N-Q

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-09301

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

Date of reporting period: December 31, 2004

Item 1. Schedule of Investments.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.55%
APPAREL AND OTHER TEXTILE PRODUCTS - 0.69%
17,388		Polo Ralph Lauren Corp	$	740,729
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		740,729
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.66%
12,394		Lowe's Cos		713,770
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		713,770
BUSINESS SERVICES - 10.50%
14,825		Adobe Systems, Inc		930,121
18,848		Automatic Data Processing, Inc		835,909
12,407	*	DST Systems, Inc		646,653
9,017	*	Electronic Arts, Inc		556,169
4,329		Equifax, Inc		121,645
5,131	*	Google, Inc (Class A)		990,796
190	*	IAC/InterActiveCorp Wts 02/04/09		5,681
16,267		Manpower, Inc		785,696
9,144	*	Mercury Interactive Corp		416,509
73,258		Microsoft Corp		1,956,721
32,013	*	Oracle Corp		439,218
29,307		SAP AG. (Spon ADR)		1,295,662
440	*	SoftBrands, Inc		970
36,221	*	Symantec Corp		933,053
5,724	*	Westwood One, Inc		154,147
32,976	*	Yahoo!, Inc		1,242,536
		TOTAL BUSINESS SERVICES		11,311,486
CHEMICALS AND ALLIED PRODUCTS - 16.25%
1,245		Abbott Laboratories		58,079
6,258	*	Amgen, Inc		401,451
21,363	*	Biogen Idec, Inc		1,422,989
2,850		Colgate-Palmolive Co		145,806
22,777	*	Forest Laboratories, Inc		1,021,776
9,708	*	Genentech, Inc		528,504
24,163	*	Gilead Sciences, Inc		845,463
54,257		Gillette Co		2,429,628
12,702	*	IVAX Corp		200,946
21,074		Lilly (Eli) & Co		1,195,950
11,062		Merck & Co, Inc		355,533
38,302		Mylan Laboratories, Inc		677,179
95,225		Pfizer, Inc		2,560,600
61,558		Procter & Gamble Co		3,390,615
81,825		Schering-Plough Corp		1,708,506
9,403	*	Sepracor, Inc		558,256
		TOTAL CHEMICALS AND ALLIED PRODUCTS		17,501,281

1 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES			VALUE
COMMUNICATIONS - 1.01%
100	*	Cox Radio, Inc (Class A)	$	1,648
100	*	DIRECTV Group, Inc		1,674
3,811	*	Entercom Communications Corp		136,777
200	*	Fox Entertainment Group, Inc (Class A)		6,252
900	*	Level 3 Communications, Inc		3,051
14,845	*	Lucent Technologies Inc Wts 12/10/07		23,455
7,081	*	Nextel Communications, Inc (Class A)		212,430
100	*	NII Holdings, Inc (Class B)		4,745
27,831		Sprint Corp		691,600
100	*	U.S. Cellular Corp		4,476
300	b*	U.S. Wireless Corp		0
		TOTAL COMMUNICATIONS		1,086,108
DEPOSITORY INSTITUTIONS - 0.46%
1,748		Fifth Third Bancorp		82,645
12		Golden West Financial Corp		737
13,231		Mellon Financial Corp		411,616
102		W Holding Co, Inc		2,340
		TOTAL DEPOSITORY INSTITUTIONS		497,338
EATING AND DRINKING PLACES - 0.39%
11,838	*	Brinker International, Inc		415,159
100		Yum! Brands, Inc		4,718
		TOTAL EATING AND DRINKING PLACES		419,877
EDUCATIONAL SERVICES - 1.62%
6,072	*	Apollo Group, Inc (Class A)		490,071
31,281	*	Career Education Corp		1,251,240
		TOTAL EDUCATIONAL SERVICES		1,741,311
ELECTRIC, GAS, AND SANITARY SERVICES - 0.19%
6,805		Waste Management, Inc		203,742
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		203,742
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 11.83%
1,944		General Electric Co		70,956
84,994		Intel Corp		1,988,010
22,422	*	Marvell Technology Group Ltd		795,308
21,034		Maxim Integrated Products, Inc		891,631
6,363		Maytag Corp		134,259
99,661		Motorola, Inc		1,714,169
60,828		National Semiconductor Corp		1,091,863
49	*	Nortel Networks Corp (U.S.)		171
24,909	*	Novellus Systems, Inc		694,712
65,525		Qualcomm, Inc		2,778,260
100		Rockwell Collins, Inc		3,944
189,253		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		1,606,758
32,588		Xilinx, Inc		966,234
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		12,736,275

2 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES			VALUE
ENGINEERING AND MANAGEMENT SERVICES - 2.64%
44,109	*	Accenture Ltd (Class A)	$	1,190,943
8,584	*	BearingPoint, Inc		68,930
9,426		Halliburton Co		369,876
21,621		Monsanto Co		1,201,047
100		Moody's Corp		8,685
100		Servicemaster Co		1,379
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,840,860
FABRICATED METAL PRODUCTS - 0.12%
1,339		Illinois Tool Works, Inc		124,099
		TOTAL FABRICATED METAL PRODUCTS		124,099
FOOD AND KINDRED PRODUCTS - 3.62%
3,994		Anheuser-Busch Cos, Inc		202,616
6,710		Campbell Soup Co		200,562
13,721		Coca-Cola Co		571,205
14,587	*	Constellation Brands, Inc (Class A)		678,441
100		Hershey Foods Corp		5,554
42,754		PepsiCo, Inc		2,231,759
100		Wrigley (Wm.) Jr Co		6,919
		TOTAL FOOD AND KINDRED PRODUCTS		3,897,056
FURNITURE AND FIXTURES - 0.06%
1,209		Hillenbrand Industries, Inc		67,148
		TOTAL FURNITURE AND FIXTURES		67,148
FURNITURE AND HOMEFURNISHINGS STORES - 1.42%
38,513	*	Bed Bath & Beyond, Inc		1,533,973
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,533,973
GENERAL MERCHANDISE STORES - 4.28%
100		Costco Wholesale Corp		4,841
30,661	*	Kohl's Corp		1,507,601
36,084		Target Corp		1,873,842
23,096		Wal-Mart Stores, Inc		1,219,931
		TOTAL GENERAL MERCHANDISE STORES		4,606,215
HEALTH SERVICES - 1.89%
15,829	*	Express Scripts, Inc		1,209,969
36,078		Health Management Associates, Inc (Class A)		819,692
		TOTAL HEALTH SERVICES		2,029,661

3 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES			VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 0.91%
19,827		iShares Russell 1000 Growth Index Fund	$	974,497
6	v*	Pinnacle Holdings, Inc Wts 11/13/07		0
100		Regency Centers Corp		5,540
100		Ventas, Inc		2,741
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		982,778
HOTELS AND OTHER LODGING PLACES - 1.71%
4,491	*	Las Vegas Sands Corp		215,568
27,872		Starwood Hotels & Resorts Worldwide, Inc		1,627,725
		TOTAL HOTELS AND OTHER LODGING PLACES		1,843,293
INDUSTRIAL MACHINERY AND EQUIPMENT - 9.40%
21,160		3M Co		1,736,601
18,544		Baker Hughes, Inc		791,272
803		Caterpillar, Inc		78,301
183,247	*	Cisco Systems, Inc		3,536,667
1,311	*	Cooper Cameron Corp		70,545
74,187	*	Dell, Inc		3,126,240
14,355	*	EMC Corp		213,459
17,100	*	Network Appliance, Inc		568,062
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		10,121,147
INSTRUMENTS AND RELATED PRODUCTS - 6.68%
17,143		Biomet, Inc		743,835
100	*	Boston Scientific Corp		3,555
18,945		Guidant Corp		1,365,935
38,224		Medtronic, Inc		1,898,586
49,394	*	St. Jude Medical, Inc		2,071,090
13,800	*	Zimmer Holdings, Inc		1,105,656
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		7,188,657
INSURANCE AGENTS, BROKERS AND SERVICE - 0.10%
3,213		Marsh & McLennan Cos, Inc		105,708
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		105,708
INSURANCE CARRIERS - 3.26%
5,757		Aetna, Inc		718,186
42,566		American International Group, Inc		2,795,309
		TOTAL INSURANCE CARRIERS		3,513,495
MISCELLANEOUS RETAIL - 2.87%
18,226	*	eBay, Inc		2,119,319
28,775		Staples, Inc		970,005
		TOTAL MISCELLANEOUS RETAIL		3,089,324

4 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES			VALUE
MOTION PICTURES - 2.74%
14,882	*	DreamWorks Animation SKG, Inc (Class A)	$	558,224
200	*	Liberty Media Corp (Class A)		2,196
57,976		News Corp (Class A)		1,081,832
66,977	*	Time Warner, Inc		1,302,033
200		Walt Disney Co		5,560
		TOTAL MOTION PICTURES		2,949,845
NONDEPOSITORY INSTITUTIONS - 5.04%
50,344		American Express Co		2,837,891
15,169		Fannie Mae		1,080,184
3,177		Freddie Mac		234,145
45,214		MBNA Corp		1,274,583
		TOTAL NONDEPOSITORY INSTITUTIONS		5,426,803
OIL AND GAS EXTRACTION - 0.37%
220	*	Magnum Hunter Resources, Inc Wts 03/21/05		73
2,807		Pogo Producing Co		136,111
7,457		Tidewater, Inc		265,544
		TOTAL OIL AND GAS EXTRACTION		401,728
PRINTING AND PUBLISHING - 0.01%
100		Harte-Hanks, Inc		2,598
100		McGraw-Hill Cos, Inc		9,154
		TOTAL PRINTING AND PUBLISHING		11,752
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.00%
500	b*	Uniroyal Technology Corp		2
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2
SECURITY AND COMMODITY BROKERS - 1.64%
11,960		Goldman Sachs Group, Inc		1,244,318
9,471		Morgan Stanley		525,830
		TOTAL SECURITY AND COMMODITY BROKERS		1,770,148
TRANSPORTATION BY AIR - 0.46%
30,725		Southwest Airlines Co		500,203
		TOTAL TRANSPORTATION BY AIR		500,203
TRANSPORTATION EQUIPMENT - 1.61%
3,407		General Dynamics Corp		356,372
9,606		Northrop Grumman Corp		522,182
100	*	United Defense Industries, Inc		4,725
8,199		United Technologies Corp		847,367
		TOTAL TRANSPORTATION EQUIPMENT		1,730,646

5 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES		VALUE
TRUCKING AND WAREHOUSING - 0.83%
10,404	United Parcel Service, Inc (Class B)	$	889,126
	TOTAL TRUCKING AND WAREHOUSING		889,126
WATER TRANSPORTATION - 1.12%
5,007	Carnival Corp		288,553
16,869	Royal Caribbean Cruises Ltd		918,348
	TOTAL WATER TRANSPORTATION		1,206,901
WHOLESALE TRADE-DURABLE GOODS - 3.04%
51,607	Johnson & Johnson		3,272,916
	TOTAL WHOLESALE TRADE-DURABLE GOODS		3,272,916
WHOLESALE TRADE-NONDURABLE GOODS - 0.13%
100	Brown-Forman Corp (Class B)		4,868
3,511	Sysco Corp		134,015
	TOTAL WHOLESALE TRADE-NONDURABLE GOODS		138,883
	TOTAL COMMON STOCKS
	(Cost $100,837,346)		107,194,284
PRINCIPAL
SHORT TERM INVESTMENTS - 1.19%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.19%
$ 1,280,000	Federal Home Loan Banks (FHLB) 1.00%, 01/03/05		1,279,771
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,279,771
	TOTAL SHORT TERM INVESTMENTS
	(Cost $1,279,867)		1,279,771
	TOTAL PORTFOLIO - 100.74%
	(Cost $102,117,213)		108,474,055
	OTHER ASSETS & LIABILITIES, NET - (0.74)%		(800,838	)
	NET ASSETS - 100.00%	$	107,673,217

*	Non-income producing
b	In bankruptcy
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

6

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH AND INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES				VALUE
COMMON STOCKS - 98.50%
AMUSEMENT AND RECREATION SERVICES - 0.05%
6,200		Harrah's Entertainment, Inc	$	414,718
		TOTAL AMUSEMENT AND RECREATION SERVICES		414,718
APPAREL AND ACCESSORY STORES - 0.50%
15,600		Claire's Stores, Inc		331,500
116,800		Gap, Inc		2,466,816
17,300	*	Payless Shoesource, Inc		212,790
32,200		TJX Cos, Inc		809,186
		TOTAL APPAREL AND ACCESSORY STORES		3,820,292
APPAREL AND OTHER TEXTILE PRODUCTS - 0.28%
37,900		VF Corp		2,098,902
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		2,098,902
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
5,900	*	Autozone, Inc		538,729
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		538,729
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.31%
145,067		Home Depot, Inc		6,200,164
66,000		Louisiana-Pacific Corp		1,764,840
34,467		Lowe's Cos		1,984,955
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		9,949,959
BUSINESS SERVICES - 6.39%
14,315		Acxiom Corp		376,485
48,411	*	Aspect Communications Corp		539,299
26,671		Automatic Data Processing, Inc		1,182,859
25,998	*	BEA Systems, Inc		230,342
10,500	*	BMC Software, Inc		195,300
230,400		Cendant Corp		5,386,752
36,404		Computer Associates International, Inc		1,130,708
51,128	*	Computer Sciences Corp		2,882,085
96,618	*	Earthlink, Inc		1,113,039
48,990		Electronic Data Systems Corp		1,131,669
4,300		Equifax, Inc		120,830
11,700	*	Fiserv, Inc		470,223
14,400		IMS Health, Inc		334,224
5,500	*	Intrado, Inc		66,550
16,900	*	Ipass, Inc		125,060
720,300		Microsoft Corp		19,239,213
272,289	*	Oracle Corp		3,735,805
3,784	*	Progress Software Corp		88,356
3,200		Reynolds & Reynolds Co (Class A)		84,832

7 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
371,054	*	Sun Microsystems, Inc	$	1,996,271
14,800	*	SunGard Data Systems, Inc		419,284
100,584	*	Symantec Corp		2,591,044
32,851	*	Synopsys, Inc		644,537
10,315	*	TeleTech Holdings, Inc		99,952
145,800	*	Unisys Corp		1,484,244
79,521	*	United Online, Inc		916,877
8,931	*	Veritas Software Corp		254,980
40,620	*	Yahoo!, Inc		1,530,562
		TOTAL BUSINESS SERVICES		48,371,382
CHEMICALS AND ALLIED PRODUCTS - 9.57%
64,434		Abbott Laboratories		3,005,846
12,680		Air Products & Chemicals, Inc		735,060
6,620		Allergan, Inc		536,683
58,600		Alpharma, Inc (Class A)		993,270
81,487	*	Amgen, Inc		5,227,391
50,448	*	Amylin Pharmaceuticals, Inc		1,178,465
7,281	*	Biogen Idec, Inc		484,987
117,115		Bristol-Myers Squibb Co		3,000,486
7,041	*	Cephalon, Inc		358,246
68,000		Clorox Co		4,007,240
32,060		Colgate-Palmolive Co		1,640,190
15,000	*	Connetics Corp		364,350
20,143		Dow Chemical Co		997,280
22,229	*	Forest Laboratories, Inc		997,193
59,200		Georgia Gulf Corp		2,948,160
65,429	*	Gilead Sciences, Inc		2,289,361
112,220		Gillette Co		5,025,212
13,600		H.B. Fuller Co		387,736
8,785	*	ImClone Systems, Inc		404,813
5,600		International Flavors & Fragrances, Inc		239,904
1,000	*	Invitrogen Corp		67,130
16,544	*	Kos Pharmaceuticals, Inc		622,716
11,461		Lilly (Eli) & Co		650,412
199,800		Merck & Co, Inc		6,421,572
495,700		Pfizer, Inc		13,329,373
258,900		Procter & Gamble Co		14,260,212
54,700		Wyeth		2,329,673
		TOTAL CHEMICALS AND ALLIED PRODUCTS		72,502,961
COMMUNICATIONS - 4.84%
18,736		Alltel Corp		1,100,927
184,327		AT&T Corp		3,513,273
88,075		BellSouth Corp		2,447,604
6,153	*	Boston Communications Group		56,854
6,000		CenturyTel, Inc		212,820
40,336		Clear Channel Communications, Inc		1,350,853
138,073	*	Comcast Corp (Class A)		4,595,069
6,082	*	Commonwealth Telephone Enterprises, Inc		302,032
2,046	*	Lucent Technologies Inc Wts 12/10/07		3,233
259,212	*	Lucent Technologies, Inc		974,637
66,214	*	Nextel Communications, Inc (Class A)		1,986,420
29,847	*	PTEK Holdings, Inc		319,661
139,418		SBC Communications, Inc		3,592,802
173,451		Sprint Corp		4,310,257

8 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
193,531		Verizon Communications, Inc	$	7,839,941
111,482		Viacom, Inc (Class B)		4,056,830
		TOTAL COMMUNICATIONS		36,663,213
DEPOSITORY INSTITUTIONS - 9.90%
14,100		AmSouth Bancorp		365,190
295,886		Bank of America Corp		13,903,683
26,678		Bank of New York Co, Inc		891,579
14,555		BB&T Corp		612,038
374,243		Citigroup, Inc		18,031,028
9,049		Fifth Third Bancorp		427,837
6,900		First Horizon National Corp		297,459
253,911		JPMorgan Chase & Co		9,905,068
14,843		KeyCorp		503,178
4,112		M & T Bank Corp		443,438
4,100		Marshall & Ilsley Corp		181,220
113,793		Mellon Financial Corp		3,540,100
15,146		National City Corp		568,732
97,894		North Fork Bancorp, Inc		2,824,242
2,400		Northern Trust Corp		116,592
17,397		PNC Financial Services Group, Inc		999,284
11,255		Regions Financial Corp		400,565
23,200		SunTrust Banks, Inc		1,714,016
3,400		Synovus Financial Corp		97,172
251,121		U.S. Bancorp		7,865,110
76,000		Wachovia Corp		3,997,600
114,243		Wells Fargo & Co		7,100,202
2,500		Zions Bancorp		170,075
		TOTAL DEPOSITORY INSTITUTIONS		74,955,408
EATING AND DRINKING PLACES - 0.53%
27,971	*	Brinker International, Inc		980,943
20,300	*	CKE Restaurants, Inc		294,553
76,196		McDonald's Corp		2,442,844
8,293	*	The Cheesecake Factory, Inc		269,274
		TOTAL EATING AND DRINKING PLACES		3,987,614
ELECTRIC, GAS, AND SANITARY SERVICES - 2.44%
6,800	*	AES Corp		92,956
10,900		Ameren Corp		546,526
23,811		American Electric Power Co, Inc		817,670
3,700		Centerpoint Energy, Inc		41,810
34,100		Cinergy Corp		1,419,583
4,825	*	Clean Harbors, Inc		72,761
45,500	*	CMS Energy Corp		475,475
14,425		Consolidated Edison, Inc		631,094
10,000		Constellation Energy Group, Inc		437,100
19,535		Dominion Resources, Inc		1,323,301
10,100		DTE Energy Co		435,613
33,201		Duke Energy Corp		840,981
19,600		Edison International		627,788
39,666		Exelon Corp		1,748,081
19,532		FirstEnergy Corp		771,709
11,026		FPL Group, Inc		824,194
8,900		KeySpan Corp		351,105

9 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
23,869	b*	Mirant Corp	$	8,605
2,200		Nicor, Inc		81,268
15,814		NiSource, Inc		360,243
19,344	*	PG&E Corp		643,768
5,000		Pinnacle West Capital Corp		222,050
10,600		PPL Corp		564,768
13,300		Progress Energy, Inc		601,692
200	v*	Progress Energy, Inc (Cvo)		2
14,226		Public Service Enterprise Group, Inc		736,480
13,700		Sempra Energy		502,516
33,257		Southern Co		1,114,775
11,300		TECO Energy, Inc		173,342
9,163		TXU Corp		591,563
34,821		Waste Management, Inc		1,042,541
19,000		Xcel Energy, Inc		345,800
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		18,447,160
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.40%
1,931		American Power Conversion Corp		41,323
16,110	*	AMIS Holdings, Inc		266,137
2,180	*	Atheros Communications, Inc		22,345
6,536		Emerson Electric Co		458,174
701,200		General Electric Co		25,593,800
515,708		Intel Corp		12,062,410
12,000	*	Jabil Circuit, Inc		306,960
2,100	*	LSI Logic Corp		11,508
74,600	*	Marvell Technology Group Ltd		2,646,062
262,233		Motorola, Inc		4,510,408
72,100		National Semiconductor Corp		1,294,195
138,900	*	PMC-Sierra, Inc		1,562,625
44,950		Qualcomm, Inc		1,905,880
92,200	*	Sanmina-SCI Corp		780,934
126,766		Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)		1,076,243
77,777	*	Tellabs, Inc		668,104
114,504		Texas Instruments, Inc		2,819,088
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		56,026,196
ENGINEERING AND MANAGEMENT SERVICES - 0.61%
7,652	*	Accenture Ltd (Class A)		206,604
28,800		Halliburton Co		1,130,112
12,800	*	Hewitt Associates, Inc		409,728
52,262		Monsanto Co		2,903,154
207		Paychex, Inc		7,055
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,656,653
FABRICATED METAL PRODUCTS - 1.36%
18,500		Danaher Corp		1,062,085
65,252		Illinois Tool Works, Inc		6,047,555
77,226		Masco Corp		2,821,066
5,800		Silgan Holdings, Inc		353,568
		TOTAL FABRICATED METAL PRODUCTS		10,284,274

10 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
FOOD AND KINDRED PRODUCTS - 3.57%
22,477		Anheuser-Busch Cos, Inc	$	1,140,258
39,300		Archer Daniels Midland Co		876,783
4,100	*	Boston Beer Co, Inc (Class A)		87,207
13,700		Campbell Soup Co		409,493
165,946		Coca-Cola Co		6,908,332
19,300		Coca-Cola Enterprises, Inc		402,405
2,100		Coors (Adolph) Co (Class B)		158,907
22,657		General Mills, Inc		1,126,279
10,531		H.J. Heinz Co		410,604
14,855		Kellogg Co		663,424
3,100		Pepsi Bottling Group, Inc		83,824
140,459		PepsiCo, Inc		7,331,960
87,900		Pilgrim's Pride Corp		2,696,772
19,114		Sanderson Farms, Inc		827,254
194,200		Tyson Foods, Inc (Class A)		3,573,280
4,600		Wrigley (Wm.) Jr Co		318,274
		TOTAL FOOD AND KINDRED PRODUCTS		27,015,056
FOOD STORES - 0.14%
21,736		Albertson's, Inc		519,056
23,981	*	Safeway, Inc		473,385
8,900	*	Winn-Dixie Stores, Inc		40,495
		TOTAL FOOD STORES		1,032,936
FORESTRY - 0.15%
17,279		Weyerhaeuser Co		1,161,494
		TOTAL FORESTRY		1,161,494
FURNITURE AND FIXTURES - 0.07%
2,400		Johnson Controls, Inc		152,256
16,500		Newell Rubbermaid, Inc		399,135
		TOTAL FURNITURE AND FIXTURES		551,391
FURNITURE AND HOMEFURNISHINGS STORES - 0.27%
33,780		Best Buy Co, Inc		2,007,208
1,000		Circuit City Stores, Inc (Circuit City Group)		15,640
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,022,848
GENERAL BUILDING CONTRACTORS - 0.18%
1,800	*	NVR, Inc		1,384,920
		TOTAL GENERAL BUILDING CONTRACTORS		1,384,920

11 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
GENERAL MERCHANDISE STORES - 3.11%
49,500	*	BJ's Wholesale Club, Inc	$	1,441,935
97,405		Costco Wholesale Corp		4,715,376
10,900		Federated Department Stores, Inc		629,911
18,800		J.C. Penney Co, Inc		778,320
700	*	Kmart Holding Corp		69,265
3,807	*	Kohl's Corp		187,190
23,137		May Department Stores Co		680,228
13,430		Sears Roebuck & Co		685,333
22,834		Target Corp		1,185,770
249,971		Wal-Mart Stores, Inc		13,203,468
		TOTAL GENERAL MERCHANDISE STORES		23,576,796
HEALTH SERVICES - 0.37%
45,200		HCA, Inc		1,806,192
27,933	*	Magellan Health Services, Inc		954,191
2,600	*	Tenet Healthcare Corp		28,548
		TOTAL HEALTH SERVICES		2,788,931
HOLDING AND OTHER INVESTMENT OFFICES - 0.62%
8,600	*	4Kids Entertainment, Inc		180,772
38,600		American Home Mortgage Investment Corp		1,322,050
9,800		Plum Creek Timber Co, Inc		376,712
8,023		Simon Property Group, Inc		518,847
53,880		Washington Mutual, Inc		2,278,046
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,676,427
HOTELS AND OTHER LODGING PLACES - 0.18%
22,800		Hilton Hotels Corp		518,472
13,827		Marriott International, Inc (Class A)		870,824
		TOTAL HOTELS AND OTHER LODGING PLACES		1,389,296
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.02%
52,111		3M Co		4,276,750
47,832	*	Apple Computer, Inc		3,080,381
57,700	*	Applied Materials, Inc		986,670
90,210		Baker Hughes, Inc		3,849,261
10,000		Black & Decker Corp		883,300
537,812	*	Cisco Systems, Inc		10,379,772
25,900		Cummins, Inc		2,170,161
229,961	*	Dell, Inc		9,690,557
31,800		Dover Corp		1,333,692
123,788	*	Emulex Corp		2,084,590
141,083		Hewlett-Packard Co		2,958,511
122,820	d	International Business Machines Corp		12,107,596
48,114	*	Network Appliance, Inc		1,598,347
5,600		Pitney Bowes, Inc		259,168
29,300		Toro Co		2,383,555
62,000		Tyco International Ltd		2,215,880
29,800	*	Xerox Corp		506,898
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		60,765,089

12 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
INSTRUMENTS AND RELATED PRODUCTS - 3.05%
3,200	*	Agilent Technologies, Inc	$	77,120
77,300		Becton Dickinson & Co		4,390,640
4,500		Biomet, Inc		195,255
49,487	*	Boston Scientific Corp		1,759,263
17,276		Eastman Kodak Co		557,151
3,700	*	Edwards Lifesciences Corp		152,662
39,420		Guidant Corp		2,842,182
110,042		Medtronic, Inc		5,465,786
6,300		PerkinElmer, Inc		141,687
75,800		Raytheon Co		2,943,314
62,070	*	St. Jude Medical, Inc		2,602,595
20,900	*	Thermo Electron Corp		630,971
16,812	*	Zimmer Holdings, Inc		1,346,977
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		23,105,603
INSURANCE AGENTS, BROKERS AND SERVICE - 0.07%
22,500		AON Corp		536,850
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		536,850
INSURANCE CARRIERS - 6.49%
5,631		ACE Ltd		240,725
8,905		Aetna, Inc		1,110,899
23,744		Aflac, Inc		945,961
199,045		American International Group, Inc		13,071,285
8,800		Berkley (W.R.) Corp		415,096
15,626		Chubb Corp		1,201,639
54,027		Cigna Corp		4,406,982
10,300		Everest Re Group Ltd		922,468
18,400		HCC Insurance Holdings, Inc		609,408
72,300	*	Humana, Inc		2,146,587
60,127		Lincoln National Corp		2,806,728
52,900		Loews Corp		3,718,870
58,451		MetLife, Inc		2,367,850
2,700	*	Pacificare Health Systems, Inc		152,604
3,368	*	Philadelphia Consolidated Holding Corp		222,760
67,900		Principal Financial Group		2,779,826
18,800		Reinsurance Group of America, Inc		910,860
17,000		RenaissanceRe Holdings Ltd		885,360
58,144		Safeco Corp		3,037,443
13,500	*	Sierra Health Services, Inc		743,985
40,162		St. Paul Travelers Cos, Inc		1,488,805
5,000		Transatlantic Holdings, Inc		309,150
17,000		UnitedHealth Group, Inc		1,496,510
9,322	*	WellPoint, Inc		1,072,030
27,323		XL Capital Ltd (Class A)		2,121,631
		TOTAL INSURANCE CARRIERS		49,185,462
METAL MINING - 0.72%
19,100		Newmont Mining Corp		848,231
46,900		Phelps Dodge Corp		4,639,348
		TOTAL METAL MINING		5,487,579

13 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.17%
66,600		Hasbro, Inc	$	1,290,708
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,290,708
MISCELLANEOUS RETAIL - 1.22%
58,500	*	Barnes & Noble, Inc		1,887,795
27,598	*	eBay, Inc		3,209,095
52,600		Michaels Stores, Inc		1,576,422
140,100	*	Office Depot, Inc		2,432,136
3,200		Staples, Inc		107,872
		TOTAL MISCELLANEOUS RETAIL		9,213,320
MOTION PICTURES - 2.49%
73,165	*	Hollywood Entertainment Corp		957,730
172,800		News Corp (Class A)		3,224,448
474,577	*	Time Warner, Inc		9,225,777
196,221		Walt Disney Co		5,454,944
		TOTAL MOTION PICTURES		18,862,899
NONDEPOSITORY INSTITUTIONS - 3.90%
187,458		American Express Co		10,567,007
3,300		Capital One Financial Corp		277,893
99,600		Countrywide Financial Corp		3,686,196
122,713		Fannie Mae		8,738,393
14,882		Freddie Mac		1,096,803
196,844		MBNA Corp		5,549,032
		TOTAL NONDEPOSITORY INSTITUTIONS		29,915,324
OIL AND GAS EXTRACTION - 0.44%
2,700		Anadarko Petroleum Corp		174,987
38,448		Burlington Resources, Inc		1,672,488
4,400	*	Cal Dive International, Inc		179,300
12,600		Devon Energy Corp		490,392
7,600		Marathon Oil Corp		285,836
12,360		Unocal Corp		534,446
		TOTAL OIL AND GAS EXTRACTION		3,337,449
PETROLEUM AND COAL PRODUCTS - 5.34%
50,318		ChevronTexaco Corp		2,642,198
70,286		ConocoPhillips		6,102,933
562,020		ExxonMobil Corp		28,809,145
46,447		Lyondell Chemical Co		1,343,247
10,500		Premcor, Inc		442,785
35,400	*	Tesoro Corp		1,127,844
		TOTAL PETROLEUM AND COAL PRODUCTS		40,468,152

14 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
PRIMARY METAL INDUSTRIES - 0.14%
637	*	Andrew Corp	$	8,682
36,700	*	CommScope, Inc		693,630
9,100	*	International Steel Group, Inc		369,096
		TOTAL PRIMARY METAL INDUSTRIES		1,071,408
PRINTING AND PUBLISHING - 0.47%
86,900		American Greetings Corp (Class A)		2,202,915
15,691		Gannett Co, Inc		1,281,955
1,900		Wiley (John) & Sons, Inc (Class A)		66,196
		TOTAL PRINTING AND PUBLISHING		3,551,066
RAILROAD TRANSPORTATION - 0.30%
22,339		Burlington Northern Santa Fe Corp		1,056,858
11,035		CSX Corp		442,283
7,800		Norfolk Southern Corp		282,282
7,240		Union Pacific Corp		486,890
		TOTAL RAILROAD TRANSPORTATION		2,268,313
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.01%
2,300		Tupperware Corp		47,656
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		47,656
SECURITY AND COMMODITY BROKERS - 0.90%
2,900	*	Affiliated Managers Group, Inc		196,446
6,700		Bear Stearns Cos, Inc		685,477
26,000		Federated Investors, Inc (Class B)		790,400
7,800		Franklin Resources, Inc		543,270
13,100	*	Investment Technology Group, Inc		262,000
35,200		Legg Mason, Inc		2,578,752
17,825		Lehman Brothers Holdings, Inc		1,559,331
3,669		Morgan Stanley		203,703
		TOTAL SECURITY AND COMMODITY BROKERS		6,819,379
SPECIAL TRADE CONTRACTORS - 0.19%
30,700	*	Dycom Industries, Inc		936,964
10,500	*	EMCOR Group, Inc		474,390
		TOTAL SPECIAL TRADE CONTRACTORS		1,411,354
TOBACCO PRODUCTS - 1.54%
169,700		Altria Group, Inc		10,368,670
26,647		UST, Inc		1,281,987
		TOTAL TOBACCO PRODUCTS		11,650,657

