c34005_ncsr

N-CSR 1 c34005_ncsr.htm c34005_ncsr

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. 811-9301

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

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

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

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

Date of fiscal year end: September 30, 2004

Date of reporting period: September 30, 2004

Item 1. Reports to Stockholders.

2004 ANNUAL REPORT

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INSTITUTIONAL CLASS


SEPTEMBER 30, 2004 Audited financial statements including summary portfolios of investments

Growth Equity		Mid-Cap Value Index
Growth & Income		Mid-Cap Blend Index
International Equity		Small-Cap Growth Index
Large-Cap Value		Small-Cap Value Index
Mid-Cap Growth		Small-Cap Blend Index
Mid-Cap Value		International Equity Index
Small-Cap Equity		Real Estate Securities
Large-Cap Growth Index		Social Choice Equity
Large-Cap Value Index		Bond
Equity Index		Inflation-Linked Bond
S&P 500 Index		Money Market
Mid-Cap Growth Index


	Sign up for electronic delivery at tiaa-cref.org/howto/edelivery.html

2004 Annual Report | TIAA-CREF Institutional Mutual Funds | Institutional Class

Institutional Class Performance Overview as of 9/30/2004
					Average Annual Compound Rates
					of Total Return
		Inception Date	1 year		5 years		Since Inception
Equities
Growth Equity Fund		7/1/1999	7.72	%	–7.91	%	–8.07	%
Growth & Income Fund		7/1/1999	11.89		–2.13		–3.31
International Equity Fund		7/1/1999	22.17		1.20		2.58
Large-Cap Value Fund		10/1/2002	21.96		—		24.41
Mid-Cap Growth Fund		10/1/2002	13.88		—		26.84
Mid-Cap Value Fund		10/1/2002	25.36		—		29.39
Small-Cap Equity Fund		10/1/2002	20.98		—		28.75
Large-Cap Growth Index Fund		10/1/2002	7.35		—		16.13
Large-Cap Value Index Fund		10/1/2002	20.25		—		22.18
Equity Index Fund		7/1/1999	14.17		–0.25		–1.53
S&P 500 Index Fund		10/1/2002	13.63		—		18.79
Mid-Cap Growth Index Fund		10/1/2002	13.50		—		25.41
Mid-Cap Value Index Fund		10/1/2002	25.36		—		26.74
Mid-Cap Blend Index Fund		10/1/2002	20.39		—		26.16
Small-Cap Growth Index Fund		10/1/2002	11.84		—		25.80
Small-Cap Value Index Fund		10/1/2002	25.63		—		28.48
Small-Cap Blend Index Fund		10/1/2002	18.66		—		27.09
International Equity Index Fund		10/1/2002	22.06		—		23.91
Real Estate Securities Fund		10/1/2002	26.30		—		28.55
Social Choice Equity Fund		7/1/1999	14.23		–0.46		–1.67

Fixed Income
Bond Fund		7/1/1999	3.46		7.56		7.32
Inflation-Linked Bond Fund		10/1/2002	7.36		—		7.08

Money Market Fund		7/1/1999	1.10		3.10		3.20

Net Annualized Yield			Net Annualized Yield
(30-Day Period Ended 9/30/04)			(7-Day Period Ended 9/28/04)
	Current						Current	Effective
Bond	4.13%		Money Market*				1.54%	1.55%

*Investments in the TIAA-CREF Institutional 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 earn-

ings than does the total return. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund.

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

A new way to look at your investments

To make it easier for investors to obtain meaningful information about their investments, the Securities and Exchange Commission has issued new rules regarding financial reporting. The SEC has also required additional information about expenses and their effect on investment returns, and about proxy voting policies and procedures.

TIAA-CREF financial reports now list each fund’s 50 largest holdings. In addition, if any of the other holdings constitutes 1% or more of a fund’s investment portfolio, such holding or holdings are listed as well. We will continue to file a complete list of holdings with the SEC. This will now be done quarterly, however, rather than semiannually, as in the past. To obtain this information, please see details on page four.

This report also contains a detailed explanation of our funds’ expense charges, including examples that let you compare our expenses with those of any other U.S. mutual funds. Long before expenses made headlines, TIAA-CREF urged investors to consider the effect of expenses, particularly over long periods of time. Please see page six for full details.

As always, you should carefully consider the investment objectives, risks, charges, and expenses of any fund before investing. Please visit the Web Center at www.tiaa-cref.org, or call 877 518-9161 for a prospectus that contains this and other important information. Read it carefully before investing.

Please remember that, by signing up for e-delivery of our reports at our Web Center, you can get your financial information more quickly.

Contents		Real Estate Securities Fund	79
		Social Choice Equity Fund	83
Report to Investors	2	Bond Fund	87
		Inflation-Linked Bond Fund	91
More Information for Investors	4	Money Market Fund	95

Special Terms	5	Summary Portfolios of Investments	99

Important Information		Financial Statements
About Expenses	6	Report of Management
		Responsibility	188
Fund Performance		Report of the Audit Committee	189
Growth Equity Fund	7	Statements of Assets and
Growth & Income Fund	11	Liabilities	190
International Equity Fund	15	Statements of Operations	198
Large-Cap Value Fund	19	Statement of Cash Flows	207
Mid-Cap Growth Fund	23	Statements of Changes in
Mid-Cap Value Fund	27	Net Assets	208
Small-Cap Equity Fund	31	Financial Highlights	224
Large-Cap Growth Index Fund	35	Notes to Financial Statements	270
Large-Cap Value Index Fund	39	Report of Independent Registered
Equity Index Fund	43	Public Accounting Firm	296
S&P 500 Index Fund	47
Mid-Cap Growth Index Fund	51	Additional Information	297
Mid-Cap Value Index Fund	55
Mid-Cap Blend Index Fund	59	Management	298
Small-Cap Growth Index Fund	63
Small-Cap Value Index Fund	67	Important Tax Information	306
Small-Cap Blend Index Fund	71
International Equity Index Fund	75	How to Reach Us	Inside Back Cover

Report to Investors

This report contains the performance and financial statements for the Institutional Share Class of the TIAA-CREF Institutional Mutual Funds for the twelve-month period that ended on September 30, 2004. The financial statements include information about other share classes that are not the subject of this report.

Eighteen of our twenty equity funds posted double-digit gains during the period. Five of the eight actively managed stock funds beat their benchmarks. All eleven indexed funds closely tracked their benchmarks’ returns, minus the effects of expenses.

Our two fixed-income funds benefited from the rebound in the bond market late in the period, and the Money Market Fund outpaced its benchmark. The following pages provide a detailed explanation of the funds’ performance.

The strong returns of our stock portfolios occurred against a backdrop of slowing momentum in world stock markets. While the Morgan Stanley World Index^SMrose 17.10% during the period, in dollar terms, most of its gain came from a 14.26% return in the fourth quarter of 2003. Returns dropped sharply during the first half of 2004, and the index posted a 1% loss for the third quarter. The Russell 3000^®Index, which tracks a broad range of U.S. stocks, followed a similar pattern.

Several factors constrained stock prices. Growth in the gross domestic product dipped from 4.50% in the first quarter to 3.30% in the second on an annualized basis, and the employment picture remained less than robust. Meanwhile, climbing oil prices threatened to curb growth.

With the economy cooling and stock prices falling, bonds became more attractive during the third quarter. The Lehman Brothers U.S. Aggregate Index, which tracks domestic bonds, posted a 3.20% gain for the quarter.

These recent reversals in both stocks and bonds have refocused the

Dampening Volatility Through Diversification (1984–2003)

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Scott C. Evans
Executive Vice President and
Chief Investment Officer

attention of many investors on market volatility and with good reason. During the three-year period that ended on December 31, 2003, the Russell 3000 posted annual returns that ranged from –11.46% in 2001 to 31.06% in 2003. Returns over a longer time, the 20 years from 1984 to 2003, show that a high level of volatility persists, even in longer time frames.

The gray bars in the chart on page two show the average annual returns of the Russell 3000 in the four five-year periods from 1984 to 2003. Even over those longer periods, average annual returns for U.S. stocks ranged from 0.37% to 22.26%.

As TIAA-CREF has long maintained, diversification is the best tool for reducing the effects of market swings like these, although diversification does not guarantee against losses. A combination of U.S. stocks, foreign stocks, and bonds over the same periods produced a far more stable rate of return, ranging from 2.97% to 16.57%. In technical terms, the standard deviation of the diversified portfolio was 11.70, while that of stocks was a much higher 17.05. Over the entire 20-year period, the extra risk of a 100% allocation to U.S. equities would have earned an investor 0.90 percentage points more per year—at the cost of far greater volatility.

Diversification within each asset class is another way to soften the effects of changing conditions. For example, the TIAA-CREF Bond Fund holds many types of bonds with varying maturity dates—a proven cushion when short-term rates go up.

In fact, contrary to conventional wisdom, there have been many periods when bonds continued to provide positive returns despite rising interest rates.

This year, although the Federal Reserve has raised short-term rates by 0.75 percentage points, the Lehman Brothers U.S. Aggregate Index has returned 3.35% for the first nine months.

Thus, we will continue to emphasize diversification—both across asset classes and within them—to deal with unpredictable events such as interest rate changes. To accomplish this, we will help investors most by offering funds that provide pure, low-cost exposure to a wide range of asset classes.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice President and
Chief Investment Officer

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 3

More Information for Investors

Portfolio listings

The SEC recently approved new rules intended to provide investors with more meaningful information about fund performance. Investment companies can now list the top holdings of each fund in their annual and semiannual reports instead of the complete portfolio listings they provided previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

For the periods ended March 31 and September 30, you can obtain a complete listing of the TIAA-CREF Institutional Mutual Funds’ holdings on Form N-CSR

through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s Web site at www.sec.gov;
at the SEC’s Public Reference Room by calling 800 SEC-0330;
from TIAA-CREF’s Web Center at www.tiaa-cref.org; or
by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

Beginning with the Form N-Q filing for the quarter ending December 31, 2004, you can also obtain a complete listing of the TIAA-CREF Institutional Mutual Funds’ holdings as of the end of the most recently completed fiscal quarter (either June 30 or December 31) through the channels listed above.

Proxy voting

TIAA-CREF Institutional Mutual Funds’ ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found at our Web Center at www.tiaa-cref.org, by calling us at 800 842-2776 to request a free copy, or on the SEC Web site at www.sec.gov. A report of how the funds voted during the twelve months ended June 30, 2004, can be found at our Web Center or at www.sec.gov.

Contacting TIAA-CREF

Three easy ways to contact us are by e-mail, using the Contact/Help link at the top of our home page; by mail at TIAA-CREF, 730 Third Avenue, New York, NY 10017–3206; or by phone at 800 842-2776.

Fund management

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

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Special Terms

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

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

Benchmark (benchmark index) a group of securities, such as the Russell 3000^®Index or S&P 500^®Index, used to compare the performance of an investment.

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

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

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

Overweight holdings A security is said to be “overweight” if the percentage of a fund invested in that security is larger than that security’s percentage of a benchmark, in terms of market capitalization. Fund managers may overweight those securities they think will produce higher returns than the benchmark. See also “Underweight holdings.”

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

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

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

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

Underweight holdings A security is said to be “underweight” if the percentage of a fund invested in that security is smaller than that security’s percentage of a benchmark, in terms of market capitalization. Fund managers may underweight those securities they think will produce smaller returns than the benchmark.

See also “Overweight holdings.”

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 5

Important Information about Expenses

D I S C L O S U R E

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

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

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

The examples assume $1,000 was invested on April 1, 2004, and held for six months until September 30, 2004.

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.

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Growth Equity Fund | Large-Cap Growth Stocks

D I S C U S S I O N

Performance in the twelve months
ended September 30, 2004

The Growth Equity Fund returned 7.72% for the Institutional Share Class, besting the fund’s benchmark, the Russell 1000^®Growth Index, which returned 7.51%, and the 7.61% average return of similar funds, as measured by the Morningstar Large Growth category.

Value stocks lead the market

In the twelve months ended September 30, 2004, large-cap growth stocks, as measured by the Russell 1000 Growth Index, underperformed the large-cap value stocks of the Russell 1000 Value Index, which jumped 20.52%. Within the growth category, the Russell 1000 Growth Index trailed both the 13.68% return of the Russell Midcap^®Growth Index and the 11.92% rise in the Russell 2000^®Growth Index, which tracks small-cap growth stocks.

Stock selection fuels fund performance

The fund topped the return of its benchmark because of successful stock selections. Relative performance was boosted by overweight holdings in many stocks that outperformed the benchmark, including Symantec, which makes security software; St. Jude Medical; Starwood Hotels & Resorts; and Qualcomm, which makes wireless communications products. Underweight positions, relative to the benchmark index, in a number of stocks that underperformed the index also added value; among these holdings were Intel and Merck. The fund benefited as well from a position in Monsanto, a stock not in the benchmark.

A position in Taiwan Semiconductor, another stock not held in the benchmark, was the largest single detractor from the fund’s return. Other holdings that had a negative effect on relative performance included semiconductor manufacturer Novellus; Intuit, a financial software maker; and Forest Laboratories, a pharmaceuticals company. The fund had larger weightings of these stocks than the benchmark, and they did not perform as anticipated.

Also detracting from the fund’s return were underweight holdings, relative to the benchmark, in stocks such as UnitedHealth Group and Yahoo. Returns from better-performing stocks more than offset these negative factors, enabling the fund to outperform its benchmark for the twelve-month period.

As of September 30, 2004, the fund invested 3.35% of its total invested assets in foreign securities.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 7

Growth Equity Fund | Large-Cap Growth Stocks

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities.

Special Investment Risks

Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. In addition, investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

The Fund’s Benchmark

The Russell 1000^®Growth Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Growth Index represents 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 9/30/2004							Ticker Symbol: TIEQX

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
	1 year		5 years		since inception¹		5 years		since inception¹

Growth Equity Fund
Institutional Class	7.72	%	–7.91	%	–8.07	%	–33.80	%	–35.77	%
Benchmark:
Russell 1000 Growth Index²	7.51		–6.78		–7.12		–29.61		–32.19
Peer group:
Morningstar Large Growth	7.61		–5.20		–5.64		–23.42		–24.61

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

¹	Inception date: 7/1/1999

²	Russell 1000 is a trademark and service mark of the Frank Russell Company.

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would be worth $6,423 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 22.43%, for the quarter ended December 31, 1999
Worst quarter: –22.50%, for the quarter ended March 31, 2001

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 9

Growth Equity Fund | Large-Cap Growth Stocks

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in each 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 April 1, 2004, and held for six months until September 30, 2004. Please see page six 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 (Institutional Class)—Expense Example
	Starting Fund Value	Ending Fund Value		Expenses Paid^a
	(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return	$1,000.00	$963.40		$0.79
5% annual hypothetical return	1,000.00	1,024.19	^b	0.81

Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.15%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts		Capitalization (as of 9/30/2004)

Inception Date			Percent of
Institutional Class	7/1/1999	Capitalization	Net Assets

Net Assets (9/30/2004)	$92.58 million	Large: Over $5 billion	89.54
		Middle: $1 billion–$5 billion	10.45
		Small: Under $1 bllion	0.01

		Total	100.00

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Growth & Income Fund | Dividend-Paying Stocks

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Growth & Income Fund returned 11.89% for the Institutional Share Class, compared with 13.87% for the fund’s benchmark, the S&P 500^®Index, and the 12.22% average return of similar funds, as measured by the Morningstar Large Blend category.

S&P 500 keeps pace with the broader market

The large-cap stocks of the S&P 500 closely tracked the robust returns of the overall market during the twelve-month period. The Russell 3000^®Index, which includes stocks of all sizes, soared 14.26%. Among large-cap stocks, growth stocks as a group lagged value stocks, sharply reversing the trend of the previous twelve months, when growth modestly outperformed value. For the twelve month period ended September 30, 2004, the S&P 500/Barra Value Index jumped 20.47%, versus a rise of just 7.52% for the S&P 500/Barra Growth Index. (Both indexes are subsets of the S&P 500.) Gains for growth stocks, like those of the broader market, were concentrated in the first six months of the reporting period, and included double-digit gains in the fourth quarter of 2003. The market’s hearty surge was driven in part by the greater liquidity that resulted from historically low interest rates, which provided a boost to the otherwise out-of-favor stocks of distressed companies. By the second quarter of 2004, however, weakness

in the U.S. economy, terrorism fears, and the insurgency in Iraq restrained stock prices.

Stock selections underperform the index

The fund’s return trailed the benchmark’s results because of individual stock selections. The biggest detractors from relative performance included positions in underperforming stocks such as Fannie Mae and Novellus Systems, a semiconductor maker. The fund held larger amounts of these stocks than their index weightings, but they did not perform as anticipated. In addition, underweight holdings in several stocks that produced strong returns, such as ChevronTexaco and Tyco, also hurt results, as did holdings in Taiwan Semiconductor and in Amylin Pharmaceuticals, which are not part of the S&P 500.

Relative performance was boosted by positions in several stocks not held by the benchmark, including retailer Coach and Lyondell Chemical. Overweights in several benchmark stocks also added value; these included Monsanto, Aetna, St. Jude Medical, and ExxonMobil. However, these positive contributions were not enough to lift the fund’s return for the period above that of the benchmark.

The fund invested 0.44% of its total invested assets in foreign securities as of September 30, 2004.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 11

Growth & Income Fund | Dividend-Paying Stocks

Investment Objective

The fund seeks a favorable long-term total return through both capital appreciation and investment income, primarily from income-producing equity securities.

Special Investment Risks

Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. In adddition, investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

The Fund’s Benchmark

The S&P 500^®Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. You cannot invest directly in this index.

Performance as of 9/30/2004			Ticker Symbol: TIGRX

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
	1 year		5 years		since inception¹		5 years		since inception¹

Growth & Income Fund
Institutional Class	11.89	%	–2.13	%	–3.31	%	–10.23	%	–16.24	%
Benchmark:
S&P 500 Index²	13.87		–1.31		–2.45		–6.37		–12.22
Peer group:
Morningstar Large Blend	12.22		–0.95		–2.08		–4.66		–9.57

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

¹	Inception date: 7/1/1999
²	S&P 500 Index is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would be worth $8,376 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 15.98%, for the quarter ended December 31, 1999
Worst quarter: –16.46%, for the quarter ended September 30, 2002

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 13

Growth & Income Fund | Dividend-Paying Stocks

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Growth & Income Fund (Institutional Class)—Expense Example
	Starting Fund Value	Ending Fund Value		Expenses Paid^a
	(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return	$1,000.00	$987.00		$0.70
5% annual hypothetical return	1,000.00	1,024.29	^b	0.71

^a Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts		Capitalization (as of 9/30/2004)


Inception Date			Percent of
Institutional Class	7/1/1999	Capitalization	Net Assets

Net Assets (9/30/2004)	$625.50 million	Large: Over $5 billion	94.63
		Middle: $1 billion–$5 billion	5.04
		Small: Under $1 billion	0.33

		Total	100.00

14 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

International Equity Fund | Foreign Stocks

D I S C U S S I O N

Performance in the twelve months
ended September 30, 2004

The International Equity Fund returned 22.17% for the Institutional Share Class, outpacing the 22.08% return of its benchmark, the Morgan Stanley EAFE^®Index, and surpassing the 19.20% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign stocks temper gains after fast start

During the period, foreign stocks, as measured by the EAFE index, produced substantially higher returns than U.S. stocks. The Russell 3000^®Index, which measures the broad U.S. market, returned 14.26%. Most of the strong rise in the EAFE index occurred in the first half of the period (October 2003 through March 2004), when the index soared 22.16% in dollar terms.

Prices were buoyed by a 21.48% jump in the European component of the index, which represents more than two-thirds of the index in terms of market capitalization, and by a 24.00% surge in the Pacific component. Returns were further boosted by the dollar’s weakness against the pound, yen, and euro.

A broad softening of foreign stock prices occurred in the second half of the period, when the EAFE declined 0.06% in dollar terms. Rising oil prices and mixed signals on global economic growth dampened many markets. Local currency returns were further trimmed by the increased strength of the dollar.

Fund posts robust returns, despite some detractors

Successful stock selection drove the fund’s performance relative to its benchmark’s. Among the holdings whose greater-than-benchmark weightings enhanced the fund’s return were Vinci S.A., a French construction and engineering firm; Hypo Real Estate Holding, a German real estate financing company; and Geberit International, a Swiss plumbing supply manufacturer. The fund also benefited from underweight positions in Swiss food manufacturer Nestlé and Japanese wireless company NTT DoCoMo.

Detractors from relative performance included overweight holdings in British food service company Compass Group and Italian automobile manufacturer Fiat, neither of which performed as well as anticipated. Less-than-benchmark weightings in well-performing energy stocks such as British oil company BP plc and in Swedish telecommunications company Ericsson also hurt the fund’s relative return.

Despite these negative factors, the fund’s many successful stock choices enabled it to outperform its benchmark for the twelve-month period.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 15

International Equity Fund | Foreign Stocks

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.

Special Investment Risks

Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

The Fund’s Benchmark

The Morgan Stanley Capital International EAFE^®(Europe, Australasia, Far East) Index tracks the performance of stocks in 21 developed countries around the world, excluding the United States and Canada. You cannot invest directly in this index.

Performance as of 9/30/2004					Ticker Symbol: TIIEX

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
	1 year		5 years		since inception¹		5 years		since inception¹

International Equity Fund
Institutional Class	22.17	%	1.20	%	2.58	%	6.16	%	14.31	%
Benchmark:
Morgan Stanley EAFE Index²	22.08		–0.81		0.05		–3.98		0.24
Peer group:
Morningstar Foreign Large Blend	19.20		–1.34		–0.59		–6.54		–2.14

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

¹	Inception date: 7/1/1999
²	EAFE is a trademark of Morgan Stanley Capital International, Inc.

16 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $11,431 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 37.68%, for the quarter ended December 31, 1999
Worst quarter: –19.39%, for the quarter ended September 30, 2002

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 17

International Equity Fund | Foreign Stocks

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	International Equity Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$982.80		$0.99
5% annual hypothetical return		1,000.00	1,023.99	^b	1.01


^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.20%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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


	Percent of
Country	Invested Assets


United Kingdom	24.2
Japan	22.6
Switzerland	13.2
France	9.3
Germany	7.9
Australia	5.2
Italy	4.6
Netherlands	2.3
10 Other Nations	10.4
Short-Term Investments	0.3

Total	100.0



Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets

Large: Over $5 billion	79.95
Middle: $1 billion–$5 billion	14.52
Small: Under $1 billion	5.53

Total	100.00


Fund Facts


Inception Date
Institutional Class	7/1/1999

Net Assets (9/30/2004)	$528.96 million

18 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Large-Cap Value Fund | Value Stocks of Larger Companies

D I S C U S S I O N

Performance in the twelve months
ended September 30, 2004

The Large-Cap Value Fund returned 21.96% for the Institutional Share Class, topping the 20.52% return for its benchmark, the Russell 1000^®Value Index, and the 16.86% average return of similar funds, as measured by the Morningstar Large Value category.

Value stocks shine

Reversing the trend of the previous twelve months, value stocks as a group outpaced growth stocks for the year ended September 30, 2004. For this period, the Russell 3000^®Value Index, which tracks value stocks of all sizes, advanced 20.89%, while its growth counterpart, the Russell 3000 Growth Index, gained 7.82%. In contrast, for the twelve-month period ended September 30, 2003, the Russell 3000 Growth Index topped the Russell 3000 Value Index by 26.94% to 24.89%. These two indexes are subsets of the Russell 3000, a broad measure of the domestic market.

For the twelve months ended September 30, 2004, the impressive 20.52% return of the predominantly large-cap Russell 1000 Value Index lagged both the 25.66% increase of the small-cap Russell 2000^®Value Index and the 25.62% rise of the Russell Midcap^®Value Index.

Stock selection adds value

During the period, the fund topped the strong gain of its benchmark, primarily because of overweight holdings in several well-performing stocks. The largest contributions to relative performance came from agricultural-supply giant Monsanto, Aetna, utility company TXU, and Lyondell Chemical. Each of these stocks had returns greater than the benchmark. Also boosting returns were underweight positions in companies such as Ford Motor and Morgan Stanley.

The positive effect of these holdings on performance was partly offset by lower returns from selections that included network storage products maker Emulex, Fannie Mae, and Tower Automotive. These three stocks did not appear in the benchmark as of September 30, 2004. Also hurting returns were overweight holdings in companies such as Tenet Healthcare and biotechnology firm Wyeth, and underweight positions including Toys “R” Us and Dow Chemical.

The fund invested 1.93% of its total invested assets in foreign securities as of September 30, 2004.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 19

Large-Cap Value Fund | Value Stocks of Larger Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.

Special Investment Risks

The fund is subject to style risk in that value investing may fall out of favor with investors. In addition, investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

The Fund’s Benchmark

The Russell 1000^®Value Index is a subset of the Russell 1000 Index, which tracks the stocks of large domestic companies, based on total market capitalization. The Russell 1000 Value Index represents those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TRLIX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Large-Cap Value Fund
Institutional Class	21.96	%	24.41	%	54.86	%
Benchmark:
Russell 1000 Value Index²	20.52		22.39		49.88
Peer group:
Morningstar Large Value	16.86		19.72		43.51


*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	_____
¹	Inception date: 10/1/2002

²	Russell 1000 is a trademark and service mark of the Frank Russell Company.

20 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,486 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 18.45%, for the quarter ended June 30, 2003
Worst quarter: –5.51%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 21

Large-Cap Value Fund Value Stocks of Larger Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Large-Cap Value Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$1,019.00		$0.71
5% annual hypothetical return		1,000.00	1,024.29	^b	0.71


^a	^{Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.}

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$31.29 million



Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	84.69
Middle: $1 billion–$5 billion	12.63
Small: Under $1 billion	2.68


Total	100.00

22 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Growth Fund | Growth Stocks of Medium-Sized Companies

D I S C U S S I O N

Performance in the twelve months
ended September 30, 2004

The Mid-Cap Growth Fund returned 13.88% for the Institutional Share Class, topping the 13.68% return of the fund’s benchmark, the Russell Midcap^®Growth Index, and the 11.06% average return of similar funds, as measured by the Morningstar Mid-Cap Growth category.

Growth stocks trail the market

Growth stocks as a group lagged value issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003). For the year ended September 30, 2004, the Russell 3000^®Growth Index, which tracks growth stocks of all sizes, gained 7.82%, while its value counterpart, the Russell 3000 Value Index, surged 20.89%.

Within the growth category, the 13.68% return of the Russell Midcap Growth Index outpaced both the 11.92% rise in the small-cap Russell 2000^®Growth Index and the 7.51% return of the predominantly large-cap Russell 1000^®Growth Index.

Stock selections fuel fund performance

The fund’s return for the twelve-month period edged out its benchmark’s because of numerous successful stock choices. Three of the largest contributions to superior performance came from stocks not included in the benchmark index: Navteq, a digital mapping company; Onyx Pharmaceuticals; and Caesars Entertainment. Overweight positions in a number of stocks in the index also boosted performance. Among these were Nextel Partners, a wireless phone company; Atmel, a semiconductor manufacturer; and Aetna.

The fund also benefited from having underweight positions, relative to the index, in several underperforming stocks, including semiconductor equipment maker KLATencor; Tera-dyne, a manufacturer of semiconductor and electronics equipment; and JetBlue Airways.

Positive contributions from stock selections that performed well more than offset these negative factors and enabled the fund to outperform its benchmark.

As of September 30, 2004, the fund invested 0.47% of its total invested assets in foreign securities.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 23

Mid-Cap Growth Fund | Growth Stocks of Medium-Sized Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of medium-sized domestic companies.

Special Investment Risks

Mid-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Furthermore, investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

The Fund’s Benchmark

The Russell Midcap^®Growth Index is a subset of the Russell Midcap Index, which tracks the stocks of the smallest 800 companies in the Russell 1000^®Index, based on total market capitalization. The Russell Midcap Growth Index represents those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TRPWX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Mid-Cap Growth Fund
Institutional Class	13.88	%	26.84	%	61.00	%
Benchmark:
Russell Midcap Growth Index²	13.68		25.61		57.89
Peer group:
Morningstar Mid-Cap Growth	11.06		18.90		41.68


¹	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	______
*	Inception date: 10/1/2002

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

24 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,100 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 18.40%, for the quarter ended June 30, 2003
Worst quarter: –4.22%, for the quarter ended September 30, 2004
___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 25

Mid-Cap Growth Fund | Growth Stocks of Medium-Sized Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Mid-Cap Growth Fund (Institutional Class)—Expense Example
		Starting Fund Value		Ending Fund Value				Expenses Paid^a
		(4/1/04)			(9/30/04)			(4/1/04–9/30/04)


Actual return		$	1,000.00		$	965.60		$	0.69
5% annual hypothetical return			1,000.00			1,024.29	^b	0.71

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$3.68 million


Capitalization (as of 9/30/2004)


	Percent of
	Net Assets


Large: Over $5 billion	59.38
Middle: $1 billion–$5 billion	38.99
Small: Under $1 billion	1.63


Total	100.00

26 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Value Fund | Value Stocks of Medium-Sized Companies

D I S C U S S I O N

Performance in the twelve months
ended September 30, 2004

The Mid-Cap Value Fund returned 25.36% for the Institutional Share Class, closely tracking the 25.62% return of the fund’s benchmark, the Russell Midcap^®Value Index, and surpassing the 20.89% average return of similar funds, as measured by the Morningstar Mid-Cap Value category.

Mid-cap value stocks soar

Value stocks as a group produced significantly larger gains than growth issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003). For the year ended September 30, 2004, the Russell 3000^®Value Index, which tracks value stocks of all sizes, rose 20.89%, outperforming the Russell 3000 Growth Index, which returned 7.82%.

Within the value category, mid caps and small caps led the advance. The Russell Midcap Value Index and the small-cap Russell 2000^®Value Index soared 25.62% and 25.66%, respectively. In contrast, the predominantly large-cap Russell 1000^®Value Index gained 20.52%.

Stock selections bring both gains and losses

A large number of successful stock selections helped the fund produce a return similar to that of the benchmark. These included holdings in such strongly advancing stocks as agricultural-supply giant Monsanto; McKesson, a health care technology company; and oil and gas producer Amerada Hess. The fund held larger amounts of these stocks than their index weightings. Holdings in several stocks not listed in the benchmark index also helped returns. Among these were Visteon, a maker of auto parts, and International Steel Group.

These positive results were partly offset by disappointing returns from several other holdings that also were not in the benchmark, such as Manugistics Group, a business software developer; semiconductor maker Agere Systems; and Sycamore Networks, a technology company. Other holdings that had a negative effect on relative performance included Emulex, a maker of network storage products, and Tenet Healthcare. The fund had larger weightings of these stocks than the benchmark, and they did not perform as anticipated.

As of September 30, 2004, the fund invested 3.29% of its total invested assets in foreign securities.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 27

Mid-Cap Value Fund | Value Stocks of Medium-Sized Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of medium-sized domestic companies.

Special Investment Risks

Mid-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, the fund is subject to style risk in that value investing may fall out of favor with investors. Furthermore, investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes.

The Fund’s Benchmark

The Russell Midcap^®Value Index is a subset of the Russell Midcap Index, which tracks the stocks of the smallest 800 U.S. companies in the Russell 1000^®Index, based on total market capitalization. The Russell Midcap Value Index represents those stocks of the Russell Midcap Index with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TIMVX

	Average Annual Compound					Cumulative Rates
	Rates of Total Return*					of Total Return*
	1 year		since inception¹			since inception¹

Mid-Cap Value Fund
Institutional Class	25.36	%	29.39	%		67.52	%
Benchmark:
Russell Midcap Value Index²	25.62		26.91			61.17
Peer group:
Morningstar Mid-Cap Value	20.89		22.71			50.98

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^_________
¹	Inception date: 10/1/2002

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

28 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,752 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 18.86%, for the quarter ended June 30, 2003
Worst quarter: –3.87%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 29

Mid-Cap Value Fund | Value Stocks of Medium-Sized Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Mid-Cap Value Fund (Institutional Class)—Expense Example
		Starting Fund Value		Ending Fund Value		Expenses Paid^a
		(4/1/04)		(9/30/04)		(4/1/04–9/30/04)


Actual return		$	1,000.00	$	1,019.80	$	0.71
5% annual hypothetical return			1,000.00		1,024.29^b		0.71

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$8.04 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	57.76
Middle: $1 billion–$5 billion	33.47
Small: Under $1 billion	8.77


Total	100.00

30 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Equity Fund | Stocks of Smaller Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Small-Cap Equity Fund returned 20.98% for the Institutional Share Class, topping the 18.77% return of its benchmark, the Russell 2000^®Index, and the 20.94% average return of similar funds, as measured by the Morningstar Small Blend category.

The market runs out of gas in the second half

Although stocks of all sizes rose during the twelve-month period, most of those gains took place during the first six months. The star performer for the period from October through March was the small-cap Russell 2000 Index, which advanced 21.69%. The Russell Midcap^®Index followed closely, increasing 19.83%. Last was the predominantly large-cap Russell 1000^®Index, which rose 14.40%.

During the six months from April to September, small caps lost 2.40% and large caps dipped 0.43%, while mid caps added 0.60%. For the twelve-month period ended September 30, 2004, the 18.77% rise in small caps trailed the 20.55% return of mid caps, but both outperformed large caps, which were up 13.90%.

Superior stock selection helps the fund outpace the benchmark

For the twelve month period, the fund exceeded the excellent return of the Russell 2000, primarily because of numerous successful stock selections. Top performers included US Oncology, Tesoro Petroleum, and insurance and consumer financial services company UICI. Each of these stocks more than doubled in price during the period, and the fund’s holdings of each were larger than the stock’s benchmark weighting. Also boosting returns were underweight positions in stocks such as Fred’s, a discount-store chain, and supercomputer company Cray. Both of these suffered double-digit losses during the period.

The positive effect of these holdings on performance was partly offset by lower-than-expected returns from stocks that included consumer entertainment technology company Cirrus Logic, semiconductor manufacturer ESS Technology, and Talk America Holdings, a telecommunications service provider. The fund had larger weightings of these stocks than the benchmark, and they did not perform as anticipated. Also detracting from returns were underweight positions in such companies as OSI Pharmaceuticals and Akamai Technologies, a developer of Internet traffic software.

The fund continued its use of proprietary mathematical models to evaluate and choose attractive stocks in the small-cap category.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 31

Small-Cap Equity Fund | Stocks of Smaller Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of smaller domestic companies.

Special Investment Risks

Small-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks.

The Fund’s Benchmark

The Russell 2000^®Index tracks the stocks of the 2,000 smallest companies in the Russell 3000^®Index, based on total market capitalization. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TISEX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Small-Cap Equity Fund
Institutional Class	20.98	%	28.75	%	65.88	%
Benchmark:
Russell 2000 Index²	18.77		27.29		62.13
Peer group:
Morningstar Small Blend	20.94		25.31		57.54

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^{_______________}
¹	Inception date: 10/1/2002

²	Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company.

32 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,588 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 23.52%, for the quarter ended June 30, 2003
Worst quarter: –4.26%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 33

Small-Cap Equity Fund | Stocks of Smaller Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Small-Cap Equity Fund (Institutional Class)—Expense Example
		Starting Fund Value		Ending Fund Value				Expenses Paid^a
		(4/1/04)			(9/30/04)			(4/1/04–9/30/04)


Actual return		$	1,000.00		$	984.80		$	0.69
5% annual hypothetical return			1,000.00		1,024.29		^b		0.71

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$45.43 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	2.79
Middle: $1 billion–$5 billion	37.92
Small: Under $1 billion	59.29


Total	100.00

34 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Large-Cap Growth Index Fund returned 7.35% for the Institutional Share Class. During the period, the fund’s benchmark, the Russell 1000^®Growth Index, returned 7.51%, versus the 7.61% average return of similar funds, as measured by the Morningstar Large Growth category.

Growth stocks trail the market

Growth stocks as a group lagged value issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003). For the year ended September 30, 2004, the Russell 3000^®Growth Index, which tracks growth stocks of all sizes, gained 7.82%, while the Russell 3000 Value Index surged 20.89%. Both indexes are subsets of the Russell 3000, which tracks U.S. stocks of all sizes and which posted a 14.26% return for the year.

Within the growth category, the gains of large-cap growth issues were outpaced by the 13.68% return of the Russell Midcap^®Growth Index and the 11.92% return of the small-cap Russell 2000^®Growth Index.

Six sectors score double-digit gains

During the twelve-month period, ten of the sectors of the Russell 1000 Growth Index had positive returns, and six had double-digit gains. The three sectors that had the largest effect on performance were consumer discretionary goods, health care, and financials. The only sector to post a loss was technology, which was down 2.3%.

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

As of September 30, 2004, the Russell 1000 Growth Index had an average annual return of –6.78% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 35

Large-Cap Growth Index Fund | Growth Stocks of Larger U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic growth companies based on a market index.

Special Investment Risks

Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. In addition, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. Also, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

Performance as of 9/30/2004					Ticker Symbol: TILIX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Large-Cap Growth Index Fund
Institutional Class	7.35	%	16.13	%	34.91	%
Benchmark:
Russell 1000 Growth Index²	7.51		16.33		35.37
Peer group:
Morningstar Large Growth	7.61		14.96		32.48

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^{________________}
¹	Inception date: 10/1/2002

²	Russell 1000 is a trademark and service mark of the Frank Russell Company.

36 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $13,491 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 14.17%, for the quarter ended June 30, 2003
Worst quarter: –5.33%, for the quarter ended September 30, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 37

Large-Cap Growth Index Fund | Growth Stocks of Larger U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Large-Cap Growth Index Fund (Institutional Class)—Expense Example
		Starting Fund Value		Ending Fund Value			Expenses Paid^a
		(4/1/04)		(9/30/04)			(4/1/04–9/30/04)


Actual return		$	1,000.00	$	965.00		$	0.39
5% annual hypothetical return			1,000.00	1,024.59		^b	0.41

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$35.80 million




Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets

Large: Over $5 billion	87.46
Middle: $1 billion–$5 billion	12.40
Small: Under $1 billion	0.14

Total	100.00

38 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Large-Cap Value Index Fund | Value Stocks of Larger U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Large-Cap Value Index Fund returned 20.25% for the Institutional Share Class. During the period, the fund’s benchmark, the Russell 1000^®Value Index, returned 20.52%, versus the 16.86% average return of similar funds, as measured by the Morningstar Large Value category.

Value stocks shine

Value stocks as a group strongly outperformed growth issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003). For the year ended September 30, 2004, the Russell 3000^®Value Index, which tracks value stocks of all sizes, climbed 20.89%, while the Russell 3000 Growth Index returned 7.82%. Both indexes are subsets of the Russell 3000, which tracks U.S. stocks of all sizes, and which posted a 14.26% return for the year.

Within the value category, the impressive return of large-cap value stocks was outpaced by the 25.62% gain of the Russell Midcap^®Value Index and the 25.66% gain of the small-cap Russell 2000^®Value Index.

Large-cap issues post a broad advance

Gains for large-cap value stocks, like those of the overall market, were concentrated in the fourth quarter of 2003, when the Russell 1000 Value

Index soared 14.19%. For the year ended September 30, 2004, eleven of the twelve index sectors had double-digit gains. The three sectors that had the largest effect on performance were financials, integrated oils, and utilities. The only sector to post a loss was health care, which was down 5.3%.

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

As of September 30, 2004, the Russell 1000 Value Index had an average annual return of 4.31% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 39

Large-Cap Value Index Fund | Value Stocks of Larger U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic value companies based on a market index.

Special Investment Risks

The fund is subject to style risk in that value investing may fall out of favor with investors. In addition, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. Also, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

Performance as of 9/30/2004					Ticker Symbol: TILVX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Large-Cap Value Index Fund
Institutional Class	20.25	%	22.18	%	49.36	%
Benchmark:
Russell 1000 Value Index²	20.52		22.39		49.88
Peer group:
Morningstar Large Value	16.86		19.72		43.51

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

¹	Inception date: 10/1/2002

²	Russell 1000 is a trademark and service mark of the Frank Russell Company.

40 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $14,936 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 17.07%, for the quarter ended June 30, 2003
Worst quarter: –4.79%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 41

Large-Cap Value Index Fund | Value Stocks of Larger U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Large-Cap Value Index Fund (Institutional Class)—Expense Example
		Starting Fund Value		Ending Fund Value			Expenses Paid^a
		(4/1/04)		(9/30/04)			(4/1/04–9/30/04)


Actual return		$	1,000.00	$	994.40		$	0.40
5% annual hypothetical return			1,000.00	1,024.59		^b		0.41

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$142.25 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	86.22
Middle: $1 billion–$5 billion	13.71
Small: Under $1 billion	0.07


Total	100.00

42 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Equity Index Fund | U.S. Stocks

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Equity Index Fund returned 14.17% for the Institutional Share Class. The fund’s benchmark, the Russell 3000^®Index, returned 14.26% for the period, versus the 12.22% average return of similar funds, as measured by the Morningstar Large Blend category.

U.S. stocks surge, then retreat

Most of the rise in the Russell 3000 occurred early in the reporting period. The index advanced 12.43% in the fourth quarter of 2003, with eleven of its twelve industry sectors posting double-digit gains. Sector returns for the quarter ranged from 8.5% for health care to 21.9% for materials and processing.

In the first two quarters of 2004, stock prices softened, and the index fell into negative territory in the third quarter, posting a 1.90% loss. The drop reflected soaring oil prices, terrorism fears, and mixed U.S. economic signals. The decline was broad based. Only six of the twelve sectors of the index produced positive returns for the third quarter. The strongest showings came from the integrated oils sector, up 11.0%, and from non-oil energy stocks, which rose 10.0%. Technology fared the worst, dropping 10.2%.

For the twelve-month period, the largest contributions to overall performance came from the financial sector, which makes up 23% of the index and rose 16.5%, and from the consumer discretionary sector, which represents more than 14% of the index and climbed 13.4%.

Value tops growth, and mid caps outperform the market

During the period, value stocks as a group far surpassed growth stocks. The Russell 3000 Value Index gained 20.89%, while the Russell 3000 Growth Index rose only 7.82%. Market capitalization was also an important differentiating factor. The Russell Mid-cap^®Index advanced 20.55%, outperforming both the 18.77% return of the small-cap Russell 2000^®Index and the 13.90% return of the predominantly large-cap Russell 1000^®Index.

U.S. stocks lagged foreign issues over the twelve-month period. The Morgan Stanley EAFE^®Index, which tracks stocks in Europe and the Pacific region, including Australia and New Zealand, rose 22.08%, helped by the strength of the pound, yen, and euro versus the dollar.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 43

Equity Index Fund | U.S. Stocks

Investment Objective

The fund seeks a favorable long-term total return, mainly from capital appreciation, by investing primarily in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index.

Special Investment Risks

The Fund’s Benchmark

The Russell 3000^®Index is an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on total market capitalization, and represents 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 9/30/2004

Ticker Symbol: TIEIX

Average Annual Compound

Cumulative Rates

Rates of Total Return*

of Total Return*

1 year

5 years

since inception¹

5 years

since inception¹

Equity Index Fund

Institutional Class

14.17

–0.25

–1.53

–1.25

–7.77

Benchmark:

Russell 3000 Index²

14.26

–0.10

–1.38

–0.49

–7.05

Peer group:

Morningstar Large Blend

12.22

–0.95

–2.08

–4.66

–9.57

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^______
¹	Inception date: 7/1/1999

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

44 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would be worth $9,223 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 16.22%, for the quarter ended June 30, 2003
Worst quarter: –17.24%, for the quarter ended September 30, 2002

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 45

Equity Index Fund | U.S. Stocks

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Equity Index Fund (Institutional Class)—Expense Example
		Starting Fund Value		Ending Fund Value			Expenses Paid^a
		(4/1/04)		(9/30/04)			(4/1/04–9/30/04)


Actual return		$	1,000.00	$	994.40		$	0.40
5% annual hypothetical return			1,000.00	1,024.59		^b		0.41

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	7/1/1999


Net Assets (9/30/2004)	$766.71 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets

Large: Over $5 billion	80.38
Middle: $1 billion–$5 billion	14.55
Small: Under $1 billion	5.07


Total	100.00

46 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

S&P 500 Index Fund | Stocks of Larger U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The S&P 500 Index Fund returned 13.63% for the Institutional Share Class. During the period, the fund’s benchmark, the S&P 500^®Index, returned 13.87%, versus the 12.22% average return of similar funds, as measured by the Morningstar Large Blend category.

Large caps rally, then stumble

Gains for the large-cap stocks of the S&P 500 Index were concentrated in the first half of the period; during the six months from October 2003 through March 2004, the S&P 500 Index rose 14.08%, versus the 14.94% gain of the Russell 3000^®Index, which measures the broad U.S. stock market.

The higher return of the Russell 3000 was lifted by the 21.69% surge of the small-cap Russell 2000^®Index and the 19.83% increase of the Russell Midcap^®Index. These two categories made up about one-third of the Russell 3000, in terms of market capitalization, at the end of September. For the twelve-month period ended September 30, 2004, the Russell 3000 returned 14.26%.

During the twelve-month period, within the S&P 500, value stocks provided the strongest gains. The S&P 500/Barra Value Index soared 20.47%, while the S&P 500/Barra Growth Index returned 7.52%.

During the six months from April through September, many stock prices fell, reflecting a variety of investor concerns, including the handover of power in Iraq and the question of how much the Federal Reserve would raise interest rates. The S&P 500 lost 0.18%, and the Russell 3000 dropped 0.60%.

The year’s gains are broad-based

For the year ended September 30, 2004, nine of the ten industry sectors of the index posted gains; only information technology, which was down 5.8%, posted a loss. The three largest gains by sector were 43.5% for energy, 19.1% for telecommunications, and 18.3% for utilities.

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

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 47

S&P 500 Index Fund | Stocks of Larger U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic companies selected to track U.S. equity markets based on a market index.

Special Investment Risks

Although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. In addition, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the fund’s performance will match that of its index for any period of time. An investment in securities of larger companies carries with it the risk that the company (and its earnings) may grow more slowly than the economy as a whole, or not at all. Also, larger companies may fall out of favor with the investing public for reasons unrelated to their businesses or economic fundamentals.

The Fund’s Benchmark

The S&P 500^®Index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. You cannot invest directly in this index.

Performance as of 9/30/2004					Ticker Symbol: TISPX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

S&P 500 Index Fund
Institutional Class	13.63	%	18.79	%	41.17	%
Benchmark:
Russell 1000 Value Index²	13.87		18.99		41.65
Peer group:
Morningstar Large Value	12.22		16.77		36.50

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

¹	Inception date: 10/1/2002

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

48 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $14,117 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 15.30%, for the quarter ended June 30, 2003
Worst quarter: –3.18%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 49

S&P 500 Index Fund | Stocks of Larger U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

		S&P 500 Index Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value				Expenses Paid^a
		(4/1/04)		(9/30/04)			(4/1/04–9/30/04)


Actual return	$	1,000.00	$	996.90		$	0.40
5% annual hypothetical return		1,000.00		1,024.59	^b		0.41

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$167.62 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	96.12
Middle: $1 billion–$5 billion	3.85
Small: Under $1 billion	0.03


Total	100.00

50 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Growth Index Fund | Growth Stocks of Medium-Sized U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Mid-Cap Growth Index Fund returned 13.50% for the Institutional Share Class. During the period, the fund’s benchmark, the Russell Midcap^®Growth Index, returned 13.68%, versus the 11.06% average return of similar funds, as measured by the Morningstar Mid-Cap Growth category.

Growth stocks trail the market

Growth stocks as a group lagged value issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003). For the year ended September 30, 2004, the Russell 3000^®Growth Index, which tracks growth stocks of all sizes, gained 7.82%, while the Russell 3000 Value Index surged 20.89%. Both indexes are subsets of the Russell 3000, which tracks U.S. stocks of all sizes and which posted a 14.26% return for the year.

Ten of twelve sectors score gains

Ten of the twelve sectors of the Russell Midcap Growth Index rose during the twelve-month period. The largest contributions to performance came from the consumer discretionary goods, health care, and non-oil energy sectors. The technology sector, which makes up nearly one-fifth of the index, posted a loss of 2.5% for the period.

As of September 30, 2004, the Russell Midcap Growth Index had an average annual return of 0.63% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 51

Mid-Cap Growth Index Fund | Growth Stocks of Medium-Sized U.S. Companies

Investment Objective

The fund seeks a favorable long-term return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of medium-sized domestic growth companies based on a market index.

Special Investment Risks

Mid-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Also, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

Performance as of 9/30/2004					Ticker Symbol: TIMGX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Mid-Cap Growth Index Fund
Institutional Class	13.50	%	25.41	%	57.36	%
Benchmark:
Russell Midcap Growth Index²	13.68		25.61		57.89
Peer group:
Morningstar Mid-Cap Growth	11.06		18.90		41.68

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	___
¹	Inception date: 10/1/2002
²	Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company.

52 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,736 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 18.65%, for the quarter ended June 30, 2003
Worst quarter: –4.39%, for the quarter ended September 30, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 53

Mid-Cap Growth Index Fund | Growth Stocks of Medium-Sized U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Mid-Cap Growth Index Fund (Institutional Class)—Expense Example

		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$ 966.20		$0.39
5% annual hypothetical return		1,000.00	1,024.59	^b	0.41

Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower. ^bEnding Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$23.89 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	46.93
Middle: $1 billion–$5 billion	52.42
Small: Under $1 billion	0.65


Total	100.00

54 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Value Index Fund | Value Stocks of Medium-Sized U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Mid-Cap Value Index Fund returned 25.36% for the Institutional Share Class. During the period, the fund’s benchmark, the Russell Midcap^®Value Index, returned 25.62%, versus the 20.89% average return of similar funds, as measured by the Morningstar Mid-Cap Value category.

Value stocks shine

Value stocks as a group strongly outperformed growth issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003). For the year ended September 30, 2004, the Russell 3000^®Value Index surged 20.89%, while the Russell 3000 Growth Index gained 7.82%. Both indexes are subsets of the Russell 3000, which tracks U.S. stocks of all sizes and which posted a 14.26% return for the year.

Within the value category, small caps led the way, posting a 25.66% gain, as measured by the Russell 2000^®Value Index, but the return of mid-cap value issues was close behind. The predominantly large-cap Russell 1000^®Value Index posted a significantly lower, but still impressive, 20.52% return.

Mid-cap value issues enjoy a broad advance

Gains for mid-cap value stocks, like those of the overall market, were concentrated in the fourth quarter of 2003, when the Russell Midcap Value Index soared 15.22%. For the year ended September 30, 2004, eleven of the twelve index sectors had double-digit gains. The three sectors that had the largest effect on performance were financials, materials and processing, and consumer discretionary goods.

As of September 30, 2004, the Russell Midcap Value Index had an average annual return of 11.47% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 55

Mid-Cap Value Index Fund | Value Stocks of Medium-Sized U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of medium-sized domestic value companies based on a market index.

Special Investment Risks

Mid-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, the fund is subject to style risk in that value investing may fall out of favor with investors. Also, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

The Russell Midcap^®Value Index is a subset of the Russell Midcap Index, which tracks the stocks of the smallest 800 companies in the Russell 1000^®Index, based on total market capitalization. The Russell Midcap Value Index represents those stocks of the Russell Midcap Index with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TMVIX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Mid-Cap Value Index Fund
Institutional Class	25.36	%	26.74	%	60.72	%
Benchmark:
Russell Midcap Value Index²	25.62		26.91		61.17
Peer group:
Morningstar Mid-Cap Value	20.89		22.71		50.98

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	___
¹	Inception date: 10/1/2002
²	Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company.

56 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,072 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 17.83%, for the quarter ended June 30, 2003
Worst quarter: –4.05%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 57

Mid-Cap Value Index Fund | Value Stocks of Medium-Sized U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

Mid-Cap Value Index Fund (Institutional Class)—Expense Example

Starting Fund Value

Ending Fund Value

Expenses Paid^a

(4/1/04)

(9/30/04)

(4/1/04–9/30/04)

Actual return

$1,000.00

$1,033.40

$0.41

5% annual hypothetical return

1,000.00

1,024.59

0.41

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.
^{^b}	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$37.01 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	57.76
Middle: $1 billion–$5 billion	40.83
Small: Under $1 billion	1.41


Total	100.00

58 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Blend Index Fund | Growth and Value Stocks of Medium-Sized U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Mid-Cap Blend Index Fund returned 20.39% for the Institutional Share Class. During the period, the fund’s benchmark, the Russell Midcap^®Index, returned 20.55%, versus the 17.40% average return of similar funds, as measured by the Morningstar Mid-Cap Blend category.

Mid caps lead other stocks for the period

Mid-cap stocks as a group strongly outpaced the overall U.S. stock market, which rose 14.26%, as measured by the Russell 3000^®Index. Mid caps also beat the predominantly large-cap Russell 1000^®Index, which returned 13.90% for the period, and the small-cap Russell 2000^®Index, which gained 18.77%.

Most of the advance in the Russell Midcap Index was recorded in the first half of the reporting period. The index climbed 13.97% in the fourth quarter of 2003, ahead of the 12.43% return posted by the Russell 3000. In the first quarter of 2004, mid caps rose another 5.14%, while the Russell 3000 returned 2.23%.

From April through September, U.S. stock performance stagnated, then turned slightly negative, with mid caps down 0.84% in the third quarter. Their loss, however, was less than that of the Russell 3000, which dropped 1.90%.

All twelve sectors score gains

Every sector of the Russell Midcap Index rose during the twelve-month period. Performance was driven by the 24.7% jump in the financial sector and the 16.4% gain in consumer discretionary goods; these two sectors make up more than 42% of the index. The only sector not to post a double-digit gain was technology, which returned just 3.2%.

As of September 30, 2004, the Russell Midcap Index had an average annual return of 8.26% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 59

Mid-Cap Blend Index Fund | Growth and Value Stocks of Medium-Sized U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a very broad portfolio of equity securities of medium-sized domestic companies based on a market index.

Special Investment Risks

Mid-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. Also, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

The Russell Midcap^®Index measures the performance of the 800 smallest companies in the Russell 1000^®Index, based on total market capitalization. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TRBDX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Mid-Cap Blend Index Fund
Institutional Class	20.39	%	26.16	%	59.28	%
Benchmark:
Russell Midcap Index²	20.55		26.40		59.88
Peer group:
Morningstar Mid-Cap Blend	17.40		22.17		49.84

	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	___
¹	Inception date: 10/1/2002
²	Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company.

60 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,928 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 18.21%, for the quarter ended June 30, 2003
Worst quarter: –2.38%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 61

Mid-Cap Blend Index Fund | Growth and Value Stocks of Medium-Sized U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Mid-Cap Blend Index Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$1,005.60		$0.40
5% annual hypothetical return		1,000.00	1,024.59	^b	0.41

Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$49.71 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	53.72
Middle: $1 billion–$5 billion	45.82
Small: Under $1 billion	0.46


Total	100.00

62 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Growth Index Fund | Growth Stocks of Smaller U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Small-Cap Growth Index Fund returned 11.84% for the Institutional Share Class. The fund’s benchmark, the Russell 2000^®Growth Index, returned 11.92%, versus the 11.36% average return of similar funds, as measured by the Morningstar Small Growth category.

Growth stocks trail the market

For the year ended September 30, 2004, the Russell 3000 Growth Index, which tracks growth stocks of all sizes, gained 7.82%, while the Russell 3000 Value Index surged 20.89%. These indexes are subsets of the Russell 3000.

