554,045
858,726		Federal National Mortgage Association
		(FNMA)	6.366	12/01/08			858,925
124,209		Federal National Mortgage Association
		(FNMA)	5.000	06/01/13			123,650
524,106		Federal National Mortgage Association
		(FNMA)	5.000	02/25/35			515,549
203,868	i	Government National Mortgage Association
		(GNMA)	6.235	06/16/21			205,558
		TOTAL MORTGAGE BACKED SECURITIES					4,646,155
MUNICIPAL BONDS - 0.53%
1,000,000		Grand Prairie Sports Facilities	7.130	09/15/18	Aaa		1,013,010
		TOTAL MUNICIPAL BONDS					1,013,010
U.S. TREASURY SECURITIES - 21.52%
307,675	k	United States Treasury Inflation Indexed Bonds	3.875	01/15/09			316,207
9,950,000		United States Treasury Note	4.375	12/31/07			9,888,210
500,000		United States Treasury Note	4.875	04/30/08			499,575
750,000		United States Treasury Note	4.625	09/30/08			747,270
4,000,000		United States Treasury Note	4.875	10/31/08			4,002,280
5,000,000		United States Treasury Note	4.875	05/15/09			5,011,550
1,000,000		United States Treasury Note	4.625	11/15/09			996,950
13,160,000		United States Treasury Note	4.500	09/30/11			13,045,772
6,600,000		United States Treasury Note	4.625	10/31/11			6,577,230
		TOTAL U.S. TREASURY SECURITIES					41,085,044
		TOTAL GOVERNMENT BONDS					97,073,624
		(Cost $97,545,861)

112

TIAA-CREF MUTUAL FUNDS - Short-Term Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
		TOTAL BONDS			$	184,315,925
		(Cost $185,316,761)
SHORT-TERM INVESTMENTS - 2.03%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.03%
$     3,870,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07		3,867,915
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				3,867,915
		TOTAL SHORT-TERM INVESTMENTS				3,867,915
		(Cost $3,869,484)
		TOTAL PORTFOLIO - 98.58%				188,183,840
		(Cost $189,186,245)
		OTHER ASSETS & LIABILITIES, NET - 1.42%				2,713,478
		NET ASSETS - 100.00%			$	190,897,318
	+	As provided by Moody's Investors Service (unaudited).
	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 December 31, 2006, the value of these securities amounted to $5,295,594 or 2.77% of net assets.
	i	Floating rate or variable rate securities reflects the rate at December 31, 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
December 31, 2006

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
LONG -TERM MUNICIPAL BONDS - 98.72%
ALABAMA - 1.46%
$     440,000	a	Birmingham Industrial Water Board, ETM	6.000%	07/01/2007	NR	$	445,465
2,300,000		Courtland IDB, International Paper Project, Series 2003A	5.000	11/01/2013	Baa3		2,412,240
		TOTAL ALABAMA					2,857,705
ARIZONA - 3.70%
1,000,000		Arizona Health Facilities Authority	6.375	12/01/2037	NR		1,146,520
700,000		Arizona State Transportation Board, Grant Anticipation Note	5.000	07/01/2014	Aa3		756,210
1,535,000		Arizona Water Infrastructure Finance Authority, Water Quality	5.000	10/01/2016	Aaa		1,686,335
2,045,000		Greater Arizona Development Authority	5.000	08/01/2014	Aaa		2,217,762
1,310,000		Tucson AZ, COP	5.250	07/01/2014	Aaa		1,436,533
		TOTAL ARIZONA					7,243,360
ARKANSAS - 3.08%
1,260,000		Arkansas Development Finance Authority	5.000	11/01/2014	NR		1,364,114
1,600,000		Arkansas Development Finance Authority, Waste Water
		Revenue, Series 2001-A	5.500	12/01/2018	NR		1,822,288
345,000		Arkansas Housing Development Agency, ETM	8.375	07/01/2010	NR		372,807
1,000,000		Fayetteville	5.000	11/01/2016	NR		1,098,440
340,000	a	Jefferson County Health Care & Residential Facilities
		Board, ETM	7.250	12/01/2010	NR		375,799
865,000		North Little Rock	6.500	07/01/2015	Aaa		992,293
		TOTAL ARKANSAS					6,025,741
CALIFORNIA - 0.85%
1,485,000	d	California State Department of Water Resources	5.500	05/01/2012	A1		1,613,037
45,000	*	Delta Counties Home Mortgage Finance Authority, AMT	6.700	06/01/2024	Aaa		46,034
		TOTAL CALIFORNIA					1,659,071
CONNECTICUT - 0.76%
1,240,000		Connecticut Municipal Electric Energy Cooperative, ETM	7.000	01/01/2015	Aaa		1,495,452
		TOTAL CONNECTICUT					1,495,452
DISTRICT OF COLUMBIA - 0.17%
300,000		District of Columbia, Hospital Revenue Midlantic, ETM	6.000	08/15/2010	Aaa		323,442
		TOTAL DISTRICT OF COLUMBIA					323,442
FLORIDA - 6.02%
1,885,000		Broward County School Board, COP	5.250	07/01/2016	Aaa		2,078,967
1,500,000		Broward County School Board, COP	5.250	07/01/2015	Aaa		1,645,185
1,600,000	*	First Florida Governmental Financing Commission, Series
		2001B	5.500	07/01/2015	Aaa		1,792,144
725,000		Florida State Board of Education, Lottery Revenue	5.000	07/01/2018	Aaa		776,416
2,000,000		Lake County School Board, COP	5.250	06/01/2017	Aaa		2,225,480
1,925,000		Lake County School Board, COP	5.250	06/01/2018	Aaa		2,145,490
1,000,000		Pinellas County Health Facility Authority, Baycare	5.500	11/15/2033	Aa3		1,097,030
		TOTAL FLORIDA					11,760,712
GEORGIA - 1.16%
1,015,000		Atlanta, GA, Water & Wastewater, Series 1999-A	5.500	11/01/2014	Aaa		1,128,619
1,055,000		Georgia State GO	5.000	07/01/2013	Aaa		1,136,657
		TOTAL GEORGIA					2,265,276

114

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
ILLINOIS - 3.42%
$     855,000		Chicago Metropolitan Water Reclamation District-Greater
		Chicago, ETM	7.000	01/01/2011	Aaa	$	929,872
1,000,000		Chicago Public Building Commission Building	5.000	03/01/2015	Aaa		1,086,380
740,000		Cook County Community Consolidated School District No
		64	5.500	12/01/2014	Aaa		827,351
1,040,000		Kendall-Grundy Etc Counties High School District No 308	5.000	10/01/2014	Aaa		1,125,862
1,020,000		Madison County Community Unit School District No 7-
		Edwardsville, ETM	5.850	02/01/2013	Aaa		1,111,973
1,460,000		Metropolitan Pier & Exposition Authority	5.375	06/01/2013	Aaa		1,600,087
		TOTAL ILLINOIS					6,681,525
INDIANA - 5.53%
1,365,000		Anderson School Building Corp, 1st Mtge, ETM	5.250	07/15/2014	Aaa		1,477,312
1,340,000		Benton School Improvement Building Corp	5.000	07/15/2015	NR		1,457,223
1,200,000		Center Grove School Building Corp	5.000	07/15/2014	Aaa		1,296,792
1,090,000	h	Elkhart County	5.000	06/01/2016	NR		1,180,950
1,000,000		Griffith Multi-School Building Corp	5.000	07/15/2015	Aaa		1,087,480
2,000,000		New Albany Floyd County School Building Corp, 1st Mtge	5.000	07/15/2015	NR		2,174,960
2,000,000		South Madison Elementary School Building Corp, 1st Mtge	5.000	07/15/2015	Aaa		2,144,480
		TOTAL INDIANA					10,819,197
KENTUCKY - 0.96%
1,775,000	a	Kentucky Turnpike Authority, Toll Revenue, ETM	6.000	07/01/2011	Aaa		1,869,288
		TOTAL KENTUCKY					1,869,288
LOUISIANA - 1.61%
2,235,000		Desoto Parish, Pollution Control Revenue, International
		Paper, Series 2002A	5.000	10/01/2012	Baa3		2,329,876
250,000		Louisiana State GO	5.000	07/15/2015	Aaa		270,922
500,000		Louisiana State GO	5.000	05/01/2016	Aaa		544,255
		TOTAL LOUISIANA					3,145,053
MARYLAND - 1.59%
1,550,000		Maryland State GO	5.500	08/01/2012	Aaa		1,698,335
1,280,000		Maryland State GO	5.000	03/01/2016	Aaa		1,408,205
		TOTAL MARYLAND					3,106,540
MASSACHUSETTS - 1.12%
2,000,000		Massachusetts St Water Pollution Abatement	5.000	08/01/2016	Aaa		2,191,080
		TOTAL MASSACHUSETTS					2,191,080
MICHIGAN - 5.47%
2,020,000		Ann Arbor School District	5.000	05/01/2015	Aaa		2,196,023
1,710,000		Bedford Public School District	5.000	05/01/2014	Aaa		1,846,851
1,705,000		Caledonia Community Schools	5.000	05/01/2015	Aaa		1,853,574
1,000,000		Detroit Water Supply System	5.000	07/01/2014	Aaa		1,081,660
800,000		Forest Hills Public Schools	5.000	05/01/2015	Aaa		869,712
1,750,000		L'Anse Creuse Public Schools	5.000	05/01/2015	Aaa		1,902,495
850,000		New Haven Community Schools	5.250	05/01/2016	Aaa		945,259
		TOTAL MICHIGAN					10,695,574