15 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

SHARES			VALUE
TRANSPORTATION BY AIR - 0.80%
61,800	*	Alaska Air Group, Inc	$	2,069,682
3,035	*	AMR Corp		33,233
13,151	*	Continental Airlines, Inc (Class B)		178,065
35,300	*	ExpressJet Holdings, Inc		454,664
20,300		FedEx Corp		1,999,347
7,285	*	Northwest Airlines Corp		79,625
8,200	*	Pinnacle Airlines Corp		114,308
71,100		Southwest Airlines Co		1,157,508
		TOTAL TRANSPORTATION BY AIR		6,086,432
TRANSPORTATION EQUIPMENT - 2.96%
32,875		Autoliv, Inc		1,587,863
126,986		Boeing Co		6,574,065
79,556		Ford Motor Co		1,164,700
11,925		General Dynamics Corp		1,247,355
2,600		Genuine Parts Co		114,556
27,186		Lockheed Martin Corp		1,510,182
48,400		Northrop Grumman Corp		2,631,024
16,300	*	TRW Automotive Holdings Corp		337,410
70,500		United Technologies Corp		7,286,175
		TOTAL TRANSPORTATION EQUIPMENT		22,453,330
TRUCKING AND WAREHOUSING - 1.38%
11,200		CNF, Inc		561,120
115,759		United Parcel Service, Inc (Class B)		9,892,764
		TOTAL TRUCKING AND WAREHOUSING		10,453,884
WATER TRANSPORTATION - 0.03%
4,494		Royal Caribbean Cruises Ltd		244,653
		TOTAL WATER TRANSPORTATION		244,653
WHOLESALE TRADE-DURABLE GOODS - 2.39%
13,100		Handleman Co		281,388
245,246		Johnson & Johnson		15,553,501
33,800		W.W. Grainger, Inc		2,251,756
		TOTAL WHOLESALE TRADE-DURABLE GOODS		18,086,645
WHOLESALE TRADE-NONDURABLE GOODS - 1.52%
64,530		AmerisourceBergen Corp		3,786,620
67,900		Cardinal Health, Inc		3,948,385
3,200		DIMON, Inc		21,504
44,547		McKesson Corp		1,401,449
15,200	*	Smart & Final, Inc		218,729
61,700		Supervalu, Inc		2,129,884
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		11,506,571
		TOTAL COMMON STOCKS
		(Cost $703,789,389)		746,137,339

16 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth and Income Fund

PRINCIPAL		VALUE
SHORT TERM INVESTMENTS - 1.94%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.94%
$ 14,710,000	Federal Home Loan Banks (FHLB) 1.00%, 01/03/05	$	14,707,364
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		14,707,364
	TOTAL SHORT TERM INVESTMENTS
	(Cost $14,708,468)		14,707,364
	TOTAL PORTFOLIO - 100.44%
	(Cost $718,497,857)		760,844,703
	OTHER ASSETS & LIABILITIES, NET - (0.44)%		(3,352,056	)
	NET ASSETS - 100.00%	$	757,492,647

*	Non-income producing
b	In bankruptcy
d	All or a portion of these securities have been segregated by the custodian to cover margin or other
	requirements on open futures contracts
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

17

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.39%
APPAREL AND ACCESSORY STORES - 0.26%
17,300		Fast Retailing Co Ltd	$	1,316,873
16,870		Hennes & Mauritz AB (B Shs)		587,685
		TOTAL APPAREL AND ACCESSORY STORES		1,904,558
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
489,000		Toyobo Co Ltd		1,178,716
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,178,716
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.10%
24,400		Autobacs Seven Co Ltd		713,165
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		713,165
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.56%
36,000		Cheung Kong Infrastructure Holdings Ltd		103,979
611,863		Wolseley plc		11,435,868
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		11,539,847
BUSINESS SERVICES - 3.37%
60	*	Access Co Ltd		1,686,347
53,383		Capita Group plc		374,858
433,355	v*	Cintra Concesiones de Infraestructuras de Transporte S.A.		4,759,424
962		Dentsu, Inc		2,591,119
56,800		Diamond Lease Co Ltd		2,217,234
140,006		Hays plc		333,981
42,295		Misys plc		169,916
49,200		Oracle Corp Japan		2,549,546
257	*	Rakuten, Inc		293,442
2,313	*	Rakuten, Inc (When Issued)		2,076,666
16,565		SAP AG.		2,958,599
28,000		Secom Co Ltd		1,120,328
22,821		Securitas AB (B Shs)		391,488
35,075		Serco Group plc		161,617
53,900		Sumisho Lease Co Ltd		2,198,712
31,000		Tata Consultancy Services Ltd		952,392
25,179		WM-Data AB (B Shs)		54,561
		TOTAL BUSINESS SERVICES		24,890,230
CHEMICALS AND ALLIED PRODUCTS - 9.14%
40,219		BOC Group plc		767,146
61,338		Boots Group plc		771,936
143,000		Daicel Chemical Industries Ltd		809,408
349,237		GlaxoSmithKline plc		8,193,519
189,250	*	Global Bio-Chem Technology Group Co Ltd Wts 05/31/07		9,009
96,076		Imperial Chemical Industries plc		444,540

18 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
67,000		Kao Corp	$	1,713,087
40,800		Kose Corp		1,791,744
50,237		Merck KGaA		3,456,568
178,000		Nippon Paint Co Ltd		745,213
172,869		Novartis AG. (Regd)		8,711,102
457,597		Reckitt Benckiser plc		13,828,239
128,252		Sanofi-Aventis		10,250,398
118,600		Shin-Etsu Chemical Co Ltd		4,861,130
42,000		Taisho Pharmaceutical Co Ltd		914,024
119,300		Takeda Pharmaceutical Co Ltd		6,007,495
678,000		Teijin Ltd		2,944,374
266,000		Tosoh Corp		1,196,701
12,142		Zeltia S.A.		84,996
		TOTAL CHEMICALS AND ALLIED PRODUCTS		67,500,629
COAL MINING - 0.07%
202,490		Byd Co Ltd (H Shs)		536,660
		TOTAL COAL MINING		536,660
COMMUNICATIONS - 5.28%
192,655		Cable & Wireless plc		441,080
112,776		Deutsche Telekom AG. (Regd)		2,552,291
38,781		Eircom Group plc		91,194
11,131	*	Elisa Oyj		179,440
417,328	*	Ericsson (LM) (B Shs)		1,331,350
19,810		Hellenic Telecommunications Organization S.A.		355,971
1,085		KDDI Corp		5,844,833
625,238		KPN NV		5,940,483
14,597	*	Marconi Corp plc		157,640
4,025	*	Modern Times Group AB (B Shs)		109,628
18,000		Portugal Telecom SGPS S.A. (Regd)		222,645
497,642		Singapore Telecommunications Ltd		725,550
7,987		Tele2 AB (B Shs)		313,692
328,432		Telecom Corp of New Zealand Ltd		1,458,943
208,876		Telefonica S.A.		3,935,057
15,235		Telenor ASA		138,348
22,000		Television Broadcasts Ltd		102,178
150,831		TeliaSonera AB		903,343
3,376,313		Vodafone Group plc		9,156,092
185,928		Vodafone Group plc (Spon ADR)		5,090,709
		TOTAL COMMUNICATIONS		39,050,467
DEPOSITORY INSTITUTIONS - 15.02%
3,000	*	Ashikaga Financial Group, Inc		0
127,999		Australia & New Zealand Banking Group Ltd		2,065,968
2,094,015		Banca Intesa S.p.A.		10,075,864
31,719		Bank of Ireland (Dublin)		528,147
46,503		Bank of Ireland (London)		769,256
4,150		Commercial Bank of Greece		131,545
128,174		DAH Sing Financial		993,539
112,055		DBS Group Holdings Ltd		1,105,174
727,178		Depfa Bank plc		12,206,943
39,478		Deutsche Bank AG. (Regd)		3,505,101
6		EFG Eurobank Ergasias S.A.		206
88,300		Hang Seng Bank Ltd		1,226,910
597,149	*	HSBC Holdings plc (United Kingdom)		10,077,448

19 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
545		Mitsubishi Tokyo Financial Group, Inc	$	5,531,375
42,487		National Australia Bank Ltd		959,866
74,420		National Bank of Greece S.A.		2,456,052
177,124		Nordea Bank AB (Sweden)		1,785,793
572,706		Royal Bank of Scotland Group plc		19,263,927
969,000		Shinsei Bank Ltd		6,600,586
38,041		Skandinaviska Enskilda Banken (A Shs)		735,587
298		Sumitomo Mitsui Financial Group Inc		2,166,585
419,000		Sumitomo Trust & Banking Co Ltd		3,029,950
42,923		Svenska Handelsbanken AB (A Shs)		1,117,416
266,893		UBS AG. (Regd)		22,379,956
135,000		United Overseas Bank Ltd		1,141,264
73,059		Westpac Banking Corp		1,116,211
		TOTAL DEPOSITORY INSTITUTIONS		110,970,669
ELECTRIC, GAS, AND SANITARY SERVICES - 3.62%
175,988		Australian Gas Light Co Ltd		1,890,011
16,228		BG Group plc		110,293
23,200		Contact Energy Ltd		107,247
171,062		E.ON AG.		15,592,521
2,500		Electric Power Development Co		70,020
14,200		Hokkaido Electric Power Co, Inc		279,233
285,000		Hong Kong & China Gas Co Ltd		588,502
118,775	*	International Power plc		352,316
30,299		Kelda Group plc		367,932
12,400		NGC Holdings Ltd		27,765
801,500		Nissin Co Ltd		2,018,025
3,317		Oest Elektrizitatswirts (A Shs)		738,965
27,880		Severn Trent plc		517,605
83,000		Tata Power Co Ltd		745,702
44,950		United Utilities plc		543,687
24,945		United Utilities plc (A Shs)		214,316
350		West Japan Railway Co		1,414,072
2,038,000	*	Xinao Gas Holdings Ltd		1,166,789
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		26,745,001
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.81%
2,101,773	*	ABB Ltd		11,737,102
18,345		Advantest Corp		1,573,656
13,500		ASM Pacific Technology Ltd		48,632
21,874		Electrolux AB Series B		500,323
11,500		Hirose Electric Co Ltd		1,344,491
118,500		Johnson Electric Holdings Ltd		115,105
67,862		Kidde plc		216,930
51,900		Kyocera Corp		3,996,204
33,800		Melco Holdings, Inc		634,966
2,274	*	Mobistar S.A.		213,120
15,400		Murata Manufacturing Co Ltd		861,150
360,048		Nokia Oyj		5,686,771
24,700		Rohm Co Ltd		2,555,089
83,000		Satyam Computer Services Ltd		782,648
867,610		STMicroelectronics NV		16,922,935
195,000		Sumitomo Electric Industries Ltd		2,121,841
637,791		Taiwan Semiconductor Manufacturing Co Ltd		1,016,360
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		50,327,323

20 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
FABRICATED METAL PRODUCTS - 0.16%
22,744		Assa Abloy AB (B Shs)	$	388,456
117,000		NHK Spring Co Ltd		799,258
		TOTAL FABRICATED METAL PRODUCTS		1,187,714
FOOD AND KINDRED PRODUCTS - 2.66%
103,526		Coca-Cola Amatil Ltd		659,782
1,982,000		Global Bio-Chem Technology Group Co Ltd		1,300,475
60,160		Groupe Danone		5,556,439
109,708		J. Sainsbury plc		569,750
87,471		Lion Nathan Ltd		589,689
472,000		Nichirei Corp		1,879,340
475,000		Nisshin Oillio Group Ltd		2,447,546
931,000		People's Food Holdings Ltd		855,489
32,290		Pernod-Ricard		4,946,422
64,967		Scottish & Newcastle plc		543,512
33,104		Tate & Lyle plc		300,463
		TOTAL FOOD AND KINDRED PRODUCTS		19,648,907
FOOD STORES - 2.60%
2,377		Axfood AB		80,480
39	*	Casino Guichard-Perrachon S.A. Wts 12/15/05		1
3,095,652		Tesco plc		19,122,721
		TOTAL FOOD STORES		19,203,202
FURNITURE AND HOMEFURNISHINGS STORES - 0.16%
87,200		Hitachi Maxell Ltd		1,194,777
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,194,777
GENERAL BUILDING CONTRACTORS - 0.85%
24,129		Amec plc		137,934
16,100		Bouygues S.A.		744,053
30,600		Daito Trust Construction Co Ltd		1,454,299
3,020,000		Shanghai Forte Land Co		1,058,770
167,000		Shimizu Corp		837,689
28,436		Skanska AB (B Shs)		341,254
129,000		Sumitomo Realty & Development Co Ltd		1,681,897
		TOTAL GENERAL BUILDING CONTRACTORS		6,255,896
GENERAL MERCHANDISE STORES - 0.21%
318,000		Mitsukoshi Ltd		1,545,467
		TOTAL GENERAL MERCHANDISE STORES		1,545,467
HEALTH SERVICES - 0.06%
6,105	*	Capio AB		72,576
2,289	*	Elekta AB		65,962
12,440		Getinge AB (B Shs)		154,906
7,709		Intertek Group plc		104,344
1,800		Nichii Gakkan Co		58,320
		TOTAL HEALTH SERVICES		456,108

21 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
HEAVY CONSTRUCTION, EXCEPT BUILDING - 1.99%
33,891		Balfour Beatty plc	$	205,125
217,702		Multiplex Group		928,372
101,009		Vinci S.A.		13,564,889
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		14,698,386
HOLDING AND OTHER INVESTMENT OFFICES - 2.49%
3,295		Castellum AB		118,008
9,828		Great Portland Estates plc		62,078
32,000		Housing Development Finance Corp		563,957
58,000		iShares MSCI EAFE Index Fund		9,294,500
35,785		Land Securities Group plc		961,852
20,532		London Stock Exchange plc		229,421
259,922		Macquarie Infrastructure Group		692,760
5,047		Nobel Biocare Holding AG.		914,328
924,000		Orient Corp		2,669,113
10,026		Schroders plc		144,560
299,000		Sumitomo Corp		2,579,448
6,655		Wihlborgs Fastigheter AB		140,202
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		18,370,227
HOTELS AND OTHER LODGING PLACES - 1.14%
192,133		Accor S.A.		8,411,858
		TOTAL HOTELS AND OTHER LODGING PLACES		8,411,858
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.86%
20,525		Aggreko plc		66,202
6,755		Alfa Laval AB		109,273
15,394		Atlas Copco AB (B Shs)		642,826
46,915		FKI plc		104,934
471,000		Fuji Heavy Industries Ltd		2,298,234
1,686,457		Futuris Corp Ltd		2,855,549
2,201		Hoganas AB (B Shs)		59,120
292,000		Komatsu Ltd		2,043,174
95,000		Makino Milling Machine Co Ltd		521,031
34,485		Meggitt plc		173,299
13,500		Nidec Corp		1,645,506
455,000		NSK Ltd		2,286,767
72,747		Rheinmetall AG.		3,881,093
18,069		Sandvik AB		728,698
9,992	*	Saurer AG.		588,747
7,331		Scania AB		290,133
7,543		SKF AB (B Shs)		335,981
118,390		Wartsila Oyj (B Shs)		2,523,250
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		21,153,817
INSTRUMENTS AND RELATED PRODUCTS - 1.47%
46,900		Canon, Inc		2,531,053
13,628		Gambro AB (A Shs)		194,308
7,588		Gambro AB (B Shs)		106,477
458,717	*	Invensys plc		136,507
850		Keyence Corp		190,456
152		Nobel Biocare Holding AG. (Stockholm)		27,836
2,448		The Swatch Group AG. (Br)		359,310

22 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
205,784		The Swatch Group AG. (Regd)	$	6,116,876
36,300		Tokyo Seimitsu Co Ltd		1,211,535
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		10,874,358
INSURANCE CARRIERS - 4.30%
231,000		Aioi Insurance Co Ltd		1,066,293
489,766	*	AMP Ltd		2,787,314
2,180,000	*	China Life Insurance Co Ltd (H Shs)		1,458,438
160,414		Friends Provident plc		474,288
201,000		Fuji Fire & Marine Insurance Co Ltd		655,158
154,748		Insurance Australia Group Ltd		780,004
524,659		Legal & General Group plc		1,108,023
19,459		Liberty International plc		362,573
163,000		Nipponkoa Insurance Co Ltd		1,108,725
108,000		Nissay Dowa General Insurance Co Ltd		549,117
395,430		Promina Group Ltd		1,673,879
177,076		Prudential plc		1,540,057
233,036		Royal & Sun Alliance Insurance Group plc		346,740
7,346		Schindler Holding AG. (Pt Cert)		2,913,592
79,523		Skandia Forsakrings AB		396,095
19,071		Storebrand ASA		184,203
61,200		T&D Holdings, Inc		2,926,515
68,619		Zurich Financial Services AG.		11,441,529
		TOTAL INSURANCE CARRIERS		31,772,543
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.18%
236		East Japan Railway Co		1,312,774
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		1,312,774
LUMBER AND WOOD PRODUCTS - 0.02%
3,932		Holmen AB (B Shs)		136,088
		TOTAL LUMBER AND WOOD PRODUCTS		136,088
METAL MINING - 0.88%
17,801		Johnson Matthey plc		337,661
491,000		Mitsubishi Materials Corp		1,030,204
167,737		Newcrest Mining Ltd		2,294,484
22,792		Rio Tinto Ltd		698,943
372,345		WMC Resources Ltd		2,107,382
		TOTAL METAL MINING		6,468,674
MISCELLANEOUS RETAIL - 0.34%
152,865	*	Cookson Group plc		104,187
963,974		Pacific Brands Ltd		2,410,553
		TOTAL MISCELLANEOUS RETAIL		2,514,740

23 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
NONDEPOSITORY INSTITUTIONS - 1.77%
26,465		Cattles plc	$	186,473
4,573		D Carnegie AB		59,180
287,486	*	Hypo Real Estate Holding		11,918,340
39,020		ICAP plc		203,580
190,000	*	Industrial Development Bank of India Ltd		479,917
20,569		Provident Financial plc		265,376
		TOTAL NONDEPOSITORY INSTITUTIONS		13,112,866
OIL AND GAS EXTRACTION - 1.13%
903,000		CNOOC Ltd		485,034
2,571		IHC Caland NV		163,339
13,186	*	Lundin Petroleum AB		75,599
126		OMV AG.		37,968
231,880		Origin Energy Ltd		1,252,400
890,000		PetroChina Co Ltd (Class H)		475,189
16,396		Shell Transport & Trading Co plc		139,765
2,884		Smedvig ASA		48,450
44,150		Statoil ASA		692,503
1,553		Technip S.A.		287,084
21,427		Total S.A.		4,680,330
		TOTAL OIL AND GAS EXTRACTION		8,337,661
PAPER AND ALLIED PRODUCTS - 0.97%
4,295		Billerud AB		76,588
14,778		De La Rue plc		98,452
168,000		NGK Insulators Ltd		1,606,714
205,000		OJI Paper Co Ltd		1,176,344
44,349		Rexam plc		391,245
15,696		Svenska Cellulosa AB (B Shs)		669,608
60,723		TDC a/s		2,571,480
12,200		Uni-Charm Corp		584,581
		TOTAL PAPER AND ALLIED PRODUCTS		7,175,012
PERSONAL SERVICES - 0.02%
16,343		Davis Service Group plc		128,646
		TOTAL PERSONAL SERVICES		128,646
PETROLEUM AND COAL PRODUCTS - 5.90%
479,148		BHP Billiton Ltd		5,761,767
753,304		BP plc		7,347,050
38,390		BP plc (Spon ADR)		2,241,976
482,421		ENI S.p.A.		12,078,558
8,620		Hellenic Petroleum S.A.		93,734
562,000		Nippon Oil Corp		3,603,338
2,657		Norsk Hydro ASA		209,256
1,452	*	Petroleum Geo-Services ASA		90,740
165,990		Repsol YPF S.A.		4,322,915
135,807	*	Royal Dutch Petroleum Co		7,817,625
		TOTAL PETROLEUM AND COAL PRODUCTS		43,566,959

24 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
PRIMARY METAL INDUSTRIES - 0.50%
321,916	*	Corus Group plc	$	312,114
106,000		NEOMAX Co Ltd		1,880,628
494,000		Nippon Steel Corp		1,210,052
6,895		Ssab Svenskt Stal AB (Series A)		166,010
6,045		Trelleborg AB (B Shs)		102,791
		TOTAL PRIMARY METAL INDUSTRIES		3,671,595
PRINTING AND PUBLISHING - 2.26%
12,520		Eniro AB		128,113
443,587		Reed Elsevier NV		6,047,543
1,033,837		Reed Elsevier plc		9,537,278
74,000		SCMP Group Ltd		30,704
331,000		Singapore Press Holdings Ltd		932,737
		TOTAL PRINTING AND PUBLISHING		16,676,375
RAILROAD TRANSPORTATION - 0.21%
280,113		Brambles Industries Ltd		1,526,085
		TOTAL RAILROAD TRANSPORTATION		1,526,085
REAL ESTATE - 0.77%
41,780		British Land Co plc		718,713
40	*	City Developments Ltd Wts 05/10/06		112
22,311		Hammerson plc		372,021
86,000		Sino Land Co Ltd		84,642
33,787		Slough Estates plc		356,772
569	v	Stockland		2,649
260,000		Tokyo Tatemono Co Ltd		1,692,398
189,287	*	Westfield Group		2,437,917
		TOTAL REAL ESTATE		5,665,224
SECURITY AND COMMODITY BROKERS - 2.61%
49,490		3i Group plc		632,806
58,829		Amvescap plc		362,274
9,887		Close Brothers Group plc		139,423
248,231		Deutsche Boerse AG.		14,940,422
22,525		Man Group plc		636,578
21,200		Matsui Securities Co Ltd		738,597
196,000		Mitsui & Co Ltd		1,757,822
6,058	*	OMX AB		77,487
		TOTAL SECURITY AND COMMODITY BROKERS		19,285,409
STONE, CLAY, AND GLASS PRODUCTS - 4.65%
334,781		CRH plc		8,955,403
59,440		Hanson plc		510,397
356,314		Holcim Ltd (Regd)		21,464,699
250,000		Nippon Sheet Glass Co Ltd		1,034,449
83,018		Pilkington plc		175,325
18,262		RMC Group plc		297,670
503		Sika AG.		301,685
656,000		Sumitomo Osaka Cement Co Ltd		1,606,870
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		34,346,498

25 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
TRANSPORTATION BY AIR - 0.36%
452,000	v*	Air China Ltd (Class H)	$	174,457
43,670	*	British Airways plc		197,029
265,278		Qantas Airways Ltd		771,500
5,970	*	SAS AB		53,902
173,000		Swire Pacific Ltd (A Shs)		1,446,730
		TOTAL TRANSPORTATION BY AIR		2,643,618
TRANSPORTATION EQUIPMENT - 4.82%
36,392		BBA Group plc		199,651
2,581,780	*	Fiat S.p.A.		20,704,774
504,000		Mazda Motor Corp		1,583,761
122,398		Rolls-Royce Group plc		580,431
62,314		Tomkins plc		304,176
56,400		Toyota Industries Corp		1,409,037
240,800		Toyota Motor Corp		9,799,317
25,865		Volvo AB (B Shs)		1,025,586
		TOTAL TRANSPORTATION EQUIPMENT		35,606,733
TRANSPORTATION SERVICES - 0.04%
11,201		National Express Group plc		177,522
64,206		Stagecoach Group plc		140,219
		TOTAL TRANSPORTATION SERVICES		317,741
TRUCKING AND WAREHOUSING - 0.30%
109,000		Seino Transportation Co Ltd		1,021,177
247,000		Sumitomo Warehouse Co Ltd		1,205,231
		TOTAL TRUCKING AND WAREHOUSING		2,226,408
WATER TRANSPORTATION - 0.55%
1,464,000		China Shipping Development Co Ltd		1,299,626
1,694		Euronav NV		43,979
24,054		Exel plc		333,891
3,275		Frontline Ltd		145,726
312,000		Mitsui OSK Lines Ltd		1,872,548
59,498		Peninsular & Oriental Steam Navigation Co		339,835
		TOTAL WATER TRANSPORTATION		4,035,605
WHOLESALE TRADE-DURABLE GOODS - 0.68%
43,200		Kuroda Electric Co Ltd		1,007,592
15,280		SSL International plc		92,409
146,900		Terumo Corp		3,956,709
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,056,710

26 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 4.13%
20,105		Alliance Unichem plc	$	291,234
179,724		Celesio AG.		14,618,301
5,527		Ciba Specialty Chemicals AG. (Regd)		420,443
501,817		Inditex S.A.		14,801,454
2,393	*	Oriflame Cosmetics S.A. (SDR)		55,455
26,924		Swedish Match AB		311,964
		TOTALWHOLESALE TRADE-NONDURABLE GOODS		30,498,851
		TOTAL COMMON STOCKS
		(Cost $634,366,900)		734,440,797
PRINCIPAL
SHORT TERM INVESTMENTS - 1.68%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.68%
$12,410,000		Federal Home Loan Banks (FHLB) 1.00%, 01/03/05		12,407,777
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		12,407,777
		TOTAL SHORT TERM INVESTMENTS
		(Cost $12,409,138)		12,407,777
		TOTAL PORTFOLIO - 101.07%
		(Cost $646,776,038)		746,848,574
		OTHER ASSETS & LIABILITIES, NET - (1.07)%		(7,931,169	)
		NET ASSETS - 100.00%	$	738,917,405

*	Non-income producing
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

27

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.71%
APPAREL AND OTHER TEXTILE PRODUCTS - 1.17%
88,846		Jones Apparel Group, Inc	$	3,249,098
3,875		Liz Claiborne, Inc		163,564
2,979		VF Corp		164,977
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		3,577,639
BUSINESS SERVICES - 2.62%
23,700		Automatic Data Processing, Inc		1,051,095
366,000	*	Manugistics Group, Inc		1,050,420
115,355		Microsoft Corp		3,081,132
237,150	*	NYFIX, Inc		1,467,959
130,500	*	Siebel Systems, Inc		1,370,250
		TOTAL BUSINESS SERVICES		8,020,856
CHEMICALS AND ALLIED PRODUCTS - 4.89%
34,400	*	Andrx Corp		750,952
58,072		Bristol-Myers Squibb Co		1,487,805
72,515		Du Pont (E.I.) de Nemours & Co		3,556,861
180,910		Merck & Co, Inc		5,814,447
21,841	*	OSI Pharmaceuticals, Inc		1,634,799
630,641		Rhodia S.A. (Spon ADR)		1,702,731
		TOTAL CHEMICALS AND ALLIED PRODUCTS		14,947,595
COMMUNICATIONS - 8.55%
28,214		AT&T Corp		537,759
131,385		BellSouth Corp		3,651,189
48,600		Clear Channel Communications, Inc		1,627,614
76,074	*	Comcast Corp (Class A)		2,531,743
594,456	*	Lucent Technologies, Inc		2,235,155
102,912		SBC Communications, Inc		2,652,042
85,651		Sprint Corp		2,128,427
124,099		Verizon Communications, Inc		5,027,250
157,626		Viacom, Inc (Class B)		5,736,010
		TOTAL COMMUNICATIONS		26,127,189
DEPOSITORY INSTITUTIONS - 16.14%
197,261		Bank of America Corp		9,269,294
292,819		Citigroup, Inc		14,108,019
76,732		Fifth Third Bancorp		3,627,889
186,060		JPMorgan Chase & Co		7,258,201
687		National City Corp		25,797
31,192		North Fork Bancorp, Inc		899,889
83,599		Northern Trust Corp		4,061,239
41,543		SunTrust Banks, Inc		3,069,197
65,207		U.S. Bancorp		2,042,283

28 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Large-Cap Value Fund

SHARES			VALUE
60,409		Wachovia Corp	$	3,177,513
28,997		Wells Fargo & Co		1,802,164
		TOTAL DEPOSITORY INSTITUTIONS		49,341,485
EATING AND DRINKING PLACES - 1.11%
96,923	*	Brinker International, Inc		3,399,090
		TOTAL EATING AND DRINKING PLACES		3,399,090
ELECTRIC, GAS, AND SANITARY SERVICES - 6.74%
104,999	*	Allegheny Energy, Inc		2,069,530
330,000	*	Calpine Corp		1,300,200
57,270		Cinergy Corp		2,384,150
189,496	*	CMS Energy Corp		1,980,233
54,372		Dominion Resources, Inc		3,683,159
2,127		Equitable Resources, Inc		129,024
18,402		Exelon Corp		810,976
2,834		Kinder Morgan, Inc		207,250
4,074		MDU Resources Group, Inc		108,694
32,149	*	NRG Energy, Inc		1,158,971
82,949	*	PG&E Corp		2,760,543
108,892		Waste Management, Inc		3,260,226
45,573		Williams Cos, Inc		742,384
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		20,595,340
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.71%
83,578		Adtran, Inc		1,599,683
2,802,710	*	Alstom		2,133,366
437,556		General Electric Co		15,970,794
357,789	*	JDS Uniphase Corp		1,134,191
66,800		Nintendo Co Ltd (ADR)		1,052,100
58,500	*	Novellus Systems, Inc		1,631,565
153,945	*	PMC-Sierra, Inc		1,731,881
72,108		STMicroelectronics NV (New York)		1,393,127
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		26,646,707
ENGINEERING AND MANAGEMENT SERVICES - 0.83%
34,150	*	Jacobs Engineering Group, Inc		1,632,029
16,165		Monsanto Co		897,966
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,529,995
FOOD AND KINDRED PRODUCTS - 2.07%
79,638		Archer Daniels Midland Co		1,776,724
95,623		Coca-Cola Enterprises, Inc		1,993,740
51,384		General Mills, Inc		2,554,299
		TOTAL FOOD AND KINDRED PRODUCTS		6,324,763

29 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Large-Cap Value Fund

SHARES			VALUE
FOOD STORES - 0.49%
76,218	*	Safeway, Inc	$	1,504,543
		TOTAL FOOD STORES		1,504,543
FURNITURE AND FIXTURES - 0.25%
12,715		Lear Corp		775,742
		TOTAL FURNITURE AND FIXTURES		775,742
FURNITURE AND HOMEFURNISHINGS STORES - 0.62%
107,982	*	Knoll, Inc		1,889,685
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,889,685
GENERAL MERCHANDISE STORES - 1.44%
1,607	*	Kmart Holding Corp		159,013
1,461		Neiman Marcus Group, Inc (Class A)		104,520
81,300		Sears Roebuck & Co		4,148,739
		TOTAL GENERAL MERCHANDISE STORES		4,412,272
HEALTH SERVICES - 0.39%
109,203	*	Tenet Healthcare Corp		1,199,049
		TOTAL HEALTH SERVICES		1,199,049
HOLDING AND OTHER INVESTMENT OFFICES - 5.52%
17,232		AMB Property Corp		696,000
29,602		Apartment Investment & Management Co (Class A)		1,140,861
16,586		AvalonBay Communities, Inc		1,248,926
23,094		Boston Properties, Inc		1,493,489
11		Cross Timbers Royalty Trust		439
37,000		Greater Bay Bancorp		1,031,560
149,449		iShares Russell 1000 Value Index Fund		9,918,930
49,608		Ventas, Inc		1,359,755
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		16,889,960
HOTELS AND OTHER LODGING PLACES - 1.10%
72,715	*	Great Wolf Resorts, Inc		1,624,453
76,410		Hilton Hotels Corp		1,737,563
		TOTAL HOTELS AND OTHER LODGING PLACES		3,362,016
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.43%
47,101	*	AGCO Corp		1,031,041
140,565		Hewlett-Packard Co		2,947,648
3,974		International Business Machines Corp		391,757
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,370,446

30 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Large-Cap Value Fund

SHARES			VALUE
INSTRUMENTS AND RELATED PRODUCTS - 0.63%
49,414		Raytheon Co	$	1,918,746
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,918,746
INSURANCE AGENTS, BROKERS AND SERVICE - 0.77%
98,862		AON Corp		2,358,847
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,358,847
INSURANCE CARRIERS - 5.38%
1,146		Aegon NV (ARS)		15,712
18,298		Allstate Corp		946,373
77,170		American International Group, Inc		5,067,754
15,928		MGIC Investment Corp		1,097,598
15,811		Prudential Financial, Inc		868,973
115,147		St. Paul Travelers Cos, Inc		4,268,499
21,325	*	WellPoint, Inc		2,452,375
22,406		XL Capital Ltd (Class A)		1,739,826
		TOTAL INSURANCE CARRIERS		16,457,110
MOTION PICTURES - 2.05%
322,527	*	Time Warner, Inc		6,269,925
		TOTAL MOTION PICTURES		6,269,925
NONDEPOSITORY INSTITUTIONS - 1.66%
40,782		Fannie Mae		2,904,086
29,277		Freddie Mac		2,157,715
		TOTAL NONDEPOSITORY INSTITUTIONS		5,061,801
OIL AND GAS EXTRACTION - 2.36%
19,602	*	Bill Barrett Corp		627,068
58,000		Devon Energy Corp		2,257,360
42,887		Kerr-McGee Corp		2,478,440
50,447		Pioneer Natural Resources Co		1,770,690
1,732		Pogo Producing Co		83,985
		TOTAL OIL AND GAS EXTRACTION		7,217,543
PAPER AND ALLIED PRODUCTS - 2.24%
106,787		International Paper Co		4,485,054
126,855	*	Smurfit-Stone Container Corp		2,369,651
		TOTAL PAPER AND ALLIED PRODUCTS		6,854,705
PETROLEUM AND COAL PRODUCTS - 6.66%
78,176		ChevronTexaco Corp		4,105,022
33,875		ConocoPhillips		2,941,366
259,797		ExxonMobil Corp		13,317,194
		TOTAL PETROLEUM AND COAL PRODUCTS		20,363,582