Within the growth category, small caps as a group topped the predominantly large-cap Russell 1000^®Growth Index, which rose 7.51%, but they trailed the 13.68% jump of the Russell Midcap^®Growth Index. Gains for all three indexes were concentrated in the first half of the period and, in particular, in the last quarter of 2003.

Sector returns propel the benchmark

For the year ended September 30, 2004, the only sector of the benchmark to post a loss was technology, which was down 7.4%. The three sectors that had the largest impact on the benchmark’s performance were consumer discretionary goods, health care, and financials.

As of September 30, 2004, the Russell 2000 Growth Index had an average annual return of –0.68% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 63

Small-Cap Growth Index Fund | Growth Stocks of Smaller U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of smaller domestic growth companies based on a market index.

Special Investment Risks

Small-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Also, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

The Russell 2000^®Growth Index is a subset of the Russell 2000 Index, which tracks the stocks of small domestic companies, based on total market capitalization. The Russell 2000 Growth Index represents those stocks of the Russell 2000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TISGX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Small-Cap Growth Index Fund
Institutional Class	11.84	%	25.80	%	58.37	%
Benchmark:
Russell 2000 Growth Index²	11.92		25.91		58.62
Peer group:
Morningstar Small Growth	11.36		22.11		49.67

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	___
¹	Inception date: 10/1/2002
²	Russell 2000 is a trademark and service mark of the Frank Russell Company.

64 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,837 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 24.06%, for the quarter ended June 30, 2003
Worst quarter: –5.95%, for the quarter ended September 30, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 65

Small-Cap Growth Index Fund | Growth Stocks of Smaller U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Small-Cap Growth Index Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$ 940.50		$0.39
5% annual hypothetical return		1,000.00	1,024.59	^b	0.41

^a	Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.
^b	Ending Fund Value for the hypothetical example would be $1,025.00 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.

Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$65.45 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Middle: $1 billion–$5 billion	37.53
Small: Under $1 billion	62.47


Total	100.00

66 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Value Index Fund | Growth Stocks of Smaller U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Small-Cap Value Index Fund returned 25.63% for the Institutional Share Class. The fund’s benchmark, the Russell 2000^®Value Index, returned 25.66%, versus the 23.91% average return of similar funds, as measured by the Morningstar Small Value category.

Small-cap value shines

During the period, small-cap value stocks as a group strongly outperformed the overall U.S. stock market, which gained 14.26%, as measured by the Russell 3000^®Index. Value stocks in general far outpaced growth issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003).

For the year ended September 30, 2004, the Russell 3000 Value Index, which tracks value stocks of all sizes, climbed 20.89%, while its growth counterpart, the Russell 3000 Growth Index, returned 7.82%. These indexes are subsets of the Russell 3000.

Within the value category, the 25.66% return of the small-cap Russell 2000 Value Index barely topped the 25.62% advance of the Russell Midcap^®Value Index, but easily outperformed the 20.52% rise of the predominantly large-cap Russell 1000^®Value Index. Gains for all of these indexes were concentrated in the first half of the period and, in particular, in the last quarter of 2003.

Eleven of twelve sectors post gains

For the twelve-month period, the only sector of the benchmark to post a loss was technology, which was down 1.1%. The three sectors that had the largest effect on the benchmark’s performance were financials, materials and processing, and the non-oil energy category.

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

As of September 30, 2004, the Russell 2000 Value Index had an average annual return of 14.71% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index. Among value stocks, small caps were the top performers for the three-, five-, and seven-year periods as of that date.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 67

Small-Cap Value Index Fund | Growth Stocks of Smaller U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of smaller domestic value companies based on a market index.

Special Investment Risks

Small-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, the fund is subject to style risk in that value investing may fall out of favor with investors. Also, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

The Russell 2000^®Value Index is a subset of the Russell 2000 Index, which tracks the stocks of small domestic companies, based on total market capitalization. The Russell 2000 Value Index represents those stocks of the Russell 2000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TISVX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Small-Cap Value Index Fund
Institutional Class	25.63	%	28.48	%	65.20	%
Benchmark:
Russell 2000 Value Index²	25.66		28.58		65.45
Peer group:
Morningstar Small Value	23.91		26.65		60.81

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^______
¹	Inception date: 10/1/2002
²	Russell 2000 is a trademark and service mark of the Frank Russell Company.

68 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,520 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 22.63%, for the quarter ended June 30, 2003
Worst quarter: –5.06%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 69

Small-Cap Value Index Fund | Growth and Value Stocks of Smaller U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Small-Cap Value Index Fund (Institutional Class)—Expense Example
	Starting Fund Value	Ending Fund Value		Expenses Paid^a
	(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return	$1,000.00	$1,010.10		$0.40
5% annual hypothetical return	1,000.00	1,024.59	^b	0.41

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$63.36 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Middle: $1 billion–$5 billion	43.17
Small: Under $1 billion	56.83


Total	100.00

70 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Blend Index Fund | Growth and Value Stocks of Smaller U.S. Companies

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Small-Cap Blend Index Fund returned 18.66% for the Institutional Share Class. The fund’s benchmark, the small-cap Russell 2000^®Index, returned 18.77%, versus the 20.94% average return of similar funds, as measured by the Morningstar Small Blend category.

Small caps surge in the first half, then stall

During the period, small-cap stocks as a group outperformed the overall U.S. market, which returned 14.26%, as measured by the Russell 3000^® Index. Value stocks in general far outpaced growth issues during the twelve-month period, reversing the trend of the previous year (October 2002 through September 2003).

Double-digit gains drive the benchmark’s advance

For the year ended September 30, 2004, the only sector of the benchmark to post a loss was technology, which was down 5.9%. All other eleven sectors delivered double-digit gains, led by the integrated oils category, which jumped 84%. The three sectors that had the largest impact on the benchmark’s performance were financials, materials and processing, and consumer discretionary goods.

As of September 30, 2004, the Russell 2000 Index had an average annual return of 7.41% over the previous five years, compared with –0.10% for the broad-based Russell 3000 Index.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 71

Small-Cap Blend Index Fund | Growth and Value Stocks of Smaller U.S. Companies

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of smaller domestic companies based on a market index.

Special Investment Risks

Small-cap stocks may have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. In addition, although the fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

The Russell 2000^®Index tracks the stocks of the 2,000 smallest companies in the Russell 3000^®Index, based on total market capitalization. You cannot invest directly in these indexes.

Performance as of 9/30/2004					Ticker Symbol: TISBX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Small-Cap Blend Index Fund
Institutional Class	18.66	%	27.09	%	61.63	%
Benchmark:
Russell 2000 Index²	18.77		27.29		62.13
Peer group:
Morningstar Small Blend	20.94		25.31		57.54

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^______
¹	Inception date: 10/1/2002
²	Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company.

72 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,163 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows
the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 23.22%, for the quarter ended June 30, 2003
Worst quarter: –4.48%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 73

Small-Cap Blend Index Fund | Growth and Value Stocks of Smaller U.S. Companies

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Small-Cap Blend Index Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$ 976.20		$0.40
5% annual hypothetical return		1,000.00	1,024.59	^b	0.41

Fund Facts


Inception Date
Institutional Class	10/1/2002


Net Assets (9/30/2004)	$129.26 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	3.45
Middle: $1 billion–$5 billion	38.34
Small: Under $1 billion	58.21


Total	100.00

74 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

International Equity Index Fund | Foreign Stocks

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The International Equity Index Fund returned 22.06% for the Institutional Share Class. During the period, the fund’s benchmark, the Morgan Stanley EAFE^®Index, returned 22.08%, versus the 19.20% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Strong currencies boost early advances

During the period, foreign stocks, as measured by the EAFE index, which tracks stocks in 21 developed nations, produced substantially higher returns than the Russell 3000^®Index, which tracks the broad U.S. market. The returns of foreign stocks were boosted by the dollar’s weakness against the pound, yen, and euro.

Stocks in many foreign markets and in the United States rallied in the fourth quarter of 2003, when the EAFE index posted a 17.08% gain in dollar terms. The European component of the index, which represents more than two-thirds of its total market capitalization, was up 20.37% for the quarter.

In the first quarter of 2004, the EAFE added another 4.34% on the strength of a 15.14% surge in its Japanese component. These gains lifted the EAFE’s return to 22.16% for the six months ended March 31.

Currency factors cushion third-quarter losses

Rising oil prices and mixed signals on economic growth contributed to a broad softening of foreign stock prices in the second half of the period. The EAFE’s return for the second quarter of 2004 dropped to 0.22%. In the third quarter, the EAFE slipped into negative territory, posting a 0.28% loss in dollar terms. Results for the quarter varied widely, with U.K. stocks up 2.78% in dollar terms, Japanese stocks down 7.47%, and French stocks returning just 0.02%.

In terms of its local currencies, the EAFE dropped 1.03% in the third quarter of 2004, but a stronger euro helped reduce this decline. The EAFE’s return for the six months from April through September was –0.06% in dollar terms.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 75

International Equity Index Fund | Foreign Stocks

Investment Objective

The fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of foreign equity investments based on a market index.

Special Investment Risks

Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. In addition, although this fund attempts to closely track the investment performance of its benchmark index, it does not duplicate the composition of this index. The fund’s performance, unlike that of its index, is affected by investment and other operating expenses. There is no guarantee that the performance of the fund will match that of its index for any period of time.

The Fund’s Benchmark

Performance as of 9/30/2004					Ticker Symbol: TCIEX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

International Equity Index Fund
Institutional Class	22.06	%	23.91	%	53.63	%
Benchmark:
Morgan Stanley EAFE Index²	22.08		23.99		53.83
Peer group:
Morningstar Foreign Large Blend	19.20		20.49		45.35

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

¹	Inception date: 10/1/2002
²	EAFE is a trademark of Morgan Stanley Capital International, Inc.

76 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,363 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 19.29%, for the quarter ended June 30, 2003
Worst quarter: –8.09%, for the quarter ended March 31, 2003

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 77

International Equity Index Fund | Foreign Stocks

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	International Equity Index Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$1,000.70		$0.75
5% annual hypothetical return		1,000.00	1,024.24	^b	0.76

Diversification Among World Markets


	Percent of
Country	Invested Assets

United Kingdom	25.5
Japan	22.2
France	9.3
Switzerland	6.9
Germany	6.7
Australia	5.3
Netherlands	4.7
Italy	3.9
13 Other Nations	15.4
Short-Term Investments	0.1

Total	100.0

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	85.03
Middle: $1 billion–$5 billion	11.89
Small: Under $1 billion	3.08


Total	100.00


Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$75.57 million

78 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Real Estate Securities Fund | Real Estate Securities

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Real Estate Securities Fund returned 26.30% for the Institutional Share Class. During the period, the fund’s benchmark, the Dow Jones Wilshire Real Estate Securities Index, returned 26.51%, versus the 25.06% average return of similar funds, as measured by the Morningstar Specialty Real Estate category.

The REIT market surges, reverses, and rebounds

Most of the rise in the real estate investment trust (REIT) market occurred early in the reporting period. The Dow Jones Wilshire Real Estate Securities Index advanced 9.29% in the fourth quarter of 2003 and added 12.11% in the first quarter of 2004. In both quarters, retail properties—regional malls in particular—were the star performers. Apartments were the weakest sector, as historically low interest rates continued to turn renters into home buyers. The office sector lagged as a result of the low rate of job growth in the nation’s economy.

In the second half of the twelvemonth period, REITs experienced a degree of volatility unprecedented since the modern REITs era began in 1992. The index dropped almost 14% in April alone before staging a powerful comeback and finishing in positive territory for the six-month period ended September 30. For the twelve-month period, the benchmark’s 26.51% return surpassed the 14.26% gain of the Russell 3000^®Index, which tracks the broad domestic stock market. For the five-year period ended September 30, 2004, the benchmark’s 18.71% average annual gain trounced the –0.10% average annual return for the Russell.

With REIT prices so high, the fund is positioned defensively

During the first half of the period, the fund outpaced its benchmark, 24.37% to 22.53%, by overweighting retail properties and underweighting apartments, relative to the benchmark’s weightings. During the second half, the fund trimmed its holdings in the retail sector, which appeared overvalued.

The fund further underweighted positions in the apartment sector and maintained an underweight in the office sector. However, the fund built substantial overweight positions in the mortgage REIT and net lease sectors, two areas that seemed to be fairly priced and tend to hold their value in declining markets. As REIT valuations again became extended at the end of the period, we maintained a portfolio that we believed to be appropriate for prevailing market conditions.

Throughout the twelve-month period, the fund’s portfolio remained broadly diversified among nine real estate sectors and across three cap sizes.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 79

Real Estate Securities Fund | Real Estate Securities

Investment Objective

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

Special Investment Risks

The fund is not diversified by sector, and this concentration can lead to greater price volatility. In addition, the real estate industry is subject to various risks, including fluctuations in underlying property values, higher expenses or lower income than expected, and potential environmental problems and liabilities.

The Fund’s Benchmark

The Dow Jones Wilshire Real Estate Securities Index tracks the performance of publicly traded real estate securities such as real estate investment trusts and real estate operating companies. Companies in the index generally have a market capitalization of at least $100 million. You cannot invest directly in this index.

Performance as of 9/30/2004					Ticker Symbol: TIREX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Real Estate Securities Fund
Institutional Class	26.30	%	28.55	%	65.38	%
Benchmark:
Dow Jones Wilshire
Real Estate Securities Index	26.51		26.67		60.56
Peer group:
Morningstar Specialty Real Estate	25.06		25.62		58.04

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	^______
¹	Inception date: 10/1/2002

80 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,538 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows
the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 15.14%, for the quarter ended June 30, 2003
Worst quarter: –6.12%, for the quarter ended June 30, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 81

Real Estate Securities Fund | Real Estate Securities

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Real Estate Securities Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return		$1,000.00	$1,015.60		$0.76
5% annual hypothetical return		1,000.00	1,024.24	^b	0.76

Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$156.19 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	16.93
Middle: $1 billion–$5 billion	36.10
Small: Under $1 billion	46.97


Total	100.00

82 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Social Choice Equity Fund | Socially Screened Stocks

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Social Choice Equity Fund returned 14.23% for the Institutional Share Class, closely tracking the 14.26% return of its benchmark, the Russell 3000^®Index, and well ahead of the 12.22% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments for social criteria, as the fund does.

Social screens affect performance

The fund’s social screens excluded a number of stocks that are large components of the benchmark, in terms of market capitalization. Excluding these stocks produced both positive and negative effects on the fund’s return.

The exclusion of Citigroup, Pfizer, and Wal-Mart, all three of which performed poorly during the period, helped the fund’s performance, relative to the benchmark’s. However, the positive effects of the screens were partially offset by the exclusion of other stocks that scored large gains during the twelve-month period. These included ExxonMobil, ChevronTexaco, and ConocoPhillips. ExxonMobil was the second-largest holding in the Russell 3000 and contributed more to the performance of the index than any other single stock.

Active risk management adds value

Because its social screens prevent the fund from owning some of the stocks in the Russell 3000 Index, the fund’s managers use statistical techniques to ensure that the risk characteristics of the portfolio closely resemble those of the index. As a result, the fund had overweight holdings, compared with the benchmark, in several stocks that outperformed the benchmark, including railroad company Norfolk Southern and Anadarko Petroleum.

The positive effect of these holdings on performance was countered by overweight positions in several poorly performing stocks. Among these was Merck, which suffered sizable losses during the period. Underweight positions in several well-performing stocks, including Bank of America, also detracted slightly from relative performance.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 83

Social Choice Equity Fund | Socially Screened Stocks

Investment Objective

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

Special Investment Risks

Because its social screens exclude some investments, the fund may not be able to take advantage of the same opportunities or market trends as funds that do not use such criteria.

The Fund’s Benchmark

Performance as of 9/30/2004

Ticker Symbol: TISCX

Average Annual Compound

Cumulative Rates

Rates of Total Return*

of Total Return*

1 year

5 years

since inception¹

5 years

since inception¹

Social Choice Equity Fund

Institutional Class

14.23

–0.46

–1.67

–2.27

–8.49

Benchmark:

Russell 3000 Index²

14.26

–0.10

–1.38

–0.49

–7.05

Peer group:

Morningstar Large Blend

12.22

–0.95

–2.08

–4.66

–9.57

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html
	^______
¹	Inception date: 7/1/1999
²	Russell 3000 is a trademark and service mark of the Frank Russell Company.

84 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would be worth $9,151 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 16.24%, for the quarter ended June 30, 2003.
Worst quarter: –16.32%, for the quarter ended September 30, 2002.

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 85

Social Choice Equity Fund | Socially Screened Stocks

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004

	Social Choice Equity Fund (Institutional Class)—Expense Example
		Starting Fund Value	Ending Fund Value		Expenses Paid^a
		(4/1/04)	(9/30/04)		(4/1/04–9/30/04)

Actual return		$1,000.00	$990.10		$0.40
5% annual hypothetical return		1,000.00	1,024.59	^b	0.41

Fund Facts


Inception Date
Institutional Class	7/1/1999


Net Assets (9/30/2004)	$82.78 million

Capitalization (as of 9/30/2004)


	Percent of
Capitalization	Net Assets


Large: Over $5 billion	83.63
Middle: $1 billion–$5 billion	11.54
Small: Under $1 billion	4.83


Total	100.00

86 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Bond Fund | Intermediate-Term Bonds

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Bond Fund returned 3.46% for the Institutional Share Class, trailing the 3.68% gain of its benchmark, the Lehman Brothers U.S. Aggregate Index, but outpacing the 3.29% average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category.

Volatility reduces returns

During the twelve-month period, the bond market was repeatedly buffeted by mixed signals about the vitality of the U.S. economy. In the fourth quarter of 2003, bond returns were nearly flat as improved economic data sent stocks soaring. The first quarter of 2004 reversed these trends. Slow job growth stalled the stock rally and increased demand for bonds. Ten-year U.S. Treasury notes posted their best returns since the third quarter of 2002.

In the second quarter, the bond market switched gears again, falling victim to expected increases in short-term interest rates and instability in Iraq. Bond prices deteriorated rapidly, dropping 2.44% by the end of June—one of the worst single-quarter losses for the Lehman index in a decade. Bonds then bounced back in the third quarter of 2004, as the U.S. economy appeared to cool and stock prices fell. However, returns for the Lehman index over the twelve-month period were significantly lower than the 5.41% gain of the previous year.

Strategies change to match the market

In the fourth quarter of 2003, the fund’s holdings were positioned with a neutral weighting in the corporate bond sector. This limited the fund’s ability to benefit from superior returns in that sector, which were surprisingly strong in that quarter.

The fund adopted a more aggressive strategy in the first quarter of 2004, building an overweight position in corporate bonds that boosted fund performance for the remainder of the twelve-month period. At the same time, the fund took a defensive step by reducing its holdings in mortgage-backed securities, creating a portfolio whose value would decrease less quickly should interest rates increase.

During the first half of 2004, the fund maintained an average duration that was slightly shorter than that of the benchmark. In midsummer, the duration was raised to the benchmark’s level in response to a slowing U.S. economy. This shift enabled the fund to benefit more fully from the summer’s strong bond rally.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 87

Bond Fund | Intermediate-Term Bonds

Investment Objective

The fund seeks as favorable a long-term total return through income as is consistent with preserving capital, primarily from investment-grade, fixed-income securities.

Special Investment Risks

Fixed-income investments are subject to a number of risks, including credit risk, current income risk, and interest rate risk—that is, interest rate increases can cause bond prices to decline.

The Fund’s Benchmark

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

Performance as of 9/30/2004							Ticker Symbol: TIBDX

	Average Annual Compound							Cumulative Rates
	Rates of Total Return*							of Total Return*
	1 year		5 years		since inception¹			5 years		since inception¹

Bond Fund
Institutional Class	3.46	%	7.56	%	7.32	%		44.05	%	45.01	%
Benchmark:
Lehman Brothers U.S. Aggregate Index	3.68		7.47		7.24			43.43		44.40
Peer group:
Morningstar Intermediate-Term Bond	3.29		6.59		6.32			37.57		38.17

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	______
¹	Inception date: 7/1/1999

88 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $14,501 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 5.02%, for the quarter ended September 30, 2001
Worst quarter: –2.31%, for the quarter ended June 30, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 89

Bond Fund | Intermediate-Term Bonds

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Bond Fund (Institutional Class)—Expense Example
	Starting Fund Value	Ending Fund Value		Expenses Paid^a
	(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return	$1,000.00	$1,006.90		$0.70
5% annual hypothetical return	1,000.00	1,024.29	^b	0.71

Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

Fund Facts


Inception Date
Institutional Class	7/1/1999
Net Assets (9/30/2004)	$931.39 million




Holdings by Market Sector (as of 9/30/2004)


Government mortgage-backed securities	33.3	%
U.S. Treasury securities	27.8
Corporate bonds	25.2
U.S. agency securities	9.2
Asset-backed securities	1.9
Short-term investments	1.6
Yankees¹	1.0

Total	100.0

¹Foreign government and corporate bonds denominated in U.S. dollars

*Risk Characteristics:**
Bond Fund vs. Benchmark (as of 9/30/2004)


		Option-Adjusted
	Average Maturity	Duration
Measure	(in years)	(in years)

Bond Fund	6.97	4.44
Lehman Brothers U.S.
Aggregate Index	7.24	4.45

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

About Maturity and Duration

The maturity date is the date on which the principal amount of a note, bond, or other debt instrument becomes due or payable. Duration is measured in years and indicates the sensitivity of a bond to changes in interest rates: the lower the duration, the lower the bond’s potential volatility and vice versa. We seek to keep this portfolio’s average duration similar to the benchmark’s.

90 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Inflation-Linked Bond Fund | Inflation-Linked Bonds

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Inflation-Linked Bond Fund returned 7.36% for the Institutional Share Class, closely tracking the 7.52% gain of the fund’s benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index.

TIPS remain star performers in the bond market

During the twelve-month period, the return of the Lehman TIPS index was more than double the 3.68% return of the Lehman Brothers U.S. Aggregate Index, which tracks a broad range of government, corporate, and mortgage-backed bonds in the United States.

Year-over-year inflation as measured by the Consumer Price Index for All Urban Consumers (CPI-U) was 2.5% in September. With inflation so low and with interest rates at historically low levels, the real returns of TIPS (returns minus inflation) continued to produce superior relative performance.

These impressive results, however, masked increased volatility in the inflation-linked bond market. Most of the benchmark’s advance occurred during the first half of the period, October 2003 through March 2004, when the Lehman TIPS index rose 6.86%. In the second quarter of 2004, the index gave up many of those gains, posting a 3.10% loss. The year’s third quarter saw a 3.84% return, producing a 0.62% return for the second half of the period and a 7.52% gain for the twelve-month period.

Changing conditions require adjustments to the portfolio

During the fourth quarter of 2003, the fund’s performance, relative to the benchmark’s, was aided by a larger-than-benchmark weighting in the 30-year TIP bond. Returns for the first quarter of 2004 were slightly depressed by a holding in the 2032 TIP bond that was underweight, relative to the benchmark. This prevented the fund from fully benefiting when that security’s price increased, driven by strong demand from new buyers, including pension and endowment funds.

The fund moved to a market weighting in the 2032 TIP bond later in March as demand continued unabated. For the first six months of the period, the fund returned 6.77%, slightly lagging the return of the benchmark.

For the second and third quarters of 2004, the fund’s composition and duration were similar to those of its benchmark, and for that six-month period, the fund’s 0.55% return closely matched the 0.62% return of the index.

As of September 30, 2004, the fund’s duration of 8.78 years was nearly identical to the 8.79 years for the benchmark.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 91

Inflation-Linked Bond Fund | Inflation-Linked Bonds

Investment Objective

The fund seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds.

Special Investment Risks

Fixed-income investments are subject to a number of risks, including credit risk, current income risk, and interest rate risk—that is, interest rate increases can cause bond prices to decline.

The Fund’s Benchmark

The Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index tracks the performance of inflation-protected securities issued by the U.S. Treasury with at least one year to maturity and $200 million in par amount outstanding. You cannot invest directly in this index.

Performance as of 9/30/2004					Ticker Symbol: TIILX

	Average Annual Compound				Cumulative Rates
	Rates of Total Return*				of Total Return*
	1 year		since inception¹		since inception¹

Inflation-Linked Bond Fund
Institutional Class	7.36	%	7.08	%	14.69	%
Benchmark:
Lehman Brothers U.S. Treasury
Inflation-Protected Securities Index	7.52		7.37		15.30
Salomon Smith Barney
Inflation-Linked Securities Index²	7.23		7.30		15.16

	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.

	______
¹	Inception date: 10/1/2002
²	This was the fund’s benchmark through September 30, 2003.

92 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 10/1/2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $11,469 as of September 30, 2004, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 5.06%, for the quarter ended March 31, 2004
Worst quarter: –3.14%, for the quarter ended June 30, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 93

Inflation-Linked Bond Fund | Inflation-Linked Bonds

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Inflation-Linked Bond Fund (Institutional Class)—Expense Example
	Starting Fund Value	Ending Fund Value		Expenses Paid^a
	(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return	$1,000.00	$1,005.50		$0.70
5% annual hypothetical return	1,000.00	1,024.29	^b	0.71

Fund Facts


Inception Date
Institutional Class	10/1/2002

Net Assets (9/30/2004)	$382.31 million

Portfolio Composition by Maturity
(as of 9/30/2004)


	Percent of
	Net Assets


3–10 Year Bonds	71.3
Over-21-Year Bonds	28.6
Cash or Cash Equivalents	0.1

Total	100.0

94 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Money Market Fund | Cash Equivalents

D I S C U S S I O N

Performance in the twelve months ended September 30, 2004

The Money Market Fund returned 1.10% for the Institutional Share Class, outperforming the 0.61% gain of its benchmark, the iMoney Net Money Fund Report Averages^TM—All Taxable.

When the performance period began on October 1, 2003, the federal funds rate stood at a record low 1%, and it remained there through the last day of June. Although many market participants expected interest rates to rise steadily in 2004, a weak nonfarm payroll report for February pushed the likelihood of a federal funds rate increase farther into the future.

Dramatic improvement in nonfarm payroll reports for March and April rekindled expectations of a near-term rise in rates. Those expectations proved on target when the Federal Reserve boosted short-term rates by 0.25 percentage points on June 30. An increase in August and another in September brought the federal funds rate to 1.75% at the end of the third quarter.

Asset allocation drives outperformance

During the fourth quarter of 2003 and the first quarter of 2004, a relatively flat LIBOR (London Interbank Offered Rate) curve and a sparse inventory of investment product placed a premium on relative-value investing. (LIBOR is the rate of interest that banks pay to borrow money from one another on the London market. The prices of many money market securities are based on the LIBOR curve.) The LIBOR curve steepened during the second quarter of 2004, boosting the supply of short-term debt securities.

Against this backdrop, the fund invested primarily in commercial paper, which constituted 68.4% of holdings, with nearly equal distribution between the corporate and asset-backed segments of the market.

Given the lack of relative value in high-credit-quality offerings, the fund also continued to invest heavily in government agency securities, with 25.8% of assets devoted to that sector. Certificates of deposit and domestic and foreign bank notes made up 4.7% of portfolio holdings. We allocated just 1.1% of the portfolio to floating-rate investments.

During the period, the weighted average maturity of the fund fluctuated between 31 and 69 days.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 95

Money Market Fund | Cash Equivalents

Investment Objective

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

Special Investment Risks

Investments in the Money Market Fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other 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 this fund.

The Fund’s Benchmark

The iMoneyNet Money Fund Report Averages^TM—All Taxable is a simple average of over 1,000 taxable money market funds. You cannot invest directly in this index.

Average Maturity (as of 9/28/2004)

	Days


Money Market Fund	45
iMoneyNet Money Fund Report
Averages—All Taxable	43

Net Annualized Yield (for the 7 days ending 9/28/2004)

	Current Yield		Effective Yield


Money Market Fund	1.54	%	1.55	%
iMoneyNet Money Fund
Report Averages—
All Taxable	1.09	%	1.10	%

Performance as of 9/30/2004									Ticker Symbol: TCIXX

	Average Annual Compound						Cumulative Rates
	Rates of Total Return*						of Total Return*
	1 year		5 years		since inception¹		5 years			since inception¹

Money Market Fund
Institutional Class	1.10	%	3.10	%	3.20	%	16.50	%		17.99	%
Benchmark:
iMoneyNet Money Fund
Report Averages—All Taxable	0.61		2.64		2.73		13.79			15.11

*	Past performance of the fund should not be taken as a guarantee of the same returns in the future. Returns will fluctuate, as will the value of investment principal, and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Upon redemption, the shares you own may be worth more or less than their original value. Due to market volatility, the fund’s recent performance may differ from the figures shown above. For performance current to the most recent month-end, visit the TIAA-CREF Web Center at http://tiaa-cref.org/charts/imf-performance.html.
	______
¹	Inception date: 7/1/1999

96 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

P E R F O R M A N C E

$10,000 Invested at Fund’s Inception

Institutional Class (inception 7/1/1999)

An investment of $10,000 in this fund on July 1, 1999, would have grown to $11,799 as of September 30, 2004,
including reinvestment of dividends. For the purpose of comparison, the graph also shows the
change in the fund’s benchmark during the same period.

Calendar Year Total Returns

Institutional Class

Best quarter: 1.65%, for the quarter ended December 31, 2000
Worst quarter: 0.25%, for the quarter ended March 31, 2004

___
* Partial year

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 97

Money Market Fund | Cash Equivalents

P E R F O R M A N C E

Fund Expenses—Six Months Ended September 30, 2004


	Money Market Fund (Institutional Class)—Expense Example
	Starting Fund Value	Ending Fund Value		Expenses Paid^a
	(4/1/04)	(9/30/04)		(4/1/04–9/30/04)


Actual return	$1,000.00	$1,006.00		$0.45
5% annual hypothetical return	1,000.00	1,024.54	^b	0.46

Expenses Paid is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s expense ratio for the year ended September 30, 2004 is 0.09%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2005. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

Fund Facts


Inception Date
Institutional Class	7/1/1999


Net Assets (9/30/2004)	$179.77 million

Asset Allocation (as of 9/30/2004)


	Percent of
	Net Assets


Commercial paper	68.4
U.S. government agency securities	25.8
Certificates of deposit	4.7
Floating-rate security	1.1


Total	100.0

Growth Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004

% OF NET

ISSUER SHARES VALUE    ASSETS

COMMON STOCKS

APPAREL AND ACCESSORY STORES $     534,409 0.58 %

APPAREL AND OTHER TEXTILE PRODUCTS

Polo Ralph Lauren Corp 16,088 585,121 0.63

TOTAL APPAREL AND OTHER TEXTILE PRODUCTS
585,121 0.63

BUILDING MATERIALS AND GARDEN SUPPLIES 635,569 0.69

BUSINESS SERVICES

Adobe Systems, Inc 18,235 902,085 0.97

Automatic Data Processing, Inc 17,448 720,951 0.78

Microsoft Corp 94,423 2,610,796 2.82

SAP AG. (Spon ADR) 25,279 984,617 1.06

* Symantec Corp 22,104 1,213,068 1.31

* Yahoo!, Inc 30,576 1,036,832 1.12

Other Securities 2,499,669 2.71

TOTAL BUSINESS SERVICES 9,968,018 10.77

CHEMICALS AND ALLIED PRODUCTS

* Biogen Idec, Inc 13,546 828,609 0.90

* Forest Laboratories, Inc 21,177 952,541 1.03

* Gilead Sciences, Inc 35,566 1,329,457 1.44

Gillette Co 31,311 1,306,921 1.41

Lilly (Eli) & Co 24,731 1,485,097 1.60

Pfizer, Inc 101,586 3,108,532 3.36

Procter & Gamble Co 62,263 3,369,674 3.64

Schering-Plough Corp 59,017 1,124,864 1.22

Other Securities 3,541,173 3.81

TOTAL CHEMICALS AND ALLIED PRODUCTS 17,046,868 18.41

COMMUNICATIONS 861,336 0.93

DEPOSITORY INSTITUTIONS 603,328 0.65

EATING AND DRINKING PLACES 346,949 0.37

EDUCATIONAL SERVICES 921,496 1.00

ELECTRIC, GAS, AND SANITARY SERVICES 172,379 0.19

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

Intel Corp 54,746 1,098,205 1.19

Maxim Integrated Products, Inc 19,434 821,864 0.89

Motorola, Inc 92,461 1,667,996 1.80

Qualcomm, Inc 60,505 2,362,115 2.55

Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR) 175,653 1,254,162 1.35

Other Securities 2,363,255 2.55

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
9,567,597 10.33

ENGINEERING AND MANAGEMENT SERVICES

Accenture Ltd (Class A) 42,614 1,152,709 1.25

Monsanto Co 30,765 1,120,461 1.21

Other Securities 72,271 0.07

TOTAL ENGINEERING AND MANAGEMENT SERVICES
2,345,441 2.53

FABRICATED METAL PRODUCTS 106,121 0.11

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 99

Growth Equity Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued


					% OF NET
	COMPANY		SHARES	VALUE	ASSETS

	FOOD AND KINDRED PRODUCTS
	PepsiCo, Inc		39,654	$ 1,929,167	2.08	%
	Other Securities			1,542,278	1.67

	TOTAL FOOD AND KINDRED PRODUCTS			3,471,445	3.75

	FURNITURE AND FIXTURES			56,038	0.06

	FURNITURE AND HOMEFURNISHINGS STORES
	Bed Bath & Beyond, Inc		31,720	1,177,129	1.27

	TOTAL FURNITURE AND HOMEFURNISHINGS STORES			1,177,129	1.27

	GENERAL MERCHANDISE STORES
*	Kohl’s Corp		21,938	1,057,192	1.14
	Target Corp		30,157	1,364,604	1.47
	Wal-Mart Stores, Inc		38,288	2,036,922	2.21

	TOTAL GENERAL MERCHANDISE STORES			4,458,718	4.82

	HEALTH SERVICES
	Express Scripts, Inc		14,629	955,859	1.04
	Other Securities			688,042	0.74

		TOTAL HEALTH SERVICES		1,643,901	1.78

	HOLDING AND OTHER INVESTMENT OFFICES
	iShares Russell 1000 Growth Index Fund		30,423	1,375,120	1.49

	TOTAL HOLDING AND OTHER INVESTMENT OFFICES			1,375,120	1.49

	HOTELS AND OTHER LODGING PLACES
	Starwood Hotels & Resorts Worldwide, Inc		25,872	1,200,978	1.30

	TOTAL HOTELS AND OTHER LODGING PLACES			1,200,978	1.30

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co		19,560	1,564,213	1.69
	Baker Hughes, Inc		17,244	753,908	0.81
	Cisco Systems, Inc		114,083	2,064,902	2.23
	Dell, Inc		69,787	2,484,417	2.68
*	Network Appliance, Inc		32,888	756,424	0.82
	Other Securities			122,967	0.14

	TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT			7,746,831	8.37

	INSTRUMENTS AND RELATED PRODUCTS
	Biomet, Inc		15,842	742,673	0.80
	Guidant Corp		17,345	1,145,464	1.24
	Medtronic, Inc		43,041	2,233,828	2.42
*	St. Jude Medical, Inc		22,897	1,723,457	1.86
*	Zimmer Holdings, Inc		12,800	1,011,712	1.09

	TOTAL INSTRUMENTS AND RELATED PRODUCTS			6,857,134	7.41

	INSURANCE AGENTS, BROKERS AND SERVICE			575,752	0.62

	INSURANCE CARRIERS
	American International Group, Inc		39,366	2,676,494	2.89
	Other Securities			531,028	0.57

		TOTAL INSURANCE CARRIERS		3,207,522	3.46

100 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

MISCELLANEOUS MANUFACTURING INDUSTRIES $     194,009 0.21 %

MISCELLANEOUS RETAIL

eBay, Inc 16,826 1,546,982 1.67

Staples, Inc 26,675 795,449 0.86

TOTAL MISCELLANEOUS RETAIL 2,342,431 2.53

MOTION PICTURES

* Time Warner, Inc 68,348 1,103,137 1.19

TOTAL MOTION PICTURES 1,103,137 1.19

NONDEPOSITORY INSTITUTIONS

American Express Co 46,544 2,395,154 2.59

MBNA Corp 42,114 1,061,273 1.15

Other Securities 580,648 0.62

TOTAL NONDEPOSITORY INSTITUTIONS 4,037,075 4.36

OIL AND GAS EXTRACTION 350,242 0.38

PERSONAL SERVICES 206,289 0.22

PRINTING AND PUBLISHING

News Corp Ltd (Spon ADR) 27,588 864,332 0.93

TOTAL PRINTING AND PUBLISHING 864,332 0.93

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 2 0.00

SECURITY AND COMMODITY BROKERS

Goldman Sachs Group, Inc 13,624 1,270,302 1.37

TOTAL SECURITY AND COMMODITY BROKERS 1,270,302 1.37

TRANSPORTATION BY AIR 163,100 0.18

TRANSPORTATION EQUIPMENT

United Technologies Corp 17,143 1,600,813 1.73

Other Securities 784,963 0.85

TOTAL TRANSPORTATION EQUIPMENT 2,385,776 2.58

TRUCKING AND WAREHOUSING

United Parcel Service, Inc (Class B) 9,104 691,176 0.75

TOTAL TRUCKING AND WAREHOUSING 691,176 0.75

WATER TRANSPORTATION 891,944 0.96

WHOLESALE TRADE-DURABLE GOODS

Johnson & Johnson 39,433 2,221,260 2.40

TOTAL WHOLESALE TRADE-DURABLE GOODS 2,221,260 2.40

WHOLESALE TRADE-NONDURABLE GOODS 96,073 0.10

TOTAL COMMON STOCKS (Cost $93,551,291) 92,282,348 99.68

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 101

Growth Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

ISSUER
SHARES

VALUE

ASSETS

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit Bank (FFCB) 1.230%, 10/01/04 $450,000 $    449,979 0.49 %

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
449,979 0.49

TOTAL SHORT-TERM INVESTMENTS (Cost $449,979) 449,979
0.49

TOTAL PORTFOLIO (Cost $94,001,270) 92,732,327 100.17

OTHER ASSETS & LIABILITIES, NET (156,552 ) (0.17 )

NET ASSETS $92,575,775 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $95,421,175. Net unrealized depreciation of portfolio investments aggregated $2,688,848 of which $6,112,447 related to appreciated portfolio investments and $8,801,295 related to depreciated portfolio investments.

102 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |   Summary Portfolio of Investments
as of September 30, 2004


% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

ELECTRIC, GAS, AND SANITARY SERVICES $       311 0.00 %

TOTAL PREFERRED STOCKS (Cost $248) 311
0.00

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES 328,476 0.05

APPAREL AND ACCESSORY STORES 2,471,486 0.37

BUILDING MATERIALS AND GARDEN SUPPLIES

Home Depot, Inc 97,839 3,835,289 0.58

Lowe’s Cos 135,867 7,384,371 1.12

TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 11,219,660 1.70

BUSINESS SERVICES

Microsoft Corp 665,117 18,390,485 2.78

* Oracle Corp 326,489 3,682,796 0.56

Other Securities 17,078,734 2.58

TOTAL BUSINESS SERVICES 39,152,015 5.92

CHEMICALS AND ALLIED PRODUCTS

Air Products & Chemicals, Inc 63,080 3,430,290 0.52

* Amgen, Inc 77,894 4,415,032 0.67

Lilly (Eli) & Co 91,661 5,504,243 0.83

Merck & Co, Inc 142,957 4,717,581 0.71

Pfizer, Inc 494,394 15,128,456 2.29

Procter & Gamble Co 291,508 15,776,413 2.39

Other Securities 21,384,994 3.22

TOTAL CHEMICALS AND ALLIED PRODUCTS 70,357,009 10.63

COMMUNICATIONS

* Comcast Corp (Class A) 135,973 3,839,878 0.58

SBC Communications, Inc 199,618 5,180,087 0.78

Verizon Communications, Inc 177,731 6,999,047 1.06

Viacom, Inc (Class B) 109,782 3,684,284 0.56

Other Securities 15,396,094 2.33

TOTAL COMMUNICATIONS 35,099,390 5.31

DEPOSITORY INSTITUTIONS

Bank Of America Corp 266,186 11,533,839 1.74

Citigroup, Inc 335,843 14,817,393 2.24

JPMorgan Chase & Co 228,411 9,074,769 1.37

U.S. Bancorp 311,121 8,991,397 1.36

Wells Fargo & Co 105,643 6,299,492 0.95

Other Securities 16,945,182 2.57

TOTAL DEPOSITORY INSTITUTIONS 67,662,072 10.23

EATING AND DRINKING PLACES 6,463,934 0.98

ELECTRIC, GAS, AND SANITARY SERVICES 18,204,102 2.75

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 103

Growth & Income Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

General Electric Co 687,903 $   23,099,783 3.49 %

Intel Corp 386,986 7,762,939 1.17

Motorola, Inc 203,133 3,664,519 0.55

Qualcomm, Inc 143,550 5,604,192 0.85

Other Securities 16,395,395 2.49

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
56,526,828 8.55

ENGINEERING AND MANAGEMENT SERVICES

*
Accenture Ltd (Class A) 133,952 3,623,402 0.55

Monsanto Co 140,962 5,133,836 0.78

Other Securities 372,183 0.05

TOTAL ENGINEERING AND MANAGEMENT SERVICES
9,129,421 1.38

FABRICATED METAL PRODUCTS

Illinois Tool Works, Inc 61,652 5,744,117 0.87

Other Securities 3,729,243 0.56

TOTAL FABRICATED METAL PRODUCTS 9,473,360 1.43

FOOD AND KINDRED PRODUCTS

Coca-Cola Co 157,346 6,301,707 0.95

PepsiCo, Inc 190,959 9,290,155 1.40

Other Securities 8,217,054 1.25

TOTAL FOOD AND KINDRED PRODUCTS 23,808,916 3.60

FOOD STORES 1,707,486 0.26

FORESTRY 1,148,708 0.17

FURNITURE AND FIXTURES 467,004 0.07

FURNITURE AND HOMEFURNISHINGS STORES 4,402,876 0.67

GENERAL BUILDING CONTRACTORS 941,374 0.14

GENERAL MERCHANDISE STORES

Target Corp 136,634 6,182,689 0.93

Wal-Mart Stores, Inc 271,771 14,458,217 2.19

Other Securities 6,203,611 0.94

TOTAL GENERAL MERCHANDISE STORES 26,844,517 4.06

HEALTH SERVICES 3,421,425 0.52

HOLDING AND OTHER INVESTMENT OFFICES 4,074,598 0.62

HOTELS AND OTHER LODGING PLACES 1,449,733 0.22

INDUSTRIAL MACHINERY AND EQUIPMENT

3M Co 47,311 3,783,461 0.57

*
Cisco Systems, Inc 483,112 8,744,327 1.32

*
Dell, Inc 295,605 10,523,538 1.59

d
International Business Machines Corp 81,720 7,006,673 1.06

Other Securities 13,921,171 2.11

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 43,979,170 6.65

104 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INSTRUMENTS AND RELATED PRODUCTS

Medtronic, Inc 75,142 $   3,899,870 0.59 %

* St. Jude Medical, Inc 70,735 5,324,223 0.81

Other Securities 11,123,676 1.68

TOTAL INSTRUMENTS AND RELATED PRODUCTS 20,347,769 3.08

INSURANCE AGENTS, BROKERS AND SERVICE 628,557 0.10

INSURANCE CARRIERS

American International Group, Inc 170,045 11,561,360 1.75

Safeco Corp 124,557 5,686,027 0.86

Other Securities 16,725,882 2.52

TOTAL INSURANCE CARRIERS 33,973,269 5.13

LEATHER AND LEATHER PRODUCTS 1,788,130 0.27

METAL MINING 1,286,773 0.19

MISCELLANEOUS MANUFACTURING INDUSTRIES 570,996 0.09

MISCELLANEOUS RETAIL

* eBay, Inc 41,298 3,796,938 0.57

Other Securities 342,262 0.06

TOTAL MISCELLANEOUS RETAIL 4,139,200 0.63

MOTION PICTURES

* Time Warner, Inc 365,477 5,898,799 0.89

Other Securities 2,789,909 0.42

TOTAL MOTION PICTURES 8,688,708 1.31

NONDEPOSITORY INSTITUTIONS

American Express Co 169,858 8,740,893 1.32

Fannie Mae 135,713 8,604,204 1.30

MBNA Corp 239,944 6,046,589 0.91

Other Securities 970,902 0.15

TOTAL NONDEPOSITORY INSTITUTIONS 24,362,588 3.68

OIL AND GAS EXTRACTION 5,162,622 0.78

PAPER AND ALLIED PRODUCTS 2,298,423 0.35

PERSONAL SERVICES 66,844 0.01

PETROLEUM AND COAL PRODUCTS

ConocoPhillips 66,786 5,533,220 0.84

ExxonMobil Corp 512,920 24,789,424 3.74

Other Securities 5,947,830 0.90

TOTAL PETROLEUM AND COAL PRODUCTS 36,270,474 5.48

PRIMARY METAL INDUSTRIES 146,378 0.02

PRINTING AND PUBLISHING 1,458,268 0.22

RAILROAD TRANSPORTATION 1,956,054 0.30

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 144,330 0.02

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 105

Growth & Income Fund |   Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

SECURITY AND COMMODITY BROKERS

Goldman Sachs Group, Inc 51,139 $   4,768,200 0.72 %

Other Securities 8,965,855 1.36

TOTAL SECURITY AND COMMODITY BROKERS 13,734,055 2.08

TOBACCO PRODUCTS

Altria Group, Inc 142,528 6,704,517 1.01

Other Securities 1,708,097 0.26

TOTAL TOBACCO PRODUCTS 8,412,614 1.27

TRANSPORTATION BY AIR 869,186 0.13

TRANSPORTATION EQUIPMENT

United Technologies Corp 104,721 9,778,847 1.48

Other Securities 12,929,552 1.95

TOTAL TRANSPORTATION EQUIPMENT 22,708,399 3.43

TRUCKING AND WAREHOUSING

United Parcel Service, Inc (Class B) 104,659 7,945,711 1.20

TOTAL TRUCKING AND WAREHOUSING 7,945,711 1.20

WATER TRANSPORTATION 2,912,218 0.44

WHOLESALE TRADE-DURABLE GOODS

Johnson & Johnson 191,446 10,784,153 1.63

TOTAL WHOLESALE TRADE-DURABLE GOODS 10,784,153 1.63

WHOLESALE TRADE-NONDURABLE GOODS 1,031,121 0.16

TOTAL COMMON STOCKS (Cost $642,749,224) 650,020,400 98.28

ISSUER
PRINCIPAL

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit Bank (FFCB) 1.230%, 10/01/04 $11,640,000 11,639,467 1.76

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
11,639,467 1.76

TOTAL SHORT-TERM INVESTMENTS (Cost $11,639,467) 11,639,467
1.76

TOTAL PORTFOLIO (Cost $654,388,939) 661,660,178 100.04

OTHER ASSETS & LIABILITIES, NET (283,474 ) (0.04 )

NET ASSETS $661,376,704 100.00 %

* Non-income producing

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

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.

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $658,096,597. Net unrealized appreciation of portfolio investments aggregated $3,563,581 of which $44,258,021 related to appreciated portfolio investments and $40,694,440 related to depreciated portfolio investments.

106 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004


% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

PRINTING AND PUBLISHING $   1,830,251 0.30 %

TOTAL PREFERRED STOCKS (Cost $1,709,427) 1,830,251
0.30

COMMON STOCKS

APPAREL AND ACCESSORY STORES

Fast Retailing Co Ltd 56,900 3,866,815 0.64

Other Securities 1,008,917 0.16

TOTAL APPAREL AND ACCESSORY STORES 4,875,732 0.80

APPAREL AND OTHER TEXTILE PRODUCTS 861,952 0.14

AUTOMOTIVE DEALERS AND SERVICE STATIONS 601,397 0.10

BUILDING MATERIALS AND GARDEN SUPPLIES

Wolseley plc 301,158 5,141,698 0.85

TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES
5,141,698 0.85

BUSINESS SERVICES

Public Power Corp 187,930 4,658,845 0.77

Other Securities 14,020,098 2.31

TOTAL BUSINESS SERVICES 18,678,943 3.08

CHEMICALS AND ALLIED PRODUCTS

AstraZeneca plc (United Kingdom) 130,224 5,337,397 0.88

GlaxoSmithKline plc 459,284 9,898,362 1.63

Novartis AG. (Regd) 176,797 8,240,238 1.36

Reckitt Benckiser plc 334,614 8,198,474 1.35

Sanofi-Aventis 131,167 9,513,910 1.57

Shin-Etsu Chemical Co Ltd 116,400 4,182,226 0.69

Takeda Pharmaceutical Co Ltd 100,100 4,541,124 0.75

Other Securities 9,915,008 1.64

TOTAL CHEMICALS AND ALLIED PRODUCTS 59,826,739 9.87

COAL MINING 1,296,198 0.21

COMMUNICATIONS

KDDI Corp 1,065 5,169,668 0.85

KPN NV 615,801 4,611,894 0.76

Telefonica S.A. 340,225 5,091,841 0.84

Vodafone Group plc 3,376,313 8,079,949 1.33

Vodafone Group plc (Spon ADR) 185,928 4,482,724 0.74

Other Securities 11,268,521 1.86

TOTAL COMMUNICATIONS 38,704,597 6.38

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 107

International Equity Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued


					% OF NET
	COMPANY		SHARES	VALUE	ASSETS

	DEPOSITORY INSTITUTIONS
	Banca Intesa S.p.A.		1,325,216	$ 5,036,510	0.83	%
	Barclays plc		499,865	4,794,009	0.79
	Depfa Bank plc		717,099	9,779,194	1.61
	Deutsche Bank AG. (Regd)		70,065	5,035,890	0.83
	HSBC Holdings plc (United Kingdom)		856,038	13,585,102	2.24
	Mitsubishi Tokyo Financial Group, Inc		535	4,460,963	0.74
	Royal Bank Of Scotland Group plc		537,087	15,511,285	2.56
	Shinsei Bank Ltd		889,000	5,388,123	0.89
	UBS AG. (Regd)		255,409	17,979,059	2.97
	Other Securities			26,870,012	4.43

		TOTAL DEPOSITORY INSTITUTIONS		108,440,147	17.89

	ELECTRIC, GAS, AND SANITARY SERVICES
	E.ON AG.		154,668	11,410,600	1.88
	Other Securities			13,585,560	2.24

	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES			24,996,160	4.12

	ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
*	ABB Ltd		1,190,447	7,264,520	1.20
	Kyocera Corp		50,900	3,579,141	0.59
	Nokia Oyj		368,303	5,068,350	0.84
	STMicroelectronics NV		648,585	11,180,931	1.84
	Other Securities			14,926,627	2.46

	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT			42,019,569	6.93

	FABRICATED METAL PRODUCTS
	Geberit AG. (Regd)		7,400	5,748,378	0.95
	Other Securities			1,370,946	0.22

	TOTAL FABRICATED METAL PRODUCTS			7,119,324	1.17

	FOOD AND KINFOOD STORESDRED PRODUCTS
	Groupe Danone		61,527	4,837,166	0.80
	Other Securities			12,300,575	2.03

	TOTAL FOOD AND KINDRED PRODUCTS			17,137,741	2.83

	FOOD STORES
	Tesco plc		2,488,625	12,845,629	2.12
	Other Securities			728,532	0.12

		TOTAL FOOD STORES		13,574,161	2.24

	FURNITURE AND HOMEFURNISHINGS STORES			873,916	0.14

	GENERAL BUILDING CONTRACTORS			2,238,296	0.37

	GENERAL MERCHANDISE STORES			3,401,724	0.56

	HEALTH SERVICES			991,173	0.16

	HEAVY CONSTRUCTION, EXCEPT BUILDING
	Vinci S.A.		153,027	17,609,015	2.90
	Other Securities			246,079	0.05

	TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING			17,855,094	2.95

108 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

HOLDING AND OTHER INVESTMENT OFFICES $   5,991,646 0.99 %

HOTELS AND OTHER LODGING PLACES 380,347 0.06

INDUSTRIAL MACHINERY AND EQUIPMENT 11,663,091 1.92

INSTRUMENTS AND RELATED PRODUCTS

The Swatch Group AG. (Regd) 8,859,203 1.46

Other Securities 3,518,035 0.58

TOTAL INSTRUMENTS AND RELATED PRODUCTS 12,377,238 2.04

INSURANCE CARRIERS

Zurich Financial Services AG. 6,949,655 1.15

Other Securities 19,457,407 3.21

TOTAL INSURANCE CARRIERS 26,407,062 4.36

LOCAL AND INTERURBAN PASSENGER TRANSIT 1,578,685 0.26

METAL MINING 7,130,567 1.18

MISCELLANEOUS RETAIL 3,277,374 0.54

NONDEPOSITORY INSTITUTIONS

HBOS plc 4,077,740 0.67

* Hypo Real Estate Holding 9,705,264 1.60

Other Securities 1,470,675 0.25

TOTAL NONDEPOSITORY INSTITUTIONS 15,253,679 2.52

OIL AND GAS EXTRACTION

Shell Transport & Trading Co plc 5,505,983 0.91

Total S.A. 4,463,619 0.74

Other Securities 810,775 0.13

TOTAL OIL AND GAS EXTRACTION 10,780,377 1.78

PAPER AND ALLIED PRODUCTS 6,201,178 1.02

PETROLEUM AND COAL PRODUCTS

BHP Billiton Ltd 4,864,183 0.80

BP plc 7,190,565 1.19

BP plc (Spon ADR) 1,813,978 0.30

ENI S.p.A. 4,529,465 0.75

Nippon Oil Corp 4,653,722 0.77

Royal Dutch Petroleum Co 7,153,838 1.18

Other Securities 3,436,850 0.56

TOTAL PETROLEUM AND COAL PRODUCTS 33,642,601 5.55

PRIMARY METAL INDUSTRIES 3,588,406 0.59

PRINTING AND PUBLISHING

Reed Elsevier plc 9,279,738 1.53

Other Securities 3,184,308 0.53

TOTAL PRINTING AND PUBLISHING 12,464,046 2.06

RAILROAD TRANSPORTATION 1,409,571 0.23

REAL ESTATE 711,422 0.12

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 109

International Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

SECURITY AND COMMODITY BROKERS

Deutsche Boerse AG. 84,725 $   4,284,902 0.71 %

Other Securities 3,438,806 0.56

TOTAL SECURITY AND COMMODITY BROKERS 7,723,708 1.27

STONE, CLAY, AND GLASS PRODUCTS

Holcim Ltd (Regd) 306,347 16,155,161 2.66

Other Securities 2,919,157 0.49

TOTAL STONE, CLAY, AND GLASS PRODUCTS 19,074,318 3.15

TRANSPORTATION BY AIR 1,590,297 0.26

TRANSPORTATION EQUIPMENT

*
Fiat S.p.A. 2,518,483 18,142,144 2.99

Toyota Motor Corp 199,200 7,627,129 1.26

Other Securities 6,146,318 1.01

TOTAL TRANSPORTATION EQUIPMENT 31,915,591 5.26

TRUCKING AND WAREHOUSING 990,555 0.16

WATER TRANSPORTATION 1,829,197 0.30

WHOLESALE TRADE-DURABLE GOODS 3,770,975 0.62

WHOLESALE TRADE-NONDURABLE GOODS

Celesio AG. 135,476 9,237,539 1.52

Other Securities 3,642,886 0.61

TOTAL WHOLESALE TRADE-NONDURABLE GOODS 12,880,425 2.13

TOTAL COMMON STOCKS (Cost $569,922,434) 601,266,917 99.16

TOTAL PORTFOLIO (Cost $571,631,861) 603,097,168 99.46

OTHER ASSETS & LIABILITIES, NET 3,262,601 0.54

NET ASSETS $606,359,769 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $574,696,510. Net unrealized appreciation of portfolio investments aggregated $28,400,658 of which $46,258,565 related to appreciated portfolio investments and $17,857,907 related to depreciated portfolio investments.