115

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
MINNESOTA - 0.19%
$     330,000		Western Minnesota Municipal Power Agency, ETM	6.375	01/01/2016	Aaa	$	363,356
		TOTAL MINNESOTA					363,356
MISSISSIPPI - 0.75%
1,120,000	a	Harrison County Wastewater Management District, ETM	5.000	02/01/2015	Baa1		1,200,315
250,000		Mississippi Development Bank Special Obligation, Biloxi	5.000	11/01/2018	Aaa		267,690
		TOTAL MISSISSIPPI					1,468,005
MISSOURI - 1.80%
1,575,000		Missouri Environmental Improvement & Energy Resources
		Authority	5.500	07/01/2012	Aaa		1,718,813
1,250,000		Missouri Health & Educational Facilities Authority, BJC
		Health Project, ETM	6.750	05/15/2013	Aaa		1,462,800
300,000		Missouri State Board of Public Buildings	5.000	10/01/2016	Aa1		329,577
		TOTAL MISSOURI					3,511,190
NEVADA - 0.41%
		Clark County, NV, Pollution Control Revenue Nevada
800,000		Power Project	5.300	10/01/2011	NR		803,184
		TOTAL NEVADA					803,184
NEW JERSEY - 6.67%
4,010,000		Garden State Preservation Trust, Series 2005-C	5.125	11/01/2018	Aaa		4,503,952
		New Jersey Economic Development Authority, School
2,450,000		Facilities Construction	5.250	09/01/2014	Aaa		2,689,120
350,000		New Jersey State GO	5.500	07/15/2016	Aaa		397,197
10,000		New Jersey State Turnpike Authority	6.500	01/01/2016	A3		11,665
835,000		New Jersey State Turnpike Authority	6.500	01/01/2016	Aaa		965,970
90,000		New Jersey State Turnpike Authority	6.500	01/01/2016	A3		104,988
55,000		New Jersey State Turnpike Authority	6.500	01/01/2016	Aaa		64,159
1,385,000		New Jersey State Turnpike Authority, ETM	5.700	05/01/2013	Aaa		1,457,339
500,000		New Jersey Transportation Trust Fund Authority	5.500	12/15/2015	Aaa		563,544
2,000,000		New Jersey Transportation Trust Fund Authority, ETM	5.750	12/15/2014	Aaa		2,278,560
		TOTAL NEW JERSEY					13,036,494
NEW MEXICO - 0.24%
280,000		Dona Ana County, NM, County Administrative Facilities
		Project, Series 2004A	5.500	12/01/2017	NR		306,832
150,000	a	New Mexico Mortgage Finance Authority, ETM	6.000	07/01/2010	Aaa		161,610
		TOTAL NEW MEXICO					468,442
NEW YORK - 14.12%
350,000		Dutchess County Resource Recovery Agency, AMT	5.000	01/01/2010	Aaa		356,290
2,000,000		Long Island Power Authority	5.250	12/01/2014	A3		2,193,560
2,100,000	d	Metropolitan Transportation Authority	5.500	11/15/2013	Aaa		2,328,522
2,050,000		Metropolitan Transportation Authority, Dedicated Tax	5.500	11/15/2016	Aaa		2,336,160
2,650,000		Metropolitan Transportation Authority, Service Contract	5.500	07/01/2016	A1		2,958,831
1,500,000		Metropolitan Transportation Authority, Service Contract	5.750	01/01/2018	Aaa		1,749,060
500,000		New York State Dormitory Authority	4.050	02/15/2016	NR		502,255
2,500,000		New York State Dormitory Authority	5.500	05/15/2017	Aaa		2,851,950
1,825,000		New York State Environmental Facilities Corp	5.000	03/15/2014	NR		1,965,251
2,800,000		New York State Environmental Facilities Corp	5.250	06/15/2018	Aaa		3,028,060
1,830,000		New York State Thruway Authority, Service Contract	5.500	04/01/2012	A1		1,988,258
5,000,000		Tobacco Settlement Financing Authority, Series 2003 B-1C	5.500	06/01/2016	A1		5,348,100
		TOTAL NEW YORK					27,606,297

116

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
NORTH CAROLINA - 0.17%
$     40,000		North Carolina Municipal Power Agency No 1 Catawba	6.000	01/01/2011	Aaa	$	43,354
250,000		North Carolina Municipal Power Agency No 1 Catawba	5.500	01/01/2015	Aaa		279,603
		TOTAL CAROLINA					322,957
OHIO - 3.31%
1,800,000		Akron Sewer System Revenue	5.000	12/01/2017	Aaa		1,981,224
1,820,000		Cincinnati City School District GO	5.000	12/01/2016	Aaa		1,997,286
200,000		Dayton Senior Facilities Revenue, Emery Air	6.050	10/01/2009	NR		212,188
75,000		Ohio State Water Development Authority, ETM	6.000	12/01/2016	Aaa		83,600
1,000,000		Olentangy Local School District	5.500	12/01/2019	Aaa		1,110,880
1,000,000		State of Ohio	5.000	11/01/2016	Aa1		1,095,000
		TOTAL OHIO					6,480,178
OKLAHOMA - 0.24%
440,000	a,d	Tulsa County Home Finance Authority, ETM	6.900	08/01/2010	Aaa		463,984
		TOTAL OKLAHOMA					463,984
OREGON - 0.98%
		Oregon State Department of Administrative Services,
1,795,000		Lottery Revenue	5.000	04/01/2013	Aaa		1,922,858
		TOTAL OREGON					1,922,858
PENNSYLVANIA - 6.12%
1,845,000		Carbon County Hospital Authority	5.400	11/15/2014	Aaa		1,985,423
2,220,000	d	Carbon County IDA, Panter Creek	6.650	05/01/2010	NR		2,305,448
1,000,000		Commonwealth of Pennsylvania	5.000	01/01/2016	Aa2		1,090,670
975,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.000	11/01/2008	A3		1,004,074
1,030,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.000	11/01/2009	A3		1,072,704
130,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.250	11/01/2031	A3		140,552
120,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.375	11/01/2041	A3		130,226
1,250,000		Pennsylvania Economic Development Financing Authority,
		AMT, Amtrak	6.500	11/01/2016	A3		1,364,163
235,000		Pennsylvania Economic Development Financing Authority,
		Fayetle Thermal	5.250	12/01/2016	NR		245,620
600,000		Philadelphia Water & Wastewater Revenue	5.000	07/01/2015	Aaa		653,202
510,000		Pittsburgh GO	5.000	09/01/2013	Aaa		545,369
1,230,000	a	Pittsburgh Water & Wastewater, ETM	6.000	09/01/2016	Aaa		1,422,876
		TOTAL PENNSYLVANIA					11,960,327
PUERTO RICO - 6.98%
560,000		Puerto Rico Commonwealth GO	5.000	07/01/2013	Baa3		593,706
2,645,000		Puerto Rico Commonwealth GO	5.000	07/01/2012	Baa3		2,784,894
1,200,000		Puerto Rico Commonwealth GO	5.250	07/01/2012	Baa3		1,278,168
1,000,000		Puerto Rico Commonwealth GO	5.250	07/01/2016	Baa3		1,097,920
1,270,000		Puerto Rico Commonwealth GO, Mandatory Put 07/01/12	5.000	07/01/2030	Baa3		1,335,253
1,000,000		Puerto Rico Government Development Bank	5.000	12/01/2016	Baa3		1,076,870
2,300,000		Puerto Rico Highway & Transportation Authority, Series
		2005A	5.000	07/01/2014	Baa3		2,450,673
1,000,000		Puerto Rico Public Buildings Authority	5.500	07/01/2013	Baa3		1,088,590

117

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
$     1,800,000	Puerto Rico Public Finance Corp	5.750	08/01/2027	Ba1	$	1,943,334
	TOTAL PUERTO RICO					13,649,408
RHODE ISLAND - 0.53%
950,000	Rhode Island State & Providence Plantations, COP	5.250	10/01/2014	Aaa		1,045,599
	TOTAL RHODE ISLAND					1,045,599
SOUTH CAROLINA - 1.94%
150,000	Georgetown County	5.700	04/01/2014	Baa3		163,523
800,000	Georgetown County School District GO	5.000	03/01/2017	Aaa		855,384
585,000	Greenville County, COP, Greenville Technical College	5.000	04/01/2017	Aaa		605,931
2,000,000	Scago Educational Facilities Corp for Colleton School
	District	5.000	12/01/2016	Aaa		2,177,580
	TOTAL SOUTH CAROLINA					3,802,418
TENNESSEE - 2.71%
1,000,000	City of Memphis	5.000	10/01/2015	Aaa		1,090,820
890,000	Memphis-Shelby County Airport Authority, Federal Express
	Project	5.000	09/01/2009	Baa2		914,226
535,000	Shelby County Health Educational & Housing Facilities
	Board, ETM	5.500	08/15/2019	Aaa		599,895
2,500,000	Tennessee Energy Acquisition Corp	5.000	09/01/2016	Aa3		2,694,375
	TOTAL TENNESSEE					5,299,316
TEXAS - 8.37%
440,000	Brazos River Authority, Houston Industries Project, Series
	1998-A	5.125	05/01/2019	Aaa		455,638
	Brazos River Authority, Houston Industries Project, Series
3,520,000	1998-D	4.900	10/01/2015	Aaa		3,800,086
1,390,000	Corpus Christi, Utility System Revenue, Series 2005-A	5.000	07/15/2015	Aaa		1,508,428
400,000	Cypress-Fairbanks Independent School District	5.000	02/15/2016	Aaa		435,380
2,575,000	Dallas, Water & Sewer System Revenue	5.375	10/01/2013	Aaa		2,820,475
1,000,000	Guadalupe-Blanco River Authority, Western Canyon Water	5.250	04/15/2019	Aaa		1,076,230
1,035,000	Harris County Flood Control District GO	5.000	10/01/2014	Aa1		1,117,562
345,000	Houston Air System, ETM	5.800	07/01/2010	Aaa		357,223
1,425,000	Houston Utility System Revenue	5.000	11/15/2014	Aaa		1,541,237
1,405,000	Lower Colorado River Authority	5.000	05/15/2017	Aaa		1,494,555
785,000	Lower Colorado River Authority, ETM	6.000	01/01/2017	Aaa		929,620
765,000	Texas Public Building Authority, ETM	7.125	08/01/2011	Aaa		837,591
	TOTAL TEXAS					16,374,025
VIRGINIA - 0.88%
1,700,000	Hopewell GO	5.000	07/15/2009	A2		1,728,458
	TOTAL VIRGINIA					1,728,458
WASHINGTON - 3.41%
125,000	Cowlitz County Public Utility District No 1	5.000	09/01/2011	Aaa		131,780
75,000	Cowlitz County Public Utility District No 1, ETM	5.000	09/01/2011	Aaa		79,265
1,540,000	Kings County School District No 401	5.125	12/01/2020	Aaa		1,631,907
1,050,000	Port of Seattle	5.000	03/01/2015	Aaa		1,136,090
2,925,000	Port of Seattle	5.500	09/01/2017	Aaa		3,327,041
350,000	Washington Public Power Supply System Project #1, Series
	98-A	5.000	07/01/2013	Aaa		363,276
	TOTAL WASHINGTON					6,669,359