31 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Large-Cap Value Fund

SHARES			VALUE
PRINTING AND PUBLISHING - 0.60%
27,466		Knight Ridder, Inc	$	1,838,574
		TOTAL PRINTING AND PUBLISHING		1,838,574
RAILROAD TRANSPORTATION - 0.85%
64,531		CSX Corp		2,586,402
		TOTAL RAILROAD TRANSPORTATION		2,586,402
REAL ESTATE - 0.02%
1,057		Forest City Enterprises, Inc (Class A)		60,830
		TOTAL REAL ESTATE		60,830
SECURITY AND COMMODITY BROKERS - 3.60%
196,880		Charles Schwab Corp		2,354,685
3,910		Goldman Sachs Group, Inc		406,796
32,111		Merrill Lynch & Co, Inc		1,919,274
114,171		Morgan Stanley		6,338,774
		TOTAL SECURITY AND COMMODITY BROKERS		11,019,529
STONE, CLAY, AND GLASS PRODUCTS - 0.70%
1,124		Lafarge North America, Inc		57,684
51,940	b*	USG Corp		2,091,624
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		2,149,308
TOBACCO PRODUCTS - 4.11%
205,772		Altria Group, Inc		12,572,669
		TOTAL TOBACCO PRODUCTS		12,572,669
TRANSPORTATION BY AIR - 0.45%
124,853	*	Northwest Airlines Corp		1,364,643
		TOTAL TRANSPORTATION BY AIR		1,364,643
TRANSPORTATION EQUIPMENT - 2.87%
52,978		General Motors Corp		2,122,299
1,344		Genuine Parts Co		59,217
72,847		Honeywell International, Inc		2,579,512
53,500	*	Navistar International Corp		2,352,930
30,320		Northrop Grumman Corp		1,648,195
		TOTAL TRANSPORTATION EQUIPMENT		8,762,153
WHOLESALE TRADE-NONDURABLE GOODS - 0.69%
35,828		AmerisourceBergen Corp		2,102,389
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,102,389
		TOTAL COMMON STOCKS
		(Cost $268,527,820)		304,873,128

32 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Large-Cap Value Fund

PRINCIPAL		VALUE
SHORT TERM INVESTMENTS - 0.52%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.52%
	Federal Home Loan Bank (FHLB)
$1,590,000	1.000% 01/03/05	$	1,589,715
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,589,715
	TOTAL SHORT TERM INVESTMENTS
	(Cost $1,589,890)		1,589,715
	TOTAL PORTFOLIO - 100.23%
	(Cost $270,117,710)		306,462,843
	OTHER ASSETS & LIABILITIES, NET - (0.23%)		(704,847	)
	NET ASSETS - 100.00%	$	305,757,996

*	Non-income producing
b	In bankruptcy
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

33

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.63%
AMUSEMENT AND RECREATION SERVICES - 1.18%
13,871		Harrah's Entertainment, Inc	$	927,831
15,200		Station Casinos, Inc		831,136
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,758,967
APPAREL AND ACCESSORY STORES - 1.46%
28,922		Abercrombie & Fitch Co (Class A)		1,357,888
7,753	*	Chico's FAS, Inc		352,994
15,696		Ross Stores, Inc		453,144
		TOTAL APPAREL AND ACCESSORY STORES		2,164,026
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
6,600	*	Advance Auto Parts		288,288
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		288,288
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.46%
11,100		Fastenal Co		683,316
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		683,316
BUSINESS SERVICES - 14.76%
32,537		Adobe Systems, Inc		2,041,371
8,946	*	Affiliated Computer Services, Inc (Class A)		538,460
14,594	*	Ask Jeeves, Inc		390,390
11,126		Autodesk, Inc		422,232
38,026	*	BEA Systems, Inc		336,910
9,270	*	ChoicePoint, Inc		426,327
9,000	*	Citrix Systems, Inc		220,770
10,411	*	Cognizant Technology Solutions Corp		440,698
22,123	*	DST Systems, Inc		1,153,051
20,244	*	Fiserv, Inc		813,606
116,409	*	Interpublic Group of Cos, Inc		1,559,881
17,641	*	Intuit, Inc		776,380
83,287	*	Juniper Networks, Inc		2,264,574
31,495		Manpower, Inc		1,521,209
57,648	*	McAfee, Inc		1,667,757
32,201	*	Mercury Interactive Corp		1,466,756
26,723	*	Monster Worldwide, Inc		898,962
21,600	*	NAVTEQ Corp		1,001,376
50,077	*	Red Hat, Inc		668,528
32,856	*	Siebel Systems, Inc		344,988
5,000	*	SunGard Data Systems, Inc		141,650
29,781	*	VeriSign, Inc		998,259
20,604	*	Veritas Software Corp		588,244
45,421	*	Westwood One, Inc		1,223,188
		TOTAL BUSINESS SERVICES		21,905,567

34 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Growth Fund

SHARES			VALUE
CHEMICALS AND ALLIED PRODUCTS - 9.55%
12,100		Alberto-Culver Co	$	587,697
12,193		Allergan, Inc		988,487
12,679	*	American Pharmaceutical Partners, Inc		474,321
7,406	*	Amylin Pharmaceuticals, Inc		173,004
27,276	*	Andrx Corp		595,435
11,484		Avery Dennison Corp		688,695
6,000	*	Charles River Laboratories International, Inc		276,060
24,493		Clorox Co		1,443,372
19,220		Ecolab, Inc		675,199
7,528		Estee Lauder Cos (Class A)		344,557
35,960	*	Genzyme Corp		2,088,197
33,566	*	Gilead Sciences, Inc		1,174,474
4,940	*	ImClone Systems, Inc		227,635
57,266	*	IVAX Corp		905,948
16,000	*	MedImmune, Inc		433,760
10,269		Mylan Laboratories, Inc		181,556
6,086	*	OSI Pharmaceuticals, Inc		455,537
30,757	*	Sepracor, Inc		1,826,043
32,777	*	VCA Antech, Inc		642,429
		TOTAL CHEMICALS AND ALLIED PRODUCTS		14,182,406
COAL MINING - 0.48%
17,454		Consol Energy, Inc		716,487
		TOTAL COAL MINING		716,487
COMMUNICATIONS - 4.57%
110,888	*	Avaya, Inc		1,907,274
21,847		Global Payments, Inc		1,278,923
51,151	*	Nextel Partners, Inc (Class A)		999,491
18,577	*	NII Holdings, Inc (Class B)		881,479
39,542	*	Univision Communications, Inc (Class A)		1,157,394
15,029	*	XM Satellite Radio Holdings, Inc		565,391
		TOTAL COMMUNICATIONS		6,789,952
DEPOSITORY INSTITUTIONS - 2.15%
36,478		North Fork Bancorp, Inc		1,052,390
26,191		Northern Trust Corp		1,272,359
17,271		Synovus Financial Corp		493,605
11,628		TCF Financial Corp		373,724
		TOTAL DEPOSITORY INSTITUTIONS		3,192,078
EATING AND DRINKING PLACES - 1.80%
56,649		Yum! Brands, Inc		2,672,700
		TOTAL EATING AND DRINKING PLACES		2,672,700
EDUCATIONAL SERVICES - 1.71%
32,277	*	Career Education Corp		1,291,080
66,432	*	Corinthian Colleges, Inc		1,251,911
		TOTAL EDUCATIONAL SERVICES		2,542,991

35 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Growth Fund

SHARES			VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 0.61%
66,217	*	AES Corp	$	905,186
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		905,186
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.91%
31,900	*	Altera Corp		660,330
27,715	*	Amphenol Corp (Class A)		1,018,249
53,427	*	Comverse Technology, Inc		1,306,290
3,145		Harman International Industries, Inc		399,415
33,583	*	Jabil Circuit, Inc		859,053
126,279	*	JDS Uniphase Corp		400,304
31,283		Linear Technology Corp		1,212,529
21,163	*	Marvell Technology Group Ltd		750,652
15,283		Microchip Technology, Inc		407,445
23,000	*	Micron Technology, Inc		284,050
102,962		National Semiconductor Corp		1,848,168
46,393	*	Novellus Systems, Inc		1,293,901
7,208	*	Nvidia Corp		169,820
48,263	*	PMC-Sierra, Inc		542,959
9,706	*	Portalplayer, Inc		239,544
18,495		Rockwell Collins, Inc		729,443
16,459	*	Silicon Laboratories, Inc		581,167
17,700		Xilinx, Inc		524,805
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,228,124
ENGINEERING AND MANAGEMENT SERVICES - 5.90%
29,364	*	Celgene Corp		779,027
12,241		Corporate Executive Board Co		819,413
33,188	*	CV Therapeutics, Inc		763,324
31,910	*	Jacobs Engineering Group, Inc		1,524,979
22,529		Monsanto Co		1,251,486
22,450		Moody's Corp		1,949,783
17,499		Quest Diagnostics, Inc		1,672,029
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		8,760,041
FABRICATED METAL PRODUCTS - 0.77%
2,571	*	Alliant Techsystems, Inc		168,092
12,646		Fortune Brands, Inc		976,018
		TOTAL FABRICATED METAL PRODUCTS		1,144,110
FOOD AND KINDRED PRODUCTS - 1.03%
11,919		Campbell Soup Co		356,259
14,051		Hershey Foods Corp		780,393
14,337		Pepsi Bottling Group, Inc		387,672
		TOTAL FOOD AND KINDRED PRODUCTS		1,524,324
FOOD STORES - 0.30%
4,658		Whole Foods Market, Inc		444,140
		TOTAL FOOD STORES		444,140

36 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Growth Fund

SHARES			VALUE
FURNITURE AND FIXTURES - 0.74%
39,485		Herman Miller, Inc	$	1,090,971
		TOTAL FURNITURE AND FIXTURES		1,090,971
FURNITURE AND HOMEFURNISHINGS STORES - 3.12%
78,723	*	Bed Bath & Beyond, Inc		3,135,537
53,910	*	Knoll, Inc		943,425
16,766		RadioShack Corp		551,266
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		4,630,228
GENERAL BUILDING CONTRACTORS - 1.35%
1,482	*	NVR, Inc		1,140,251
13,529		Pulte Homes, Inc		863,150
		TOTAL GENERAL BUILDING CONTRACTORS		2,003,401
GENERAL MERCHANDISE STORES - 0.43%
30,643		Dollar General Corp		636,455
		TOTAL GENERAL MERCHANDISE STORES		636,455
HEALTH SERVICES - 2.67%
3,646	*	Coventry Health Care, Inc		193,530
5,913	*	DaVita, Inc		233,741
22,643	*	Express Scripts, Inc		1,730,831
17,472		Health Management Associates, Inc (Class A)		396,964
10,600	*	Laboratory Corp of America Holdings		528,092
23,692	*	Triad Hospitals, Inc		881,579
		TOTAL HEALTH SERVICES		3,964,737
HOTELS AND OTHER LODGING PLACES - 2.78%
36,837	*	Great Wolf Resorts, Inc		822,939
96,577		Hilton Hotels Corp		2,196,161
17,684		Marriott International, Inc (Class A)		1,113,738
		TOTAL HOTELS AND OTHER LODGING PLACES		4,132,838
INDUSTRIAL MACHINERY AND EQUIPMENT - 9.23%
39,463	*	American Standard Cos, Inc		1,630,611
13,140	*	Apple Computer, Inc		846,216
70,514		Baker Hughes, Inc		3,008,832
7,248		Black & Decker Corp		640,216
17,079		Dover Corp		716,293
13,625		ITT Industries, Inc		1,150,631
15,700	*	Lam Research Corp		453,887
22,483	*	Lexmark International, Inc		1,911,055
47,001	*	Network Appliance, Inc		1,561,373
13,327		Pitney Bowes, Inc		616,774
20,000	*	Sandisk Corp		499,400
8,841	*	Smith International, Inc		481,039
33,997	*	Solectron Corp		181,204
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		13,697,531

37 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Growth Fund

SHARES			VALUE
INSTRUMENTS AND RELATED PRODUCTS - 7.55%
31,577		Bard (C.R.), Inc	$	2,020,296
45,429		Biomet, Inc		1,971,164
4,675		Dentsply International, Inc		262,735
19,478	*	Fisher Scientific International, Inc		1,215,038
15,129	*	KLA-Tencor Corp		704,709
23,056	*	Millipore Corp		1,148,419
12,610		Rockwell Automation, Inc		624,826
47,600	*	St. Jude Medical, Inc		1,995,868
15,473		Tektronix, Inc		467,439
10,880	*	Varian Medical Systems, Inc		470,451
7,115	*	Waters Corp		332,911
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		11,213,856
INSURANCE AGENTS, BROKERS AND SERVICE - 0.16%
5,590	*	Medco Health Solutions, Inc		232,544
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		232,544
INSURANCE CARRIERS - 1.33%
17,150	*	WellPoint, Inc		1,972,250
		TOTAL INSURANCE CARRIERS		1,972,250
LEATHER AND LEATHER PRODUCTS - 0.61%
16,131	*	Coach, Inc		909,788
		TOTAL LEATHER AND LEATHER PRODUCTS		909,788
METAL MINING - 0.28%
11,034		Freeport-McMoRan Copper & Gold, Inc (Class A)		421,830
		TOTAL METAL MINING		421,830
MISCELLANEOUS RETAIL - 1.19%
36,703	*	Petco Animal Supplies, Inc		1,449,034
4,316		Petsmart, Inc		153,347
5,000		Tiffany & Co		159,850
		TOTAL MISCELLANEOUS RETAIL		1,762,231
MOTION PICTURES - 0.59%
23,245	*	DreamWorks Animation SKG, Inc (Class A)		871,920
		TOTAL MOTION PICTURES		871,920
NONDEPOSITORY INSTITUTIONS - 0.64%
14,268	*	Advance America Cash Advance Centers, Inc		326,737
12,641		Doral Financial Corp		622,569
		TOTAL NONDEPOSITORY INSTITUTIONS		949,306

38 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Growth Fund

SHARES			VALUE
OIL AND GAS EXTRACTION - 2.06%
9,079		BJ Services Co	$	422,537
34,541		ENSCO International, Inc		1,096,331
14,614		EOG Resources, Inc		1,042,855
13,900		XTO Energy, Inc		491,782
		TOTAL OIL AND GAS EXTRACTION		3,053,505
PAPER AND ALLIED PRODUCTS - 0.34%
20,192	*	Pactiv Corp		510,656
		TOTAL PAPER AND ALLIED PRODUCTS		510,656
PERSONAL SERVICES - 0.74%
12,987		Cintas Corp		569,610
10,748		H & R Block, Inc		526,652
		TOTAL PERSONAL SERVICES		1,096,262
PRINTING AND PUBLISHING - 0.38%
577		Washington Post Co (Class B)		567,203
		TOTALPRINTING AND PUBLISHING		567,203
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.27%
7,419	*	Sealed Air Corp		395,210
		TOTALRUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		395,210
SECURITY AND COMMODITY BROKERS - 2.80%
93,704	*	Ameritrade Holding Corp		1,332,471
25,216		Greenhill & Co, Inc		723,699
22,913		Legg Mason, Inc		1,678,606
6,742		T Rowe Price Group, Inc		419,352
		TOTALSECURITY AND COMMODITY BROKERS		4,154,128
TRANSPORTATION BY AIR - 0.98%
89,147		Southwest Airlines Co		1,451,313
		TOTALTRANSPORTATION BY AIR		1,451,313
TRANSPORTATION EQUIPMENT - 0.20%
8,101		Gentex Corp		299,899
		TOTAL TRANSPORTATION EQUIPMENT		299,899
TRANSPORTATION SERVICES - 1.06%
21,820		C.H. Robinson Worldwide, Inc		1,211,446
6,477		Expeditors International of Washington, Inc		361,935
		TOTAL TRANSPORTATION SERVICES		1,573,381

39 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Growth Fund

PRINCIPAL/SHARES			VALUE
WATER TRANSPORTATION - 1.73%
47,193		Royal Caribbean Cruises Ltd	$	2,569,187
		TOTAL WATER TRANSPORTATION		2,569,187
WHOLESALE TRADE-DURABLE GOODS - 0.57%
6,754		CDW Corp		448,128
9,000	*	Patterson Cos, Inc		390,511
		TOTAL WHOLESALE TRADE-DURABLE GOODS		838,639
		TOTALCOMMON STOCKS
		(Cost $127,249,825)		147,901,972
SHORT TERM INVESTMENTS - 0.30%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.30%
		Federal Home Loan Bank (FHLB)
$450,000		1.000% 01/03/05		449,919
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		449,919
		TOTAL SHORT TERM INVESTMENTS
		(Cost $449,969)		449,919
		TOTALPORTFOLIO - 99.93%
		(Cost $127,699,794)		148,351,891
		OTHER ASSETS & LIABILITIES, NET- 0.07%		97,215
		NET ASSETS - 100.00%	$	148,449,106

*	Non-income producing
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

40

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.33%
AMUSEMENT AND RECREATION SERVICES - 1.11%
125,000	*	Caesars Entertainment, Inc	$	2,517,500
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,517,500
APPAREL AND ACCESSORY STORES - 0.46%
12,298		Limited Brands, Inc		283,100
30,000		TJX Cos, Inc		753,900
		TOTAL APPAREL AND ACCESSORY STORES		1,037,000
APPAREL AND OTHER TEXTILE PRODUCTS - 0.65%
40,000		Jones Apparel Group, Inc		1,462,800
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,462,800
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.35%
30,000		Louisiana-Pacific Corp		802,200
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		802,200
BUSINESS SERVICES - 2.53%
85,000	*	Earthlink, Inc		979,200
100,000	*	Interpublic Group of Cos, Inc		1,340,000
45,027	*	Macquarie Infrastructure Co Trust		1,321,542
15,000		MoneyGram International, Inc		317,100
158,000	*	NYFIX, Inc		978,020
2,252	*	Peoplesoft, Inc		59,633
45,000	*	Titan Corp		729,000
		TOTAL BUSINESS SERVICES		5,724,495
CHEMICALS AND ALLIED PRODUCTS - 5.48%
43,500		Akzo Nobel NV (Spon ADR)		1,848,315
30,000		Cabot Corp		1,160,400
55,000		Merck & Co, Inc		1,767,700
110,000	*	Nalco Holding Co		2,147,200
20,000		PPG Industries, Inc		1,363,200
400,000		Rhodia S.A. (Spon ADR)		1,080,000
11,000		Rohm & Haas Co		486,530
30,000		RPM International, Inc		589,800
9,000		Sherwin-Williams Co		401,670
10,000		Sigma-Aldrich Corp		604,600
70,000	b*	WR Grace & Co		952,700
		TOTAL CHEMICALS AND ALLIED PRODUCTS		12,402,115

41 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

SHARES			VALUE
COMMUNICATIONS - 3.14%
40,000	*	Cablevision Systems Corp (Class A)	$	996,000
11,000		CenturyTel, Inc		390,170
55,000		Clear Channel Communications, Inc		1,841,950
54,000	*	Entercom Communications Corp		1,938,060
200,000	*	UnitedGlobalcom, Inc (Class A)		1,932,000
		TOTAL COMMUNICATIONS		7,098,180
DEPOSITORY INSTITUTIONS - 7.18%
18,000		Astoria Financial Corp		719,460
31,000		Bank of New York Co, Inc		1,036,020
12,000		Cullen/Frost Bankers, Inc		583,200
50,000		Hibernia Corp (Class A)		1,475,500
50,000		Marshall & Ilsley Corp		2,210,000
30,000		Mercantile Bankshares Corp		1,566,000
75,000		New York Community Bancorp, Inc		1,542,750
60,000		North Fork Bancorp, Inc		1,731,000
30,500		Northern Trust Corp		1,481,690
40,000		Regions Financial Corp		1,423,600
5,000		UnionBanCal Corp		322,400
17,391		Valley National Bancorp		480,861
19,064		Wachovia Corp		1,002,766
10,000		Zions Bancorp		680,300
		TOTAL DEPOSITORY INSTITUTIONS		16,255,547
EATING AND DRINKING PLACES - 0.82%
35,000	*	Brinker International, Inc		1,227,450
19,000	*	The Cheesecake Factory, Inc		616,930
		TOTAL EATING AND DRINKING PLACES		1,844,380
ELECTRIC, GAS, AND SANITARY SERVICES - 12.69%
70,000	*	Allegheny Energy, Inc		1,379,700
70,000	*	Calpine Corp		275,800
35,000		Cinergy Corp		1,457,050
80,000	*	CMS Energy Corp		836,000
20,000		Constellation Energy Group, Inc		874,200
20,000		DPL, Inc		502,200
25,000		DTE Energy Co		1,078,250
17,000		Energy East Corp		453,560
12,000		Equitable Resources, Inc		727,920
47,000		FirstEnergy Corp		1,856,970
20,000		FPL Group, Inc		1,495,000
9,000		KeySpan Corp		355,050
4,000		Kinder Morgan, Inc		292,520
30,000		National Fuel Gas Co		850,200
45,000		NiSource, Inc		1,025,100
25,000		Northeast Utilities		471,250
25,000	*	NRG Energy, Inc		901,250
19,000		Pepco Holdings, Inc		405,080
63,000	*	PG&E Corp		2,096,640
34,000		PPL Corp		1,811,520
45,000		Public Service Enterprise Group, Inc		2,329,650
25,000		Questar Corp		1,274,000
9,000		Sempra Energy		330,120

42 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

SHARES			VALUE
23,000		TXU Corp	$	1,484,880
62,000		Waste Management, Inc		1,856,280
75,000		Williams Cos, Inc		1,221,750
10,000		Wisconsin Energy Corp		337,100
40,000		Xcel Energy, Inc		728,000
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		28,707,040
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.90%
200,000	*	Agere Systems, Inc (Class A)		274,000
200,000	*	Agere Systems, Inc (Class B)		270,000
10,000	*	Energizer Holdings, Inc		496,900
40,000	*	Micron Technology, Inc		494,000
55,000		National Semiconductor Corp		987,250
120,000		Nintendo Co Ltd (ADR)		1,890,000
400,000	*	Nortel Networks Corp (U.S.)		1,396,000
35,000	*	Novellus Systems, Inc		976,150
150,000	*	Sanmina-SCI Corp		1,270,500
150,000	*	Sycamore Networks, Inc		609,000
10,000	*	Vishay Intertechnology, Inc		150,200
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		8,814,000
ENGINEERING AND MANAGEMENT SERVICES - 1.73%
40,000	*	Accenture Ltd (Class A)		1,080,000
12,874	*	Huron Consulting Group, Inc		285,803
23,000	*	Jacobs Engineering Group, Inc		1,099,170
20,000		Monsanto Co		1,111,000
25,000		Servicemaster Co		344,750
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,920,723
FOOD AND KINDRED PRODUCTS - 3.03%
55,000		Archer Daniels Midland Co		1,227,050
28,000		Coca-Cola Enterprises, Inc		583,800
50,000	*	Constellation Brands, Inc (Class A)		2,325,500
28,000	*	Dean Foods Co		922,600
45,000	*	Smithfield Foods, Inc		1,331,550
25,000		Tyson Foods, Inc (Class A)		460,000
		TOTAL FOOD AND KINDRED PRODUCTS		6,850,500
FOOD STORES - 1.07%
65,000	*	Kroger Co		1,140,100
65,000	*	Safeway, Inc		1,283,100
		TOTAL FOOD STORES		2,423,200

43 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

SHARES			VALUE
FURNITURE AND FIXTURES - 1.83%
44,000		Lear Corp	$	2,684,440
20,000		Newell Rubbermaid, Inc		483,800
70,000		Steelcase, Inc (Class A)		968,800
		TOTAL FURNITURE AND FIXTURES		4,137,040
FURNITURE AND HOMEFURNISHINGS STORES - 0.58%
75,162	*	Knoll, Inc		1,315,335
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,315,335
GENERAL BUILDING CONTRACTORS - 0.37%
13,000		Pulte Homes, Inc		829,400
		TOTAL GENERAL BUILDING CONTRACTORS		829,400
GENERAL MERCHANDISE STORES - 1.03%
8,000		Federated Department Stores, Inc		462,320
3,040	*	Kmart Holding Corp		300,808
15,000		May Department Stores Co		441,000
22,000		Sears Roebuck & Co		1,122,660
		TOTAL GENERAL MERCHANDISE STORES		2,326,788
HEALTH SERVICES - 0.44%
90,000	*	Tenet Healthcare Corp		988,200
		TOTAL HEALTH SERVICES		988,200
HOLDING AND OTHER INVESTMENT OFFICES - 13.93%
25,225		Allied Capital Corp		651,814
25,000		AMB Property Corp		1,009,750
20,000		Boston Properties, Inc		1,293,400
28,000		Developers Diversified Realty Corp		1,242,360
25,000		Equity Residential		904,500
34,551		General Growth Properties, Inc		1,249,364
30,000		Greater Bay Bancorp		836,400
50,000		HomeBanc Corp		484,000
8,000		Independence Community Bank Corp		340,640
105,417		iShares Russell 1000 Value Index Fund		6,996,526
87,346		iShares Russell Midcap Value Index Fund		9,882,326
7,080		iStar Financial, Inc		320,441
9,000		Kimco Realty Corp		521,910
5,449		Liberty Property Trust		235,397
15,363		Mills Corp		979,545
12,000		Parkway Properties, Inc		609,000
20,000		Prologis		866,600
6,500		Public Storage, Inc		362,375
16,000		Simon Property Group, Inc		1,034,720
42,000		Trizec Properties, Inc		794,640
12,000		Vornado Realty Trust		913,560
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		31,529,268
HOTELS AND OTHER LODGING PLACES - 1.24%
50,715	*	Great Wolf Resorts, Inc		1,132,973
25,000		Hilton Hotels Corp		568,500
19,000		Starwood Hotels & Resorts Worldwide, Inc		1,109,600
		TOTAL HOTELS AND OTHER LODGING PLACES		2,811,073

44 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

SHARES			VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.20%
8,000	*	AGCO Corp	$	175,120
45,000	*	American Standard Cos, Inc		1,859,400
10,000		Deere & Co		744,000
41,000		Eaton Corp		2,966,760
12,000	*	Grant Prideco, Inc		240,600
200,000	*	Maxtor Corp		1,060,000
20,000		Pitney Bowes, Inc		925,600
90,000	*	Xerox Corp		1,530,900
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		9,502,380
INSTRUMENTS AND RELATED PRODUCTS - 1.05%
40,000		Eastman Kodak Co		1,290,000
9,000		Raytheon Co		349,470
15,000		Rockwell Automation, Inc		743,250
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,382,720
INSURANCE AGENTS, BROKERS AND SERVICE - 0.83%
53,000		AON Corp		1,264,580
15,000	*	Medco Health Solutions, Inc		624,000
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,888,580
INSURANCE CARRIERS - 7.30%
76,000		Aegon NV (ARS)		1,041,960
25,000		Aflac, Inc		996,000
13,000		Cincinnati Financial Corp		575,380
40,000	*	CNA Financial Corp		1,068,400
10,000		Jefferson-Pilot Corp		519,600
15,000		Lincoln National Corp		700,200
70,000		Max Re Capital Ltd		1,493,100
18,441		MGIC Investment Corp		1,270,769
30,000	*	Pacificare Health Systems, Inc		1,695,600
21,000		Safeco Corp		1,097,040
50,000		St. Paul Travelers Cos, Inc		1,853,500
20,000		Torchmark Corp		1,142,800
26,600	*	WellPoint, Inc		3,059,000
		TOTAL INSURANCE CARRIERS		16,513,349
LUMBER AND WOOD PRODUCTS - 0.70%
42,000		Georgia-Pacific Corp		1,574,160
		TOTAL LUMBER AND WOOD PRODUCTS		1,574,160
METAL MINING - 0.79%
18,000		Phelps Dodge Corp		1,780,560
		TOTAL METAL MINING		1,780,560
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.36%
60,000	*	Leapfrog Enterprises, Inc		816,000
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		816,000

45 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

SHARES			VALUE
MISCELLANEOUS RETAIL - 0.74%
65,000	*	Marvel Enterprises, Inc	$	1,331,200
17,000	*	Toys 'R' Us, Inc		347,990
		TOTAL MISCELLANEOUS RETAIL		1,679,190
OIL AND GAS EXTRACTION - 3.89%
22,000		Diamond Offshore Drilling, Inc		881,100
13,000		ENSCO International, Inc		412,620
45,500		Kerr-McGee Corp		2,629,445
21,000		Marathon Oil Corp		789,810
25,000		Noble Energy, Inc		1,541,500
45,000		Pioneer Natural Resources Co		1,579,500
33,000	*	Varco International, Inc		961,950
		TOTAL OIL AND GAS EXTRACTION		8,795,925
PAPER AND ALLIED PRODUCTS - 1.73%
15,000		Bowater, Inc		659,550
30,000		MeadWestvaco Corp		1,016,700
20,000		Packaging Corp of America		471,000
18,000	*	Smurfit-Stone Container Corp		336,240
21,000		Temple-Inland, Inc		1,436,400
		TOTAL PAPER AND ALLIED PRODUCTS		3,919,890
PERSONAL SERVICES - 0.33%
100,000	*	Service Corp International		745,000
		TOTAL PERSONAL SERVICES		745,000
PETROLEUM AND COAL PRODUCTS - 0.52%
5,500		Amerada Hess Corp		453,090
16,000		Valero Energy Corp		726,400
		TOTAL PETROLEUM AND COAL PRODUCTS		1,179,490
PRIMARY METAL INDUSTRIES - 1.91%
30,000		Engelhard Corp		920,100
19,000	*	International Steel Group, Inc		770,640
15,000		Nucor Corp		785,100
20,348	*	Oregon Steel Mills, Inc		412,861
10,000		Precision Castparts Corp		656,800
15,000		United States Steel Corp		768,750
		TOTAL PRIMARY METAL INDUSTRIES		4,314,251
PRINTING AND PUBLISHING - 1.14%
22,000		Knight Ridder, Inc		1,472,680
27,000		New York Times Co (Class A)		1,101,600
		TOTAL PRINTING AND PUBLISHING		2,574,280
RAILROAD TRANSPORTATION - 1.16%
25,000		CSX Corp		1,002,000
45,000		Norfolk Southern Corp		1,628,550
		TOTAL RAILROAD TRANSPORTATION		2,630,550

46 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

SHARES			VALUE
REAL ESTATE - 0.41%
30,000		Catellus Development Corp	$	918,000
		TOTAL REAL ESTATE		918,000
SECURITY AND COMMODITY BROKERS - 1.38%
20,000		A.G. Edwards, Inc		864,200
66,000		Charles Schwab Corp		789,360
40,000	*	E*Trade Financial Corp		598,000
52,000		Janus Capital Group, Inc		874,120
		TOTAL SECURITY AND COMMODITY BROKERS		3,125,680
STONE, CLAY, AND GLASS PRODUCTS - 2.07%
15,000		Lafarge North America, Inc		769,800
120,000	*	Owens-Illinois, Inc		2,718,000
30,000	b*	USG Corp		1,208,100
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		4,695,900
TOBACCO PRODUCTS - 1.51%
45,000		Loews Corp (Carolina Group)		1,302,750
27,000		Reynolds American, Inc		2,122,200
		TOTAL TOBACCO PRODUCTS		3,424,950
TRANSPORTATION BY AIR - 0.19%
40,000	*	Northwest Airlines Corp		437,200
		TOTAL TRANSPORTATION BY AIR		437,200
TRANSPORTATION EQUIPMENT - 3.04%
30,000		Dana Corp		519,900
27,000		Empresa Brasileira de Aeronautica S.A. (ADR)		902,880
10,000		Genuine Parts Co		440,600
25,000		Goodrich Corp		816,000
12,000	*	Magna International		990,600
11,000	*	Navistar International Corp		483,780
34,000		Northrop Grumman Corp		1,848,240
11,000		Paccar, Inc		885,280
		TOTAL TRANSPORTATION EQUIPMENT		6,887,280
WHOLESALE TRADE-NONDURABLE GOODS - 0.52%
20,000		AmerisourceBergen Corp		1,173,602
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,173,602
		TOTAL COMMON STOCKS
		(Cost $196,312,386)		224,755,721