110 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004


% OF NET

COMPANY
SHARES

VALUE

ASSETS

COMMON STOCKS

APPAREL AND ACCESSORY STORES $   1,629,399 0.69 %

APPAREL AND OTHER TEXTILE PRODUCTS 293,477 0.12

BUSINESS SERVICES

Microsoft Corp 115,355 3,189,566 1.34

Other Securities 3,975,860 1.67

TOTAL BUSINESS SERVICES 7,165,426 3.01

CHEMICALS AND ALLIED PRODUCTS

Merck & Co, Inc 65,030 2,145,990 0.90

Rhodia S.A. (Spon ADR) 1,208,397 1,800,512 0.75

Other Securities 3,862,637 1.63

TOTAL CHEMICALS AND ALLIED PRODUCTS 7,809,139 3.28

COMMUNICATIONS

* Comcast Corp (Class A) 76,074 2,148,330 0.90

SBC Communications, Inc 167,912 4,357,316 1.83

Sprint Corp 114,936 2,313,662 0.97

Verizon Communications, Inc 141,640 5,577,783 2.35

Viacom, Inc (Class B) 104,383 3,503,093 1.48

Other Securities 404,024 0.17

TOTAL COMMUNICATIONS 18,304,208 7.70

DEPOSITORY INSTITUTIONS

Bank Of America Corp 136,676 5,922,171 2.49

Citigroup, Inc 216,925 9,570,731 4.03

Comerica, Inc 43,643 2,590,212 1.09

Fifth Third Bancorp 63,614 3,131,081 1.32

JPMorgan Chase & Co 91,410 3,631,719 1.53

National City Corp 76,597 2,958,176 1.24

North Fork Bancorp, Inc 51,532 2,290,597 0.96

Northern Trust Corp 58,599 2,390,839 1.01

U.S. Bancorp 65,207 1,884,482 0.79

Wachovia Corp 37,590 1,764,851 0.74

Wells Fargo & Co 28,997 1,729,091 0.73

Other Securities 710,524 0.29

TOTAL DEPOSITORY INSTITUTIONS 38,574,474 16.22

EATING AND DRINKING PLACES

* Brinker International, Inc 82,406 2,566,947 1.08

TOTAL EATING AND DRINKING PLACES 2,566,947 1.08

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 111

Large-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES

E.ON AG. (Spon ADR) 29,122 $    2,146,291 0.90 %

Entergy Corp 35,292 2,139,048 0.90

*
PG&E Corp 92,413 2,809,355 1.18

Waste Management, Inc 108,892 2,977,107 1.25

Other Securities 6,771,716 2.85

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 16,843,517 7.08

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

General Electric Co 394,271 13,239,620 5.57

Other Securities 3,933,618 1.65

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
17,173,238 7.22

ENGINEERING AND MANAGEMENT SERVICES

Monsanto Co 88,480 3,222,442 1.36

TOTAL ENGINEERING AND MANAGEMENT SERVICES 3,222,442 1.36

FABRICATED METAL PRODUCTS 1,435,757 0.60

FOOD AND KINDRED PRODUCTS

Coca-Cola Enterprises, Inc 95,623 1,807,275 0.76

Other Securities 1,397,451 0.59

TOTAL FOOD AND KINDRED PRODUCTS 3,204,726 1.35

FOOD STORES 1,471,770 0.62

FORESTRY

Weyerhaeuser Co 32,834 2,182,804 0.92

TOTAL FORESTRY 2,182,804 0.92

GENERAL MERCHANDISE STORES 1,617,456 0.68

HEALTH SERVICES

*
Tenet Healthcare Corp 163,401 1,763,097 0.74

TOTAL HEALTH SERVICES 1,763,097 0.74

HOLDING AND OTHER INVESTMENT OFFICES

iShares Russell 1000 Value Index Fund 132,084 7,999,007 3.36

Other Securities 5,231,677 2.20

TOTAL HOLDING AND OTHER INVESTMENT OFFICES 13,230,684 5.56

HOTELS AND OTHER LODGING PLACES 1,439,564 0.61

INDUSTRIAL MACHINERY AND EQUIPMENT

Hewlett-Packard Co 103,635 1,943,156 0.82

*
Maxtor Corp 342,487 1,780,932 0.75

Other Securities 5,263,272 2.21

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 8,987,360 3.78

INSTRUMENTS AND RELATED PRODUCTS

Raytheon Co 62,850 2,387,043 1.01

Other Securities 1,146,826 0.48

TOTAL INSTRUMENTS AND RELATED PRODUCTS 3,533,869 1.49

112 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INSURANCE CARRIERS

American International Group, Inc 67,370 $   4,580,486 1.92 %

Other Securities 7,069,584 2.98

TOTAL INSURANCE CARRIERS 11,650,070 4.90

MOTION PICTURES

* Time Warner, Inc 322,527 5,205,586 2.19

TOTAL MOTION PICTURES 5,205,586 2.19

NONDEPOSITORY INSTITUTIONS

Fannie Mae 58,642 3,717,903 1.56

TOTAL NONDEPOSITORY INSTITUTIONS 3,717,903 1.56

OIL AND GAS EXTRACTION

Kerr-McGee Corp 42,887 2,455,281 1.03

Other Securities 1,821,596 0.77

TOTAL OIL AND GAS EXTRACTION 4,276,877 1.80

PAPER AND ALLIED PRODUCTS

International Paper Co 72,307 2,921,926 1.23

* Smurfit-Stone Container Corp 106,855 2,069,781 0.87

TOTAL PAPER AND ALLIED PRODUCTS 4,991,707 2.10

PETROLEUM AND COAL PRODUCTS

ChevronTexaco Corp 78,176 4,193,361 1.76

ConocoPhillips 23,875 1,978,044 0.83

ExxonMobil Corp 232,446 11,234,115 4.73

TOTAL PETROLEUM AND COAL PRODUCTS 17,405,520 7.32

PRINTING AND PUBLISHING

Knight Ridder, Inc 42,797 2,801,064 1.18

TOTAL PRINTING AND PUBLISHING 2,801,064 1.18

RAILROAD TRANSPORTATION

CSX Corp 64,531 2,142,429 0.90

TOTAL RAILROAD TRANSPORTATION 2,142,429 0.90

REAL ESTATE 58,241 0.02

SECURITY AND COMMODITY BROKERS

Charles Schwab Corp 196,880 1,809,327 0.76

Goldman Sachs Group, Inc 41,580 3,876,919 1.63

Morgan Stanley 104,171 5,135,630 2.16

Other Securities 1,596,559 0.67

TOTAL SECURITY AND COMMODITY BROKERS 12,418,435 5.22

STONE, CLAY, AND GLASS PRODUCTS 1,602,254 0.67

TOBACCO PRODUCTS

Altria Group, Inc 180,772 8,503,515 3.59

TOTAL TOBACCO PRODUCTS 8,503,515 3.59

TRANSPORTATION BY AIR 721,273 0.30

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 113

Large-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

TRANSPORTATION EQUIPMENT

General Motors Corp 52,978 $   2,250,505 0.95 %

United Technologies Corp 25,204 2,353,550 0.99

Other Securities 2,598,299 1.09

TOTAL TRANSPORTATION EQUIPMENT 7,202,354 3.03

WHOLESALE TRADE-NONDURABLE GOODS

AmerisourceBergen Corp 36,039 1,935,656 0.82

TOTAL WHOLESALE TRADE-NONDURABLE GOODS 1,935,656 0.82

TOTAL COMMON STOCKS (Cost $224,517,795) 237,082,238 99.71

TOTAL PORTFOLIO (Cost $224,517,795) 237,082,238 99.71

OTHER ASSETS & LIABILITIES, NET 686,945 0.29

NET ASSETS $237,769,183 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $225,448,683. Net unrealized appreciation of portfolio investments aggregated $11,633,555 of which $17,318,939 related to appreciated portfolio investments and $5,685,384 related to depreciated portfolio investments.

114 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |   Summary Portfolio of Investments
as of September 30, 2004


% OF NET

COMPANY
SHARES

VALUE

ASSETS

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES $   1,029,394 0.81 %

APPAREL AND ACCESSORY STORES 1,665,018 1.31

AUTOMOTIVE DEALERS AND SERVICE STATIONS

*
Advance Auto Parts 25,600 880,640 0.69

TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS
880,640 0.69

BUSINESS SERVICES

Adobe Systems, Inc 20,500 1,014,135 0.80

*
DST Systems, Inc 28,383 1,262,192 1.00

*
Juniper Networks, Inc 72,052 1,700,427 1.34

Manpower, Inc 31,955 1,421,678 1.12

*
McAfee, Inc 53,448 1,074,305 0.85

*
Mercury Interactive Corp 29,922 1,043,679 0.82

*
Monster Worldwide, Inc 40,925 1,008,392 0.80

*
NAVTEQ Corp 28,000 997,920 0.79

Other Securities 7,858,568 6.19

TOTAL BUSINESS SERVICES 17,381,296 13.71

CHEMICALS AND ALLIED PRODUCTS

Allergan, Inc 12,293 891,857 0.70

Clorox Co 27,693 1,476,037 1.16

*
Genzyme Corp 30,500 1,659,505 1.31

*
Gilead Sciences, Inc 36,878 1,378,500 1.09

*
IVAX Corp 63,758 1,220,966 0.96

*
Sepracor, Inc 21,646 1,055,892 0.84

Other Securities 6,607,797 5.21

TOTAL CHEMICALS AND ALLIED PRODUCTS 14,290,554 11.27

COMMUNICATIONS

*
Avaya, Inc 91,988 1,282,313 1.01

Global Payments, Inc 17,991 963,418 0.76

*
Nextel Partners, Inc (Class A) 93,588 1,551,689 1.22

Other Securities 1,887,470 1.49

TOTAL COMMUNICATIONS 5,684,890 4.48

DEPOSITORY INSTITUTIONS

North Fork Bancorp, Inc 23,519 1,045,420 0.82

Other Securities 2,181,826 1.73

TOTAL DEPOSITORY INSTITUTIONS 3,227,246 2.55

EATING AND DRINKING PLACES

Yum! Brands, Inc 55,349 2,250,490 1.77

Other Securities 543,266 0.43

TOTAL EATING AND DRINKING PLACES 2,793,756 2.20

EDUCATIONAL SERVICES 1,832,191 1.45

ELECTRIC, GAS, AND SANITARY SERVICES 667,502 0.53

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 115

Mid-Cap Growth Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

* Comverse Technology, Inc 61,843 $   1,164,504 0.92 %

Linear Technology Corp 53,429 1,936,267 1.53

Other Securities 6,975,293 5.50

TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT 10,076,064 7.95

ENGINEERING AND MANAGEMENT SERVICES

Corporate Executive Board Co 16,095 985,658 0.78

* Jacobs Engineering Group, Inc 24,700 945,763 0.75

Monsanto Co 47,211 1,719,425 1.36

Quest Diagnostics, Inc 16,199 1,429,076 1.13

Other Securities 2,743,344 2.15

TOTAL ENGINEERING AND MANAGEMENT SERVICES 7,823,266 6.17

FABRICATED METAL PRODUCTS

Fortune Brands, Inc 12,746 944,351 0.74

Other Securities 1,141,045 0.90

TOTAL FABRICATED METAL PRODUCTS 2,085,396 1.64

FOOD AND KINDRED PRODUCTS 1,630,022 1.29

FOOD STORES 399,610 0.32

FURNITURE AND FIXTURES 213,279 0.17

FURNITURE AND HOMEFURNISHINGS STORES

* Bed Bath & Beyond, Inc 73,123 2,713,595 2.14

* Mohawk Industries, Inc 16,183 1,284,768 1.01

Other Securities 483,042 0.38

TOTAL FURNITURE AND HOMEFURNISHINGS STORES 4,481,405 3.53

GENERAL BUILDING CONTRACTORS

Pulte Homes, Inc 24,129 1,480,797 1.17

Other Securities 311,315 0.24

TOTAL GENERAL BUILDING CONTRACTORS 1,792,112 1.41

GENERAL MERCHANDISE STORES 1,278,429 1.01

HEALTH SERVICES

* Express Scripts, Inc 25,735 1,681,525 1.33

Other Securities 1,962,981 1.54

TOTAL HEALTH SERVICES 3,644,506 2.87

HOLDING AND OTHER INVESTMENT OFFICES 236,814 0.19

HOTELS AND OTHER LODGING PLACES

Hilton Hotels Corp 89,677 1,689,515 1.33

Marriott International, Inc (Class A) 17,784 924,057 0.73

TOTAL HOTELS AND OTHER LODGING PLACES 2,613,572 2.06

INDUSTRIAL MACHINERY AND EQUIPMENT

Baker Hughes, Inc 57,456 2,511,976 1.98

ITT Industries, Inc 12,725 1,017,873 0.80

* Lexmark International, Inc 20,783 1,745,980 1.38

* Network Appliance, Inc 70,278 1,616,394 1.27

Other Securities 3,813,511 3.01

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 10,705,734 8.44

116 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INSTRUMENTS AND RELATED PRODUCTS

Bard (C.R.), Inc 29,277 $   1,657,957 1.31 %

Biomet, Inc 42,129 1,975,008 1.56

* Fisher Scientific International, Inc 18,078 1,054,490 0.83

* Millipore Corp 21,356 1,021,885 0.81

* St. Jude Medical, Inc 20,500 1,543,035 1.22

Other Securities 2,981,802 2.34

TOTAL INSTRUMENTS AND RELATED PRODUCTS 10,234,177 8.07

INSURANCE AGENTS, BROKERS AND SERVICE 470,503 0.37

INSURANCE CARRIERS 619,126 0.49

LEATHER AND LEATHER PRODUCTS 688,519 0.54

METAL MINING 653,427 0.52

MISCELLANEOUS RETAIL

* Petco Animal Supplies, Inc 34,103 1,113,804 0.88

Other Securities 596,142 0.47

TOTAL MISCELLANEOUS RETAIL 1,709,946 1.35

NONDEPOSITORY INSTITUTIONS 714,217 0.56

OIL AND GAS EXTRACTION

ENSCO International, Inc 32,341 1,056,580 0.83

EOG Resources, Inc 13,614 896,482 0.71

Other Securities 1,319,900 1.04

TOTAL OIL AND GAS EXTRACTION 3,272,962 2.58

PAPER AND ALLIED PRODUCTS 700,871 0.55

PERSONAL SERVICES 1,086,285 0.86

PRINTING AND PUBLISHING 890,130 0.70

REAL ESTATE 286,308 0.23

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 343,871 0.27

SECURITY AND COMMODITY BROKERS

* Ameritrade Holding Corp 78,000 936,780 0.74

Legg Mason, Inc 23,193 1,235,491 0.97

Other Securities 1,435,576 1.14

TOTAL SECURITY AND COMMODITY BROKERS 3,607,847 2.85

TRANSPORTATION BY AIR

Southwest Airlines Co 65,462 891,592 0.70

TOTAL TRANSPORTATION BY AIR 891,592 0.70

TRANSPORTATION EQUIPMENT 284,588 0.22

TRANSPORTATION SERVICES

C.H. Robinson Worldwide, Inc 27,512 1,276,282 1.01

Other Securities 570,613 0.45

TOTAL TRANSPORTATION SERVICES 1,846,895 1.46

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 117

Mid-Cap Growth Fund |   Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

WATER TRANSPORTATION

Royal Caribbean Cruises Ltd 32,400 $ 1,412,640 1.12 %

TOTAL WATER TRANSPORTATION 1,412,640 1.12

WHOLESALE TRADE-DURABLE GOODS 1,327,957 1.05

TOTAL COMMON STOCKS (Cost $122,683,054) 127,474,557 100.54

TOTAL PORTFOLIO (Cost $122,683,054) 127,474,557 100.54

OTHER ASSETS & LIABILITIES, NET (682,178 ) (0.54 )

NET ASSETS $126,792,379 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $123,496,146. Net unrealized appreciation of portfolio investments aggregated $3,978,411 of which $10,410,070 related to appreciated portfolio investments and $6,431,659 related to depreciated portfolio investments.

118 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004


% OF NET

COMPANY
SHARES

VALUE

ASSETS

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES

* Caesars Entertainment, Inc 100,000 $ 1,670,000 1.18 %

TOTAL AMUSEMENT AND RECREATION SERVICES 1,670,000 1.18

APPAREL AND ACCESSORY STORES

TJX Cos, Inc 60,000 1,322,400 0.94

Other Securities 1,496,731 1.06

TOTAL APPAREL AND ACCESSORY STORES 2,819,131 2.00

APPAREL AND OTHER TEXTILE PRODUCTS 384,930 0.27

BUILDING MATERIALS AND GARDEN SUPPLIES 207,600 0.15

BUSINESS SERVICES

* Computer Sciences Corp 27,385 1,289,834 0.92

Other Securities 3,400,533 2.41

TOTAL BUSINESS SERVICES 4,690,367 3.33

CHEMICALS AND ALLIED PRODUCTS

Clorox Co 20,000 1,066,000 0.76

PPG Industries, Inc 20,000 1,225,600 0.87

Rhodia S.A. (Spon ADR) 730,000 1,087,700 0.77

Other Securities 2,509,971 1.78

TOTAL CHEMICALS AND ALLIED PRODUCTS 5,889,271 4.18

COMMUNICATIONS

* Entercom Communications Corp 30,000 979,800 0.70

Other Securities 171,200 0.12

TOTAL COMMUNICATIONS 1,151,000 0.82

DEPOSITORY INSTITUTIONS

Comerica, Inc 34,903 2,071,493 1.47

Greenpoint Financial Corp 27,000 1,249,020 0.89

Hibernia Corp (Class A) 40,000 1,056,400 0.75

Marshall & Ilsley Corp 45,000 1,813,500 1.29

New York Community Bancorp, Inc 70,000 1,437,800 1.02

North Fork Bancorp, Inc 40,000 1,778,000 1.26

Regions Financial Corp 35,000 1,157,100 0.82

Other Securities 4,322,117 3.06

TOTAL DEPOSITORY INSTITUTIONS 14,885,430 10.56

EATING AND DRINKING PLACES

* Brinker International, Inc 35,000 1,090,250 0.77

TOTAL EATING AND DRINKING PLACES 1,090,250 0.77

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 119

Mid-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES

* Allegheny Energy, Inc 70,000 $   1,117,200 0.79 %

DTE Energy Co 25,000 1,054,750 0.75

Equitable Resources, Inc 20,000 1,086,200 0.77

* PG&E Corp 72,000 2,188,800 1.55

PPL Corp 28,000 1,321,040 0.94

Public Service Enterprise Group, Inc 43,159 1,838,573 1.30

TXU Corp 23,000 1,102,160 0.78

Williams Cos, Inc 85,000 1,028,500 0.73

Wisconsin Energy Corp 36,184 1,154,270 0.82

Other Securities 7,493,470 5.32

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 19,384,963 13.75

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 3,291,310 2.33

ENGINEERING AND MANAGEMENT SERVICES

Monsanto Co 48,000 1,748,160 1.24

Other Securities 1,649,170 1.17

TOTAL ENGINEERING AND MANAGEMENT SERVICES 3,397,330 2.41

FABRICATED METAL PRODUCTS 376,200 0.27

FOOD AND KINDRED PRODUCTS

* Constellation Brands, Inc (Class A) 50,000 1,903,000 1.35

Other Securities 3,167,026 2.25

TOTAL FOOD AND KINDRED PRODUCTS 5,070,026 3.60

FOOD STORES

* Safeway, Inc 70,000 1,351,700 0.96

* Other Securities 838,080 0.59

TOTAL FOOD STORES 2,189,780 1.55

FURNITURE AND FIXTURES 2,073,541 1.47

GENERAL BUILDING CONTRACTORS 797,810 0.57

GENERAL MERCHANDISE STORES

Federated Department Stores, Inc 25,000 1,135,750 0.81

Other Securities 1,411,599 1.00

TOTAL GENERAL MERCHANDISE STORES 2,547,349 1.81

HEALTH SERVICES

* Tenet Healthcare Corp 95,000 1,025,050 0.73

TOTAL HEALTH SERVICES 1,025,050 0.73

HOLDING AND OTHER INVESTMENT OFFICES

Boston Properties, Inc 20,000 1,107,800 0.78

Developers Diversified Realty Corp 28,000 1,096,200 0.78

General Growth Properties, Inc 31,410 973,710 0.69

iShares Russell Midcap Value Index Fund 40,772 4,081,277 2.89

Other Securities 6,396,648 4.54

TOTAL HOLDING AND OTHER INVESTMENT OFFICES 13,655,635 9.68

HOTELS AND OTHER LODGING PLACES 1,496,320
1.06

120 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INDUSTRIAL MACHINERY AND EQUIPMENT

* AGCO Corp 57,000 $   1,289,340 0.91 %

* Xerox Corp 96,848 1,363,620 0.97

Other Securities 5,196,411 3.69

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 7,849,371 5.57

INSTRUMENTS AND RELATED PRODUCTS

Eastman Kodak Co 40,000 1,288,800 0.91

Other Securities 729,748 0.52

TOTAL INSTRUMENTS AND RELATED PRODUCTS 2,018,548 1.43

INSURANCE AGENTS, BROKERS AND SERVICE 339,900 0.24

INSURANCE CARRIERS

Max Re Capital Ltd 60,000 1,200,000 0.85

MGIC Investment Corp 18,441 1,227,249 0.87

UnumProvident Corp 67,782 1,063,500 0.75

Other Securities 6,421,727 4.56

TOTAL INSURANCE CARRIERS 9,912,476 7.03

LUMBER AND WOOD PRODUCTS

Georgia-Pacific Corp 36,153 1,299,700 0.92

Other Securities 226,200 0.16

TOTAL LUMBER AND WOOD PRODUCTS 1,525,900 1.08

METAL MINING 184,060 0.13

OIL AND GAS EXTRACTION

Pioneer Natural Resources Co 33,000 1,137,840 0.81

Other Securities 4,524,850 3.20

TOTAL OIL AND GAS EXTRACTION 5,662,690 4.01

PAPER AND ALLIED PRODUCTS

* Smurfit-Stone Container Corp 67,000 1,297,790 0.92

Other Securities 701,800 0.50

TOTAL PAPER AND ALLIED PRODUCTS 1,999,590 1.42

PERSONAL SERVICES 621,000 0.44

PETROLEUM AND COAL PRODUCTS 1,387,870 0.98

PRIMARY METAL INDUSTRIES 2,089,212 1.48

PRINTING AND PUBLISHING

Knight Ridder, Inc 22,000 1,439,900 1.02

TOTAL PRINTING AND PUBLISHING 1,439,900 1.02

RAILROAD TRANSPORTATION

CSX Corp 31,174 1,034,977 0.73

Norfolk Southern Corp 52,169 1,551,506 1.10

TOTAL RAILROAD TRANSPORTATION 2,586,483 1.83

REAL ESTATE 715,770 0.51

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 121

Mid-Cap Value Fund |   Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

SECURITY AND COMMODITY BROKERS

Janus Capital Group, Inc 75,000 $   1,020,750 0.72 %

Other Securities 2,047,610 1.46

TOTAL SECURITY AND COMMODITY BROKERS 3,068,360 2.18

STONE, CLAY, AND GLASS PRODUCTS

b* USG Corp 65,000 1,184,950 0.84

Other Securities 750,240 0.53

TOTAL STONE, CLAY, AND GLASS PRODUCTS 1,935,190 1.37

TOBACCO PRODUCTS

Loews Corp (Carolina Group) 45,000 1,096,650 0.78

Reynolds American, Inc 32,000 2,177,280 1.54

TOTAL TOBACCO PRODUCTS 3,273,930 2.32

TRANSPORTATION BY AIR 451,550 0.32

TRANSPORTATION EQUIPMENT 2,150,010 1.52

WHOLESALE TRADE-NONDURABLE GOODS

AmerisourceBergen Corp 29,885 1,605,119 1.14

Other Securities 261,725 0.18

TOTAL WHOLESALE TRADE-NONDURABLE GOODS 1,866,844 1.32

TOTAL COMMON STOCKS (Cost $133,328,463) 139,171,947 98.69

ISSUER
PRINCIPAL

SHORT-TERM INVESTMENT

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit Bank (FFCB) 1.230%, 10/01/04 $1,230,000 1,229,944 0.87

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
1,229,944 0.87

TOTAL SHORT-TERM INVESTMENT (Cost $1,229,944) 1,229,944
0.87

TOTAL PORTFOLIO (Cost $134,558,407) 140,401,891 99.56

OTHER ASSETS & LIABILITIES, NET 614,232 0.44

NET ASSETS $141,016,123 100.00 %

* Non-income producing

b In bankruptcy

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.

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $135,274,568. Net unrealized appreciation of portfolio investments aggregated $5,127,323 of which $10,688,011 related to appreciated portfolio investments and $5,560,688 related to depreciated portfolio investments.

122 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

ISSUER
SHARES

VALUE

ASSETS

CORPORATE BONDS

REAL ESTATE $ 41,200 0.02 %

TOTAL CORPORATE BONDS (Cost $35,661) 41,200
0.02

COMPANY

COMMON STOCKS

AGRICULTURAL PRODUCTION-CROPS 66,500 0.03

AGRICULTURAL PRODUCTION-LIVESTOCK 117,190 0.05

AMUSEMENT AND RECREATION SERVICES 1,528,144 0.68

APPAREL AND ACCESSORY STORES

* Stage Stores, Inc 29,421 1,006,787 0.45

Other Securities 2,301,850 1.03

TOTAL APPAREL AND ACCESSORY STORES 3,308,637 1.48

APPAREL AND OTHER TEXTILE PRODUCTS 765,481 0.34

AUTO REPAIR, SERVICES AND PARKING 405,878 0.18

AUTOMOTIVE DEALERS AND SERVICE STATIONS 646,685 0.29

BUILDING MATERIALS AND GARDEN SUPPLIES 110,232 0.05

BUSINESS SERVICES

* Aspen Technology, Inc 130,122 909,553 0.41

* Ciber, Inc 86,900 653,488 0.29

* Earthlink, Inc 112,125 1,154,888 0.52

* Keane, Inc 33,900 520,704 0.23

* United Online, Inc 85,106 818,720 0.37

Other Securities 17,062,187 7.62

TOTAL BUSINESS SERVICES 21,119,540 9.44

CHEMICALS AND ALLIED PRODUCTS

Cytec Industries, Inc 8,700 425,865 0.19

Valeant Pharmaceuticals International 18,200 438,984 0.19

Other Securities 12,509,631 5.60

TOTAL CHEMICALS AND ALLIED PRODUCTS 13,374,480 5.98

COMMUNICATIONS 3,417,617 1.53

DEPOSITORY INSTITUTIONS

* FirstFed Financial Corp 25,700 1,256,216 0.56

NetBank, Inc 77,457 775,345 0.35

R & G Financial Corp (Class B) 26,200 1,012,630 0.45

UMB Financial Corp 14,154 674,721 0.30

Other Securities 18,432,709 8.24

TOTAL DEPOSITORY INSTITUTIONS 22,151,621 9.90

EATING AND DRINKING PLACES

* CKE Restaurants, Inc 58,100 642,005 0.29

Other Securities 3,474,773 1.55

TOTAL EATING AND DRINKING PLACES 4,116,778 1.84

EDUCATIONAL SERVICES 301,485 0.13

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 123

Small-Cap Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES

Nicor, Inc 20,200 $     741,340 0.33 %

UIL Holdings Corp 21,700 1,067,423 0.48

Other Securities 6,262,421 2.80

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 8,071,184 3.61

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

*
Omnivision Technologies, Inc 51,290 725,754 0.32

*
RF Micro Devices, Inc 200,920 1,273,833 0.57

Other Securities 11,257,768 5.03

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
13,257,355 5.92

ENGINEERING AND MANAGEMENT SERVICES

*
Washington Group International, Inc 15,301 529,721 0.24

Other Securities 4,281,427 1.91

TOTAL ENGINEERING AND MANAGEMENT SERVICES 4,811,148 2.15

FABRICATED METAL PRODUCTS

*
Crown Holdings, Inc 92,000 948,520 0.42

Silgan Holdings, Inc. 9,148 423,552 0.19

Other Securities 1,843,214 0.83

TOTAL FABRICATED METAL PRODUCTS 3,215,286 1.44

FISHING, HUNTING, AND TRAPPING 4,620 0.00

FOOD AND KINDRED PRODUCTS 2,437,403 1.09

FOOD STORES 754,275 0.34

FURNITURE AND FIXTURES

La-Z-Boy, Inc 29,600 449,328 0.20

Other Securities 887,174 0.40

TOTAL FURNITURE AND FIXTURES 1,336,502 0.60

FURNITURE AND HOMEFURNISHINGS STORES 712,163 0.32

GENERAL BUILDING CONTRACTORS 1,605,548 0.72

GENERAL MERCHANDISE STORES 582,724 0.26

HEALTH SERVICES 4,478,993 2.00

HEAVY CONSTRUCTION, EXCEPT BUILDING 280,366 0.12

HOLDING AND OTHER INVESTMENT OFFICES

Brandywine Realty Trust 16,600 472,768 0.21

Commercial Net Lease Realty, Inc 23,703 431,869 0.19

Greater Bay Bancorp 35,187 1,011,626 0.45

iShares Russell 2000 Index Fund 54,578 6,213,705 2.78

Novastar Financial, Inc 15,300 667,080 0.30

Senior Housing Properties Trust 59,300 1,056,726 0.47

Other Securities 14,365,576 6.42

TOTAL HOLDING AND OTHER INVESTMENT OFFICES 24,219,350 10.82

HOTELS AND OTHER LODGING PLACES 954,996 0.43

124 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INDUSTRIAL MACHINERY AND EQUIPMENT

Axcelis Technologies, Inc. 51,840 $    429,235 0.19 %

*
Cirrus Logic, Inc 190,067 906,620 0.41

*
Emulex Corp 42,100 484,992 0.22

*
Flowserve Corp 54,300 1,312,974 0.59

Nacco Industries, Inc (Class A) 4,900 422,135 0.19

*
Terex Corp 11,000 477,400 0.21

Toro Co 9,600 655,680 0.29

Other Securities 8,212,581 3.66

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 12,901,617 5.76

INSTRUMENTS AND RELATED PRODUCTS

Invacare Corp 10,400 478,400 0.21

Mentor Corp 16,300 548,984 0.25

*
Steris Corp 24,500 537,530 0.24

Other Securities 10,630,276 4.75

TOTAL INSTRUMENTS AND RELATED PRODUCTS 12,195,190 5.45

INSURANCE AGENTS, BROKERS AND SERVICE 585,198 0.26

INSURANCE CARRIERS

AmerUs Group Co 16,200 664,200 0.30

*
Sierra Health Services, Inc 10,200 488,886 0.22

Other Securities 5,175,109 2.31

TOTAL INSURANCE CARRIERS 6,328,195 2.83

JUSTICE, PUBLIC ORDER AND SAFETY 38,855 0.02

LEATHER AND LEATHER PRODUCTS 433,158 0.19

LEGAL SERVICES 77,040 0.03

LOCAL AND INTERURBAN PASSENGER TRANSIT 371,770 0.17

LUMBER AND WOOD PRODUCTS 471,063 0.21

METAL MINING 581,013 0.26

MISCELLANEOUS MANUFACTURING INDUSTRIES

Blyth, Inc 18,000 556,200 0.25

Other Securities 1,396,273 0.62

TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 1,952,473 0.87

MISCELLANEOUS RETAIL 1,597,249 0.71

MOTION PICTURES 1,094,708 0.49

NONDEPOSITORY INSTITUTIONS 1,506,142 0.67

NONMETALLIC MINERALS, EXCEPT FUELS 105,764 0.05

OIL AND GAS EXTRACTION

Vintage Petroleum, Inc 62,400 1,252,368 0.56

Other Securities 6,313,280 2.82

TOTAL OIL AND GAS EXTRACTION 7,565,648 3.38

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 125

Small-Cap Equity Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PAPER AND ALLIED PRODUCTS

Potlatch Corp 19,800 $     926,838 0.42 %

Other Securities 1,238,500 0.55

TOTAL PAPER AND ALLIED PRODUCTS 2,165,338 0.97

PERSONAL SERVICES 611,691 0.27

PETROLEUM AND COAL PRODUCTS

*
Tesoro Petroleum Corp 27,100 800,263 0.36

Other Securities 430,352 0.19

TOTAL PETROLEUM AND COAL PRODUCTS 1,230,615 0.55

PRIMARY METAL INDUSTRIES

Carpenter Technology Corp 9,500 453,530 0.20

*
Maverick Tube Corp 25,400 782,574 0.35

Quanex Corp 11,200 574,336 0.26

Other Securities 3,108,125 1.39

TOTAL PRIMARY METAL INDUSTRIES 4,918,565 2.20

PRINTING AND PUBLISHING

Reader’s Digest Association, Inc (Class A) 31,200 455,208 0.20

Other Securities 2,468,345 1.11

TOTAL PRINTING AND PUBLISHING 2,923,553 1.31

RAILROAD TRANSPORTATION 108,895 0.05

REAL ESTATE 501,277 0.22

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 2,311,919 1.03

SECURITY AND COMMODITY BROKERS

*
Piper Jaffray Cos 12,300 486,957 0.21

Other Securities 933,566 0.42

TOTAL SECURITY AND COMMODITY BROKERS 1,420,523 0.63

SOCIAL SERVICES 239,812 0.11

SPECIAL TRADE CONTRACTORS

*
Dycom Industries, Inc 19,200 545,088 0.24

Other Securities 870,071 0.39

TOTAL SPECIAL TRADE CONTRACTORS 1,415,159 0.63

STONE, CLAY, AND GLASS PRODUCTS 1,061,077 0.47

TOBACCO PRODUCTS 102,672 0.05

TRANSPORTATION BY AIR 1,921,853 0.86

TRANSPORTATION EQUIPMENT

*
Tenneco Automotive, Inc. 33,000 432,300 0.19

Other Securities 3,083,572 1.38

TOTAL TRANSPORTATION EQUIPMENT 3,515,872 1.57

TRANSPORTATION SERVICES 939,534 0.42

TRUCKING AND WAREHOUSING 1,876,502 0.84

WATER TRANSPORTATION 826,050 0.37

126 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

WHOLESALE TRADE-DURABLE GOODS $ 4,300,552 1.92 %

WHOLESALE TRADE-NONDURABLE GOODS

*
Chiquita Brands International, Inc 55,700 969,737 0.43

Perrigo Co 24,483 503,126 0.22

Other Securities 2,888,621 1.30

TOTAL WHOLESALE TRADE-NONDURABLE GOODS 4,361,484 1.95

TOTAL COMMON STOCKS (Cost $211,288,616) 222,710,207 99.51

TOTAL PORTFOLIO (Cost $211,324,277) 222,751,407 99.53

OTHER ASSETS & LIABILITIES, NET 1,060,171 0.47

NET ASSETS $223,811,578 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $214,714,754. Net unrealized appreciation of portfolio investments aggregated $8,036,653 of which $20,470,294 related to appreciated portfolio investments and $12,433,641 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 127

Large-Cap Growth Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES $ 71,278 0.13 %

APPAREL AND ACCESSORY STORES 472,966 0.87

APPAREL AND OTHER TEXTILE PRODUCTS 10,900 0.02

AUTO REPAIR, SERVICES AND PARKING 14,818 0.03

AUTOMOTIVE DEALERS AND SERVICE STATIONS 129,260 0.24

BUILDING MATERIALS AND GARDEN SUPPLIES

Home Depot, Inc 20,930 820,456 1.52

Lowe’s Cos 8,100 440,235 0.82

Other Securities 34,560 0.06

TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 1,295,251 2.40

BUSINESS SERVICES

Automatic Data Processing, Inc 5,242 216,599 0.40

First Data Corp 8,966 390,021 0.72

Microsoft Corp 74,342 2,055,556 3.79

*
Oracle Corp 34,535 389,555 0.72

*
Yahoo!, Inc 11,690 396,408 0.73

Other Securities 2,394,854 4.42

TOTAL BUSINESS SERVICES 5,842,993 10.78

CHEMICALS AND ALLIED PRODUCTS

Abbott Laboratories 16,023 678,734 1.25

*
Amgen, Inc 13,199 748,119 1.38

Avon Products, Inc 4,835 211,193 0.39

*
Genentech, Inc 4,534 237,672 0.44

Gillette Co 9,560 399,034 0.74

Lilly (Eli) & Co 9,900 594,495 1.10

Merck & Co, Inc 10,105 333,465 0.62

Pfizer, Inc 77,381 2,367,859 4.37

Procter & Gamble Co 23,768 1,286,324 2.37

Schering-Plough Corp 15,129 288,359 0.53

Wyeth 7,314 273,544 0.50

Other Securities 2,102,599 3.88

TOTAL CHEMICALS AND ALLIED PRODUCTS 9,521,397 17.57

COAL MINING 29,666 0.06

COMMUNICATIONS

*
Nextel Communications, Inc (Class A) 10,555 251,631 0.47

Other Securities 1,140,707 2.10

TOTAL COMMUNICATIONS 1,392,338 2.57

DEPOSITORY INSTITUTIONS 684,356 1.26

EATING AND DRINKING PLACES 266,543 0.49

EDUCATIONAL SERVICES 219,316 0.41

ELECTRIC, GAS, AND SANITARY SERVICES 237,831 0.44

128 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Growth Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

General Electric Co 12,452 $   418,138 0.77 %

Intel Corp 65,729 1,318,524 2.43

Motorola, Inc 23,967 432,365 0.80

Qualcomm, Inc 16,500 644,160 1.19

Texas Instruments, Inc 17,800 378,784 0.70

Other Securities 1,656,241 3.05

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
4,848,212 8.94

ENGINEERING AND MANAGEMENT SERVICES 630,083 1.16

FABRICATED METAL PRODUCTS

Illinois Tool Works, Inc 2,569 239,354 0.44

Other Securities 268,443 0.50

TOTAL FABRICATED METAL PRODUCTS 507,797 0.94

FOOD AND KINDRED PRODUCTS

Anheuser-Busch Cos, Inc 7,467 372,977 0.69

Coca-Cola Co 19,152 767,038 1.42

PepsiCo, Inc 16,604 807,785 1.49

Other Securities 474,616 0.87

TOTAL FOOD AND KINDRED PRODUCTS 2,422,416 4.47

FOOD STORES 237,310 0.44

FURNITURE AND FIXTURES 94,541 0.17

FURNITURE AND HOMEFURNISHINGS STORES 381,079 0.70

GENERAL BUILDING CONTRACTORS 210,398 0.39

GENERAL MERCHANDISE STORES

Target Corp 9,387 424,762 0.78

Wal-Mart Stores, Inc 26,026 1,384,583 2.55

Other Securities 293,380 0.55

TOTAL GENERAL MERCHANDISE STORES 2,102,725 3.88

HEALTH SERVICES 512,669 0.95

HOLDING AND OTHER INVESTMENT OFFICES 235,459 0.43

HOTELS AND OTHER LODGING PLACES 271,534 0.50

INDUSTRIAL MACHINERY AND EQUIPMENT

3M Co 8,027 641,919 1.18

*
Applied Materials, Inc 17,300 285,277 0.53

Caterpillar, Inc 2,646 212,871 0.39

*
Cisco Systems, Inc 68,586 1,241,407 2.29

*
Dell, Inc 25,892 921,755 1.70

*
EMC Corp 19,573 225,872 0.42

International Business Machines Corp 11,446 981,380 1.81

Other Securities 1,308,361 2.41

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 5,818,842 10.73

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 129

Large-Cap Growth Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued


					% OF NET
	COMPANY		SHARES	VALUE	ASSETS

	INSTRUMENTS AND RELATED PRODUCTS
*	Boston Scientific Corp		6,800	$ 270,164	0.50	%
	Guidant Corp		3,200	211,328	0.39
	Medtronic, Inc		12,367	641,847	1.18
	Other Securities			1,757,189	3.24

	TOTAL INSTRUMENTS AND RELATED PRODUCTS			2,880,528	5.31

	INSURANCE AGENTS, BROKERS AND SERVICE
	Marsh & McLennan Cos, Inc		5,399	247,058	0.46
	Other Securities			86,434	0.16

	TOTAL INSURANCE AGENTS, BROKERS AND SERVICE			333,492	0.62

	INSURANCE CARRIERS
	American International Group, Inc		15,649	1,063,976	1.96
	UnitedHealth Group, Inc		6,833	503,865	0.93
	Other Securities			544,822	1.01

		TOTAL INSURANCE CARRIERS		2,112,663	3.90

	LEATHER AND LEATHER PRODUCTS			91,958	0.17

	METAL MINING			188,847	0.35

	MISCELLANEOUS MANUFACTURING INDUSTRIES			34,574	0.06

	MISCELLANEOUS RETAIL
*	eBay, Inc		5,270	484,524	0.89
	Walgreen Co		10,557	378,257	0.70
	Other Securities			494,512	0.91

		TOTAL MISCELLANEOUS RETAIL		1,357,293	2.50

	MOTION PICTURES			415,112	0.77

	NONDEPOSITORY INSTITUTIONS
	American Express Co		11,475	590,504	1.09
	Fannie Mae		9,849	624,427	1.15
	MBNA Corp		8,600	216,720	0.40
	Other Securities			442,756	0.82

		TOTAL NONDEPOSITORY INSTITUTIONS		1,874,407	3.46

	OIL AND GAS EXTRACTION			379,897	0.70

	PAPER AND ALLIED PRODUCTS			158,114	0.29

	PERSONAL SERVICES			162,976	0.30

	PRIMARY METAL INDUSTRIES			270,339	0.50

	PRINTING AND PUBLISHING			369,030	0.68

	RAILROAD TRANSPORTATION			9,984	0.02

	REAL ESTATE			50,659	0.09

	RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS			162,197	0.30

	SECURITY AND COMMODITY BROKERS			509,083	0.94

	STONE, CLAY, AND GLASS PRODUCTS			133,565	0.25

	TRANSPORTATION BY AIR			311,234	0.57

130 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Growth Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

TRANSPORTATION EQUIPMENT

Boeing Co 7,514 $   387,873 0.71 %

Other Securities 448,573 0.83

TOTAL TRANSPORTATION EQUIPMENT 836,446 1.54

TRANSPORTATION SERVICES 88,998 0.16

TRUCKING AND WAREHOUSING

United Parcel Service, Inc (Class B) 5,808 440,943 0.81

Other Securities 38,728 0.07

TOTAL TRUCKING AND WAREHOUSING 479,671 0.88

WHOLESALE TRADE-DURABLE GOODS

Johnson & Johnson 30,180 1,700,039 3.14

Other Securities 99,666 0.18

TOTAL WHOLESALE TRADE-DURABLE GOODS 1,799,705 3.32

WHOLESALE TRADE-NONDURABLE GOODS 476,940 0.88

TOTAL COMMON STOCKS (Cost $47,715,969) 53,949,690 99.53

TOTAL PORTFOLIO (Cost $47,715,969) 53,949,690 99.53

OTHER ASSETS & LIABILITIES, NET 256,051 0.47

NET ASSETS $54,205,741 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $47,789,303. Net unrealized appreciation of portfolio investments aggregated $6,160,387 of which $7,186,885 related to appreciated portfolio investments and $1,026,498 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 131

Large-Cap Value Index Fund |   Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES $    191,088 0.13 %

APPAREL AND ACCESSORY STORES 332,210 0.23

APPAREL AND OTHER TEXTILE PRODUCTS 349,416 0.25

AUTO REPAIR, SERVICES AND PARKING 45,394 0.03

AUTOMOTIVE DEALERS AND SERVICE STATIONS 74,093 0.05

BUILDING MATERIALS AND GARDEN SUPPLIES 238,226 0.17

BUSINESS SERVICES

Microsoft Corp 45,169 1,248,923 0.88

Other Securities 2,397,968 1.68

TOTAL BUSINESS SERVICES 3,646,891 2.56

CHEMICALS AND ALLIED PRODUCTS

Bristol-Myers Squibb Co 33,576 794,744 0.56

Dow Chemical Co 21,340 964,141 0.68

Du Pont (E.I.) de Nemours & Co 24,486 1,048,001 0.74

Merck & Co, Inc 30,138 994,554 0.70

Wyeth 15,269 571,061 0.40

Other Securities 2,418,973 1.69

TOTAL CHEMICALS AND ALLIED PRODUCTS 6,791,474 4.77

COAL MINING 196,549 0.14

COMMUNICATIONS

BellSouth Corp 44,928 1,218,447 0.86

* Comcast Corp (Class A) 39,624 1,118,982 0.79

* Comcast Corp (Special Class A) 13,100 365,752 0.26

SBC Communications, Inc 81,101 2,104,571 1.48

Sprint Corp 27,185 547,234 0.38

Verizon Communications, Inc 67,838 2,671,460 1.88

Viacom, Inc (Class B) 27,831 934,008 0.66

Other Securities 2,710,313 1.88

TOTAL COMMUNICATIONS 11,670,767 8.19

DEPOSITORY INSTITUTIONS

Bank Of America Corp 99,880 4,327,800 3.04

BB&T Corp 13,536 537,244 0.38

Citigroup, Inc 126,750 5,592,210 3.93

JPMorgan Chase & Co 87,241 3,466,085 2.43

National City Corp 14,507 560,260 0.39

U.S. Bancorp 42,287 1,222,094 0.86

Wachovia Corp 32,212 1,512,353 1.06

Wells Fargo & Co 41,312 2,463,435 1.73

Other Securities 6,910,538 4.85

TOTAL DEPOSITORY INSTITUTIONS 26,592,019 18.67

EATING AND DRINKING PLACES

McDonald’s Corp 30,849 864,697 0.61

Other Securities 137,336 0.09

TOTAL EATING AND DRINKING PLACES 1,002,033 0.70

132 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

EDUCATIONAL SERVICES $    7,444 0.01 %

ELECTRIC, GAS, AND SANITARY SERVICES

Dominion Resources, Inc 7,954 518,999 0.36

Duke Energy Corp 22,384 512,370 0.36

Exelon Corp 16,158 592,837 0.42

Southern Co 18,034 540,659 0.38

Other Securities 7,168,551 5.03

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 9,333,416 6.55

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

General Electric Co 228,581 7,675,750 5.39

Other Securities 1,695,872 1.19

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
9,371,622 6.58

ENGINEERING AND MANAGEMENT SERVICES 370,197 0.26

FABRICATED METAL PRODUCTS 672,527 0.47

FOOD AND KINDRED PRODUCTS 2,888,975 2.03

FOOD STORES 707,251 0.50

FORESTRY 384,919 0.27

FURNITURE AND FIXTURES 556,364 0.39

FURNITURE AND HOMEFURNISHINGS STORES 140,438 0.10

GENERAL BUILDING CONTRACTORS 616,076 0.43

GENERAL MERCHANDISE STORES 1,524,572 1.07

HEALTH SERVICES 669,210 0.47

HOLDING AND OTHER INVESTMENT OFFICES

iShares Russell 1000 Value Index Fund 20,968 1,269,822 0.89

Washington Mutual, Inc 21,280 831,622 0.58

Other Securities 4,360,735 3.07

TOTAL HOLDING AND OTHER INVESTMENT OFFICES 6,462,179 4.54

HOTELS AND OTHER LODGING PLACES 272,523 0.19

INDUSTRIAL MACHINERY AND EQUIPMENT

Hewlett-Packard Co 74,568 1,398,150 0.98

International Business Machines Corp 13,760 1,179,782 0.83

Other Securities 2,245,681 1.58

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 4,823,613 3.39

INSTRUMENTS AND RELATED PRODUCTS

Raytheon Co 11,034 419,071 0.29

Other Securities 619,469 0.44

TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,038,540 0.73

INSURANCE AGENTS, BROKERS AND SERVICE 331,717 0.23

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 133

Large-Cap Value Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INSURANCE CARRIERS

Allstate Corp 17,139 $    822,501 0.58 %

American International Group, Inc 18,605 1,264,954 0.89

St. Paul Travelers Cos, Inc 16,268 537,820 0.38

Other Securities 6,335,173 4.44

TOTAL INSURANCE CARRIERS 8,960,448 6.29

LUMBER AND WOOD PRODUCTS 275,952 0.19

METAL MINING 394,651 0.28

MISCELLANEOUS MANUFACTURING INDUSTRIES 168,371 0.12

MISCELLANEOUS RETAIL 675,276 0.47

MOTION PICTURES

* Time Warner, Inc 87,278 1,408,667 0.99

Walt Disney Co 35,332 796,737 0.56

Other Securities 330,189 0.23

TOTAL MOTION PICTURES 2,535,593 1.78

NONDEPOSITORY INSTITUTIONS

Countrywide Financial Corp 13,511 532,198 0.37

Freddie Mac 15,469 1,009,198 0.71

Other Securities 742,770 0.52

TOTAL NONDEPOSITORY INSTITUTIONS 2,284,166 1.60

NONMETALLIC MINERALS, EXCEPT FUELS 125,745 0.09

OIL AND GAS EXTRACTION

Occidental Petroleum Corp 9,552 534,243 0.38

Other Securities 3,184,055 2.23

TOTAL OIL AND GAS EXTRACTION 3,718,298 2.61

PAPER AND ALLIED PRODUCTS 1,608,649 1.13

PERSONAL SERVICES 74,901 0.05

PETROLEUM AND COAL PRODUCTS

ChevronTexaco Corp 52,452 2,813,525 1.98

ConocoPhillips 16,739 1,386,826 0.97

ExxonMobil Corp 160,291 7,746,864 5.44

Other Securities 968,611 0.68

TOTAL PETROLEUM AND COAL PRODUCTS 12,915,826 9.07

PRIMARY METAL INDUSTRIES 639,892 0.45

PRINTING AND PUBLISHING

Gannett Co, Inc 6,595 552,397 0.39

Other Securities 664,325 0.46

TOTAL PRINTING AND PUBLISHING 1,216,722 0.85

RAILROAD TRANSPORTATION 1,195,361 0.84

REAL ESTATE 40,939 0.03

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 56,228 0.04

134 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	concluded


					% OF NET
COMPANY			SHARES	VALUE	ASSETS

SECURITY AND COMMODITY BROKERS
Goldman Sachs Group, Inc			7,519	$ 701,072	0.49	%
Lehman Brothers Holdings, Inc			6,732	536,675	0.38
Merrill Lynch & Co, Inc			23,471	1,166,978	0.82
Morgan Stanley			23,466	1,156,874	0.81
Other Securities				743,363	0.52

TOTAL SECURITY AND COMMODITY BROKERS				4,304,962	3.02

STONE, CLAY, AND GLASS PRODUCTS				157,123	0.11

TOBACCO PRODUCTS
Altria Group, Inc			50,179	2,360,420	1.66
Other Securities				452,293	0.31

	TOTAL TOBACCO PRODUCTS			2,812,713	1.97

TRANSPORTATION BY AIR				217,132	0.15

TRANSPORTATION EQUIPMENT
Ford Motor Co			42,663	599,415	0.42
Honeywell International, Inc			21,042	754,566	0.53
United Technologies Corp			9,543	891,125	0.63
Other Securities				3,125,678	2.19

TOTAL TRANSPORTATION EQUIPMENT				5,370,784	3.77

TRANSPORTATION SERVICES				82,691	0.06

TRUCKING AND WAREHOUSING				106,473	0.08

WHOLESALE TRADE-DURABLE GOODS				560,901	0.39

WHOLESALE TRADE-NONDURABLE GOODS				342,031	0.24

	TOTAL COMMON STOCKS	(Cost $118,140,493)		142,143,571	99.78

	TOTAL PORTFOLIO	(Cost $118,140,493)		142,143,571	99.78
	OTHER ASSETS & LIABILITIES, NET			308,158	0.22

	NET ASSETS			$142,451,729	100.00	%


*	Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $118,532,855. Net unrealized appreciation of portfolio investments aggregated $23,610,716 of which $25,312,447 related to appreciated portfolio investments and $1,701,731 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 135

Equity Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY/ISSUER
SHARES

VALUE

ASSETS

CORPORATE BONDS

REAL ESTATE $ 4,120 0.00 %

TOTAL CORPORATE BONDS (Cost $3,408) 4,120
0.00

PREFERRED STOCKS

ELECTRIC, GAS, AND SANITARY SERVICES 459 0.00

TOTAL PREFERRED STOCKS (Cost $364) 459
0.00

COMMON STOCKS

AGRICULTURAL PRODUCTION-CROPS 81,852 0.01

AGRICULTURAL PRODUCTION-LIVESTOCK 22,852 0.00

AMUSEMENT AND RECREATION SERVICES 1,436,541 0.19

APPAREL AND ACCESSORY STORES 4,359,759 0.57

APPAREL AND OTHER TEXTILE PRODUCTS 1,302,080 0.17

AUTO REPAIR, SERVICES AND PARKING 306,474 0.04

AUTOMOTIVE DEALERS AND SERVICE STATIONS 1,178,709 0.16

BUILDING MATERIALS AND GARDEN SUPPLIES

Home Depot, Inc 140,401 5,503,719 0.72

Other Securities 3,108,169 0.40

TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 8,611,888 1.12

BUSINESS SERVICES

Microsoft Corp 576,397 15,937,377 2.08

Other Securities 35,968,542 4.69

TOTAL BUSINESS SERVICES 51,905,919 6.77

CHEMICALS AND ALLIED PRODUCTS

Abbott Laboratories 98,119 4,156,321 0.54

*
Amgen, Inc 81,620 4,626,222 0.60

Bristol-Myers Squibb Co 122,274 2,894,226 0.38

Lilly (Eli) & Co 61,286 3,680,224 0.48

Merck & Co, Inc 139,251 4,595,316 0.60

Pfizer, Inc 478,344 14,637,326 1.91

Procter & Gamble Co 161,133 8,720,518 1.14

Wyeth 83,871 3,136,775 0.41

Other Securities 34,386,925 4.48

TOTAL CHEMICALS AND ALLIED PRODUCTS 80,833,853 10.54

COAL MINING 683,875 0.09

136 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

COMMUNICATIONS

BellSouth Corp 115,330 $   3,127,750 0.41 %

* Comcast Corp (Class A) 107,218 3,027,836 0.39

* Comcast Corp (Special Class A) 28,067 783,631 0.10

SBC Communications, Inc 208,153 5,401,570 0.70

Verizon Communications, Inc 173,559 6,834,753 0.89

Viacom, Inc (Class B) 96,301 3,231,894 0.42

Other Securities 17,176,272 2.25

TOTAL COMMUNICATIONS 39,583,706 5.16

DEPOSITORY INSTITUTIONS

Bank Of America Corp 255,694 11,079,221 1.45

Citigroup, Inc 324,151 14,301,542 1.87

JPMorgan Chase & Co 223,296 8,871,550 1.16

U.S. Bancorp 119,188 3,444,533 0.45

Wachovia Corp 82,329 3,865,347 0.50

Wells Fargo & Co 105,792 6,308,436 0.82

Other Securities 30,663,717 3.99

TOTAL DEPOSITORY INSTITUTIONS 78,534,346 10.24

EATING AND DRINKING PLACES 5,329,410 0.70

EDUCATIONAL SERVICES 1,499,197 0.20

ELECTRIC, GAS, AND SANITARY SERVICES 27,608,837 3.60

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

d General Electric Co 661,721 22,220,591 2.90

Intel Corp 406,316 8,150,699 1.06

Qualcomm, Inc 101,990 3,981,690 0.52

Other Securities 23,632,977 3.08

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 57,985,957 7.56

ENGINEERING AND MANAGEMENT SERVICES 6,641,693 0.87

FABRICATED METAL PRODUCTS 5,615,256 0.73

FOOD AND KINDRED PRODUCTS

Coca-Cola Co 132,133 5,291,927 0.69

PepsiCo, Inc 106,905 5,200,928 0.68

Other Securities 12,496,543 1.63

TOTAL FOOD AND KINDRED PRODUCTS 22,989,398 3.00

FOOD STORES 3,530,250 0.46

FORESTRY 940,493 0.12

FURNITURE AND FIXTURES 2,396,585 0.31

FURNITURE AND HOMEFURNISHINGS STORES 2,992,638 0.39

GENERAL BUILDING CONTRACTORS 3,085,290 0.40

GENERAL MERCHANDISE STORES

Wal-Mart Stores, Inc 160,765 8,552,698 1.12

Other Securities 8,717,981 1.13

TOTAL GENERAL MERCHANDISE STORES
17,270,679 2.25

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 137

Equity Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

HEALTH SERVICES $   6,057,980 0.79 %

HEAVY CONSTRUCTION, EXCEPT BUILDING 75,424 0.01

HOLDING AND OTHER INVESTMENT OFFICES

SPDR Trust Series 1 42,700 4,772,152 0.62

Other Securities 20,115,367 2.63

TOTAL HOLDING AND OTHER INVESTMENT OFFICES 24,887,519 3.25

HOTELS AND OTHER LODGING PLACES 2,584,281 0.34

INDUSTRIAL MACHINERY AND EQUIPMENT

3M Co 49,045 3,922,129 0.51

* Cisco Systems, Inc 424,775 7,688,428 1.00

* Dell, Inc 159,193 5,667,271 0.74

Hewlett-Packard Co 191,821 3,596,644 0.47

d International Business Machines Corp 105,673 9,060,403 1.18

Other Securities 21,664,633 2.83

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 51,599,508 6.73

INSTRUMENTS AND RELATED PRODUCTS

Medtronic, Inc 76,275 3,958,673 0.52

Other Securities 19,869,054 2.59

TOTAL INSTRUMENTS AND RELATED PRODUCTS 23,827,727 3.11

INSURANCE AGENTS, BROKERS AND SERVICE 3,144,582 0.41

INSURANCE CARRIERS

American International Group, Inc 144,063 9,794,911 1.28

UnitedHealth Group, Inc 41,810 3,083,069 0.40

Other Securities 25,103,716 3.27

TOTAL INSURANCE CARRIERS 37,981,696 4.95

JUSTICE, PUBLIC ORDER AND SAFETY 12,740 0.00

LEATHER AND LEATHER PRODUCTS 709,663 0.09

LEGAL SERVICES 29,095 0.00

LOCAL AND INTERURBAN PASSENGER TRANSIT 106,234 0.01

LUMBER AND WOOD PRODUCTS 875,911 0.12

METAL MINING 2,412,967 0.32

MISCELLANEOUS MANUFACTURING INDUSTRIES 1,176,793 0.15

MISCELLANEOUS RETAIL

* eBay, Inc 32,723 3,008,553 0.39

Other Securities 7,773,495 1.02

TOTAL MISCELLANEOUS RETAIL 10,782,048 1.41

MOTION PICTURES

* Time Warner, Inc 275,636 4,448,765 0.58

Walt Disney Co 128,984 2,908,612 0.38

Other Securities 1,845,869 0.24

TOTAL MOTION PICTURES 9,203,246 1.20

138 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |   Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

NONDEPOSITORY INSTITUTIONS

American Express Co 70,650 $   3,635,649 0.47 %

Fannie Mae 60,701 3,848,443 0.50

Freddie Mac 43,058 2,809,104 0.37

Other Securities 7,613,446 1.00

TOTAL NONDEPOSITORY INSTITUTIONS 17,906,642 2.34

NONMETALLIC MINERALS, EXCEPT FUELS 361,848 0.05

OIL AND GAS EXTRACTION 14,461,210 1.89

PAPER AND ALLIED PRODUCTS 5,604,110 0.73

PERSONAL SERVICES 1,375,654 0.18

PETROLEUM AND COAL PRODUCTS

ChevronTexaco Corp 134,150 7,195,806 0.94

ConocoPhillips 42,969 3,559,982 0.46

ExxonMobil Corp 409,998 19,815,203 2.58

Other Securities 2,893,496 0.39

TOTAL PETROLEUM AND COAL PRODUCTS 33,464,487 4.37

PRIMARY METAL INDUSTRIES 4,551,024 0.59

PRINTING AND PUBLISHING 6,323,243 0.83

RAILROAD TRANSPORTATION 3,240,033 0.42

REAL ESTATE 665,145 0.09

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 1,782,195 0.23

SECURITY AND COMMODITY BROKERS

Merrill Lynch & Co, Inc 59,970 2,981,708 0.39

Morgan Stanley 69,143 3,408,750 0.44

Other Securities 8,359,062 1.09

TOTAL SECURITY AND COMMODITY BROKERS 14,749,520 1.92

SOCIAL SERVICES 57,417 0.01

SPECIAL TRADE CONTRACTORS 255,985 0.03

STONE, CLAY, AND GLASS PRODUCTS 1,536,700 0.20

TOBACCO PRODUCTS

Altria Group, Inc 128,494 6,044,358 0.79

Other Securities 1,250,080 0.16

TOTAL TOBACCO PRODUCTS 7,294,438 0.95

TRANSPORTATION BY AIR 2,899,416 0.38

TRANSPORTATION EQUIPMENT

United Technologies Corp 32,163 3,003,381 0.39

Other Securities 17,106,430 2.23

TOTAL TRANSPORTATION EQUIPMENT 20,109,811 2.62

TRANSPORTATION SERVICES 1,081,323 0.14

TRUCKING AND WAREHOUSING 3,686,070 0.48

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 139

Equity Index Fund |   Summary Portfolio of Investments
as of September 30, 2004

concluded

% OF NET

COMPANY/ISSUER
SHARES

VALUE

ASSETS

WATER TRANSPORTATION $    239,751 0.03 %

WHOLESALE TRADE-DURABLE GOODS

Johnson & Johnson 186,095 10,482,787 1.37

Other Securities 3,249,392 0.42

TOTAL WHOLESALE TRADE-DURABLE GOODS 13,732,179 1.79

WHOLESALE TRADE-NONDURABLE GOODS 4,964,828 0.65

TOTAL COMMON STOCKS (Cost $621,623,700) 762,537,980 99.46

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit Bank (FFCB) 1.230%, 10/01/04 $4,220,000 4,219,807 0.55

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 4,219,807 0.55

TOTAL SHORT-TERM INVESTMENTS (Cost $4,219,807) 4,219,807
0.55

TOTAL PORTFOLIO (Cost $625,847,279) 766,762,366 100.01

OTHER ASSETS & LIABILITIES, NET (55,483 ) (0.01 )

NET ASSETS $766,706,883 100.00 %

* Non-income producing

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

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.