118

TIAA-CREF MUTUAL FUNDS - Tax-Exempt Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
WISCONSIN - 2.00%
$     3,500,000		Wisconsin GO	5.250	05/01/2015	Aaa	$	3,869,635
40,000		State of Wisconsin	6.875	06/01/2011	Aa2		43,744
		TOTAL WISCONSIN					3,913,379
		TOTAL LONG-TERM MUNICIPAL BONDS
		(Cost $190,951,531)					193,028,250
SHORT-TERM MUNICIPAL BONDS - 0.46%
NEW YORK - 0.31%
470,000	*	New York City Municipal Water Finance Authority, Series
		2003-F2	3.970	06/15/2035	Aa2/VMIG1		470,000
150,000	*	New York City Transitional Finance Authority	3.970	08/01/2031	VMAAA/A-1+I		150,000
		TOTAL NEW YORK					620,000
WYOMING - 0.15%
290,000	*	Lincoln County WY	3.940	11/01/2014	Aaa/P-1		290,000
		TOTAL WYOMING					290,000
		TOTAL SHORT-TERM MUNICIPAL BONDS
		(Cost $910,000)					910,000
		TOTAL PORTFOLIO - 99.18%
		(Cost $191,861,531)					193,938,250
		OTHER ASSETS AND LIABILITIES, NET - 0.82%					1,598,495
		NET ASSETS - 100.00%				$	195,536,745
	+	As provided by Moody's Investors Service (unaudited)
	*	Variable rate demand note (VRDN)
	a	The Fund has been informed that each issuer has placed direct
		obligations of the U.S. Government in an irrevocable trust, solely
		for the payment of principal and interest.
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased
		on a delayed delivery basis.
	h	These securities were purchased on a delayed delivery basis.
		ABBREVIATION:
		AMT - Alternative Minimum Tax
		COP - Certificate of Participation
		ETM - Escrowed to Maturity
		GO - General Obligation
		Mtge - Mortgage
		NR - Not Rated

119

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

TIAA-CREF MUTUAL FUNDS
BOND PLUS FUND
STATEMENT OF INVESTMENTS
December 31, 2006

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 97.68%
CORPORATE BONDS - 48.46%
ASSET BACKED - 14.14%
$     200,171	g, i	AQ Finance NIM Trust Series 2004-RN2	5.550%	04/25/09	Aaa	$	200,141
76,724	g, i, v	AQ Finance NIM Trust Series 2004-RN3	5.530	05/25/09	Aaa		76,724
2,472,205		Centex Home Equity Series 2002-A (Class F6)	5.540	01/25/32	Aaa		2,463,582
505,000	i	Centex Home Equity Series 2004-C (Class F5)	5.980	06/25/34	Aaa		506,885
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		968,874
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/34	Aa2		994,272
1,000,000		CIT Equipment Collateral Series 2005-VT1
		(Class A4)	4.360	11/20/12	Aaa		988,760
586,623	i	CIT Group Home Equity Loan Trust Series
		2002-2 (Class BF)	6.830	06/25/33	Ba1		548,638
434,221	i	CIT Group Home Equity Loan Trust Series
		2002-2 (Class MF2)	6.390	12/25/30	A3		432,130
3,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1
		(Class A3)	5.706	07/25/36	Aaa		3,005,124
1,700,000		Citicorp Mortgage Securities, Inc Series 2006-2
		(Class A3)	5.563	09/25/36	Aaa		1,697,528
255,267	i	Countrywide Home Equity Loan Trust Series
		2004-B (Class 1A)	5.570	02/15/29	Aaa		255,433
266,026		Detroit Edison Securitization Funding LLC
		Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		266,911
2,000,000		GMAC Mortgage Corporation Loan Trust
		2006-HLTV A3	5.590	03/01/30	Aaa		1,999,216
2,000,000		GMAC Mortgage Corporation Loan Trust
		2006-HLTV A4	5.810	03/01/36	Aaa		2,005,582
1,206,849	g, i	Golden Securities Corp Series 2003-A (Class 1)	5.626	12/02/13	Aaa		1,202,568
4,000,000	g	Hertz Vehicle Financing LLC Series 2005-1A
		(Class A3)	5.010	02/25/11	Aaa		3,976,100
500,000		Household Automotive Trust Series 2006-2
		(Class A3)	5.610	08/17/11	Aaa		503,910
2,500,000		Household Automotive Trust Series 2006-3
		(Class A4)	5.340	09/17/13	Aaa		2,518,895
1,400,000	v	Household Home Equity Loan Trust Series
		2006-4 (Class A1F)	5.790	03/20/36	Aaa		1,398,271
2,000,000	i	IXIS Real Estate Capital Trust Series
		2006-HE1 (Class A2)	5.490	03/25/36	Aaa		2,000,930

120

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     688,492	g	Long Beach Asset Holdings Corp Series 2006-4
		(Class N1)	5.877	06/25/46	NR	$	687,195
1,250,865	g,v	Long Beach Asset Holdings Corp Series 2006-6
		(Class N1)	6.072	09/25/46	NR		1,225,849
1,531,805	g	Marriott Vacation Club Owner Trust Series
		2006-1A (Class A)	5.737	04/20/28	Aaa		1,550,042
1,872,959	g	Marriott Vacation Club Owner Trust Series
		2006-2A (Class A)	5.362	10/20/28	Aaa		1,871,907
815,566	g,v	New York City Tax Lien Series 2006-AA
		(Class A)	5.930	07/01/36	Aaa		820,027
1,000,000		Peco Energy Transition Trust Series 1999-A
		(Class A7)	6.130	03/01/09	Aaa		1,008,403
401,433		Public Service New Hampshire Funding LLC
		Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		403,350
500,000	i	Renaissance Home Equity Loan Trust Series
		2006-3 (Class AF3)	5.586	11/25/36	Aaa		499,611
5,000,000	i	Residential Asset Mortgage Products, Inc
		Series 2004-RS11 (Class M1)	5.970	11/25/34	Aa1		5,036,045
644,906		Residential Asset Securities Corp Series
		2001-KS2 (Class AI6)	6.489	10/25/30	Aaa		644,656
6,000,000		Residential Funding Mortgage Securities II,
		Inc Series 2006-H12 (Class A3)	5.790	02/25/36	Aaa		6,024,252
500,000	i	Residential Funding Mortgage Securities II,
		Inc Series 2006-HI1 (Class M1)	6.010	02/25/36	Aa1		503,216
1,500,000	i	Residential Funding Mortgage Securities II,
		Inc Series 2006-HI1 (Class M2)	6.060	02/25/36	Aa2		1,507,067
1,000,000		Residential Funding Mortgage Securities II,
		Inc Series 2006-HI3 (Class A3)	5.960	02/25/36	Aaa		1,007,702
3,528,000		Residential Funding Mortgage Securities II,
		Inc Series 2006-HI4 (Class A3)	5.440	09/25/36	Aaa		3,509,457
3,000,000	i	Residential Funding Mortgage Securities II,
		Inc Series 2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		2,996,775
500,000	i	Saxon Asset Securities Trust Series 2002-2
		(Class AF6)	5.620	11/25/30	Aaa		498,192
2,946,476	g,v	Sierra Receivables Funding Co Series
		2006-1A (Class A1)	5.840	05/20/18	Aaa		2,971,362
4,000,000	g,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		3,966,094
2,000,000	g,v	Wachovia Amortization Controlled Heloc
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		1,987,188
533,360	g, i	Wachovia Loan Trust Series 2005-SD1 (Class)	5.710	05/25/35	NR		533,704
		TOTAL ASSET BACKED					67,262,568
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%
500,000		Home Depot, Inc	5.400	03/01/16	Aa3		488,867
250,000		Lowe's Cos, Inc	8.250	06/01/10	A1		271,927
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					760,794
CHEMICALS AND ALLIED PRODUCTS - 0.57%
500,000		Abbott Laboratories	5.600	05/15/11	A1		507,077
500,000		Chemtura Corp	6.875	06/01/16	Ba1		481,250
500,000		Lubrizol Corp	4.625	10/01/09	Baa3		490,158

121

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     500,000		Lubrizol Corp	5.500	10/01/14	Baa3	$	487,525
750,000		Procter & Gamble Co	4.950	08/15/14	Aa3		733,016
		TOTAL CHEMICALS AND ALLIED PRODUCTS					2,699,026
COMMUNICATIONS - 2.63%
500,000	g	COX Communications, Inc.	5.875	12/01/16	Baa3		496,454
250,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		242,523
500,000		AT&T, Inc	5.100	09/15/14	A2		485,877
250,000		AT&T, Inc	6.150	09/15/34	A2		245,423
750,000		Comcast Cable Communications Holdings, Inc.	8.375	03/15/13	Baa2		854,192
250,000		Comcast Corp	5.650	06/15/35	Baa2		226,190
1,000,000		Comcast Corp	5.875	02/15/18	Baa2		987,262
500,000		Comcast Corp	6.500	11/15/35	Baa2		502,585
250,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		306,837
250,000		France Telecom S.A.	7.750	03/01/11	A3		272,294
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		273,058
250,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		323,984
500,000		Rogers Cable, Inc	6.750	03/15/15	Ba2		515,168
500,000		Rogers Wireless, Inc	7.500	03/15/15	Ba2		542,500
1,750,000		Sprint Capital Corp	8.375	03/15/12	Baa3		1,946,909
500,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		487,777
250,000		Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		238,544
250,000		Verizon Global Funding Corp	5.850	09/15/35	A3		238,966
250,000		Verizon Global Funding Corp	7.375	09/01/12	A3		273,494
2,000,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		2,012,115
250,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		233,070
250,000		Viacom Inc	5.750	04/30/11	Baa3		249,960
300,000		Viacom Inc	6.875	04/30/36	Baa3		296,807
		TOTAL COMMUNICATIONS					12,513,552
DEPOSITORY INSTITUTIONS - 3.44%
250,000		Bank of America Corp	5.625	10/14/16	A1		254,327
250,000		Bank of America Corp	5.750	08/15/16	Aa3		255,273
250,000		Bank of America Corp	6.250	04/15/12	Aa2		261,369
1,000,000		Bank of America Corp	6.000	10/15/36	Aa2		1,029,641
500,000		Bank One Corp	5.250	01/30/13	A1		496,535
1,000,000		Bank One NA	5.500	03/26/07	Aa2		1,000,078
500,000	g, i	BOI Capital Funding No. 2 Lp	5.571	12/30/49	A2		488,308
250,000		Capital One Bank	5.125	02/15/14	A3		245,613
1,000,000		Citigroup, Inc	5.125	02/14/11	Aa1		997,489
500,000		Citigroup, Inc	5.125	05/05/14	Aa1		493,974
500,000		Citigroup, Inc	5.850	12/11/34	Aa1		508,325
250,000		Eksportfinans	5.125	10/26/11	Aaa		251,073
250,000		Golden West Financial Corp	4.750	10/01/12	Aa3		242,978
250,000		Greenpoint Financial Corp	3.200	06/06/08	A2		242,552
500,000		JPMorgan Chase & Co	7.875	06/15/10	A1		540,284
250,000		JPMorgan Chase & Co	4.500	01/15/12	Aa3		241,767
550,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3e		536,778
250,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		248,201
250,000	i	Manufacturers & Traders Trust Co	5.629	12/01/21	A3		246,084
1,000,000		Mellon Funding Corp	6.400	05/14/11	A2		1,044,629