47 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Mid-Cap Value Fund

PRINCIPAL		VALUE
SHORT TERM INVESTMENTS - 2.15%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.15%
	Federal Home Loan Bank (FHLB)
$ 4,860,000	1.000% 01/03/05	$	4,859,129
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		4,859,129
	TOTAL SHORT TERM INVESTMENTS
	(Cost $4,859,663)		4,859,129
	TOTAL PORTFOLIO - 101.48%
	(Cost $201,172,049)		229,614,850
	OTHER ASSETS & LIABILITIES, NET - (1.48%)		(3,352,863	)
	NET ASSETS -100.00%	$	226,261,987

*	Non-income producing
b	In bankruptcy
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

48

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.78%
AGRICULTURAL PRODUCTION-CROPS - 0.10%
800	*	Alico, Inc	$	46,816
8,600		Delta & Pine Land Co		234,608
		TOTAL AGRICULTURAL PRODUCTION-CROPS		281,424
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.07%
200		Seaboard Corp		199,600
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		199,600
AMUSEMENT AND RECREATION SERVICES - 0.86%
11,200	*	Alliance Gaming Corp		154,672
9,800	*	Argosy Gaming Co		457,660
7,900	*	Aztar Corp		275,868
1,256		Churchill Downs, Inc		56,143
2,252		Dover Downs Gaming & Entertainment, Inc		29,501
2,400		Dover Motorsport, Inc		13,752
4,300	*	Gaylord Entertainment Co		178,579
2,925	*	Isle of Capri Casinos, Inc		75,026
2,700	*	Life Time Fitness, Inc		69,876
8,100	*	Magna Entertainment (Class A)		48,762
5,400	*	MTR Gaming Group, Inc		57,024
5,400	*	Multimedia Games, Inc		85,104
7,514	*	Penn National Gaming, Inc		454,973
21,172	*	Six Flags, Inc		113,694
3,300		Speedway Motorsports, Inc		129,294
17,700	*	Sunterra Corp		248,508
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,448,436
APPAREL AND ACCESSORY STORES - 1.32%
12,550	*	Aeropostale, Inc		369,347
1,950		Bebe Stores, Inc		52,611
1,700		Buckle, Inc		50,150
4,300		Burlington Coat Factory Warehouse Corp		97,610
6,200	*	Casual Male Retail Group, Inc		33,790
4,400		Cato Corp (Class A)		126,808
13,900	*	Charlotte Russe Holding, Inc		140,390
26,048	*	Charming Shoppes, Inc		244,070
2,100	*	Children's Place Retail Stores, Inc		77,763
8,600		Christopher & Banks Corp		158,670
4,400	*	Dress Barn, Inc		77,440
8,420		Finish Line, Inc (Class A)		154,086
4,900	*	Genesco, Inc		152,586
9,650		Goody's Family Clothing, Inc		88,201
7,091	*	Gymboree Corp		90,907
10,661	*	Hot Topic, Inc		183,263
4,200	*	Jo-Ann Stores, Inc		115,668

49 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
2,300	*	JOS A. Bank Clothiers, Inc	$	65,090
2,400	*	New York & Co, Inc		39,648
1,600		Oshkosh B'gosh, Inc (Class A)		34,240
15,400	*	Payless Shoesource, Inc		189,420
24,737	*	Stage Stores, Inc		1,027,080
7,600	*	Too, Inc		185,896
		TOTAL APPAREL AND ACCESSORY STORES		3,754,734
APPAREL AND OTHER TEXTILE PRODUCTS - 0.47%
9,300	*	Collins & Aikman Corp		40,548
4,800	*	DHB Industries, Inc		91,392
20,100	*	Guess?, Inc		252,255
7,243	*	Hartmarx Corp		56,278
6,600		Kellwood Co		227,700
3,200		Oxford Industries, Inc		132,160
5,900		Phillips-Van Heusen Corp		159,300
13,000	*	Quiksilver, Inc		387,270
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,346,903
AUTO REPAIR, SERVICES AND PARKING - 0.15%
4,300		Central Parking Corp		65,145
5,900	*	Dollar Thrifty Automotive Group, Inc		178,180
4,700	*	Exide Technologies		64,766
3,300	*	Midas, Inc		66,000
2,100	*	Monro Muffler Brake, Inc		53,130
		TOTAL AUTO REPAIR, SERVICES AND PARKING		427,221
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.31%
1,299	*	America's Car Mart, Inc		49,362
3,700	*	Asbury Automotive Group, Inc		50,986
10,600	*	CSK Auto Corp		177,444
4,400	*	Group 1 Automotive, Inc		138,600
3,100		Lithia Motors, Inc (Class A)		83,142
2,600	*	MarineMax, Inc		77,376
1,385	*	Rush Enterprises, Inc		23,974
6,400		Sonic Automotive, Inc		158,720
4,300		United Auto Group, Inc		127,237
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		886,841
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.10%
2,942		Building Materials Holding Corp		112,649
4,000	*	Central Garden & Pet Co		166,960
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		279,609
BUSINESS SERVICES - 9.86%
8,200	*	@Road, Inc		56,662
6,600	*	24/7 Real Media, Inc		28,578
1,900		Aaron Rents, Inc		47,500
8,400		ABM Industries, Inc		165,648
10,175	*	ActivCard Corp		90,558
11,504	*	Actuate Corp		29,335
24,100	*	Administaff, Inc		303,901

50 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
5,205	*	Advent Software, Inc	$	106,598
6,750		Advo, Inc		240,638
4,734	*	Altiris, Inc		167,726
3,253	*	AMN Healthcare Services, Inc		51,755
1,457	*	Ansoft Corp		29,431
6,906	*	Ansys, Inc		221,406
6,200	*	Anteon International Corp		259,532
10,804	*	Aquantive, Inc		96,588
7,300	*	Arbitron, Inc		286,014
6,900	*	Armor Holdings, Inc		324,438
13,889	*	Ascential Software Corp		226,530
8,002	*	Asiainfo Holdings, Inc		47,692
27,098	*	Aspect Communications Corp		301,872
10,953	*	Aspen Technology, Inc		68,018
1,745	*	Asset Acceptance Capital Corp		37,169
9,400	*	Autobytel, Inc		56,776
35,200	*	Bisys Group, Inc		579,040
1,800	*	Blackbaud, Inc		26,352
1,500	*	Blackboard, Inc		22,215
2,200	*	Blue Coat Systems, Inc		40,942
18,201	*	Borland Software Corp		212,588
4,400		Brady Corp (Class A)		275,308
62,601	*	Brocade Communications Systems, Inc		478,272
8,500	*	CACI International, Inc (Class A)		579,105
7,385	*	Captaris, Inc		38,107
4,706	*	Carreker Corp		40,472
11,900		Catalina Marketing Corp		352,597
1,860	*	CCC Information Services Group, Inc		41,311
6,629	*	Cerner Corp		352,464
16,386	*	Chordiant Software, Inc		37,360
44,600	*	Ciber, Inc		429,944
100,170	*	CMGI, Inc		255,434
25,948	*	CNET Networks, Inc		291,396
3,904		Computer Programs & Systems, Inc		90,378
3,801	*	Concord Communications, Inc		42,115
5,880	*	Concur Technologies, Inc		52,391
12,800	*	Corillian Corp		62,976
2,100	*	CoStar Group, Inc		96,978
5,672	*	Covansys Corp		86,782
17,720	*	CSG Systems International, Inc		331,364
6,206	*	Cybersource Corp		44,373
3,510	*	Digimarc Corp		32,713
7,939	*	Digital Insight Corp		146,078
7,200	*	Digital River, Inc		299,592
26,420	*	DoubleClick, Inc		205,548
42,497	*	Earthlink, Inc		489,565
6,743	*	Echelon Corp		56,911
8,648	*	Eclipsys Corp		176,679
10,940	*	eFunds Corp		262,669
4,177		Electro Rent Corp		59,439
4,823	*	Embarcadero Technologies, Inc		45,384
50,800	*	Enterasys Networks, Inc		91,440
14,913	*	Entrust, Inc		56,520
9,400	*	Epicor Software Corp		132,446
3,100	*	EPIQ Systems, Inc		45,384
2,197	*	Equinix, Inc		93,900
25,935	*	Extreme Networks, Inc		169,874
8,230	*	F5 Networks, Inc		400,966
4,600		Factset Research Systems, Inc		268,824
9,786	*	Filenet Corp		252,087
5,192		Gevity HR, Inc		106,748
200		Grey Global Group, Inc		219,998
3,700		Healthcare Services Group		77,108

51 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
3,800	*	Heidrick & Struggles International, Inc	$	130,226
21,765	*	Homestore, Inc		65,948
2,250	*	Hudson Highland Group, Inc		64,800
11,520	*	Hyperion Solutions Corp		537,062
8,600		Imation Corp		273,738
4,125	*	Infocrossing, Inc		69,836
7,211	*	Infospace, Inc		342,883
7,200	*	infoUSA, Inc		80,568
1,662	*	Innovative Solutions & Support, Inc		55,444
8,300	*	Interactive Data Corp		180,442
12,886	*	Intergraph Corp		347,020
8,700	*	Internet Capital Group, Inc		78,300
9,115	*	Internet Security Systems, Inc		211,924
1,600	*	Intersections, Inc		27,600
2,000	*	Intervideo, Inc		26,460
9,164	*	Interwoven, Inc		99,704
3,867	*	Intrado, Inc		46,791
9,825	*	Ipass, Inc		72,705
5,200	*	iPayment, Inc		257,504
7,503	*	iVillage, Inc		46,369
5,820	*	JDA Software Group, Inc		79,268
3,452	*	Jupitermedia Corp		82,089
1,600	*	Kanbay International, Inc		50,080
18,900	*	Keane, Inc		277,830
2,254		Kelly Services, Inc (Class A)		68,026
3,496	*	Keynote Systems, Inc		48,664
4,100	*	Kforce, Inc		45,510
6,900	*	Korn/Ferry International		143,175
7,351	*	Kronos, Inc		375,857
20,900	*	Labor Ready, Inc		353,628
10,867	*	Lionbridge Technologies		73,026
22,500	*	Looksmart Ltd		49,275
11,243	*	Macrovision Corp		289,170
5,613	*	Magma Design Automation, Inc		70,499
6,825	*	Manhattan Associates, Inc		162,981
3,863	*	Mantech International Corp (Class A)		91,708
12,400	*	Manugistics Group, Inc		35,588
5,718	*	MAPICS, Inc		60,325
4,600	*	Mapinfo Corp		55,108
1,000	*	Marchex, Inc		21,000
2,400	*	MarketWatch, Inc		43,200
1,783	*	Marlin Business Services, Inc		33,877
1,429		McGrath RentCorp		62,319
8,880	*	Medical Staffing Network Holdings, Inc		72,727
4,100	*	MedQuist, Inc		60,680
18,340	*	Mentor Graphics Corp		280,419
18,288	*	Micromuse, Inc		101,498
4,132	*	MicroStrategy, Inc		248,953
10,900	*	Midway Games, Inc		114,450
23,902	*	Mindspeed Technologies, Inc		66,448
23,900	*	MPS Group, Inc		293,014
11,100	*	MRO Software, Inc		144,522
6,200	*	MSC.Software Corp		64,914
6,323	*	NCO Group, Inc		163,450
5,700	*	NDCHealth Corp		105,963
3,150	*	Ness Technologies, Inc		46,935
13,061	*	NETIQ Corp		159,475
2,730	*	Netratings, Inc		52,334
5,600	*	Netscout Systems, Inc		39,088
7,322	*	NIC, Inc		37,196
3,003	*	Open Solutions, Inc		77,958

52 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
3,333	*	Opnet Technologies, Inc	$	28,064
11,087	*	Opsware, Inc		81,379
7,429	*	Packeteer, Inc		107,349
3,254	*	PalmSource, Inc		41,456
84,479	*	Parametric Technology Corp		497,581
4,962	*	PC-Tel, Inc		39,349
7,875	*	PDI, Inc		175,455
2,600	*	PEC Solutions, Inc		36,842
15,658	*	Pegasus Solutions, Inc		197,291
17,400	*	Perot Systems Corp (Class A)		278,922
5,300	*	PLATO Learning, Inc		39,485
7,639	*	Portal Software, Inc		20,243
2,700	*	Portfolio Recovery Associates, Inc		111,294
1,900	*	PRA International		47,082
7,173	*	Progress Software Corp		167,490
5,752		QAD, Inc		51,308
800	*	Quality Systems, Inc		47,840
11,300	*	Quest Software, Inc		180,235
5,200	*	R.H. Donnelley Corp		307,060
4,484	*	Radisys Corp		87,662
7,251	*	Redback Networks, Inc		38,865
277	*	Redback Networks, Inc Wts 01/02/11		651
263	*	Redback Networks, Inc Wts 01/02/11		684
6,200	*	Rent-Way, Inc		49,662
1,400	*	RightNow Technologies, Inc		22,610
4,600		Rollins, Inc		121,072
15,931	*	RSA Security, Inc		319,576
15,890	*	S1 Corp		143,963
2,600	*	Salesforce.com, Inc		44,044
17,900	*	Sapient Corp		141,589
8,400	*	Secure Computing Corp		83,832
11,140	*	Seebeyond Technology Corp		39,881
5,603	*	Serena Software, Inc		121,249
1,100	*	SI International, Inc		33,836
15,800	*	Sitel Corp		38,868
5,100	*	Sohu.com, Inc		90,321
10,700	*	Sotheby's Holdings, Inc (Class A)		194,312
2,612	*	Source Interlink Cos, Inc		34,687
3,238	*	SPSS, Inc		50,642
2,900	*	SRA International, Inc (Class A)		186,180
3,135		SS&C Technologies, Inc		64,738
2,600		Startek, Inc		73,970
2,235	*	Stratasys, Inc		75,007
5,594	*	Sykes Enterprises, Inc		38,878
1,500	*	SYNNEX Corp		36,090
1,600		Syntel, Inc		28,064
10,472	*	Take-Two Interactive Software, Inc		364,321
3,077		Talx Corp		79,356
13,224		TeleTech Holdings, Inc		128,141
8,932	*	THQ, Inc		204,900
5,650	*	Tier Technologies, Inc (Class B)		52,263
20,100	*	Titan Corp		325,620
1,000	*	TNS, Inc		21,850
8,530	*	Transaction Systems Architects, Inc (Class A)		169,321
300	*	Travelzoo, Inc		28,629
7,500	*	Trizetto Group, Inc		71,250
11,232	*	Tumbleweed Communications Corp		37,515
8,300	*	Tyler Technologies, Inc		69,388
3,700	*	Ultimate Software Group, Inc		46,916
46,850	*	United Online, Inc		540,181
10,200	*	United Rentals, Inc		192,780

53 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
4,100	*	Universal Compression Holdings, Inc	$	143,131
17,900	*	Valueclick, Inc		238,607
2,560	*	Verint Systems, Inc		93,005
6,725	*	Verity, Inc		88,232
1,314	*	Vertrue, Inc		49,630
1,800	*	Volt Information Sciences, Inc		52,902
6,949	*	WebEx Communications, Inc		165,247
10,500	*	webMethods, Inc		75,705
5,235	*	Websense, Inc		265,519
16,100	*	Wind River Systems, Inc		218,155
4,600	*	Witness Systems, Inc		80,316
4,627	*	Zix Corp		23,829
		TOTAL BUSINESS SERVICES		27,955,420
CHEMICALS AND ALLIED PRODUCTS - 6.11%
19,215	*	Abgenix, Inc		198,683
4,171	*	Able Laboratories, Inc		94,890
3,600		Aceto Corp		68,544
9,120	*	Adolor Corp		90,470
4,119	*	Albany Molecular Research, Inc		45,886
7,400		Albemarle Corp		286,454
6,466	*	Alexion Pharmaceuticals, Inc		162,943
21,100	*	Alkermes, Inc		297,299
9,300		Alpharma, Inc (Class A)		157,635
5,200		Arch Chemicals, Inc		149,656
5,600	*	Array Biopharma, Inc		53,312
8,700	*	Atherogenics, Inc		204,972
17,500	*	Avant Immunotherapeutics, Inc		35,175
4,939	*	Bioenvision, Inc		44,253
15,231	*	BioMarin Pharmaceutical, Inc		97,326
3,014	*	Biosite, Inc		185,482
3,700	*	Bone Care International, Inc		103,045
3,200	*	Bradley Pharmaceuticals, Inc		62,080
7,700		Calgon Carbon Corp		69,916
3,900	*	CancerVax Corp		42,315
11,700	*	Caraco Pharmaceutical Laboratories Ltd		111,735
10,550	*	Cell Genesys, Inc		85,455
14,400	*	Cell Therapeutics, Inc		117,216
3,928	*	Chattem, Inc		130,017
7,480	*	Connetics Corp		181,689
14,075	*	Corixa Corp		51,233
9,500	*	Cubist Pharmaceuticals, Inc		112,385
11,100	*	Curis, Inc		57,942
6,829	*	Cypress Bioscience, Inc		96,016
5,100		Cytec Industries, Inc		262,242
3,700	*	Cytogen Corp		42,624
900	*	DEL Laboratories, Inc		31,275
13,488	*	Dendreon Corp		145,401
5,300		Diagnostic Products Corp		291,765
3,320	*	Digene Corp		86,818
11,000	*	Discovery Laboratories, Inc		87,230
3,300	*	Dov Pharmaceutical, Inc		59,565
3,500	*	Dusa Pharmaceuticals, Inc		50,050
22,034	*	Enzon, Inc		302,306
5,399	*	EPIX Pharmaceuticals, Inc		96,696
3,300		Ferro Corp		76,527
16,107	*	First Horizon Pharmaceutical		368,689
12,150	*	FMC Corp		586,845
13,399	*	Genaera Corp		45,825
10,300		Georgia Gulf Corp		512,940

54 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
10,534	*	Geron Corp	$	83,956
10,414	*	Guilford Pharmaceuticals, Inc		51,549
6,500		H.B. Fuller Co		185,315
30,541	*	Human Genome Sciences, Inc		367,103
1,134	*	Idenix Pharmaceuticals, Inc		19,448
10,506	*	Immucor, Inc		246,996
8,542	*	Immunogen, Inc		75,511
10,676	*	Immunomedics, Inc		32,455
11,500	*	Impax Laboratories, Inc		182,620
9,695	*	Indevus Pharmaceuticals, Inc		57,782
11,545	*	Inkine Pharmaceutical Co		62,689
9,618	*	Inspire Pharmaceuticals, Inc		161,294
6,741	*	InterMune, Inc		89,386
3,200	*	Inverness Medical Innovations, Inc		80,320
12,132	*	Isis Pharmaceuticals, Inc		71,579
5,200	*	Isolagen, Inc		40,924
2,717	*	Kos Pharmaceuticals, Inc		102,268
774		Kronos Worldwide, Inc		31,541
8,400	*	KV Pharmaceutical Co (Class A)		185,220
13,025	*	Ligand Pharmaceuticals, Inc (Class B)		151,611
6,200		MacDermid, Inc		223,820
3,400		Mannatech, Inc		64,736
3,100	*	MannKind Corp		48,825
18,600	*	Medarex, Inc		200,508
11,126	*	Medicines Co		320,429
4,600		Minerals Technologies, Inc		306,820
26,100	*	Mosaic Co		425,952
4,426	*	Myogen, Inc		35,718
13,600	*	Nabi Biopharmaceuticals		199,240
4,271		Nature's Sunshine Products, Inc		86,958
4,900	*	Neose Technologies, Inc		32,928
5,900	*	Neurogen Corp		55,224
13,300	*	NewMarket Corp		264,670
2,300	*	NitroMed, Inc		61,295
6,100	*	NL Industries, Inc		134,810
5,563	*	Noven Pharmaceuticals, Inc		94,905
8,841	*	NPS Pharmaceuticals, Inc		161,613
17,349	*	Nutraceutical International Corp		267,348
6,700	*	Nuvelo, Inc		65,995
2,800		Octel Corp		58,268
6,400	*	OM Group, Inc		207,488
13,300	*	Omnova Solutions, Inc		74,746
9,352	*	OraSure Technologies, Inc		62,845
7,540	*	Pain Therapeutics, Inc		54,363
12,449	*	Palatin Technologies, Inc		33,114
8,100	*	Par Pharmaceutical Cos, Inc		335,178
3,824	*	Penwest Pharmaceuticals Co		45,735
29,595	*	Peregrine Pharmaceuticals, Inc		34,626
4,600	*	Pharmacyclics, Inc		48,162
3,500	*	Pharmion Corp		147,735
20,800	*	PolyOne Corp		188,448
5,656	*	Pozen, Inc		41,119
2,800	*	Progenics Pharmaceuticals		48,048
4,834	*	QLT, Inc (Frankfurt)		77,731
7,245	*	Quidel Corp		36,805
35,204	*	Revlon, Inc (Class A)		80,969
8,407	*	Salix Pharmaceuticals Ltd		147,879
10,424	*	Sciclone Pharmaceuticals, Inc		38,569
6,978	*	Serologicals Corp		154,353
1,200		Stepan Co		29,232
11,731	*	SuperGen, Inc		82,704

55 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
3,303	*	SurModics, Inc	$	107,381
5,600	*	Tanox, Inc		85,120
53,500	*	Terra Industries, Inc		475,080
7,850	*	Third Wave Technologies, Inc		67,510
6,405	*	UAP Holding Corp		110,614
4,453	*	United Therapeutics Corp		201,053
2,501	*	USANA Health Sciences, Inc		85,534
4,500		USEC, Inc		43,605
19,700		Valeant Pharmaceuticals International		519,095
18,690	*	Vertex Pharmaceuticals, Inc		197,553
11,956	*	Vicuron Pharmaceuticals, Inc		208,154
12,960	*	Vion Pharmaceuticals, Inc		60,782
900	*	Virbac Corp		3,038
7,300		Wellman, Inc		78,037
7,000		West Pharmaceutical Services, Inc		175,210
2,600		Westlake Chemical Corp		86,840
64,020	b*	WR Grace & Co		871,312
10,661	*	Zila, Inc		45,629
4,584	*	Zymogenetics, Inc		105,432
		TOTAL CHEMICALS AND ALLIED PRODUCTS		17,327,279
COMMUNICATIONS - 1.66%
7,806	*	AirGate PCS, Inc		277,894
17,162	*	Airspan Networks, Inc		93,190
16,797	*	Alamosa Holdings, Inc		209,459
2,300		Alaska Communications Systems Group, Inc		19,849
1,300	*	Beasley Broadcast Group, Inc (Class A)		22,789
19,796	*	Boston Communications Group		182,915
2,300	*	Centennial Communications Corp		18,239
61,000	*	Charter Communications, Inc (Class A)		136,640
57,700	*	Cincinnati Bell, Inc		239,455
5,100	*	Commonwealth Telephone Enterprises, Inc		253,266
3,274	*	Crown Media Holdings, Inc (Class A)		28,156
4,214		CT Communications, Inc		51,832
8,150	*	Cumulus Media, Inc (Class A)		122,902
2,937		D&E Communications, Inc		35,391
25,100	*	Dobson Communications Corp (Class A)		43,172
11,470	*	Emmis Communications Corp (Class A)		220,109
1,408	*	Fisher Communications, Inc		68,823
10,189	*	General Communication, Inc (Class A)		112,487
3,196		Golden Telecom, Inc		84,438
10,300		Gray Television, Inc		159,650
9,400	*	Infonet Services Corp (Class B)		18,988
1,800	*	InPhonic, Inc		49,464
7,967	*	Insight Communications Co, Inc		73,854
53,600	*	Internap Network Services Corp		49,848
4,500		Iowa Telecommunications Services, Inc		97,065
4,200	*	j2 Global Communications, Inc		144,900
3,600		Liberty Corp		158,256
6,300	*	Lin TV Corp (Class A)		120,330
2,800	*	Lodgenet Entertainment Corp		49,532
5,600	*	Mastec, Inc		56,616
14,300	*	Mediacom Communications Corp		89,375
8,000	*	Net2Phone, Inc		27,200
2,757		North Pittsburgh Systems, Inc		68,181
4,479	*	Novatel Wireless, Inc		86,803
900	*	Paxson Communications Corp		1,242
9,300	*	Price Communications Corp		172,887
16,703	*	Primus Telecommunications Group		53,116

56 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
14,166	*	PTEK Holdings, Inc	$	151,718
5,200	b*	RCN Corp		99
7,850	*	Regent Communications, Inc		41,605
3,700	*	Saga Communications, Inc (Class A)		62,345
1,419		Shenandoah Telecom Co		42,499
9,800		Sinclair Broadcast Group, Inc (Class A)		90,258
6,196	*	Talk America Holdings, Inc		41,018
62,490	*	Terremark Worldwide, Inc		39,994
10,000	*	Tivo, Inc		58,700
9,800	*	Triton PCS Holdings, Inc (Class A)		33,516
15,800	*	Ubiquitel, Inc		112,496
6,938	*	USA Mobility, Inc		244,981
2,400	f,v*	Wiltel Communications (Rts)		0
6,360	*	Wireless Facilities, Inc		60,038
1,927	*	Young Broadcasting, Inc (Class A)		20,349
		TOTAL COMMUNICATIONS		4,697,929
DEPOSITORY INSTITUTIONS - 9.11%
4,886		1st Source Corp		124,642
2,900		ABC Bancorp		60,900
1,861	*	ACE Cash Express, Inc		55,197
600		American National Bankshares, Inc		14,526
4,539	*	AmericanWest Bancorp		91,915
22,101		Anchor Bancorp Wisconsin, Inc		644,244
2,133		Arrow Financial Corp		66,123
1,300		Bancfirst Corp		102,674
18,500		Bancorpsouth, Inc		450,845
19,074		Bank Mutual Corp		232,131
2,200		Bank of Granite Corp		45,980
2,515		Bank of The Ozarks, Inc		85,585
10,200		BankAtlantic Bancorp, Inc (Class A)		202,980
6,404	*	BankUnited Financial Corp (Class A)		204,608
1,877		Banner Corp		58,544
1,400		Berkshire Hills Bancorp, Inc		52,010
6,459		Boston Private Financial Holdings, Inc		181,950
2,523		Bryn Mawr Bank Corp		55,481
521		C&F Financial Corp		20,918
3,300		Camden National Corp		130,053
1,600		Capital City Bank Group, Inc		66,880
1,207		Capital Corp of the West		56,730
1,824	*	Capital Crossing Bank		55,979
4,025		Cascade Bancorp		81,386
10,401		Cathay General Bancorp		390,038
846		Cavalry Bancorp, Inc		19,149
1,400		Center Financial Corp		28,028
2,080	*	Central Coast Bancorp		48,027
6,786		Central Pacific Financial Corp		245,450
500		Century Bancorp, Inc (Class A)		14,750
6,225		Chemical Financial Corp		267,177
10,950		Chittenden Corp		314,594
2,045		Citizens First Bancorp, Inc		49,448
911		City Bank		32,933
4,000		City Holding Co		144,960
3,257		Clifton Savings Bancorp, Inc		39,573
1,728		CNB Financial Corp		26,421
3,447		Coastal Financial Corp		66,062
800		Columbia Bancorp		27,352
3,700		Columbia Banking System, Inc		92,463
7,100		Commercial Capital Bancorp, Inc		164,578

57 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
25,300		Commercial Federal Corp	$	751,663
6,600		Community Bank System, Inc		186,450
5,626		Community Trust Bancorp, Inc		182,057
6,814		Corus Bankshares, Inc		327,140
8,807		CVB Financial Corp		233,914
7,450		Dime Community Bancshares		133,430
15,900		Downey Financial Corp		906,300
5,690		East West Bancorp, Inc		238,752
525		Eastern Virginia Bankshares, Inc		13,661
2,000	*	EuroBancshares, Inc		42,000
5,300	*	Euronet Worldwide, Inc		137,906
1,050		Exchange National Bancshares, Inc		30,314
1,400		Farmers Capital Bank Corp		57,680
1,900		Financial Institutions, Inc		44,175
2,699		First Bancorp (North Carolina)		73,332
7,900		First Bancorp (Puerto Rico)		501,729
300		First Citizens Banc Corp		6,996
1,461		First Citizens Bancshares, Inc (Class A)		216,593
7,767		First Community Bancorp		331,651
2,216		First Community Bancshares, Inc		79,953
8,360		First Financial Bancorp		146,300
3,762		First Financial Bankshares, Inc		168,575
3,184		First Financial Corp (Indiana)		111,536
3,500		First Financial Holdings, Inc		114,590
300		First Financial Service Corp		7,764
400		First M & F Corp		13,540
4,377		First Merchants Corp		123,869
11,349		First Midwest Bancorp, Inc		411,855
1,639		First Oak Brook Bancshares, Inc		53,120
600		First of Long Island Corp		30,270
3,100		First Republic Bank		164,300
1,761		First State Bancorp		64,734
20,900	*	FirstFed Financial Corp		1,084,083
7,600		Flagstar Bancorp, Inc		171,760
3,903		Flushing Financial Corp		78,294
1,939		FNB Corp (Virginia)		54,990
2,462	*	Franklin Bank Corp		44,932
3,911		Frontier Financial Corp		151,004
2,356		GB&T Bancshares, Inc		56,827
5,911		Glacier Bancorp, Inc		201,210
2,549		Great Southern Bancorp, Inc		89,215
6,685		Hancock Holding Co		223,680
5,000		Harbor Florida Bancshares, Inc		173,050
5,280		Harleysville National Corp		140,448
2,350		Heartland Financial U.S.A., Inc		47,259
2,494		Horizon Financial Corp		51,327
13,681		Hudson River Bancorp, Inc		270,747
1,497		IberiaBank Corp		99,341
300		IBT Bancorp, Inc		14,400
3,531		Independent Bank Corp (Massachusetts)		119,171
4,426		Independent Bank Corp (Michigan)		132,028
2,600		Interchange Financial Services Corp		67,392
1,026		International Bancshares Corp		40,404
4,200		Irwin Financial Corp		119,238
3,212	*	Itla Capital Corp		188,833
5,300		KNBT Bancorp, Inc		89,570
1,414		Lakeland Financial Corp		56,136
6,800		MAF Bancorp, Inc		304,776
1,583		Main Street Banks, Inc		55,294
2,421		MainSource Financial Group, Inc		57,813
9,313		MB Financial, Inc		392,543
4,057		MBT Financial Corp		94,406

58 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
5,569		Mid-State Bancshares	$	159,552
4,440		Nara Bancorp, Inc		94,439
700		NASB Financial, Inc		27,972
500		National Bankshares, Inc		26,760
1,700		NBC Capital Corp		45,169
7,811		NBT Bancorp, Inc		200,899
68,374		NetBank, Inc		711,773
4,500		Northwest Bancorp, Inc		112,905
1,300		Oak Hill Financial, Inc		50,427
2,179		OceanFirst Financial Corp		53,712
12,900	*	Ocwen Financial Corp		123,324
400		Old Point Financial Corp		13,900
3,170		Old Second Bancorp, Inc		101,060
1,108		Omega Financial Corp		37,982
200		PAB Bankshares, Inc		2,622
10,864		Pacific Capital Bancorp		369,267
3,355		Park National Corp		454,603
7,392		Partners Trust Financial Group, Inc		86,117
1,745		Peapack Gladstone Financial Corp		55,055
2,179		Pennfed Financial Services, Inc		35,038
1,764		Pennrock Financial Services Corp		68,637
530		Penns Woods Bancorp, Inc		25,525
2,545		Peoples Bancorp, Inc		69,809
2,100		Peoples Holding Co		69,510
3,040		PFF Bancorp, Inc		140,843
1,839		Placer Sierra Bancshares		52,301
7,845		Provident Bankshares Corp		285,323
2,333		Provident Financial Holdings		67,307
2,700	*	QC Holdings, Inc		51,732
11,600		R & G Financial Corp (Class B)		451,008
1,940		Republic Bancorp, Inc (Class A) (Kentucky)		49,858
16,883		Republic Bancorp, Inc (Michigan)		257,972
4,000	*	Riggs National Corp		85,040
1,020		Royal Bancshares of Pennsylvania (Class A)		27,560
5,705		S & T Bancorp, Inc		215,021
2,800		S.Y. Bancorp, Inc		67,480
1,300		Santander Bancorp		39,208
1,912		SCBT Financial Corp		64,186
2,100		Seacoast Banking Corp of Florida		46,725
1,146		Security Bank Corp		45,840
1,200		Shore Bancshares, Inc		43,548
1,405	*	Signature Bank		45,466
3,500		Simmons First National Corp (Class A)		101,325
1,418		Smithtown Bancorp, Inc		45,022
3,561		Southern Community Financial Corp		36,856
2,147		Southside Bancshares, Inc		49,059
5,645		Southwest Bancorp of Texas, Inc		131,472
2,619		Southwest Bancorp, Inc		64,113
1,450		State Bancorp, Inc		39,875
2,131		State Financial Services Corp (Class A)		64,143
600		Sterling Bancorp		16,950
6,205		Sterling Financial Corp (Pennsylvania)		177,897
5,352	*	Sterling Financial Corp (Spokane)		210,120
900		Taylor Capital Group, Inc		30,150
9,800		Texas Regional Bancshares, Inc (Class A)		320,264
12,700		TierOne Corp		315,595
3,096		Trico Bancshares		72,446
10,351		Trustco Bank Corp NY		142,740
21,573		Trustmark Corp		670,273
2,500		U.S.B. Holding Co, Inc		62,250
3,609		UMB Financial Corp		204,486