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $628,867,307. Net unrealized appreciation of portfolio investments aggregated $137,895,059 of which $152,885,024 related to appreciated portfolio investments and $14,989,965 related to depreciated portfolio investments.

140 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

S&P 500 Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY SHARES VALUE ASSETS

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES $ 121,854 0.05 %

APPAREL AND ACCESSORY STORES 902,918 0.41

APPAREL AND OTHER TEXTILE PRODUCTS 300,923 0.14

AUTO REPAIR, SERVICES AND PARKING 70,560 0.03

AUTOMOTIVE DEALERS AND SERVICE STATIONS 223,557 0.10

BUILDING MATERIALS AND GARDEN SUPPLIES

Home Depot, Inc 45,700 1,791,440 0.81

Other Securities 942,750 0.42

TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 2,734,190 1.23

BUSINESS SERVICES

d Microsoft Corp 226,491 6,262,476 2.81

* Oracle Corp 107,710 1,214,969 0.55

Other Securities 7,013,480 3.15

TOTAL BUSINESS SERVICES 14,490,925 6.51

CHEMICALS AND ALLIED PRODUCTS

Abbott Laboratories 32,500 1,376,700 0.62

* Amgen, Inc 26,300 1,490,684 0.67

Lilly (Eli) & Co 23,500 1,411,175 0.63

Merck & Co, Inc 46,200 1,524,600 0.69

d Pfizer, Inc 157,220 4,810,932 2.16

Procter & Gamble Co 52,900 2,862,948 1.29

Wyeth 27,700 1,035,980 0.46

Other Securities 9,307,934 4.18

TOTAL CHEMICALS AND ALLIED PRODUCTS 23,820,953 10.70

COMMUNICATIONS

BellSouth Corp 38,100 1,033,272 0.46

* Comcast Corp (Class A) 40,216 1,135,700 0.51

* Comcast Corp (Special Class A) 6,450 180,084 0.08

SBC Communications, Inc 69,000 1,790,550 0.80

Verizon Communications, Inc 57,600 2,268,288 1.02

Viacom, Inc (Class B) 36,100 1,211,516 0.54

Other Securities 3,823,972 1.73

TOTAL COMMUNICATIONS 11,443,382 5.14

DEPOSITORY INSTITUTIONS

Bank Of America Corp 84,704 3,670,224 1.65

Citigroup, Inc 107,900 4,760,548 2.14

JPMorgan Chase & Co 74,136 2,945,423 1.32

U.S. Bancorp 39,100 1,129,990 0.51

Wachovia Corp 27,200 1,277,040 0.57

Wells Fargo & Co 35,100 2,093,013 0.94

Other Securities 6,611,285 2.98

TOTAL DEPOSITORY INSTITUTIONS 22,487,523 10.11

EATING AND DRINKING PLACES 1,134,443 0.51

EDUCATIONAL SERVICES 300,817 0.14

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 141

S&P 500 Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued

				% OF NET
	COMPANY	SHARES	VALUE	ASSETS

	ELECTRIC, GAS, AND SANITARY SERVICES		$ 7,158,345	3.22	%

	ELECTRONIC & OTHER ELECTRIC EQUIPMENT

d	General Electric Co	219,900	7,384,242	3.32
	Intel Corp	133,600	2,680,016	1.20
	Qualcomm, Inc	33,900	1,323,456	0.59
	Other Securities		5,306,187	2.39

	TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT		16,693,901	7.50

	ENGINEERING AND MANAGEMENT SERVICES		1,246,369	0.56

	FABRICATED METAL PRODUCTS		1,699,309	0.76

	FOOD AND KINDRED PRODUCTS
	Coca-Cola Co	50,500	2,022,525	0.91
	PepsiCo, Inc	35,200	1,712,480	0.77
	Other Securities		4,008,973	1.80

	TOTAL FOOD AND KINDRED PRODUCTS		7,743,978	3.48

	FOOD STORES		978,738	0.44

	FORESTRY		325,752	0.15

	FURNITURE AND FIXTURES		446,183	0.20

	FURNITURE AND HOMEFURNISHINGS STORES		757,854	0.34

	GENERAL BUILDING CONTRACTORS		381,385	0.17

	GENERAL MERCHANDISE STORES
	Wal-Mart Stores, Inc	88,300	4,697,560	2.11
	Other Securities		2,604,986	1.17

	TOTAL GENERAL MERCHANDISE STORES		7,302,546	3.28

	HEALTH SERVICES		1,071,614	0.48

	HOLDING AND OTHER INVESTMENT OFFICES
	SPDR Trust Series 1	50,000	5,588,000	2.51
	Other Securities		1,676,969	0.75

	TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7,264,969	3.26

	HOTELS AND OTHER LODGING PLACES		594,538	0.27

	INDUSTRIAL MACHINERY AND EQUIPMENT
	3M Co	16,300	1,303,511	0.59
*	Cisco Systems, Inc	140,800	2,548,480	1.15
*	Dell, Inc	52,000	1,851,200	0.83
	Hewlett-Packard Co	62,900	1,179,375	0.53
	International Business Machines Corp	34,900	2,992,326	1.34
	Tyco International Ltd	41,800	1,281,588	0.58
	Other Securities		5,300,897	2.38

	TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		16,457,377	7.40

	INSTRUMENTS AND RELATED PRODUCTS
	Medtronic, Inc	25,100	1,302,690	0.59
	Other Securities		5,043,595	2.26

	TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,346,285	2.85

142 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

S&P 500 Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued

					% OF NET
	COMPANY		SHARES	VALUE	ASSETS

	INSURANCE AGENTS, BROKERS AND SERVICE			$ 854,305	0.38	%

	INSURANCE CARRIERS
	American International Group, Inc		54,200	3,685,058	1.65
	UnitedHealth Group, Inc		13,800	1,017,612	0.46
	Other Securities			7,115,658	3.20

		TOTAL INSURANCE CARRIERS		11,818,328	5.31

	LEATHER AND LEATHER PRODUCTS			165,438	0.07

	LUMBER AND WOOD PRODUCTS			190,535	0.09

	METAL MINING			739,533	0.33

	MISCELLANEOUS MANUFACTURING INDUSTRIES			218,159	0.10

	MISCELLANEOUS RETAIL
*	eBay, Inc		13,778	1,266,749	0.57
	Other Securities			1,689,272	0.76

		TOTAL MISCELLANEOUS RETAIL		2,956,021	1.33

	MOTION PICTURES
*	Time Warner, Inc		95,200	1,536,528	0.69
	Walt Disney Co		42,800	965,140	0.43

		TOTAL MOTION PICTURES		2,501,668	1.12

	NONDEPOSITORY INSTITUTIONS
	American Express Co		26,400	1,358,544	0.61
	Fannie Mae		20,100	1,274,340	0.57
	Other Securities			2,937,175	1.32

	TOTAL NONDEPOSITORY INSTITUTIONS			5,570,059	2.50

	NONMETALLIC MINERALS, EXCEPT FUELS			112,090	0.05

	OIL AND GAS EXTRACTION			4,290,169	1.93

	PAPER AND ALLIED PRODUCTS			1,480,088	0.67

	PERSONAL SERVICES			320,110	0.14

	PETROLEUM AND COAL PRODUCTS
	ChevronTexaco Corp		44,300	2,376,252	1.07
	ConocoPhillips		14,300	1,184,755	0.53
d	ExxonMobil Corp		135,500	6,548,715	2.94
	Other Securities			567,128	0.26

	TOTAL PETROLEUM AND COAL PRODUCTS			10,676,850	4.80

	PRIMARY METAL INDUSTRIES			1,037,454	0.47

	PRINTING AND PUBLISHING			1,523,249	0.68

	RAILROAD TRANSPORTATION			1,038,691	0.47

	RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS			636,040	0.29

	SECURITY AND COMMODITY BROKERS
	Merrill Lynch & Co, Inc		19,500	969,540	0.44
	Morgan Stanley		22,800	1,124,040	0.50
	Other Securities			2,499,731	1.12

	TOTAL SECURITY AND COMMODITY BROKERS			4,593,311	2.06

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 143

S&P 500 Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	concluded

						% OF NET
COMPANY			SHARES	VALUE		ASSETS

STONE, CLAY, AND GLASS PRODUCTS				$ 321,320		0.14	%

TOBACCO PRODUCTS
Altria Group, Inc			42,700	2,008,608		0.90
Other Securities				355,860		0.16

	TOTAL TOBACCO PRODUCTS			2,364,468		1.06

TRANSPORTATION BY AIR				765,832		0.34

TRANSPORTATION EQUIPMENT
United Technologies Corp			10,700	999,166		0.45
Other Securities				5,255,212		2.36

TOTAL TRANSPORTATION EQUIPMENT				6,254,378		2.81

TRANSPORTATION SERVICES				71,137		0.03

TRUCKING AND WAREHOUSING
United Parcel Service, Inc (Class B)			23,400	1,776,527		0.80

TOTAL TRUCKING AND WAREHOUSING				1,776,527		0.80

WATER TRANSPORTATION				619,499		0.28

WHOLESALE TRADE-DURABLE GOODS
Johnson & Johnson			61,800	3,481,194		1.56
Other Securities				98,005		0.05

TOTAL WHOLESALE TRADE-DURABLE GOODS				3,579,199		1.61

WHOLESALE TRADE-NONDURABLE GOODS				1,259,127		0.57

	TOTAL COMMON STOCKS	(Cost $204,119,200)		222,234,773		99.86


ISSUER			PRINCIPAL

SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
Federal Farm Credit Banks (FFCB)	1.23%, 10/01/04		$970,000	969,956		0.44

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				969,956		0.44

TOTAL SHORT-TERM INVESTMENTS		(Cost $969,956)		969,956		0.44

	TOTAL PORTFOLIO	(Cost $205,089,156)		223,204,729		100.30
	OTHER ASSETS & LIABILITIES, NET			(669,996	)	(0.30	)

	NET ASSETS			$222,534,733		100.00	%


*	Non-income producing
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

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.

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $206,078,116. Net unrealized appreciation of portfolio investments aggregated $17,126,613 of which $22,528,282 related to appreciated portfolio investments and $5,401,669 related to depreciated portfolio investments.

144 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Index Fund \|		Summary Portfolio of Investments as of September 30, 2004

						% OF NET
	COMPANY			SHARES	VALUE	ASSETS

	PREFERRED STOCKS
	ELECTRIC, GAS, AND SANITARY SERVICES				$ 28,033	0.12	%

		TOTAL PREFERRED STOCKS	(Cost $20,000)		28,033	0.12

	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES				137,917	0.57

	APPAREL AND ACCESSORY STORES				445,251	1.83

	APPAREL AND OTHER TEXTILE PRODUCTS				19,987	0.08

	AUTO REPAIR, SERVICES AND PARKING				27,424	0.11

	AUTOMOTIVE DEALERS AND SERVICE STATIONS				240,461	0.99

	BUILDING MATERIALS AND GARDEN SUPPLIES				68,141	0.28

	BUSINESS SERVICES
	Adobe Systems, Inc			4,635	229,293	0.94
	Autodesk, Inc			2,281	110,925	0.46
*	Fiserv, Inc			3,784	131,910	0.54
	IMS Health, Inc			4,561	109,099	0.45
*	Intuit, Inc			3,424	155,450	0.64
*	Juniper Networks, Inc			10,287	242,773	1.00
*	SunGard Data Systems, Inc			4,928	117,139	0.48
*	Veritas Software Corp			8,293	147,615	0.61
	Other Securities				2,181,985	9.01

		TOTAL BUSINESS SERVICES			3,426,189	14.13

	CHEMICALS AND ALLIED PRODUCTS
	Allergan, Inc			2,550	185,003	0.76
	Avery Dennison Corp			2,100	138,138	0.57
	Clorox Co			2,053	109,425	0.45
	Ecolab, Inc			3,580	112,555	0.46
*	Genzyme Corp			4,365	237,500	0.98
*	MedImmune, Inc			4,829	114,447	0.47
	Other Securities				1,449,439	5.99

	TOTAL CHEMICALS AND ALLIED PRODUCTS				2,346,507	9.68

	COAL MINING				52,473	0.21

	COMMUNICATIONS				824,000	3.40

	DEPOSITORY INSTITUTIONS
	Synovus Financial Corp			4,151	108,549	0.45
	Other Securities				385,224	1.58

		TOTAL DEPOSITORY INSTITUTIONS			493,773	2.03

	EATING AND DRINKING PLACES
	Yum! Brands, Inc			5,618	228,428	0.94
	Other Securities				308,318	1.27

	TOTAL EATING AND DRINKING PLACES				536,746	2.21

	EDUCATIONAL SERVICES				194,711	0.80

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 145

Mid-Cap Growth Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued

					% OF NET
	COMPANY		SHARES	VALUE	ASSETS

	ELECTRIC, GAS, AND SANITARY SERVICES
*	AES Corp		12,368	$ 123,556	0.51	%
	Other Securities			86,096	0.36

	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES			209,652	0.87

	ELECTRONIC & OTHER ELECTRIC EQUIPMENT
*	Altera Corp		7,267	142,215	0.59
	Harman International Industries, Inc		1,130	121,758	0.50
	Linear Technology Corp		5,963	216,099	0.89
	Microchip Technology, Inc		4,040	108,434	0.45
	Rockwell Collins, Inc		3,420	127,019	0.52
	Other Securities			1,538,802	6.35

	TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT			2,254,327	9.30

	ENGINEERING AND MANAGEMENT SERVICES
	Moody’s Corp		2,438	178,584	0.74
	Quest Diagnostics, Inc		1,600	141,152	0.58
	Other Securities			422,332	1.74

	TOTAL ENGINEERING AND MANAGEMENT SERVICES			742,068	3.06

	FABRICATED METAL PRODUCTS
	Fortune Brands, Inc		2,669	197,746	0.82
	Other Securities			83,801	0.34

	TOTAL FABRICATED METAL PRODUCTS			281,547	1.16

	FOOD AND KINDRED PRODUCTS
	Hershey Foods Corp		2,605	121,680	0.50
	Other Securities			198,545	0.82

	TOTAL FOOD AND KINDRED PRODUCTS			320,225	1.32

	FOOD STORES			110,941	0.46

	FURNITURE AND FIXTURES			198,092	0.82

	FURNITURE AND HOMEFURNISHINGS STORES
*	Bed Bath & Beyond, Inc		5,799	215,201	0.89
	Other Securites			223,156	0.92

	TOTAL FURNITURE AND HOMEFURNISHINGS STORES			438,357	1.81

	GENERAL BUILDING CONTRACTORS			362,347	1.50

	GENERAL MERCHANDISE STORES
	Dollar General Corp		5,728	115,419	0.48
	Other Securities			152,471	0.63

	TOTAL GENERAL MERCHANDISE STORES			267,890	1.11

	HEALTH SERVICES
*	Laboratory Corp Of America Holdings		2,599	113,628	0.47
	Other Securities			542,873	2.24

		TOTAL HEALTH SERVICES		656,501	2.71

	HOLDING AND OTHER INVESTMENT OFFICES			231,700	0.96

146 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	continued

					% OF NET
	COMPANY		SHARES	VALUE	ASSETS

	HOTELS AND OTHER LODGING PLACES
	Hilton Hotels Corp		6,321	$ 119,088	0.49	%
	Marriott International, Inc (Class A)		3,274	170,117	0.70
	Other Securities			221,997	0.92

	TOTAL HOTELS AND OTHER LODGING PLACES			511,202	2.11

	INDUSTRIAL MACHINERY AND EQUIPMENT
*	American Standard Cos, Inc		3,628	141,165	0.58
*	Apple Computer, Inc		3,711	143,801	0.59
	Baker Hughes, Inc		6,466	282,694	1.17
	Dover Corp		3,180	123,607	0.51
*	Lexmark International, Inc		2,532	212,713	0.88
*	Network Appliance, Inc		6,040	138,920	0.57
	Pitney Bowes, Inc		2,513	110,823	0.46
*	Smith International, Inc		2,026	123,039	0.51
	Other Securities			859,925	3.55

	TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT			2,136,687	8.82

	INSTRUMENTS AND RELATED PRODUCTS
	Bard (C.R.), Inc		2,000	113,260	0.47
	Biomet, Inc		4,939	231,540	0.96
*	Fisher Scientific International, Inc		2,091	121,968	0.50
*	KLA-Tencor Corp		3,816	158,288	0.65
	Other Securities			1,058,569	4.37

	TOTAL INSTRUMENTS AND RELATED PRODUCTS			1,683,625	6.95

	INSURANCE AGENTS, BROKERS AND SERVICE			175,906	0.73

	INSURANCE CARRIERS			241,373	1.00

	LEATHER AND LEATHER PRODUCTS
*	Coach, Inc		3,673	155,809	0.64
	Other Securities			22,720	0.10

	TOTAL LEATHER AND LEATHER PRODUCTS			178,529	0.74

	METAL MINING
	Freeport-McMoRan Copper & Gold, Inc (Class A)		3,039	123,080	0.51
	Other Securities			5,166	0.02

		TOTAL METAL MINING		128,246	0.53

	MISCELLANEOUS MANUFACTURING INDUSTRIES			65,159	0.27

	MISCELLANEOUS RETAIL			387,555	1.60

	MOTION PICTURES			43,581	0.18

	NONDEPOSITORY INSTITUTIONS			160,876	0.66

	OIL AND GAS EXTRACTION
	BJ Services Co		3,200	167,712	0.69
	XTO Energy, Inc		4,964	161,231	0.67
	Other Securities			325,981	1.34

		TOTAL OIL AND GAS EXTRACTION		654,924	2.70

	PAPER AND ALLIED PRODUCTS			44,175	0.18

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 147

Mid-Cap Growth Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	concluded

					% OF NET
COMPANY			SHARES	VALUE	ASSETS

PERSONAL SERVICES
H & R Block, Inc			3,403	$ 168,176	0.69	%
Other Securities				151,319	0.63

	TOTAL PERSONAL SERVICES			319,495	1.32

PRIMARY METAL INDUSTRIES				148,684	0.61

PRINTING AND PUBLISHING				464,990	1.92

RAILROAD TRANSPORTATION				19,736	0.08

REAL ESTATE				104,250	0.43

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS				71,539	0.30

SECURITY AND COMMODITY BROKERS				696,406	2.87

STONE, CLAY, AND GLASS PRODUCTS				7,349	0.03

TRANSPORTATION BY AIR
Southwest Airlines Co			12,043	164,026	0.68
Other Securities				48,534	0.20

	TOTAL TRANSPORTATION BY AIR			212,560	0.88

TRANSPORTATION EQUIPMENT				210,012	0.87

TRANSPORTATION SERVICES
Expeditors International Of Washington, Inc			2,100	108,570	0.45
Other Securities				75,384	0.31

TOTAL TRANSPORTATION SERVICES				183,954	0.76

TRUCKING AND WAREHOUSING				60,832	0.25

WHOLESALE TRADE-DURABLE GOODS				202,951	0.84

WHOLESALE TRADE-NONDURABLE GOODS				182,229	0.75

	TOTAL COMMON STOCKS	(Cost $19,709,643)		24,184,052	99.78

	TOTAL PORTFOLIO	(Cost $19,729,643)		24,212,085	99.90
OTHER ASSETS & LIABILITIES, NET				24,235	0.10

	NET ASSETS			$24,236,320	100.00	%


*	Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $19,756,196. Net unrealized appreciation of portfolio investments aggregated $4,455,889 of which $5,244,112 related to appreciated portfolio investments and $788,223 related to depreciated portfolio investments.

148 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Index Fund \|		Summary Portfolio of Investments as of September 30, 2004

						% OF NET
	COMPANY			SHARES	VALUE	ASSETS

	PREFERRED STOCKS
	TRANSPORTATION EQUIPMENT				$ 7,478	0.02	%

		TOTAL PREFERRED STOCKS	(Cost $6,542)		7,478	0.02

	COMMON STOCKS
	AMUSEMENT AND RECREATION SERVICES				169,327	0.46

	APPAREL AND ACCESSORY STORES
	Limited Brands, Inc			8,045	179,323	0.48
	Other Securities				88,832	0.24

	TOTAL APPAREL AND ACCESSORY STORES				268,155	0.72

	APPAREL AND OTHER TEXTILE PRODUCTS				292,183	0.78

	AUTO REPAIR, SERVICES AND PARKING				34,527	0.09

	AUTOMOTIVE DEALERS AND SERVICE STATIONS				61,488	0.16

	BUILDING MATERIALS AND GARDEN SUPPLIES				57,946	0.16

	BUSINESS SERVICES
*	Computer Sciences Corp			3,863	181,947	0.49
	Electronic Data Systems Corp			10,384	201,346	0.54
	Other Securities				822,046	2.21

		TOTAL BUSINESS SERVICES			1,205,339	3.24

	CHEMICALS AND ALLIED PRODUCTS
	Air Products & Chemicals, Inc			4,680	254,498	0.68
	PPG Industries, Inc			3,533	216,502	0.58
	Praxair, Inc			4,761	203,485	0.55
	Other Securities				947,439	2.55

	TOTAL CHEMICALS AND ALLIED PRODUCTS				1,621,924	4.36

	COAL MINING				171,783	0.46

	COMMUNICATIONS				618,875	1.66

	DEPOSITORY INSTITUTIONS
	AmSouth Bancorp			7,196	175,582	0.47
	Comerica, Inc			3,611	214,313	0.58
	Marshall & Ilsley Corp			4,600	185,380	0.50
	Regions Financial Corp			9,577	316,616	0.84
	SouthTrust Corp			6,789	282,830	0.76
	Other Securities				2,729,788	7.34

		TOTAL DEPOSITORY INSTITUTIONS			3,904,509	10.49

	EATING AND DRINKING PLACES				122,814	0.33

	EDUCATIONAL SERVICES				4,987	0.01

	ELECTRIC, GAS, AND SANITARY SERVICES
	Ameren Corp			3,958	182,662	0.49
	Consolidated Edison, Inc			4,965	208,729	0.56
	Edison International			6,709	177,856	0.48
	FPL Group, Inc			3,809	260,231	0.70
*	PG&E Corp			8,200	249,280	0.67
	PPL Corp			3,865	182,351	0.49

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 149

Mid-Cap Value Index Fund | Summary Portfolio of Investments
as of September 30, 2004

continued

% OF NET

COMPANY SHARES VALUE ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES—(continued)

Progress Energy, Inc 5,084 $ 215,257 0.58 %

Public Service Enterprise Group, Inc 4,878 207,803 0.56

TXU Corp 6,152 294,804 0.79

Other Securities 3,173,242 8.52

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 5,152,215 13.84

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 982,397 2.64

ENGINEERING AND MANAGEMENT SERVICES

Monsanto Co 5,400 196,668 0.53

Other Securities 110,581 0.30

TOTAL ENGINEERING AND MANAGEMENT SERVICES 307,249 0.83

FABRICATED METAL PRODUCTS 224,569 0.60

FOOD AND KINDRED PRODUCTS

Archer Daniels Midland Co 11,983 203,471 0.55

Other Securities 636,073 1.71

TOTAL FOOD AND KINDRED PRODUCTS 839,544 2.26

FOOD STORES

Albertson’s, Inc 7,575 181,270 0.49

* Kroger Co 15,203 235,951 0.63

* Safeway, Inc 9,196 177,575 0.48

TOTAL FOOD STORES 594,796 1.60

FURNITURE AND FIXTURES 474,058 1.27

FURNITURE AND HOMEFURNISHINGS STORES 109,515 0.29

GENERAL BUILDING CONTRACTORS 475,932 1.28

GENERAL MERCHANDISE STORES

Federated Department Stores, Inc 3,824 173,724 0.47

J.C. Penney Co, Inc 5,036 177,670 0.48

Sears Roebuck & Co 4,504 179,484 0.48

Other Securities 397,963 1.07

TOTAL GENERAL MERCHANDISE STORES 928,841 2.50

HEALTH SERVICES 202,234 0.54

HOLDING AND OTHER INVESTMENT OFFICES

Equity Office Properties Trust 8,315 226,584 0.61

Equity Residential 5,768 178,808 0.48

iShares Russell Midcap Value Index Fund 4,422 442,642 1.19

Other Securities 3,272,315 8.79

TOTAL HOLDING AND OTHER INVESTMENT OFFICES 4,120,349 11.07

HOTELS AND OTHER LODGING PLACES 223,218 0.60

INDUSTRIAL MACHINERY AND EQUIPMENT

Eaton Corp 3,099 196,508 0.53

* Xerox Corp 14,985 210,989 0.57

Other Securities 1,087,806 2.92

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 1,495,303 4.02

150 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Index Fund | Summary Portfolio of Investments
as of September 30, 2004

continued

% OF NET

COMPANY SHARES VALUE ASSETS

INSTRUMENTS AND RELATED PRODUCTS

Eastman Kodak Co 5,841 $ 188,197 0.51 %

Other Securities 282,657 0.76

TOTAL INSTRUMENTS AND RELATED PRODUCTS 470,854 1.27

INSURANCE AGENTS, BROKERS AND SERVICE

AON Corp 6,494 186,638 0.50

Other Securities 100,555 0.27

TOTAL INSURANCE AGENTS, BROKERS AND SERVICE 287,193 0.77

INSURANCE CARRIERS

Cigna Corp 2,904 202,206 0.54

Lincoln National Corp 3,700 173,900 0.47

Loews Corp 3,058 178,893 0.48

MBIA, Inc 3,008 175,096 0.47

Principal Financial Group 6,569 236,287 0.64

Other Securities 2,356,125 6.33

TOTAL INSURANCE CARRIERS 3,322,507 8.93

LUMBER AND WOOD PRODUCTS

Georgia-Pacific Corp 5,200 186,940 0.50

Other Securities 48,316 0.13

TOTAL LUMBER AND WOOD PRODUCTS 235,256 0.63

METAL MINING

Phelps Dodge Corp 1,924 177,066 0.48

Other Securities 10,332 0.02

TOTAL METAL MINING 187,398 0.50

MISCELLANEOUS MANUFACTURING INDUSTRIES 148,444 0.40

MISCELLANEOUS RETAIL 263,463 0.71

MOTION PICTURES 25,096 0.07

NONDEPOSITORY INSTITUTIONS 357,570 0.96

NONMETALLIC MINERALS, EXCEPT FUELS 106,791 0.29

OIL AND GAS EXTRACTION

Marathon Oil Corp 7,063 291,561 0.78

Unocal Corp 5,421 233,103 0.63

Other Securities 826,270 2.22

TOTAL OIL AND GAS EXTRACTION 1,350,934 3.63

PAPER AND ALLIED PRODUCTS 575,571 1.55

PERSONAL SERVICES 59,425 0.16

PETROLEUM AND COAL PRODUCTS

Valero Energy Corp 2,650 212,557 0.57

Other Securities 623,672 1.68

TOTAL PETROLEUM AND COAL PRODUCTS 836,229 2.25

PRIMARY METAL INDUSTRIES 311,398 0.84

PRINTING AND PUBLISHING 363,584 0.98

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 151

Mid-Cap Value Index Fund \|		Summary Portfolio of Investments as of September 30, 2004	concluded

					% OF NET
COMPANY			SHARES	VALUE	ASSETS

RAILROAD TRANSPORTATION
Burlington Northern Santa Fe Corp			7,646	$ 292,918	0.79	%
Norfolk Southern Corp			7,978	237,266	0.64
Other Securities				155,976	0.41

TOTAL RAILROAD TRANSPORTATION				686,160	1.84

REAL ESTATE				33,060	0.09

RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				45,980	0.12

SECURITY AND COMMODITY BROKERS
Bear Stearns Cos, Inc			2,200	211,574	0.57
Other Securities				249,506	0.67

TOTAL SECURITY AND COMMODITY BROKERS				461,080	1.24

STONE, CLAY, AND GLASS PRODUCTS				89,824	0.24

TOBACCO PRODUCTS
Reynolds American, Inc			3,000	204,120	0.55
Other Securities				167,275	0.45

	TOTAL TOBACCO PRODUCTS			371,395	1.00

TRANSPORTATION BY AIR				59,106	0.16

TRANSPORTATION EQUIPMENT
Paccar, Inc			3,612	249,661	0.67
Other Securities				690,450	1.86

TOTAL TRANSPORTATION EQUIPMENT				940,111	2.53

TRANSPORTATION SERVICES				70,180	0.19

TRUCKING AND WAREHOUSING				77,040	0.21

WHOLESALE TRADE-DURABLE GOODS				464,041	1.25

WHOLESALE TRADE-NONDURABLE GOODS				283,966	0.76

	TOTAL COMMON STOCKS	(Cost $29,325,235)		37,147,733	99.83

	TOTAL PORTFOLIO	(Cost $29,331,777)		37,155,211	99.85
	OTHER ASSETS & LIABILITIES, NET			55,095	0.15

	NET ASSETS			$37,210,306	100.00	%


*	Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $29,337,811. Net unrealized appreciation of portfolio investments aggregated $7,817,400 of which $8,449,941 related to appreciated portfolio investments and $632,541 related to depreciated portfolio investments.

152 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

TRANSPORTATION EQUIPMENT $ 30,952 0.06 %

TOTAL PREFERRED STOCKS (Cost $23,700) 30,952
0.06

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES 242,007 0.48

APPAREL AND ACCESSORY STORES

Limited Brands, Inc
6,874
153,221 0.30

Other Securities 440,242 0.88

TOTAL APPAREL AND ACCESSORY STORES 593,463 1.18

APPAREL AND OTHER TEXTILE PRODUCTS 257,860 0.51

AUTO REPAIR, SERVICES AND PARKING 51,085 0.10

AUTOMOTIVE DEALERS AND SERVICE STATIONS 254,740 0.51

BUILDING MATERIALS AND GARDEN SUPPLIES 104,492 0.21

BUSINESS SERVICES

Adobe Systems, Inc
3,900
192,933 0.38

Electronic Data Systems Corp
8,044
155,973 0.31

* Juniper Networks, Inc
8,802
207,727 0.41

Other Securities 3,355,820 6.68

TOTAL BUSINESS SERVICES 3,912,453 7.78

CHEMICALS AND ALLIED PRODUCTS

Air Products & Chemicals, Inc
3,773
205,176 0.41

Allergan, Inc
2,182
158,304 0.31

* Genzyme Corp
3,762
204,690 0.41

PPG Industries, Inc
2,800
171,584 0.34

Praxair, Inc
5,398
230,711 0.46

Other Securities 2,344,116 4.66

TOTAL CHEMICALS AND ALLIED PRODUCTS 3,314,581 6.59

COAL MINING 183,991 0.37

COMMUNICATIONS 1,175,031 2.34

DEPOSITORY INSTITUTIONS

Comerica, Inc
2,878
170,809 0.34

Regions Financial Corp
7,658
253,173 0.50

SouthTrust Corp
5,478
228,213 0.45

Other Securities 2,905,028 5.79

TOTAL DEPOSITORY INSTITUTIONS 3,557,223 7.08

EATING AND DRINKING PLACES

Yum! Brands, Inc
4,808
195,493 0.39

Other Securities 358,928 0.71

TOTAL EATING AND DRINKING PLACES 554,421 1.10

EDUCATIONAL SERVICES 168,462 0.34

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 153

Mid-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES

Consolidated Edison, Inc 4,100 $ 172,364 0.34 %

FPL Group, Inc 3,067 209,537 0.42

* PG&E Corp 6,624 201,370 0.40

Progress Energy, Inc 4,092 173,255 0.34

Public Service Enterprise Group, Inc 3,900 166,140 0.33

TXU Corp 4,950 237,204 0.47

Other Securities 3,180,189 6.33

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES
4,340,059 8.63

ELECTRONIC & OTHER ELECTRIC EQUIPMENT

Linear Technology Corp 5,138 186,201 0.37

Other Securities 2,535,169 5.04

TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT
2,721,370 5.41

ENGINEERING AND MANAGEMENT SERVICES

Monsanto Co 4,500 163,890 0.33

Moody’s Corp 2,100 153,825 0.31

Other Securities 570,540 1.13

TOTAL ENGINEERING AND MANAGEMENT SERVICES
888,255 1.77

FABRICATED METAL PRODUCTS

Fortune Brands, Inc 2,429 179,965 0.36

Other Securities 240,592 0.48

TOTAL FABRICATED METAL PRODUCTS 420,557 0.84

FOOD AND KINDRED PRODUCTS

Archer Daniels Midland Co 9,669 164,180 0.33

Other Securities 795,763 1.58

TOTAL FOOD AND KINDRED PRODUCTS 959,943 1.91

FOOD STORES

* Kroger Co 12,244 190,027 0.38

Other Securities 383,602 0.76

TOTAL FOOD STORES 573,629 1.14

FURNITURE AND FIXTURES

Johnson Controls, Inc 3,200 181,792 0.36

Other Securities 373,645 0.74

TOTAL FURNITURE AND FIXTURES 555,437 1.10

FURNITURE AND HOMEFURNISHINGS STORES

* Bed Bath & Beyond, Inc 4,990 185,179 0.37

Other Securities 277,632 0.55

TOTAL FURNITURE AND HOMEFURNISHINGS STORES
462,811 0.92

GENERAL BUILDING CONTRACTORS 698,914 1.39

GENERAL MERCHANDISE STORES 972,337 1.93

HEALTH SERVICES 724,907 1.44

HOLDING AND OTHER INVESTMENT OFFICES

Equity Office Properties Trust 6,699 182,548 0.36

Other Securities 3,013,767 6.00

TOTAL HOLDING AND OTHER INVESTMENT OFFICES
3,196,315 6.36

154 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

HOTELS AND OTHER LODGING PLACES

Marriott International, Inc (Class A) 3,198 $ 166,168 0.33 %

Starwood Hotels & Resorts Worldwide, Inc 3,437 159,546 0.32

Other Securities 291,886 0.58

TOTAL HOTELS AND OTHER LODGING PLACES
617,600 1.23

INDUSTRIAL MACHINERY AND EQUIPMENT

* Apple Computer, Inc 6,200 240,250 0.48

Baker Hughes, Inc 5,530 241,772 0.48

Eaton Corp 2,502 158,652 0.32

* Lexmark International, Inc 2,158 181,294 0.36

Pitney Bowes, Inc 3,840 169,344 0.34

* Xerox Corp 13,290 187,123 0.37

Other Securities 1,825,187 3.62

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 3,003,622 5.97

INSTRUMENTS AND RELATED PRODUCTS

Biomet, Inc 4,226 198,115 0.39

Eastman Kodak Co 4,761 153,399 0.31

Other Securities 1,453,755 2.89

TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,805,269 3.59

INSURANCE AGENTS, BROKERS AND SERVICE 380,274 0.76

INSURANCE CARRIERS

* Anthem, Inc 2,302 200,850 0.40

Cigna Corp 2,400 167,112 0.33

Principal Financial Group 5,299 190,605 0.38

Other Securities 2,324,629 4.63

TOTAL INSURANCE CARRIERS 2,883,196 5.74

LEATHER AND LEATHER PRODUCTS 148,542 0.30

LUMBER AND WOOD PRODUCTS

Georgia-Pacific Corp 4,300 154,585 0.31

Other Securities 37,549 0.07

TOTAL LUMBER AND WOOD PRODUCTS 192,134 0.38

METAL MINING 258,843 0.51

MISCELLANEOUS MANUFACTURING INDUSTRIES 174,218 0.35

MISCELLANEOUS RETAIL 554,042 1.10

MOTION PICTURES 57,261 0.11

NONDEPOSITORY INSTITUTIONS 421,534 0.84

NONMETALLIC MINERALS, EXCEPT FUELS 81,520 0.16

OIL AND GAS EXTRACTION

Marathon Oil Corp 5,738 236,865 0.47

Unocal Corp 4,329 186,147 0.37

Other Securities 1,214,039 2.42

TOTAL OIL AND GAS EXTRACTION 1,637,051 3.26

PAPER AND ALLIED PRODUCTS 505,885 1.01

PERSONAL SERVICES 314,241 0.63

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 155

Mid-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PETROLEUM AND COAL PRODUCTS

Valero Energy Corp 2,138 $ 171,489 0.34 %

Other Securities 487,856 0.97

TOTAL PETROLEUM AND COAL PRODUCTS 659,345 1.31

PRIMARY METAL INDUSTRIES 376,246 0.75

PRINTING AND PUBLISHING 677,042 1.35

RAILROAD TRANSPORTATION

Burlington Northern Santa Fe Corp 6,156 235,836 0.47

Norfolk Southern Corp 6,400 190,336 0.38

Other Securities 147,103 0.29

TOTAL RAILROAD TRANSPORTATION 573,275 1.14

REAL ESTATE 120,390 0.24

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 97,938 0.19

SECURITY AND COMMODITY BROKERS

Bear Stearns Cos, Inc 1,700 163,489 0.33

Other Securities 768,549 1.52

TOTAL SECURITY AND COMMODITY BROKERS 932,038 1.85

STONE, CLAY, AND GLASS PRODUCTS 75,962 0.15

TOBACCO PRODUCTS

Reynolds American, Inc 2,430 165,337 0.33

Other Securities 131,137 0.26

TOTAL TOBACCO PRODUCTS 296,474 0.59

TRANSPORTATION BY AIR

Southwest Airlines Co 13,121 178,708 0.36

Other Securities 52,674 0.10

TOTAL TRANSPORTATION BY AIR 231,382 0.46

TRANSPORTATION EQUIPMENT

Paccar, Inc 2,850 196,992 0.39

Other Securities 739,403 1.47

TOTAL TRANSPORTATION EQUIPMENT 936,395 1.86

TRANSPORTATION SERVICES 210,335 0.42

TRUCKING AND WAREHOUSING 111,187 0.22

WHOLESALE TRADE-DURABLE GOODS 552,761 1.10

WHOLESALE TRADE-NONDURABLE GOODS 388,922 0.78

TOTAL COMMON STOCKS (Cost $38,929,438) 50,159,267 99.78

TOTAL PORTFOLIO (Cost $38,953,138) 50,190,219 99.84

OTHER ASSETS & LIABILITIES, NET 80,102 0.16

NET ASSETS $50,270,321 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $39,026,804. Net unrealized appreciation of portfolio investments aggregated $11,163,415 of which $12,273,393 related to appreciated portfolio investments and $1,109,978 related to depreciated portfolio investments.

156 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

HEALTH SERVICES $ 14,512 0.02 %

TOTAL PREFERRED STOCKS (Cost $14,350) 14,512
0.02

COMMON STOCK

AGRICULTURAL PRODUCTION-CROPS 82,979 0.13

AMUSEMENT AND RECREATION SERVICES

* Penn National Gaming, Inc 4,400 177,760 0.27

Other Securities 424,984 0.65

TOTAL AMUSEMENT AND RECREATION SERVICES 602,744 0.92

APPAREL AND ACCESSORY STORES

* Aeropostale, Inc 7,690 201,478 0.31

Other Securities 586,642 0.89

TOTAL APPAREL AND ACCESSORY STORES 788,120 1.20

APPAREL AND OTHER TEXTILE PRODUCTS

* Quiksilver, Inc 7,799 198,251 0.30

Other Securities 239,228 0.37

TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 437,479 0.67

AUTO REPAIR, SERVICES AND PARKING 64,249 0.10

AUTOMOTIVE DEALERS AND SERVICE STATIONS 149,261 0.23

BUSINESS SERVICES

* Brocade Communications Systems, Inc 29,680 167,687 0.26

* CACI International, Inc (Class A) 4,069 214,757 0.33

* Cerner Corp 4,003 173,165 0.26

* Earthlink, Inc 17,391 179,122 0.27

* Hyperion Solutions Corp 5,399 183,512 0.28

* Infospace, Inc 4,420 209,461 0.32

* Kronos, Inc 4,345 192,440 0.29

* Take-Two Interactive Software, Inc 5,192 170,557 0.26

Other Securities 9,375,275 14.26

TOTAL BUSINESS SERVICES 10,865,976 16.53

CHEMICALS AND ALLIED PRODUCTS

* IMC Global, Inc 16,100 279,979 0.42

* Onyx Pharmaceuticals, Inc 4,832 207,824 0.31

* Par Pharmaceutical Cos, Inc 4,780 171,745 0.26

Valeant Pharmaceuticals International 8,899 214,644 0.33

Other Securities 5,524,610 8.42

TOTAL CHEMICALS AND ALLIED PRODUCTS 6,398,802 9.74

COMMUNICATIONS 1,243,133 1.89

DEPOSITORY INSTITUTIONS

East West Bancorp, Inc 6,997 235,029 0.36

First Bancorp (Puerto Rico) 4,538 219,185 0.33

Southwest Bancorp Of Texas, Inc 9,042 182,106 0.28

Other Securities 3,250,646 4.94

TOTAL DEPOSITORY INSTITUTIONS 3,886,966 5.91

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 157

Small-Cap Growth Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

EATING AND DRINKING PLACES

* CEC Entertainment, Inc 5,185 $ 190,549 0.29 %

* P.F. Chang’s China Bistro, Inc 3,600 174,564 0.27

* Sonic Corp 8,375 214,651 0.32

Other Securities 652,285 0.99

TOTAL EATING AND DRINKING PLACES 1,232,049 1.87

EDUCATIONAL SERVICES

Strayer Education, Inc 2,114 243,131 0.37

Other Securities 94,852 0.14

TOTAL EDUCATIONAL SERVICES 337,983 0.51

ELECTRIC, GAS, AND SANITARY SERVICES

* Waste Connections, Inc 6,700 212,256 0.32

Other Securities 121,041 0.19

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES
333,297 0.51

ELECTRONIC & OTHER ELECTRIC EQUIPMENT

* Skyworks Solutions, Inc 18,771 178,325 0.27

Other Securities 5,879,445 8.95

TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT
6,057,770 9.22

ENGINEERING AND MANAGEMENT SERVICES 2,580,212 3.93

FABRICATED METAL PRODUCTS

Simpson Manufacturing Co, Inc 2,645 167,164 0.25

Other Securities 570,689 0.87

TOTAL FABRICATED METAL PRODUCTS 737,853 1.12

FOOD AND KINDRED PRODUCTS 328,217 0.50

FOOD STORES 212,592 0.32

FURNITURE AND FIXTURES 258,636 0.39

FURNITURE AND HOMEFURNISHINGS STORES 383,585 0.58

GENERAL BUILDING CONTRACTORS 257,354 0.39

GENERAL MERCHANDISE STORES 509,923 0.78

HEALTH SERVICES

* Apria Healthcare Group, Inc 7,024 191,404 0.29

* Pediatrix Medical Group, Inc 3,221 176,672 0.27

Select Medical Corp 12,713 170,736 0.26

Other Securities 1,673,531 2.54

TOTAL HEALTH SERVICES 2,212,343 3.36

HEAVY CONSTRUCTION, EXCEPT BUILDING 20,052 0.03

HOLDING AND OTHER INVESTMENT OFFICES

iShares Russell 2000 Growth Index Fund 4,838 283,507 0.43

Other Securities 1,035,007 1.58

TOTAL HOLDING AND OTHER INVESTMENT OFFICES
1,318,514 2.01

HOTELS AND OTHER LODGING PLACES

Boyd Gaming Corp 6,399 180,132 0.27

Other Securities 44,164 0.07

TOTAL HOTELS AND OTHER LODGING PLACES 224,296 0.34

158 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INDUSTRIAL MACHINERY AND EQUIPMENT

* Scientific Games Corp (Class A) 10,700 $ 204,370 0.31 %

Toro Co 3,378 230,717 0.35

Other Securities 3,027,412 4.61

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 3,462,499 5.27

INSTRUMENTS AND RELATED PRODUCTS

* Advanced Medical Optics, Inc 5,043 199,552 0.30

Mentor Corp 5,544 186,722 0.28

* Steris Corp 8,229 180,544 0.27

* Techne Corp 4,455 170,092 0.26

* Trimble Navigation Ltd 7,107 224,581 0.34

* Varian, Inc 4,860 184,048 0.28

Other Securities 4,830,496 7.36

TOTAL INSTRUMENTS AND RELATED PRODUCTS 5,976,035 9.09

INSURANCE AGENTS, BROKERS AND SERVICE

National Financial Partners Corp 4,654 166,520 0.25

Other Securities 176,080 0.27

TOTAL INSURANCE AGENTS, BROKERS AND SERVICE
342,600 0.52

INSURANCE CARRIERS 812,224 1.24

LEATHER AND LEATHER PRODUCTS 101,077 0.15

LEGAL SERVICES 37,133 0.06

LUMBER AND WOOD PRODUCTS 130,109 0.20

METAL MINING 323,357 0.49

MISCELLANEOUS MANUFACTURING INDUSTRIES

* Yankee Candle Co, Inc 6,832 197,855 0.30

Other Securities 426,523 0.65

TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES
624,378 0.95

MISCELLANEOUS RETAIL 900,346 1.37

MOTION PICTURES 35,759 0.05

NONDEPOSITORY INSTITUTIONS

* New Century Financial Corp 3,245 195,414 0.30

Other Securities 270,495 0.41

TOTAL NONDEPOSITORY INSTITUTIONS 465,909 0.71

NONMETALLIC MINERALS, EXCEPT FUELS 7,992 0.01

OIL AND GAS EXTRACTION

* Cal Dive International, Inc 5,277 187,967 0.29

* Denbury Resources, Inc 7,601 193,065 0.29

* Unit Corp 5,257 184,416 0.28

Other Securities 1,910,073 2.91

TOTAL OIL AND GAS EXTRACTION 2,475,521 3.77

PAPER AND ALLIED PRODUCTS 87,411 0.13

PERSONAL SERVICES 69,784 0.11

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 159

Small-Cap Growth Index Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PETROLEUM AND COAL PRODUCTS $ 334,584 0.51 %

PRIMARY METAL INDUSTRIES

Allegheny Technologies, Inc 13,305 242,816 0.37

* Maverick Tube Corp 5,858 180,485 0.27

Steel Dynamics, Inc 4,736 182,904 0.28

Other Securities 764,873 1.17

TOTAL PRIMARY METAL INDUSTRIES 1,371,078 2.09

PRINTING AND PUBLISHING 853,382 1.30

RAILROAD TRANSPORTATION 79,480 0.12

REAL ESTATE 65,549 0.10

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 370,483 0.56

SECURITY AND COMMODITY BROKERS

* Affiliated Managers Group, Inc 3,332 178,395 0.27

Other Securities 47,880 0.07

TOTAL SECURITY AND COMMODITY BROKERS 226,275 0.34

SOCIAL SERVICES 97,722 0.15

SPECIAL TRADE CONTRACTORS 203,974 0.31

STONE, CLAY, AND GLASS PRODUCTS 281,077 0.43

TOBACCO PRODUCTS 48,953 0.07

TRANSPORTATION BY AIR 382,670 0.58

TRANSPORTATION EQUIPMENT 1,028,653 1.57

TRANSPORTATION SERVICES 307,911 0.47

TRUCKING AND WAREHOUSING

* Landstar System, Inc 3,871 227,150 0.35

Other Securities 368,025 0.56

TOTAL TRUCKING AND WAREHOUSING 595,175 0.91

WATER TRANSPORTATION 80,088 0.12

WHOLESALE TRADE-DURABLE GOODS

SCP Pool Corp 7,348 196,486 0.30

Other Securities 1,218,933 1.85

TOTAL WHOLESALE TRADE-DURABLE GOODS 1,415,419 2.15

WHOLESALE TRADE-NONDURABLE GOODS 1,030,122 1.57

TOTAL COMMON STOCKS (Cost $55,159,370) 66,149,114 100.65

TOTAL PORTFOLIO (Cost $55,173,720) 66,163,626 100.67

OTHER ASSETS & LIABILITIES, NET (438,231 ) (0.67 )

NET ASSETS $65,725,395 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $55,344,192. Net unrealized appreciation of portfolio investments aggregated $10,819,434 of which $15,036,187 related to appreciated portfolio investments and $4,216,753 related to depreciated portfolio investments.