122

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$  1,250,000		Neder Waterschapsbank	4.750	11/28/08	Aaa	$	1,239,830
250,000		Popular North America, Inc	5.650	04/15/09	A3		250,731
250,000	g, i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		241,039
500,000		Regions Financial Corp	6.375	05/15/12	A2		523,811
500,000		US Bank NA	5.700	12/15/08	Aa2		503,747
750,000		Wachovia Bank NA	4.800	11/01/14	Aa3		718,082
750,000		Wachovia Corp	5.250	08/01/14	A1		740,096
1,000,000		Wells Fargo & Co	5.300	08/26/11	Aa1		1,004,761
750,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		717,149
750,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		783,159
		TOTAL DEPOSITORY INSTITUTIONS					16,347,683
ELECTRIC, GAS, AND SANITARY SERVICES - 2.10%
500,000		Atmos Energy Corp	4.000	10/15/09	Baa3		480,594
250,000		Carolina Power & Light Co	5.700	04/01/35	A3		244,316
500,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		553,561
250,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		239,973
750,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		775,388
500,000		Consumers Energy Co	4.400	08/15/09	Baa2		487,108
1,000,000		FirstEnergy Corp	6.450	11/15/11	Baa3		1,042,127
500,000		Florida Power & Light Co	4.850	02/01/13	Aa3		488,807
500,000		Florida Power Corp	4.500	06/01/10	A2		484,870
250,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		253,328
250,000		National Fuel Gas Co	5.250	03/01/13	Baa1		245,926
500,000		National Rural Utilities Cooperative Finance
		Corp	5.750	08/28/09	A2		506,361
250,000		Nevada Power Co	6.650	04/01/36	Ba1		259,710
250,000		Northern States Power Co	6.250	06/01/36	A2		267,268
500,000		Northern States Power-Minnesota	5.250	07/15/35	A2		465,163
1,000,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		956,705
250,000		Public Service Co of Colorado	5.500	04/01/14	A3		249,619
200,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		203,101
250,000		Southern California Edison Co	5.350	07/15/35	A2		233,090
500,000		Texas Eastern Transmission Lp	5.250	07/15/07	Baa1		498,637
250,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		240,361
250,000		Waste Management, Inc	7.750	05/15/32	Baa3		297,039
500,000		Westar Energy, Inc	6.000	07/01/14	Baa2		511,983
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					9,985,035
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.42%
1,000,000		Cisco Systems, Inc	5.250	02/22/11	A1		1,002,443
250,000		Cisco Systems, Inc	5.500	02/22/16	A1		250,796
500,000		Cooper Industries, Inc	5.250	07/01/07	A3		498,466
250,000		International Business Machines Corp	6.220	08/01/27	A1		263,761
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					2,015,466
FABRICATED METAL PRODUCTS - 0.10%
250,000		Fortune Brands, Inc	4.875	12/01/13	Baa2		234,199
250,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		245,737
		TOTAL FABRICATED METAL PRODUCTS					479,936
FOOD AND KINDRED PRODUCTS - 0.70%
250,000		Anheuser-Busch Cos, Inc	4.700	04/15/12	A1		241,000

123

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     250,000		Bottling Group LLC	4.625	11/15/12	Aa3	$	241,513
250,000		Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		232,690
250,000		Bunge Ltd Finance Corp	5.875	05/15/13	Baa2		247,639
500,000		Cia Brasileira de Bebidas	8.750	09/15/13	Baa3		574,745
500,000		Coors Brewing Co	6.375	05/15/12	Baa2		517,625
500,000		Diageo Capital plc	5.125	01/30/12	A3		493,688
500,000		Kraft Foods, Inc	6.500	11/01/31	A3		536,101
250,000		WM Wrigley Jr Co	4.650	07/15/15	A1		236,578
		TOTAL FOOD AND KINDRED PRODUCTS					3,321,579
FOOD STORES - 0.21%
500,000	d	Kroger Co	6.800	04/01/11	Baa2		523,667
500,000		Safeway, Inc	4.125	11/01/08	Baa2		488,660
		TOTAL FOOD STORES					1,012,327
FURNITURE AND FIXTURES - 0.11%
500,000		Masco Corp	4.625	08/15/07	Baa1		496,359
		TOTAL FURNITURE AND FIXTURES					496,359
GENERAL BUILDING CONTRACTORS - 0.35%
700,000		Centex Corp	5.250	06/15/15	Baa2		663,148
450,000		DR Horton, Inc	6.500	04/15/16	Baa3		452,926
500,000		DR Horton, Inc	9.750	09/15/10	Ba1		551,698
		TOTAL GENERAL BUILDING CONTRACTORS					1,667,772
GENERAL MERCHANDISE STORES - 0.47%
1,000,000		Target Corp	5.875	07/15/16	A1		1,032,446
500,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		483,980
750,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		721,149
		TOTAL GENERAL MERCHANDISE STORES					2,237,575
HEALTH SERVICES - 0.10%
500,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		492,083
		TOTAL HEALTH SERVICES					492,083
HOLDING AND OTHER INVESTMENT OFFICES - 0.37%
250,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		251,676
250,000		Colonial Properties Trust	6.250	06/15/14	Baa3		254,391
500,000		iStar Financial, Inc	5.150	03/01/12	Baa2		485,241
250,000		iStar Financial, Inc	5.700	03/01/14	Baa2		247,737
500,000		Simon Property Group Lp	5.600	09/01/11	Baa1		502,973
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,742,018
HOTELS AND OTHER LODGING PLACES - 0.05%
250,000		MGM Mirage	6.000	10/01/09	Ba2		249,375
		TOTAL HOTELS AND OTHER LODGING PLACES					249,375
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.11%
500,000		Caterpillar, Inc	6.050	08/15/36	A2		515,419
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					515,419
INSTRUMENTS AND RELATED PRODUCTS - 0.15%
250,000		Johnson & Johnson	3.800	05/15/13	Aaa		232,441

124

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     250,000		Medtronic, Inc	4.750	09/15/15	A1	$	237,077
250,000		Thermo Electron Corp	5.000	06/01/15	Baa1		234,216
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					703,734
INSURANCE CARRIERS - 0.94%
500,000		Aetna, Inc	6.625	06/15/36	A3		536,435
250,000		Allstate Corp	5.000	08/15/14	A1		244,044
500,000		American International Group, Inc	5.050	10/01/15	Aa2		487,738
250,000	i	ING Groep NV	5.775	12/30/49	A2		248,969
250,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		243,669
250,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		243,831
500,000		Metlife, Inc	5.000	06/15/15	A2		484,436
250,000		Metlife, Inc	5.700	06/15/35	A2		244,502
500,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		485,902
500,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		498,249
500,000		WellPoint, Inc	5.000	01/15/11	Baa1		493,852
250,000		WellPoint, Inc	5.850	01/15/36	Baa1		243,541
		TOTAL INSURANCE CARRIERS					4,455,168
METAL MINING - 0.15%
250,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		236,982
250,000	g	Corp Nacional del Cobre de Chile -
		CODELCO	4.750	10/15/14	Aa3		237,667
250,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		252,668
		TOTAL METAL MINING					727,317
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.16%
250,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		251,704
500,000		Harsco Corp	5.125	09/15/13	A3		487,817
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					739,521
MISCELLANEOUS RETAIL - 0.04%
200,000		CVS Corp	6.125	08/15/16	Baa2		206,150
		TOTAL MISCELLANEOUS RETAIL					206,150
MOTION PICTURES - 0.69%
250,000		Historic TW, Inc	6.625	05/15/29	Baa2		251,881
1,000,000		News America Holdings, Inc	8.250	08/10/18	Baa2		1,169,212
250,000		News America, Inc	7.625	11/30/28	Baa2		280,339
1,250,000		Time Warner, Inc	6.875	05/01/12	Baa2		1,321,643
250,000		Walt Disney Co	5.700	07/15/11	A3		253,963
		TOTAL MOTION PICTURES					3,277,038
NONDEPOSITORY INSTITUTIONS - 3.12%
500,000	g	American Honda Finance Corp	5.125	12/15/10	A1		497,647
500,000		Capital One Financial Corp	5.500	06/01/15	A3		499,167
500,000		Capital One Financial Corp	5.700	09/15/11	A3		506,487
250,000		Capital One Financial Corp	6.150	09/01/16	Baa1		257,981
500,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		481,393
500,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		504,153
250,000		CIT Group, Inc	5.125	09/30/14	A2		242,990
250,000		FIA Card Services NA	5.375	01/15/08	Aa1		250,131
500,000		Ford Motor Credit Co	5.700	01/15/10	B1		479,302

125

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     500,000		Ford Motor Credit Co	9.875	08/10/11	B1	$	534,763
2,500,000		General Electric Capital Corp	6.000	06/15/12	Aaa		2,587,654
250,000	g, i	HSBC Capital Funding Lp	4.610	12/30/49	A1		232,830
500,000		HSBC Finance Corp	5.250	01/14/11	Aa3		499,955
500,000		HSBC Finance Corp	5.250	04/15/15	Aa3		494,860
1,250,000		HSBC Finance Corp	5.500	01/19/16	Aa3		1,255,775
1,000,000		HSBC Finance Corp	5.700	06/01/11	Aa3		1,017,018
500,000		International Lease Finance Corp	5.450	03/24/11	A1		502,354
250,000		John Deere Capital Corp	7.000	03/15/12	A3		267,865
500,000		Landwirtschaftliche Rentenbank	5.000	11/08/16	Aaa		498,267
1,000,000		MBNA Corp	5.000	06/15/15	Aa2		970,188
250,000		MBNA Corp	6.125	03/01/13	Aa2		260,118
500,000		Residential Capital Corp	6.125	11/21/08	Baa3		502,388
1,000,000		Residential Capital Corp	6.500	04/17/13	Baa3		1,015,100
250,000		SLM	5.400	10/25/11	A2		250,585
250,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		240,828
		TOTAL NONDEPOSITORY INSTITUTIONS					14,849,799
OIL AND GAS EXTRACTION - 1.27%
250,000		Anadarko Petroleum Corp	5.950	09/15/16	Baa2		250,446
250,000		Baker Hughes, Inc	6.875	01/15/29	A2		276,231
250,000		BJ Services Co	5.750	06/01/11	Baa1		252,001
250,000		Burlington Resources Finance Co	7.200	08/15/31	A2		293,372
500,000		Burlington Resources Finance Co	6.400	08/15/11	A2		522,008
1,000,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		977,500
250,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		263,359
250,000		Equitable Resources, Inc	5.150	11/15/12	A2		243,721
250,000		Nexen, Inc	5.050	11/20/13	Baa2		241,881
750,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		744,112
250,000		PC Financial Partnership	5.000	11/15/14	Baa2		238,637
250,000		Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		247,510
500,000		Petro-Canada	5.950	05/15/35	Baa2		473,835
500,000		Weatherford International Ltd	6.500	08/01/36	Baa1		505,934
500,000		XTO Energy, Inc	6.250	04/15/13	Baa2		515,529
		TOTAL OIL AND GAS EXTRACTION					6,046,076
OTHER MORTGAGE BACKED SECURITIES - 11.22%
3,000,000	d	Banc of America Commercial Mortgage, Inc
		Series 2002-2 (Class A3)	5.118	07/11/43	NR		2,981,715
1,000,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-1 (Class B)	5.005	11/10/42	NR		990,205
225,000	i	Banc of America Commercial Mortgage, Inc
		Series 2005-6 (Class AJ)	5.181	09/10/47	Aaa		222,741
500,000		Banc of America Commercial Mortgage, Inc
		Series 2006-5 (Class A4)	5.414	09/10/47	Aaa		502,307
908,451		Banc of America Mortgage Securities Series
		2006-1 (Class A8)	6.000	05/01/36	Aaa		911,951
234,956		Bank of America Alternative Loan Trust
		Series 2004-8 (Class 3A1)	5.500	09/25/19	Aaa		234,175
3,000,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2004-PWR5 (Class A5)	4.978	07/11/42	Aaa		2,937,690
700,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2005-PW10 (Class AJ)	5.458	12/11/40	NR		707,011