59 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
10,515		Umpqua Holdings Corp	$	265,083
2,079		Union Bankshares Corp		79,896
8,956		United Bankshares, Inc		341,671
6,794		United Community Banks, Inc		182,962
6,500		United Community Financial Corp		72,800
984		United Securities Bancshares		32,875
1,734		Univest Corp of Pennsylvania		79,799
5,177		Unizan Financial Corp		136,414
1,620	*	Virginia Commerce Bancorp		45,878
1,900		Virginia Financial Group, Inc		69,654
4,500		Wesbanco, Inc		143,865
4,525		West Bancorporation		79,685
6,100		West Coast Bancorp		155,001
7,612		Westamerica Bancorp		443,856
1,104	*	Western Sierra Bancorp		42,344
3,400	*	Wilshire Bancorp, Inc		56,236
1,400		WSFS Financial Corp		84,448
1,388		Yardville National Bancorp		47,553
		TOTAL DEPOSITORY INSTITUTIONS		25,837,135
EATING AND DRINKING PLACES - 1.77%
7,929		Bob Evans Farms, Inc		207,264
1,200	*	Buffalo Wild Wings, Inc		41,772
5,915	*	California Pizza Kitchen, Inc		136,045
11,300		CBRL Group, Inc		472,905
10,924	*	CEC Entertainment, Inc		436,632
31,900	*	CKE Restaurants, Inc		462,869
4,608	*	Cosi, Inc		27,878
2,800	*	Dave & Buster's, Inc		56,560
5,300		Domino's Pizza, Inc		94,340
4,600		IHOP Corp		192,694
13,400	*	Jack In The Box, Inc		494,058
12,300	*	Krispy Kreme Doughnuts, Inc		154,980
6,200		Landry's Restaurants, Inc		180,172
3,575		Lone Star Steakhouse & Saloon, Inc		100,100
4,588	*	O'Charley's, Inc		89,695
5,600	*	P.F. Chang's China Bistro, Inc		315,560
7,530	*	Papa John's International, Inc		259,333
7,600	*	Rare Hospitality International, Inc		242,136
2,800	*	Red Robin Gourmet Burgers, Inc		149,716
20,940	*	Ryan's Restaurant Group, Inc		322,895
13,434	*	Sonic Corp		409,737
2,475	*	Texas Roadhouse, Inc (Class A)		73,136
5,400	*	The Steak N Shake Co		108,432
		TOTAL EATING AND DRINKING PLACES		5,028,909
EDUCATIONAL SERVICES - 0.15%
4,000	*	Educate, Inc		52,960
2,000	*	Learning Tree International, Inc		26,800
1,943		Strayer Education, Inc		213,322
3,200	*	Universal Technical Institute, Inc		121,984
		TOTAL EDUCATIONAL SERVICES		415,066

60 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 3.51%
3,800		American States Water Co	$	98,800
53,718	*	Aquila, Inc		198,219
17,499		Atmos Energy Corp		478,598
11,000		Avista Corp		194,370
7,600		Black Hills Corp		233,168
100,200	*	Calpine Corp		394,788
2,300		Cascade Natural Gas Corp		48,760
3,444	*	Casella Waste Systems, Inc (Class A)		50,420
5,100		Central Vermont Public Service Corp		118,626
4,500		CH Energy Group, Inc		216,225
10,700		Cleco Corp		216,782
45,000	*	CMS Energy Corp		470,250
198		Connecticut Water Service, Inc		5,245
400		Crosstex Energy, Inc		16,760
17,200		Duquesne Light Holdings, Inc		324,220
12,063	*	Duratek, Inc		300,489
11,400	*	El Paso Electric Co		215,916
8,551		Energen Corp		504,081
1,500		EnergySouth, Inc		42,060
12,600		Idacorp, Inc		385,182
4,700		Laclede Group, Inc		146,405
4,461		MGE Energy, Inc		160,730
6,200		New Jersey Resources Corp		268,708
14,500		Nicor, Inc		535,630
900		Northwest Natural Gas Co		30,366
1,700	*	Ormat Technologies, Inc		27,676
6,000		Otter Tail Corp		153,180
12,400		Peoples Energy Corp		544,980
4,426		Piedmont Natural Gas Co, Inc		102,860
13,750		PNM Resources, Inc		347,738
6,147		Resource America, Inc (Class A)		199,778
26,800	*	Sierra Pacific Resources		281,400
600		SJW Corp		21,840
1,000		South Jersey Industries, Inc		52,560
9,010	*	Southern Union Co		216,060
11,400		Southwest Gas Corp		289,560
15,900		UIL Holdings Corp		815,670
18,200		Unisource Energy Corp		438,802
11,450	*	Waste Connections, Inc		392,163
13,900		WGL Holdings, Inc		428,676
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		9,967,741
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.94%
6,178	*	Actel Corp		108,362
15,750	*	Aeroflex, Inc		190,890
5,800	*	American Superconductor Corp		86,362
17,544	*	AMIS Holdings, Inc		289,827
4,700	*	Anaren Microwave, Inc		60,912
4,600	*	Applica, Inc		27,830
2,400		Applied Signal Technology, Inc		84,600
20,808	*	Arris Group, Inc		146,488
8,227	*	Artesyn Technologies, Inc		92,965
5,600	v*	Artisan Components, Inc		210,168
7,489	*	ATMI, Inc		168,727
19,096	*	Avanex Corp		63,208
8,000		Baldor Electric Co		220,240
6,126		Bel Fuse, Inc (Class B)		206,998
9,900	*	Benchmark Electronics, Inc		337,590
11,750	*	Broadwing Corp		107,043

61 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
11,400		C&D Technologies, Inc	$	194,256
4,800	*	California Micro Devices Corp		34,032
19,450	*	Capstone Turbine Corp		35,594
10,838	*	Catapult Communications Corp		261,846
10,305	*	C-COR, Inc		95,837
600	*	Celestica, Inc (U.S.)		8,466
3,800	*	Ceradyne, Inc		217,398
9,100	*	Checkpoint Systems, Inc		164,255
3,436	*	Comtech Telecommunications		129,228
8,700		CTS Corp		115,623
3,700		Cubic Corp		93,129
1,735	*	Diodes, Inc		39,263
16,980	*	Ditech Communications Corp		253,851
9,658	*	DSP Group, Inc		215,663
48,300	*	Eagle Broadband, Inc		31,878
6,696	*	Electro Scientific Industries, Inc		132,313
1,272	*	EMS Technologies, Inc		21,141
4,785	*	Energy Conversion Devices, Inc		92,446
3,000	*	EnerSys		45,750
10,416	*	Entegris, Inc		103,639
40,000	*	Finisar Corp		91,200
5,200		Franklin Electric Co, Inc		219,752
10,200	*	FuelCell Energy, Inc		100,980
2,941	*	Genlyte Group, Inc		251,985
21,900	*	GrafTech International Ltd		207,174
17,300	*	Harmonic, Inc		144,282
6,355		Helix Technology Corp		110,513
4,900	*	Hexcel Corp		71,050
6,182	*	Hutchinson Technology, Inc		213,712
25,500	*	Integrated Device Technology, Inc		294,780
13,172	*	Interdigital Communications Corp		291,101
10,395		Inter-Tel, Inc		284,615
8,598	*	InterVoice, Inc		114,783
4,503	*	IXYS Corp		46,471
2,500	*	Lifeline Systems, Inc		64,400
5,279	*	Littelfuse, Inc		180,331
4,650		LSI Industries, Inc		53,243
5,800	*	Magnetek, Inc		40,020
9,600	*	Mattson Technology, Inc		108,096
28,373	*	McData Corp (Class A)		169,103
1,834	*	Medis Technologies Ltd		33,654
5,200	*	Mercury Computer Systems, Inc		154,336
8,546		Methode Electronics, Inc		109,816
23,813	*	Micrel, Inc		262,419
12,300	*	Microtune, Inc		75,153
4,500	*	Microvision, Inc		31,500
9,867	*	MIPS Technologies, Inc		97,190
5,940	*	Mobility Electronics, Inc		50,965
10,000	*	Moog, Inc (Class A)		453,500
25,600	*	MRV Communications, Inc		93,952
10,000	*	Mykrolis Corp		141,700
13,260	*	Omnivision Technologies, Inc		243,321
28,800	*	ON Semiconductor Corp		130,752
25,807	*	Oplink Communications, Inc		50,840
4,100		Park Electrochemical Corp		88,888
7,793	*	Photronics, Inc		128,585
9,700	*	Pixelworks, Inc		109,998
10,477	*	Plug Power, Inc		64,014
5,150	*	PLX Technology, Inc		53,560
1,500	*	Portalplayer, Inc		37,020
6,556	*	Power Integrations, Inc		129,678

62 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
15,115	*	Power-One, Inc	$	134,826
24,373	*	Powerwave Technologies, Inc		206,683
3,652		Raven Industries, Inc		77,824
8,300	*	Rayovac Corp		253,648
5,900		Regal-Beloit Corp		168,740
14,772	*	Remec, Inc		106,506
44,520	*	RF Micro Devices, Inc		304,517
1,300	*	Rogers Corp		56,030
9,670	*	SBA Communications Corp		89,738
3,684	*	SBS Technologies, Inc		51,429
39,602	*	Seachange International, Inc		690,659
17,972	*	Sigmatel, Inc		638,545
17,608	*	Silicon Image, Inc		289,828
19,300	*	Silicon Storage Technology, Inc		114,835
2,738	*	Siliconix, Inc		99,910
35,550	*	Skyworks Solutions, Inc		335,237
5,567	*	Spatialight, Inc		49,825
4,501		Spectralink Corp		63,824
4,403	*	Standard Microsystems Corp		78,505
3,700	*	Stoneridge, Inc		55,981
22,936	*	Stratex Networks, Inc		51,835
3,300	*	Supertex, Inc		71,610
10,539	*	Symmetricom, Inc		102,334
5,340	*	Synaptics, Inc		163,297
9,800	*	Technitrol, Inc		178,360
12,000	*	Tekelec		245,280
16,200	*	Terayon Communication Systems, Inc		43,902
6,200	*	Tessera Technologies, Inc		230,702
14,200	*	Thomas & Betts Corp		436,650
38,400	*	Transmeta Corp		62,592
18,300	*	Triquint Semiconductor, Inc		81,435
9,979	*	TTM Technologies, Inc		117,752
3,400		Turnstone Systems, Inc		48
2,225	*	Ulticom, Inc		35,667
3,250	*	Ultralife Batteries, Inc		63,213
4,981	*	Universal Display Corp		44,829
7,287	*	Universal Electronics, Inc		128,251
13,923	*	Valence Technology, Inc		43,301
8,700	*	Varian Semiconductor Equipment Associates, Inc		320,595
931	*	Verso Technologies, Inc		670
5,000	*	Viasat, Inc		121,350
11,858	*	Westell Technologies, Inc		80,634
2,700		Woodhead Industries, Inc		43,281
13,128	*	Zhone Technologies, Inc		34,002
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		16,854,930
ENGINEERING AND MANAGEMENT SERVICES - 2.29%
6,400	*	Accelrys, Inc		49,920
10,628	*	Answerthink, Inc		49,526
6,025	*	Antigenics, Inc		60,973
5,400	*	Applera Corp (Celera Genomics Group)		74,250
12,275	*	Ariad Pharmaceuticals, Inc		91,203
12,091	*	Axonyx, Inc		74,964
14,336	*	Century Business Services, Inc		62,505
2,800	*	Cornell Cos, Inc		42,504
8,700	*	Corrections Corp of America		351,915
10,126	*	CuraGen Corp		72,502

63 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
7,400	*	CV Therapeutics, Inc	$	170,200
11,214	*	Decode Genetics, Inc		87,581
9,543	*	DiamondCluster International, Inc		136,751
16,019	*	Digitas, Inc		152,981
5,600	*	Diversa Corp		48,944
6,252	*	Dyax Corp		45,139
10,625	*	eResearch Technology, Inc		168,406
14,886	*	Exelixis, Inc		141,417
1,794	*	Exponent, Inc		49,317
3,200	*	Forrester Research, Inc		57,408
9,520	*	FTI Consulting, Inc		200,586
14,000	*	Gartner, Inc (Class A)		174,440
1,800	*	Genencor International, Inc		29,520
1,200	*	Greenfield Online, Inc		26,388
1,320	*	Huron Consulting Group, Inc		29,304
16,290	*	Incyte Corp		162,737
1,200	*	Infrasource Services, Inc		15,600
5,095	*	Keryx Biopharmaceuticals, Inc		58,949
5,000	*	Kosan Biosciences, Inc		34,650
2,100		Landauer, Inc		95,970
14,826	*	Lexicon Genetics, Inc		114,976
6,755	*	Lifecell Corp		69,036
6,270	*	Luminex Corp		55,678
4,200	*	MAXIMUS, Inc		130,704
5,300	*	Maxygen, Inc		67,787
7,178	*	Myriad Genetics, Inc		161,577
10,403	*	Navigant Consulting, Inc		276,720
4,049	*	Neopharm, Inc		50,653
14,300	*	Oscient Pharmaceuticals Corp		52,195
6,713	*	Parexel International Corp		136,274
10,700	*	Per-Se Technologies, Inc		169,381
9,208	*	PRG-Schultz International, Inc		46,316
5,500	*	Regeneration Technologies, Inc		57,640
5,200	*	Resources Connection, Inc		282,412
2,418	*	Rigel Pharmaceuticals, Inc		59,048
7,400	*	Seattle Genetics, Inc		48,322
8,985	*	SFBC International, Inc		354,908
4,520	*	Sourcecorp		86,377
6,266	*	Symyx Technologies, Inc		188,481
6,800	*	Transkaryotic Therapies, Inc		172,652
2,200	*	TRC Cos, Inc		37,400
3,700	*	Trimeris, Inc		52,429
7,600	*	URS Corp		243,960
12,200	*	Ventiv Health, Inc		247,904
6,001	*	Washington Group International, Inc		247,541
9,800		Watson Wyatt & Co Holdings		264,110
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		6,491,031
FABRICATED METAL PRODUCTS - 1.41%
1,900		CIRCOR International, Inc		44,004
6,900		Commercial Metals Co		348,864
2,300	*	Commercial Vehicle Group, Inc		50,209
64,200	*	Crown Holdings, Inc		882,108
25,400	*	Griffon Corp		685,800
4,861		Gulf Island Fabrication, Inc		106,116
6,600	*	Intermagnetics General Corp		167,706
18,200	*	Jacuzzi Brands, Inc		158,340
576		Lifetime Hoan Corp		9,158
4,700	*	NCI Building Systems, Inc		176,250
14,900	*	Shaw Group, Inc		265,965

64 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
6,128		Silgan Holdings, Inc	$	373,563
8,800		Simpson Manufacturing Co, Inc		307,120
11,600	*	Taser International, Inc		366,444
5,750	*	Tower Automotive, Inc		13,743
2,300	*	Water Pik Technologies, Inc		40,779
		TOTAL FABRICATED METAL PRODUCTS		3,996,169
FOOD AND KINDRED PRODUCTS - 1.02%
2,000	*	Boston Beer Co, Inc (Class A)		42,540
3,647		Cal-Maine Foods, Inc		44,092
1,300		Coca-Cola Bottling Co Consolidated		74,178
8,300		Corn Products International, Inc		444,548
55,215	*	Darling International, Inc		240,737
8,300		Flowers Foods, Inc		262,114
3,160	*	Gold Kist, Inc		43,039
1,400	*	Hansen Natural Corp		50,974
19,100	*	Hercules, Inc		283,635
10,200	*	Interstate Bakeries Corp		65,280
2,195		J & J Snack Foods Corp		107,621
6,600		Lancaster Colony Corp		282,942
6,000		Lance, Inc		114,180
2,400	*	M&F Worldwide Corp		32,688
2,605	*	Peets Coffee & Tea, Inc		68,954
6,900		Ralcorp Holdings, Inc		289,317
2,478		Sanderson Farms, Inc		107,248
10,600		Sensient Technologies Corp		254,294
8,458		Topps Co, Inc		82,466
		TOTAL FOOD AND KINDRED PRODUCTS		2,890,847
FOOD STORES - 0.36%
204		Arden Group, Inc (Class A)		20,497
3,700	*	Great Atlantic & Pacific Tea Co, Inc		37,925
3,494		Ingles Markets, Inc (Class A)		43,291
4,631	*	Panera Bread Co (Class A)		186,722
2,520	*	Pantry, Inc		75,827
14,826	*	Pathmark Stores, Inc		86,139
15,100		Ruddick Corp		327,519
2,400		Weis Markets, Inc		92,568
6,420	*	Wild Oats Markets, Inc		56,560
18,200	*	Winn-Dixie Stores, Inc		82,810
		TOTAL FOOD STORES		1,009,858
FURNITURE AND FIXTURES - 0.53%
3,300		Bassett Furniture Industries, Inc		64,763
7,800		Ethan Allen Interiors, Inc		312,156
19,100		Furniture Brands International, Inc		478,455
3,487		Hooker Furniture Corp		79,155
5,165		Kimball International, Inc (Class B)		76,494
12,400		La-Z-Boy, Inc		190,588
8,569	*	Select Comfort Corp		153,728
1,300		Stanley Furniture Co, Inc		58,435
4,400	*	Tempur-Pedic International, Inc		93,280
		TOTAL FURNITURE AND FIXTURES		1,507,054

65 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
FURNITURE AND HOMEFURNISHINGS STORES - 0.40%
2,568	*	Electronics Boutique Holdings Corp	$	110,270
8,600	*	GameStop Corp (Class B)		192,726
5,405	*	Guitar Center, Inc		284,789
4,400		Haverty Furniture Cos, Inc		81,400
10,600	*	Linens 'n Things, Inc		262,880
5,800	*	Restoration Hardware, Inc		33,292
14,284	*	Trans World Entertainment Corp		178,121
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,143,478
GENERAL BUILDING CONTRACTORS - 0.61%
3,200		Beazer Homes U.S.A., Inc		467,872
3,481		Brookfield Homes Corp		118,006
2,500	*	Meritage Homes Corp		281,750
2,154	*	Palm Harbor Homes, Inc		36,360
14,800	*	Perini Corp		247,012
2,200		Technical Olympic U.S.A., Inc		55,836
15,400		Walter Industries, Inc		519,442
		TOTAL GENERAL BUILDING CONTRACTORS		1,726,278
GENERAL MERCHANDISE STORES - 0.26%
4,404	*	Brookstone, Inc		86,098
11,382		Casey's General Stores, Inc		206,583
1,463	*	Conn's, Inc		24,608
7,100	*	ShopKo Stores, Inc		132,628
5,534	*	Stein Mart, Inc		94,410
6,065	*	Tuesday Morning Corp		185,771
		TOTAL GENERAL MERCHANDISE STORES		730,098
HEALTH SERVICES - 2.14%
3,200	*	Amedisys, Inc		103,648
2,471	*	America Service Group, Inc		66,149
7,196	*	Amsurg Corp		212,570
16,800	*	Apria Healthcare Group, Inc		553,560
26,000	*	Beverly Enterprises, Inc		237,900
1,400	*	Corvel Corp		37,492
5,200	*	Cross Country Healthcare, Inc		94,016
800	*	Dynacq Healthcare, Inc		3,840
6,000	*	Enzo Biochem, Inc		116,820
22,085	*	First Health Group Corp		413,210
12,901	*	Genesis HealthCare Corp		451,922
12,241	*	Gentiva Health Services, Inc		204,670
6,262	*	Kindred Healthcare, Inc		187,547
4,100	*	LabOne, Inc		131,364
3,750		LCA-Vision, Inc		87,713
9,100	*	LifePoint Hospitals, Inc		316,862
10,303	*	Magellan Health Services, Inc		351,950
1,490	*	Medcath Corp		36,714
1,600		National Healthcare Corp		56,480
8,702	*	NeighborCare, Inc		267,325
9,908	*	OCA, Inc		62,916
8,600	*	Odyssey HealthCare, Inc		117,648
3,181		Option Care, Inc		54,681
7,550		Pediatrix Medical Group, Inc		483,578
11,900		Province Healthcare Co		265,965
2,846	*	Psychiatric Solutions, Inc		104,050
15,200	*	RehabCare Group, Inc		425,448

66 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
22,200		Select Medical Corp	$	390,720
3,900	*	Sunrise Senior Living, Inc		180,804
2,000	*	Symbion, Inc		44,160
		TOTAL HEALTH SERVICES		6,061,722
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.11%
8,000		Granite Construction, Inc		212,800
3,891	*	Insituform Technologies, Inc (Class A)		88,209
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		301,009
HOLDING AND OTHER INVESTMENT OFFICES - 12.59%
3,100	*	4Kids Entertainment, Inc		65,162
8,600		Aames Investment Corp		92,020
6,000		Affordable Residential Communities		86,100
3,100		Alabama National Bancorp		199,950
4,400		Alexandria Real Estate Equities, Inc		327,448
5,969		Amcore Financial, Inc		192,082
14,137		American Home Mortgage Investment Corp		484,192
6,200		AMLI Residential Properties Trust		198,400
28,600		Anthracite Capital, Inc		353,496
10,800		Anworth Mortgage Asset Corp		115,668
14,000		Apollo Investment Corp		211,400
4,000		Arbor Realty Trust, Inc		98,160
4,800		Ashford Hospitality Trust, Inc		52,176
1,804	*	Bancorp, Inc		28,864
3,400		Bedford Property Investors		96,594
3,700		Bimini Mortgage Management, Inc (Class A)		59,422
6,100		BioMed Realty Trust, Inc		135,481
30,400		Brandywine Realty Trust		893,456
14,145		Brookline Bancorp, Inc		230,846
7,984		Capital Automotive REIT		283,632
600		Capital Southwest Corp		47,112
2,800		Capital Trust, Inc		85,988
4,100		Capstead Mortgage Corp		43,214
13,100		CarrAmerica Realty Corp		432,300
3,900		Cedar Shopping Centers, Inc		55,770
1,600		Cherokee, Inc		56,448
4,500		Colonial Properties Trust		176,715
12,100		Commercial Net Lease Realty, Inc		249,260
2,638		Community Banks, Inc		74,286
11,700	*	Cornerstone Realty Income Trust, Inc		116,766
8,800		Corporate Office Properties Trust		258,280
3,800		Correctional Properties Trust		109,744
8,400		Cousins Properties, Inc		254,268
100	*	Criimi MAE, Inc		1,610
400	*	Enstar Group, Inc		25,000
6,100		Entertainment Properties Trust		271,755
28,500		Equity Inns, Inc		334,590
1,300		Equity Lifestyle Properties, Inc		46,475
8,200		Equity One, Inc		194,586
5,600		Essex Property Trust, Inc		469,280
11,900	*	FelCor Lodging Trust, Inc		174,335
1,700	*	First Acceptance Corp		15,232
74		First Defiance Financial Corp		2,107
2,621		First Indiana Corp		58,999
10,000		First Industrial Realty Trust, Inc		407,300

67 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
2,000		First Place Financial Corp	$	44,780
7,100		Gables Residential Trust		254,109
2,034		Gladstone Capital Corp		48,206
5,300		Glenborough Realty Trust, Inc		112,784
8,500		Glimcher Realty Trust		235,535
2,300		Gramercy Capital Corp		47,380
41,712		Greater Bay Bancorp		1,162,931
3,500		Harris & Harris Group, Inc		57,330
4,900		Healthcare Realty Trust, Inc		199,430
2,000		Heritage Property Investment Trust		64,180
8,300		Highland Hospitality Corp		93,292
12,800		Highwoods Properties, Inc		354,560
123		Home Properties, Inc		5,289
17,830		IMPAC Mortgage Holdings, Inc		404,206
10,800		Innkeepers U.S.A. Trust		153,360
9,807		Investors Real Estate Trust		102,875
102,250		iShares Russell 2000 Index Fund		13,241,375
6,800		Kilroy Realty Corp		290,700
5,900		Kramont Realty Trust		138,060
42,900	*	La Quinta Corp		389,961
12,300		LaSalle Hotel Properties		391,509
21,100		Lexington Corporate Properties Trust		476,438
3,500		LTC Properties, Inc		69,685
27,600		Luminent Mortgage Capital, Inc		328,440
421		MASSBANK Corp		15,766
6,200	*	Meristar Hospitality Corp		51,770
19,500		MFA Mortgage Investments, Inc		171,990
4,300		Mid-America Apartment Communities, Inc		177,246
13,000		Mission West Properties, Inc		138,320
18,800		National Health Investors, Inc		548,584
16,100		Nationwide Health Properties, Inc		382,375
12,511		New Century Financial Corp		799,578
8,600		Newcastle Investment Corp		273,308
6,400		Novastar Financial, Inc		316,800
10,800		Omega Healthcare Investors, Inc		127,440
4,565		Oriental Financial Group, Inc		129,235
2,600		Parkway Properties, Inc		131,950
3,600		Prentiss Properties Trust		137,520
4,000		Prosperity Bancshares, Inc		116,840
3,800		PS Business Parks, Inc		171,380
6,100		RAIT Investment Trust		170,617
9,600		Realty Income Corp		485,568
4,548		Redwood Trust, Inc		282,385
2,564		Sandy Spring Bancorp, Inc		98,278
2,700		Saul Centers, Inc		103,275
11,700		Saxon Capital, Inc		280,683
44,600		Senior Housing Properties Trust		844,724
3,700		Sovran Self Storage, Inc		155,918
3,500		Suffolk Bancorp		121,905
6,700		Summit Properties, Inc		218,152
3,900		Sun Communities, Inc		156,975
5,200		Sunstone Hotel Investors, Inc		108,056
10,992		Susquehanna Bancshares, Inc		274,250
6,600		Tanger Factory Outlet Centers, Inc		174,636
12,000		Taubman Centers, Inc		359,400
2,160		Tompkins Trustco, Inc		115,538
4,200		Town & Country Trust		116,046
5,300		U.S. Restaurant Properties, Inc		95,718
8,100		Universal Health Realty Income Trust		260,253
6,100		U-Store-It Trust		105,835

68 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
10,100		Washington Real Estate Investment Trust	$	342,087
7,227		Waypoint Financial Corp		204,885
200		Westfield Financial, Inc		5,164
8,800		Winston Hotels, Inc		103,928
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		35,706,762
HOTELS AND OTHER LODGING PLACES - 0.41%
2,647		Ameristar Casinos, Inc		114,112
16,900	*	Bluegreen Corp		335,127
10,500		Boyd Gaming Corp		437,325
2,000	*	Empire Resorts, Inc		22,300
4,300		Marcus Corp		108,102
2,700	*	Pinnacle Entertainment, Inc		53,406
4,200	*	Vail Resorts, Inc		94,164
		TOTAL HOTELS AND OTHER LODGING PLACES		1,164,536
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.47%
1,800	*	Aaon, Inc		28,926
26,054	*	Adaptec, Inc		197,750
11,026	*	Advanced Digital Information Corp		110,481
6,300		Albany International Corp (Class A)		221,508
11,174	*	Astec Industries, Inc		192,305
11,300	*	Asyst Technologies, Inc		57,517
35,499	*	Axcelis Technologies, Inc		288,607
6,369		Black Box Corp		305,839
10,736	*	Brooks Automation, Inc		184,874
3,000		Bucyrus International, Inc (Class A)		121,920
4,200		Cascade Corp		167,790
19,542	*	Cirrus Logic, Inc		107,676
20,000	*	Cray, Inc		93,200
4,003	*	Cuno, Inc		237,778
8,820	*	Cymer, Inc		260,543
10,303	*	Dot Hill Systems Corp		80,776
8,460	*	Dril-Quip, Inc		205,240
22,052	*	Electronics For Imaging, Inc		383,925
75,500	*	Emulex Corp		1,271,420
5,250		Engineered Support Systems, Inc		310,905
13,400	*	EnPro Industries, Inc		396,238
6,000	*	Esterline Technologies Corp		195,900
2,900	*	Flanders Corp		27,840
43,400	*	Flowserve Corp		1,195,236
7,200	*	FSI International, Inc		33,624
53,800	*	Gateway, Inc		323,338
1,225		Gorman-Rupp Co		28,175
6,588	*	Hydril		299,820
12,200	*	Hypercom Corp		72,224
12,000		IDEX Corp		486,000
9,542	*	InFocus Corp		87,405
900	*	Kadant, Inc		18,450
6,800		Kaydon Corp		224,536
8,800		Kennametal, Inc		437,976
6,603	*	Komag, Inc		124,004
12,184	*	Kulicke & Soffa Industries, Inc		105,026
10,600		Lennox International, Inc		215,710
8,051		Lincoln Electric Holdings, Inc		278,082
1,603		Lufkin Industries, Inc		63,973

69 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
6,400		Manitowoc Co, Inc	$	240,960
3,816	*	Micros Systems, Inc		297,877
1,100		Middleby Corp		55,792
5,800		Modine Manufacturing Co		195,866
3,100		Nacco Industries, Inc (Class A)		326,740
5,100	*	Netgear, Inc		92,769
6,300		Nordson Corp		252,441
16,800	*	Oil States International, Inc		324,072
3,267	*	Overland Storage, Inc		54,526
9,977	*	PalmOne, Inc		314,774
15,100	*	Paxar Corp		334,767
3,546	*	Planar Systems, Inc		39,822
6,100	*	Presstek, Inc		59,048
5,400	*	ProQuest Co		160,380
2,400		Robbins & Myers, Inc		57,192
4,100		Sauer-Danfoss, Inc		89,421
2,000		Schawk, Inc		36,360
17,935	*	Scientific Games Corp (Class A)		427,570
3,900	*	Semitool, Inc		36,192
2,900		Standex International Corp		82,621
11,500		Stewart & Stevenson Services, Inc		232,645
400	b*	Surebeam Corp (Class A)		3
7,311		Tecumseh Products Co (Class A)		349,466
3,600		Tennant Co		142,740
17,200	*	Terex Corp		819,580
5,400		Toro Co		439,290
2,000	*	Transact Technologies, Inc		42,720
6,217	*	Veeco Instruments, Inc		130,992
2,318		Woodward Governor Co		165,992
42,300	*	Xybernaut Corp		52,029
6,600		York International Corp		227,964
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		15,525,148
INSTRUMENTS AND RELATED PRODUCTS - 5.42%
4,065	*	Abaxis, Inc		58,902
3,574	*	Abiomed, Inc		55,183
2,271	*	ADE Corp		42,513
8,400	*	Advanced Medical Optics, Inc		345,576
4,700	*	Advanced Neuromodulation Systems, Inc		185,462
12,336	*	Align Technology, Inc		132,612
5,981	*	American Medical Systems Holdings, Inc		250,066
2,700		Analogic Corp		120,933
12,128		Arrow International, Inc		375,847
4,917	*	Arthrocare Corp		157,639
2,900	*	Aspect Medical Systems, Inc		70,934
9,905		BEI Technologies, Inc		305,866
4,752		Biolase Technology, Inc		51,654
4,100	*	Bio-Rad Laboratories, Inc (Class A)		235,217
1,400	*	Bruker BioSciences Corp		5,642
4,410	*	Candela Corp		50,098
17,300	*	Cardiac Science, Inc		37,022
8,419	*	Cardiodynamics International Corp		43,526
9,800	*	Cepheid, Inc		97,412
1,509	*	Closure Medical Corp		29,426
9,618		Cognex Corp		268,342
7,172	*	Coherent, Inc		218,316
5,100		Cohu, Inc		94,656
6,025	*	Conceptus, Inc		48,893
7,016	*	Conmed Corp		199,395
18,400	*	Credence Systems Corp		168,360