160 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Value Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY/ISSUER
SHARES

VALUE

ASSETS

CORPORATE BONDS

REAL ESTATE $ 8,240 0.01 %

TOTAL CORPORATE BONDS (Cost $4,215) 8,240
0.01

COMMON STOCKS

AGRICULTURAL PRODUCTION-CROPS 86,205 0.14

AGRICULTURAL PRODUCTION-LIVESTOCK 21,094 0.03

AMUSEMENT AND RECREATION SERVICES 502,992 0.79

APPAREL AND ACCESSORY STORES 632,182 0.99

APPAREL AND OTHER TEXTILE PRODUCTS 256,205 0.40

AUTO REPAIR, SERVICES AND PARKING 175,056 0.28

AUTOMOTIVE DEALERS AND SERVICE STATIONS 281,107 0.44

BUILDING MATERIALS AND GARDEN SUPPLIES 108,334 0.17

BUSINESS SERVICES

* Bisys Group, Inc
14,418
210,647 0.33

Other Securities
2,805,268 4.41

TOTAL BUSINESS SERVICES
3,015,915 4.74

CHEMICALS AND ALLIED PRODUCTS

Cytec Industries, Inc
4,693
229,722 0.36

* FMC Corp
4,454
216,331 0.34

* Human Genome Sciences, Inc
15,614
170,349 0.27

* Millenium Chemicals, Inc.
7,623
161,684 0.25

Other Securities
2,392,821 3.77

TOTAL CHEMICALS AND ALLIED PRODUCTS 3,170,907 4.99

COMMUNICATIONS 1,077,504 1.69

DEPOSITORY INSTITUTIONS

Bancorpsouth, Inc
9,369
215,393 0.34

Citizens Banking Corp
5,156
167,931 0.26

Old National Bancorp
7,843
194,820 0.31

Trustmark Corp
5,591
173,768 0.27

Other Securities
7,769,236 12.22

TOTAL DEPOSITORY INSTITUTIONS 8,521,148 13.40

EATING AND DRINKING PLACES

CBRL Group, Inc
4,967
179,209 0.28

Other Securities 638,864 1.01

TOTAL EATING AND DRINKING PLACES 818,073 1.29

ELECTRIC, GAS, AND SANITARY SERVICES

Atmos Energy Corp
7,348
185,096 0.29

* CMS Energy Corp
19,670
187,258 0.29

Energen Corp
4,307
222,026 0.35

Nicor, Inc
5,243
192,418 0.30

Peoples Energy Corp
4,458
185,809 0.29

Piedmont Natural Gas Co, Inc
4,557
200,235 0.31

PNM Resources, Inc
7,074
159,236 0.25

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 161

Small-Cap Value Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES—(continued)

WGL Holdings, Inc 5,725 $ 161,789 0.25 %

Other Securities 2,449,776 3.87

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 3,943,643 6.20

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

Thomas & Betts Corp 7,089 190,127 0.30

Other Securities 2,181,056 3.43

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
2,371,183 3.73

ENGINEERING AND MANAGEMENT SERVICES 892,144 1.40

FABRICATED METAL PRODUCTS 721,455 1.13

FISHING, HUNTING, AND TRAPPING 6,930 0.01

FOOD AND KINDRED PRODUCTS

Corn Products International, Inc 4,292 197,861 0.31

Other Securities 896,988 1.41

TOTAL FOOD AND KINDRED PRODUCTS 1,094,849 1.72

FOOD STORES 209,335 0.33

FURNITURE AND FIXTURES 441,874 0.70

FURNITURE AND HOMEFURNISHINGS STORES 217,587 0.34

GENERAL BUILDING CONTRACTORS

Beazer Homes U.S.A., Inc 1,609 171,986 0.27

Other Securities 279,024 0.44

TOTAL GENERAL BUILDING CONTRACTORS 451,010 0.71

GENERAL MERCHANDISE STORES 133,029 0.21

HEALTH SERVICES 647,379 1.02

HEAVY CONSTRUCTION, EXCEPT BUILDING 134,914 0.21

HOLDING AND OTHER INVESTMENT OFFICES

American Financial Realty Trust 13,062 184,305 0.29

CarrAmerica Realty Corp 6,367 208,201 0.33

First Industrial Realty Trust, Inc 4,907 181,068 0.28

Greater Bay Bancorp 5,652 162,495 0.26

Healthcare Realty Trust, Inc 5,706 222,762 0.35

Home Properties, Inc 4,005 158,438 0.25

IMPAC Mortgage Holdings, Inc 7,831 205,955 0.32

iShares Russell 2000 Value Index Fund 6,836 1,173,673 1.85

* La Quinta Corp 22,500 175,500 0.28

Nationwide Health Properties, Inc 7,999 165,979 0.26

Prentiss Properties Trust 5,234 188,424 0.30

Realty Income Corp 4,721 212,587 0.33

Other Securities 6,667,927 10.48

TOTAL HOLDING AND OTHER INVESTMENT OFFICES
9,907,314 15.58

HOTELS AND OTHER LODGING PLACES 283,782 0.45

162 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Value Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INDUSTRIAL MACHINERY AND EQUIPMENT

* Flowserve Corp 6,598 $ 159,540 0.25 %

Kennametal, Inc 4,300 194,145 0.31

* Terex Corp 4,245 184,233 0.29

Other Securities 2,588,130 4.07

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 3,126,048 4.92

INSTRUMENTS AND RELATED PRODUCTS 1,379,440 2.17

INSURANCE AGENTS, BROKERS AND SERVICE 68,381 0.11

INSURANCE CARRIERS

AmerUs Group Co 4,780 195,980 0.31

Other Securities 2,362,593 3.71

TOTAL INSURANCE CARRIERS 2,558,573 4.02

JUSTICE, PUBLIC ORDER AND SAFETY 20,511 0.03

LEATHER AND LEATHER PRODUCTS 182,903 0.29

LOCAL AND INTERURBAN PASSENGER TRANSIT

* Laidlaw International, Inc 12,284 202,072 0.32

TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT
202,072 0.32

LUMBER AND WOOD PRODUCTS 163,857 0.26

METAL MINING 161,018 0.25

MISCELLANEOUS MANUFACTURING INDUSTRIES 467,264 0.73

MISCELLANEOUS RETAIL 427,480 0.67

MOTION PICTURES 196,406 0.31

NONDEPOSITORY INSTITUTIONS 484,373 0.76

NONMETALLIC MINERALS, EXCEPT FUELS 80,569 0.13

OIL AND GAS EXTRACTION

* Cimarex Energy Co 4,887 170,752 0.27

* Forest Oil Corp 5,968 179,756 0.28

* Key Energy Services, Inc 15,752 174,060 0.27

* Plains Exploration & Production Co 7,309 174,393 0.27

Other Securities 2,092,803 3.30

TOTAL OIL AND GAS EXTRACTION 2,791,764 4.39

PAPER AND ALLIED PRODUCTS

Potlatch Corp 3,500 163,835 0.26

Other Securities 591,215 0.93

TOTAL PAPER AND ALLIED PRODUCTS 755,050 1.19

PERSONAL SERVICES 189,094 0.30

PETROLEUM AND COAL PRODUCTS

* Tesoro Petroleum Corp 7,607 224,635 0.35

Other Securities 122,676 0.20

TOTAL PETROLEUM AND COAL PRODUCTS 347,311 0.55

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 163

Small-Cap Value Index Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PRIMARY METAL INDUSTRIES $ 1,343,006 2.11 %

PRINTING AND PUBLISHING

American Greetings Corp (Class A) 7,425 186,516 0.29

Other Securities 640,835 1.01

TOTAL PRINTING AND PUBLISHING 827,351 1.30

RAILROAD TRANSPORTATION 197,497 0.31

REAL ESTATE 395,252 0.62

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS

Aptargroup, Inc 4,420 194,347 0.31

* Goodyear Tire & Rubber Co 18,271 196,231 0.31

Other Securities 480,926 0.75

TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS
871,504 1.37

SECURITY AND COMMODITY BROKERS 443,230 0.70

SOCIAL SERVICES 23,404 0.04

SPECIAL TRADE CONTRACTORS 264,300 0.42

STONE, CLAY, AND GLASS PRODUCTS 332,740 0.52

TOBACCO PRODUCTS 130,929 0.21

TRANSPORTATION BY AIR 502,222 0.79

TRANSPORTATION EQUIPMENT 1,157,394 1.82

TRANSPORTATION SERVICES 241,856 0.38

TRUCKING AND WAREHOUSING 491,773 0.77

WATER TRANSPORTATION

Alexander & Baldwin, Inc 5,066 171,940 0.27

Overseas Shipholding Group, Inc 3,293 163,465 0.26

Other Securities 80,319 0.12

TOTAL WATER TRANSPORTATION 415,724 0.65

WHOLESALE TRADE-DURABLE GOODS 948,067 1.49

WHOLESALE TRADE-NONDURABLE GOODS

* United Stationers, Inc 3,856 167,350 0.26

Other Securities 1,003,482 1.58

TOTAL WHOLESALE TRADE-NONDURABLE GOODS 1,170,832 1.84

TOTAL COMMON STOCKS (Cost $53,647,962) 63,482,345 99.83

TOTAL PORTFOLIO (Cost $53,652,177) 63,490,585 99.84

OTHER ASSETS & LIABILITIES, NET 104,167 0.16

NET ASSETS $63,594,752 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $53,878,974. Net unrealized appreciation of portfolio investments aggregated $9,611,611 of which $12,225,093 related to appreciated portfolio investments and $2,613,482 related to depreciated portfolio investments.

164 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY/ISSUER
SHARES

VALUE

ASSETS

CORPORATE BONDS

REAL ESTATE $ 9,270 0.01 %

TOTAL CORPORATE BONDS (Cost $4,686) 9,270
0.01

PREFERRED STOCKS

HEALTH SERVICES 12,588 0.01

TOTAL PREFERRED STOCKS (Cost $12,447) 12,588
0.01

COMMON STOCKS

AGRICULTURAL PRODUCTION-CROPS 172,212 0.13

AGRICULTURAL PRODUCTION-LIVESTOCK 22,266 0.02

AGRICULTURAL SERVICES 12 0.00

AMUSEMENT AND RECREATION SERVICES 1,067,144 0.82

APPAREL AND ACCESSORY STORES

* Aeropostale, Inc 7,357 192,753 0.15

Other Securities 1,207,024 0.93

TOTAL APPAREL AND ACCESSORY STORES 1,399,777 1.08

APPAREL AND OTHER TEXTILE PRODUCTS 674,437 0.52

AUTO REPAIR, SERVICES AND PARKING 250,737 0.19

AUTOMOTIVE DEALERS AND SERVICE STATIONS 434,495 0.34

BUILDING MATERIALS AND GARDEN SUPPLIES 108,334 0.08

BUSINESS SERVICES

* Bisys Group, Inc 14,854 217,017 0.17

Other Securities 12,700,508 9.80

TOTAL BUSINESS SERVICES 12,917,525 9.97

CHEMICALS AND ALLIED PRODUCTS

Cytec Industries, Inc 4,764 233,198 0.18

* FMC Corp 4,569 221,916 0.17

* IMC Global, Inc 14,312 248,886 0.19

Valeant Pharmaceuticals International 10,430 251,572 0.19

Other Securities 8,098,706 6.26

TOTAL CHEMICALS AND ALLIED PRODUCTS 9,054,278 6.99

COMMUNICATIONS 2,289,019 1.77

DEPOSITORY INSTITUTIONS

Bancorpsouth, Inc 8,996 206,818 0.16

Cathay General Bancorp 5,386 200,305 0.15

East West Bancorp, Inc 6,000 201,540 0.16

First Midwest Bancorp, Inc 6,048 209,019 0.16

Old National Bancorp 7,969 197,950 0.15

Park National Corp 1,795 228,378 0.18

Other Securities 11,213,060 8.65

TOTAL DEPOSITORY INSTITUTIONS 12,457,070 9.61

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 165

Small-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

EATING AND DRINKING PLACES

CBRL Group, Inc 6,279 $ 226,546 0.17 %

* Sonic Corp 7,546 193,404 0.15

Other Securities 1,562,526 1.21

TOTAL EATING AND DRINKING PLACES 1,982,476 1.53

EDUCATIONAL SERVICES

Strayer Education, Inc 1,854 213,229 0.16

Other Securities 88,171 0.07

TOTAL EDUCATIONAL SERVICES 301,400 0.23

ELECTRIC, GAS, AND SANITARY SERVICES

* CMS Energy Corp 20,244 192,723 0.15

Energen Corp 4,700 242,285 0.19

Nicor, Inc 5,533 203,061 0.16

Peoples Energy Corp 4,667 194,521 0.15

Piedmont Natural Gas Co, Inc 4,719 207,353 0.16

Other Securities 3,459,721 2.66

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 4,499,664 3.47

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT

Thomas & Betts Corp 7,235 194,043 0.15

Other Securities 7,758,710 5.99

TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
7,952,753 6.14

ENGINEERING AND MANAGEMENT SERVICES 3,295,745 2.55

FABRICATED METAL PRODUCTS

* Crown Holdings, Inc 20,516 211,520 0.16

Other Securities 1,194,068 0.92

TOTAL FABRICATED METAL PRODUCTS 1,405,588 1.08

FISHING, HUNTING, AND TRAPPING 6,160 0.00

FOOD AND KINDRED PRODUCTS

Corn Products International, Inc 4,626 213,259 0.16

* Hercules, Inc 13,596 193,743 0.15

Other Securities 1,030,683 0.80

TOTAL FOOD AND KINDRED PRODUCTS 1,437,685 1.11

FOOD STORES 427,393 0.33

FURNITURE AND FIXTURES 682,461 0.53

FURNITURE AND HOMEFURNISHINGS STORES 578,263 0.45

GENERAL BUILDING CONTRACTORS 722,193 0.56

GENERAL MERCHANDISE STORES 579,427 0.45

HEALTH SERVICES 2,656,304 2.05

HEAVY CONSTRUCTION, EXCEPT BUILDING 158,015 0.12

166 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

HOLDING AND OTHER INVESTMENT OFFICES

CarrAmerica Realty Corp 6,823 $ 223,112 0.17 %

Essex Property Trust, Inc 2,855 205,132 0.16

First Industrial Realty Trust, Inc 5,400 199,260 0.15

Healthcare Realty Trust, Inc 5,995 234,045 0.18

IMPAC Mortgage Holdings, Inc 8,303 218,369 0.17

iShares Russell 2000 Index Fund 38,733 4,409,752 3.40

Prentiss Properties Trust 5,664 203,904 0.16

Realty Income Corp 4,958 223,259 0.17

Other Securities 8,614,716 6.65

TOTAL HOLDING AND OTHER INVESTMENT OFFICES
14,531,549 11.21

HOTELS AND OTHER LODGING PLACES 505,484 0.39

INDUSTRIAL MACHINERY AND EQUIPMENT

IDEX Corp 6,164 209,329 0.16

Joy Global, Inc 6,364 218,794 0.17

Kennametal, Inc 4,500 203,175 0.16

* Terex Corp 6,100 264,740 0.20

Toro Co 3,067 209,476 0.16

Other Securities 5,292,534 4.09

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 6,398,048 4.94

INSTRUMENTS AND RELATED PRODUCTS

* Techne Corp 5,175 197,582 0.15

* Trimble Navigation Ltd 6,266 198,006 0.15

Other Securities 6,418,146 4.96

TOTAL INSTRUMENTS AND RELATED PRODUCTS 6,813,734 5.26

INSURANCE AGENTS, BROKERS AND SERVICE 385,378 0.30

INSURANCE CARRIERS

AmerUs Group Co 5,003 205,123 0.16

Other Securities 3,236,560 2.50

TOTAL INSURANCE CARRIERS 3,441,683 2.66

JUSTICE, PUBLIC ORDER AND SAFETY 21,943 0.02

LEATHER AND LEATHER PRODUCTS 285,297 0.22

LEGAL SERVICES 36,157 0.03

LOCAL AND INTERURBAN PASSENGER TRANSIT

* Laidlaw International, Inc 12,812 210,757 0.16

TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT
210,757 0.16

LUMBER AND WOOD PRODUCTS 297,701 0.23

METAL MINING 465,859 0.36

MISCELLANEOUS MANUFACTURING INDUSTRIES 1,066,493 0.82

MISCELLANEOUS RETAIL 1,272,983 0.98

MOTION PICTURES 250,718 0.19

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 167

Small-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

NONDEPOSITORY INSTITUTIONS

* New Century Financial Corp 3,550 $ 213,781 0.16 %

Other Securities 717,969 0.56

TOTAL NONDEPOSITORY INSTITUTIONS
931,750 0.72

NONMETALLIC MINERALS, EXCEPT FUELS 95,113 0.07

OIL AND GAS EXTRACTION

* Plains Exploration & Production Co 9,714 231,776 0.18

* Southwestern Energy Co 4,622 194,078 0.15

Other Securities 4,766,618 3.68

TOTAL OIL AND GAS EXTRACTION
5,192,472 4.01

PAPER AND ALLIED PRODUCTS 870,424 0.67

PERSONAL SERVICES 265,201 0.20

PETROLEUM AND COAL PRODUCTS

* Tesoro Petroleum Corp 8,600 253,958 0.20

Other Securities 445,550 0.34

TOTAL PETROLEUM AND COAL PRODUCTS
699,508 0.54

PRIMARY METAL INDUSTRIES

Allegheny Technologies, Inc 11,950 218,088 0.17

Other Securities 2,463,135 1.90

TOTAL PRIMARY METAL INDUSTRIES
2,681,223 2.07

PRINTING AND PUBLISHING

American Greetings Corp (Class A) 8,055 202,342 0.16

Other Securities 1,434,972 1.10

TOTAL PRINTING AND PUBLISHING
1,637,314 1.26

RAILROAD TRANSPORTATION 263,006 0.20

REAL ESTATE 478,823 0.37

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS

Aptargroup, Inc 4,615 202,922 0.16

* Goodyear Tire & Rubber Co 18,838 202,320 0.16

Other Securities 853,598 0.65

TOTAL RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS
1,258,840 0.97

SECURITY AND COMMODITY BROKERS 663,271 0.51

SOCIAL SERVICES 116,027 0.09

SPECIAL TRADE CONTRACTORS 459,517 0.35

STONE, CLAY, AND GLASS PRODUCTS 603,392 0.47

TOBACCO PRODUCTS 185,652 0.14

TRANSPORTATION BY AIR 871,472 0.67

TRANSPORTATION EQUIPMENT 2,165,761 1.67

TRANSPORTATION SERVICES 534,514 0.41

TRUCKING AND WAREHOUSING

* Landstar System, Inc 3,700 217,116 0.17

Other Securities 842,502 0.65

TOTAL TRUCKING AND WAREHOUSING
1,059,618 0.82

168 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

WATER TRANSPORTATION $ 505,870 0.39 %

WHOLESALE TRADE-DURABLE GOODS 2,277,961 1.76

WHOLESALE TRADE-NONDURABLE GOODS 2,150,690 1.66

TOTAL COMMON STOCKS (Cost $101,315,475) 129,484,036 99.91

TOTAL PORTFOLIO (Cost $101,332,608) 129,505,894 99.93

OTHER ASSETS & LIABILITIES, NET 87,442 0.07

NET ASSETS $129,593,336 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $101,647,704. Net unrealized appreciation of portfolio investments aggregated $27,858,190 of which $32,927,831 related to appreciated portfolio investments and $5,069,641 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 169

International Equity Index Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

INSTRUMENTS AND RELATED PRODUCTS $ 10,729 0.01 %

MOTION PICTURES 15,316 0.02

PRINTING AND PUBLISHING 209,680 0.28

TRANSPORTATION EQUIPMENT 46,134 0.06

TOTAL PREFERRED STOCK (Cost $275,971) 281,859
0.37

COMMON STOCKS

AGRICULTURAL SERVICES 120,402 0.16

AMUSEMENT AND RECREATION SERVICES 226,486 0.29

APPAREL AND ACCESSORY STORES 192,313 0.25

APPAREL AND OTHER TEXTILE PRODUCTS 139,264 0.18

AUTO REPAIR, SERVICES AND PARKING 78,626 0.10

AUTOMOTIVE DEALERS AND SERVICE STATIONS 5,589 0.01

BUILDING MATERIALS AND GARDEN SUPPLIES 108,933 0.14

BUSINESS SERVICES

SAP AG. 1,986 308,573 0.40

Other Securities 1,502,271 1.97

TOTAL BUSINESS SERVICES 1,810,844 2.37

CHEMICALS AND ALLIED PRODUCTS

AstraZeneca plc (United Kingdom) 16,311 668,527 0.88

BASF AG. 5,412 318,945 0.42

GlaxoSmithKline plc 58,681 1,264,677 1.66

Novartis AG. (Regd) 23,104 1,076,842 1.41

Roche Holding AG. (Genusscheine) 6,815 704,040 0.92

Sanofi-Aventis 9,097 659,831 0.86

Takeda Pharmaceutical Co Ltd 8,800 399,220 0.52

Other Securities 3,188,958 4.17

TOTAL CHEMICALS AND ALLIED PRODUCTS 8,281,040 10.84

COMMUNICATIONS

* Deutsche Telekom AG. (Regd) 25,208 467,747 0.61

* Ericsson (LM) (B Shs) 145,948 453,068 0.59

NTT DoCoMo, Inc 199 337,640 0.44

Telecom Italia S.p.A. 123,529 381,256 0.50

Telefonica S.A. 45,659 683,337 0.90

Vodafone Group plc 620,000 1,483,739 1.94

Vodafone Group plc (Spon ADR) 4,668 112,545 0.15

Other Securities 2,418,871 3.17

TOTAL COMMUNICATIONS 6,338,203 8.30

170 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

DEPOSITORY INSTITUTIONS

ABN Amro Holding NV 16,085 $ 365,390 0.48 %

Banco Bilbao Vizcaya Argentaria S.A. 31,081 427,717 0.56

Banco Santander Central Hispano S.A. 41,657 406,661 0.53

Barclays plc 63,316 607,239 0.80

BNP Paribas 7,887 509,374 0.67

Credit Suisse Group 11,011 351,396 0.46

Deutsche Bank AG. (Regd) 5,255 377,701 0.49

HSBC Holdings plc (United Kingdom) 109,326 1,734,975 2.27

Lloyds TSB Group plc 54,247 423,572 0.55

Mitsubishi Tokyo Financial Group, Inc 45 375,221 0.49

* National Australia Bank Ltd 15,405 301,059 0.39

Royal Bank Of Scotland Group plc 29,597 854,773 1.12

Societe Generale (A Shs) 3,315 293,353 0.38

UBS AG. (Regd) 10,902 767,427 1.01

Other Securities 5,387,628 7.06

TOTAL DEPOSITORY INSTITUTIONS 13,183,486 17.26

EATING AND DRINKING PLACES 272,065 0.35

EDUCATIONAL SERVICES 16,713 0.02

ELECTRIC, GAS, AND SANITARY SERVICES

E.ON AG. 6,210 458,142 0.60

Other Securities 3,937,680 5.16

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 4,395,822 5.76

ELECTRONIC & OTHER ELECTRIC EQUIPMENT

Koninklijke Philips Electronics NV 12,769 292,442 0.38

Nokia Oyj 47,620 655,316 0.86

Sony Corp 9,200 313,859 0.41

Other Securities 2,732,768 3.58

TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT
3,994,385 5.23

ENGINEERING AND MANAGEMENT SERVICES 46,402 0.06

FABRICATED METAL PRODUCTS 321,679 0.42

FOOD AND KINDRED PRODUCTS

Diageo plc 30,741 383,829 0.50

Nestle S.A. (Regd) 3,913 896,226 1.18

Other Securities 1,843,360 2.41

TOTAL FOOD AND KINDRED PRODUCTS 3,123,415 4.09

FOOD STORES

Tesco plc 75,803 391,275 0.51

Other Securities 920,471 1.21

TOTAL FOOD STORES 1,311,746 1.72

FURNITURE AND FIXTURES 11,819 0.02

FURNITURE AND HOMEFURNISHINGS STORES 229,715 0.30

GENERAL BUILDING CONTRACTORS 499,626 0.65

GENERAL MERCHANDISE STORES 603,874 0.79

HEALTH SERVICES 59,191 0.08

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 171

International Equity Index Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

HEAVY CONSTRUCTION, EXCEPT BUILDING $ 355,773 0.47 %

HOLDING AND OTHER INVESTMENT OFFICES 1,197,937 1.57

HOTELS AND OTHER LODGING PLACES 275,635 0.36

INDUSTRIAL MACHINERY AND EQUIPMENT 988,964 1.30

INSTRUMENTS AND RELATED PRODUCTS

Canon, Inc 8,300 390,092 0.51

Other Securities 1,083,298 1.42

TOTAL INSTRUMENTS AND RELATED PRODUCTS 1,473,390 1.93

INSURANCE AGENTS, BROKERS AND SERVICE 8,518 0.01

INSURANCE CARRIERS

Allianz AG. (Regd) 2,976 299,724 0.39

ING Groep NV 17,906 451,902 0.59

Other Securities 2,787,593 3.66

TOTAL INSURANCE CARRIERS 3,539,219 4.64

LEATHER AND LEATHER PRODUCTS 12,920 0.02

LOCAL AND INTERURBAN PASSENGER TRANSIT 374,700 0.49

LUMBER AND WOOD PRODUCTS 63,100 0.08

METAL MINING 649,312 0.85

MISCELLANEOUS MANUFACTURING INDUSTRIES 199,216 0.26

MISCELLANEOUS RETAIL 394,447 0.52

MOTION PICTURES 48,525 0.06

NONDEPOSITORY INSTITUTIONS

HBOS plc 37,394 504,790 0.66

Other Securities 569,567 0.75

TOTAL NONDEPOSITORY INSTITUTIONS 1,074,357 1.41

NONMETALLIC MINERALS, EXCEPT FUELS 20,115 0.03

OIL AND GAS EXTRACTION

Shell Transport & Trading Co plc 93,656 687,221 0.90

Total S.A. 5,823 1,186,075 1.56

Other Securities 232,488 0.30

TOTAL OIL AND GAS EXTRACTION 2,105,784 2.76

PAPER AND ALLIED PRODUCTS 562,247 0.74

PERSONAL SERVICES 13,806 0.02

PETROLEUM AND COAL PRODUCTS

BHP Billiton Ltd 37,950 394,743 0.52

BP plc 204,586 1,952,849 2.56

BP plc (Spon ADR) 2,012 115,750 0.15

ENI S.p.A. 25,899 580,285 0.76

Royal Dutch Petroleum Co 20,196 1,040,210 1.36

Other Securities 605,840 0.79

TOTAL PETROLEUM AND COAL PRODUCTS 4,689,677 6.14

172 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Index Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PRIMARY METAL INDUSTRIES $ 852,046 1.12 %

PRINTING AND PUBLISHING

News Corp Ltd 13,587 112,294 0.15

Other Securities 947,859 1.24

TOTAL PRINTING AND PUBLISHING 1,060,153 1.39

RAILROAD TRANSPORTATION 292,831 0.38

REAL ESTATE 1,135,406 1.49

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 367,165 0.48

SECURITY AND COMMODITY BROKERS 984,950 1.29

SPECIAL TRADE CONTRACTORS 24,413 0.03

STONE, CLAY, AND GLASS PRODUCTS 1,134,689 1.49

TOBACCO PRODUCTS 176,429 0.23

TRANSPORTATION BY AIR 462,103 0.61

TRANSPORTATION EQUIPMENT

DaimlerChrysler AG. (Regd) 7,300 301,011 0.39

DaimlerChrysler AG. (U.S.) 1,054 43,657 0.06

Honda Motor Co Ltd 7,800 377,916 0.50

Siemens AG. 7,978 586,693 0.77

Toyota Motor Corp 28,600 1,095,060 1.43

Other Securities 1,560,551 2.04

TOTAL TRANSPORTATION EQUIPMENT 3,964,888 5.19

TRANSPORTATION SERVICES 72,463 0.09

TRUCKING AND WAREHOUSING 162,567 0.21

WATER TRANSPORTATION 441,483 0.58

WHOLESALE TRADE-DURABLE GOODS 213,260 0.28

WHOLESALE TRADE-NONDURABLE GOODS

Unilever NV (Cert) 5,545 318,979 0.42

Other Securities 709,460 0.93

TOTAL WHOLESALE TRADE-NONDURABLE GOODS 1,028,439 1.35

TOTAL COMMON STOCKS (Cost $57,244,316) 75,792,565 99.26

TOTAL PORTFOLIO (Cost $57,520,287) 76,074,424 99.63

OTHER ASSETS & LIABILITIES, NET 282,524 0.37

NET ASSETS $76,356,948 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $57,704,713. Net unrealized appreciation of portfolio investments aggregated $18,369,711 of which $19,572,248 related to appreciated portfolio investments and $1,202,537 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 173

Real Estate Securities Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

HOLDING AND OTHER INVESTMENT OFFICES $ 946,191 0.28 %

TOTAL PREFERRED STOCKS (Cost $936,181) 946,191
0.28

COMMON STOCKS

HOLDING AND OTHER INVESTMENT OFFICES

Affordable Residential Communities 634,707 9,266,722 2.78

AMB Property Corp 86,600 3,205,932 0.96

* American Campus Communities, Inc 300,000 5,568,000 1.67

Archstone-Smith Trust 125,610 3,974,300 1.19

* Bimini Mortgage Management 250,000 3,940,000 1.18

* Bimini Mortgage Management, Inc (Class A) 520,000 8,195,200 2.45

BNP Residential Properties, Inc 320,000 4,377,600 1.31

Boston Properties, Inc 89,200 4,940,788 1.48

Brandywine Realty Trust 150,000 4,272,000 1.28

Capital Automotive REIT 150,000 4,690,500 1.40

Centerpoint Properties Trust 85,000 3,704,300 1.11

Corporate Office Properties Trust 250,000 6,405,000 1.92

Developers Diversified Realty Corp 110,000 4,306,500 1.29

Equity Residential 176,100 5,459,100 1.64

Extra Space Storage, Inc 350,000 4,462,500 1.34

Falcon Financial Investment Trust 697,778 5,645,024 1.69

General Growth Properties, Inc 100,000 3,100,000 0.93

Hersha Hospitality Trust 320,000 3,008,000 0.90

Home Properties, Inc 164,000 6,487,840 1.94

* HomeBanc Corp 846,000 7,614,000 2.28

Host Marriott Corp 383,665 5,382,820 1.61

iStar Financial, Inc 100,000 4,123,000 1.23

Kimco Realty Corp 60,000 3,078,000 0.93

Kite Realty Group Trust 230,000 3,024,500 0.92

Liberty Property Trust 100,000 3,984,000 1.19

LTC Properties, Inc 313,820 5,614,240 1.68

Macerich Co 55,254 2,944,486 0.88

Mack-Cali Realty Corp 74,000 3,278,200 0.98

Mills Corp 60,000 3,112,200 0.93

Monmouth REIT (Class A) 920,000 7,636,000 2.29

* MortgageIT Holdings, Inc 243,617 3,520,266 1.05

Prologis 130,811 4,609,780 1.38

Reckson Associates Realty Corp 220,000 6,325,000 1.89

Regency Centers Corp 67,078 3,118,456 0.93

* Saxon Capital, Inc 230,000 4,945,000 1.48

Simon Property Group, Inc 185,000 9,921,550 2.97

SL Green Realty Corp 145,000 7,512,450 2.25

Strategic Hotel Capital, Inc 289,400 3,912,688 1.17

Sunset Financial Resources, Inc 327,290 3,492,184 1.05

Trizec Properties, Inc 280,000 4,471,600 1.34

United Dominion Realty Trust, Inc 150,000 2,974,500 0.89

Ventas, Inc 115,000 2,980,800 0.90

174 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

COMPANY
SHARES

VALUE

ASSETS

HOLDING AND OTHER INVESTMENT OFFICES (continued)

Vornado Realty Trust 94,930 $ 5,950,212 1.78%

Weingarten Realty Investors 97,900 3,231,679 0.97

Other Securities 63,494,876 19.02

TOTAL HOLDING AND OTHER INVESTMENT OFFICES
275,261,793 82.45

HOTELS AND OTHER LODGING PLACES

* Fairmont Hotels & Resorts 155,000 4,234,600 1.27

* Jameson Inns, Inc 2,450,000 4,361,000 1.31

* Lodgian, Inc 980,000 9,702,000 2.91

Starwood Hotels & Resorts Worldwide, Inc 175,000 8,123,500 2.43

Other Securities 6,180,182 1.85

TOTAL HOTELS AND OTHER LODGING PLACES 32,601,282 9.77

REAL ESTATE

* CB Richard Ellis Group, Inc 182,000 4,204,200 1.26

St. Joe Co 200,000 9,554,000 2.86

Other Securities 1,750,000 0.52

TOTAL REAL ESTATE 15,508,200 4.64

TOTAL COMMON STOCKS (Cost $311,192,484) 323,371,275 96.86

ISSUER
PRINCIPAL

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Home Loan Banks (FHLB) 1.65%, 10/01/04 $10,720,000 10,719,509 3.21

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
10,719,509 3.21

TOTAL SHORT-TERM INVESTMENTS (Cost $10,708,923) 10,719,509
3.21

TOTAL PORTFOLIO (Cost $322,837,588) 335,036,975 100.35

OTHER ASSETS & LIABILITIES, NET (1,169,606 ) (0.35 )

NET ASSETS $333,867,369 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $323,985,193. Net unrealized appreciation of portfolio investments aggregated $11,051,782 of which $19,119,664 related to appreciated portfolio investments and $8,067,882 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 175

Social Choice Equity Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

COMPANY
SHARES

VALUE

ASSETS

PREFERRED STOCKS

HEALTH SERVICES $ 4,182 0.00 %

TOTAL PREFERRED STOCKS (Cost $4,135) 4,182
0.00

COMMON STOCKS

AMUSEMENT AND RECREATION SERVICES 65,321 0.06

APPAREL AND ACCESSORY STORES 607,963 0.54

APPAREL AND OTHER TEXTILE PRODUCTS 259,729 0.23

AUTO REPAIR, SERVICES AND PARKING 14,131 0.01

AUTOMOTIVE DEALERS AND SERVICE STATIONS 80,766 0.07

BUILDING MATERIALS AND GARDEN SUPPLIES

Home Depot, Inc 27,700 1,085,840 0.97

Lowe’s Cos 10,400 565,240 0.51

Other Securities 11,520 0.01

TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES
1,662,600 1.49

BUSINESS SERVICES

Microsoft Corp 99,500 2,751,175 2.46

Other Securities 3,991,261 3.58

TOTAL BUSINESS SERVICES 6,742,436 6.04

CHEMICALS AND ALLIED PRODUCTS

* Amgen, Inc 17,899 1,014,515 0.91

Gillette Co 15,200 634,448 0.57

Merck & Co, Inc 38,842 1,281,786 1.15

Procter & Gamble Co 37,302 2,018,784 1.81

Other Securities 5,380,217 4.81

TOTAL CHEMICALS AND ALLIED PRODUCTS 10,329,750 9.25

COMMUNICATIONS

BellSouth Corp 23,200 629,184 0.56

* Comcast Corp (Class A) 23,672 668,497 0.60

* Comcast Corp (Special Class A) 4,600 128,432 0.12

SBC Communications, Inc 48,800 1,266,360 1.13

Verizon Communications, Inc 34,531 1,359,831 1.22

Other Securities 1,740,377 1.56

TOTAL COMMUNICATIONS 5,792,681 5.19

DEPOSITORY INSTITUTIONS

Fifth Third Bancorp 11,397 560,960 0.50

JPMorgan Chase & Co 56,220 2,233,621 2.00

National City Corp 14,665 566,362 0.51

U.S. Bancorp 37,600 1,086,640 0.97

Wachovia Corp 24,900 1,169,055 1.05

Wells Fargo & Co 27,300 1,627,899 1.46

Other Securities 4,023,191 3.60

TOTAL DEPOSITORY INSTITUTIONS 11,267,728 10.09

EATING AND DRINKING PLACES

McDonald’s Corp 30,674 859,792 0.77

Other Securities 168,147 0.15

TOTAL EATING AND DRINKING PLACES 1,027,939 0.92

EDUCATIONAL SERVICES 182,882 0.16

176 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

ELECTRIC, GAS, AND SANITARY SERVICES

Kinder Morgan, Inc 10,600 $ 665,892 0.60 %

Other Securities 5,162,044 4.62

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 5,827,936 5.22

ELECTRONIC & OTHER ELECTRIC EQUIPMENT

Emerson Electric Co 13,600 841,704 0.75

Intel Corp 74,900 1,502,494 1.35

Qualcomm, Inc 18,324 715,369 0.64

Texas Instruments, Inc 19,800 421,344 0.38

Other Securities 2,208,393 1.98

TOTAL ELECTRONIC & OTHER ELECTRIC EQUIPMENT
5,689,304 5.10

ENGINEERING AND MANAGEMENT SERVICES 592,778 0.53

FABRICATED METAL PRODUCTS

Illinois Tool Works, Inc 7,700 717,409 0.64

Other Securities 692,861 0.62

TOTAL FABRICATED METAL PRODUCTS 1,410,270 1.26

FOOD AND KINDRED PRODUCTS

Coca-Cola Co 35,000 1,401,750 1.26

PepsiCo, Inc 27,200 1,323,280 1.19

Other Securities 1,146,289 1.02

TOTAL FOOD AND KINDRED PRODUCTS 3,871,319 3.47

FOOD STORES 819,819 0.73

FURNITURE AND FIXTURES 532,253 0.48

FURNITURE AND HOMEFURNISHINGS STORES 353,488 0.32

GENERAL BUILDING CONTRACTORS 408,048 0.37

GENERAL MERCHANDISE STORES

Target Corp 12,800 579,200 0.52

Other Securities 890,464 0.80

TOTAL GENERAL MERCHANDISE STORES 1,469,664 1.32

HEALTH SERVICES 514,149 0.46

HOLDING AND OTHER INVESTMENT OFFICES

Washington Mutual, Inc 20,000 781,600 0.70

Other Securities 2,431,724 2.18

TOTAL HOLDING AND OTHER INVESTMENT OFFICES
3,213,324 2.88

HOTELS AND OTHER LODGING PLACES 149,067 0.13

INDUSTRIAL MACHINERY AND EQUIPMENT

3M Co 15,100 1,207,547 1.08

* Cisco Systems, Inc 72,200 1,306,820 1.17

* Dell, Inc 30,600 1,089,360 0.98

Hewlett-Packard Co 38,188 716,025 0.64

International Business Machines Corp 22,906 1,963,960 1.76

Other Securities 2,784,588 2.49

TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 9,068,300 8.12

INSTRUMENTS AND RELATED PRODUCTS

Medtronic, Inc 19,100 991,290 0.89

Other Securities 2,910,468 2.60

TOTAL INSTRUMENTS AND RELATED PRODUCTS 3,901,758 3.49

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 177

Social Choice Equity Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

COMPANY
SHARES

VALUE

ASSETS

INSURANCE AGENTS, BROKERS AND SERVICE

Marsh & McLennan Cos, Inc 13,700 $ 626,912 0.56 %

Other Securities 185,861 0.17

TOTAL INSURANCE AGENTS, BROKERS AND SERVICE
812,773 0.73

INSURANCE CARRIERS

American International Group, Inc 33,400 2,270,866 2.03

Prudential Financial, Inc 11,900 559,776 0.50

UnitedHealth Group, Inc 9,345 689,100 0.62

Other Securities 3,091,707 2.77

TOTAL INSURANCE CARRIERS 6,611,449 5.92

LEATHER AND LEATHER PRODUCTS 111,263 0.10

LOCAL AND INTERURBAN PASSENGER TRANSIT 18,095 0.02

LUMBER AND WOOD PRODUCTS 7,203 0.01

METAL MINING 139,439 0.12

MISCELLANEOUS MANUFACTURING INDUSTRIES 290,112 0.26

MISCELLANEOUS RETAIL 1,793,956 1.61

MOTION PICTURES

* Time Warner, Inc 58,129 938,202 0.84

Walt Disney Co 26,900 606,595 0.54

Other Securities 509,441 0.46

TOTAL MOTION PICTURES 2,054,238 1.84

NONDEPOSITORY INSTITUTIONS

American Express Co 21,900 1,126,974 1.01

Fannie Mae 19,315 1,224,571 1.10

Freddie Mac 13,000 848,120 0.76

MBNA Corp 22,850 575,820 0.52

Other Securities 1,380,688 1.23

TOTAL NONDEPOSITORY INSTITUTIONS 5,156,173 4.62

NONMETALLIC MINERALS, EXCEPT FUELS 163,062 0.15

OIL AND GAS EXTRACTION

Anadarko Petroleum Corp 9,200 610,512 0.55

Devon Energy Corp 8,293 588,886 0.53

Other Securities 3,047,614 2.72

TOTAL OIL AND GAS EXTRACTION 4,247,012 3.80

PAPER AND ALLIED PRODUCTS

Kimberly-Clark Corp 9,500 613,605 0.55

Other Securities 330,732 0.30

TOTAL PAPER AND ALLIED PRODUCTS 944,337 0.85

PERSONAL SERVICES 15,528 0.01

PETROLEUM AND COAL PRODUCTS 638,791 0.57

PRIMARY METAL INDUSTRIES 1,164,445 1.04

PRINTING AND PUBLISHING 949,357 0.85

RAILROAD TRANSPORTATION 457,862 0.41

REAL ESTATE 19,432 0.02

178 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

SHARES/

% OF NET

COMPANY/ISSUER
PRINCIPAL

VALUE

ASSETS

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS $ 80,232 0.07 %

SECURITY AND COMMODITY BROKERS

Goldman Sachs Group, Inc 6,563 611,934 0.55

Merrill Lynch & Co, Inc 16,500 820,380 0.73

Other Securities 652,687 0.59

TOTAL SECURITY AND COMMODITY BROKERS 2,085,001 1.87

SPECIAL TRADE CONTRACTORS 25,912 0.02

STONE, CLAY, AND GLASS PRODUCTS 206,878 0.19

TRANSPORTATION BY AIR 755,485 0.68

TRANSPORTATION EQUIPMENT 1,431,441 1.28

TRANSPORTATION SERVICES 76,965 0.07

TRUCKING AND WAREHOUSING

United Parcel Service, Inc (Class B) 10,729 814,546 0.73

TOTAL TRUCKING AND WAREHOUSING 814,546 0.73

WATER TRANSPORTATION 52,528 0.05

WHOLESALE TRADE-DURABLE GOODS

Johnson & Johnson 43,839 2,469,451 2.21

Other Securities 446,086 0.40

TOTAL WHOLESALE TRADE-DURABLE GOODS 2,915,537 2.61

WHOLESALE TRADE-NONDURABLE GOODS 1,112,268 1.00

TOTAL COMMON STOCKS (Cost $109,130,255) 111,006,723 99.43

SHORT-TERM INVESTMENTS

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit Banks (FFCB) 1.23%, 10/01/04 $5,260,000 5,259,759 4.71

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 5,259,759 4.71

TOTAL SHORT-TERM INVESTMENTS (Cost $5,259,759) 5,259,759
4.71

TOTAL PORTFOLIO (Cost $114,394,149) 116,270,664 104.14

OTHER ASSETS & LIABILITIES, NET (4,623,567 ) (4.14 )

NET ASSETS $111,647,097 100.00 %

* Non-income producing

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

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $114,482,783. Net unrealized appreciation of portfolio investments aggregated $1,787,881 of which $11,490,485 related to appreciated portfolio investments and $9,702,604 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 179

Bond Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

ISSUER
RATING†

PRINCIPAL

VALUE

ASSETS

CORPORATE BONDS

ASSET BACKED

Chase Funding Mortgage Loan
Asset-Backed Certificates Series 2004-2

(Class 1A2)
3.777%–5.700%, 01/25/22–02/25/34
Aaa–Baa2
$ 4,000,000
$ 3,999,844
0.43
%

Golden Securities Corp Trust Series 2003-A
(Class A1) 1.950%, 12/02/13 Aaa 3,000,000 3,001,410
0.32

Other Securities 10,268,207
1.10

TOTAL ASSET BACKED 17,269,461
1.85

BUSINESS SERVICES 2,340,609
0.25

CHEMICALS AND ALLIED PRODUCTS

Procter & Gamble Co
Note 4.950%–6.875%, 09/15/09–08/15/14 Aa3 3,594,203
0.39

Other Securities 5,305,605
0.57

TOTAL CHEMICALS AND ALLIED PRODUCTS

8,899,808

0.96

COMMUNICATIONS

AT&T Corp Notes 6.000%–8.750%, 03/01/11–03/01/31
Baa1–Ba1

3,672,432

0.39

Sprint Capital Corp Notes 6.000%–8.375%, 01/15/07–05/01/19 Baa3 4,390,614
0.47

Verizon Wireless
Capital LLC Notes 4.625%–6.500%, 12/15/06–03/15/13 Aa3–A3 4,887,165
0.53

Other Securities 11,938,040
1.28

TOTAL COMMUNICATIONS 24,888,251
2.67

DEPOSITORY INSTITUTIONS

Bank of America Corp
(Sr Notes) 3.375%–4.750%, 02/17/09–08/15/13 Aa2–Aa3 4,160,000 4,149,433
0.45

Citigroup, Inc
(Sub Notes) 5.000%–6.625%, 08/27/11–06/15/32 Aa2 4,685,000 4,829,341
0.52

Wachovia Bank Note 3.625%–5.250%, 07/30/07–08/01/14 Aa2–A1 3,950,000 3,988,672
0.43

h
Wells Fargo Bank NA
(Sub Notes) 4.500%–6.450%, 6/30/10–02/01/11 Aa1 3,830,000 3,930,670
0.42

Other Securities 16,115,546
1.73

TOTAL DEPOSITORY INSTITUTIONS 33,013,662
3.55

ELECTRIC, GAS, AND SANITARY SERVICES

FirstEnergy Corp Note 6.45%, 11/15/11 Baa 2,840,000 3,098,071
0.33

Other Securities 12,472,570
1.34

TOTAL ELECTRIC, GAS, AND SANITARY SERVICES
15,570,641
1.67

ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 3,760,664
0.41

FABRICATED METAL PRODUCTS 2,157,721
0.23

FOOD AND KINDRED PRODUCTS 5,808,210
0.63

FOOD STORES 1,848,888
0.20

FORESTRY 578,081
0.06

FURNITURE AND FIXTURES 852,781
0.09

GENERAL BUILDING CONTRACTORS 4,955,606
0.53

GENERAL MERCHANDISE STORES 5,121,590
0.55

180 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

ISSUER
RATING†

PRINCIPAL

VALUE

ASSETS

HEALTH SERVICES $ 1,567,514 0.17 %

HOLDING AND OTHER INVESTMENT OFFICES 1,400,375 0.15

INDUSTRIAL MACHINERY AND EQUIPMENT 1,403,136 0.15

INSURANCE AGENTS, BROKERS AND SERVICE 1,887,596 0.20

INSURANCE CARRIERS

International Finance Corp 3.750%, 06/30/09 Aaa $3,000,000
3,024,013
0.33

Other Securities 8,420,079
0.90

TOTAL INSURANCE CARRIERS 11,444,092 1.23

METAL MINING 1,500,716 0.16

MISCELLANEOUS MANUFACTURING INDUSTRIES 523,868 0.06

MISCELLANEOUS RETAIL 1,439,305 0.15

MOTION PICTURES

AOL Time Warner, Inc
(Guarantee Notes) 5.625%–7.700%, 05/01/05–05/01/32 Baa1 3,200,000
3,558,469
0.38

Other Securities 1,431,435
0.16

TOTAL MOTION PICTURES 4,989,904 0.54

NATIONAL SECURITY AND INTERNATIONAL AFFAIRS 801,187 0.09

NONDEPOSITORY INSTITUTIONS

Ford Motor
Credit Co Notes 5.625%–7.000%, 01/25/07–10/01/13 A3 5,610,000 5,918,913 0.64

General Electric Capital
Corp Notes 3.125%–6.750%, 05/01/08–03/15/32 Aaa 6,590,000 6,715,323 0.72

Household Finance
Corp Notes 4.125%–6.375%, 12/15/08–11/27/12 A1 5,530,000 5,836,393 0.63

Other Securities 11,505,909
1.23

TOTAL NONDEPOSITORY INSTITUTIONS 29,976,538 3.22

OIL AND GAS EXTRACTION 9,884,751 1.06

OTHER MORTGAGE BACKED SECURITIES

AQ Finance NIM Trust
Series 2004-RN 1.630%–1.650%, 04/25/09–05/25/09 Aaa 3,939,571 3,939,569 0.42

Banc of America Commercial Mortgage, Inc
Series 2002 (Class A3) 5.118%, 07/11/43 Aaa 3,310,000 3,443,681 0.37

General Motors Acceptance Corp
Commercial Mortgage Securities,
Inc Series 2004-C1 (Class A4) 4.908%, 03/10/38 Aaa 6,000,000 6,067,944 0.65

Wachovia Bank Commercial Mortgage Trust Series
2002-C2 (Class A4) 4.980%–5.088%, 11/15/34–08/15/41 Aaa 3,100,000 3,169,340 0.34

Other Securities 8,184,905
0.88

TOTAL OTHER MORTGAGE BACKED SECURITIES 24,805,439 2.66

PAPER AND ALLIED PRODUCTS 6,159,416 0.66

PETROLEUM AND COAL PRODUCTS 4,780,661 0.51

PIPELINES, EXCEPT NATURAL GAS 1,513,385 0.16

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 181

Bond Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

ISSUER
RATING†

PRINCIPAL

VALUE

ASSETS

PRIMARY METAL INDUSTRIES $ 562,479 0.06 %

PRINTING AND PUBLISHING 2,533,258 0.27

RAILROAD TRANSPORTATION 2,866,805 0.31

RUBBER AND MISCELLANEOUS PLASTICS PRODUCTS 1,160,459 0.12

SECURITY AND COMMODITY BROKERS

Lehman Brothers
Holdings, Inc Notes 3.500%–6.250%, 05/15/06–08/07/08 A1 $ 4,030,000 4,111,699 0.44

Morgan Stanley Notes 3.625%–6.787%, 04/01/08–04/01/14 Aa3–A1 11,564,000 12,140,476 1.31

Other Securities 3,186,363
0.34

TOTAL SECURITY AND COMMODITY BROKERS
19,438,538 2.09

STONE, CLAY, AND GLASS PRODUCTS 297,720 0.03

TRANSPORTATION EQUIPMENT

General Motors Acceptance
Corp Notes 5.125%–8.375%, 05/09/08–01/19/10 A3–Baa1 5,910,000
6,224,689
0.67

Other Securities 8,058,762
0.87

TOTAL TRANSPORTATION EQUIPMENT 14,283,451 1.54

WHOLESALE TRADE-DURABLE GOODS 392,169 0.04

WHOLESALE TRADE-NONDURABLE GOODS
976,143 0.10

TOTAL CORPORATE BONDS (Cost $265,039,253) 273,654,878 29.38

GOVERNMENT BONDS

AGENCY SECURITIES

d
Federal Farm Credit Bank (FFCB) 2.250%, 09/01/06 Aaa 16,020,000 15,873,311 1.70

Federal Home Loan Mortgage Corp
(FHLMC) 5.750%–6.375%, 03/21/11–08/01/11 Aaa–Aa2 12,838,000 13,509,325 1.45

Federal National Mortgage
Association (FNMA) 3.500%–5.250%, 06/15/06–10/15/07 Aaa 6,850,000 6,952,254 0.75

FNMA 4.375%, 10/15/06 Aaa 11,810,000 12,170,538 1.31

FNMA 5.000%, 01/15/07 Aaa 8,290,000 8,661,131 0.93

FNMA 7.125%, 06/15/10 Aaa 18,000,000 20,883,150 2.24

Other Securities 5,979,024
0.64

TOTAL AGENCY SECURITIES 84,028,733 9.02

FOREIGN GOVERNMENT BONDS 8,614,989 0.93

MORTGAGE BACKED SECURITIES

Federal Home Loan Mortgage Corp Gold
(FGLMC) 5.000%–8.000%, 01/01/16–08/01/32 6,875,989 7,159,392 0.77

FGLMC 4.500%, 09/01/18 6,139,949 6,134,233 0.66

FGLMC 4.500%–8.000%, 06/01/16–11/01/33 27,046,121 27,398,026 2.94

FGLMC 4.500%, 01/01/19 6,537,766 6,520,578 0.70

FGLMC 5.000%, 09/01/33 8,236,996 8,182,270 0.88

FGLMC 6.000%, 09/01/33 5,408,017 5,593,669 0.60

FGLMC 5.500%, 10/01/33 5,609,314 5,698,402 0.61

182 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund | Summary Portfolio of Investments
as of September 30, 2004
continued

% OF NET

ISSUER

PRINCIPAL

VALUE

ASSETS

MORTGAGE BACKED SECURITIES—(continued)

d
FGLMC 5.000%, 11/01/33 $ 9,271,297
$ 9,209,699

0.99
%

FGLMC 5.000%, 11/01/33 5,797,640 5,759,120 0.62

Federal National Mortgage
Association (FNMA) 5.000%–7.500%, 04/01/17–07/01/24 6,991,114 7,191,570 0.77

FNMA 4.500%–7.500%, 06/01/14–10/01/33 9,958,377 10,007,361 1.07

FNMA 4.500%–6.000%, 02/01/18–04/01/34 23,677,359 23,860,730 2.56

FNMA 5.000%, 03/01/34 5,607,332 5,562,670 0.60

FNMA 5.500%, 10/01/33 7,611,494 7,728,962 0.83

FNMA 5.500%, 10/01/33 5,674,732 5,762,311 0.62

d
FNMA 5.500%, 10/01/33 10,156,638 10,313,386 1.11

FNMA 5.000%, 11/01/18 8,533,529 8,687,978 0.93

d
FNMA 5.500%, 12/01/33 8,373,384 8,502,611 0.91

FNMA 5.000%, 12/01/33 6,505,207 6,453,393 0.69

d,h
Federal National Mortgage Association (FNMA) 5.000%, 10/31/34 6,000,000 6,093,750 0.65

h
FNMA 5.000%–5.500%, 11/25/19–08/17/33 6,000,000 6,078,750 0.65

h
FNMA 5.500%, 10/31/34 10,000,000 10,331,250 1.11

h
FNM) 6.000%, 10/31/34 29,000,000 29,987,798 3.22

h
FNMA 6.500%, 11/25/31 12,000,000 12,555,000 1.35

Government National Mortgage
Association (GNMA) 5.500%, 09/15/33 5,981,583 6,097,883 0.66

h
GNMA 5.000%, 10/31/34 10,000,000 9,943,750 1.07

Other Securities
24,017,832

2.58

TOTAL MORTGAGE BACKED SECURITIES
280,832,374
30.15

U.S. TREASURY SECURITIES

U.S. Treasury Bond 11.750%, 02/15/10 20,440,000 21,170,321 2.27

U.S. Treasury Bond 10.000%, 05/15/10 14,090,000 14,774,492 1.59

U.S. Treasury Bond 8.000%, 11/15/21 47,000,000 64,611,840 6.94

U.S. Treasury Bond 5.375%, 02/15/31 5,170,000 5,539,189 0.59

k
U. S. Treasury Inflation Indexed Bonds 3.875%, 01/15/09 18,479,040 20,803,334 2.23

d
U.S. Treasury Note 2.250%, 04/30/06 5,000,000 4,985,550 0.54

U.S. Treasury Note 2.375%, 08/15/06 24,390,000 24,309,513 2.61

d
U.S. Treasury Note 2.625%, 11/15/06 31,925,000 31,910,634 3.43

U.S. Treasury Note 2.625%, 05/15/08 15,640,000 15,410,561 1.65

U.S. Treasury Note 3.250%, 08/15/08 25,140,000 25,256,137 2.71

U.S. Treasury Note 3.375%, 12/15/08 5,000,000 5,030,750 0.54

U.S. Treasury Note 5.000%, 02/15/11 7,500,000 8,063,025 0.87

Other Securities
14,237,039

1.53

TOTAL U.S. TREASURY SECURITIES
256,102,385
27.50

TOTAL GOVERNMENT BONDS (Cost $627,798,747)
629,578,481

67.60

TOTAL BONDS (Cost $892,838,000)
903,233,359

96.98

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 183

Bond Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

ISSUER

PRINCIPAL

VALUE

ASSETS

SHORT-TERM INVESTMENTS

COMMERCIAL PAPER

c
BMW US Capital Corp 1.870%, 10/01/04 $ 5,000,000
$ 4,999,754

0.54
%

c
Caterpillar, Inc 1.750%, 01/17/04 5,000,000 4,987,800 0.54

c
CC (USA), Inc 1.690%, 10/14/04 5,000,000 4,996,558 0.53

c
Greyhawk Funding LLC 1.780%, 11/02/04 5,000,000 4,991,796 0.53

Proctor & Gamble 1.480%, 10/12/04 5,000,000 4,997,050 0.53

c
Ranger Funding Company LLC 1.670%, 10/05/04 5,000,000 4,998,764 0.54

UBS Finance Delaware LLC 1.540%, 10/01/04 5,000,000 4,999,754 0.54

Other Securities
11,787,862

1.27

TOTAL COMMERCIAL PAPER
46,759,338
5.02

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Home Loan Bank (FHLB) 1.650%, 10/01/04 5,280,000 5,279,758 0.57

FHLB 1.090%, 10/06/04 5,190,000 5,188,504 0.56

FHLB 1.200%, 10/20/04 16,280,000 16,264,263 1.75

Federal Home Loan Mortgage Corp (FHLMC) 1.570%, 10/26/04 17,530,000 17,507,971 1.88

FHLMC 1.875%, 01/15/05 5,000,000 4,997,124 0.53

Federal National Mortgage Association (FNMA) 1.590%, 10/20/04 6,630,000 6,623,591 0.71

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

55,861,211
6.00

TOTAL SHORT-TERM INVESTMENTS (Cost $102,637,877) 102,620,549
11.02

TOTAL PORTFOLIO (Cost $995,475,877) 1,005,853,908
108.00

OTHER ASSETS & LIABILITIES, NET
(74,467,793
) (8.00 )

NET ASSETS
$931,386,115
100.00 %

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

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

h
These securities were purchased on a delayed delivery basis.

k
Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

†
As provided by Moody’s Investors Service (Unaudited)

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.