126

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     500,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW11 (Class A4)	5.458	03/11/39	NR	$	507,750
200,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-PW12 (Class A4)	5.711	09/11/38	Aaa		206,469
1,000,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW13 (Class A4)	5.540	09/11/41	NR		1,014,452
700,000		Bear Stearns Commercial Mortgage Securities
		Series 2006-PW14 (Class A4)	5.201	12/11/38	NR		691,579
300,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-T22 (Class A4)	5.467	04/12/38	Aaa		305,462
600,000	i	Bear Stearns Commercial Mortgage Securities
		Series 2006-T24 (Class A4)	5.537	10/12/41	Aaa		608,408
1,000,000		Citicorp Mortgage Securities, Inc Series 2005-4
		(Class 1A7)	5.500	07/25/35	Aa1		972,033
1,000,000		Citigroup /Deutsche Bank Commercial
		Mortgage Trus Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		1,018,710
1,812,447		Citimortgage Alternative Loan Trust Series
		2006-A1 (Class 2A1)	5.250	03/25/21	Aaa		1,789,226
1,468,000		Countrywide Alternative Loan Trust Series
		2003-3T1 (Class A10)	5.500	05/25/33	NR		1,435,020
400,432	i	Countrywide Alternative Loan Trust Series
		2004-31T1 (Class A2)	5.700	09/25/34	NR		401,086
2,000,000		Countrywide Alternative Loan Trust Series
		2005-37T1 (Class A4)	5.500	09/25/35	Aaa		1,938,096
1,400,000		Countrywide Alternative Loan Trust Series
		2005-42CB (Class A12)	5.500	10/25/35	Aa1		1,355,350
500,000		Countrywide Alternative Loan Trust Series
		2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		483,325
905,745	i	Countrywide Alternative Loan Trust Series
		2006-12CB (Class A10)	5.700	05/25/36	Aaa		904,867
885,741		Countrywide Home Loan Mortgage Pass
		Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		878,856
650,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C4 (Class A3)	5.467	09/15/39	Aaa		655,002
1,000,000		Credit Suisse Mortgage Capital Certificates
		Series 2006-C5 (Class A3)	5.311	12/15/39	Aaa		995,814
2,000,000	g, i	Credit Suisse/Morgan Stanley Commercial
		Mortgage Certificate Series HC1A (Class A1)	5.540	05/15/23	Aaa		2,000,624
1,614,400		CS First Boston Mortgage Securities Corp
		Series 2004-8 (Class 7A1)	6.000	12/25/34	NR		1,615,921
1,000,000		Ge Capital Commercial Mortgage Corp Series
		2003-C2 (Class A4)	5.145	07/10/37	Aaa		993,186
500,000	i	GS Mortgage Securities Corporation II Series
		2006-GG8 (Calss A4)	5.560	11/10/39	Aaa		507,845
1,000,000		JP Morgan Chase Commercial Mortgage
		Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		998,898
700,000		LB-UBS Commercial Mortgage Trust Series
		2005-C3 (Class A2)	4.553	07/15/30	Aaa		686,440

127

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,000,000	i	LB-UBS Commercial Mortgage Trust Series
		2005-C5 (Class AJ)	5.057	09/15/40	NR	$	977,448
244,046		MASTR Asset Securitization Trust Series
		2005-2 (Class 3A1)	5.000	10/25/20	Aaa		240,678
679,774		MASTR Asset Securitization Trust Series
		2005-2 (Class 3A1)	5.500	11/25/33	Aaa		667,845
1,000,000	i	Merrill Lynch Mortgage Trust Series 2003-KEY1
		(Class A4)	5.236	11/12/35	NR		995,633
1,000,000	i	Merrill Lynch Mortgage Trust Series 2004-BPC1
		(Class AJ)	4.922	10/12/41	NR		969,476
425,000	i	Merrill Lynch Mortgage Trust Series 2005-LC1
		(Class A4)	5.291	01/12/44	Aaa		423,362
200,000	i	Merrill Lynch Mortgage Trust Series 2006-C1
		(Class A4)	5.660	05/12/39	NR		205,814
250,000	i	Merrill Lynch/Countrywide Commercial
		Mortgage Trust Series 2006-1 (Class A4)	5.435	02/12/39	NR		253,004
1,000,000		Morgan Stanley Capital I Series 2005-HQ5
		(Class A2)	4.809	01/14/42	NR		988,512
1,000,000	i	Morgan Stanley Capital I Series 2006-HE1
		(Class A2)	5.470	01/25/36	Aaa		1,000,475
550,000	i	Morgan Stanley Capital I Series 2006-HQ8
		(Class AJ)	5.468	03/12/44	Aaa		557,759
250,000	i	Morgan Stanley Capital I Series 2006-IQ11
		(Class AJ)	5.779	10/15/42	NR		256,593
690,000		Residential Accredit Loans, Inc Series 2005-QS6
		(Class A7)	5.750	05/25/35	Aa1		681,596
689,000		Residential Accredit Loans, Inc Series 2005-QS7
		(Class A6)	5.500	06/25/35	Aa1		663,516
1,000,000	i	Wachovia Bank Commercial Mortgage Trust
		Series 2005-C20 (Class A7)	5.118	07/15/42	Aaa		983,901
1,298,891		Wamu Alternative Mortgage Pass-Through
		Certificates Series 2006-2 (Class 2CB)	6.500	03/25/36	Aaa		1,315,534
4,758,951		Washington Mutual, Inc Series 2003-S10
		(Class A1)	4.500	10/25/18	NR		4,586,211
2,857,950		Wells Fargo Mortgage Backed Securities
		Trust Series 2004-7 (Class 1A1)	4.500	07/25/19	NR		2,733,809
2,316,923		Wells Fargo Mortgage Backed Securities
		Trust Series 2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,286,460
123,627		Wells Fargo Mortgage Backed Securities
		Trust Series 2005-5 (Class 1A1)	5.000	05/25/20	Aaa		120,614
		TOTAL OTHER MORTGAGE BACKED SECURITIES					53,360,454
PAPER AND ALLIED PRODUCTS - 0.53%
500,000		Bemis Co	4.875	04/01/12	Baa1		485,781
2,000,000		Kimberly-Clark Corp	7.100	08/01/07	Aa2		2,019,330
		TOTAL PAPER AND ALLIED PRODUCTS					2,505,111
PETROLEUM AND COAL PRODUCTS - 0.22%
1,000,000		Conoco Funding Co	6.350	10/15/11	A1		1,045,008
		TOTAL PETROLEUM AND COAL PRODUCTS					1,045,008

128

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PIPELINES, EXCEPT NATURAL GAS - 0.56%
$     250,000		Enbridge Energy Partners Lp	4.000	01/15/09	Baa2	$	242,285
250,000		Enterprise Products Operating Lp	4.000	10/15/07	Baa3		246,942
500,000		Enterprise Products Operating Lp	4.950	06/01/10	Baa3		490,727
250,000		Enterprise Products Operating Lp	5.600	10/15/14	Baa3		246,045
500,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		492,938
500,000		Plains All American Pipeline Lp	4.750	08/15/09	Baa3		489,538
250,000		TransCanada Corp	5.850	03/15/36	A2		243,175
250,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		229,155
		TOTAL PIPELINES, EXCEPT NATURAL GAS					2,680,805
PRIMARY METAL INDUSTRIES - 0.05%
225,000		Alcoa, Inc	6.000	01/15/12	A2		230,862
		TOTAL PRIMARY METAL INDUSTRIES					230,862
RAILROAD TRANSPORTATION - 0.41%
250,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		263,400
500,000		Canadian National Railway Co	4.400	03/15/13	A3		475,054
250,000		Canadian National Railway Co	6.200	06/01/36	A3		264,770
250,000		CSX Corp	6.000	10/01/36	Baa2		248,951
174,000		Norfolk Southern Corp	7.350	05/15/07	Baa1		175,206
500,000		Union Pacific Corp	6.500	04/15/12	Baa2		523,225
		TOTAL RAILROAD TRANSPORTATION					1,950,606
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
250,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		248,798
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					248,798
SECURITY AND COMMODITY BROKERS - 1.75%
250,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		254,192
500,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa3		505,003
500,000		Franklin Resources, Inc	3.700	04/15/08	A2		490,008
500,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		494,112
450,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		468,847
500,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		528,586
250,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		250,390
250,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		247,819
750,000		Lehman Brothers Holdings, Inc	5.500	04/04/16	A1		751,320
750,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		793,078
250,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		244,533
250,000		Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		255,189
250,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		257,757
1,250,000		Morgan Stanley	3.625	04/01/08	Aa3		1,224,922
250,000		Morgan Stanley	6.250	08/09/26	Aa3		262,169
1,250,000		Morgan Stanley	5.750	10/18/16	Aa3		1,270,070
		TOTAL SECURITY AND COMMODITY BROKERS					8,297,995
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
250,000		CRH America, Inc	6.400	10/15/33	Baa1		249,667
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					249,667
TOBACCO PRODUCTS - 0.05%
250,000		Reynolds American Inc 6.50 06/01/07	6.500	06/01/07	Ba3		250,336
		TOTAL TOBACCO PRODUCTS					250,336