70 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
7,300	*	CTI Molecular Imaging, Inc	$	103,587
27,852	*	Cyberoptics Corp		414,159
5,016		Datascope Corp		199,085
4,365	*	Dionex Corp		247,365
4,200	*	DJ Orthopedics, Inc		89,964
9,300	*	DRS Technologies, Inc		397,203
3,800		EDO Corp		120,650
7,192	*	Encore Medical Corp		48,834
5,200	*	Endocardial Solutions, Inc		60,840
3,100	*	ESCO Technologies, Inc		237,615
1,400	*	Exactech, Inc		25,606
2,959	*	Excel Technology, Inc		76,934
2,300		E-Z-Em-Inc		33,580
5,679	*	FEI Co		119,259
1,100	*	Foxhollow Technologies, Inc		27,049
11,200	*	Haemonetics Corp		405,552
5,100	*	Hanger Orthopedic Group, Inc		41,310
2,700	*	Herley Industries, Inc		54,918
4,758	*	Hologic, Inc		130,702
2,401	*	ICU Medical, Inc		65,643
2,702		II-VI, Inc		114,808
4,718	*	Integra LifeSciences Holding		174,236
1,750	*	Intralase Corp		41,090
7,900	*	Intuitive Surgical, Inc		316,158
11,300		Invacare Corp		522,738
5,043	*	Itron, Inc		120,578
6,236	*	Ixia		104,827
3,000		Keithley Instruments, Inc		59,100
2,215	*	Kensey Nash Corp		76,484
5,440	*	Kyphon, Inc		140,134
4,300	*	Laserscope		154,413
1,954	*	LeCroy Corp		45,606
2,600	*	Measurement Specialties, Inc		66,196
1,867	*	Medical Action Industries, Inc		36,780
17,400		Mentor Corp		587,076
5,467	*	Merit Medical Systems, Inc		83,536
7,750	*	MKS Instruments, Inc		143,763
3,600	*	Molecular Devices Corp		72,360
3,600		Movado Group, Inc		67,140
5,002		MTS Systems Corp		169,118
8,090	*	Nanogen, Inc		59,542
4,965		Oakley, Inc		63,304
4,726	*	Ocular Sciences, Inc		231,621
35,900	*	Orbital Sciences Corp		424,697
9,098	*	Orthologic Corp		56,863
11,000	*	Orthovita, Inc		46,090
2,737	*	Palomar Medical Technologies, Inc		71,354
7,894	*	Possis Medical, Inc		106,411
8,400	*	RAE Systems, Inc		61,320
3,578	*	Rofin-Sinar Technologies, Inc		151,886
2,800	*	Sirf Technology Holdings, Inc		35,616
7,800	*	Sola International, Inc		214,812
4,535	*	Sonic Solutions, Inc		101,765
3,500	*	SonoSite, Inc		118,825
6,800	*	Star Scientific, Inc		34,578
26,700	*	Steris Corp		633,324
9,100	*	Sybron Dental Specialties, Inc		321,958
9,748	*	Techne Corp		379,197
958		Tektronix, Inc		28,941
9,400	*	Thermogenesis		59,596
10,625	*	Thoratec Corp		110,713

71 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
12,237	*	Trimble Navigation Ltd	$	404,310
6,400		United Industrial Corp		247,936
3,293	*	Urologix, Inc		21,306
12,536	*	Varian, Inc		514,101
3,115	*	Ventana Medical Systems, Inc		199,329
7,300	*	Viasys Healthcare, Inc		138,700
6,300	*	Viisage Technology, Inc		56,763
11,500	*	Visx, Inc		297,505
3,643		Vital Signs, Inc		141,786
6,300	*	Wright Medical Group, Inc		179,550
4,952		X-Rite, Inc		79,282
2,053		Young Innovations, Inc		69,248
2,200	*	Zoll Medical Corp		75,680
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		15,383,397
INSURANCE AGENTS, BROKERS AND SERVICE - 0.21%
3,700	*	Clark, Inc		57,424
7,000		Hilb, Rogal & Hamilton Co		253,680
7,500		National Financial Partners Corp		291,000
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		602,104
INSURANCE CARRIERS - 2.78%
14,200		21st Century Insurance Group		193,120
2,100		Affirmative Insurance Holdings, Inc		35,364
7,500		Alfa Corp		113,888
5,000		American Equity Investment Life Holding Co		53,850
1,907	*	American Physicians Capital, Inc		68,690
6,000	*	AMERIGROUP Corp		453,960
12,100		AmerUs Group Co		548,130
3,604	*	Argonaut Group, Inc		76,153
1,575		Baldwin & Lyons, Inc (Class B)		42,194
3,400		Bristol West Holdings, Inc		68,000
9,800	*	Centene Corp		277,830
6,786	*	Ceres Group, Inc		35,016
7,062	*	Citizens, Inc		44,985
3,900	*	CNA Surety Corp		52,065
5,600		Commerce Group, Inc		341,824
10,300	*	Danielson Holdings Corp		87,035
5,800		Delphi Financial Group, Inc (Class A)		267,670
3,600		Direct General Corp		115,560
1,400		Donegal Group, Inc		32,102
1,400		EMC Insurance Group, Inc		30,296
2,900		FBL Financial Group, Inc (Class A)		82,795
200	*	Financial Industries Corp		1,600
1,710	*	FPIC Insurance Group, Inc		60,500
1,600		Great American Financial Resources, Inc		27,792
2,900		Harleysville Group, Inc		69,223
3,592	*	HealthExtras, Inc		58,550
4,200		Horace Mann Educators Corp		80,136
100		Independence Holding Co		1,845
4,600		Infinity Property & Casualty Corp		161,920
800		Kansas City Life Insurance Co		37,840
7,300		Landamerica Financial Group, Inc		393,689
2,100		Midland Co		65,667
2,500	*	Molina Healthcare, Inc		115,950
500	*	National Western Life Insurance Co (Class A)		83,305
3,819	*	Navigators Group, Inc		114,990
700		NYMAGIC, Inc		17,710

72 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
13,834	*	Ohio Casualty Corp	$	321,087
6,300		Penn-America Group, Inc		95,130
4,000	*	Philadelphia Consolidated Holding Corp		264,560
21,500		Phoenix Cos, Inc		268,750
1,800	*	Pico Holdings, Inc		37,386
6,100	*	PMA Capital Corp (Class A)		63,135
6,144		Presidential Life Corp		104,202
6,300	*	ProAssurance Corp		246,393
5,000		RLI Corp		207,850
2,300		Safety Insurance Group, Inc		71,645
6,470		Selective Insurance Group, Inc		286,233
8,200	*	Sierra Health Services, Inc		451,902
2,811		State Auto Financial Corp		72,664
7,300		Stewart Information Services Corp		304,045
3,200		Tower Group, Inc		38,400
2,100	*	Triad Guaranty, Inc		127,008
8,700		UICI		294,930
3,214		United Fire & Casualty Co		108,344
8,300	*	Vesta Insurance Group, Inc		30,544
2,200	*	WellCare Health Plans, Inc		71,500
2,400		Zenith National Insurance Corp		119,616
		TOTAL INSURANCE CARRIERS		7,896,568
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
1,900	*	Geo Group, Inc		50,502
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		50,502
LEATHER AND LEATHER PRODUCTS - 0.48%
4,300		Brown Shoe Co, Inc		128,269
9,432		K-Swiss, Inc (Class A)		274,660
1,431	*	Steven Madden Ltd		26,989
301		Weyco Group, Inc		13,331
29,500		Wolverine World Wide, Inc		926,890
		TOTAL LEATHER AND LEATHER PRODUCTS		1,370,139
LEGAL SERVICES - 0.03%
2,205		Pre-Paid Legal Services, Inc		82,798
		TOTAL LEGAL SERVICES		82,798
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.24%
32,200	*	Laidlaw International, Inc		689,080
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		689,080
LUMBER AND WOOD PRODUCTS - 0.23%
5,051		American Woodmark Corp		220,628
16,600	*	Champion Enterprises, Inc		196,212
2,300		Deltic Timber Corp		97,635
700		Skyline Corp		28,560
2,495		Universal Forest Products, Inc		108,283
		TOTAL LUMBER AND WOOD PRODUCTS		651,318

73 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
METAL MINING - 0.28%
2,500		Cleveland-Cliffs, Inc	$	259,650
56,200	*	Coeur D'alene Mines Corp		220,866
27,900	*	Hecla Mining Co		162,657
1,700		Royal Gold, Inc		31,008
9,530	*	Stillwater Mining Co		107,308
		TOTAL METAL MINING		781,489
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.71%
7,000		Blyth, Inc		206,920
3,370	*	Daktronics, Inc		83,879
3,551		Escalade, Inc		47,441
5,964	*	Jakks Pacific, Inc		131,864
9,800	*	K2, Inc		155,624
6,450	*	Leapfrog Enterprises, Inc		87,720
6,500		Nautilus Group, Inc		157,105
1,400	*	Oneida Ltd		4,284
2,600		Penn Engineering & Manufacturing Corp		47,060
3,900	*	RC2 Corp		127,140
5,300	*	Shuffle Master, Inc		249,630
11,100	*	Steinway Musical Instruments, Inc		321,234
11,900	*	Yankee Candle Co, Inc		394,842
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,014,743
MISCELLANEOUS RETAIL - 0.84%
4,822	*	1-800-Flowers.com, Inc (Class A)		40,553
7,357	*	Alloy, Inc		59,371
4,516		Big 5 Sporting Goods Corp		131,596
1,800		Blair Corp		64,188
2,100	*	Build-A-Bear Workshop, Inc		73,815
4,700	*	Coldwater Creek, Inc		145,089
5,866	*	Dick's Sporting Goods, Inc		206,190
9,672	*	Drugstore.com, Inc		32,885
1,700	*	Friedman's, Inc (Class A)		2,193
5,500	*	Hibbett Sporting Goods, Inc		146,355
6,360	*	Jill (J.) Group, Inc		94,700
6,800		Longs Drug Stores Corp		187,476
2,500	*	Overstock.com, Inc		172,500
9,142	*	Party City Corp		118,206
57	*	PC Connection, Inc		543
5,329	*	Priceline.com, Inc		125,711
2,661	*	Sharper Image Corp		50,160
5,200	*	Sports Authority, Inc		133,900
3,800		Stamps.com, Inc		60,192
3,000	*	Valuevision International, Inc (Class A)		41,730
2,500		World Fuel Services Corp		124,500
12,040	*	Zale Corp		359,635
		TOTAL MISCELLANEOUS RETAIL		2,371,488
MOTION PICTURES - 0.25%
2,186		Carmike Cinemas, Inc		79,789
25,920	*	Hollywood Entertainment Corp		339,293
15,050		Movie Gallery, Inc		287,004
		TOTAL MOTION PICTURES		706,086

74 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
NONDEPOSITORY INSTITUTIONS - 0.69%			$
2,189		Advanta Corp (Class A)		49,515
2,600		Advanta Corp (Class B)		63,102
2,186		Asta Funding, Inc		58,672
3,156		Beverly Hills Bancorp, Inc		31,876
10,300		CharterMac		251,732
1,900	*	Collegiate Funding Services LLC		26,771
8,440	*	CompuCredit Corp		230,750
2,371	*	Credit Acceptance Corp		60,342
900	b*	DVI, Inc		1
5,002	*	Encore Capital Group, Inc		118,948
6,500		Federal Agricultural Mortgage Corp (Class C)		151,450
4,100		Financial Federal Corp		160,720
2,732	*	First Cash Financial Services, Inc		72,972
7,808		MCG Capital Corp		133,751
20,500	*	Metris Cos, Inc		261,375
1,900	*	Nelnet, Inc		51,167
3,800	*	NGP Capital Resources Co		58,406
6,800	*	World Acceptance Corp		187,068
		TOTAL NONDEPOSITORY INSTITUTIONS		1,968,618
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
4,000		Amcol International Corp		80,360
7,500		Compass Minerals International, Inc		181,725
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		262,085
OIL AND GAS EXTRACTION - 3.17%
2,800	*	Atwood Oceanics, Inc		145,880
4,100		Berry Petroleum Co (Class A)		195,570
7,500		Cabot Oil & Gas Corp (Class A)		331,875
9,147	*	Cal Dive International, Inc		372,740
2,800	*	Callon Petroleum Co		40,488
4,214	*	Cheniere Energy, Inc		268,432
9,400	*	Cimarex Energy Co		356,260
1,127	*	Clayton Williams Energy, Inc		25,808
7,900	*	Comstock Resources, Inc		174,195
2,900	*	Edge Petroleum Corp		42,282
4,500	*	Encore Acquisition Co		157,095
10,300	*	Energy Partners Ltd		208,781
11,400	*	Forest Oil Corp		361,608
5,100	*	FX Energy, Inc		59,568
31,055	*	Grey Wolf, Inc		163,660
8,200	*	Harvest Natural Resources, Inc		141,614
6,600	*	Houston Exploration Co		371,646
11,000	b*	KCS Energy, Inc		162,580
31,200	*	Key Energy Services, Inc		368,160
20,300	*	Magnum Hunter Resources, Inc		261,870
4,100	*	McMoRan Exploration Co		76,670
13,900	*	Meridian Resource Corp		84,095
9,283	*	Mission Resources Corp		54,213
6,100	*	Oceaneering International, Inc		227,652
4,100		Penn Virginia Corp		166,337
500	v*	PetroCorp, Inc (Escrow)		0
3,996	*	Petroleum Development Corp		154,126
16,300	*	Plains Exploration & Production Co		423,800
4,400		Range Resources Corp		90,024
4,800	*	Remington Oil & Gas Corp		130,800
2,300		RPC, Inc		57,776

75 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
8,200	*	Southwestern Energy Co	$	415,658
10,800		St. Mary Land & Exploration Co		450,792
5,300	*	Stone Energy Corp		238,977
13,000	*	Superior Energy Services, Inc		200,330
6,200	*	Swift Energy Co		179,428
6,359	*	Syntroleum Corp		51,063
5,200	*	Tetra Technologies, Inc		147,160
2,900	*	Todco		53,418
3,400	*	Transmontaigne, Inc		20,842
8,700	*	Unit Corp		332,427
8,000	*	Veritas DGC, Inc		179,280
32,200		Vintage Petroleum, Inc		730,618
6,000	*	W-H Energy Services, Inc		134,160
6,400	*	Whiting Petroleum Corp		193,600
		TOTAL OIL AND GAS EXTRACTION		9,003,358
PAPER AND ALLIED PRODUCTS - 0.64%
11,100	*	Buckeye Technologies, Inc		144,411
4,877	*	Caraustar Industries, Inc		82,031
4,400		Chesapeake Corp		119,504
18,300	*	Graphic Packaging Corp		131,760
3,100		Greif, Inc (Class A)		173,600
12,200		Longview Fibre Co		221,308
7,000	*	Playtex Products, Inc		55,930
3,500		Pope & Talbot, Inc		59,885
8,500		Potlatch Corp		429,930
6,600		Rock-Tenn Co (Class A)		100,056
3,200		Schweitzer-Mauduit International, Inc		108,640
10,400		Wausau-Mosinee Paper Corp		185,744
		TOTAL PAPER AND ALLIED PRODUCTS		1,812,799
PERSONAL SERVICES - 0.39%
27,100	b*	Alderwoods Group, Inc		308,398
4,100		Angelica Corp		110,905
4,791	*	Coinstar, Inc		128,543
5,652		G & K Services, Inc (Class A)		245,410
8,500		Jackson Hewitt Tax Service, Inc		214,625
3,200		Unifirst Corp		90,496
		TOTAL PERSONAL SERVICES		1,098,377
PETROLEUM AND COAL PRODUCTS - 0.56%
6,100		Frontier Oil Corp		162,626
2,300	*	Giant Industries, Inc		60,973
7,640	*	Headwaters, Inc		217,740
12,600		Holly Corp		351,162
21,900	*	Tesoro Corp		697,734
3,800		WD-40 Co		107,958
		TOTAL PETROLEUM AND COAL PRODUCTS		1,598,193
PRIMARY METAL INDUSTRIES - 2.00%
25,600	*	AK Steel Holding Corp		370,432
12,180		Allegheny Technologies, Inc		263,941
11,200		Belden CDT, Inc		259,840
4,500	*	Brush Engineered Materials, Inc		83,250
5,600		Carpenter Technology Corp		327,376
4,400	*	Century Aluminum Co		115,544

76 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
21,000	*	CommScope, Inc	$	396,900
5,100		Curtiss-Wright Corp		292,791
3,800	*	Encore Wire Corp		50,654
5,700		Gibraltar Industries, Inc		134,634
1,500	*	Liquidmetal Technologies, Inc		3,450
7,000	*	Lone Star Technologies, Inc		234,220
7,489		Matthews International Corp (Class A)		275,595
16,500	*	Maverick Tube Corp		499,950
8,500		Mueller Industries, Inc		273,700
4,000		NN, Inc		52,840
4,300	*	NS Group, Inc		119,540
8,100	*	Oregon Steel Mills, Inc		164,349
3,900		Quanex Corp		267,423
5,100		Ryerson Tull, Inc		80,325
4,571		Schnitzer Steel Industries, Inc (Class A)		155,094
16,410		Steel Dynamics, Inc		621,611
5,000		Texas Industries, Inc		311,900
1,500	*	Titanium Metals Corp		36,210
10,800		Tredegar Corp		218,268
1,900	*	Wheeling-Pittsburgh Corp		73,226
		TOTAL PRIMARY METAL INDUSTRIES		5,683,063
PRINTING AND PUBLISHING - 1.22%
15,400		American Greetings Corp (Class A)		390,390
5,700		Banta Corp		255,132
2,300		Bowne & Co, Inc		37,398
5,200	*	Consolidated Graphics, Inc		238,680
1,400		Courier Corp		72,688
1,750		CSS Industries, Inc		55,580
3,700		Ennis, Inc		71,225
9,900		Harland (John H.) Co		357,390
2,200		Hollinger International, Inc		34,496
4,400		Journal Communications, Inc		79,508
9,600	*	Journal Register Co		185,568
2,500	*	Martha Stewart Living Omnimedia, Inc (Class A)		72,550
29,400	*	Primedia, Inc		111,720
1,900		Pulitzer, Inc		123,215
24,100		Reader's Digest Association, Inc (Class A)		335,231
6,708	*	Scholastic Corp		247,928
2,700		Standard Register Co		38,124
9,700		Thomas Nelson, Inc		219,220
15,500	*	Valassis Communications, Inc		542,655
		TOTAL PRINTING AND PUBLISHING		3,468,698
RAILROAD TRANSPORTATION - 0.13%
2,900		Florida East Coast Industries		130,790
4,000	*	Genesee & Wyoming, Inc (Class A)		112,520
7,296	*	Kansas City Southern Industries, Inc		129,358
		TOTAL RAILROAD TRANSPORTATION		372,668
REAL ESTATE - 0.44%
6,100	*	CB Richard Ellis Group, Inc		204,655
1,300		Consolidated-Tomoka Land Co		55,900
13,400	*	Jones Lang LaSalle, Inc		501,294
34,868	*	Stewart Enterprises, Inc (Class A)		243,727
13,100	*	Trammell Crow Co		237,241
		TOTAL REAL ESTATE		1,242,817

77 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.88%
8,700		Aptargroup, Inc	$	459,186
2,600		Bandag, Inc		129,506
15,500		Cooper Tire & Rubber Co		334,025
35,930	*	Goodyear Tire & Rubber Co		526,734
6,460		Myers Industries, Inc		82,688
6,802		Schulman (A.), Inc		145,631
31,800	*	Skechers U.S.A., Inc (Class A)		412,128
1,100		Spartech Corp		29,799
2,400	*	Trex Co, Inc		125,856
12,300		Tupperware Corp		254,856
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,500,409
SECURITY AND COMMODITY BROKERS - 0.59%
5,700	*	Affiliated Managers Group, Inc		386,118
2,300		BKF Capital Group, Inc		87,170
4,700		Calamos Asset Management, Inc (Class A)		126,900
1,600		Gabelli Asset Management, Inc (Class A)		77,632
1,200		Greenhill & Co, Inc		34,440
10,300	*	Investment Technology Group, Inc		206,000
27,300	*	Knight Trading Group, Inc		298,935
12,500	*	LaBranche & Co, Inc		112,000
4,700	*	Piper Jaffray Cos		225,365
1,000	*	Stifel Financial Corp		20,950
3,600		SWS Group, Inc		78,912
300		Value Line, Inc		11,771
		TOTAL SECURITY AND COMMODITY BROKERS		1,666,193
SOCIAL SERVICES - 0.09%
3,000	*	Bright Horizons Family Solutions, Inc		194,280
4,343	*	Res-Care, Inc		66,100
		TOTAL SOCIAL SERVICES		260,380
SPECIAL TRADE CONTRACTORS - 0.52%
2,800		Chemed Corp		187,908
9,200	*	Comfort Systems U.S.A., Inc		70,656
27,500	*	Dycom Industries, Inc		839,300
3,600	*	EMCOR Group, Inc		162,648
7,700	*	Integrated Electrical Services, Inc		37,268
2,400	*	Layne Christensen Co		43,560
17,200	*	Quanta Services, Inc		137,600
		TOTAL SPECIAL TRADE CONTRACTORS		1,478,940
STONE, CLAY, AND GLASS PRODUCTS - 0.48%
1,900		Ameron International Corp		72,010
6,643		Apogee Enterprises, Inc		89,083
5,614	*	Cabot Microelectronics Corp		224,841
3,000		CARBO Ceramics, Inc		207,000
4,400		Eagle Materials, Inc		379,940
1,800		Libbey, Inc		39,978
4,922	*	U.S. Concrete, Inc		37,752
7,600	b*	USG Corp		306,052
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,356,656

78 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
TRANSPORTATION BY AIR - 0.76%
6,700	*	Alaska Air Group, Inc	$	224,383
8,265	*	America West Holdings Corp (Class B)		54,384
15,200	*	Continental Airlines, Inc (Class B)		205,808
24,300	*	Delta Air Lines, Inc		181,764
21,300	*	ExpressJet Holdings, Inc		274,344
7,359	*	Forward Air Corp		328,947
7,304	*	Mesa Air Group, Inc		57,994
10,100	*	Offshore Logistics, Inc		327,947
500	*	Petroleum Helicopters (Vote)		12,890
16,500	*	Pinnacle Airlines Corp		230,010
12,285		Skywest, Inc		246,437
		TOTAL TRANSPORTATION BY AIR		2,144,908
TRANSPORTATION EQUIPMENT - 1.69%
4,400	*	AAR Corp		59,928
7,368	*	Aftermarket Technology Corp		118,625
7,482		Arctic Cat, Inc		198,423
16,300		ArvinMeritor, Inc		364,631
6,000		Clarcor, Inc		328,620
5,400	*	Ducommun, Inc		112,590
11,300	*	GenCorp, Inc		209,841
5,284	*	Hayes Lemmerz International, Inc		46,658
9,200		Heico Corp		207,828
5,060		Kaman Corp (Class A)		64,009
4,600		Marine Products Corp		120,106
6,200		Monaco Coach Corp		127,534
1,500		Noble International Ltd		30,585
98	*	Sports Resorts International, Inc		282
3,000		Standard Motor Products, Inc		47,400
600	*	Strattec Security Corp		37,572
3,700		Superior Industries International, Inc		107,485
10,100	*	Teledyne Technologies, Inc		297,243
23,963	*	Tenneco Automotive, Inc		413,122
8,400		Thor Industries, Inc		311,220
3,800	*	Triumph Group, Inc		150,100
31,000		Visteon Corp		302,870
7,300	*	Wabash National Corp		196,589
9,600		Westinghouse Air Brake Technologies Corp		204,672
18,900		Winnebago Industries, Inc		738,234
		TOTAL TRANSPORTATION EQUIPMENT		4,796,167
TRANSPORTATION SERVICES - 0.35%
2,300		Ambassadors Group, Inc		81,903
9,080	*	EGL, Inc		271,401
11,600		GATX Corp		342,896
1,729	*	HUB Group, Inc		90,288
6,372	*	Navigant International, Inc		77,547
6,190	*	Pacer International, Inc		131,599
		TOTAL TRANSPORTATION SERVICES		995,634
TRUCKING AND WAREHOUSING - 0.91%
4,979		Arkansas Best Corp		223,507
2,000	*	Covenant Transport, Inc (Class A)		41,640
10,235		Heartland Express, Inc		229,980
6,668	*	Landstar System, Inc		491,032

79 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
3,700	*	Old Dominion Freight Line	$	128,760
6,400		Overnite Corp		238,336
1,500	*	P.A.M. Transportation Services		28,125
3,343	*	SCS Transportation, Inc		78,126
28,587	*	Swift Transportation Co, Inc		614,049
1,316	*	U.S. Xpress Enterprises, Inc (Class A)		38,559
6,191		USF Corp		234,948
10,892		Werner Enterprises, Inc		246,595
		TOTAL TRUCKING AND WAREHOUSING		2,593,657
WATER TRANSPORTATION - 0.29%
4,254		Alexander & Baldwin, Inc		180,455
1,500	*	Hornbeck Offshore Services, Inc		28,950
4,900	*	Kirby Corp		217,462
6,200		Overseas Shipholding Group, Inc		342,240
3,500	*	Seabulk International, Inc		42,385
		TOTAL WATER TRANSPORTATION		811,492
WHOLESALE TRADE-DURABLE GOODS - 1.80%
17,625		Agilysys, Inc		302,093
15,400	*	Alliance Imaging, Inc		173,250
2,100		Anixter International, Inc		75,579
5,850		Applied Industrial Technologies, Inc		160,290
12,400	*	Aviall, Inc		284,828
3,500		Barnes Group, Inc		92,785
3,100	*	Beacon Roofing Supply, Inc		61,566
4,883	*	BioVeris Corp		35,695
27,213	*	Brightpoint, Inc		531,742
10,100	*	Department 56, Inc		168,165
5,061	*	Digi International, Inc		86,999
5,143	*	Global Imaging Systems, Inc		203,149
5,200		Handleman Co		111,696
3,800	*	Imagistics International, Inc		127,908
10,845	*	Insight Enterprises, Inc		222,539
1,950	*	Insurance Auto Auctions, Inc		43,719
3,398	*	Keystone Automotive Industries, Inc		79,004
8,164		Knight Transportation, Inc		202,467
1,100		Lawson Products, Inc		55,473
3,400	*	LKQ Corp		68,238
2,600	*	Merge Technologies, Inc		57,850
4,096		Metal Management, Inc		110,060
10,032	*	Microtek Medical Holdings, Inc		40,730
5,200	*	Navarre Corp		91,520
8,900		Owens & Minor, Inc		250,713
15,702	*	PSS World Medical, Inc		196,511
6,600		Reliance Steel & Aluminum Co		257,136
27,400	*	Safeguard Scientifics, Inc		58,088
12,168		SCP Pool Corp		388,159
4,512	*	TBC Corp		125,434
5,400		Watsco, Inc		190,188
4,100	*	WESCO International, Inc		121,524
10,228	*	Zoran Corp		118,440
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,093,538

80 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

SHARES			VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 1.49%
10,200		Acuity Brands, Inc	$	324,360
3,400		Advanced Marketing Services, Inc		34,204
13,600		Airgas, Inc		360,536
6,600	*	Allscripts Healthcare Solutions, Inc		70,422
10,800		DIMON, Inc		72,576
4,200		Getty Realty Corp		120,666
700	*	Maui Land & Pineapple Co		27,475
12,300	*	Men's Wearhouse, Inc		393,108
4,873	*	Metals USA, Inc		90,394
6,900		Nash Finch Co		260,544
12,600		Nu Skin Enterprises, Inc (Class A)		319,788
1,500	*	Nuco2, Inc		33,285
10,577	*	Performance Food Group Co		284,627
14,993		Perrigo Co		258,929
6,472	*	Priority Healthcare Corp (Class B)		140,895
1,000	*	Provide Commerce, Inc		37,150
6,800		Russell Corp		132,464
5,200	*	School Specialty, Inc		200,512
14,800	*	Smart & Final, Inc		212,972
2,400		Standard Commercial Corp		46,704
8,900		Stride Rite Corp		99,413
1,063	*	Tractor Supply Co		39,554
8,621	*	United Natural Foods, Inc		268,113
7,615	*	United Stationers, Inc		351,790
2,300		Valhi, Inc		37,007
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		4,217,488
		TOTAL COMMON STOCKS
		(Cost $246,630,094)		282,989,017

81 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Equity Fund

PRINCIPAL		VALUE
SHORT TERM INVESTMENTS - 0.49%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.49%
1,380,000	Federal Home Loan Banks (FHLB) 1.00%, 01/03/05	$	1,379,753
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,379,753
	TOTAL SHORT TERM INVESTMENTS
	(Cost $1,379,856)		1,379,753
	TOTAL PORTFOLIO - 100.27%
	(Cost $248,009,950)		284,368,770
	OTHER ASSETS & LIABILITIES, NET - (0.27)%		(760,768	)
	NET ASSETS - 100.00%	$	283,608,002

*	Non-income producing
b	In bankruptcy
f	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or
	not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted
	to $0.00 or 0.00% of net assets.
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the funds may use more specific industry categories in following their investment
	limitations on industry concentration.