At September 30, 2004, the aggregate cost of portfolio investments for federal income tax purposes was $995,957,000. Net unrealized appreciation of portfolio investments aggregated $9,896,908 of which $14,078,765 related to appreciated portfolio investments and $4,181,857 related to depreciated portfolio investments.

184 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Inflation-Linked Bond Fund | Portfolio of Investments
as of September 30, 2004

% OF NET

ISSUER
PRINCIPAL

VALUE

ASSETS

GOVERNMENT BONDS

U.S. TREASURY SECURITIES

k
U.S. Treasury Inflation Indexed Bonds 2.000%, 07/15/14 $18,916,203
$ 19,341,818
4.05 %

k
U.S. Treasury Inflation Indexed Bonds 2.375%, 01/15/25 20,624,439 21,487,985 4.50

k
U.S. Treasury Inflation Indexed Bonds 1.875%, 07/15/13 39,575,464 40,255,767 8.42

k
U.S. Treasury Inflation Indexed Bonds 2.000%, 01/15/14 39,968,222 40,935,853 8.57

k
U.S. Treasury Inflation Indexed Bonds 3.625%, 01/15/08 38,220,866 41,923,704 8.77

k
U.S. Treasury Inflation Indexed Bonds 3.875%, 01/15/09 34,573,099 38,921,704 8.15

k
U.S.Treasury Inflation Indexed Bonds 4.250%, 01/15/10 23,681,152 27,488,609 5.75

k
U.S. Treasury Inflation Indexed Bonds 3.500%, 01/15/11 23,942,176 27,099,432 5.67

k
U.S. Treasury Inflation Indexed Bonds 3.375%, 01/15/12 12,480,516 14,141,923 2.96

k
U.S. Treasury Inflation Indexed Bonds 3.000%, 07/15/12 43,507,413 48,184,461 10.08

k
U.S. Treasury Inflation Indexed Bonds 3.625%, 04/15/28 36,338,520 46,121,577 9.65

k
U.S. Treasury Inflation Indexed Bonds 3.875%, 04/15/29 41,829,738 55,503,044 11.62

k
U.S. Treasury Inflation Indexed Bonds 3.375%, 04/15/32 10,142,772 12,865,498 2.69

k
U.S. Treasury Inflation Indexed Bonds 3.375%, 01/15/07 36,970,912 39,501,202 8.27

TOTAL U.S. TREASURY SECURITIES
473,772,577
99.15

TOTAL GOVERNMENT BONDS
473,772,577

99.15

SHORT-TERM INVESTMENT

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit Bank (FFCB)

1.230%, 10/01/04

470,000

469,978
0.10

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

469,978
0.10

TOTAL SHORT-TERM INVESTMENT

(Cost $470,000)

469,978

0.10

TOTAL PORTFOLIO

(Cost $461,830,204)

474,242,555

99.25

OTHER ASSETS & LIABILITIES, NET

3,598,308
0.75

NET ASSETS

$477,840,863
100.00 %

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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.

At September 30, 2004 the aggregate cost of portfolio investments for federal income tax purposes was $464,575,236. Net unrealized appreciation of portfolio investments aggregated $9,667,319 of which $12,412,373 related to appreciated portfolio investments and $2,745,054 related to depreciated portfolio investments.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 185

Money Market Fund | Summary Portfolio of Investments
as of September 30, 2004

% OF NET

ISSUER
PRINCIPAL

VALUE

ASSETS

SHORT-TERM INVESTMENTS

CERTIFICATES OF DEPOSIT

Barclays Bank plc/NY (Dep Note) 1.760%, 09/29/05 $ 2,000,000
$ 1,999,207
1.11 %

Credit Agricole USA, Inc 1.420%, 04/05/05 2,000,000
2,000,101
1.11

Toronto Dominion Bank 1.760%, 11/17/04 2,600,000
2,600,000
1.45

Toronto Dominion Bank 1.870%, 12/21/04 4,000,000
4,000,000
2.23

TOTAL CERTIFICATES OF DEPOSIT

10,599,308

5.90

COMMERCIAL PAPER

Abbey National North America LLC 1.750%, 10/22/04 1,775,000 1,773,188 0.99

Barclays U.S. Funding Corp 1.770%, 10/21/04 2,300,000 2,297,738 1.28

c
Beta Finance, Inc 1.620%, 10/15/04 2,435,000 2,433,532 1.35

c
Beta Finance, Inc
1.220%–1.720%, 10/08/04–11/24/04
3,570,000 3,564,679
1.98

Canadian Imperial Holdings, Inc 1.790%, 11/12/04 3,920,000 3,911,814 2.18

c
CC (USA), Inc 1.770%, 10/15/04 3,255,000 3,252,759 1.81

Ciesco LP 1.760%, 11/08/04 3,785,000 3,777,968 2.10

c
Corporate Asset Funding Corp, Inc 1.880%, 12/15/04 3,000,000 2,988,250 1.66

c
Dorada Finance, Inc 1.520%, 10/13/04 2,500,000 2,498,733 1.39

c
Dorada Finance, Inc 1.730%, 10/19/04 3,000,000 2,997,405 1.67

c
Dorada Finance, Inc 1.780%, 11/15/04 1,500,000 1,496,625 0.83

c
Edison Asset Securitization, LLC 1.490%, 10/01/04 3,920,000 3,920,000 2.18

FCAR Owner Trust I 1.610%, 10/19/04 2,135,000 2,133,281 1.18

FCAR Owner Trust I
1.560% - 1.570%, 10/08/04 - 10/15/04
2,135,000 2,133,964 1.19

c
Fortune Brands, Inc 1.770%, 11/02/04 2,000,000 1,996,853 1.11

c
Fortune Brands, Inc 1.730%, 11/10/04 5,655,000 5,644,130 3.14

General Electric
Capital Corp
1.590% - 1.750%, 11/16/04 - 12/06/04
4,951,000 4,937,655 2.75

c
Govco Incorporated 1.560%, 10/18/04 4,000,000 3,997,072 2.22

c
Govco Incorporated 1.800%, 12/13/04 3,535,000 3,522,097 1.96

c
Greyhawk Funding LLC 1.600%, 10/12/04 2,000,000 1,999,022 1.11

c
Greyhawk Funding LLC 1.580%, 10/05/04 2,940,000 2,939,507 1.64

c
Greyhawk Funding LLC
1.530% - 1.750%, 10/04/04 - 10/27/04
2,070,000 2,068,751 1.15

c
Kitty Hawk Funding Corp. 1.600%, 10/12/04 4,500,000 4,497,800 2.50

c
Links Finance LLC 1.550%, 10/18/04 2,900,000 2,897,877 1.61

c
Links Finance LLC 1.810%, 12/09/04 3,135,000 3,124,124 1.74

Morgan Stanley Dean Witter 1.780%, 10/25/04 4,300,000 4,294,897 2.39

Paccar Financial Corp 1.490%, 10/07/04 3,320,000 3,319,176 1.84

Paccar Financial Corp
1.330% - 1.910%, 10/07/04 - 01/24/05
4,500,000 4,489,693 2.49

c
Proctor & Gamble 1.480%, 10/12/04 2,000,000 1,999,096 1.11

c
Ranger Funding Company LLC 1.680%, 10/13/04 2,500,000 2,498,600 1.39

c
Ranger Funding Company LLC 1.790%, 10/28/04 2,810,000 2,806,228 1.56

c
Ranger Funding Company LLC 1.820%, 12/15/04 2,500,000 2,490,521 1.39

c
Sigma Finance, Inc 1.520%, 10/01/04 2,000,000 2,000,000 1.11

c
Sigma Finance, Inc 1.280%, 10/21/04 2,515,000 2,513,198 1.40

Sigma Finance, Inc 1.190%, 10/22/04 3,130,000 3,127,826 1.74

UBS Finance, (Delaware), Inc 1.550%, 10/05/04 1,670,000 1,669,711 0.93

UBS Finance, (Delaware), Inc 1.790%, 11/23/04 2,300,000 2,293,995 1.28

UBS Finance, (Delaware), Inc 1.820%, 12/07/04 3,000,000 2,987,715 1.66

c
Variable Funding Capital Corporation 1.770%, 10/21/04 1,845,000 1,843,186 1.03

c
Variable Funding Capital Corporation 1.780%, 11/19/04 2,085,000 2,079,949 1.16

186 | 2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Money Market Fund | Summary Portfolio of Investments
as of September 30, 2004
concluded

% OF NET

ISSUER
SHARES

VALUE

ASSETS

COMMERCIAL PAPER—(continued)

c
Yorktown Capital, LLC
1.600%, 10/08/04

$4,130,000

$ 4,128,715

2.30
%

c
Yorktown Capital, LLC
1.760%–1.850%, 11/16/04–12/17/04

3,000,000

2,991,545

1.66

TOTAL COMMERCIAL PAPER

124,338,875

69.16

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

Federal Farm Credit
Bank (FFCB)
1.100%–1.900%, 01/05/05–02/25/05

1,867,820

1,849,088

1.03

Federal Home Loan Bank (FHLB)
1.090%, 10/06/04

7,860,000

7,858,367

4.37

FHLB
1.090%–1.950%, 10/08/04–02/24/05

1,783,000

1,779,337

0.99

FHLB
1.935%, 03/11/05

2,000,000

1,982,879

1.10

Federal Home Loan Mortgage
Corp (FHLMC)
1.450%–1.870%, 11/02/04–03/10/05

2,681,000

2,665,929

1.48

FHLMC
1.090%, 12/01/04

2,755,000

2,749,912

1.53

FHLMC
1.080%, 12/20/04

2,000,000

1,995,200

1.11

FHLMC
1.735%, 12/23/04

5,440,000

5,418,239

3.01

FHLMC
1.770%, 12/27/04

3,045,000

3,031,975

1.69

FHLMC
1.880%, 12/28/04

5,380,000

5,357,249

2.98

FHLMC
1.720%, 12/31/04

4,995,000

4,972,399

2.77

Federal National Mortgage Association (FNMA)
1.590%, 10/20/04

1,360,000

1,358,887

0.76

FNMA
1.110%, 11/12/04

2,585,000

2,580,603

1.43

FNMA
1.180%, 12/10/04

3,230,000

3,219,596

1.79

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

46,819,660

26.04

TOTAL SHORT-TERM INVESTMENTS
(Cost $181,757,843)

181,757,843

101.10

TOTAL PORTFOLIO
(Cost $181,757,843)

181,757,843

101.10

OTHER ASSETS & LIABILITIES, NET

(1,983,106

)

(1.10
)

NET ASSETS $179,774,737 $100.00
%

c Commercial paper issued under the private placement exemption under Section 4(2) of the Securities Act of 1933.

The cost of portfolio investments for federal income tax purposes is substantially the same as the amounts disclosed above.

SEE NOTES TO FINANCIAL STATEMENTS
2004 Annual Report
Institutional Class• TIAA-CREF Institutional Mutual Funds

| 187

Report of Management Responsibility

To the Shareholders of TIAA-CREF Institutional Mutual Funds:

The accompanying financial statements of the TIAA-CREF Institutional Mutual Funds (the “Funds”) are the responsibility of management. They have been prepared in accordance with U.S. generally accepted accounting principles and have been presented fairly and objectively in accordance with such principles.

The Funds have established and maintain a strong system of internal controls and disclosure controls designed to provide reasonable assurance that assets are properly safeguarded and transactions are properly executed in accordance with management’s authorization, and to carry out the ongoing responsibilities of management for reliable financial statements. In addition, the Funds’ internal audit personnel provide a continuing review of the internal controls and operations of the Funds, and the chief audit executive regularly reports to the Audit Committee of the Funds’ Board of Trustees.

The accompanying financial statements have been audited by the independent registered public accounting firm of Ernst & Young LLP. To maintain auditor independence and avoid any potential conflict of interest, it continues to be the Funds’ policy that any management advisory or consulting services be obtained from a firm other than the external financial audit firm. The report of the independent registered public accounting firm, which follows the notes to financial statements, expresses an independent opinion on the fairness of presentation of these financial statements.

The Audit Committee of the Funds’ Board of Trustees, consisting entirely of trustees who are not officers of TIAA-CREF Institutional Mutual Funds, meets regularly with management, representatives of Ernst & Young LLP and internal audit personnel to review matters relating to financial reporting, internal controls and auditing. In addition to the annual audit of the financial statements of the Funds by the independent registered public accounting firm, the Securities and Exchange Commission performs periodic examinations of the Funds’ operations.

/s/ B. White		/s/ Elizabeth A. Monrad
B. White		Elizabeth A. Monrad
President		Executive Vice President and Chief Financial Officer

188 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

SEE NOTES TO FINANCIAL STATEMENTS

Report of the Audit Committee

To the Shareholders of TIAA-CREF Institutional Mutual Funds:

The Audit Committee oversees the financial reporting process of the TIAA-CREF Institutional Mutual Funds (the “Funds”) on behalf of the Funds’ Board of Trustees. The Audit Committee is a standing committee of the Board and operates in accordance with a formal written charter (copies are available upon request) which describes the Audit Committee’s responsibilities. All members of the Audit Committee (“Committee”) are independent, as defined under the listing standards of the New York Stock Exchange.

Management has the primary responsibility for the Funds’ financial statements, development and maintenance of a strong system of internal controls and disclosure controls, and compliance with applicable laws and regulations. In fulfilling its oversight responsibilities, the Committee reviewed and approved the audit plans of the internal auditing group and the independent auditing firm in connection with their respective audits of the Funds. The Committee also meets regularly with the internal and independent auditors, both with and without management present, to discuss the results of their examinations, their evaluation of internal controls, and the overall quality of financial reporting. As required by its charter, the Committee will evaluate rotation of the external financial audit firm whenever circumstances warrant, but in no event will the evaluation be later than between their fifth and tenth years of service.

The Committee reviewed and discussed the accompanying audited financial statements with management, including a discussion of the quality and appropriateness of the accounting principles and financial reporting practices followed, the reasonableness of significant judgments, and the clarity and completeness of disclosures in the financial statements. The Committee has also discussed the audited financial statements with Ernst & Young LLP, the independent registered public accounting firm responsible for expressing an opinion on the conformity of these audited financial statements with U.S. generally accepted accounting principles.

The discussion with Ernst & Young LLP focused on their judgments concerning the quality and appropriateness of the accounting principles and financial reporting practices followed by the Funds, the clarity and completeness of the financial statements and related disclosures, and other significant matters, such as any significant changes in accounting policies, internal controls, management judgments and estimates, and the nature of any uncertainties or unusual transactions. In addition, the Committee discussed with Ernst & Young LLP the auditors’ independence from management and the Funds, and has received a written disclosure regarding such independence, as required by the Independence Standards Board.

Based on the review and discussions referred to above, the Committee has approved the release of the accompanying audited financial statements for publication and filing with appropriate regulatory authorities.

Maceo K. Sloan, Audit Committee Chair
Willard T. Carleton, Audit Committee Member
Martin J. Gruber, Audit Committee Member
Bridget A. Macaskill, Audit Committee Member

November 11, 2004

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 189

Statements of Assets and Liabilities
TIAA-CREF Institutional Mutual Funds	Growth Equity Fund				Growth & Income Fund				International Equity Fund			Large-Cap Value Fund			Mid-Cap Growth Fund			Mid-Cap Value Fund
September 30, 2004	Growth Equity Fund				Growth & Income Fund				International Equity Fund			Large-Cap Value Fund			Mid-Cap Growth Fund			Mid-Cap Value Fund

ASSETS
Portfolio investments, at cost	$	94,001,270			$	654,388,939			$	571,631,861		$	224,517,795		$	122,683,054		$	134,558,407
Net unrealized appreciation (depreciation) of
portfolio investments		(1,268,943		)		7,271,239				31,465,307			12,564,443			4,791,503			5,843,484

Portfolio investments, at value		92,732,327				661,660,178				603,097,168			237,082,238			127,474,557			140,401,891
Cash		8,098				5,114					—			—			—		28,476
Cash—foreign (cost of $2,915 and $543,584, respectively)			—			3,285				544,448				—			—			—
Receivable from securities transactions		1,054,533					—			1,810,328			2,686,568			1,029,070			1,970,648
Receivable from Fund shares sold		313,126				528,935				666,581			1,096,790			265,081			633,643
Due from investment advisor		6,000				13,000					—			4,000		15,000			11,000
Dividends and interest receivable		31,549				725,540				1,700,205			420,604			37,332			165,286
Receivable for variation margin on open futures contracts			—			32,450					—			—			—			—

Total Assets		94,145,633				662,968,502				607,818,730			241,290,200			128,821,040			143,210,944

LIABILITIES
Accrued expenses		33,804				192,828				372,136			137,170			102,574			96,994
Due to custodian			—				—			125,081			56,370			635,996				—
Payable for securities transactions		1,485,035				1,322,152				857,460			3,317,823			1,072,863			2,091,827
Payable for Fund shares redeemed		51,019				75,048				104,284				9,654		217,228				6,000
Payable for variation margin on open futures contracts			—			1,770					—			—			—			—

Total Liabilities		1,569,858				1,591,798				1,458,961			3,521,017			2,028,661			2,194,821

NET ASSETS	$	92,575,775			$	661,376,704			$	606,359,769		$	237,769,183		$	126,792,379		$	141,016,123

NET ASSETS CONSIST OF:
Paid-in-capital	$	247,606,624			$	683,897,945			$	536,725,508		$	204,143,348		$	117,557,189		$	127,178,595
Accumulated undistributed net investment income		666,884				330,100				8,897,462			2,691,425				3,992		1,159,845
Accumulated undistributed net realized gain (loss)
on total investments		(154,428,790		)		(30,042,904		)		29,282,570			18,369,967			4,439,695			6,834,199
Accumulated net unrealized appreciation
(depreciation) on total investments		(1,268,943		)		7,191,563				31,454,229			12,564,443			4,791,503			5,843,484

NET ASSETS	$	92,575,775			$	661,376,704			$	606,359,769		$	237,769,183		$	126,792,379		$	141,016,123

RETIREMENT CLASS:
Net Assets			—		$	35,873,549			$	77,400,359		$	69,314,484		$	74,599,723		$	92,268,452
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)			—			4,396,328				7,381,585			5,168,865			5,241,759			6,415,675
Net asset value per share			—				$8.16				$10.49			$13.41			$14.23			$14.38

INSTITUTIONAL CLASS:
Net Assets	$	92,575,775			$	625,503,155			$	528,959,410		$	31,288,858		$	3,684,257		$	8,041,900
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		14,665,038				77,057,723				51,404,356			2,334,250			257,670			556,949
Net asset value per share			$6.31				$8.12				$10.29			$13.40			$14.30			$14.44

RETAIL CLASS:
Net Assets			—				—				—	$	137,165,841		$	48,508,399		$	40,705,771
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)			—				—				—		10,349,725			3,407,914			2,852,969
Net asset value per share			—				—				—			$13.25			$14.23			$14.27

190 | 2004 Annual Report
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| 191

Statements of Assets and Liabilities (continued)
TIAA-CREF Institutional Mutual Funds	Small-Cap Equity Fund		Large-Cap Growth Index Fund		Large-Cap Value Index Fund		Equity Index Fund			S&P 500 Index Fund		Mid-Cap Growth Index Fund
September 30, 2004	Small-Cap Equity Fund		Large-Cap Growth Index Fund		Large-Cap Value Index Fund		Equity Index Fund			S&P 500 Index Fund		Mid-Cap Growth Index Fund

ASSETS
Portfolio investments, at cost	$	211,324,277	$	47,715,969	$	118,140,493	$	625,847,279		$	205,089,156	$	19,729,643
Net unrealized appreciation of portfolio investments		11,427,130		6,233,721		24,003,078		140,915,087			18,115,573		4,482,442

Portfolio investments, at value		222,751,407		53,949,690		142,143,571		766,762,366			223,204,729		24,212,085
Cash		—		21,599		228,372		20,712			3,017		34,074
Receivable from securities transactions		11,961,330		30,840		—		35,611			—		52,009
Receivable from Fund shares sold		912,974		240,379		239,834		576,820			383,364		—
Due from investment advisor		121,506		11,000		18,000		—			18,000		5,000
Dividends and interest receivable		222,571		24,315		236,827		874,060			276,697		9,247
Receivable for variation margin on open futures contracts		—		—		—		21,964			1,925		—

Total Assets		235,969,788		54,277,823		142,866,604		768,291,533			223,887,732		24,312,415

LIABILITIES
Accrued expenses		148,087		19,748		39,650		165,038			77,387		9,879
Due to custodian		952,246		—		—		—			—		—
Payable for securities transactions		11,039,192		52,334		374,323		1,408,954			972,721		66,216
Payable for Fund shares redeemed		18,685		—		902		9,908			302,786		—
Payable for variation margin on open futures contracts		—		—		—		750			105		—

Total Liabilities		12,158,210		72,082		414,875		1,584,650			1,352,999		76,095

NET ASSETS	$	223,811,578	$	54,205,741	$	142,451,729	$	766,706,883		$	222,534,733	$	24,236,320

NET ASSETS CONSIST OF:
Paid-in-capital	$	202,669,962	$	46,957,439	$	112,410,165	$	634,689,942		$	200,186,260	$	17,244,526
Accumulated undistributed net investment income		1,088,850		267,820		2,095,726		7,991,260			1,883,563		83,228
Accumulated undistributed net realized gain
on total investments		8,625,636		746,761		3,942,760		(16,892,547	)		2,346,506		2,426,124
Accumulated net unrealized appreciation
on total investments		11,427,130		6,233,721		24,003,078		140,918,228			18,118,404		4,482,442

NET ASSETS	$	223,811,578	$	54,205,741	$	142,451,729	$	766,706,883		$	222,534,733	$	24,236,320

RETIREMENT CLASS:
Net Assets	$	116,445,167	$	18,405,468	$	200,115		—		$	54,914,090	$	343,673
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		8,200,749		1,743,293		15,306		—			4,241,552		26,785
Net asset value per share		$14.20		$10.56		$13.07		—			$12.95		$12.83

INSTITUTIONAL CLASS:
Net Assets	$	45,429,360	$	35,800,273	$	142,251,614	$	766,706,883		$	167,620,643	$	23,892,647
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		3,180,157		3,415,234		10,899,767		86,664,231			12,971,134		1,858,629
Net asset value per share		$14.29		$10.48		$13.05		$8.85			$12.92		$12.85

RETAIL CLASS:
Net Assets	$	61,937,051		—		—		—			—		—
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		4,375,896		—		—		—			—		—
Net asset value per share		$14.15		—		—		—			—		—

192 | 2004 Annual Report
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| 193

Statements of Assets and Liabilities (continued)
TIAA-CREF Institutional Mutual Funds	Mid-Cap Value Index Fund		Mid-Cap Blend Index Fund		Small-Cap Growth Index Fund		Small-Cap Value Index Fund		Small-Cap Blend Index Fund		International Equity Index Fund
September 30, 2004	Mid-Cap Value Index Fund		Mid-Cap Blend Index Fund		Small-Cap Growth Index Fund		Small-Cap Value Index Fund		Small-Cap Blend Index Fund		International Equity Index Fund

ASSETS
Portfolio investments, at cost	$	29,331,777	$	38,953,138	$	55,173,720	$	53,652,177	$	101,332,608	$	57,520,287
Net unrealized appreciation of portfolio investments		7,823,434		11,237,081		10,989,906		9,838,408		28,173,286		18,554,137

Portfolio investments, at value		37,155,211		50,190,219		66,163,626		63,490,585		129,505,894		76,074,424
Cash		9,454		34,505		85,139		76,950		170,114		—
Cash—foreign (cost of $79,206)		—		—		—		—		—		80,424
Receivable from securities transactions		30,005		28,103		—		362,706		186,500		323,090
Receivable from Fund shares sold		—		58,164		32,543		12,000		34,415		32,142
Due from investment advisor		6,000		8,000		17,000		15,000		20,000		—
Dividends and interest receivable		61,095		57,146		19,013		100,350		123,823		232,357

Total Assets		37,261,765		50,376,137		66,317,321		64,057,591		130,040,746		76,742,437

LIABILITIES
Accrued expenses		13,056		17,896		29,921		25,606		45,009		56,453
Due to custodian		—		—		—		—		—		210,868
Payable for securities transactions		38,403		84,920		—		437,233		368,173		54,168
Payable for Fund shares redeemed		—		3,000		562,005		—		34,228		64,000

Total Liabilities		51,459		105,816		591,926		462,839		447,410		385,489

NET ASSETS	$	37,210,306	$	50,270,321	$	65,725,395	$	63,594,752	$	129,593,336	$	76,356,948

NET ASSETS CONSIST OF:
Paid-in-capital	$	26,417,250	$	35,948,055	$	46,884,886	$	45,389,710	$	91,956,473	$	55,442,532
Accumulated undistributed net investment income		533,688		514,724		123,903		635,160		808,387		1,302,064
Accumulated undistributed net realized gain
on total investments		2,435,934		2,570,461		7,726,700		7,731,474		8,655,190		1,053,307
Accumulated net unrealized appreciation
on total investments		7,823,434		11,237,081		10,989,906		9,838,408		28,173,286		18,559,045

NET ASSETS	$	37,210,306	$	50,270,321	$	65,725,395	$	63,594,752	$	129,593,336	$	76,356,948

RETIREMENT CLASS:
Net Assets	$	199,943	$	563,156	$	279,349	$	236,804	$	330,297	$	788,552
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		14,077		39,244		19,209		16,916		23,062		57,685
Net asset value per share		$14.20		$14.35		$14.54		$14.00		$14.32		$13.67

INSTITUTIONAL CLASS:
Net Assets	$	37,010,363	$	49,707,165	$	65,446,046	$	63,357,948	$	129,263,039	$	75,568,396
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		2,600,671		3,467,168		4,706,652		4,514,563		9,021,964		5,514,198
Net asset value per share		$14.23		$14.34		$13.91		$14.03		$14.33		$13.70

194 |

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| 195

Statements of Assets and Liabilities (continued)
TIAA-CREF Institutional Mutual Funds	Real Estate Securities Fund		Social Choice Equity Fund		Bond Fund		Inflation-Linked Bond Fund		Money Market Fund
September 30, 2004	Real Estate Securities Fund		Social Choice Equity Fund		Bond Fund		Inflation-Linked Bond Fund		Money Market Fund

ASSETS
Portfolio investments, at cost	$	322,837,588	$	114,394,149	$	995,475,877	$	461,830,204	$	181,757,843
Net unrealized appreciation of portfolio investments		12,199,387		1,876,515		10,378,031		12,412,351		—

Portfolio investments, at value		335,036,975		116,270,664		1,005,853,908		474,242,555		181,757,843
Cash		1,930		6,357		6,167		—		10,509
Receivable from securities transactions		8,411,817		—		47,190,949		1,325,518		196
Receivable from Fund shares sold		583,319		282,632		993,534		187,957		263,629
Due from investment advisor		12,000		13,000		—		8,000		—
Dividends and interest receivable		952,372		97,215		8,568,065		3,624,450		18,025

Total Assets		344,998,413		116,669,868		1,062,612,623		479,388,480		182,050,202

LIABILITIES
Accrued expenses		144,141		44,336		500,893		171,179		45,351
Due to custodian		—		—		—		34,812		—
Payable for securities transactions		10,308,330		4,978,435		130,661,762		1,285,062		1,999,395
Payable for Fund shares redeemed		678,573		—		63,853		56,564		15,434
Income distribution payable		—		—		—		—		215,285

Total Liabilities		11,131,044		5,022,771		131,226,508		1,547,617		2,275,465

NET ASSETS	$	333,867,369	$	111,647,097	$	931,386,115	$	477,840,863	$	179,774,737

NET ASSETS CONSIST OF:
Paid-in-capital	$	287,715,436	$	108,429,633	$	918,016,649	$	463,722,491	$	179,776,469
Accumulated undistributed (distributions in excess of)
net investment income		722,638		950,626		284,906		—		(1	)
Accumulated undistributed net realized gain (loss)
on total investments		33,229,908		390,323		2,706,529		1,706,021		(1,731	)
Accumulated net unrealized appreciation
on total investments		12,199,387		1,876,515		10,378,031		12,412,351		—

NET ASSETS	$	333,867,369	$	111,647,097	$	931,386,115	$	477,840,863	$	179,774,737

RETIREMENT CLASS:
Net Assets	$	69,979,579	$	28,869,513		—		—		—
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		5,136,154		3,177,915		—		—		—
Net asset value per share		$13.62		$9.08		—		—		—

INSTITUTIONAL CLASS:
Net Assets	$	156,192,739	$	82,777,584	$	931,386,115	$	382,305,207	$	179,774,737
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		11,566,962		9,233,847		90,498,986		35,562,500		179,776,469
Net asset value per share		$13.50		$8.96		$10.29		$10.75		$1.00

RETAIL CLASS:
Net Assets	$	107,695,051		—		—	$	95,535,656		—
Outstanding shares of beneficial interest, unlimited
shares authorized ($.0001 par value)		8,053,027		—		—		8,984,386		—
Net asset value per share		$13.37		—		—		$10.63		—

196 |

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| 197

Statements of Operations
TIAA-CREF Institutional Mutual Funds	Growth Equity Fund			Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Mid-Cap Growth Fund			Mid-Cap Value Fund
For the Year Ended September 30, 2004	Growth Equity Fund			Growth & Income Fund			International Equity Fund			Large-Cap Value Fund			Mid-Cap Growth Fund			Mid-Cap Value Fund

INVESTMENT INCOME
Interest	$	90,737		$	100,557		$	183,061		$	11,727		$	11,388		$	17,059
Dividends		1,000,970			10,134,022			12,243,446			4,052,937			496,756			1,764,687
Foreign taxes withheld		(9,301	)		(25,816	)		(1,113,762	)		(1,959	)		(115	)		(691	)

Total income		1,082,406			10,208,763			11,312,745			4,062,705			508,029			1,781,055

EXPENSES
Investment management fees		80,402			511,568			466,878			139,120			87,406			70,418
Service Agreement Fees—Retirement Class		—			78,530			163,240			130,616			212,885			188,515
Service Agreement Fees—Institutional Class		40,201			246,545			141,226			9,606			1,181			2,518
Service Agreement Fees—Retail Class		—			—			—			367,843			144,182			86,732
Custody fees		13,226			58,077			351,495			19,911			32,464			18,018
Audit fees		8,854			48,789			38,036			13,734			9,759			7,916
Registration fees—Retirement Class		—			12,696			21,915			26,801			47,398			37,781
Registration fees—Institutional Class		3,015			24,799			30,707			12,149			1,096			2,197
Registration fees—Retail Class		—			—			—			57,496			31,865			18,945
Trustee fees and expenses		3,145			5,796			6,502			1,435			838			705
Interest		3,450			3,750			—			—			—			—

Total expenses before expense reimbursement		152,293			990,550			1,219,999			778,711			569,074			433,745
Less expenses reimbursed by the investment advisor
(See Note 2)		(6,000	)		(20,000	)		(13,000	)		(70,000	)		(72,000	)		(43,000	)

Net expenses		146,293			970,550			1,206,999			708,711			497,074			390,745

Net investment income		936,113			9,238,213			10,105,746			3,353,994			10,955			1,390,310

NET REALIZED AND UNREALIZED
GAIN ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		706,758			56,407,991			66,116,610			21,028,960			5,508,129			7,260,212
Futures transactions		(2,711	)		668,316			—			—			—			—
Foreign currency transactions		—			(113,829	)		(332,039	)		—			—			(219	)

Net realized gain on total investments		704,047			56,962,478			65,784,571			21,028,960			5,508,129			7,259,993

Change in unrealized appreciation (depreciation) on:
Portfolio investments		6,041,047			(3,231,156	)		13,401,517			3,610,107			136,264			3,768,104
Futures transactions		—			23,866			—			—			—			—
Translation of assets (other than portfolio investments)
and liabilities denominated in foreign currencies		—			(1,854	)		5,406			—			—			(3	)

Net change in unrealized appreciation (depreciation) on
total investments		6,041,047			(3,209,144	)		13,406,923			3,610,107			136,264			3,768,101

Net realized and unrealized gain on
total investments		6,745,094			53,753,334			79,191,494			24,639,067			5,644,393			11,028,094

Net increase in net assets resulting
from operations	$	7,681,207		$	62,991,547		$	89,297,240		$	27,993,061		$	5,655,348		$	12,418,404

198 | 2004 Annual Report
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| 199

Statements of Operations (continued)
TIAA-CREF Institutional Mutual Funds	Small-Cap Equity Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund			Equity Index Fund			S&P 500 Index Fund			Mid-Cap Growth Index Fund
For the Year Ended September 30, 2004	Small-Cap Equity Fund			Large-Cap Growth Index Fund			Large-Cap Value Index Fund			Equity Index Fund			S&P 500 Index Fund			Mid-Cap Growth Index Fund

INVESTMENT INCOME
Interest	$	12,022		$	3,268		$	6,435		$	157,975		$	26,903		$	—
Dividends		2,000,431			401,645			2,813,857			13,707,549			2,570,559			130,530
Foreign taxes withheld		(438	)		(41	)		—			(357	)		—			(83	)

Total income		2,012,015			404,872			2,820,292			13,865,167			2,597,462			130,447

EXPENSES
Investment management fees		138,422			15,476			46,548			317,264			59,241			9,713
Service Agreement Fees—Retirement Class		295,156			3,338			644			—			117,976			1,179
Service Agreement Fees—Institutional Class		14,285			7,541			23,234			158,618			22,678			4,787
Service Agreement Fees—Retail Class		95,957			—			—			—			—			—
Custody fees		75,863			11,142			22,639			70,637			38,383			8,224
Audit fees		16,136			5,048			17,475			59,949			16,826			2,742
Registration fees—Retirement Class		51,363			1,226			80			—			17,050			150
Registration fees—Institutional Class		8,409			1,131			2,422			52,765			13,335			801
Registration fees—Retail Class		30,518			—			—			—			—			—
Trustee fees and expenses		1,353			828			1,140			9,611			1,298			248
Interest		—			—			—			—			—			161

Total expenses before expense reimbursement		727,462			45,730			114,182			668,844			286,787			28,005
Less expenses reimbursed by the investment advisor
(See Note 2)		(109,000	)		(11,000	)		(20,000	)		(32,000	)		(43,000	)		(7,000	)

Net expenses		618,462			34,730			94,182			636,844			243,787			21,005

Net investment income		1,393,553			370,142			2,726,110			13,228,323			2,353,675			109,442

NET REALIZED AND UNREALIZED
GAIN ON TOTAL INVESTMENTS
Realized gain (loss) on:
Portfolio investments		11,660,753			861,044			4,372,761			46,986,867			3,553,108			2,458,150
Futures transactions		—			—			—			861,390			(507,624	)		—

Net realized gain on total investments		11,660,753			861,044			4,372,761			47,848,257			3,045,484			2,458,150

Change in unrealized appreciation on:
Portfolio investments		4,828,393			1,110,396			11,973,335			71,781,364			8,608,356			388,689
Futures transactions		—			—			—			3,141			2,831			—

Net change in unrealized appreciation
on total investments		4,828,393			1,110,396			11,973,335			71,784,505			8,611,187			388,689

Net realized and unrealized gain
on total investments		16,489,146			1,971,440			16,346,096			119,632,762			11,656,671			2,846,839

Net increase from payment by investment
advisor for investment transaction loss (See Note 9)		93,506			—			—			—			—			—

Net increase in net assets resulting
from operations	$	17,976,205		$	2,341,582		$	19,072,206		$	132,861,085		$	14,010,346		$	2,956,281

200 | 2004 Annual Report
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| 201


Statements of Operations (continued)
TIAA-CREF Institutional Mutual Funds	Mid-Cap Value Index Fund			Mid-Cap Blend Index Fund			Small-Cap Growth Index Fund			Small-Cap Value Index Fund			Small-Cap Blend Index Fund			International Equity Index Fund
For the Year Ended September 30, 2004	Mid-Cap Value Index Fund			Mid-Cap Blend Index Fund			Small-Cap Growth Index Fund			Small-Cap Value Index Fund			Small-Cap Blend Index Fund			International Equity Index Fund

INVESTMENT INCOME
Interest	$	571		$	891		$	431		$	3,453		$	4,207		$	3,511
Dividends		779,304			743,565			328,637			1,084,567			1,414,200			2,024,211
Foreign taxes withheld		—			—			(200	)		—			(233	)		(170,796	)

Total income		779,875			744,456			328,868			1,088,020			1,418,174			1,856,926

EXPENSES
Investment management fees		13,943			19,234			27,024			24,280			49,033			29,867
Service Agreement Fees—Retirement Class		608			1,547			1,464			718			1,038			1,219
Service Agreement Fees—Institutional Class		6,935			9,525			13,425			12,096			24,453			22,293
Custody fees		5,986			13,968			17,423			15,128			26,597			52,268
Audit fees		4,592			5,769			9,387			8,583			18,274			4,481
Registration fees—Retirement Class		1,077			198			1,186			1,091			126			154
Registration fees—Institutional Class		1,040			1,601			2,014			1,814			2,001			2,229
Trustee fees and expenses		519			434			1,015			878			1,911			1,087

Total expenses before expense reimbursement		34,700			52,276			72,938			64,588			123,433			113,598
Less expenses reimbursed by the investment advisor
(See Note 2)		(6,000	)		(12,000	)		(17,000	)		(15,000	)		(24,000	)		—

Net expenses		28,700			40,276			55,938			49,588			99,433			113,598

Net investment income		751,175			704,180			272,930			1,038,432			1,318,741			1,743,328

NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain on:
Portfolio investments		2,432,989			2,648,160			8,078,326			7,952,456			9,123,876			1,084,202
Foreign currency transactions		—			—			—			—			—			1,378

Net realized gain on total investments		2,432,989			2,648,160			8,078,326			7,952,456			9,123,876			1,085,580

Change in unrealized appreciation (depreciation) on:
Portfolio investments		4,380,991			4,934,103			(1,111,580	)		4,330,594			9,099,898			11,334,233
Translation of assets (other than portfolio investments)
and liabilities denominated in foreign currencies		—			—			—			—			—			840

Net change in unrealized appreciation (depreciation)
on total investments		4,380,991			4,934,103			(1,111,580	)		4,330,594			9,099,898			11,335,073

Net realized and unrealized gain
on total investments		6,813,980			7,582,263			6,966,746			12,283,050			18,223,774			12,420,653

Net increase in net assets resulting
from operations	$	7,565,155		$	8,286,443		$	7,239,676		$	13,321,482		$	19,542,515		$	14,163,981

202 | 2004 Annual Report
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Statements of Operations (continued)
TIAA-CREF Institutional Mutual Funds	Real Estate Securities Fund			Social Choice Equity Fund			Bond Fund			Inflation-Linked Bond Fund			Money Market Fund
For the Year Ended September 30, 2004	Real Estate Securities Fund			Social Choice Equity Fund			Bond Fund			Inflation-Linked Bond Fund			Money Market Fund

INVESTMENT INCOME
Interest	$	149,084		$	8,368		$	40,466,499		$	16,610,123		$	1,947,598
Dividends		10,786,478			1,394,551			—			—			—
Foreign taxes withheld		(4,560	)		—			—			—			—

Total income		10,931,002			1,402,919			40,466,499			16,610,123			1,947,598

EXPENSES
Investment management fees		229,100			34,729			792,892			333,032			65,462
Service Agreement Fees—Retirement Class		150,922			67,618			—			—			—
Service Agreement Fees—Institutional Class		53,099			13,385			396,446			94,532			49,098
Service Agreement Fees—Retail Class		255,491			—			—			98,887			—
Custody fees		24,121			22,347			99,103			31,619			17,122
Audit fees		20,769			10,161			59,462			28,524			10,273
Registration fees—Retirement Class		17,843			13,779			—			—			—
Registration fees—Institutional Class		31,470			5,779			29,731			34,810			5,137
Registration fees—Retail Class		34,489			—			—			15,546			—
Trustee fees and expenses		2,027			1,281			15,686			3,199			2,391
Other		—			—			7,025			—			—

Total expenses before expense reimbursement		819,331			169,079			1,400,345			640,149			149,483
Less expenses reimbursed by the investment advisor
(See Note 2)		(63,000	)		(28,000	)		—			(34,000	)		—

Net expenses		756,331			141,079			1,400,345			606,149			149,483

Net investment income		10,174,671			1,261,840			39,066,154			16,003,974			1,798,115

NET REALIZED AND UNREALIZED
GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain on total investments		40,031,441			578,174			9,277,877			3,071,023			176
Net change in unrealized appreciation (depreciation)
on total investments		3,319,972			7,187,316			(18,068,909	)		7,416,879			—

Net realized and unrealized gain (loss)
on total investments		43,351,413			7,765,490			(8,791,032	)		10,487,902			176

Net increase in net assets resulting from operations	$	53,526,084		$	9,027,330		$	30,275,122		$	26,491,876		$	1,798,291

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Statement of Cash Flows

TIAA-CREF Institutional Bond Fund
For the Year Ended September 30, 2004


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	30,275,122
Adjustments to reconcile net increase in net assets resulting from
operations to net cash provided by operating activities:
Purchases of long-term securities	(907,686,792		)
Proceeds from sales of long-term securities	1,210,739,737
Purchases of short-term investments—net	175,273,623
Decrease in receivables	4,524,048
Increase in payables	145,550
Net realized gain on total investments	(9,277,877		)
Unrealized depreciation on total investments	18,068,909

Net cash provided by operating activities	522,062,320


CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Fund shares sold	407,281,257
Payments for Fund shares redeemed	(918,660,191		)
Cash distributions paid	(16,760,879		)
Exchanges among the various TIAA-CREF Mutual Funds—net	(393,679		)
Proceeds from the financing of dollar roll transactions—net	4,701,367

Net cash used in financing activities	(523,832,125		)

Decrease in cash	(1,769,805		)

CASH
Beginning of year	1,775,972

End of year	$	6,167


Supplemental disclosure of cash flow information:
Non-cash financing activities not included above:
Reinvestment of distributions	$	58,218,624

SEE NOTES TO FINANCIAL STATEMENTS
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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 207

Statements of Changes in Net Assets

TIAA-CREF Institutional Mutual Funds

	Growth Equity Fund						Growth & Income Fund						International Equity Fund

	For the Years Ended September 30,						For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	936,113		$	1,475,256		$	9,238,213		$	6,923,129		$	10,105,746		$	6,213,753
Net realized gain (loss) on total investments		704,047			(66,126,346	)		56,962,478			(22,446,414	)		65,784,571			(5,230,009	)
Net change in unrealized appreciation
(depreciation) on total investments		6,041,047			133,439,752			(3,209,144	)		102,390,340			13,406,923			71,808,986

Net increase from operations		7,681,207			68,788,662			62,991,547			86,867,055			89,297,240			72,792,730


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		—			—			(258,069	)		(16,030	)		(37,317	)		(45	)
Institutional Class		(956,725	)		(2,478,533	)		(8,775,114	)		(6,772,254	)		(7,294,418	)		(3,988,549	)

Total distributions		(956,725	)		(2,478,533	)		(9,033,183	)		(6,788,284	)		(7,331,735	)		(3,988,594	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		—			—			27,030,545			7,765,201			63,780,783			9,161,248
Institutional Class		(8,581,825	)		(459,497,023	)		66,957,645			49,056,738			80,724,349			96,024,741

Total net shareholder transactions		(8,581,825	)		(459,497,023	)		93,988,190			56,821,939			144,505,132			105,185,989

Total increase (decrease) in net assets		(1,857,343	)		(393,186,894	)		147,946,554			136,900,710			226,470,637			173,990,125

NET ASSETS
Beginning of year		94,433,118			487,620,012			513,430,150			376,529,440			379,889,132			205,899,007

End of year	$	92,575,775		$	94,433,118		$	661,376,704		$	513,430,150		$	606,359,769		$	379,889,132

Accumulated undistributed net investment income	$	666,884		$	687,568		$	330,100		$	279,775		$	8,897,462		$	6,221,312

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Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Large-Cap Value Fund						Mid-Cap Growth Fund						Mid-Cap Value Fund

	For the Years Ended September 30,						For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	3,353,994		$	1,196,820		$	10,955		$	2,793		$	1,390,310		$	307,525
Net realized gain on total investments		21,028,960			3,745,930			5,508,129			1,911,610			7,259,993			1,407,116
Net change in unrealized appreciation
on total investments		3,610,107			10,311,362			136,264			5,444,532			3,768,101			2,998,384

Net increase from operations		27,993,061			15,254,112			5,655,348			7,358,935			12,418,404			4,713,025


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		(112,625	)		(580	)		—			(18	)		(144,631	)		(608	)
Institutional Class		(225,234	)		(9,574	)		(4,596	)		(26	)		(49,959	)		(2,883	)
Retail Class		(1,363,084	)		(118,451	)		(2,167	)		(1,570	)		(238,395	)		(66,665	)
From realized gains:
Retirement Class		(993,550	)		—			(1,648,692	)		(2	)		(1,065,435	)		—
Institutional Class		(854,856	)		—			(84,429	)		(3	)		(168,323	)		—
Retail Class		(4,261,173	)		—			(1,246,794	)		(180	)		(589,346	)		—

Total distributions		(7,810,522	)		(128,605	)		(2,986,678	)		(1,799	)		(2,256,089	)		(70,156	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		55,984,806			9,337,846			48,185,844			23,648,632			70,476,629			14,549,465
Institutional Class		13,588,096			13,322,780			1,611,420			1,391,967			3,060,579			3,323,806
Retail Class		37,900,018			54,009,734			24,916,195			7,803,023			28,162,912			(2,395,256	)

Total net shareholder transactions		107,472,920			76,670,360			74,713,459			32,843,622			101,700,120			15,478,015

Total increase in net assets		127,655,459			91,795,867			77,382,129			40,200,758			111,862,435			20,120,884

NET ASSETS
Beginning of year		110,113,724			18,317,857			49,410,250			9,209,492			29,153,688			9,032,804

End of year	$	237,769,183		$	110,113,724		$	126,792,379		$	49,410,250		$	141,016,123		$	29,153,688

Accumulated undistributed net investment income	$	2,691,425		$	1,084,778		$	3,992		$	2,882		$	1,159,845		$	246,104

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 211


Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Small-Cap Equity Fund						Large-Cap Growth Index Fund						Large-Cap Value Index Fund

	For the Years Ended September 30,						For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	1,393,553		$	444,984		$	370,142		$	684,242		$	2,726,110		$	2,207,727
Net realized gain on total investments		11,660,753			5,328,696			861,044			5,343,520			4,372,761			2,118,812
Net change in unrealized appreciation
on total investments		4,828,393			7,883,583			1,110,396			9,810,510			11,973,335			16,535,024
Net increase from payment by investment
advisor for investment transaction loss (Note 9)		93,506			—			—			—			—			—

Net increase from operations		17,976,205			13,657,263			2,341,582			15,838,272			19,072,206			20,861,563


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		(159,787	)		(370	)		(1,049	)		(276	)		(2,995	)		(710	)
Institutional Class		(166,706	)		(4,819	)		(609,111	)		(253,564	)		(2,382,121	)		(482,837	)
Retail Class		(363,682	)		(89,453	)		—			—			—			—
From realized gains:
Retirement Class		(3,629,107	)		—			(32,333	)		—			(4,781	)		(2	)
Institutional Class		(2,041,489	)		—			(5,425,768	)		—			(2,588,434	)		(1,331	)
Retail Class		(2,565,183	)		—			—			—			—			—

Total distributions		(8,925,954	)		(94,642	)		(6,068,261	)		(253,840	)		(4,978,331	)		(484,880	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		84,839,286			27,451,800			18,396,712			83,863			14,048			47,257
Institutional Class		23,724,659			16,014,579			4,688,958			(41,212,260	)		39,017,812			13,321,167
Retail Class		30,320,089			311,763			—			—			—			—

Total net shareholder transactions		138,884,034			43,778,142			23,085,670			(41,128,397	)		39,031,860			13,368,424

Total increase (decrease) in net assets		147,934,285			57,340,763			19,358,991			(25,543,965	)		53,125,735			33,745,107

NET ASSETS
Beginning of year		75,877,293			18,536,530			34,846,750			60,390,715			89,325,994			55,580,887

End of year	$	223,811,578		$	75,877,293		$	54,205,741		$	34,846,750		$	142,451,729		$	89,325,994

Accumulated undistributed net investment income	$	1,088,850		$	373,421		$	267,820		$	508,161		$	2,095,726		$	1,804,240

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Institutional Class • TIAA-CREF Institutional Mutual Funds

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Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Equity Index Fund						S&P 500 Index Fund						Mid-Cap Growth Index Fund

	For the Years Ended September 30,						For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	13,228,323		$	18,762,391		$	2,353,675		$	1,118,087		$	109,442		$	96,930
Net realized gain (loss) on total investments		47,848,257			(13,824,151	)		3,045,484			(707,981	)		2,458,150			2,916,008
Net change in unrealized appreciation
on total investments		71,784,505			212,018,240			8,611,187			12,605,399			388,689			5,665,240

Net increase from operations		132,861,085			216,956,480			14,010,346			13,015,505			2,956,281			8,678,178


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		—			—			(100,604	)		(480	)		(143	)		(35	)
Institutional Class		(20,504,899	)		(6,764,641	)		(1,256,098	)		(279,028	)		(99,800	)		(39,612	)
From realized gains:
Retirement Class		—			—			—			(1	)		(42,139	)		(15	)
Institutional Class		(4,653,433	)		(2,993,955	)		—			(240	)		(2,903,110	)		(3,595	)

Total distributions		(25,158,332	)		(9,758,596	)		(1,356,702	)		(279,749	)		(3,045,192	)		(43,257	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		—			—			39,891,912			12,239,557			43,082			167,992
Institutional Class (See Note 8)		(696,727,034	)		728,762,523			79,559,508			23,494,120			2,528,612			(9,495,290	)

Total net shareholder transactions		(696,727,034	)		728,762,523			119,451,420			35,733,677			2,571,694			(9,327,298	)

Total increase (decrease) in net assets		(589,024,281	)		935,960,407			132,105,064			48,469,433			2,482,783			(692,377	)

NET ASSETS
Beginning of year		1,355,731,164			419,770,757			90,429,669			41,960,236			21,753,537			22,445,914

End of year	$	766,706,883		$	1,355,731,164		$	222,534,733		$	90,429,669		$	24,236,320		$	21,753,537

Accumulated undistributed net investment income	$	7,991,260		$	15,685,101		$	1,883,563		$	895,708		$	83,228		$	74,605

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 215

Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Mid-Cap Value Index Fund						Mid-Cap Blend Index Fund						Small-Cap Growth Index Fund

	For the Years Ended September 30,						For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	751,175		$	614,548		$	704,180		$	508,730		$	272,930		$	352,203
Net realized gain on total investments		2,432,989			730,160			2,648,160			1,056,067			8,078,326			3,038,298
Net change in unrealized appreciation (depreciation) on
total investments		4,380,991			5,143,457			4,934,103			7,990,295			(1,111,580	)		15,487,599

Net increase from operations		7,565,155			6,488,165			8,286,443			9,555,092			7,239,676			18,878,100


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		(2,372	)		(687	)		(2,344	)		(433	)		(448	)		(160	)
Institutional Class		(628,185	)		(186,165	)		(544,388	)		(144,983	)		(373,698	)		(135,904	)
From realized gains:
Retirement Class		(3,611	)		(5	)		(11,151	)		(5	)		(10,724	)		(2	)
Institutional Class		(757,923	)		(1,299	)		(1,149,022	)		(842	)		(3,412,075	)		(1,395	)

Total distributions		(1,392,091	)		(188,156	)		(1,706,905	)		(146,263	)		(3,796,945	)		(137,461	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		(137,599	)		189,522			254,243			125,740			76,036			41,509
Institutional Class		1,069,397			1,283,914			3,713,948			4,845,295			1,559,571			(3,800,064	)

Total net shareholder transactions		931,798			1,473,436			3,968,191			4,971,035			1,635,607			(3,758,555	)

Total increase in net assets		7,104,862			7,773,445			10,547,729			14,379,864			5,078,338			14,982,084

NET ASSETS
Beginning of year		30,105,444			22,331,999			39,722,592			25,342,728			60,647,057			45,664,973

End of year	$	37,210,306		$	30,105,444		$	50,270,321		$	39,722,592		$	65,725,395		$	60,647,057

Accumulated undistributed net investment income	$	533,688		$	453,567		$	514,724		$	388,569		$	123,903		$	259,426

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 217

Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Small-Cap Value Index Fund						Small-Cap Blend Index Fund						International Equity Index Fund

	For the Years Ended September 30,						For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	1,038,432		$	921,457		$	1,318,741		$	946,919		$	1,743,328		$	1,382,117
Net realized gain on total investments		7,952,456			3,686,136			9,123,876			3,499,552			1,085,580			281,334
Net change in unrealized appreciation on
total investments		4,330,594			8,690,815			9,099,898			22,051,121			11,335,073			11,311,032

Net increase from operations		13,321,482			13,298,408			19,542,515			26,497,592			14,163,981			12,974,483


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		(1,926	)		(610	)		(1,604	)		(388	)		(2,652	)		(359	)
Institutional Class		(973,736	)		(321,571	)		(1,178,765	)		(212,874	)		(1,726,374	)		(234,476	)
From realized gains:
Retirement Class		(10,347	)		(8	)		(11,154	)		(2	)		(534	)		—
Institutional Class		(3,960,170	)		(3,246	)		(4,026,603	)		(1,287	)		(295,024	)		—

Total distributions		(4,946,179	)		(325,435	)		(5,218,126	)		(214,551	)		(2,024,584	)		(234,835	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		77,634			12,930			144,550			29,304			644,208			409
Institutional Class		3,061,970			(1,818,367	)		11,565,509			38,156,784			(1,104,828	)		5,902,602

Total net shareholder transactions		3,139,604			(1,805,437	)		11,710,059			38,186,088			(460,620	)		5,903,011

Total increase in net assets		11,514,907			11,167,536			26,034,448			64,469,129			11,678,777			18,642,659

NET ASSETS
Beginning of year		52,079,845			40,912,309			103,558,888			39,089,759			64,678,171			46,035,512

End of year	$	63,594,752		$	52,079,845		$	129,593,336		$	103,558,888		$	76,356,948		$	64,678,171

Accumulated undistributed net investment income	$	635,160		$	675,099		$	808,387		$	789,304		$	1,302,064		$	1,285,302

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 219


Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Real Estate Securities Fund							Social Choice Equity Fund						Bond Fund

			For the Years Ended September 30,					For the Years Ended September 30,						For the Years Ended September 30,
			2004		2003			2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income		$	10,174,671		$	3,989,978		$	1,261,840		$	822,800		$	39,066,154		$	52,522,861
Net realized gain on total investments		40,031,441				14,120,615			578,174			2,166,598			9,277,877			38,935,725
Net change in unrealized appreciation (depreciation) on
total investments			3,319,972			9,483,663			7,187,316			8,492,782			(18,068,909	)		(16,837,714	)

Net increase from operations		53,526,084				27,594,256			9,027,330			11,482,180			30,275,122			74,620,872


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Retirement Class		(1,478,013		)		(124,419	)		(51,990	)		(395	)		—			—
Institutional Class		(4,852,256		)		(2,010,369	)		(870,731	)		(554,070	)		(39,068,526	)		(52,553,665	)
Retail Class		(2,601,245		)		(1,314,632	)		—			—			—			—
From realized gains:
Retirement Class		(3,007,192		)		(142	)		—			—			—			—
Institutional Class		(12,623,118		)		(7,245	)		—			—			(35,910,977	)		(9,595,828	)
Retail Class		(6,341,083		)		(32,562	)		—			—			—			—

Total distributions		(30,902,907		)		(3,489,369	)		(922,721	)		(554,465	)		(74,979,503	)		(62,149,493	)


SHAREHOLDER TRANSACTIONS (Note 5)
Retirement Class		53,597,202				13,024,997			18,569,427			8,723,367			—			—
Institutional Class (See Note 8)		42,865,145				84,299,248			25,247,411			3,894,224			(453,197,472	)		246,256,859
Retail Class		48,582,970				25,329,112			—			—			—			—

Total net shareholder transactions		145,045,317				122,653,357			43,816,838			12,617,591			(453,197,472	)		246,256,859

Total increase (decrease) in net assets		167,668,494				146,758,244			51,921,447			23,545,306			(497,901,853	)		258,728,238

NET ASSETS
Beginning of year		166,198,875				19,440,631			59,725,650			36,180,344			1,429,287,968			1,170,559,730

End of year		$	333,867,369		$	166,198,875		$	111,647,097		$	59,725,650		$	931,386,115		$	1,429,287,968

Accumulated undistributed net investment income		$	722,638		$	560,523		$	950,626		$	637,726		$	284,906		$	133,438

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 221

Statements of Changes in Net Assets (continued)

TIAA-CREF Institutional Mutual Funds

	Inflation-Linked Bond Fund						Money Market Fund

	For the Years Ended September 30,						For the Years Ended September 30,
	2004			2003			2004			2003


CHANGES IN NET ASSETS

OPERATIONS
Net investment income	$	16,003,974		$	5,206,572		$	1,798,115		$	2,252,761
Net realized gain on total investments		3,071,023			1,102,026			176			227
Net change in unrealized appreciation
on total investments		7,416,879			4,734,905			—			—

Net increase from operations		26,491,876			11,043,503			1,798,291			2,252,988


DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Institutional Class		(13,440,343	)		(4,102,160	)		(1,798,115	)		(2,253,057	)
Retail Class		(2,575,544	)		(1,104,834	)		—			—
From realized gains:
Institutional Class		(2,261,064	)		—			—			—
Retail Class		(205,964	)		—			—			—

Total distributions		(18,482,915	)		(5,206,994	)		(1,798,115	)		(2,253,057	)


SHAREHOLDER TRANSACTIONS (Note 5)
Institutional Class		152,023,929			218,367,845			4,527,099			(13,146,153	)
Retail Class		74,477,544			(3,147,002	)		—			—

Total net shareholder transactions		226,501,473			215,220,843			4,527,099			(13,146,153	)

Total increase (decrease) in net assets		234,510,434			221,057,352			4,527,275			(13,146,222	)

NET ASSETS
Beginning of year		243,330,429			22,273,077			175,247,462			188,393,684

End of year	$	477,840,863		$	243,330,429		$	179,774,737		$	175,247,462

Accumulated undistributed (distributions in excess of)
net investment income	$	—		$	11,913		$	(1	)	$	(1	)

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 223



Financial Highlights

TIAA-CREF Institutional Mutual Funds


	Growth Equity Fund

	Institutional Class

	For the Years Ended September 30,

	2004			2003			2002			2001			2000


SELECTED PER SHARE DATA
Net asset value, beginning of year		$ 5.91			$ 4.82			$ 6.40			$ 12.55			$ 10.14

Gain (loss) from investment operations:
Net investment income		0.06	(b)		0.05	(b)		0.04	(b)		0.02			0.03
Net realized and unrealized gain (loss)
on total investments		0.40			1.14			(1.60	)		(5.90	)		2.40

Total gain (loss) from investment operations		0.46			1.19			(1.56	)		(5.88	)		2.43

Less distributions from:
Net investment income		(0.06	)		(0.10	)		(0.02	)		(0.02	)		(0.02	)
Net realized gains		—			—			—			(0.25	)		—

Total distributions		(0.06	)		(0.10	)		(0.02	)		(0.27	)		(0.02	)

Net asset value, end of year		$ 6.31			$ 5.91			$ 4.82			$ 6.40			$12.55


TOTAL RETURN		7.72	%		25.10	%		(24.44	)%		(47.57	)%		24.01	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	92,576		$	94,433		$	487,620		$	149,981		$	130,529
Ratio of expenses to average net assets
before expense waiver and reimbursement		0.15	%		0.18	%		0.32	%		0.41	%		0.56	%
Ratio of expenses to average net assets
after expense waiver and reimbursement		0.15	%		0.14	%		0.22	%		0.22	%		0.22	%
Ratio of net investment income to average net assets		0.93	%		0.86	%		0.66	%		0.38	%		0.30	%
Portfolio turnover rate		75.98	%		105.28	%		61.08	%		34.44	%		56.67	%

(b) Based on average shares outstanding.