129

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
TRANSPORTATION BY AIR - 0.11%
$     500,000		FedEx Corp	5.500	08/15/09	Baa2	$	500,349
		TOTAL TRANSPORTATION BY AIR					500,349
TRANSPORTATION EQUIPMENT - 0.81%
450,000		Boeing Capital Corp	5.800	01/15/13	A2		462,323
250,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		249,653
250,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		251,110
250,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		257,015
250,000		General Dynamics Corp	3.000	05/15/08	A2		242,476
500,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		525,356
250,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		309,852
500,000		United Technologies Corp	6.050	06/01/36	A2		527,788
1,000,000		United Technologies Corp	6.350	03/01/11	A2		1,040,529
		TOTAL TRANSPORTATION EQUIPMENT					3,866,102
WHOLESALE TRADE-NONDURABLE GOODS - 0.10%
500,000		Sysco Corp	5.375	09/21/35	A1		469,113
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					469,113
		TOTAL CORPORATE BONDS					230,458,576
		(Cost $230,962,744)
GOVERNMENT BONDS - 49.22%
AGENCY SECURITIES - 7.24%
2,919,041		Cal Dive International, Inc	4.930	02/01/27	NR		2,805,169
500,000		Federal Home Loan Mortgage Corp
		(FHLMC)	4.260	07/19/07	Aaa		497,326
2,000,000		FHLMC	3.500	05/21/08	Aaa		1,957,234
1,500,000		FHLMC	5.000	09/16/08	Aaa		1,499,150
2,990,000		FHLMC	5.875	03/21/11	Aa2		3,081,357
3,000,000		FHLMC	6.250	03/05/12	Aa2		3,004,181
2,500,000		Federal National Mortgage Association (FNMA)	4.125	01/30/12	Aaa		2,387,083
6,000,000		FNMA	5.250	08/01/12	Aa2		6,038,093
2,500,000		FNMA	5.250	12/03/07	Aaa		2,500,773
1,000,000		FNMA	6.210	08/06/38	Aaa		1,158,036
8,514,000		Housing and Urban Development	4.790	08/01/11	NR		8,449,541
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,060,740
		TOTAL AGENCY SECURITIES					34,438,683
FOREIGN GOVERNMENT BONDS - 3.43%
500,000		African Development Bank	3.250	08/01/08	Aaa		486,249
500,000		Brazilian Government International Bond	10.500	07/14/14	Ba2		632,500
250,000		Chile Government International Bond	5.500	01/15/13	A2		252,493
500,000		China Development Bank	5.000	10/15/15	A2		485,975
250,000		Development Bank of Japan	4.250	06/09/15	Aaa		234,844
500,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		484,293
1,000,000		Eksportfinans A/S	5.500	05/25/16	Aaae		1,029,204
250,000		European Investment Bank	4.875	02/15/36	Aaa		237,882
500,000	g	Federal Republic of Germany	3.875	06/01/10	NR		485,244

130

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     3,000,000	g	Hypothekenbank in Essen AG	5.000	01/20/12	Aaa	$	2,986,212
400,000		International Finance Corp	5.125	05/02/11	Aaa		403,224
650,000		Israel Government International Bond	5.500	11/09/16	A2		645,847
250,000		Italy Government International Bond	5.250	09/20/16	NR		251,792
1,000,000		Italy Government International Bond	6.875	09/27/23	Aa2		1,155,748
250,000		Korea Development Bank	5.750	09/10/13	A3		254,772
250,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		251,553
400,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		404,580
500,000		Mexico Government International Bond	5.625	01/15/17	Baa1		499,640
879,000		Mexico Government International Bond	5.875	01/15/14	Baa1		900,342
148,000		Mexico Government International Bond	6.375	01/16/13	Baa1		156,173
500,000	d	Mexico Government International Bond	6.750	09/27/34	Baa1		540,710
500,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		491,861
500,000		Province of Manitoba Canada	4.900	12/06/16	Aa1		492,869
500,000		Province of Ontario	4.750	01/19/16	Aa2		487,631
250,000		Province of Quebec Canada	5.125	11/14/16	Aa2		249,233
500,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa2		574,307
450,000		Republic of Colombia	7.375	09/18/37	Ba2		483,075
500,000		Turkey Government International Bond	6.875	03/17/36	Ba3		477,500
250,000		Turkey Government International Bond	7.375	02/05/25	Ba3		256,250
		TOTAL FOREIGN GOVERNMENT BONDS					16,292,003
MORTGAGE BACKED SECURITIES - 31.83%
1,765,369		Fannie Mae Benchmark REMIC	6.000	06/25/16			1,769,082
2,000,000		Federal Home Loan Mortgage Corp
		(FHLMC)	5.000	06/15/29			1,969,566
502,972		FHLMC	6.000	12/15/30			505,089
3,000,000		FHLMC	5.000	06/15/31			2,925,666
1,500,000		FHLMC	5.500	05/15/33			1,486,328
920,042		FHLMC	4.500	09/15/35			882,752
61,935		Federal Home Loan Mortgage Corp Gold
		(FGLMC)	7.000	09/01/10			63,513
156,745		FGLMC	6.500	12/01/16			160,398
1,397,585		FGLMC	5.500	01/01/19			1,399,354
473,255		FGLMC	4.500	07/01/20			456,182
105,785		FGLMC	7.000	10/01/20			109,327
349,047	d	FGLMC	6.500	01/01/29			358,108
28,619		FGLMC	8.000	01/01/31			30,076
4,438,161		FGLMC	5.500	12/01/33			4,396,851
2,493,191		FGLMC	5.000	01/01/34			2,409,889
1,091,805		FGLMC	4.500	10/01/34			1,025,305
852,572		FGLMC	5.500	12/01/34			844,044
1,938,973		FGLMC	5.500	03/01/35			1,917,947
2,863,834		FGLMC	6.000	05/01/35			2,885,660
2,611,621		FGLMC	5.500	06/01/35			2,583,301
1,277,098		FGLMC	5.500	06/01/35			1,263,250
461,741		FGLMC	5.000	10/01/35			445,681
905,251		FGLMC	5.000	11/01/35			873,764
1,335,424		FGLMC	7.000	01/01/36			1,370,447
968,559	v	FGLMC	6.500	08/01/36			983,088
500,000	h,v	FGLMC	6.500	12/01/36			507,500
1,000,000	h	FGLMC	6.000	01/15/37			1,007,188

131

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     858,726		Federal National Mortgage Association
		(FNMA)	6.366	12/01/08	$	858,925
82,806		FNMA	5.000	06/01/13		82,434
3,303,524		FNMA	4.778	02/01/14		3,233,509
2,912,806		FNMA	4.640	11/01/14		2,817,666
468,981		FNMA	4.552	01/01/15		452,516
346,533	d	FNMA	6.500	10/01/16		354,999
142,405		FNMA	6.500	11/01/16		145,884
224,849		FNMA	6.500	02/01/18		230,161
489,955		FNMA	5.500	04/01/18		490,892
192,035		FNMA	5.500	05/01/18		192,402
242,305	d	FNMA	6.000	01/01/19		246,066
1,000,000		FNMA	4.000	02/25/19		901,725
1,633,848		FNMA	4.500	04/01/19		1,578,074
8,000,000	h	FNMA	6.000	01/25/22		8,110,000
64,116		FNMA	8.000	03/01/23		67,687
860,280		FNMA	5.500	02/01/24		856,160
2,010,741		FNMA	5.500	07/01/24		2,000,034
4,522,493		FNMA	5.000	10/01/25		4,400,870
30,734		FNMA	9.000	11/01/25		33,372
28,434		FNMA	7.500	01/01/29		29,697
537,425	d	FNMA	7.000	07/01/32		552,843
213,442		FNMA	5.000	02/01/33		206,469
977,413		FNMA	4.500	03/25/33		943,510
1,397,501		FNMA	5.500	06/01/33		1,383,255
1,429,277		FNMA	4.500	08/01/33		1,342,819
1,022,176		FNMA	5.000	08/01/33		988,781
1,500,000		FNMA	5.500	08/25/33		1,489,737
1,508,805		FNMA	4.500	10/01/33		1,417,537
674,358		FNMA	5.000	10/01/33		652,326
661,467		FNMA	5.000	10/01/33		639,857
1,314,653		FNMA	5.000	11/01/33		1,271,702
1,316,044		FNMA	5.000	11/01/33		1,273,048
1,365,640		FNMA	5.000	11/01/33		1,321,023
556,682		FNMA	5.500	12/01/33		551,008
552,562		FNMA	5.500	12/01/33		546,930
1,087,695		FNMA	5.500	12/01/33		1,076,607
678,996		FNMA	5.500	01/01/34		672,074
329,574		FNMA	5.000	03/01/34		318,807
1,337,075		FNMA	5.000	03/01/34		1,293,392
268,871		FNMA	5.000	03/01/34		260,087
330,095		FNMA	5.000	03/01/34		319,311
2,107,428		FNMA	5.000	04/01/34		2,037,186
4,610,067		FNMA	5.000	08/01/34		4,456,409
600,000		FNMA	5.500	10/25/34		589,043
813,604		FNMA	5.500	01/01/35		804,882
2,620,531		FNMA	5.000	02/25/35		2,577,746
1,794,343	h	FNMA	5.500	04/01/35		1,775,107
4,974,549		FNMA	5.500	05/01/35		4,917,730
4,010,729		FNMA	5.500	05/01/35		3,964,919
3,332,631		FNMA	6.000	05/01/35		3,355,924
170,232		FNMA	7.500	06/01/35		176,389
731,430		FNMA	6.000	07/01/35		736,542

132

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     5,221,711	d	FNMA	6.000	08/01/35	$	5,258,206
1,414,891		FNMA	5.500	09/01/35		1,400,468
284,966		FNMA	5.000	10/01/35		275,204
1,275,691		FNMA	5.500	12/01/35		1,261,121
178,314		FNMA	6.000	03/01/36		178,783
1,868,516		FNMA	6.000	03/01/36		1,881,169
961,178		FNMA	5.500	04/01/36		945,980
3,779,587		FNMA	5.000	05/01/36		3,633,601
958,249		FNMA	6.500	07/01/36		976,316
964,823	h	FNMA	6.000	08/01/36		966,754
1,970,994		FNMA	6.500	09/01/36		2,008,155
1,000,000	h	FNMA	6.500	12/01/36		1,013,563
6,000,000	h	FNMA	6.000	01/25/37		6,039,372
13,000,000	h	FNMA	6.500	01/25/37		13,243,750
61,699		Government National Mortgage Association (GNMA)	6.500	09/15/23		63,387
62,659		GNMA	7.500	11/15/23		65,394
6,483		GNMA	7.500	08/15/28		6,772
90,694		GNMA	6.500	12/15/28		93,324
169,056		GNMA	6.500	03/15/29		173,875
62,279		GNMA	8.500	10/20/30		66,579
21,283		GNMA	7.000	06/20/31		21,909
2,643,965		GNMA	5.000	09/15/33		2,574,529
534,696		GNMA	5.500	11/20/33		531,408
2,283,116		GNMA	5.500	02/20/35		2,266,982
785,549		GNMA	5.500	03/20/35		779,979
		TOTAL MORTGAGE BACKED SECURITIES				151,352,009
U.S. TREASURY SECURITIES - 6.72%
19,709,000	d	United States Treasury Bond	8.000	11/15/21		26,127,038
1,645,000		United States Treasury Bond	5.375	02/15/31		1,764,098
200,000		United States Treasury Bond	4.500	02/15/36		190,344
1,910,893	k	United States Treasury Inflation Indexed
		Bonds	3.375	01/15/07		1,908,199
923,025	k	United States Treasury Inflation Indexed
		Bonds	3.875	01/15/09		948,620
1,050,000		United States Treasury Note	4.625	11/15/16		1,043,438
		TOTAL U.S. TREASURY SECURITIES				31,981,737
		TOTAL GOVERNMENT BONDS				234,064,432
		(Cost $235,538,808)
		TOTAL BONDS				464,523,008
		(Cost $466,501,552)
SHARES		COMPANY
PREFERRED STOCKS - 0.05%
DEPOSITORY INSTITUTIONS - 0.05%
10,000		Bank of America Corp				259,000
		TOTAL DEPOSITORY INSTITUTIONS				259,000
		TOTAL PREFERRED STOCKS				259,000
		(Cost $250,000)