Restricted securities held by the Fund are as follows:
SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Wiltel Communications (Rts)	11/7/2003	$	-	$	-

82

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.00%
HOLDING AND OTHER INVESTMENT OFFICES
30	*	Simon Property Group L.P.	$	1,777
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,777
		TOTAL PREFERRED STOCKS
		(Cost $957)		1,777
COMMON STOCKS - 100.46%
AMUSEMENT AND RECREATION SERVICES - 0.14%
600		Harrah's Entertainment, Inc		40,134
300		International Speedway Corp (Class A)		15,840
500		Station Casinos, Inc		27,340
		TOTAL AMUSEMENT AND RECREATION SERVICES		83,314
APPAREL AND ACCESSORY STORES - 0.94%
900		Abercrombie & Fitch Co (Class A)		42,255
548		American Eagle Outfitters, Inc		25,811
527	*	AnnTaylor Stores Corp		11,346
800	*	Chico's FAS, Inc		36,424
800		Claire's Stores, Inc		17,000
630		Foot Locker, Inc		16,966
6,390		Gap, Inc		134,957
138		Limited Brands, Inc		3,177
714		Nordstrom, Inc		33,365
942	*	Pacific Sunwear of California, Inc		20,969
1,500		Ross Stores, Inc		43,305
300		Talbots, Inc		8,169
5,100		TJX Cos, Inc		128,163
522	*	Urban Outfitters, Inc		23,177
		TOTAL APPAREL AND ACCESSORY STORES		545,084
APPAREL AND OTHER TEXTILE PRODUCTS - 0.02%
200	*	Columbia Sportswear Co		11,922
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		11,922
AUTO REPAIR, SERVICES AND PARKING - 0.03%
315		Ryder System, Inc		15,048
		TOTAL AUTO REPAIR, SERVICES AND PARKING		15,048
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.27%
724	*	Advance Auto Parts		31,624
534	*	Autozone, Inc		48,760
1,200	*	Carmax, Inc		37,260

83 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
567	*	Copart, Inc	$	14,923
544	*	O'Reilly Automotive, Inc		24,507
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		157,074
BUILDING MATERIALS AND GARDEN SUPPLIES - 2.37%
600		Fastenal Co		36,936
20,530		Home Depot, Inc		877,452
7,900		Lowe's Cos		454,961
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,369,349
BUSINESS SERVICES - 10.86%
1,091	*	Activision, Inc		22,016
735		Acxiom Corp		19,331
2,400		Adobe Systems, Inc		150,576
800	*	Affiliated Computer Services, Inc (Class A)		48,152
1,053	*	Akamai Technologies, Inc		13,721
417	*	Alliance Data Systems Corp		19,799
537	*	Ask Jeeves, Inc		14,365
2,260		Autodesk, Inc		85,767
5,242		Automatic Data Processing, Inc		232,483
3,700	*	BEA Systems, Inc		32,782
728	*	BMC Software, Inc		13,541
580		Brink's Co		22,922
1,584	*	Cadence Design Systems, Inc		21,875
2,400		Cendant Corp		56,112
975	*	Ceridian Corp		17,823
600		Certegy, Inc		21,318
373	*	Checkfree Corp		14,204
900	*	ChoicePoint, Inc		41,391
1,700	*	Citrix Systems, Inc		41,701
1,300	*	Cognizant Technology Solutions Corp		55,029
4,795		Computer Associates International, Inc		148,933
700	*	DST Systems, Inc		36,484
700	*	Dun & Bradstreet Corp		41,755
3,012	*	Electronic Arts, Inc		185,780
953		Equifax, Inc		26,779
650		Fair Isaac Corp		23,842
8,766		First Data Corp		372,906
2,000	*	Fiserv, Inc		80,380
405	*	Getty Images, Inc		27,884
200	*	Google, Inc (Class A)		38,620
1,138		GTECH Holdings Corp		29,531
700		Henry (Jack) & Associates, Inc		13,937
2,400		IMS Health, Inc		55,704
2,899	*	Interpublic Group of Cos, Inc		38,847
1,800	*	Intuit, Inc		79,218
1,050	*	Iron Mountain, Inc		32,015
5,446	*	Juniper Networks, Inc		148,077
275	*	Kinetic Concepts, Inc		20,983
600	*	Lamar Advertising Co		25,668
700	*	Macromedia, Inc		21,784
400		Manpower, Inc		19,320
1,300	*	McAfee, Inc		37,609
900	*	Mercury Interactive Corp		40,995
73,042		Microsoft Corp		1,950,952
300		MoneyGram International, Inc		6,342
1,000	*	Monster Worldwide, Inc		33,640
500		National Instruments Corp		13,625

84 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
300	*	NAVTEQ Corp	$	13,908
730	*	NCR Corp		50,538
3,914	*	Novell, Inc		26,420
1,653		Omnicom Group, Inc		139,381
33,735	*	Oracle Corp		462,844
200	*	Pixar		17,122
1,643	*	Red Hat, Inc		21,934
600	*	Rent-A-Center, Inc		15,900
500		Reynolds & Reynolds Co (Class A)		13,255
1,500		Robert Half International, Inc		44,145
3,331	*	Siebel Systems, Inc		34,976
2,600	*	SunGard Data Systems, Inc		73,658
6,200	*	Symantec Corp		159,712
1,600	*	Synopsys, Inc		31,392
1,734	*	TIBCO Software, Inc		23,132
300		Total System Services, Inc		7,290
289	*	Unisys Corp		2,942
1,714	*	VeriSign, Inc		57,453
4,400	*	Veritas Software Corp		125,620
75		Viad Corp		2,137
1,900	*	WebMD Corp		15,504
700	*	Westwood One, Inc		18,851
11,490	*	Yahoo!, Inc		432,943
		TOTAL BUSINESS SERVICES		6,287,575
CHEMICALS AND ALLIED PRODUCTS - 16.33%
15,723		Abbott Laboratories		733,478
527		Alberto-Culver Co		25,596
1,300		Allergan, Inc		105,391
200	*	American Pharmaceutical Partners, Inc		7,482
12,999	*	Amgen, Inc		833,886
900	*	Amylin Pharmaceuticals, Inc		21,024
700	*	Andrx Corp		15,281
1,100		Avery Dennison Corp		65,967
4,835		Avon Products, Inc		187,115
823	*	Barr Pharmaceuticals, Inc		37,479
3,279	*	Biogen Idec, Inc		218,414
5,841		Bristol-Myers Squibb Co		149,646
500	*	Cephalon, Inc		25,440
400	*	Charles River Laboratories International, Inc		18,404
1,075	*	Chiron Corp		35,830
635		Church & Dwight Co, Inc		21,349
1,049		Clorox Co		61,818
4,528		Colgate-Palmolive Co		231,652
361	*	Dade Behring Holdings, Inc		20,216
590		Dow Chemical Co		29,211
1,900		Ecolab, Inc		66,747
200	*	Eon Labs, Inc		5,400
1,100		Estee Lauder Cos (Class A)		50,347
100	*	Eyetech Pharmaceuticals, Inc		4,550
3,799	*	Forest Laboratories, Inc		170,423
4,534	*	Genentech, Inc		246,831
2,301	*	Genzyme Corp		133,619
4,400	*	Gilead Sciences, Inc		153,956
9,360		Gillette Co		419,141
200	*	ICOS Corp		5,656
400	*	Idexx Laboratories, Inc		21,836
700	*	ImClone Systems, Inc		32,256

85 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
697		International Flavors & Fragrances, Inc	$	29,859
280	*	Invitrogen Corp		18,796
1,850	*	IVAX Corp		29,267
9,800		Lilly (Eli) & Co		556,150
284	*	Martek Biosciences Corp		14,541
500		Medicis Pharmaceutical Corp (Class A)		17,555
2,500	*	MedImmune, Inc		67,775
9,905		Merck & Co, Inc		318,347
697	*	MGI Pharma, Inc		19,523
1,600	*	Millennium Pharmaceuticals, Inc		19,392
2,750		Mylan Laboratories, Inc		48,620
585	*	NBTY, Inc		14,046
891	*	Nektar Therapeutics		18,034
357	*	Neurocrine Biosciences, Inc		17,600
388	*	OSI Pharmaceuticals, Inc		29,042
76,081		Pfizer, Inc		2,045,818
900		Praxair, Inc		39,735
23,368		Procter & Gamble Co		1,287,109
200	*	Protein Design Labs, Inc		4,132
14,829		Schering-Plough Corp		309,630
100	*	Scotts Co (Class A)		7,352
900	*	Sepracor, Inc		53,433
100		Sherwin-Williams Co		4,463
114		Sigma-Aldrich Corp		6,892
642	*	VCA Antech, Inc		12,583
212	*	Watson Pharmaceuticals, Inc		6,956
7,114		Wyeth		302,985
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,455,076
COAL MINING - 0.06%
248		Arch Coal, Inc		8,814
598		Consol Energy, Inc		24,548
		TOTAL COAL MINING		33,362
COMMUNICATIONS - 2.31%
3,979	*	Avaya, Inc		68,439
1,450	*	Cablevision Systems Corp (Class A)		36,105
2,366		Clear Channel Communications, Inc		79,237
300	*	Cox Radio, Inc (Class A)		4,944
984	*	Crown Castle International Corp		16,374
5,826	*	DIRECTV Group, Inc		97,527
2,300		EchoStar Communications Corp (Class A)		76,452
300	*	Entercom Communications Corp		10,767
700	*	Foundry Networks, Inc		9,212
500	*	Fox Entertainment Group, Inc (Class A)		15,630
300		Global Payments, Inc		17,562
1,584	*	IAC/InterActiveCorp		43,750
408	*	IDT Corp		5,989
6,998	*	Level 3 Communications, Inc		23,723
834	*	Liberty Media International, Inc		38,556
10,255	*	Nextel Communications, Inc (Class A)		307,650
1,266	*	Nextel Partners, Inc (Class A)		24,738
602	*	NII Holdings, Inc (Class B)		28,565
600	*	Radio One, Inc (Class D)		9,672
376	*	Spectrasite, Inc		21,770
3,211		Sprint Corp		79,793
253		Telephone & Data Systems, Inc		19,468
100	*	U.S. Cellular Corp		4,476

86 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
3,227	*	UnitedGlobalcom, Inc (Class A)	$	31,173
1,400	*	Univision Communications, Inc (Class A)		40,978
3,962		Viacom, Inc (Class B)		144,177
100	*	West Corp		3,311
735	*	Western Wireless Corp (Class A)		21,536
1,562	*	XM Satellite Radio Holdings, Inc		58,762
		TOTAL COMMUNICATIONS		1,340,336
DEPOSITORY INSTITUTIONS - 1.26%
1,031		Bank of New York Co, Inc		34,456
688		Commerce Bancorp, Inc		44,307
4,182		Fifth Third Bancorp		197,725
758		Golden West Financial Corp		46,556
673		Hudson City Bancorp, Inc		24,780
296		IndyMac Bancorp, Inc		10,197
1,318		Mellon Financial Corp		41,003
635		NewAlliance Bancshares, Inc		9,716
750		North Fork Bancorp, Inc		21,638
512		Northern Trust Corp		24,873
1,654		State Street Corp		81,244
2,134		Synovus Financial Corp		60,990
1,280		TCF Financial Corp		41,139
1,678		U.S. Bancorp		52,555
420		UCBH Holdings, Inc		19,244
210		Valley National Bancorp		5,807
506		W Holding Co, Inc		11,608
		TOTAL DEPOSITORY INSTITUTIONS		727,838
EATING AND DRINKING PLACES - 0.52%
800		Applebee's International, Inc		21,160
1,018		Aramark Corp (Class B)		26,987
900	*	Brinker International, Inc		31,563
577		Darden Restaurants, Inc		16,006
495		Outback Steakhouse, Inc		22,661
600		Ruby Tuesday, Inc		15,648
750	*	The Cheesecake Factory, Inc		24,353
100		Wendy's International, Inc		3,926
2,900		Yum! Brands, Inc		136,822
		TOTAL EATING AND DRINKING PLACES		299,126
EDUCATIONAL SERVICES - 0.43%
1,568	*	Apollo Group, Inc (Class A)		126,553
900	*	Career Education Corp		36,000
900	*	Corinthian Colleges, Inc		16,961
600	*	DeVry, Inc		10,416
717	*	Education Management Corp		23,668
500	*	ITT Educational Services, Inc		23,775
304	*	Laureate Education, Inc		13,403
		TOTAL EDUCATIONAL SERVICES		250,776
ELECTRIC, GAS, AND SANITARY SERVICES - 0.48%
6,502	*	AES Corp		88,882
200	*	Allegheny Energy, Inc		3,942
1,241	*	Allied Waste Industries, Inc		11,516

87 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
182		Kinder Morgan, Inc	$	13,310
400	*	Stericycle, Inc		18,380
4,715		Waste Management, Inc		141,167
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		277,197
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.24%
649		Adtran, Inc		12,422
1,841	*	Advanced Micro Devices, Inc		40,539
17,700	*	Agere Systems, Inc (Class B)		23,895
3,800	*	Altera Corp		78,660
963		American Power Conversion Corp		20,608
438		Ametek, Inc		15,623
200	*	Amkor Technology, Inc		1,336
680	*	Amphenol Corp (Class A)		24,983
3,800		Analog Devices, Inc		140,296
1,900	*	Applied Micro Circuits Corp		7,999
4,233	*	Atmel Corp		16,593
2,556	*	Broadcom Corp (Class A)		82,508
1,100	*	Comverse Technology, Inc		26,895
1,810	*	Conexant Systems, Inc		3,602
700	*	Cree, Inc		28,056
1,273	*	Cypress Semiconductor Corp		14,932
800		Emerson Electric Co		56,080
351	*	Energizer Holdings, Inc		17,441
600	*	Fairchild Semiconductor International, Inc		9,756
322	*	Freescale Semiconductor, Inc		5,738
3,377	*	Freescale Semiconductor, Inc (Class B)		62,002
900	*	Gemstar-TV Guide International, Inc		5,328
12,252		General Electric Co		447,198
600		Harman International Industries, Inc		76,200
410		Harris Corp		25,334
700	*	Integrated Circuit Systems, Inc		14,644
64,429		Intel Corp		1,506,994
486	*	International Rectifier Corp		21,661
700		Intersil Corp (Class A)		11,718
1,652	*	Jabil Circuit, Inc		42,258
14,200	*	JDS Uniphase Corp		45,014
500		L-3 Communications Holdings, Inc		36,620
3,100		Linear Technology Corp		120,156
1,700	*	LSI Logic Corp		9,316
3,300		Maxim Integrated Products, Inc		139,887
425		Maytag Corp		8,968
536	*	MEMC Electronic Materials, Inc		7,102
2,100		Microchip Technology, Inc		55,986
2,800	*	Micron Technology, Inc		34,580
1,100		Molex, Inc		33,000
23,367		Motorola, Inc		401,912
3,636		National Semiconductor Corp		65,266
1,100	*	Novellus Systems, Inc		30,679
1,700	*	Nvidia Corp		40,052
437		Plantronics, Inc		18,122
1,800	*	PMC-Sierra, Inc		20,250
600	*	Polycom, Inc		13,992
900	*	QLogic Corp		33,057
16,200		Qualcomm, Inc		686,880
800	*	Rambus, Inc		18,400
1,754		Rockwell Collins, Inc		69,178
2,700	*	Sanmina-SCI Corp		22,869

88 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
726	*	Semtech Corp	$	15,878
300	*	Silicon Laboratories, Inc		10,593
1,800	*	Tellabs, Inc		15,462
17,500		Texas Instruments, Inc		430,850
800	*	Utstarcom, Inc		17,720
200	*	Vishay Intertechnology, Inc		3,004
3,500		Xilinx, Inc		103,775
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		5,349,867
ENGINEERING AND MANAGEMENT SERVICES - 1.22%
600	*	Affymetrix, Inc		21,930
300	*	BearingPoint, Inc		2,409
1,600	*	Celgene Corp		42,448
400		Corporate Executive Board Co		26,776
644	*	Covance, Inc		24,955
329		Fluor Corp		17,934
548	*	Gen-Probe, Inc		24,775
4,510		Halliburton Co		176,972
500	*	Hewitt Associates, Inc		16,005
400	*	Jacobs Engineering Group, Inc		19,116
1,200		Moody's Corp		104,220
3,400		Paychex, Inc		115,872
400	*	Pharmaceutical Product Development, Inc		16,516
776		Quest Diagnostics, Inc		74,147
1,703		Servicemaster Co		23,484
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		707,559
FABRICATED METAL PRODUCTS - 0.92%
300	*	Alliant Techsystems, Inc		19,614
600		Ball Corp		26,388
2,374		Danaher Corp		136,291
1,372		Fortune Brands, Inc		105,891
99		Harsco Corp		5,518
2,569		Illinois Tool Works, Inc		238,095
		TOTAL FABRICATED METAL PRODUCTS		531,797
FOOD AND KINDRED PRODUCTS - 4.35%
7,367		Anheuser-Busch Cos, Inc		373,728
1,100		Campbell Soup Co		32,879
18,852		Coca-Cola Co		784,809
1,843		H.J. Heinz Co		71,859
1,354		Hershey Foods Corp		75,201
1,389		Kellogg Co		62,033
1,000		McCormick & Co, Inc (Non-Vote)		38,600
1,400		Pepsi Bottling Group, Inc		37,856
16,104		PepsiCo, Inc		840,629
3,915		Sara Lee Corp		94,508
1,500		Wrigley (Wm.) Jr Co		103,785
		TOTAL FOOD AND KINDRED PRODUCTS		2,515,887

89 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
FOOD STORES - 0.54%
200	*	7-Eleven, Inc	$	4,790
4,000	*	Starbucks Corp		249,440
600		Whole Foods Market, Inc		57,210
		TOTAL FOOD STORES		311,440
FURNITURE AND FIXTURES - 0.18%
900		Herman Miller, Inc		24,867
100		Hillenbrand Industries, Inc		5,554
511		HNI Corp		21,999
432		Johnson Controls, Inc		27,406
700		Leggett & Platt, Inc		19,901
143		Newell Rubbermaid, Inc		3,459
		TOTAL FURNITURE AND FIXTURES		103,186
FURNITURE AND HOMEFURNISHINGS STORES - 0.71%
3,100	*	Bed Bath & Beyond, Inc		123,473
2,700		Best Buy Co, Inc		160,434
500		Circuit City Stores, Inc (Circuit City Group)		7,820
293	*	Mohawk Industries, Inc		26,736
500		Pier 1 Imports, Inc		9,850
1,600		RadioShack Corp		52,608
900	*	Williams-Sonoma, Inc		31,536
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		412,457
GENERAL BUILDING CONTRACTORS - 0.44%
621		Centex Corp		36,999
1,300		D.R. Horton, Inc		52,403
280	*	Hovnanian Enterprises, Inc (Class A)		13,866
100		KB Home		10,440
492		Lennar Corp (Class A)		27,887
193		MDC Holdings, Inc		16,683
38	*	NVR, Inc		29,237
510		Pulte Homes, Inc		32,538
200		Ryland Group, Inc		11,508
100		Standard-Pacific Corp		6,414
252	*	Toll Brothers, Inc		17,290
		TOTAL GENERAL BUILDING CONTRACTORS		255,265
GENERAL MERCHANDISE STORES - 3.69%
400	*	Big Lots, Inc		4,852
201		Costco Wholesale Corp		9,730
3,000		Dollar General Corp		62,310
1,100	*	Dollar Tree Stores, Inc		31,548
1,500		Family Dollar Stores, Inc		46,845
3,100	*	Kohl's Corp		152,427
9,187		Target Corp		477,081
25,626		Wal-Mart Stores, Inc		1,353,565
		TOTAL GENERAL MERCHANDISE STORES		2,138,358

90 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
HEALTH SERVICES - 1.00%
542	*	Accredo Health, Inc	$	15,024
2,645	*	Caremark Rx, Inc		104,292
400	*	Community Health Systems, Inc		11,152
926	*	Coventry Health Care, Inc		49,152
1,100	*	DaVita, Inc		43,483
664	*	Express Scripts, Inc		50,756
1,647		HCA, Inc		65,814
2,223		Health Management Associates, Inc (Class A)		50,507
1,400	*	Laboratory Corp of America Holdings		69,748
1,000	*	Lincare Holdings, Inc		42,650
707		Manor Care, Inc		25,049
772	*	Renal Care Group, Inc		27,784
300	*	Triad Hospitals, Inc		11,163
281		Universal Health Services, Inc (Class B)		12,505
		TOTAL HEALTH SERVICES		579,079
HOLDING AND OTHER INVESTMENT OFFICES - 1.52%
66		CBL & Associates Properties, Inc		5,039
524		Fremont General Corp		13,194
800		Friedman Billings Ramsey Group, Inc		15,512
211		General Growth Properties, Inc		7,630
15,577		iShares Russell 1000 Growth Index Fund		765,610
200		Mills Corp		12,752
350		Regency Centers Corp		19,390
29		Simon Property Group, Inc		1,875
526		Ventas, Inc		14,418
684		Weingarten Realty Investors		27,428
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		882,848
HOTELS AND OTHER LODGING PLACES - 0.56%
231		Choice Hotels International, Inc		13,398
3,316		Hilton Hotels Corp		75,406
677	*	Mandalay Resort Group		47,681
1,699		Marriott International, Inc (Class A)		107,003
100	*	MGM Mirage		7,274
725		Starwood Hotels & Resorts Worldwide, Inc		42,340
433	*	Wynn Resorts Ltd		28,976
		TOTAL HOTELS AND OTHER LODGING PLACES		322,078
INDUSTRIAL MACHINERY AND EQUIPMENT - 11.05%
7,827		3M Co		642,362
1,915	*	American Standard Cos, Inc		79,128
1,951	*	Apple Computer, Inc		125,644
16,800	*	Applied Materials, Inc		287,280
400	*	Avocent Corp		16,208
3,354		Baker Hughes, Inc		143,115
700		Black & Decker Corp		61,831
444		Briggs & Stratton Corp		18,462
2,646		Caterpillar, Inc		258,011
67,386	*	Cisco Systems, Inc		1,300,550
120	*	Cooper Cameron Corp		6,457
1,043		Deere & Co		77,599
25,292	*	Dell, Inc		1,065,805

91 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
744		Donaldson Co, Inc	$	24,240
1,657		Dover Corp		69,495
19,573	*	EMC Corp		291,051
600	*	FMC Technologies, Inc		19,320
650		Graco, Inc		24,278
1,364	*	Grant Prideco, Inc		27,348
11,246		International Business Machines Corp		1,108,631
3,600		International Game Technology		123,768
294		ITT Industries, Inc		24,828
1,300	*	Lam Research Corp		37,583
1,318	*	Lexmark International, Inc		112,030
1,100	*	Maxtor Corp		5,830
600	*	National-Oilwell, Inc		21,174
3,200	*	Network Appliance, Inc		106,304
125		Pall Corp		3,619
1,314		Pitney Bowes, Inc		60,812
1,300	*	Sandisk Corp		32,461
1,037	*	Smith International, Inc		56,423
9,627	*	Solectron Corp		51,312
100		SPX Corp		4,006
300	*	Storage Technology Corp		9,483
2,357		Symbol Technologies, Inc		40,776
300		Timken Co		7,806
684	*	Western Digital Corp		7,415
800	*	Xerox Corp		13,608
550	*	Zebra Technologies Corp (Class A)		30,954
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,397,007
INSTRUMENTS AND RELATED PRODUCTS - 5.12%
4,499	*	Agilent Technologies, Inc		108,426
1,038		Bard (C.R.), Inc		66,411
336		Bausch & Lomb, Inc		21,659
5,733		Baxter International, Inc		198,018
600		Beckman Coulter, Inc		40,194
2,590		Becton Dickinson & Co		147,112
2,600		Biomet, Inc		112,814
6,600	*	Boston Scientific Corp		234,630
329		Cooper Cos, Inc		23,224
1,082	*	Cytyc Corp		29,831
800		Dentsply International, Inc		44,960
600	*	Edwards Lifesciences Corp		24,756
1,070	*	Fisher Scientific International, Inc		66,747
337	*	Flir Systems, Inc		21,497
479	*	Fossil, Inc		12,282
3,200		Guidant Corp		230,720
351	*	Inamed Corp		22,201
2,000	*	KLA-Tencor Corp		93,160
12,167		Medtronic, Inc		604,335
300	*	Mettler-Toledo International, Inc		15,393
500	*	Millipore Corp		24,905
600		PerkinElmer, Inc		13,494
300	*	Resmed, Inc		15,330
400	*	Respironics, Inc		21,744
1,157		Rockwell Automation, Inc		57,329
331		Roper Industries, Inc		20,115
3,600	*	St. Jude Medical, Inc		150,948
2,900		Stryker Corp		139,925

92 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
715		Tektronix, Inc	$	21,600
2,000	*	Teradyne, Inc		34,140
960	*	Thermo Electron Corp		28,982
1,400	*	Varian Medical Systems, Inc		60,536
1,200	*	Waters Corp		56,148
2,500	*	Zimmer Holdings, Inc		200,300
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,963,866
INSURANCE AGENTS, BROKERS AND SERVICE - 0.48%
500		Brown & Brown, Inc		21,775
800		Gallagher (Arthur J.) & Co		26,000
5,399		Marsh & McLennan Cos, Inc		177,627
1,200	*	Medco Health Solutions, Inc		49,920
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		275,322
INSURANCE CARRIERS - 3.82%
441		Aetna, Inc		55,015
4,642		Aflac, Inc		184,937
179		Ambac Financial Group, Inc		14,701
15,449		American International Group, Inc		1,014,536
150		Genworth Financial, Inc		4,050
200		HCC Insurance Holdings, Inc		6,624
26	*	Markel Corp		9,464
239	*	Pacificare Health Systems, Inc		13,508
278		Progressive Corp		23,586
827		Prudential Financial, Inc		45,452
332		Radian Group, Inc		17,676
6,733		UnitedHealth Group, Inc		592,706
140		Unitrin, Inc		6,363
100	*	WellChoice, Inc		5,340
1,900	*	WellPoint, Inc		218,500
		TOTAL INSURANCE CARRIERS		2,212,458
LEATHER AND LEATHER PRODUCTS - 0.21%
1,900	*	Coach, Inc		107,160
200	*	Timberland Co (Class A)		12,534
		TOTAL LEATHER AND LEATHER PRODUCTS		119,694
METAL MINING - 0.31%
1,500		Freeport-McMoRan Copper & Gold, Inc (Class A)		57,345
2,700		Newmont Mining Corp		119,907
100		Southern Peru Copper Corp		4,721
		TOTAL METAL MINING		181,973
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
1,907		Mattel, Inc		37,167
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		37,167

93 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
MISCELLANEOUS RETAIL - 2.69%
2,998	*	Amazon.com, Inc	$	132,781
23		Blockbuster, Inc (Class B)		203
420		CVS Corp		18,929
5,270	*	eBay, Inc		612,796
803	*	Marvel Enterprises, Inc		16,445
1,370		Michaels Stores, Inc		41,059
328		MSC Industrial Direct Co (Class A)		11,801
800		Omnicare, Inc		27,696
391	*	Petco Animal Supplies, Inc		15,437
1,400		Petsmart, Inc		49,742
3,900	*	Rite Aid Corp		14,274
5,100		Staples, Inc		171,921
1,438		Tiffany & Co		45,973
10,357		Walgreen Co		397,398
		TOTAL MISCELLANEOUS RETAIL		1,556,455
MOTION PICTURES - 0.87%
324	*	Avid Technology, Inc		20,007
123		Blockbuster, Inc (Class A)		1,173
13,334	*	Liberty Media Corp (Class A)		146,407
8,427	*	Time Warner, Inc		163,821
6,208		Walt Disney Co		172,582
		TOTAL MOTION PICTURES		503,990
NONDEPOSITORY INSTITUTIONS - 3.61%
271		American Capital Strategies Ltd		9,038
11,475		American Express Co		646,846
1,720		Capital One Financial Corp		144,841
654	*	CapitalSource, Inc		16,788
800		Doral Financial Corp		39,400
9,749		Fannie Mae		694,226
124	*	First Marblehead Corp		6,975
484		Freddie Mac		35,671
8,300		MBNA Corp		233,977
800	*	Providian Financial Corp		13,176
4,500		SLM Corp		240,255
100		Westcorp		4,593
100	*	WFS Financial, Inc		5,078
		TOTAL NONDEPOSITORY INSTITUTIONS		2,090,864
OIL AND GAS EXTRACTION - 0.63%
1,600		BJ Services Co		74,464
431		Burlington Resources, Inc		18,749
200		Diamond Offshore Drilling, Inc		8,010
795		ENSCO International, Inc		25,233
294	*	Newfield Exploration Co		17,361
898		Patina Oil & Gas Corp		33,675
1,700		Patterson-UTI Energy, Inc		33,065
293		Pioneer Natural Resources Co		10,284
192		Pogo Producing Co		9,310
700	*	Pride International, Inc		14,378
500		Rowan Cos, Inc		12,950

94 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
300		Tidewater, Inc	$	10,683
200	*	Varco International, Inc		5,830
2,608		XTO Energy, Inc		92,271
		TOTAL OIL AND GAS EXTRACTION		366,263
PAPER AND ALLIED PRODUCTS - 0.28%
2,088		Kimberly-Clark Corp		137,411
63		Neenah Paper, Inc		2,054
1,000	*	Pactiv Corp		25,290
		TOTAL PAPER AND ALLIED PRODUCTS		164,755
PERSONAL SERVICES - 0.29%
1,200		Cintas Corp		52,632
1,800		H & R Block, Inc		88,200
200		Regis Corp		9,230
400	*	Weight Watchers International, Inc		16,428
		TOTAL PERSONAL SERVICES		166,490
PRIMARY METAL INDUSTRIES - 0.45%
5,576		Alcoa, Inc		175,198
796	*	Andrew Corp		10,849
100	*	International Steel Group, Inc		4,056
752		Nucor Corp		39,360
344		Precision Castparts Corp		22,594
384		Worthington Industries, Inc		7,519
		TOTAL PRIMARY METAL INDUSTRIES		259,576
PRINTING AND PUBLISHING - 0.70%
616		Belo (A.H.) Corp Series A		16,164
514		Dow Jones & Co, Inc		22,133
600		EW Scripps Co		28,968
400		Harte-Hanks, Inc		10,392
100		Knight Ridder, Inc		6,694
1,954		McGraw-Hill Cos, Inc		178,869
180		Media General, Inc (Class A)		11,666
358		Meredith Corp		19,404
1,356		New York Times Co (Class A)		55,325
39		Washington Post Co (Class B)		38,338
500		Wiley (John) & Sons, Inc (Class A)		17,420
		TOTAL PRINTING AND PUBLISHING		405,373
RAILROAD TRANSPORTATION - 0.03%
5,516	*	ADC Telecommunications, Inc		14,783
		TOTAL RAILROAD TRANSPORTATION		14,783
REAL ESTATE - 0.11%
1,028		Catellus Development Corp		31,457
490		St. Joe Co		31,458
		TOTAL REAL ESTATE		62,915

95 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.32%
1,600		Nike, Inc (Class B)	$	145,104
100		Reebok International Ltd		4,400
700	*	Sealed Air Corp		37,289
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		186,793
SECURITY AND COMMODITY BROKERS - 1.09%
2,300	*	Ameritrade Holding Corp		32,706
100		Blackrock, Inc		7,726
9,027		Charles Schwab Corp		107,963
333		Chicago Mercantile Exchange		76,157
2,100	*	E*Trade Financial Corp		31,395
700		Eaton Vance Corp		36,505
700		Federated Investors, Inc (Class B)		21,280
133		Franklin Resources, Inc		9,263
148		Goldman Sachs Group, Inc		15,398
600		Investors Financial Services Corp		29,988
1,003		Legg Mason, Inc		73,480
1,386		Morgan Stanley		76,951
100		Nuveen Investments, Inc		3,947
600		SEI Investments Co		25,158
1,069		T Rowe Price Group, Inc		66,492
800		Waddell & Reed Financial, Inc (Class A)		19,112
		TOTAL SECURITY AND COMMODITY BROKERS		633,521
STONE, CLAY, AND GLASS PRODUCTS - 0.25%
11,874	*	Corning, Inc		139,757
29		Eagle Materials, Inc (Class B)		2,445
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		142,202
TRANSPORTATION BY AIR - 0.63%
940	*	AMR Corp		10,293
2,309		FedEx Corp		227,413
900	*	JetBlue Airways Corp		20,898
6,436		Southwest Airlines Co		104,778
		TOTAL TRANSPORTATION BY AIR		363,382
TRANSPORTATION EQUIPMENT - 1.50%
7,414		Boeing Co		383,823
489		Brunswick Corp		24,206
322		General Dynamics Corp		33,681
700		Gentex Corp		25,914
3,000		Harley-Davidson, Inc		182,250
400	*	Navistar International Corp		17,592
323		Oshkosh Truck Corp		22,087
400		Polaris Industries, Inc		27,208
400	*	United Defense Industries, Inc		18,900
1,272		United Technologies Corp		131,461
		TOTAL TRANSPORTATION EQUIPMENT		867,122

96 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund

SHARES			VALUE
TRANSPORTATION SERVICES - 0.17%
804		C.H. Robinson Worldwide, Inc	$	44,638
1,000		Expeditors International of Washington, Inc		55,880
		TOTAL TRANSPORTATION SERVICES		100,518
TRUCKING AND WAREHOUSING - 0.92%
202		CNF, Inc		10,120
604		Hunt (J.B.) Transport Services, Inc		27,089
350	*	Sirva, Inc		6,727
5,708		United Parcel Service, Inc (Class B)		487,806
		TOTAL TRUCKING AND WAREHOUSING		531,742
WHOLESALE TRADE-DURABLE GOODS - 3.42%
95		BorgWarner, Inc		5,146
655		CDW Corp		43,459
386		Hughes Supply, Inc		12,487
29,580		Johnson & Johnson		1,875,964
1,200	*	Patterson Cos, Inc		52,068
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,989,124
WHOLESALE TRADE-NONDURABLE GOODS - 1.05%
261		AmerisourceBergen Corp		15,315
207		Brown-Forman Corp (Class B)		10,077
4,379		Cardinal Health, Inc		254,639
400	*	Endo Pharmaceuticals Holdings, Inc		8,408
379	*	Henry Schein, Inc		26,394
1,300		McKesson Corp		40,893
6,600		Sysco Corp		251,922
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		607,648
		TOTAL COMMON STOCK
		(Cost $47,643,010)		58,163,901
		TOTAL PORTFOLIO - 100.46%
		(Cost $47,643,967)		58,165,678
		OTHER ASSETS & LIABILITIES, NET - (0.46)%		(265,753	)
		NET ASSETS - 100.00%	$	57,899,925

*	Non-income producing
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

97

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.01%
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
170	*	Simon Property Group L.P.	$	10,067
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		10,067
		TOTAL PREFERRED STOCKS
		(Cost $5,932)		10,067
COMMON STOCKS - 100.02%
AMUSEMENT AND RECREATION SERVICES - 0.15%
8,442	*	Caesars Entertainment, Inc		170,022
1,271		Harrah's Entertainment, Inc		85,017
129		International Speedway Corp (Class A)		6,811
		TOTAL AMUSEMENT AND RECREATION SERVICES		261,850
APPAREL AND ACCESSORY STORES - 0.22%
200		American Eagle Outfitters, Inc		9,420
702	*	AnnTaylor Stores Corp		15,114
200		Claire's Stores, Inc		4,250
2,196		Foot Locker, Inc		59,138
10,337		Limited Brands, Inc		237,958
957		Nordstrom, Inc		44,721
		TOTAL APPAREL AND ACCESSORY STORES		370,601
APPAREL AND OTHER TEXTILE PRODUCTS - 0.25%
100	*	Columbia Sportswear Co		5,961
3,434		Jones Apparel Group, Inc		125,581
2,996		Liz Claiborne, Inc		126,461
1,150		Polo Ralph Lauren Corp		48,990
2,129		VF Corp		117,904
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		424,897
AUTO REPAIR, SERVICES AND PARKING - 0.03%
965		Ryder System, Inc		46,098
		TOTAL AUTO REPAIR, SERVICES AND PARKING		46,098
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
4,338	*	Autonation, Inc		83,333
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		83,333
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.17%
4,962		Home Depot, Inc		212,076
2,991		Louisiana-Pacific Corp		79,979
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		292,055