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 225

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds


		Growth & Income Fund

		Retirement Class					Institutional Class

		For the Years Ended September 30,					For the Year Ended September 30,

		2004		2003			2004			2003			2002			2001			2000


SELECTED PER SHARE DATA
Net asset value, beginning of year		$ 7.39			$ 6.14			$ 7.36			$ 6.14			$ 7.91			$11.24			$ 9.76

Gain (loss) from investment operations:
Net investment income		0.10	(b)		0.07	(b)		0.12	(b)		0.10	(b)		0.09	(b)		0.09			0.10
Net realized and unrealized gain (loss) on total investments		0.75			1.22			0.76			1.22			(1.78	)		(3.15	)		1.49

Total gain (loss) from investment operations		0.85			1.29			0.88			1.32			(1.69	)		(3.06	)		1.59

Less distributions from:
Net investment income		(0.08	)		(0.04	)		(0.12	)		(0.10	)		(0.08	)		(0.09	)		(0.10	)
Net realized gains		—			—			—			—			—			(0.18	)		(0.01	)

Total distributions		(0.08	)		(0.04	)		(0.12	)		(0.10	)		(0.08	)		(0.27	)		(0.11	)

Net asset value, end of year		$ 8.16			$ 7.39			$ 8.12			$ 7.36			$ 6.14			$ 7.91			$ 11.24


TOTAL RETURN		11.47	%	21.14		%		11.89	%		21.62	%		(21.51	)%		(27.66	)%		16.18	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	35,874		$	8,027		$	625,503		$	505,404		$	376,529		$	169,880		$	65,334
Ratio of expenses to average net assets before expense
waiver and reimbursement		0.53	%		0.48	%		0.14	%		0.15	%		0.29	%		0.44	%		0.78	%
Ratio of expenses to average net assets after expense
waiver and reimbursement		0.44	%		0.47	%		0.14	%		0.14	%		0.22	%		0.22	%		0.22	%
Ratio of net investment income to average net assets		1.17	%		1.02	%		1.46	%		1.48	%		1.18	%		1.10	%		1.02	%
Portfolio turnover rate		77.20	%	149.57		%		77.20	%		149.57	%		127.75	%		49.56	%		37.95	%

(b) Based on average shares outstanding.

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 227

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds


		International Equity Fund

		Retirement Class					Institutional Class

		For the Years Ended September 30,					For the Years Ended September 30,

		2004		2003			2004			2003			2002			2001			2000


SELECTED PER SHARE DATA
Net asset value, beginning of year		$ 8.65			$ 6.86			$ 8.56			$ 6.86			$ 8.08			$12.55			$10.66

Gain (loss) from investment operations:
Net investment income		0.17	(b)		0.13	(b)		0.20	(b)		0.17	(b)		0.15	(b)		0.10			0.07
Net realized and unrealized gain (loss) on total investments		1.69			1.66			1.69			1.65			(1.29	)		(4.06	)		1.94

Total gain (loss) from investment operations		1.86			1.79			1.89			1.82			(1.14	)		(3.96	)		2.01

Less distributions from:
Net investment income		(0.02	)		—			(0.16	)		(0.12	)		(0.08	)		(0.04	)		(0.05	)
Net realized gains		—			—			—			—			—			(0.47	)		(0.07	)

Total distributions		(0.02	)		—			(0.16	)		(0.12	)		(0.08	)		(0.51	)		(0.12	)

Net asset value, end of year		$ 10.49			$ 8.65			$10.29			$ 8.56			$ 6.86			$ 8.08			$12.55


TOTAL RETURN		21.45	%		26.15	%		22.17	%		26.90	%		(14.28	)%		(32.63	)%		18.58	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$	77,400		$	9,863		$	528,959		$	370,026		$	205,899		$	120,436		$	83,841
Ratio of expenses to average net assets before expense
waiver and reimbursement		0.58	%		0.61	%		0.20	%		0.27	%		0.44	%		0.52	%		0.70	%
Ratio of expenses to average net assets after expense
waiver and reimbursement		0.55	%		0.54	%		0.20	%		0.20	%		0.29	%		0.29	%		0.29	%
Ratio of net investment income to average net assets		1.63	%		1.61	%		1.98	%		2.20	%		1.80	%		1.51	%		0.94	%
Portfolio turnover rate		151.13	%	156.48		%		151.13	%		156.48	%		77.63	%		77.83	%		105.37	%

(b) Based on average shares outstanding.

228 |

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 229

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Large-Cap Value Fund

	Retirement Class							Institutional Class						Retail Class

		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
		2004		2003		2002 (a)		2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period		$ 11.55		$ 9.16		$10.00		$11.59		$ 9.16		$10.00		$11.52		$ 9.16		$10.00

Gain (loss) from investment operations:
Net investment income (b)		0.24		0.21		0.01		0.28		0.25		0.01		0.24		0.22		0.01
Net realized and unrealized gain (loss)
on total investments		2.23		2.24		(0.85	)	2.22		2.22		(0.85	)	2.21		2.20		(0.85	)

Total gain (loss) from investment operations		2.47		2.45		(0.84	)	2.50		2.47		(0.84	)	2.45		2.42		(0.84	)

Less distributions from:
Net investment income		(0.06	)	(0.06	)	—		(0.14	)	(0.04	)	—		(0.17	)	(0.06	)	—
Net realized gains		(0.55	)	—		—		(0.55	)	—		—		(0.55	)	—		—

Total distributions		(0.61	)	(0.06	)	—		(0.69	)	(0.04	)	—		(0.72	)	(0.06	)	—

Net asset value, end of period		$13.41		$11.55		$ 9.16		$13.40		$11.59		$ 9.16		$13.25		$11.52		$ 9.16


TOTAL RETURN		21.59	%	26.94	%	(8.40	)%	21.96	%	26.98	%	(8.40	)%	21.67	%	26.47	%	(8.40	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)		$69,314		$9,943		$92		$31,289		$14,822		$92		$137,166		$85,349		$18,135
Ratio of expenses to average net assets
before expense reimbursement		0.51	%	0.54	%	0.03	%	0.17	%	0.21	%	0.01	%	0.49	%	0.51	%	0.03	%
Ratio of expenses to average net assets
after expense reimbursement		0.48	%	0.47	%	0.03	%	0.14	%	0.14	%	0.01	%	0.44	%	0.44	%	0.03	%
Ratio of net investment income to
average net assets		1.87	%	1.89	%	0.09	%	2.20	%	2.31	%	0.11	%	1.89	%	1.99	%	0.09	%
Portfolio turnover rate		153.96	%	184.99	%	25.09	%	153.96	%	184.99	%	25.09	%	153.96	%	184.99	%	25.09	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

230 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 231

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Mid-Cap Growth Fund

	Retirement Class						Institutional Class						Retail Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.97		$ 9.21		$10.00		$13.02		$ 9.21		$10.00		$12.98		$ 9.21		$10.00

Gain (loss) from investment operations:
Net investment income (loss) (b)	(0.00)(c)		(0.00)(c)		0.00	(c)	0.05		0.04		0.00	(c)	0.00	(c)	0.00	(c)	0.00	(c)
Net realized and unrealized gain (loss)
on total investments	1.76		3.76		(0.79	)	1.76		3.77		(0.79	)	1.75		3.77		(0.79	)

Total gain (loss) from investment operations	1.76		3.76		(0.79	)	1.81		3.81		(0.79	)	1.75		3.77		(0.79	)

Less distributions from:
Net investment income	—		0.00	(c)	—		(0.03	)	—		—		(0.00)(c)		(0.00)(c)		—
Net realized gains	(0.50	)	0.00	(c)	—		(0.50	)	(0.00)(c)		—		(0.50	)	(0.00)(c)		—

Total distributions	(0.50	)	(0.00)(c)		—		(0.53	)	(0.00)(c)		—		(0.50	)	(0.00)(c)		—

Net asset value, end of period	$14.23		$12.97		$ 9.21		$14.30		$13.02		$ 9.21		$14.23		$12.98		$ 9.21


TOTAL RETURN	13.48	%	40.85	%	(7.90	)%	13.88	%	41.37	%	(7.90	)%	13.48	%	40.96	%	(7.90	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$74,600		$25,519		$92		$3,684		$1,887		$92		$48,508		$22,004		$9,025
Ratio of to average net assets before expense reimbursement	0.54	%	0.73	%	0.03	%	0.17	%	0.39	%	0.01	%	0.51	%	0.69	%	0.03	%
Ratio of expenses to average net assets after expense reimbursement	0.48	%	0.47	%	0.03	%	0.14	%	0.14	%	0.01	%	0.44	%	0.44	%	0.03	%
Ratio of net investment income (loss) to average net assets	(0.01	)%	(0.02	)%	0.02	%	0.32	%	0.31	%	0.04	%	0.02	%	0.01	%	0.02	%
Portfolio turnover rate	147.58	%	162.02	%	18.61	%	147.58	%	162.02	%	18.61	%	147.58	%	162.02	%	18.61	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

232 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 233

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Mid-Cap Value Fund

	Retirement Class						Institutional Class						Retail Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,			For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)			2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$11.95		$ 9.03		$10.00		$12.02		$ 9.03		$10.00		$	$11.97		$ 9.03		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.21		0.18		0.01		0.26		0.22		0.01			0.22		0.19		0.01
Net realized and unrealized gain (loss)
on total investments	2.73		2.80		(0.98	)	2.74		2.81		(0.98	)		2.71		2.80		(0.98	)

Total gain (loss) from investment operations	2.94		2.98		(0.97	)	3.00		3.03		(0.97	)		2.93		2.99		(0.97	)

Less distributions from:
Net investment income	(0.06	)	(0.06	)	—		(0.13	)	(0.04	)	—			(0.18	)	(0.05	)	—
Net realized gains	(0.45	)	—		—		(0.45	)	—		—			(0.45	)	—		—

Total distributions	(0.51	)	(0.06	)	—		(0.58	)	(0.04	)	—			(0.63	)	(0.05	)	—

Net asset value, end of period	$14.38		$11.95		$ 9.03		$14.44		$12.02		$9.03		$	$14.27		$11.97		$ 9.03


TOTAL RETURN	24.82	%	33.27	%	(9.70	)%	25.36	%	33.63	%	(9.70	)%		24.89	%	33.29	%	(9.70	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$92,268		$15,669		$90		$8,042		$4,009		$90		$40,706			$9,476		$8,852
Ratio of expenses to average net assets before expense reimbursement	0.52	%	0.65	%	0.03	%	0.17	%	0.32	%	0.01	%		0.51	%	0.62	%	0.03	%
Ratio of expenses to average net assets after expense reimbursement	0.48	%	0.47	%	0.03	%	0.14	%	0.14	%	0.01	%		0.44	%	0.44	%	0.03	%
Ratio of net investment income to average net assets	1.54	%	1.52	%	0.12	%	1.88	%	2.05	%	0.14	%		1.58	%	1.83	%	0.11	%
Portfolio turnover rate	172.61	%	214.97	%	15.01	%	172.61	%	214.97	%	15.01	%	172.61		%	214.97	%	15.01	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

234 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 235

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Small-Cap Equity Fund

	Retirement Class						Institutional Class						Retail Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.62		$ 9.27		$10.00		$12.68		$ 9.27		$10.00		$12.64		$ 9.27		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.09		0.11		0.01		0.14		0.14		0.02		0.12		0.12		0.02
Net realized and unrealized gain (loss)
on total investments	2.46		3.28		(0.74	)	2.48		3.29		(0.75	)	2.45		3.29		(0.75	)

Total gain (loss) from investment operations	2.55		3.39		(0.73	)	2.62		3.43		(0.73	)	2.57		3.41		(0.73	)

Less distributions from:
Net investment income	(0.04	)	(0.04	)	—		(0.08	)	(0.02	)	—		(0.13	)	(0.04	)	—
Net realized gains	(0.93	)	—		—		(0.93	)	—		—		(0.93	)	—		—

Total distributions	(0.97	)	(0.04	)	—		(1.01	)	(0.02	)	—		(1.06	)	(0.04	)	—

Net asset value, end of period	$14.20	(c)	$12.62		$ 9.27		$14.29	(c)	$12.68		$9.27		$14.15	(c)	$12.64		$9.27


TOTAL RETURN	20.53%(c)		36.65	%	(7.30	)%	20.98%(c)		37.12	%	(7.30	)%	20.70%(c)		36.90	%	(7.30	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$116,445		$29,036		$93		$45,429		$18,702		$93		$61,937		$28,139		$18,351
Ratio of expenses to average net assets before expense reimbursement	0.54	%	0.95	%	0.03	%	0.20	%	0.62	%	0.01	%	0.38	%	0.78	%	0.02	%
Ratio of expenses to average net assets after expense reimbursement	0.48	%	0.47	%	0.03	%	0.14	%	0.14	%	0.01	%	0.30	%	0.30	%	0.02	%
Ratio of net investment income to average net assets	0.68	%	0.89	%	0.15	%	1.03	%	1.25	%	0.17	%	0.87	%	1.10	%	0.16	%
Portfolio turnover rate	294.55	%	328.39	%	14.52	%	294.55	%	328.39	%	14.52	%	294.55	%	328.39	%	14.52	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

investment loss resulting from an overstatement of cash available for investment. Had the Fund not been

reimbursed, the net asset value and total return for the Retirement Class would have been $14.19 and 20.44%,

respectively, and the net asset value and total return for the Institutional Class would have been $14.28 and

20.86%, respectively. There was no change to the net asset value or total return for the Retail Class (See Note 9).

236 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 237

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Large-Cap Growth Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$11.60		$ 9.29		$10.00		$11.63		$ 9.29		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.05		0.07		0.01		0.11		0.11		0.01
Net realized and unrealized gain (loss)
on total investments	0.82		2.27		(0.72	)	0.80		2.27		(0.72	)

Total gain (loss) from investment operations	0.87		2.34		(0.71	)	0.91		2.38		(0.71	)

Less distributions from:
Net investment income	(0.06	)	(0.03	)	—		(0.21	)	(0.04	)	—
Net realized gains	(1.85	)	—		—		(1.85	)	—		—

Total distributions	(1.91	)	(0.03	)	—		(2.06	)	(0.04	)	—

Net asset value, end of period	$10.56		$11.60		$ 9.29		$10.48		$11.63		$ 9.29


TOTAL RETURN	7.03	%	25.21	%	(7.10	)%	7.35	%	25.68	%	(7.10	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$18,405		$200		$93		$35,800		$34,647		$60,298
Ratio of expenses to average net assets before expense
reimbursement	0.52	%	0.46	%	0.03	%	0.11	%	0.13	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.42	%	0.41	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	0.46	%	0.68	%	0.10	%	0.97	%	1.02	%	0.12	%
Portfolio turnover rate	18.93	%	18.57	%	0.00	%	18.93	%	18.57	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

238 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 239

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Large-Cap Value Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$11.38		$ 9.26		$10.00		$11.41		$ 9.26		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.25		0.23		0.01		0.29		0.26		0.01
Net realized and unrealized gain (loss)
on total investments	1.98		1.96		(0.75	)	1.99		1.97		(0.75	)

Total gain (loss) from investment operations	2.23		2.19		(0.74	)	2.28		2.23		(0.74	)

Less distributions from:
Net investment income	(0.21	)	(0.07	)	—		(0.31	)	(0.08	)	—
Net realized gains	(0.33	)	—		—		(0.33	)	—		—

Total distributions	(0.54	)	(0.07	)	—		(0.64	)	(0.08	)	—

Net asset value, end of period	$13.07		$11.38		$ 9.26		$13.05		$11.41		$ 9.26


TOTAL RETURN	19.82	%	23.77	%	(7.40	)%	20.25	%	24.20	%	(7.40	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$200		$161		$93		$142,252		$89,164		$55,488
Ratio of expenses to average net assets before expense
reimbursement	0.97	%	0.48	%	0.03	%	0.10	%	0.16	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.44	%	0.40	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	1.99	%	2.17	%	0.12	%	2.34	%	2.49	%	0.15	%
Portfolio turnover rate	44.28	%	62.88	%	0.00	%	44.28	%	62.88	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

240 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 241

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds


	Equity Index Fund

	Institutional Class

	For the Years Ended September 30,

	2004		2003		2002		2001		2000

SELECTED PER SHARE DATA
Net asset value, beginning of year	$ 8.07		$ 6.48		$ 8.06		$11.37		$ 9.76

Gain (loss) from investment operations:
Net investment income	0.15	(b)	0.13	(b)	0.11	(b)	0.09		0.10
Net realized and unrealized gain (loss)
on total investments	0.99		1.53		(1.63	)	(3.20	)	1.61

Total gain (loss) from investment operations	1.14		1.66		(1.52	)	(3.11	)	1.71

Less distributions from:
Net investment income	(0.29	)	(0.05	)	(0.06	)	(0.10	)	(0.07	)
Net realized gains	(0.07	)	(0.02	)	—		(0.10	)	(0.03	)

Total distributions	(0.36	)	(0.07	)	(0.06	)	(0.20	)	(0.10	)

Net asset value, end of year	$ 8.85		$ 8.07		$ 6.48		$ 8.06		$11.37


TOTAL RETURN	14.17	%	25.79	%	(19.04	)%	(27.71	)%	17.49	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$766,707		$1,355,731		$419,771		$101,247		$51,669
Ratio of expenses to average net assets before expense
waiver and reimbursement	0.08	%	0.09	%	0.27	%	0.51	%	0.71	%
Ratio of expenses to average net assets after expense
waiver and reimbursement	0.08	%	0.08	%	0.17	%	0.17	%	0.17	%
Ratio of net investment income to average net assets	1.67	%	1.71	%	1.41	%	1.19	%	1.04	%
Portfolio turnover rate	26.22	%	4.65	%	13.77	%	7.19	%	11.58	%

(b) Based on average shares outstanding.

242 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 243

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	S&P 500 Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$11.48		$ 9.32		$10.00		$11.52		$ 9.32		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.17		0.14		0.01		0.21		0.18		0.01
Net realized and unrealized gain (loss)
on total investments	1.36		2.07		(0.69	)	1.36		2.07		(0.69	)

Total gain (loss) from investment operations	1.53		2.21		(0.68	)	1.57		2.25		(0.68	)

Less distributions from:
Net investment income	(0.06	)	(0.05	)	—		(0.17	)	(0.05	)	—

Total distributions	(0.06	)	(0.05	)	—		(0.17	)	(0.05	)	—

Net asset value, end of period	$12.95		$11.48		$ 9.32		$12.92		$11.52		$ 9.32


TOTAL RETURN	13.29	%	23.77	%	(6.80	)%	13.63	%	24.23	%	(6.80	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$54,914		$12,860		$93		$167,621		$77,569		$41,867
Ratio of expenses to average net assets before expense
reimbursement	0.48	%	0.51	%	0.03	%	0.11	%	0.17	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.44	%	0.43	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	1.31	%	1.27	%	0.11	%	1.68	%	1.68	%	0.13	%
Portfolio turnover rate	20.76	%	19.84	%	0.00	%	20.76	%	19.84	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

244 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 245

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Mid-Cap Growth Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.91		$ 9.35		$10.00		$12.94		$ 9.35		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.01		0.01		0.01		0.06		0.04		0.01
Net realized and unrealized gain (loss)
on total investments	1.68		3.55		(0.66	)	1.67		3.57		(0.66	)

Total gain (loss) from investment operations	1.69		3.56		(0.65	)	1.73		3.61		(0.65	)

Less distributions from:
Net investment income	(0.01	)	(0.00)(c)		—		(0.06	)	(0.02	)	—
Net realized gains	(1.76	)	(0.00)(c)		—		(1.76	)	(0.00)(c)		—

Total distributions	(1.77	)	(0.00)(c)		—		(1.82	)	(0.02	)	—

Net asset value, end of period	$12.83		$12.91		$ 9.35		$12.85		$12.94		$ 9.35


TOTAL RETURN	13.15	%	38.14	%	(6.50	)%	13.50	%	38.64	%	(6.50	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$344		$303		$94		$23,893		$21,450		$22,352
Ratio of expenses to average net assets before expense reimbursement	0.73	%	0.48	%	0.03	%	0.11	%	0.15	%	0.01	%
Ratio of expenses to average net assets after expense reimbursement	0.44	%	0.41	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	0.10	%	0.06	%	0.05	%	0.46	%	0.38	%	0.07	%
Portfolio turnover rate	32.02	%	34.98	%	0.00	%	32.02	%	34.98	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

246 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 247

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Mid-Cap Value Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$11.80		$ 9.30		$10.00		$11.83		$ 9.30		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.24		0.21		0.01		0.29		0.25		0.01
Net realized and unrealized gain (loss)
on total investments	2.65		2.36		(0.71	)	2.66		2.36		(0.71	)

Total gain (loss) from investment operations	2.89		2.57		(0.70	)	2.95		2.61		(0.70	)

Less distributions from:
Net investment income	(0.20	)	(0.07	)	—		(0.26	)	(0.08	)	—
Net realized gains	(0.29	)	—		—		(0.29	)	—		—

Total distributions	(0.49	)	(0.07	)	—		(0.55	)	(0.08	)	—

Net asset value, end of period	$14.20		$11.80		$ 9.30		$14.23		$11.83		$ 9.30


TOTAL RETURN	24.92	%	27.78	%	(7.00	)%	25.36	%	28.21	%	(7.00	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$200		$308		$93		$37,010		$29,797		$22,239

Ratio of expenses to average net assets before expense reimbursement	1.00	%	0.48	%	0.03	%	0.09	%	0.16	%	0.01	%

Ratio of expenses to average net assets after expense reimbursement	0.44	%	0.40	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	1.81	%	2.04	%	0.12	%	2.16	%	2.38	%	0.14	%
Portfolio turnover rate	22.58	%	23.58	%	0.00	%	22.58	%	23.58	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

248 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 249

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Mid-Cap Blend Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.33		$ 9.38		$10.00		$12.36		$ 9.39		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.16		0.13		0.01		0.20		0.16		0.01
Net realized and unrealized gain (loss)
on total investments	2.28		2.86		(0.63	)	2.29		2.86		(0.62	)

Total gain (loss) from investment operations	2.44		2.99		(0.62	)	2.49		3.02		(0.61	)

Less distributions from:
Net investment income	(0.08	)	(0.04	)	—		(0.17	)	(0.05	)	—
Net realized gains	(0.34	)	—		—		(0.34	)	—		—

Total distributions	(0.42	)	(0.04	)	—		(0.51	)	(0.05	)	—

Net asset value, end of period	$14.35		$12.33		$ 9.38		$14.34		$12.36		$9.39


TOTAL RETURN	19.94	%	32.02	%	(6.20	)%	20.39	%	32.31	%	(6.10	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$563		$254		$94		$49,707		$39,469		$25,249

Ratio of expenses to average net assets before expense reimbursement	0.66	%	0.53	%	0.03	%	0.10	%	0.20	%	0.01	%

Ratio of expenses to average net assets after expense reimbursement	0.44	%	0.41	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	1.13	%	1.19	%	0.09	%	1.47	%	1.52	%	0.11	%
Portfolio turnover rate	18.70	%	34.88	%	0.00	%	18.70	%	34.88	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

250 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 251

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Small-Cap Growth Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$13.13		$ 9.32		$10.00		$13.16		$ 9.32		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.01		0.04		0.01		0.06		0.07		0.01
Net realized and unrealized gain (loss)
on total investments	2.17		3.79		(0.69	)	1.51		3.80		(0.69	)

Total gain (loss) from investment operations	2.18		3.83		(0.68	)	1.57		3.87		(0.68	)

Less distributions from:
Net investment income	(0.03	)	(0.02	)	—		(0.08	)	(0.03	)	—
Net realized gains	(0.74	)	—		—		(0.74	)	—		—

Total distributions	(0.77	)	(0.02	)	—		(0.82	)	(0.03	)	—

Net asset value, end of period	$14.54		$13.13		$ 9.32		$13.91		$13.16		$ 9.32


TOTAL RETURN	16.86	%	41.11	%	(6.80	)%	11.84	%	41.59	%	(6.80	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$279		$177		$93		$65,446		$60,470		$45,572
Ratio of expenses to average net assets before expense
reimbursement	0.67	%	0.48	%	0.03	%	0.10	%	0.16	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.44	%	0.40	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	0.04	%	0.32	%	0.09	%	0.41	%	0.66	%	0.11	%
Portfolio turnover rate	45.35	%	51.67	%	0.04	%	45.35	%	51.67	%	0.04	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

252 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 253

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Small-Cap Value Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		For the Ended Year September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.11		$ 9.30		$10.00		$12.14		$ 9.30		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.18		0.17		0.02		0.23		0.20		0.02
Net realized and unrealized gain (loss)
on total investments	2.80		2.70		(0.72	)	2.81		2.71		(0.72	)

Total gain (loss) from investment operations	2.98		2.87		(0.70	)	3.04		2.91		(0.70	)

Less distributions from:
Net investment income	(0.17	)	(0.06	)	—		(0.23	)	(0.07	)	—
Net realized gains	(0.92	)	—		—		(0.92	)	—		—

Total distributions	(1.09	)	(0.06	)	—		(1.15	)	(0.07	)	—

Net asset value, end of period	$14.00		$12.11		$ 9.30		$14.03		$12.14		$ 9.30


TOTAL RETURN	25.18	%	31.04	%	(7.00	)%	25.63	%	31.49	%	(7.00	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$237		$135		$93		$63,358		$51,945		$40,819
Ratio of expenses to average net assets before expense
reimbursement	0.91	%	0.50	%	0.03	%	0.10	%	0.18	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.44	%	0.40	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	1.32	%	1.63	%	0.20	%	1.71	%	1.96	%	0.22	%
Portfolio turnover rate	42.29	%	56.43	%	0.00	%	42.29	%	56.43	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

254 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 255

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Small-Cap Blend Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.59		$ 9.31		$10.00		$12.62		$ 9.31		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.10		0.11		0.01		0.15		0.14		0.02
Net realized and unrealized gain (loss)
on total investments	2.19		3.21		(0.70	)	2.19		3.22		(0.71	)

Total gain (loss) from investment operations	2.29		3.32		(0.69	)	2.34		3.36		(0.69	)

Less distributions from:
Net investment income	(0.07	)	(0.04	)	—		(0.14	)	(0.05	)	—
Net realized gains	(0.49	)	—		—		(0.49	)	—		—

Total distributions	(0.56	)	(0.04	)	—		(0.63	)	(0.05	)	—

Net asset value, end of period	$14.32		$12.59		$ 9.31		$14.33		$12.62		$ 9.31


TOTAL RETURN	18.26	%	35.76	%	(6.90	)%	18.66	%	36.21	%	(6.90	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$330		$157		$93		$129,263		$103,402		$38,997
Ratio of expenses to average net assets before expense
reimbursement	0.77	%	0.52	%	0.03	%	0.10	%	0.19	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.44	%	0.40	%	0.03	%	0.08	%	0.08	%	0.01	%
Ratio of net investment income to average net assets	0.71	%	0.98	%	0.15	%	1.08	%	1.31	%	0.17	%
Portfolio turnover rate	23.60	%	52.39	%	0.01	%	23.60	%	52.39	%	0.01	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

256 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 257

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	International Equity Index Fund

	Retirement Class						Institutional Class

	For the Year Ended September 30,		Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,




	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$11.51		$ 9.21		$10.00		$11.54		$ 9.21		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.27		0.20		0.02		0.31		0.25		0.02
Net realized and unrealized gain (loss)
on total investments	2.20		2.14		(0.81	)	2.21		2.12		(0.81	)

Total gain (loss) from investment operations	2.47		2.34		(0.79	)	2.52		2.37		(0.79	)

Less distributions from:
Net investment income	(0.26	)	(0.04	)	—		(0.31	)	(0.04	)	—
Net realized gains	(0.05	)	—		—		(0.05	)	—		—

Total distributions	(0.31	)	(0.04	)	—		(0.36	)	(0.04	)	—

Net asset value, end of period	$13.67		$11.51		$ 9.21		$13.70		$11.54		$ 9.21


TOTAL RETURN	21.68	%	25.44	%	(7.90	)%	22.06	%	25.87	%	(7.90	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$789		$116		$92		$75,568		$64,563		$45,943
Ratio of expenses to average net assets before expense
reimbursement	0.50	%	0.65	%	0.03	%	0.15	%	0.33	%	0.01	%
Ratio of expenses to average net assets after expense
reimbursement	0.50	%	0.47	%	0.03	%	0.15	%	0.15	%	0.01	%
Ratio of net investment income to average net assets	2.02	%	1.94	%	0.22	%	2.34	%	2.51	%	0.24	%
Portfolio turnover rate	6.60	%	9.31	%	0.44	%	6.60	%	9.31	%	0.44	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

258 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 259

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Real Estate Securities Fund

	Retirement Class						Institutional Class						Retail Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$12.40		$ 9.72		$10.00		$12.32		$ 9.72		$10.00		$12.22		$ 9.72		$10.00

Gain (loss) from investment operations:
Net investment income (b)	0.50		0.57		0.05		0.53		0.59		0.05		0.49		0.52		0.05
Net realized and unrealized gain (loss)
on total investments	2.49		2.39		(0.31	)	2.48		2.37		(0.31	)	2.45		2.39		(0.31	)

Total gain (loss) from investment operations	2.99		2.96		(0.26	)	3.01		2.96		(0.26	)	2.94		2.91		(0.26	)

Less distributions from:
Net investment income	(0.43	)	(0.27	)	(0.02	)	(0.49	)	(0.35	)	(0.02	)	(0.45	)	(0.40	)	(0.02	)
Net realized gains	(1.34	)	(0.01	)	—		(1.34	)	(0.01	)	—		(1.34	)	(0.01	)	—

Total distributions	(1.77	)	(0.28	)	(0.02	)	(1.83	)	(0.36	)	(0.02	)	(1.79	)	(0.41	)	(0.02	)

Net asset value, end of period	$13.62		$12.40		$ 9.72		$13.50		$12.32		$ 9.72		$13.37		$12.22		$ 9.72


TOTAL RETURN	25.81	%	30.92	%	(2.58	)%	26.30	%	30.94	%	(2.56	)%	25.84	%	30.66	%	(2.59	)%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$69,980		$14,207		$97		$156,193		$99,389		$97		$107,695		$52,603		$19,246
Ratio of expenses to average net assets before expense reimbursement	0.50	%	0.51	%	0.03	%	0.16	%	0.18	%	0.01	%	0.50	%	0.47	%	0.03	%
Ratio of expenses to average net assets after expense reimbursement	0.47	%	0.48	%	0.03	%	0.15	%	0.15	%	0.01	%	0.45	%	0.45	%	0.03	%
Ratio of net investment income to average net assets	3.88	%	4.81	%	0.51	%	4.12	%	5.27	%	0.53	%	3.87	%	4.80	%	0.50	%
Portfolio turnover rate	348.86	%	317.14	%	15.45	%	348.86	%	317.14	%	15.45	%	348.86	%	317.14	%	15.45	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

260 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 261

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Social Choice Equity Fund

	Retirement Class				Institutional Class

	For the Years Ended September 30,				For the Years Ended September 30,

	2004		2003		2004		2003		2002		2001		2000

SELECTED PER SHARE DATA
Net asset value, beginning of year	$ 8.01		$ 6.41		$ 7.96		$ 6.41		$ 8.03		$ 11.16		$ 9.86

Gain (loss) from investment operations:
Net investment income	0.10	(b)	0.09	(b)	0.14	(b)	0.12	(b)	0.11	(b)	0.10		0.11
Net realized and unrealized gain (loss) on total investments	1.00		1.54		0.99		1.52		(1.64	)	(2.94	)	1.25

Total gain (loss) from investment operations	1.10		1.63		1.13		1.64		(1.53	)	(2.84	)	1.36

Less distributions from:
Net investment income	(0.03	)	(0.03	)	(0.13	)	(0.09	)	(0.09	)	(0.11	)	(0.06	)
Net realized gains	—		—		—		—		—		(0.18	)	—

Total distributions	(0.03	)	(0.03	)	(0.13	)	(0.09	)	(0.09	)	(0.29	)	(0.06	)

Net asset value, end of year	$ 9.08		$ 8.01		$ 8.96		$ 7.96		$ 6.41		$ 8.03		$11.16


TOTAL RETURN	13.78	%	25.42	%	14.23	%	25.89	%	(19.34	)%	(25.99	)%	13.84	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$28,870		$8,936		$82,778		$50,790		$36,180		$26,460		$29,307
Ratio of expenses to average net assets before expense
waiver and reimbursement	0.52	%	0.48	%	0.10	%	0.13	%	0.81	%	0.97	%	0.90	%
Ratio of expenses to average net assets after expense
waiver and reimbursement	0.44	%	0.43	%	0.08	%	0.08	%	0.18	%	0.18	%	0.18	%
Ratio of net investment income to average net assets	1.15	%	1.16	%	1.54	%	1.65	%	1.34	%	1.12	%	1.00	%
Portfolio turnover rate	6.64	%	27.53	%	6.64	%	27.53	%	21.71	%	4.96	%	16.22	%

(b) Based on average shares outstanding.

262 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 263

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Bond Fund

	Institutional Class

	For the Years Ended September 30,

	2004		2003		2002		2001		2000

SELECTED PER SHARE DATA
Net asset value, beginning of year	$10.81		$10.72		$10.58		$10.04		$ 9.97

Gain (loss) from investment operations:
Net investment income	0.41	(b)	0.44	(b)	0.52	(b)	0.61		0.61
Net realized and unrealized gain (loss)
on total investments	(0.06	)	0.17		0.33		0.67		0.07

Total gain from investment operations	0.35		0.61		0.85		1.28		0.68

Less distributions from:
Net investment income	(0.42	)	(0.44	)	(0.52	)	(0.61	)	(0.61	)
Net realized gains	(0.45	)	(0.08	)	(0.19	)	(0.13	)	—

Total distributions	(0.87	)	(0.52	)	(0.71	)	(0.74	)	(0.61	)

Net asset value, end of year	$10.29		$10.81		$10.72		$10.58		$10.04


TOTAL RETURN	3.46	%	5.84	%	8.52	%	13.21	%	7.07	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$931,386		$1,429,288		$1,170,560		$304,541		$151,697
Ratio of expenses to average net assets before expense
waiver and reimbursement	0.14	%	0.14	%	0.24	%	0.30	%	0.48	%
Ratio of expenses to average net assets after expense
waiver and reimbursement	0.14	%	0.14	%	0.19	%	0.19	%	0.19	%
Ratio of net investment income to average net assets	3.94	%	4.08	%	5.16	%	5.99	%	6.59	%
Portfolio turnover rate	90.09	%	168.77	%	181.00	%	266.50	%	301.93	%

(b) Based on average shares outstanding.

264 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

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2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 265

Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Inflation-Linked Bond Fund

	Institutional Class						Retail Class

	For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,		For the Year Ended September 30,		For the Year Ended September 30,		For the Period September 4, 2002 (commencement of operations) to September 30,
	2004		2003		2002 (a)		2004		2003		2002 (a)

SELECTED PER SHARE DATA
Net asset value, beginning of period	$10.51		$10.12		$10.00		$10.39		$10.12		$10.00

Gain from investment operations:
Net investment income (b)	0.45		0.37		0.02		0.49		0.40		0.02
Net realized and unrealized gain
on total investments	0.30		0.31		0.12		0.24		0.26		0.12

Total gain from investment operations	0.75		0.68		0.14		0.73		0.66		0.14

Less distributions from:
Net investment income	(0.42	)	(0.29	)	(0.02	)	(0.40	)	(0.39	)	(0.02	)
Net realized gains	(0.09	)	—		—		(0.09	)	—		—

Total distributions	(0.51	)	(0.29	)	(0.02	)	(0.49	)	(0.39	)	(0.02	)

Net asset value, end of period	$10.75		$10.51		$10.12		$10.63		$10.39		$10.12


TOTAL RETURN	7.36	%	6.82	%	1.37	%	7.20	%	6.64	%	1.36	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$382,305		$223,138		$101		$95,536		$20,193		$22,172

Ratio of expenses to average net assets before expense reimbursement	0.15	%	0.15	%	0.01	%	0.33	%	0.31	%	0.02	%

Ratio of expenses to average net assets after expense reimbursement	0.14	%	0.14	%	0.01	%	0.30	%	0.30	%	0.02	%
Ratio of net investment income to average net assets	4.27	%	3.56	%	0.23	%	4.67	%	3.93	%	0.22	%
Portfolio turnover rate	150.53	%	209.51	%	0.00	%	150.53	%	209.51	%	0.00	%

(a) The percentages shown for this period are not annualized.

(b) Based on average shares outstanding.

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TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

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Institutional Class • TIAA-CREF Institutional Mutual Funds

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Financial Highlights (continued)

TIAA-CREF Institutional Mutual Funds

	Money Market Fund

	Institutional Class

	For the Years Ended September 30,

	2004		2003		2002		2001		2000

SELECTED PER SHARE DATA
Net asset value, beginning of year	$ 1.00		$ 1.00		$ 1.00		$ 1.00		$ 1.00

Gain from investment operations:
Net investment income	0.01		0.01		0.02		0.05		0.06

Total gain from investment operations	0.01		0.01		0.02		0.05		0.06

Less distributions from:
Net investment income	(0.01	)	(0.01	)	(0.02	)	(0.05	)	(0.06	)

Total distributions	(0.01	)	(0.01	)	(0.02	)	(0.05	)	(0.06	)

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


TOTAL RETURN	1.10	%	1.27	%	1.89	%	5.16	%	6.19	%
RATIOS AND SUPPLEMENTAL DATA
Net assets at end of period (in thousands)	$179,775		$175,247		$188,394		$35,037		$25,293
Ratio of expenses to average net assets before expense
waiver and reimbursement	0.09	%	0.10	%	0.28	%	0.94	%	0.91	%
Ratio of expenses to average net assets after expense
waiver and reimbursement	0.09	%	0.09	%	0.16	%	0.16	%	0.16	%
Ratio of net investment income to average net assets	1.10	%	1.27	%	1.71	%	4.91	%	6.00	%

268 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

SEE NOTES TO FINANCIAL STATEMENTS

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 269

Notes to Financial Statements

TIAA-CREF Institutional Mutual Funds

Note 1. Significant Accounting Policies

TIAA-CREF Institutional Mutual Funds (the “Funds”) is a Delaware business trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. The Funds currently consist of twenty-three series (each referred to as a “Fund”). The Growth Equity, Growth & Income, International Equity, Equity Index, Social Choice Equity, Bond and Money Market Funds commenced operations on June 14, 1999 with a seed money investment by Teachers Insurance and Annuity Association of America (“TIAA”). The remaining sixteen Funds commenced operations on September 4, 2002 with a seed money investment by TIAA. In addition, the Growth & Income, International Equity, and Social Choice Equity Funds opened a Retirement Class on October 1, 2002 with a $100,000 seed money investment in each class by TIAA. At September 30, 2004, TIAA had remaining seed money investment in the Funds as follows:

	Value of TIAA’s Seed Money Investment at September30, 2004


	Retirement		Institutional		Retail
	Class		Class		Class		Total


Large-Cap Growth Index Fund	$	124,502	$	5,393,326	$	—	$	5,517,828
Large-Cap Value Index Fund		137,324		—		—		137,324
Mid-Cap Growth Index Fund		146,149	22,443,555			—	22,589,704
Mid-Cap Value Index Fund		148,449	34,242,800			—	34,391,249
Mid-Cap Blend Index Fund		148,531	14,098,762			—	14,247,293
Small-Cap Growth Index Fund		153,685	62,624,290			—	62,777,975
Small-Cap Value Index Fund		152,558	56,690,295			—	56,842,853
Small-Cap Blend Index Fund		149,476	17,838,217			—	17,987,693
International Equity Index Fund		140,572	12,352,756			—	12,493,328
Real Estate Securities Fund		157,525		158,085		12,617,076	12,932,686

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned subsidiary of TIAA. The Funds offer up to three share classes although any one Fund may not necessarily offer all three classes. The Retirement Class shares are offered exclusively through accounts established by employers, or the trustees of plans sponsored by employers, with TIAA-CREF Individual and Institutional Services, LLC (“Services”), a broker-dealer affiliate of TIAA, in connection with certain employee benefit plans. The Institutional Class shares are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition saving plans, who have entered into a contract with an affiliate of TIAA. The Retail Class shares are offered directly to the investing public. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors Inc. (“Advisors”),

270 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

a wholly-owned subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds.

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

Valuation of Investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield of such securities (or those of comparable maturity, quality and type). Money market instruments (other than those in the Money Market Fund), with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. For the Money Market Fund, all of its investments are valued using the amortized cost method. 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 index futures and options, which are traded on commodities exchanges, are valued at the last sales price as of the close of the board of trade or exchange on which they are traded. 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 that have a significant effect on their value occur between the time their price is determined and the time a Fund’s net asset value is calculated.

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

Dollar Roll Transactions: Certain of the Funds may enter into dollar rolls in which a Fund sells securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities (same issuer and interest rate and substantially similar maturity) on a specified future date. During the roll period a Fund forgoes principal and interest paid on the securities. Dollar rolls are recorded as

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Notes to Financial Statements (continued)

financing transactions. Dollar rolls can enhance a Fund’s return by earning a spread between the yield on the underlying securities and short-term interest rates. The use of dollar roll transactions by the Bond Fund results in borrowing requiring the presentation of a statement of cash flows.

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

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

Futures Contracts: The Funds may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures 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 counterpar-ties do not perform in accordance with contractual provisions.

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

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

272 |

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TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

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, are declared and paid annually for each of the Funds, except for the Growth & Income, Real Estate Securities, and the Inflation-Linked Bond Funds where distributions are declared and paid quarterly; for the Bond Fund where distributions are declared and paid monthly; and for the Money Market Fund where distributions are declared daily and paid monthly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds.

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 substantially all taxable income each year and comply with various other Code requirements. At September 30, 2004, the following funds had capital loss carryovers:

	Date of Expiration

	9/30/10		9/30/11		9/30/12			Total

Growth Equity Fund	$	21,853,458	$	53,723,592	$	73,374,871	$	148,951,921
Growth & Income Fund		—		26,414,367		—		26,414,367
Equity Index Fund		—		—		5,360,081		5,360,081
Money Market Fund		—		1,731		—		1,731

Note 2. Management Agreement

Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund’s net assets, based on the average daily net assets of each Fund. Under the terms of a Service Agreement, each Fund Class pays Advisors a monthly fee based on the average daily net assets of each Fund Class for providing transfer agency, accounting and administration services. Various other expenses (including custody, audit, regulatory and trustee fees) are borne directly by the Funds/Classes. Advisors has voluntarily agreed to partially reimburse the Funds for the various other expenses. The total reimbursement to

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 273

Notes to Financial Statements (continued)

the Funds for the year ended September 30, 2004 was $645,000. Advisors will receive the following annual percentages of each Fund’s/Classes’ average daily net assets for investment management and service agreement fees:

	Investment
	Management
	Fee		Service Agreement Fee

	All		Retirement		Institutional		Retail
	Classes		Class		Class		Class


Growth Equity Fund	0.08	%	—		0.04	%	—
Growth & Income Fund	0.08	%	0.34	%	0.04	%	—
International Equity Fund	0.09	%	0.34	%	0.03	%	—
Large-Cap Value Fund	0.08	%	0.34	%	0.04	%	0.33	%
Mid-Cap Growth Fund	0.08	%	0.34	%	0.04	%	0.33	%
Mid-Cap Value Fund	0.08	%	0.34	%	0.04	%	0.33	%
Small-Cap Equity Fund	0.08	%	0.34	%	0.04	%	0.19	%
Large-Cap Growth Index Fund	0.04	%	0.34	%	0.02	%	—
Large-Cap Value Index Fund	0.04	%	0.34	%	0.02	%	—
Equity Index Fund	0.04	%	—		0.02	%	—
S&P 500 Index Fund	0.04	%	0.34	%	0.02	%	—
Mid-Cap Growth Index Fund	0.04	%	0.34	%	0.02	%	—
Mid-Cap Value Index Fund	0.04	%	0.34	%	0.02	%	—
Mid-Cap Blend Index Fund	0.04	%	0.34	%	0.02	%	—
Small-Cap Growth Index Fund	0.04	%	0.34	%	0.02	%	—
Small-Cap Value Index Fund	0.04	%	0.34	%	0.02	%	—
Small-Cap Blend Index Fund	0.04	%	0.34	%	0.02	%	—
International Equity Index Fund	0.04	%	0.34	%	0.03	%	—
Real Estate Securities Fund	0.09	%	0.34	%	0.04	%	0.33	%
Social Choice Equity Fund	0.04	%	0.34	%	0.02	%	—
Bond Fund	0.08	%	—		0.04	%	—
Inflation-Linked Bond Fund	0.09	%	—		0.03	%	0.18	%
Money Market Fund	0.04	%	—		0.03	%	—

274 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

To limit the Funds’/Classes’ expenses, Advisors has agreed to reimburse the Funds if expenses, as described above, exceed the percentages listed below.