133

TIAA-CREF MUTUAL FUNDS - Bond Plus Fund
				MATURITY
SHARES		COMPANY	RATE	DATE	RATING+		VALUE
TIAA-CREF MUTUAL FUNDS - 0.81%
416,505	q	TIAA-CREF High-Yield Bond Fund				$	3,840,178
		TOTAL TIAA-CREF MUTUAL FUNDS					3,840,178
		(Cost $3,901,899)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 7.47%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 7.47%
$     10,000,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07			9,994,611
10,000,000		Federal National Mortgage Association Discount Note (FNMA)	5.150	01/09/07			9,991,430
8,495,000	d	FNMA	5.150	01/25/07			8,462,188
7,080,000		FNMA	5.160	01/08/07			7,074,945
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					35,523,174
		TOTAL SHORT-TERM INVESTMENTS					35,523,174
		(Cost $35,525,925)
		TOTAL PORTFOLIO - 106.01%
		(Cost $506,179,376)					504,145,360
		OTHER ASSETS & LIABILITIES, NET - (6.01)%					(28,574,656	)
		NET ASSETS - 100.00%				$	475,570,704
	+	As provided by Moody's Investors Service (unaudited).
	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 December 31, 2006, the value of these securities amounted to $30,472,184 or 6.41% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflect the rate at December 31, 2006.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the
		Consumer Price Index.
	q	Affiliated Fund.
	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
December 31, 2006

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 99.87%
CERTIFICATES OF DEPOSIT - 6.12%
$     7,000,000		American Express Bank FSB	5.565%	01/08/07	$	7,000,026
2,500,000		American Express Centurion Bank	5.280	01/17/07		2,500,011
5,000,000		Bank Of Montreal	5.285	02/27/07		5,000,078
5,000,000		Calyon	5.290	01/10/07		5,000,012
6,075,000		Deutsche Bank	5.290	01/09/07		6,075,013
3,000,000		Dexia Bank	5.295	01/30/07		3,000,024
1,365,000		Dexia Bank	5.300	02/13/07		1,365,016
5,000,000		Lloyds Bank plc	5.305	01/31/07		5,000,021
6,000,000		Rabobank	5.290	03/05/07		6,000,000
2,000,000		Royal Bank of Canada	5.295	02/02/07		2,000,009
		TOTAL CERTIFICATES OF DEPOSIT				42,940,210
COMMERCIAL PAPER - 88.06%
10,260,000	c	Abbott Laboratories	5.230	02/08/07		10,203,359
3,000,000		American Honda Finance Corp	5.230	01/17/07		2,993,027
3,790,000		American Honda Finance Corp	5.230	01/23/07		3,777,887
3,200,000		American Honda Finance Corp	5.230	02/05/07		3,183,965
11,910,000		American Honda Finance Corp	5.240	02/09/07		11,842,508
400,000		American Honda Finance Corp	5.230	02/23/07		396,920
1,500,000		American Honda Finance Corp	5.220	02/26/07		1,487,820
1,000,000		American Honda Finance Corp	5.230	03/09/07		990,266
2,170,000	c	Atlantis One Funding Corp	5.280	01/08/07		2,167,772
2,000,000	c	Atlantis One Funding Corp	5.250	01/22/07		1,993,875
560,000	c	Atlantis One Funding Corp	5.260	02/21/07		555,827
3,000,000	c	Atlantis One Funding Corp	5.185	06/25/07		2,924,385
515,000		Barclays U.S. Funding Corp	5.250	02/20/07		511,245
3,300,000		Barclays U.S. Funding Corp	5.240	03/05/07		3,269,739
2,000,000	c	Beta Finance, Inc	5.230	01/16/07		1,995,625
2,400,000	c	Beta Finance, Inc	5.270	02/02/07		2,388,757
3,000,000	c	BMW US Capital Corp	5.210	02/07/07		2,983,936
4,050,000	c	BMW US Capital Corp	5.240	02/22/07		4,019,346
2,000,000		Calyon North America, Inc	5.235	01/16/07		1,995,638
2,000,000		Calyon North America, Inc	5.250	02/08/07		1,988,917
1,200,000		Calyon North America, Inc	5.280	03/09/07		1,188,208
6,150,000		Calyon North America, Inc	5.200	03/28/07		6,073,603
5,000,000		Canadian Imperial Holding, Inc	5.230	01/16/07		4,989,104
2,500,000		Caterpillar Financial Services Corp	5.225	03/19/07		2,472,378
5,000,000	c	CC (USA), Inc	5.250	01/12/07		4,991,979
3,000,000	c	CC (USA), Inc	5.250	01/18/07		2,992,548
3,000,000	c	CC (USA), Inc	5.250	02/05/07		2,984,688
5,000,000	c	CC (USA), Inc	5.230	03/09/07		4,951,332
9,380,000	c	Ciesco LP	5.260	01/22/07		9,351,219
3,000,000	c	Ciesco LP	5.250	01/23/07		2,990,375
4,400,000	c	Ciesco LP	5.260	02/14/07		4,371,625

135

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$      3,000,000		Citigroup Funding, Inc	5.250	01/10/07	$	2,996,063
1,600,000		Citigroup Funding, Inc	5.250	01/26/07		1,594,167
3,900,000		Citigroup Funding, Inc	5.260	02/02/07		3,881,765
8,860,000		Citigroup Funding, Inc	5.270	02/16/07		8,800,338
7,000,000		Citigroup Funding, Inc	5.230	03/13/07		6,927,797
10,000,000	c	Corporate Asset Funding Corp, Inc	5.260	01/22/07		9,969,317
5,000,000	c	Corporate Asset Funding Corp, Inc	5.250	02/07/07		4,973,021
10,000,000	c	Corporate Asset Funding Corp, Inc	5.255	02/14/07		9,935,772
1,300,000	c	Danske Corp	5.250	02/07/07		1,292,985
3,500,000	c	Dorada Finance, Inc	5.260	01/23/07		3,488,792
5,000,000	c	Dorada Finance, Inc	5.260	01/29/07		4,979,661
5,000,000	c	Edison Asset Securitization LLC	5.240	01/02/07		4,999,272
3,000,000	c	Edison Asset Securitization LLC	5.240	01/19/07		2,992,140
3,985,000	c	Edison Asset Securitization LLC	5.240	02/28/07		3,951,358
4,000,000	c	Fairway Finance Corp	5.270	01/03/07		3,998,829
950,000	c	Fairway Finance Corp	5.260	01/17/07		947,779
2,898,000	c	Fairway Finance Corp	5.250	01/19/07		2,890,393
2,141,000	c	Fairway Finance Corp	5.260	02/22/07		2,124,733
3,250,000		General Electric Capital Corp	5.230	01/30/07		3,236,308
3,525,000		General Electric Capital Corp	5.240	02/05/07		3,507,042
3,535,000		General Electric Capital Corp	5.230	02/06/07		3,516,512
5,000,000		General Electric Capital Corp	5.230	02/09/07		4,971,671
2,390,000		General Electric Capital Corp	5.170	06/27/07		2,329,248
885,000		Goldman Sachs Group LP	5.260	02/16/07		879,052
2,215,000	c	Govco, Inc	5.250	01/22/07		2,208,217
5,000,000	c	Govco, Inc	5.250	02/12/07		4,969,375
5,000,000	c	Govco, Inc	5.250	02/20/07		4,963,542
5,000,000	c	Govco, Inc	5.250	02/26/07		4,959,167
2,500,000	c	Govco, Inc	5.230	03/07/07		2,476,392
4,000,000	c	Govco, Inc	5.250	03/13/07		3,958,504
350,000	c	Govco, Inc	5.240	03/16/07		346,251
1,500,000	c	Grampian Funding LLC	5.240	01/17/07		1,496,507
2,000,000	c	Grampian Funding LLC	5.250	02/02/07		1,990,667
1,000,000	c	Grampian Funding LLC	5.200	05/15/07		980,644
5,000,000	c	Greyhawk Funding LLC	5.240	01/19/07		4,986,825
2,000,000	c	Greyhawk Funding LLC	5.225	01/26/07		1,992,743
2,000,000	c	Greyhawk Funding LLC	5.255	02/06/07		1,989,480
4,000,000	c	Greyhawk Funding LLC	5.260	02/13/07		3,974,869
2,000,000	c	Greyhawk Funding LLC	5.300	02/22/07		1,984,689
2,000,000	c	Greyhawk Funding LLC	5.250	02/23/07		1,984,542
4,980,000	c	Greyhawk Funding LLC	5.190	03/19/07		4,924,292
2,185,000	c	Greyhawk Funding LLC	5.220	04/02/07		2,156,169
1,865,000	c	Harley-Davidson Funding Corp	5.210	01/12/07		1,862,031
2,500,000	c	Harley-Davidson Funding Corp	5.210	01/22/07		2,492,380
4,440,000	c	Harley-Davidson Funding Corp	5.225	02/15/07		4,410,974
1,000,000	c	Harley-Davidson Funding Corp	5.230	02/16/07		993,317
4,000,000	c	Harley-Davidson Funding Corp	5.215	02/21/07		3,970,448
2,268,000	c	Harrier Finance Funding LLC	5.265	01/30/07		2,258,381
1,830,000	c	Harrier Finance Funding LLC	5.205	04/03/07		1,805,863
1,300,000		HBOS Treasury Services plc	5.260	01/25/07		1,295,441
2,520,000		HBOS Treasury Services plc	5.240	01/26/07		2,510,830
2,500,000		HBOS Treasury Services plc	5.250	02/06/07		2,486,875

136

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     2,000,000		HBOS Treasury Services plc	5.245	02/12/07	$	1,987,762
8,000,000		HBOS Treasury Services plc	5.235	03/01/07		7,931,363
3,800,000		HBOS Treasury Services plc	5.280	03/05/07		3,764,993
3,832,000		HBOS Treasury Services plc	5.280	03/06/07		3,797,211
7,510,000		HSBC Finance Corp	5.230	02/23/07		7,452,065
7,435,000		HSBC Finance Corp	5.230	02/26/07		7,374,550
10,000,000		HSBC Finance Corp	5.230	03/01/07		9,914,286
2,000,000	c	IBM Capital, Inc	5.220	03/16/07		1,978,743
6,000,000		ING Finance	5.235	02/01/07		5,972,953
4,675,000		ING Finance	5.245	02/27/07		4,636,250
380,000		ING Finance	5.270	03/08/07		376,329
1,900,000		ING Finance	5.270	03/12/07		1,880,530
4,550,000		ING Finance	5.240	03/27/07		4,493,706
4,000,000	c	Johnson & Johnson	5.250	01/11/07		3,994,333
4,000,000	c	Johnson & Johnson	5.200	01/12/07		3,993,816
1,723,000	c	Kitty Hawk Funding Corp	5.260	02/12/07		1,712,427
1,000,000	c	Kitty Hawk Funding Corp	5.250	03/30/07		987,167
3,000,000	c	Links Finance LLC	5.255	01/16/07		2,993,503
5,000,000	c	Links Finance LLC	5.315	02/08/07		4,971,949
5,000,000		Morgan Stanley Dean Witter	5.240	02/13/07		4,968,706
3,000,000		Morgan Stanley Dean Witter	5.230	03/07/07		2,971,938
1,345,000		Morgan Stanley Dean Witter	5.230	04/16/07		1,324,483
3,950,000		Morgan Stanley Dean Witter	5.220	04/20/07		3,887,570
4,710,000	c	Nestle Capital Corp	5.210	01/26/07		4,692,953
3,000,000		Paccar Financial Corp	5.230	01/04/07		2,998,693
2,084,000		Paccar Financial Corp	5.220	01/18/07		2,078,853
4,870,000		Paccar Financial Corp	5.230	02/14/07		4,838,870
3,800,000		Paccar Financial Corp	5.230	02/20/07		3,772,397
1,401,000		Paccar Financial Corp	5.230	02/27/07		1,389,399
1,585,000		Paccar Financial Corp	5.220	03/01/07		1,571,440
5,000,000		Paccar Financial Corp	5.250	03/14/07		4,947,500
4,885,000	c	Private Export Funding Corp	5.260	01/11/07		4,877,862
6,225,000	c	Private Export Funding Corp	5.260	01/17/07		6,210,447
5,000,000	c	Private Export Funding Corp	5.220	01/18/07		4,987,651
1,500,000	c	Private Export Funding Corp	5.220	01/25/07		1,494,824
3,000,000	c	Procter & Gamble International S.C.A.	5.230	01/08/07		2,996,949
3,000,000	c	Procter & Gamble International S.C.A.	5.230	01/11/07		2,995,642
3,000,000	c	Procter & Gamble International S.C.A.	5.240	01/26/07		2,989,083
1,869,000	c	Procter & Gamble International S.C.A.	5.300	02/06/07		1,859,301
1,555,000	c	Procter & Gamble International S.C.A.	5.250	02/13/07		1,545,249
1,213,000	c	Ranger Funding Co LLC	5.320	01/10/07		1,211,387
5,000,000	c	Ranger Funding Co LLC	5.260	01/12/07		4,991,964
3,000,000	c	Ranger Funding Co LLC	5.260	01/18/07		2,992,548
1,445,000	c	Ranger Funding Co LLC	5.260	01/24/07		1,440,130
5,000,000	c	Ranger Funding Co LLC	5.250	03/12/07		4,948,958
5,000,000		Royal Bank of Canada	5.245	02/05/07		4,974,503
5,000,000		Royal Bank of Scotland plc	5.240	01/24/07		4,983,261
1,989,000	c	Scaldis Capital LLC	5.270	01/18/07		1,984,050
5,000,000	c	Scaldis Capital LLC	5.270	01/23/07		4,984,072
5,868,000	c	Scaldis Capital LLC	5.270	01/25/07		5,847,423
1,036,000	c	Scaldis Capital LLC	5.250	02/09/07		1,030,108
1,500,000	c	Scaldis Capital LLC	5.310	02/12/07		1,490,880

137

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     1,625,000	c	Scaldis Capital LLC	5.280	02/20/07	$	1,613,083
1,294,000	c	Scaldis Capital LLC	5.220	04/05/07		1,276,363
5,000,000	c	Sheffield Receivables Corp	5.260	01/04/07		4,997,808
8,000,000	c	Sheffield Receivables Corp	5.240	01/05/07		7,995,342
2,000,000	c	Sheffield Receivables Corp	5.240	01/12/07		1,996,798
3,100,000	c	Sheffield Receivables Corp	5.255	01/17/07		3,092,760
5,000,000	c	Sigma Finance, Inc	5.235	01/04/07		4,997,819
4,000,000	c	Sigma Finance, Inc	5.250	01/11/07		3,994,169
3,000,000	c	Sigma Finance, Inc	5.250	01/29/07		2,987,750
1,145,000		Societe Generale North America, Inc	5.250	01/08/07		1,143,831
3,200,000		Societe Generale North America, Inc	5.245	01/19/07		3,191,608
4,815,000		Societe Generale North America, Inc	5.240	02/20/07		4,779,958
1,500,000		Societe Generale North America, Inc	5.250	03/01/07		1,486,995
1,900,000		Societe Generale North America, Inc	5.280	03/05/07		1,882,444
1,000,000		Societe Generale North America, Inc	5.270	03/08/07		990,338
1,100,000		Societe Generale North America, Inc	5.240	04/02/07		1,085,527
2,500,000		Swedish Export Credit Corp	5.225	01/05/07		2,498,547
3,600,000		Swedish Export Credit Corp	5.260	01/16/07		3,592,140
6,000,000		Swedish Export Credit Corp	5.220	02/06/07		5,968,680
5,000,000		Swedish Export Credit Corp	5.220	02/07/07		4,973,175
5,000,000		Swedish Export Credit Corp	5.220	02/08/07		4,972,666
3,000,000		Swedish Export Credit Corp	5.235	02/13/07		2,981,241
3,960,000		Toronto-Dominion Holdings USA, Inc	5.195	01/29/07		3,943,999
1,500,000	c	Toronto-Dominion Holdings USA, Inc	5.195	02/12/07		1,490,909
2,500,000		Toyota Motor Credit Corp	5.235	01/03/07		2,499,273
5,000,000		Toyota Motor Credit Corp	5.240	01/24/07		4,983,261
6,500,000		Toyota Motor Credit Corp	5.230	01/25/07		6,477,337
6,600,000		Toyota Motor Credit Corp	5.230	02/21/07		6,551,100
4,400,000		Toyota Motor Credit Corp	5.230	02/22/07		4,366,760
3,600,000		UBS Finance, (Delaware), Inc	5.255	01/02/07		3,599,475
1,900,000		UBS Finance, (Delaware), Inc	5.225	01/11/07		1,897,245
2,600,000		UBS Finance, (Delaware), Inc	5.235	01/24/07		2,591,304
2,000,000		UBS Finance, (Delaware), Inc	5.185	02/28/07		1,983,293
1,033,000		UBS Finance, (Delaware), Inc	5.225	03/05/07		1,023,555
7,000,000		UBS Finance, (Delaware), Inc	5.250	03/08/07		6,934,940
8,790,000	c	Variable Funding Capital Corp	5.250	02/06/07		8,743,852
5,000,000	c	Yorktown Capital LLC	5.260	01/09/07		4,994,156
2,810,000	c	Yorktown Capital LLC	5.280	01/16/07		2,803,818
1,813,000	c	Yorktown Capital LLC	5.350	01/31/07		1,805,109
1,535,000	c	Yorktown Capital LLC	5.280	02/15/07		1,524,869
2,126,000	c	Yorktown Capital LLC	5.280	02/26/07		2,108,538
		TOTAL COMMERCIAL PAPER				617,956,168
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.70%
3,300,000		Federal Home Loan Banks (FHLB)	5.200	01/19/07		3,291,437
732,000		FHLB	5.145	05/11/07		718,400
677,000		Federal Home Loan Mortgage Corp (FHLMC)	5.170	01/09/07		676,219
200,000		FHLMC	5.130	01/30/07		199,173
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				4,885,229
VARIABLE NOTES - 4.99%
5,000,000	i	International Business Machines Corp	5.363	06/28/07		5,001,105

138

TIAA-CREF MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     5,000,000	i	National City Bank of Indiana	5.400	06/04/07	$	5,001,521
8,000,000	i	PNC Bank NA	5.295	01/02/08		7,997,996
5,000,000	i	Suntrust Bank	5.319	05/01/07		5,000,086
4,000,000	i	Suntrust Bank	5.295	09/27/07		3,999,841
5,000,000	i	US Bank NA	5.320	11/30/07		5,000,206
3,000,000	i	US Bank NA	5.320	12/05/07		3,000,464
		TOTAL VARIABLE NOTES				35,001,219
		TOTAL PORTFOLIO - 99.87%				700,782,826
		(Cost $700,782,826)
		TOTAL SHORT-TERM INVESTMENTS				700,782,826
		(Cost $700,782,826)
		OTHER ASSETS & LIABILITIES, NET - 0.13%				925,360
		NET ASSETS - 100.00%			$	701,708,186
	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 December 31, 2006.

139

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

     (a) Evaluation of disclosure controls and procedures. An evaluation was performed within 90 days from the date hereof under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for the reporting period covered by this report.

     (b) Changes in internal controls. There were no changes in the Registrant’s internal controls over financial reporting that occurred during the Registrant's second fiscal quarter of the period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics (EX-99.CODE.ETH)

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification (EX-99.906CERT)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TIAA-CREF MUTUAL FUNDS
	By:	/s/ Scott C. Evans
Date: February 28, 2007		Scott C. Evans
		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.

	By:	/s/ Scott C. Evans
Date: February 28, 2007		Scott C. Evans
		President
		(principal executive officer)

	By:	/s/ Phillip G. Goff
Date: February 28, 2007		Phillip G. Goff
		Treasurer
		(principal financial officer and principal accounting officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics (EX-99.CODE.ETH)

12(a)(2)(i) Section 302 certification of the principal executive officer (EX-99.CERT)

12(a)(2)(ii) Section 302 certification of the principal financial officer (EX-99.CERT)

12(b) Section 906 certification (EX-99.906CERT)