	Retirement		Institutional		Retail
	Class		Class		Class


Growth Equity Fund	—		0.14	%	—
Growth & Income Fund	0.44	%	0.14	%	—
International Equity Fund	0.55	%	0.20	%	—
Large-Cap Value Fund	0.48	%	0.14	%	0.44	%
Mid-Cap Growth Fund	0.48	%	0.14	%	0.44	%
Mid-Cap Value Fund	0.48	%	0.14	%	0.44	%
Small-Cap Equity Fund	0.48	%	0.14	%	0.30	%
Large-Cap Growth Index Fund	0.42	%	0.08	%	—
Large-Cap Value Index Fund	0.44	%	0.08	%	—
Equity Index Fund	—		0.08	%	—
S&P 500 Index Fund	0.44	%	0.08	%	—
Mid-Cap Growth Index Fund	0.44	%	0.08	%	—
Mid-Cap Value Index Fund	0.44	%	0.08	%	—
Mid-Cap Blend Index Fund	0.44	%	0.08	%	—
Small-Cap Growth Index Fund	0.44	%	0.08	%	—
Small-Cap Value Index Fund	0.44	%	0.08	%	—
Small-Cap Blend Index Fund	0.44	%	0.08	%	—
International Equity Index Fund	0.50	%	0.15	%	—
Real Estate Securities Fund	0.47	%	0.15	%	0.45	%
Social Choice Equity Fund	0.44	%	0.08	%	—
Bond Fund	—		0.14	%	—
Inflation-Linked Bond Fund	—		0.14	%	0.30	%
Money Market Fund	—		0.09	%	—

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| 275

Notes to Financial Statements (continued)

Note 3. Investments

At September 30, 2004, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

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


Growth Equity Fund	$	6,112,447	$	7,381,390	$	(1,268,943	)
Growth & Income Fund		44,258,021		36,986,782		7,271,239
International Equity Fund		46,258,565		14,793,258		31,465,307
Large-Cap Value Fund		17,318,939		4,754,496		12,564,443
Mid-Cap Growth Fund		10,410,070		5,618,567		4,791,503
Mid-Cap Value Fund		10,688,011		4,844,527		5,843,484
Small-Cap Equity Fund		20,470,294		9,043,164		11,427,130
Large-Cap Growth Index Fund		7,186,885		953,164		6,233,721
Large-Cap Value Index Fund		25,312,447		1,309,369		24,003,078
Equity Index Fund		152,885,024		11,969,937		140,915,087
S&P 500 Index Fund		22,528,282		4,412,709		18,115,573
Mid-Cap Growth Index Fund		5,244,112		761,670		4,482,442
Mid-Cap Value Index Fund		8,449,941		626,507		7,823,434
Mid-Cap Blend Index Fund		12,273,393		1,036,312		11,237,081
Small-Cap Growth Index Fund		15,036,187		4,046,281		10,989,906
Small-Cap Value Index Fund		12,225,093		2,386,685		9,838,408
Small-Cap Blend Index Fund		32,927,831		4,754,545		28,173,286
International Equity Index Fund		19,572,248		1,018,111		18,554,137
Real Estate Securities Fund		19,119,664		6,920,277		12,199,387
Social Choice Equity Fund		11,490,485		9,613,970		1,876,515
Bond Fund		14,078,765		3,700,734		10,378,031
Inflation-Linked Bond Fund		12,412,373		22		12,412,351

At September 30, 2004, the following Funds held open futures contracts:

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


Growth & Income	E-mini S&P 500 Index	118	$	6,577,910	December 2004	$	(79,121	)
Equity Index	E-mini Russell 2000 Index	9		516,600	December 2004		5,295
Equity Index	E-mini S&P 500 Index	50		2,787,250	December 2004		(2,154	)
S&P 500 Index	E-mini S&P 500 Index	7		390,215	December 2004		2,831

276 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Money Market Fund, for the year ended September 30, 2004, were as follows:

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


Growth Equity Fund	$	75,537,645	$	—	$	83,825,887	$	—
Growth & Income Fund		574,399,119		—		482,799,259		—
International Equity Fund		920,720,780		—		773,286,463		—
Large-Cap Value Fund		370,679,881		—		267,875,043		—
Mid-Cap Growth Fund		231,090,270		—		158,174,752		—
Mid-Cap Value Fund		250,077,421		—		150,795,145		—
Small-Cap Equity Fund		635,123,752		—		504,156,182		—
Large-Cap Growth Index Fund		24,311,483		—		7,373,561		—
Large-Cap Value Index Fund		88,139,203		—		51,386,686		—
Equity Index Fund		209,808,419		—		920,573,218		—
S&P 500 Index Fund		151,597,834		—		30,367,964		—
Mid-Cap Growth Index Fund		7,747,840		—		8,080,792		—
Mid-Cap Value Index Fund		8,312,928		—		7,852,181		—
Mid-Cap Blend Index Fund		12,153,911		—		8,938,422		—
Small-Cap Growth Index Fund		30,505,931		—		31,856,615		—
Small-Cap Value Index Fund		25,541,535		—		26,145,882		—
Small-Cap Blend Index Fund		37,057,737		—		28,784,156		—
International Equity Index Fund		4,867,114		—		5,913,521		—
Real Estate Securities Fund		967,947,813		—		851,029,163		—
Social Choice Equity Fund		49,876,787		—		5,740,632		—
Bond Fund		163,725,656	705,100,318			262,000,936	957.886,654
Inflation-Linked Bond Fund		—	765,835,893			—	546,920,018

Note 4. Trustee Fees

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

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Institutional Class • TIAA-CREF Institutional Mutual Funds

| 277

Notes to Financial Statements (continued)

Note 5. Shareholder Transactions
	Growth Equity Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Institutional Class:
Subscriptions	$	40,309,361		6,268,706		$	52,454,125		9,946,433
Reinvestment of distributions		553,000		85,604			1,639,966		324,093
Exchanges		(28,092	)	(4,352	)		(452,490,186	)	(84,014,329	)
Redemptions		(49,416,094	)	(7,655,640	)		(61,100,928	)	(11,487,623	)

Net decrease	$	(8,581,825	)	(1,305,682	)	$	(459,497,023	)	(85,231,426	)


	Growth & Income Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Seed money subscriptions	$	—		—		$	100,000		16,286
Seed money redemptions		—		—			(120,471	)	(16,368	)
Subscriptions		28,381,591		3,475,963			8,564,437		1,177,244
Reinvestment of distributions		258,069		31,374			16,030		2,202
Redemptions		(1,609,115	)	(196,803	)		(794,795	)	(93,570	)

Net increase	$	27,030,545		3,310,534		$	7,765,201		1,085,794

Institutional Class:
Subscriptions	$	220,573,422		27,168,987		$	170,812,357		25,200,469
Reinvestment of distributions		7,852,376		958,729			6,518,330		975,348
Exchanges		(77,499	)	(9,481	)		(34,303,000	)	(5,296,176	)
Redemptions	(161,390,654		)	(19,689,627	)		(93,970,949	)	(13,532,587	)

Net increase	$	66,957,645		8,428,608		$	49,056,738		7,347,054

278 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	International Equity Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Seed money subscriptions	$	—		—		$	100,000		14,577
Seed money redemptions		—		—			(117,543	)	(14,583	)
Subscriptions		108,024,691		10,632,008			19,722,892		2,384,187
Reinvestment of distributions		37,317		3,721			45		6
Redemptions		(44,281,225	)	(4,394,421	)		(10,544,146	)	(1,243,910	)

Net increase	$	63,780,783		6,241,308		$	9,161,248		1,140,277

Institutional Class:
Subscriptions	$	168,837,193		16,812,059		$	112,100,873		15,244,095
Reinvestment of distributions		5,524,078		563,107			3,315,175		469,424
Exchanges		(70,883	)	(6,903	)		(1,210,000	)	(172,164	)
Redemptions		(93,566,039	)	(9,168,654	)		(18,181,307	)	(2,336,776	)

Net increase	$	80,724,349		8,199,609		$	96,024,741		13,204,579

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 279

Notes to Financial Statements (continued)

	Large-Cap Value Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Seed money redemptions	$	—		—		$	(112,554	)	(10,058	)
Subscriptions		68,330,772		5,240,334			10,088,016		913,533
Reinvestment of distributions		1,106,174		87,514			580		59
Redemptions		(13,452,140	)	(1,019,498	)		(638,196	)	(53,027	)

Net increase	$	55,984,806		4,308,350		$	9,337,846		850,507

Institutional Class:
Seed money redemptions	$	—		—		$	(112,702	)	(10,036	)
Subscriptions		15,538,789		1,205,912			14,917,948		1,404,132
Reinvestment of distributions		102,938		8,169			3,501		353
Redemptions		(2,053,631	)	(159,014	)		(1,485,967	)	(125,274	)

Net increase	$	13,588,096		1,055,067		$	13,322,780		1,269,175

Retail Class:
Seed money redemptions	$	—		—		$	(22,535,000	)	(2,011,282	)
Subscriptions		17,697,831		1,384,632			5,196,695		479,918
Reinvestment of distributions		5,581,846		447,090			118,170		11,938
Exchanges		17,068,267		1,298,327			71,330,646		6,976,546
Redemptions		(2,447,926	)	(186,815	)		(100,777	)	(30,634	)

Net increase	$	37,900,018		2,943,234		$	54,009,734		5,426,486

280 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	Mid-Cap Growth Fund

	For the Years Ended September 30,

	2004						2003

	Amount				Shares		Amount			Shares

Retirement Class:
Seed money redemptions	$		—		—		$	(124,422	)	(10,002	)
Subscriptions		68,219,765			4,699,551			27,144,891		2,239,622
Reinvestment of distributions		1,648,689			116,350			17		2
Redemptions		(21,682,610		)	(1,540,986	)		(3,371,854	)	(272,786	)

Net increase	$	48,185,844			3,274,915		$	23,648,632		1,956,836

Institutional Class:
Seed money redemptions	$		—		—		$	(124,702	)	(10,000	)
Subscriptions		2,203,613			153,729			2,237,098		192,934
Reinvestment of distributions		27,672			1,949			3		—
Redemptions		(619,865		)	(42,965	)		(720,432	)	(47,985	)

Net increase	$	1,611,420			112,713		$	1,391,967		134,949

Retail Class:
Seed money redemptions	$		—		—		$	(12,313,236	)	(980,147	)
Subscriptions		25,836,844			1,792,547			10,139,848		876,040
Reinvestment of distributions		1,221,595			86,257			1,763		176
Exchanges		3,359,516			219,016			11,342,187		960,214
Redemptions		(5,501,760		)	(385,710	)		(1,367,539	)	(140,484	)

Net increase	$	24,916,195			1,712,110		$	7,803,023		715,799

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 281

Notes to Financial Statements (continued)

	Mid-Cap Value Fund

	For the Years Ended September 30,

	2004							2003

	Amount				Shares		Amount			Shares

Retirement Class:
Seed money redemptions	$		—		—		$	(113,602	)	(10,062	)
Subscriptions		84,790,753			6,129,080			15,117,447		1,341,584
Reinvestment of distributions		1,210,066			90,506			608		62
Redemptions		(15,524,190		)	(1,114,591	)		(454,988	)	(30,912	)

Net increase	$	70,476,629			5,104,995		$	14,549,465		1,300,672

Institutional Class:
Seed money redemptions	$		—		—		$	(113,844	)	(10,039	)
Subscriptions		3,895,131			283,019			4,360,446		404,250
Reinvestment of distributions		76,386			5,705			527		54
Redemptions		(910,938		)	(65,191	)		(923,323	)	(70,857	)

Net increase	$	3,060,579			223,533		$	3,323,806		323,408

Retail Class:
Seed money redemptions	$		—		—		$	(11,311,423	)	(985,423	)
Subscriptions		17,732,643			1,297,543			6,764,962		645,657
Reinvestment of distributions		780,846			58,936			66,254		6,804
Exchanges		13,250,783			965,460			4,390,626		405,620
Redemptions		(3,601,360		)	(260,782	)		(2,305,675	)	(260,851	)

Net increase (decrease)	$	28,162,912			2,061,157		$	(2,395,256	)	(188,193	)

282 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	Small-Cap Equity Fund

	For the Years Ended September 30,

	2004							2003

	Amount				Shares		Amount			Shares

Retirement Class:
Seed money redemptions	$		—		—		$	(119,245	)	(10,037	)
Subscriptions		121,058,196			8,589,669			30,933,306		2,572,711
Reinvestment of distributions		3,788,891			277,371			370		37
Redemptions		(40,007,801		)	(2,966,741	)		(3,362,631	)	(272,269	)

Net increase	$	84,839,286			5,900,299		$	27,451,800		2,290,442

Institutional Class:
Seed money redemptions	$		—		—		$	(119,593	)	(10,025	)
Subscriptions		28,588,554			2,055,677			19,250,389		1,742,676
Reinvestment of distributions		1,168,635			85,239			2,154		218
Redemptions		(6,032,530		)	(435,171	)		(3,118,371	)	(268,465	)

Net increase	$	23,724,659			1,705,745		$	16,014,579		1,464,404

Retail Class:
Seed money redemptions	$		—		—		$	(24,933,917	)	(1,987,900	)
Subscriptions		22,421,679			1,608,422			8,430,302		746,781
Reinvestment of distributions		2,869,958			211,013			89,191		9,060
Exchanges		9,837,058			676,736			18,414,161		1,665,247
Redemptions		(4,808,606		)	(346,917	)		(1,687,974	)	(186,551	)

Net increase	$	30,320,089			2,149,254		$	311,763		246,637

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 283

Notes to Financial Statements (continued)

	Large-Cap Growth Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	19,143,418		1,794,112		$	86,074		7,450
Reinvestment of distributions		33,376		3,070			276		28
Redemptions		(780,082	)	(71,150	)		(2,487	)	(225	)

Net increase	$	18,396,712		1,726,032		$	83,863		7,253

Institutional Class:
Seed money redemptions	$	(25,437,000	)	(2,314,112	)	$	(47,774,000	)	(4,114,986	)
Subscriptions		27,693,155		2,519,403			6,961,173		642,380
Reinvestment of distributions		5,145,089		478,168			251,394		25,445
Exchanges		24,311		2,274			—		—
Redemptions		(2,736,597	)	(250,524	)		(650,827	)	(62,822	)

Net increase (decrease)	$	4,688,958		435,209		$	(41,212,260	)	(3,509,983	)


	Large-Cap Value Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares			Amount		Shares

Retirement Class:
Subscriptions	$	20,330		1,626		$	47,144		4,169
Reinvestment of distributions		7,756		625			711		71
Redemptions		(14,038	)	(1,135	)		(598	)	(58	)

Net increase	$	14,048		1,116		$	47,257		4,182

Institutional Class:
Seed money redemptions	$	(20,743,148	)	(1,676,341	)	$	(49,871,000	)	(4,399,560	)
Subscriptions		76,547,326		6,065,149			54,857,276		5,366,264
Reinvestment of distributions		4,531,554		366,927			477,650		47,957
Exchanges		4,049		324			9,413,000		963,808
Redemptions		(21,321,969	)	(1,671,018	)		(1,555,759	)	(153,751	)

Net increase	$	39,017,812		3,085,041		$	13,321,167		1,824,718

284 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	Equity Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Institutional Class:
Subscriptions	$	331,159,781		37,893,213		$	483,168,849		67,125,717
Reinvestment of distributions		19,868,882		2,283,780			8,062,610		1,168,281
Exchanges		(7,879	)	(886	)		441,681,186		61,511,968
Redemptions		(1,047,747,818	)	(121,467,726	)		(204,150,122	)	(26,584,626	)

Net increase (decrease)	$	(696,727,034	)	(81,291,619	)	$	728,762,523		103,221,340


	S&P 500 Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Seed money redemptions	$	—		—		$	(113,443	)	(10,048	)
Subscriptions		52,420,025		4,094,161			14,216,880		1,298,977
Reinvestment of distributions		100,603		7,878			481		48
Redemptions		(12,628,716	)	(980,532	)		(1,864,361	)	(178,940	)

Net increase	$	39,891,912		3,121,507		$	12,239,557		1,110,037

Institutional Class:
Seed money redemptions	$	(29,559,528	)	(2,352,318	)	$	(24,992,000	)	(2,174,495	)
Subscriptions		139,310,526		10,908,280			51,153,412		4,670,172
Reinvestment of distributions		963,580		75,813			228,539		22,831
Exchanges		66,317		5,201			—		—
Redemptions		(31,221,387	)	(2,398,074	)		(2,895,831	)	(276,284	)

Net increase	$	79,559,508		6,238,902		$	23,494,120		2,242,224

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 285

Notes to Financial Statements (continued)

	Mid-Cap Growth Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	63,339		4,734		$	168,378		13,526
Reinvestment of distributions		42,267		3,325			50		5
Redemptions		(62,524	)	(4,770	)		(436	)	(43	)

Net increase	$	43,082		3,289		$	167,992		13,488

Institutional Class:
Seed money redemptions	$	(1,036,000	)	(76,608	)	$	(10,204,000	)	(795,882	)
Subscriptions		758,554		56,618			707,800		62,567
Reinvestment of distributions		2,855,448		224,837			43,055		4,234
Redemptions		(49,390	)	(3,683	)		(42,145	)	(3,462	)

Net increase (decrease)	$	2,528,612		201,164		$	(9,495,290	)	(732,543	)


	Mid-Cap Value Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	(98,292	)	(9,129	)	$	189,494		16,120
Reinvestment of distributions		5,967		456			692		71
Redemptions		(45,274	)	(3,381	)		(664	)	(68	)

Net increase (decrease)	$	(137,599	)	(12,054	)	$	189,522		16,123

Institutional Class:
Seed money redemptions	$	(1,315,000	)	(100,110	)	$	(140,000	)	(12,060	)
Subscriptions		1,206,302		91,522			1,298,848		126,654
Reinvestment of distributions		1,298,757		99,445			184,026		18,817
Redemptions		(120,662	)	(8,049	)		(58,960	)	(5,556	)

Net increase	$	1,069,397		82,808		$	1,283,914		127,855

286 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	Mid-Cap Blend Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	318,447		23,241		$	125,780		10,552
Reinvestment of distributions		13,405		985			436		44
Redemptions		(77,609	)	(5,540	)		(476	)	(46	)

Net increase	$	254,243		18,686		$	125,740		10,550

Institutional Class:
Seed money redemptions	$	(14,273,000	)	(1,032,462	)	$	(9,036,000	)	(752,144	)
Subscriptions		19,795,536		1,435,893			14,360,851		1,298,057
Reinvestment of distributions		893,355		65,882			138,772		13,877
Redemptions		(2,701,943	)	(194,990	)		(618,328	)	(56,953	)

Net increase	$	3,713,948		274,323		$	4,845,295		502,837


	Small-Cap Growth Index Fund

	For the Years Ended September 30,

	2004					2003

		Amount		Shares			Amount		Shares

Retirement Class:
Subscriptions	$	7,186,412		502,522		$	42,780		3,571
Reinvestment of distributions		11,170		789			162		16
Redemptions		(7,121,546	)	(497,553	)		(1,433	)	(144	)

Net increase	$	76,036		5,758		$	41,509		3,443

Institutional Class:
Seed money redemptions	$	(2,289,000	)	(161,180	)	$	(6,150,000	)	(496,608	)
Subscriptions		416,910		28,879			2,215,435		189,108
Reinvestment of distributions		3,691,303		260,869			136,504		13,609
Redemptions		(259,642	)	(17,892	)		(2,003	)	(141	)

Net increase (decrease)	$	1,559,571		110,676		$	(3,800,064	)	(294,032	)

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 287

Notes to Financial Statements (continued)

	Small-Cap Value Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	3,374,985		250,877		$	13,493		1,183
Reinvestment of distributions		12,267		930			616		64
Redemptions		(3,309,618	)	(246,032	)		(1,179	)	(114	)

Net increase	$	77,634		5,775		$	12,930		1,133

Institutional Class:
Seed money redemptions	$	(3,356,000	)	(252,152	)	$	(5,425,000	)	(469,472	)
Subscriptions		2,276,098		170,420			3,623,637		355,533
Reinvestment of distributions		4,487,195		340,455			310,953		32,090
Redemptions		(345,323	)	(21,899	)		(327,957	)	(30,420	)

Net increase (decrease)	$	3,061,970		236,824		$	(1,818,367	)	(112,269	)


	Small-Cap Blend Index Fund

	For the Years Ended September 30,

	2004					2003

		Amount		Shares			Amount		Shares

Retirement Class:
Subscriptions	$	208,436		15,012		$	29,311		2,445
Reinvestment of distributions		12,757		910			390		40
Redemptions		(76,643	)	(5,313	)		(397	)	(40	)

Net increase	$	144,550		10,609		$	29,304		2,445

Institutional Class:
Seed money redemptions	$	(31,950,000	)	(2,286,420	)	$	(9,999,000	)	(817,047	)
Subscriptions		55,347,872		3,917,081		42,639,930			4,218,657
Reinvestment of distributions		4,628,754		330,862			202,648		20,553
Exchanges		—		—			6,903,000		726,988
Redemptions	(16,461,117		)	(1,134,666	)		(1,589,794	)	(144,052	)

Net increase	$	11,565,509		826,857		$	38,156,784		4,005,099

288 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	International Equity Index Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	641,541		47,432		$	1,370		140
Reinvestment of distributions		3,185		246			359		38
Redemptions		(518	)	(39	)		(1,320	)	(140	)

Net increase	$	644,208		47,639		$	409		38

Institutional Class:
Seed money redemptions	$	(55,061,000	)	(4,139,136	)	$	(1,175,000	)	(103,388	)
Subscriptions		54,740,586		4,114,417			7,199,224		718,718
Reinvestment of distributions		1,711,167		131,828			216,002		22,571
Exchanges		82,331		6,099			—		—
Redemptions		(2,577,912	)	(191,953	)		(337,624	)	(34,966	)

Net increase (decrease)	$	(1,104,828	)	(78,745	)	$	5,902,602		602,935

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 289

Notes to Financial Statements (continued)

	Real Estate Securities Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Subscriptions	$	87,592,242		6,721,257		$	14,519,010		1,264,727
Reinvestment of distributions		4,495,416		359,738			124,776		10,422
Redemptions		(38,490,456	)	(3,090,343	)		(1,618,789	)	(139,655	)

Net increase	$	53,597,202		3,990,652		$	13,024,997		1,135,494

Institutional Class:
Subscriptions	$	77,062,195		6,076,287		$	69,213,255		6,480,028
Reinvestment of distributions		12,251,013		996,688			1,480,117		128,275
Exchanges		3,067		260			16,645,695		1,717,772
Redemptions		(46,451,130	)	(3,571,259	)		(3,039,819	)	(271,097	)

Net increase	$	42,865,145		3,501,976		$	84,299,248		8,054,978

Retail Class:
Seed money redemptions	$	(10,000,000	)	(794,912	)	$	(5,000,000	)	(428,816	)
Subscriptions		64,825,462		5,074,740			18,825,800		1,697,560
Reinvestment of distributions		8,437,757		694,020			1,366,555		124,851
Exchanges		9,031,534		660,114			11,336,676		1,047,509
Redemptions		(23,711,783	)	(1,886,188	)		(1,199,919	)	(115,856	)

Net increase	$	48,582,970		3,747,774		$	25,329,112		2,325,248

290 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

	Social Choice Equity Fund

	For the Years Ended September 30,

	2004					2003

	Amount			Shares		Amount			Shares

Retirement Class:
Seed money subscriptions	$	—		—		$	100,000		15,601
Seed money redemptions		—		—			(123,539	)	(15,658	)
Subscriptions		21,466,222		2,385,065			9,411,256		1,186,334
Reinvestment of distributions		51,990		5,822			395		57
Redemptions		(2,948,785	)	(328,591	)		(664,745	)	(70,715	)

Net increase	$	18,569,427		2,062,296		$	8,723,367		1,115,619

Institutional Class:
Seed money redemptions	$	—		—		$	(17,000,661	)	(2,145,468	)
Subscriptions		30,118,599		3,405,478			23,350,327		3,226,023
Reinvestment of distributions		642,990		73,150			437,624		64,168
Redemptions		(5,514,178	)	(626,290	)		(2,893,066	)	(409,783	)

Net increase	$	25,247,411		2,852,338		$	3,894,224		734,940


	Bond Fund

	For the Years Ended September 30,

	2004					2003

		Amount		Shares			Amount		Shares


Institutional Class:
Subscriptions	$	407,305,489		39,163,261		$	429,495,177		40,090,379
Reinvestment of distributions		58,218,624		5,655,826			53,321,807		4,975,371
Exchanges		(393,679	)	(37,637	)		(87,803,695	)	(8,207,618	)
Redemptions	(918,327,906		)	(86,487,213	)	(148,756,430		)	(13,832,867	)

Net increase (decrease)	$	(453,197,472	)	(41,705,763	)	$	246,256,859		23,025,265

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 291

Notes to Financial Statements (continued)

	Inflation-Linked Bond Fund

	For the Years Ended September 30,

	2004						2003

	Amount				Shares		Amount				Shares

Institutional Class:
Seed money redemptions	$	(114,884		)	(10,482	)	$		—		—
Subscriptions		250,218,699			23,411,152			116,527,629			11,253,433
Reinvestment of distributions		14,582,034			1,381,350			3,682,819			350,556
Exchanges		10,892			988			103,137,000			10,095,259
Redemptions		(112,672,812		)	(10,452,289	)		(4,979,603		)	(477,474	)

Net increase	$	152,023,929			14,330,719		$	218,367,845			21,221,774

Retail Class:
Seed money redemptions	$		—		—		$	(23,663,489		)	(2,248,481	)
Subscriptions		68,415,011			6,474,365			14,709,757			1,432,062
Reinvestment of distributions		2,688,349			257,864			1,104,168			107,419
Exchanges		6,862,441			640,348			6,383,135			626,487
Redemptions		(3,488,257		)	(331,590	)		(1,680,573		)	(164,098	)

Net increase (decrease)	$	74,477,544			7,040,987		$	(3,147,002		)	(246,611	)


	Money Market Fund

	For the Years Ended September 30,

	2004						2003

	Amount				Shares			Amount			Shares

Institutional Class:
Subscriptions	$	135,606,728			135,606,728		$	30,053,623			30,053,623
Reinvestment of distributions		1,788,218			1,788,218			2,125,322			2,125,322
Exchanges		377,582			377,582			(1,973,000		)	(1,973,000	)
Redemptions		(133,245,429		)	(133,245,429	)		(43,352,098		)	(43,352,098	)

Net increase (decrease)	$	4,527,099			4,527,099		$	(13,146,153		)	(13,146,153	)

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Notes to Financial Statements (continued)

Note 6. Distributions to Shareholders

The tax character of distributions paid to shareholders during the years ended September 30, 2004 and 2003 was as follows:

	2004						2003

	Ordinary		Long-term				Ordinary		Long-term
	Income		Capital Gain		Total		Income		Capital Gain		Total


Growth Equity Fund	$	956,725	$	—	$	956,725	$	2,478,533	$	—	$	2,478,533
Growth & Income Fund		9,033,183		—		9,033,183		6,788,284		—		6,788,284
International Equity Fund		7,331,735		—		7,331,735		3,988,594		—		3,988,594
Large-Cap Value Fund		7,513,623		296,899		7,810,522		128,605		—		128,605
Mid-Cap Growth Fund		2,443,048		543,630		2,986,678		1,799		—		1,799
Mid-Cap Value Fund		2,230,692		25,397		2,256,089		70,156		—		70,156
Small-Cap Equity Fund		7,773,988		1,151,966		8,925,954		94,642		—		94,642
Large-Cap Growth Index Fund		2,553,295		3,514,966		6,068,261		253,840		—		253,840
Large-Cap Value Index Fund		4,942,569		35,762		4,978,331		483,547		1,333		484,880
Equity Index Fund		25,158,332		—	25,158,332			7,297,647		2,460,949		9,758,596
S&P 500 Index Fund		1,356,702		—		1,356,702		279,508		241		279,749
Mid-Cap Growth Index Fund		2,117,660		927,532		3,045,192		43,257		—		43,257
Mid-Cap Value Index Fund		1,361,713		30,378		1,392,091		186,852		1,304		188,156
Mid-Cap Blend Index Fund		1,680,233		26,672		1,706,905		145,416		847		146,263
Small-Cap Growth Index Fund		3,518,377		278,568		3,796,945		136,064		1,397		137,461
Small-Cap Value Index Fund		4,881,828		64,351		4,946,179		322,181		3,254		325,435
Small-Cap Blend Index Fund		5,095,154		122,972		5,218,126		213,262		1,289		214,551
International Equity Index Fund		2,009,463		15,121		2,024,584		234,835		—		234,835
Real Estate Securities Fund		30,433,252		469,655	30,902,907			3,479,173		10,196		3,489,369
Social Choice Equity Fund		922,721		—		922,721		554,465		—		554,465
Bond Fund		70,421,192		4,558,311	74,979,503			59,141,868		3,007,625		62,149,493
Inflation-Linked Bond Fund		17,875,397		607,518	18,482,915			5,206,994		—		5,206,994
Money Market Fund		1,798,115		—		1,798,115		2,253,057		—		2,253,057

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Notes to Financial Statements (continued)

As of September 30, 2004, the components of accumulated earnings on a tax basis were as follows:

	Undistributed			Undistributed			Unrealized			Capital		Post-
	Ordinary			Long-term			Appreciation			Loss		October
	Income			Capital Gain			(Depreciation)			Carryover		Losses				Total

Growth Equity Fund	$	666,884		$	—	$	(2,688,848	)	$	(148,951,921	)	$	(4,056,964	)	$	(155,030,849	)
Growth & Income Fund		440,198			—		3,563,581			(26,414,367	)		(110,653	)		(22,521,241	)
International Equity Fund		41,500,126			—		28,400,658			—			(266,523	)		69,634,261
Large-Cap Value Fund		14,933,508			7,058,772		11,633,555			—			—			33,625,835
Mid-Cap Growth Fund		1,134,346			4,122,433		3,978,411			—			—			9,235,190
Mid-Cap Value Fund		6,346,961			2,363,468		5,127,323			—			(224	)		13,837,528
Small-Cap Equity Fund		5,447,037			7,657,926		8,036,653			—			—			21,141,616
Large-Cap Growth Index Fund		304,620			783,295		6,160,387			—			—			7,248,302
Large-Cap Value Index Fund		2,391,658			4,039,190		23,610,716			—			—			30,041,564
Equity Index Fund		7,991,194			—		137,895,059			(5,360,081	)		(8,509,231	)		132,016,941
S&P 500 Index Fund		1,883,563			3,338,297		17,126,613			—			—			22,348,473
Mid-Cap Growth Index Fund		438,064			2,097,841		4,455,889			—			—			6,991,794
Mid-Cap Value Index Fund		1,161,779			1,813,877		7,817,400			—			—			10,793,056
Mid-Cap Blend Index Fund		1,088,003			2,070,848		11,163,415			—			—			14,322,266
Small-Cap Growth Index Fund		2,283,636			5,737,439		10,819,434			—			—			18,840,509
Small-Cap Value Index Fund		3,316,622			5,276,809		9,611,611			—			—			18,205,042
Small-Cap Blend Index Fund		3,342,996			6,435,677		27,858,190			—			—			37,636,863
International Equity Index Fund		1,666,535			879,281		18,369,711			—			(1,111	)		20,914,416
Real Estate Securities Fund		31,502,376			3,597,775		11,051,782			—			—			46,151,933
Social Choice Equity Fund		1,002,875			426,708		1,787,881			—			—			3,217,464
Bond Fund		1,423,659			2,048,899		9,896,908			—			—			13,369,466
Inflation-Linked Bond Fund		2,237,087			2,213,966		9,667,319			—			—			14,118,372
Money Market Fund		(1	)		—		—			(1,731	)		—			(1,732	)

The difference between book basis and tax basis net investment income, net realized gains 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 the use of capital loss carryforwards.

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TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to Financial Statements (continued)

Note 7. Line of Credit

Each of the Funds, except the Real Estate Securities, Bond, and Money Market Funds, participate in a $2.25 billion unsecured 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 the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate effect during the time of the borrowing. During the year ended September 30, 2004, the Growth Equity and Growth & Income Funds borrowed under this facility. For the Growth Equity Fund the average daily loan balance during the four day period for which the loan was outstanding amounted to $23 million and the weighted average interest rate was 1.35%. The related interest expense was $3,450. For the Growth Income Fund, the average daily loan balance during the four day period for which loan was outstanding amounted to $25 million and the weighted average interest was 1.35%. The related interest expense was $3,750. For the year ended September 30, 2004, there were no other borrowings under this credit facility by the Funds.

The Bond Fund participates in a letter of credit agreement in the amount of $3 million for the purpose of facilitating the settlement of transactions in the mortgage-backed securities market. For the year ended September 30, 2004, there were no borrowings under this agreement.

Note 8. In-Kind Redemptions

For the year ended September 30, 2004, the Institutional Class of the following funds had in-kind redemptions consisting of marketable securities, which are included in redemptions in shareholder transactions in Note 5.

Equity Index Fund	$	901,193,327
Bond Fund		664,398,400

Note 9. Payment by Investment Advisor For Transaction Loss

The Small-Cap Equity Fund was reimbursed by Advisors for an investment loss of $93,506 resulting from a trade made due to an overstatement of the cash available to the Fund for investment. Upon realization of the error in the calculation of the amount available for the Fund to invest, the related investment was sold resulting in a loss of $93,506.

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Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of TIAA-CREF Institutional Mutual Funds (comprising, respectively, the Growth Equity, Growth & Income, International Equity, Large-Cap Value, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Large-Cap Growth Index, Large-Cap Value Index, Equity Index, S&P 500 Index, Mid-Cap Growth Index, Mid-Cap Value Index, Mid-Cap Blend Index, Small-Cap Growth Index, Small-Cap Value Index, Small-Cap Blend Index, International Equity Index, Real Estate Securities, Social Choice Equity, Bond, Inflation-Linked Bond, and Money Market Funds) as of September 30, 2004, and the related statements of operations and cash flows (with respect to the Bond Fund) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits 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 and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2004 by correspondence with the custodians and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds constituting TIAA-CREF Institutional Mutual Funds at September 30, 2004, the results of their operations and cash flows (with respect to the Bond Fund) for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

New York, New York
November 22, 2004

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Additional Information

Mr. William H. Waltrip, a trustee of TIAA, and Professor Stephen A. Ross, a trustee of the TIAA-CREF registered investment companies (the “Funds”), resigned from their respective boards on November 30, 2004.

On August 1, 2003, the valuation practice, a non-auditing practice of Ernst & Young, LLP (“E&Y”), the independent auditor to TIAA and the Funds, entered into an agreement with a company owned by the two trustees among others, a majority of which was owned by Professor Ross. The business relationship was created to develop intellectual property and related services to value corporate stock options. The aggregate amount paid by E&Y to the company under this agreement was approximately $1.33 million of which Professor Ross received, or will receive, approximately $335,000 (of which $60,000 represented reimbursement of expenses and $25,000 represented repayment of a loan he made to the company). Mr. Waltrip has not received any payment from the company. The agreement and business activity thereunder was terminated on August 20, 2004 and a dissolution agreement was signed as of November 17, 2004.

E&Y informed TIAA and the Funds that the business relationship between E&Y and the company owned by the trustees was not in accordance with the auditor independence standards of Regulation S-X and the Public Company Accounting Oversight Board. E&Y also notified the SEC and the Audit Committees of TIAA and the Funds of this business relationship. The Audit Committees consist entirely of independent trustees having no business relationships with TIAA, the Funds or E&Y.

The Audit Committees of TIAA and the Funds, and E&Y, each determined that the trustee’s business relationship with E&Y did not compromise E&Y’s independence from either TIAA or the Funds or the integrity or objectivity of the respective audits for 2003 and 2004. This determination was based on, among other things, the fact that the E&Y audit team was not aware of the business relationship when they issued the 2003 audit opinions on the financial statements of TIAA and the Funds and the business activity under the agreement was ceased in 2004 upon identification of the matter. Professor Ross and Mr. Waltrip had no other functions or responsibilities as Board members that would have caused them to have direct dealings with the E&Y audit team. Professor Ross and Mr. Waltrip were not members of the Audit Committees.

TIAA and the Funds will immediately begin to develop a request for proposals from accounting firms that have the requisite capacity and expertise to perform audit services for TIAA and the Funds for their respective 2005 audits. TIAA and the Funds have also taken steps to ensure that their respective trustees will identify promptly any business relationships that may bring the independence of the outside auditors into question. These steps include revising their officers and trustees questionnaires, improving the questionnaire review process, receiving quarterly auditor independence certifications, and enhancing continuing education for all trustees regarding SEC matters.

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Management of TIAA-CREF Institutional Mutual Funds

Trustees and Officers of the TIAA-CREF Institutional Mutual Funds

The following tables include certain information about the TIAA-CREF Institutional Mutual Funds’ trustees and officers, including positions held with the Funds, length of office and time served, and principal occupations in the last five years. The first table includes information about the Funds’ disinterested trustees and the second table includes information about the Funds’ officers. T he first table also includes the number of portfolios in the fund complex overseen by each trustee and certain directorships held by each of them. The Funds have no interested trustees.

Disinterested Trustees


					Number of
					Portfolios In
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with Fund	Length of Time Served	During Past 5 Years	Trustee	Held by Trustees

WILLARD T. CARLETON	70	Trustee	Indefinite term.	Donald R. Diamond Professor of Finance	60	None
4911 E. Parade Ground Loop			Trustee since 2003.	Emeritus, University of Arizona, College
Tucson, AZ 85712-6623				of Business and Public Administration. Formerly,
				Donald R. Diamond Professor of Finance,
				University of Arizona, 1999-2001, and Karl L.
				Eller Professor of Finance, University of Arizona,
				1984-1999. Trustee of TIAA, 1984-2003.

MARTIN J. GRUBER	67	Chairman of the	Indefinite term.	Nomura Professor of Finance, New York	60	Director, Scudder Investments
New York University		Board of Trustees	Trustee since 2000.	University, Stern School of Business. Formerly,		(New York) Funds, Japan
Stern School of Business				Chairman, Department of Finance, New York		Equity Fund, Inc., Singapore
Henry Kaufman Management				University, Stern School of Business, and		Fund, Inc., and Thai Capital
Education Center				trustee of TIAA, 1996-2000.		Fund, Inc.
44 West 4th Street, Suite 988
New York, NY 10012

NANCY L. JACOB	61	Trustee	Indefinite term.	President and Managing Principal, Windermere	60	None
Windermere Investment			Trustee since 1999.	Investment Associates. Formerly, Chairman and
Associates				Chief Executive Officer, CTC Consulting, Inc.,
121 S.W. Morrison Street				and Executive Vice President, U.S. Trust of the
Suite 925				Pacific Northwest.
Portland, OR 97204

BEVIS LONGSTRETH	70	Trustee	Indefinite term.	Retired Partner, Debevoise & Plimpton. Formerly,	60	Member of the Board of Directors
Debevoise & Plimpton			Trustee since 1999.	Partner and Of Counsel of Debevoise & Plimpton,		of AMVESCAP, PLC and Chairman
919 Third Avenue				Adjunct Professor at Columbia University School		of the Finance Committee of the
New York, NY 10022-6225				of Law and Commissioner of the U.S. Securities		Rockefeller Family Fund.
				and Exchange Commission.

BRIDGET A. MACASKILL	56	Trustee	Indefinite term.	Formerly, Chairman, Oppenheimer Funds, Inc.,	60	Director, J Sainsbury plc and
160 East 81st Street			Trustee since 2003.	2000-2001. Chief Executive Officer, 1995-2001;		Prudential plc. International
New York, NY 10028				President, 1991-2000; and Chief Operating		Advisory Board, British-American
				Officer, 1989-1995 of that firm.		Business Council.

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Disinterested Trustees (continued)

					Number of
					Portfolios In
					Fund Complex
		Position(s) Held	Term of Office and	Principal Occupation(s)	Overseen by	Other Directorships
Name and Address	Age	with Fund	Length of Time Served	During Past 5 Years	Trustee	Held by Trustees


MACEO K. SLOAN	54	Trustee	Indefinite term.	Chairman, President and Chief Executive	60	Director, SCANA Corporation
NCM Capital Management			Trustee since 1999.	Officer, Sloan Financial Group, Inc., and		and M&F Bancorp, Inc.
Group, Inc.				Chairman and Chief Executive Officer, NCM
2634 Durham-Chapel Hill Boulevard				Capital Management Group, Inc., since 1991.
Suite 206
Durham, NC 27707

AHMED H. ZEWAIL	58	Trustee	Indefinite term.	Linus Pauling Chair Professor of Chemistry	60	None
California Institute			Trustee since 2004.	and Professor of Physics, Caltech; and
Of Technology				Director, NSF Laboratory for Molecular
Arthur Amos Noyes Laboratory				Sciences (LMS), Caltech.
of Chemical Physics
Mail Code 127-72
1200 East California Boulevard
Pasadena, CA 91125



Officers




		Position(s) Held	Term of Office and	Principal Occupation(s)
Name and Address	Age	with Fund	Length of Time Served	During Past 5 Years

HERBERT M. ALLISON, JR.	61	President and	Indefinite term.	Chairman, President and Chief Executive Officer of TIAA. President and Chief Executive Officer of CREF,
TIAA-CREF		Chief Executive	President and	TIAA-CREF Mutual Funds, TIAA-CREF Institutional Mutual Funds, TIAA-CREF Life Funds and TIAA Separate
730 Third Avenue		Officer	Chief Executive	Account VA-1 (these funds are collectively referred to as the “TIAA-CREF Funds”). Formerly, President and
New York, NY 10017-3206			Officer since 2002.	Chief Executive Officer of Alliance for LifeLong Learning, Inc., 2000-2002. President, Chief Operating Officer
				and Member of the Board of Directors of Merrill Lynch & Co., Inc., 1997-1999. Member of the Board of Directors,
				New York Stock Exchange.

GARY CHINERY	54	Vice President	Indefinite term.	Vice President and Treasurer of TIAA and the TIAA-CREF Funds. Vice President and Treasurer of
TIAA-CREF		and Treasurer	Vice President	Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment
730 Third Avenue			and Treasurer	Management”), TIAA-CREF Individual and Institutional Services, LLC (“Services”), Teachers Personal
New York, NY 10017-3206			since 2004.	Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”) and
				TIAA-CREF Life Insurance Company (“TIAA-CREF Life”).

SCOTT C. EVANS	45	Executive Vice	Indefinite term.	Executive Vice President and Chief Investment Officer of TIAA and the TIAA-CREF Funds. President and Chief
TIAA-CREF		President and	Executive Vice	Executive Officer of Investment Management and Advisors and Director of Advisors and TIAA-CREF Life.
730 Third Avenue		Chief Investment	President since	Formerly, Executive Vice President, CREF Investments.
New York, NY 10017-3206		Officer	1999. Chief
			Investment Officer
			since 2004.

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Officers (continued)

		Position(s) Held	Term of Office and	Principal Occupation(s)
Name and Address	Age	with Fund	Length of Time Served	During Past 5 Years


I. STEVEN GOLDSTEIN	52	Executive Vice	Indefinite term.	Executive Vice President, Public Affairs, of TIAA and the TIAA-CREF Funds. Formerly, Advisor for
TIAA-CREF		President	Executive Vice	McKinsey & Company, 2003; Vice President, Corporate Communications for Dow Jones & Co. and The
730 Third Avenue			President since 2003.	Wall Street Journal, 2001-2002; and Senior Vice President and Chief Communications Officer for
New York, NY 10017-3206				Insurance Information Institute, 1993-2001.

E. LAVERNE JONES	55	Vice President	Indefinite term.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Funds.
TIAA-CREF		and Corporate	Vice President and
730 Third Avenue		Secretary	Corporate Secretary
New York, NY 10017-3206			since 1999.

SUSAN S. KOZIK	47	Executive Vice	Indefinite term.	Executive Vice President and Chief Technology Officer of TIAA and the TIAA-CREF Funds. Formerly, Vice
TIAA-CREF		President	Executive Vice	President of IT Operations and Services, Lucent Technologies, 2000-2003; and Senior Vice President
730 Third Avenue			President since 2003.	and Chief Technology Officer, Penn Mutual Life Insurance Company, 1997-2000.
New York, NY 10017-3206

GEORGE W. MADISON	50	Executive Vice	Indefinite term.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds. Formerly, Executive
TIAA-CREF		President	Executive Vice	Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated, 1997-2002.
730 Third Avenue			President since 2003.
New York, NY 10017-3206

ERWIN W. MARTENS	48	Executive Vice	Indefinite term.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Funds. Director of Advisors,
TIAA-CREF		President	Executive Vice	Services, TPIS, Tuition Financing and TIAA-CREF Life and Manager of Investment Management.
730 Third Avenue			President since 2003.	Formerly, Managing Director and Chief Risk Officer, Putnam Investments, 1999-2003; and Head and
New York, NY 10017-3206				Deputy Head of Global Market Risk Management, 1997-1999.

ELIZABETH A. MONRAD	49	Executive Vice	Indefinite term.	Executive Vice President and Chief Financial Officer of TIAA, the TIAA-CREF Funds, Advisors and Investment
TIAA-CREF		President	Executive Vice	Management. Executive Vice President of TPIS, Services and Tuition Financing. Director of Advisors, TPIS,
730 Third Avenue			President since 2003.	Tuition Financing and TIAA-CREF Life. Manager of Investment Management and Services. Executive
New York, NY 10017-3206				Vice President, Finance, Actuarial and Facilities of TIAA-CREF Life. Formerly, Chief Financial Officer and
				Senior Vice President of General Re Corporation (2000-2003), Chief Financial Officer of its North American
				Reinsurance Operations (1997-2000) and Corporate Treasurer. Director, Colgate-Palmolive Company.

FRANCES NOLAN	47	Executive Vice	Indefinite term.	Executive Vice President, Client Services, of TIAA and the TIAA-CREF Funds. President, Chief Executive
TIAA-CREF		President	Executive Vice	Officer and Manager of Services. Director of TPIS, Tuition Financing and TIAA-CREF Life. Formerly,
730 Third Avenue			President since 2000.	Executive Vice President, Retirement Services, CREF and TIAA, 2000-2003; Vice President, Eastern
New York, NY 10017-3206				Division, 1994-2000.

DERMOT J. O’BRIEN	38	Executive Vice	Indefinite term.	Executive Vice President, Human Resources, of TIAA and the TIAA-CREF Funds. Director, TIAA-CREF Life.
TIAA-CREF		President	Executive Vice	Formerly, First Vice President and Head of Human Resources, International Private Client Division,
730 Third Avenue			President since 2003.	Merrill Lynch & Co., 1999-Feb. 2003; and Vice President and Head of Human Resources-Japan
New York, NY 10017-3206				Morgan Stanley, 1998-1999.

BERTRAM L. SCOTT	53	Executive Vice	Indefinite term.	Executive Vice President, Product Management, of TIAA and the TIAA-CREF Funds. Chairman of the
TIAA-CREF		President	Executive Vice	Board, President and Chief Executive Officer of TIAA-CREF Life. Director of TPIS; Manager of Services;
730 Third Avenue			President since 2000.	President and Director of Tuition Financing. Formerly, President and Chief Executive Officer, Horizon
New York, NY 10017-3206				Mercy, 1996-2000.

JOHN A. SOMERS	60	Executive Vice	Indefinite term.	Executive Vice President of TIAA and the TIAA-CREF Funds. Executive Vice President of Investment Management
TIAA-CREF		President	Executive Vice	and Advisors and Director of TIAA-CREF Life.
730 Third Avenue			President since 1999.
New York, NY 10017-3206

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Important Tax Information—(Unaudited)

The following TIAA-CREF Institutional Mutual Funds paid distributions which were designated as being from net long-term capital gains realized by the Funds during the year ended September 30, 2004:

	Amount

Large-Cap Value Fund	$	296,899
Mid-Cap Growth Fund		543,630
Mid-Cap Value Fund		25,397
Small-Cap Equity Fund		1,151,966
Large-Cap Growth Index Fund		3,514,966
Large-Cap Value Index Fund		35,762
Mid-Cap Growth Index Fund		927,532
Mid-Cap Value Index Fund		30,378
Mid-Cap Blend Index Fund		26,672
Small-Cap Growth Index Fund		278,568
Small-Cap Value Index Fund		64,351
Small-Cap Blend Index Fund		122,972
International Equity Index Fund		15,121
Real Estate Securities Fund		469,655
Bond Fund		4,558,311
Inflation-Linked Bond Fund		607,518

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2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Important Tax Information—(Unaudited) (Continued)

For the fiscal year ended September 30, 2004, certain dividends paid by certain TIAA-CREF Institutional Mutual Funds may qualify for the corporate dividends received deduction. Of the distributions paid during the fiscal year, the following represents the maximum amount that may qualify for the corporate dividends received deduction:


Growth Equity Fund	$	956,725
Growth & Income Fund		9,033,905
Large-Cap Value Fund		7,513,623
Mid-Cap Growth Fund		2,443,048
Mid-Cap Value Fund		2,230,692
Small-Cap Equity Fund		7,773,988
Large-Cap Growth Index Fund		2,553,295
Large-Cap Value Index Fund		4,942,569
Equity Index Fund		25,158,332
S&P 500 Index Fund		1,356,702
Mid-Cap Growth Index Fund		2,117,660
Mid-Cap Value Index Fund		1,361,713
Mid-Cap Blend Index Fund		1,680,233
Small-Cap Growth Index Fund		3,518,377
Small-Cap Value Index Fund		4,881,828
Small-Cap Blend Index Fund		5,095,154
Social Choice Equity Fund		926,293

The International Equity and International Equity Index Funds received income from foreign sources during the year ended September 30, 2004 of $12,372,212 ($0.21046 per share) and $2,015,209 ($0.36167 per share), respectively, and paid taxes to foreign countries during the year ended September 30, 2004 of $1,113,762 ($0.01895 per share) and $170,796 ($0.03065 per share), respectively.

2004 Annual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds

| 305

Important Tax Information—(Unaudited) (Continued)

For the fiscal year ended September 30, 2004, certain dividends paid by certain TIAA-CREF Institutional Mutual Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief and Reconciliation Act of 2003. Of the distributions paid during the fiscal year, the following represents maximum amount that may be considered qualified dividend income:

Fund Amount

Growth Equity Fund $ 956,725

Growth & Income Fund 9,033,905

International Equity Fund 7,331,735

Large-Cap Value Fund 7,513,623

Mid-Cap Growth Fund 2,443,048

Mid-Cap Value Fund 2,230,692

Small-Cap Equity Fund 7,773,988

Large-Cap Growth Index Fund 2,553,295

Large-Cap Value Index Fund 4,942,569

Equity Index Fund 25,158,332

S&P 500 Index Fund 1,356,702

Mid-Cap Growth Index Fund 2,117,660

Mid-Cap Value Index Fund 1,361,713

Mid-Cap Blend Index Fund 1,680,233

Small-Cap Growth Index Fund 3,518,377

Small-Cap Value Index Fund 4,881,828

Small-Cap Blend Index Fund 5,095,154

International Equity Index Fund 2,009,463

Real Estate Securities Fund 30,433,252

Social Choice Equity Fund 926,293

The information and distributions reported herein may differ from the information and distributions reported to shareholders for the calendar year ending December 31, 2004, which will be reported in conjunction with your 2004 Form 1099-DIV.

By early 2005, 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.

306 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

How to Reach Us

TIAA-CREF Web Center		Automated Telephone Service
Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options		Account performance, personal account information and transactions, and product information
TIAA-CREF.org		800 842-2252
24 hours a day, 7 days a week		24 hours a day, 7 days a week
Telephone Counseling Center		For Hearing- or Speech-Impaired Participants
Retirement saving and planning, income options and payments, and tax reporting		800 842-2755
800 842-2776		8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday
8 a.m. to 10 p.m. ET, Monday–Friday 9 a.m. to 6 p.m. ET, Saturday		TIAA-CREF Trust Company, FSB
Planning and Service Center		Investment management, trust administration, estate planning, planned giving, and endowment management
TIAA-CREF Mutual Funds, after-tax annuities, and life insurance		888 842-9001
800 223-1200		8 a.m. to 5 p.m. CT, Monday–Friday
8 a.m. to 10 p.m. ET, 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 877 518-9161, or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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A30715
11/04


	2004 ANNUAL REPORT



	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS RETIREMENT CLASS SEPTEMBER 30, 2004 Audited financial statements including summary portfolios of investments


	Growth & Income	Mid-Cap Growth Index
	International Equity	Mid-Cap Value Index
	Large-Cap Value	Mid-Cap Blend Index
	Mid-Cap Growth	Small-Cap Growth Index
	Mid-Cap Value	Small-Cap Value Index
	Small-Cap Equity	Small-Cap Blend Index
	Large-Cap Growth Index	International Equity Index
	Large-Cap Value Index	Real Estate Securities
	S&P 500 Index	Social Choice Equity

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2004 Annual Report | TIAA-CREF Institutional Mutual Funds | Retirement Class

Retirement Class Performance Overview as of 9/30/2004

		Average Annual Compound Rates

				of Total Return
	Inception Date	1 year		Since Inception
Equities
Growth & Income Fund	10/1/2002	11.47	%	16.18	%
International Equity Fund	10/1/2002	21.45		23.74
Large-Cap Value Fund	10/1/2002	21.59		24.20
Mid-Cap Growth Fund	10/1/2002	13.48		26.43
Mid-Cap Value Fund	10/1/2002	24.82		28.93
Small-Cap Equity Fund	10/1/2002	20.53		28.29
Large-Cap Growth Index Fund	10/1/2002	7.03		15.74
Large-Cap Value Index Fund	10/1/2002	19.82		21.75
S&P 500 Index Fund	10/1/2002	13.29		18.39
Mid-Cap Growth Index Fund	10/1/2002	13.15		24.99
Mid-Cap Value Index Fund	10/1/2002	24.92		26.30
Mid-Cap Blend Index Fund	10/1/2002	19.94		25.80
Small-Cap Growth Index Fund	10/1/2002	16.86		28.37
Small-Cap Value Index Fund	10/1/2002	25.18		28.04
Small-Cap Blend Index Fund	10/1/2002	18.26		26.67
International Equity Index Fund	10/1/2002	21.68		23.51
Real Estate Securities Fund	10/1/2002	25.81		28.30
Social Choice Equity Fund	10/1/2002	13.78		19.43

A new way to look at your investments

As always, you should carefully consider the investment objectives, risks, charges, and expenses of any fund before investing. Please visit the Web Center at www.tiaa-cref.org, or call 800 842-2252 for a prospectus that contains this and other important information. Read it carefully before investing.

Please remember that, by signing up for e-delivery of our reports at our Web Center, you can get your financial information more quickly.

Contents

Report to Investors	2		International Equity Index Fund	67
			Real Estate Securities Fund	71
More Information for Investors	4		Social Choice Equity Fund	75

Special Terms	5	Summary Portfolios of Investments		79

Important Information		Financial Statements
About Expenses	6		Report of Management
			Responsibility	151
Fund Performance			Report of the Audit Committee	152
Growth & Income Fund	7		Statements of Assets and
International Equity Fund	11		Liabilities	154
Large-Cap Value Fund	15		Statements of Operations	160
Mid-Cap Growth Fund	19		Statements of Changes in
Mid-Cap Value Fund	23		Net Assets	166
Small-Cap Equity Fund	27		Financial Highlights	178
Large-Cap Growth Index Fund	31		Notes to Financial Statements	214
Large-Cap Value Index Fund	35		Report of Independent Registered
S&P 500 Index Fund	39		Public Accounting Firm	237
Mid-Cap Growth Index Fund	43
Mid-Cap Value Index Fund	47	Additional Information		238
Mid-Cap Blend Index Fund	51
Small-Cap Growth Index Fund	55	Management		240
Small-Cap Value Index Fund	59
Small-Cap Blend Index Fund	63	Important Tax Information		246

		How to Reach Us		Inside Back Cover

Report to Investors

This report contains the performance and financial statements for the Retirement Share Class of the TIAA-CREF Institutional Mutual Funds for the twelve-month period that ended on September 30, 2004. The financial statements include information about other share classes that are not the subject of this report.

Seventeen of our eighteen funds posted double-digit gains during the period. The following pages provide a detailed explanation of the funds’ performance.

These strong returns occurred against a backdrop of slowing momentum in world stock markets. While the Morgan Stanley World Index^SMrose 17.10% during the period, in dollar terms, most of its gain came from a 14.26% return in the fourth quarter of 2003. Returns dropped sharply during the first half of 2004, and the index posted a 1% loss for the third quarter. The Russell 3000^®Index, which tracks a broad range of U.S. stocks, followed a similar pattern.

These recent reversals in both stocks and bonds have refocused the attention of many investors on market volatility and with good reason. During the three-year period that ended on December 31, 2003, the Russell 3000 posted annual returns that ranged from –11.46% in 2001 to 31.06% in 2003. Returns over a longer time, the 20 years from

2 |

2004 Annual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Scott C. Evans
Executive Vice President and
Chief Investment Officer

1984 to 2003, show that a high level of volatility persists, even in longer time frames.

Diversification within each asset class is another way to soften the effects of changing conditions. For example, the CREF Bond Market Account holds many types of bonds with varying maturity dates—a proven cushion when short-term rates go up.

In fact, contrary to conventional wisdom, there have been many periods when bonds continued to provide positive returns despite rising interest rates.

This year, although the Federal Reserve has raised short-term rates by 0.75 percentage points, the Lehman Brothers U.S. Aggregate Index has returned 3.35% for the first nine months. Thus, we will continue to emphasize diversification—both across asset classes and within them—to deal with unpredictable events such as interest rate changes. To accomplish this, we will help investors most by offering funds that provide pure, low-cost exposure to a wide range of asset classes.

/s/ Scott C. Evans

Scott C. Evans
Executive Vice President and
Chief Investment Officer

2004 Annual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds

| 3

More Information for Investors

Portfolio listings

The SEC recently approved new rules intended to provide investors with more meaningful information about fund performance. Investment companies can now list the top holdings of each fund in their annual and semiannual reports instead of the complete portfolio listings they provided previously. Companies will continue to file complete listings with the SEC, and these will remain available to investors.

For the periods ended March 31 and September 30, you can obtain a complete listing of the TIAA-CREF Institutional Mutual Funds’ holdings on Form N-CSR

through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s Web site at www.sec.gov;
at the SEC’s Public Reference Room by calling 800 SEC-0330;
from TIAA-CREF’s Web Center at www.tiaa-cref.org; or
by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.