98 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
BUSINESS SERVICES - 2.53%
10,562	*	3Com Corp	$	44,044
1,100	*	Activision, Inc		22,198
934	*	Affiliated Computer Services, Inc (Class A)		56,217
2,326		Automatic Data Processing, Inc		103,158
3,973	*	BMC Software, Inc		73,898
300		Brink's Co		11,856
3,184	*	Cadence Design Systems, Inc		43,971
20,729		Cendant Corp		484,644
1,408	*	Ceridian Corp		25,738
835	*	Checkfree Corp		31,797
300	*	Cogent, Inc		9,900
5,007	*	Computer Sciences Corp		282,245
10,966	*	Compuware Corp		70,950
3,713	*	Convergys Corp		55,658
1,228		Deluxe Corp		45,841
13,789		Electronic Data Systems Corp		318,526
1,000		Equifax, Inc		28,100
300		Fair Isaac Corp		11,004
100	*	Google, Inc (Class A)		19,310
3,574	*	Interpublic Group of Cos, Inc		47,892
475	*	Lamar Advertising Co		20,321
1,237		Manpower, Inc		59,747
700	*	McAfee, Inc		20,251
49,469		Microsoft Corp		1,321,317
1,065		MoneyGram International, Inc		22,514
200	*	NAVTEQ Corp		9,272
580	*	NCR Corp		40,153
766		Omnicom Group, Inc		64,589
10,772	*	Oracle Corp		147,792
690	*	Rent-A-Center, Inc		18,285
2,856	*	Siebel Systems, Inc		29,988
88,056	*	Sun Microsystems, Inc		473,741
787	*	SunGard Data Systems, Inc		22,296
2,712	*	Sybase, Inc		54,104
1,200	*	TIBCO Software, Inc		16,008
8,047	*	Unisys Corp		81,918
1,981	*	VeriSign, Inc		66,403
266		Viad Corp		7,578
2,828	*	WebMD Corp		23,076
		TOTAL BUSINESS SERVICES		4,286,300
CHEMICALS AND ALLIED PRODUCTS - 4.79%
6,126		Air Products & Chemicals, Inc		355,124
386		Alberto-Culver Co		18,748
385	*	Biogen Idec, Inc		25,645
36,976		Bristol-Myers Squibb Co		947,325
1,789		Cabot Corp		69,199
1,320		Clorox Co		77,788
2,530		Colgate-Palmolive Co		129,435
300	*	Dade Behring Holdings, Inc		16,800
23,540		Dow Chemical Co		1,165,465
26,886		Du Pont (E.I.) de Nemours & Co		1,318,758
2,039		Eastman Chemical Co		117,711
200	*	Eyetech Pharmaceuticals, Inc		9,100
2,070		Gillette Co		92,695
4,022	*	Hospira, Inc		134,737
654	*	ICOS Corp		18,495

99 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
571		International Flavors & Fragrances, Inc	$	24,462
706	*	Invitrogen Corp		47,394
6,404	*	King Pharmaceuticals, Inc		79,410
33,138		Merck & Co, Inc		1,065,055
4,159	*	Millennium Pharmaceuticals, Inc		50,407
900	*	Nalco Holding Co		17,568
4,656		PPG Industries, Inc		317,353
6,306		Praxair, Inc		278,410
6,164		Procter & Gamble Co		339,513
2,069	*	Protein Design Labs, Inc		42,746
4,235		Rohm & Haas Co		187,314
2,951		RPM International, Inc		58,017
630	*	Scotts Co (Class A)		46,318
2,846		Sherwin-Williams Co		127,017
1,498		Sigma-Aldrich Corp		90,569
1,382		Valspar Corp		69,114
1,988	*	Watson Pharmaceuticals, Inc		65,226
16,769		Wyeth		714,192
		TOTAL CHEMICALS AND ALLIED PRODUCTS		8,117,110
COAL MINING - 0.17%
1,071		Arch Coal, Inc		38,063
785		Consol Energy, Inc		32,224
2,032		Massey Energy Co		71,018
1,741		Peabody Energy Corp		140,864
		TOTAL COAL MINING		282,169
COMMUNICATIONS - 7.83%
8,365		Alltel Corp		491,527
5,788	*	American Tower Corp (Class A)		106,499
21,423		AT&T Corp		408,322
49,428		BellSouth Corp		1,373,604
635	*	Cablevision Systems Corp (Class A)		15,812
3,761		CenturyTel, Inc		133,403
643	*	Citadel Broadcasting Corp		10,404
7,618		Clear Channel Communications, Inc		255,127
44,624	*	Comcast Corp (Class A)		1,485,087
13,100	*	Comcast Corp (Special Class A)		430,204
288	*	Cox Radio, Inc (Class A)		4,746
2,231	*	Crown Castle International Corp		37,124
2,018	*	DIRECTV Group, Inc		33,781
425	*	Entercom Communications Corp		15,253
1,717	*	Foundry Networks, Inc		22,596
3,892	*	Fox Entertainment Group, Inc (Class A)		121,664
600		Hearst-Argyle Television, Inc		15,828
4,819	*	IAC/InterActiveCorp		133,101
1,544	*	Liberty Media International, Inc		71,379
115,429	*	Lucent Technologies, Inc		434,013
1,974	*	NTL, Inc		144,023
39,604	*	Qwest Communications International, Inc		175,842
848	*	Radio One, Inc (Class D)		13,670
89,401		SBC Communications, Inc		2,303,864
29,785		Sprint Corp		740,157
828		Telephone & Data Systems, Inc		63,715
189	*	U.S. Cellular Corp		8,460
3,374	*	UnitedGlobalcom, Inc (Class A)		32,593
2,479	*	Univision Communications, Inc (Class A)		72,560

100 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
74,638		Verizon Communications, Inc	$	3,023,585
30,078		Viacom, Inc (Class B)		1,094,538
300	*	West Corp		9,933
		TOTAL COMMUNICATIONS		13,282,414
DEPOSITORY INSTITUTIONS - 18.39%
9,629		AmSouth Bancorp		249,391
3,318		Associated Banc-Corp		110,191
2,139		Astoria Financial Corp		85,496
109,980		Bank of America Corp		5,167,960
1,322		Bank of Hawaii Corp		67,078
18,146		Bank of New York Co, Inc		606,439
4,724		Banknorth Group, Inc		172,898
14,936		BB&T Corp		628,059
521	*	BOK Financial Corp		25,404
589		Capitol Federal Financial		21,204
139,450		Citigroup, Inc		6,718,701
1,054		City National Corp		74,465
3,408		Colonial Bancgroup, Inc		72,352
4,655		Comerica, Inc		284,048
1,530		Commerce Bancshares, Inc		76,806
3,260		Compass Bancshares, Inc		158,664
1,358		Cullen/Frost Bankers, Inc		65,999
2,135		Fifth Third Bancorp		100,943
3,410		First Horizon National Corp		147,005
2,038		FirstMerit Corp		58,063
3,079		Fulton Financial Corp		71,771
4,608		Golden West Financial Corp		283,023
4,248		Hibernia Corp (Class A)		125,358
963		Hudson United Bancorp		37,923
6,251		Huntington Bancshares, Inc		154,900
1,150		IndyMac Bancorp, Inc		39,618
941		International Bancshares Corp		37,057
96,041		JPMorgan Chase & Co		3,746,559
11,067		KeyCorp		375,171
2,039		M & T Bank Corp		219,886
5,915		Marshall & Ilsley Corp		261,443
7,908		Mellon Financial Corp		246,018
2,082		Mercantile Bankshares Corp		108,680
16,037		National City Corp		602,189
7,194		New York Community Bancorp, Inc		147,981
9,240		North Fork Bancorp, Inc		266,574
3,682		Northern Trust Corp		178,872
1,056		People's Bank		41,068
7,638		PNC Financial Services Group, Inc		438,727
12,477		Regions Financial Corp		444,056
2,424		Sky Financial Group, Inc		69,496
1,662		South Financial Group, Inc		54,065
9,156		Sovereign Bancorp, Inc		206,468
4,773		State Street Corp		234,450
8,889		SunTrust Banks, Inc		656,719
2,581		Synovus Financial Corp		73,765
610		TCF Financial Corp		19,605
46,587		U.S. Bancorp		1,459,105
1,599		UnionBanCal Corp		103,104
2,318		Valley National Bancorp		64,093
692		W Holding Co, Inc		15,874
43,388		Wachovia Corp		2,282,209

101 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
2,023		Washington Federal, Inc	$	53,690
1,448		Webster Financial Corp		73,327
45,512		Wells Fargo & Co		2,828,571
957		Whitney Holding Corp		43,055
1,822		Wilmington Trust Corp		65,865
2,476		Zions Bancorp		168,442
		TOTAL DEPOSITORY INSTITUTIONS		31,189,943
EATING AND DRINKING PLACES - 0.75%
300	*	Brinker International, Inc		10,521
2,155		Darden Restaurants, Inc		59,780
33,749		McDonald's Corp		1,081,993
308		Outback Steakhouse, Inc		14,100
2,511		Wendy's International, Inc		98,582
		TOTAL EATING AND DRINKING PLACES		1,264,976
EDUCATIONAL SERVICES - 0.01%
200	*	Laureate Education, Inc		8,818
		TOTAL EDUCATIONAL SERVICES		8,818
ELECTRIC, GAS, AND SANITARY SERVICES - 6.78%
1,880		AGL Resources, Inc		62,491
2,853	*	Allegheny Energy, Inc		56,233
667		Allete, Inc		24,512
3,025		Alliant Energy Corp		86,515
4,699	*	Allied Waste Industries, Inc		43,607
5,298		Ameren Corp		265,642
10,732		American Electric Power Co, Inc		368,537
2,540		Aqua America, Inc		62,459
7,444		Centerpoint Energy, Inc		84,117
4,774		Cinergy Corp		198,742
8,771		Citizens Communications Co		120,952
6,600		Consolidated Edison, Inc		288,750
4,474		Constellation Energy Group, Inc		195,559
8,854		Dominion Resources, Inc		599,770
3,253		DPL, Inc		81,683
4,824		DTE Energy Co		208,059
24,684		Duke Energy Corp		625,246
7,725	*	Dynegy, Inc (Class A)		35,690
8,682		Edison International		278,084
16,941		El Paso Corp		176,186
4,006		Energy East Corp		106,880
6,199		Entergy Corp		418,990
1,764		Equitable Resources, Inc		107,004
17,758		Exelon Corp		782,595
8,759		FirstEnergy Corp		346,068
5,008		FPL Group, Inc		374,348
1,887		Great Plains Energy, Inc		57,138
1,980		Hawaiian Electric Industries, Inc		57,717
4,425		KeySpan Corp		174,566
2,226		Kinder Morgan, Inc		162,787
2,973		MDU Resources Group, Inc		79,320
1,722		National Fuel Gas Co		48,801
7,175		NiSource, Inc		163,447
3,255		Northeast Utilities		61,357

102 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
2,290	*	NRG Energy, Inc	$	82,555
1,586		NSTAR		86,088
2,473		OGE Energy Corp		65,559
2,463		Oneok, Inc		69,998
4,913		Pepco Holdings, Inc		104,745
10,602	*	PG&E Corp		352,835
2,546		Pinnacle West Capital Corp		113,068
5,055		PPL Corp		269,330
6,780		Progress Energy, Inc		306,727
6,400		Public Service Enterprise Group, Inc		331,328
2,845		Puget Energy, Inc		70,272
2,137		Questar Corp		108,902
7,803	*	Reliant Resources, Inc		106,511
4,126		Republic Services, Inc		138,386
3,061		SCANA Corp		120,603
5,598		Sempra Energy		205,335
19,934		Southern Co		668,188
5,082		TECO Energy, Inc		77,958
7,993		TXU Corp		516,028
1,388		UGI Corp		56,783
1,875		Vectren Corp		50,250
3,301		Waste Management, Inc		98,832
2,352		Westar Energy, Inc		53,790
1,368		Western Gas Resources, Inc		40,014
14,727		Williams Cos, Inc		239,903
3,162		Wisconsin Energy Corp		106,591
1,103		WPS Resources Corp		55,106
10,814		Xcel Energy, Inc		196,815
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		11,496,352
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.78%
4,471	*	Advanced Micro Devices, Inc		98,451
2,152		American Power Conversion Corp		46,053
854		Ametek, Inc		30,462
6,234	*	Applied Micro Circuits Corp		26,245
1,284		AVX Corp		16,178
14,770	*	CIENA Corp		49,332
2,104	*	Comverse Technology, Inc		51,443
9,238	*	Conexant Systems, Inc		18,384
9,072		Emerson Electric Co		635,947
1,203	*	Energizer Holdings, Inc		59,777
1,828	*	Fairchild Semiconductor International, Inc		29,723
117	*	Freescale Semiconductor, Inc		2,085
1,690	*	Freescale Semiconductor, Inc (Class B)		31,028
4,283	*	Gemstar-TV Guide International, Inc		25,355
251,481		General Electric Co		9,179,057
654		Harris Corp		40,411
1,528		Hubbell, Inc (Class B)		79,914
422	*	International Rectifier Corp		18,809
1,800		Intersil Corp (Class A)		30,132
1,378		L-3 Communications Holdings, Inc		100,925
6,467	*	LSI Logic Corp		35,439
1,209		Maytag Corp		25,510
8,181	*	Micron Technology, Inc		101,035
572		Molex, Inc		17,160
621	*	Novellus Systems, Inc		17,320
1,411	*	Polycom, Inc		32,905
346	*	QLogic Corp		12,709

103 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
6,755	*	Sanmina-SCI Corp	$	57,215
3,910		Scientific-Atlanta, Inc		129,069
33,414	*	Sirius Satellite Radio, Inc		255,617
7,366	*	Tellabs, Inc		63,274
500	*	Utstarcom, Inc		11,075
3,053	*	Vishay Intertechnology, Inc		45,856
1,881		Whirlpool Corp		130,184
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,504,079
ENGINEERING AND MANAGEMENT SERVICES - 0.32%
3,339	*	BearingPoint, Inc		26,812
1,298		Fluor Corp		70,754
328	*	Jacobs Engineering Group, Inc		15,675
7,061		Monsanto Co		392,239
3,293		Servicemaster Co		45,410
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		550,890
FABRICATED METAL PRODUCTS - 0.47%
390	*	Alliant Techsystems, Inc		25,498
1,498		Ball Corp		65,882
1,468		Crane Co		42,337
289		Fortune Brands, Inc		22,305
758		Harsco Corp		42,251
402		Illinois Tool Works, Inc		37,257
11,586		Masco Corp		423,237
1,586		Snap-On, Inc		54,495
1,828		Stanley Works		89,554
		TOTAL FABRICATED METAL PRODUCTS		802,816
FOOD AND KINDRED PRODUCTS - 2.10%
2,150		Anheuser-Busch Cos, Inc		109,070
15,400		Archer Daniels Midland Co		343,574
3,025		Campbell Soup Co		90,417
6,216		Coca-Cola Co		258,772
6,330		Coca-Cola Enterprises, Inc		131,981
14,262		Conagra Foods, Inc		420,016
2,312	*	Constellation Brands, Inc (Class A)		107,531
680		Coors (Adolph) Co (Class B)		51,456
4,009	*	Dean Foods Co		132,097
5,472	*	Del Monte Foods Co		60,301
7,876		General Mills, Inc		391,516
4,594		H.J. Heinz Co		179,120
1,012		Hershey Foods Corp		56,206
1,782		Hormel Foods Corp		55,866
1,526		J.M. Smucker Co		71,829
2,729		Kellogg Co		121,877
7,188		Kraft Foods, Inc (Class A)		255,965
1,103		McCormick & Co, Inc (Non-Vote)		42,576
515		Pepsi Bottling Group, Inc		13,926
1,793		PepsiAmericas Inc		38,083
2,565		PepsiCo, Inc		133,893
650		Pilgrim's Pride Corp		19,942
10,855		Sara Lee Corp		262,040

104 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
2,243	*	Smithfield Foods, Inc	$	66,370
692		Tootsie Roll Industries, Inc		23,964
5,581		Tyson Foods, Inc (Class A)		102,690
323		Wrigley (Wm.) Jr Co		22,348
		TOTAL FOOD AND KINDRED PRODUCTS		3,563,426
FOOD STORES - 0.48%
9,816		Albertson's, Inc		234,406
19,497	*	Kroger Co		341,977
11,808	*	Safeway, Inc		233,090
		TOTAL FOOD STORES		809,473
FORESTRY - 0.25%
6,390		Weyerhaeuser Co		429,536
		TOTAL FORESTRY		429,536
FURNITURE AND FIXTURES - 0.40%
1,029		Hillenbrand Industries, Inc		57,151
3,883		Johnson Controls, Inc		246,338
1,765		Lear Corp		107,683
3,056		Leggett & Platt, Inc		86,882
6,528		Newell Rubbermaid, Inc		157,912
1,400		Steelcase, Inc (Class A)		19,376
		TOTAL FURNITURE AND FIXTURES		675,342
FURNITURE AND HOMEFURNISHINGS STORES - 0.10%
4,457		Circuit City Stores, Inc (Circuit City Group)		69,707
506	*	GameStop Corp (Class B)		11,339
660	*	Mohawk Industries, Inc		60,225
1,088		Pier 1 Imports, Inc		21,434
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		162,705
GENERAL BUILDING CONTRACTORS - 0.46%
1,595		Centex Corp		95,030
2,639		D.R. Horton, Inc		106,378
382	*	Hovnanian Enterprises, Inc (Class A)		18,917
944		KB Home		98,554
1,855		Lennar Corp (Class A)		105,141
260		Lennar Corp (Class B)		13,575
453		MDC Holdings, Inc		39,157
1,729		Pulte Homes, Inc		110,310
1,132		Ryland Group, Inc		65,135
1,035		Standard-Pacific Corp		66,385
788	*	Toll Brothers, Inc		54,065
		TOTAL GENERAL BUILDING CONTRACTORS		772,647
GENERAL MERCHANDISE STORES - 1.17%
2,177	*	Big Lots, Inc		26,407
1,895	*	BJ's Wholesale Club, Inc		55,201
11,374		Costco Wholesale Corp		550,615

105 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
1,670		Dillard's, Inc (Class A)	$	44,873
4,624		Federated Department Stores, Inc		267,221
6,361		J.C. Penney Co, Inc		263,345
1,284	*	Kmart Holding Corp		127,052
7,764		May Department Stores Co		228,262
1,267		Neiman Marcus Group, Inc (Class A)		90,641
3,349		Saks, Inc		48,594
5,657		Sears Roebuck & Co		288,677
		TOTAL GENERAL MERCHANDISE STORES		1,990,888
HEALTH SERVICES - 0.47%
5,162	*	Caremark Rx, Inc		203,538
988	*	Community Health Systems, Inc		27,545
7,404		HCA, Inc		295,864
600		Health Management Associates, Inc (Class A)		13,632
217	*	Laboratory Corp of America Holdings		10,811
596		Manor Care, Inc		21,116
12,310	*	Tenet Healthcare Corp		135,164
1,373	*	Triad Hospitals, Inc		51,089
774		Universal Health Services, Inc (Class B)		34,443
		TOTAL HEALTH SERVICES		793,202
HOLDING AND OTHER INVESTMENT OFFICES - 4.02%
3,304		Allied Capital Corp		85,375
2,202		AMB Property Corp		88,939
3,348		Annaly Mortgage Management, Inc		65,688
2,545		Apartment Investment & Management Co (Class A)		98,084
5,287		Archstone-Smith Trust		202,492
1,655		Arden Realty, Inc		62,427
1,845		AvalonBay Communities, Inc		138,929
2,290		Boston Properties, Inc		148,094
1,360		BRE Properties, Inc (Class A)		54,822
1,127		Camden Property Trust		57,477
491		CBL & Associates Properties, Inc		37,488
1,272		Centerpoint Properties Trust		60,916
2,155		Crescent Real Estate Equities Co		39,350
10		Cross Timbers Royalty Trust		399
2,604		Developers Diversified Realty Corp		115,539
3,670		Duke Realty Corp		125,294
10,913		Equity Office Properties Trust		317,787
7,468		Equity Residential		270,192
1,513		Federal Realty Investment Trust		78,146
400		Fremont General Corp		10,072
1,753		Friedman Billings Ramsey Group, Inc		33,991
5,325		General Growth Properties, Inc		192,552
3,368		Health Care Property Investors, Inc		93,260
1,366		Health Care REIT, Inc		52,113
1,889		Hospitality Properties Trust		86,894
9,365		Host Marriott Corp		162,015
4,977		HRPT Properties Trust		63,855
2,108		Independence Community Bank Corp		89,759
9,001		iShares Russell 1000 Value Index Fund		597,396
2,945		iStar Financial, Inc		133,291
2,513		Kimco Realty Corp		145,729
2,158		Liberty Property Trust		93,226
1,476		Macerich Co		92,693
1,772		Mack-Cali Realty Corp		81,565

106 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
842		Mills Corp	$	53,686
2,542		New Plan Excel Realty Trust		68,837
1,245		Pan Pacific Retail Properties, Inc		78,062
4,702		Plum Creek Timber Co, Inc		180,745
7,136		Popular, Inc		205,731
4,636		Prologis		200,878
2,107		Public Storage, Inc		117,465
2,180		Reckson Associates Realty Corp		71,526
586		Regency Centers Corp		32,464
1,182		Shurgard Storage Centers, Inc (Class A)		52,020
4,310		Simon Property Group, Inc		278,728
1,182		SL Green Realty Corp		71,570
2,417		Thornburg Mortgage, Inc		69,996
2,716		Trizec Properties, Inc		51,387
3,289		United Dominion Realty Trust, Inc		81,567
1,082		Ventas, Inc		29,658
2,492		Vornado Realty Trust		189,716
23,580		Washington Mutual, Inc		996,962
376		Weingarten Realty Investors		15,078
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,821,925
HOTELS AND OTHER LODGING PLACES - 0.22%
1,625		Hilton Hotels Corp		36,953
652		Marriott International, Inc (Class A)		41,063
1,371	*	MGM Mirage		99,727
3,429		Starwood Hotels & Resorts Worldwide, Inc		200,254
		TOTAL HOTELS AND OTHER LODGING PLACES		377,997
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.68%
2,425	*	AGCO Corp		53,083
5,308	*	Apple Computer, Inc		341,835
200	*	Avocent Corp		8,104
200		Black & Decker Corp		17,666
236		Briggs & Stratton Corp		9,813
2,142		Caterpillar, Inc		208,866
1,169	*	Cooper Cameron Corp		62,904
1,044		Cummins, Inc		87,477
3,884		Deere & Co		288,970
2,043		Diebold, Inc		113,856
1,058		Dover Corp		44,373
3,968		Eaton Corp		287,124
12,585	*	EMC Corp		187,139
81,968		Hewlett-Packard Co		1,718,869
15,160		International Business Machines Corp		1,494,473
1,460		ITT Industries, Inc		123,297
4,712	*	Maxtor Corp		24,974
841	*	National-Oilwell, Inc		29,679
3,162		Pall Corp		91,540
3,197		Parker Hannifin Corp		242,141
2,628		Pentair, Inc		114,476
2,807		Pitney Bowes, Inc		129,908
600	*	Sandisk Corp		14,982
1,797		SPX Corp		71,988
2,209	*	Storage Technology Corp		69,826

107 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
851		Timken Co	$	22,143
4,236	*	Western Digital Corp		45,918
19,266	*	Xerox Corp		327,715
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,233,139
INSTRUMENTS AND RELATED PRODUCTS - 0.72%
1,210	*	Agilent Technologies, Inc		29,161
5,201		Applera Corp (Applied Biosystems Group)		108,753
553		Bausch & Lomb, Inc		35,646
1,612		Baxter International, Inc		55,678
7,627		Eastman Kodak Co		245,971
438	*	Mettler-Toledo International, Inc		22,474
1,411		PerkinElmer, Inc		31,733
12,234		Raytheon Co		475,046
1,707		Rockwell Automation, Inc		84,582
477		Tektronix, Inc		14,410
1,048		Teleflex, Inc		54,433
1,871	*	Thermo Electron Corp		56,485
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,214,372
INSURANCE AGENTS, BROKERS AND SERVICE - 0.22%
8,265		AON Corp		197,203
4,206	*	Medco Health Solutions, Inc		174,970
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		372,173
INSURANCE CARRIERS - 6.37%
2,831		Aetna, Inc		353,167
1,599		Aflac, Inc		63,704
218	*	Alleghany Corp		62,185
1,392	*	Allmerica Financial Corp		45,699
18,939		Allstate Corp		979,525
2,132		Ambac Financial Group, Inc		175,101
1,056		American Financial Group, Inc		33,063
20,505		American International Group, Inc		1,346,563
202		American National Insurance Co		21,040
2,169		Assurant, Inc		66,263
1,859		Berkley (W.R.) Corp		87,689
5,046		Chubb Corp		388,037
3,507		Cigna Corp		286,066
3,994		Cincinnati Financial Corp		176,774
629	*	CNA Financial Corp		16,801
3,855	*	Conseco, Inc		76,907
648		Erie Indemnity Co (Class A)		34,065
4,367		Fidelity National Financial, Inc		199,441
2,166		First American Corp		76,113
3,347		Genworth Financial, Inc		90,369
7,753		Hartford Financial Services Group, Inc		537,360
1,418		HCC Insurance Holdings, Inc		46,964
3,221	*	Health Net, Inc		92,990
4,404	*	Humana, Inc		130,755
3,742		Jefferson-Pilot Corp		194,434
1,451		Leucadia National Corp		100,815
4,679		Lincoln National Corp		218,416
3,882		Loews Corp		272,905

108 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
150	*	Markel Corp	$	54,600
3,876		MBIA, Inc		245,273
597		Mercury General Corp		35,772
10,895		MetLife, Inc		441,356
2,668		MGIC Investment Corp		183,852
1,644		Nationwide Financial Services, Inc (Class A)		62,850
700		Odyssey Re Holdings Corp		17,647
4,591		Old Republic International Corp		116,152
1,887	*	Pacificare Health Systems, Inc		106,653
2,662		PMI Group, Inc		111,139
8,499		Principal Financial Group		347,949
4,458		Progressive Corp		378,217
1,679		Protective Life Corp		71,677
11,728		Prudential Financial, Inc		644,571
1,734		Radian Group, Inc		92,318
771		Reinsurance Group of America, Inc		37,355
3,417		Safeco Corp		178,504
17,968		St. Paul Travelers Cos, Inc		666,074
744		Stancorp Financial Group, Inc		61,380
3,059		Torchmark Corp		174,791
788		Transatlantic Holdings, Inc		48,722
764		Unitrin, Inc		34,724
7,651		UnumProvident Corp		137,259
459	*	WellChoice, Inc		24,511
2,826	*	WellPoint, Inc		324,990
80		Wesco Financial Corp		31,440
		TOTAL INSURANCE CARRIERS		10,802,987
LUMBER AND WOOD PRODUCTS - 0.19%
6,754		Georgia-Pacific Corp		253,140
1,330		Rayonier, Inc		65,050
		TOTAL LUMBER AND WOOD PRODUCTS		318,190
METAL MINING - 0.25%
3,895		Newmont Mining Corp		172,977
2,448		Phelps Dodge Corp		242,156
200		Southern Peru Copper Corp		9,442
		TOTAL METAL MINING		424,575
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.11%
3,895		Hasbro, Inc		75,485
6,059		Mattel, Inc		118,090
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		193,575
MISCELLANEOUS RETAIL - 0.48%
1,493	*	Barnes & Noble, Inc		48,179
136		Blockbuster, Inc (Class B)		1,198
2,171		Borders Group, Inc		55,143
9,335		CVS Corp		420,728
8,042	*	Office Depot, Inc		139,609

109 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
591		Omnicare, Inc	$	20,460
2,013	*	Rite Aid Corp		7,368
5,667	*	Toys 'R' Us, Inc		116,003
		TOTAL MISCELLANEOUS RETAIL		808,688
MOTION PICTURES - 2.03%
4,112		Blockbuster, Inc (Class A)		39,228
400	*	DreamWorks Animation SKG, Inc (Class A)		15,004
37,902	*	Liberty Media Corp (Class A)		416,164
1,821		Metro-Goldwyn-Mayer, Inc		21,633
700		Regal Entertainment Group (Class A)		14,525
95,578	*	Time Warner, Inc		1,858,036
38,832		Walt Disney Co		1,079,530
		TOTAL MOTION PICTURES		3,444,120
NONDEPOSITORY INSTITUTIONS - 1.63%
1,527		American Capital Strategies Ltd		50,925
4,342	*	AmeriCredit Corp		106,162
1,825		Capital One Financial Corp		153,683
5,582		CIT Group, Inc		255,767
15,066		Countrywide Financial Corp		557,593
17,069		Freddie Mac		1,257,985
8,109		MBNA Corp		228,593
5,465	*	Providian Financial Corp		90,009
176		Student Loan Corp		32,384
385		Westcorp		17,683
200	*	WFS Financial, Inc		10,156
		TOTAL NONDEPOSITORY INSTITUTIONS		2,760,940
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
2,668		Vulcan Materials Co		145,699
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		145,699
OIL AND GAS EXTRACTION - 2.47%
6,738		Anadarko Petroleum Corp		436,690
8,610		Apache Corp		435,408
9,266		Burlington Resources, Inc		403,071
7,079		Chesapeake Energy Corp		116,804
12,682		Devon Energy Corp		493,583
795		Diamond Offshore Drilling, Inc		31,840
2,049		ENSCO International, Inc		65,035
3,052		EOG Resources, Inc		217,791
3,578		Kerr-McGee Corp		206,773
9,362		Marathon Oil Corp		352,105
1,023	*	Newfield Exploration Co		60,408
1,697		Noble Energy, Inc		104,637
10,552		Occidental Petroleum Corp		615,815
300		Patterson-UTI Energy, Inc		5,835
3,238		Pioneer Natural Resources Co		113,654
1,452		Pogo Producing Co		70,407
1,432	*	Pride International, Inc		29,413

110 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
1,238		Rowan Cos, Inc	$	32,064
784		Tidewater, Inc		27,918
6,993		Unocal Corp		302,377
2,111	*	Varco International, Inc		61,536
		TOTAL OIL AND GAS EXTRACTION		4,183,164
PAPER AND ALLIED PRODUCTS - 1.09%
2,746		Bemis Co		79,881
1,359		Bowater, Inc		59,755
13,006		International Paper Co		546,252
7,835		Kimberly-Clark Corp		515,621
5,126		MeadWestvaco Corp		173,720
525		Neenah Paper, Inc		17,115
2,125		OfficeMax, Inc		66,683
1,695		Packaging Corp of America		39,917
1,403	*	Pactiv Corp		35,482
6,863	*	Smurfit-Stone Container Corp		128,201
2,412		Sonoco Products Co		71,516
1,565		Temple-Inland, Inc		107,046
		TOTAL PAPER AND ALLIED PRODUCTS		1,841,189
PERSONAL SERVICES - 0.06%
784		Regis Corp		36,182
9,479	*	Service Corp International		70,619
		TOTAL PERSONAL SERVICES		106,801
PETROLEUM AND COAL PRODUCTS - 8.76%
2,033		Amerada Hess Corp		167,479
1,769		Ashland, Inc		103,274
57,752		ChevronTexaco Corp		3,032,558
18,439		ConocoPhillips		1,601,058
176,391		ExxonMobil Corp		9,041,803
1,657		Lubrizol Corp		61,077
5,258		Lyondell Chemical Co		152,061
2,218		Murphy Oil Corp		178,438
926		Premcor, Inc		39,049
2,025		Sunoco, Inc		165,463
6,950		Valero Energy Corp		315,530
		TOTAL PETROLEUM AND COAL PRODUCTS		14,857,790
PRIMARY METAL INDUSTRIES - 0.45%
8,106		Alcoa, Inc		254,691
2,430	*	Andrew Corp		33,121
3,336		Engelhard Corp		102,315
500	*	International Steel Group, Inc		20,280
2,192		Nucor Corp		114,729
814		Precision Castparts Corp		53,464
3,131		United States Steel Corp		160,464
900		Worthington Industries, Inc		17,622
		TOTAL PRIMARY METAL INDUSTRIES		756,686

111 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
PRINTING AND PUBLISHING - 0.79%
1,146		Belo (A.H.) Corp Series A	$	30,071
400		Dex Media, Inc		9,984
6,795		Gannett Co, Inc		555,152
146		Harte-Hanks, Inc		3,793
1,781		Knight Ridder, Inc		119,220
1,227		Lee Enterprises, Inc		56,540
631		McClatchy Co (Class A)		45,312
400		Media General, Inc (Class A)		25,924
449		New York Times Co (Class A)		18,319
5,566		R.R. Donnelley & Sons Co		196,424
6,536		Tribune Co		275,427
		TOTAL PRINTING AND PUBLISHING		1,336,166
RAILROAD TRANSPORTATION - 0.94%
10,134	*	ADC Telecommunications, Inc		27,159
10,066		Burlington Northern Santa Fe Corp		476,222
5,774		CSX Corp		231,422
10,548		Norfolk Southern Corp		381,732
7,025		Union Pacific Corp		472,431
		TOTAL RAILROAD TRANSPORTATION		1,588,966
REAL ESTATE - 0.03%
943		Forest City Enterprises, Inc (Class A)		54,270
		TOTAL REAL ESTATE		54,270
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%
1,369		Reebok International Ltd		60,236
287	*	Sealed Air Corp		15,288
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		75,524
SECURITY AND COMMODITY BROKERS - 3.22%
2,145		A.G. Edwards, Inc		92,685
2,842		Bear Stearns Cos, Inc		290,765
3,494		Charles Schwab Corp		41,788
4,094	*	E*Trade Financial Corp		61,205
200		Federated Investors, Inc (Class B)		6,080
3,747		Franklin Resources, Inc		260,979
8,219		Goldman Sachs Group, Inc		855,105
2,309	*	Instinet Group, Inc		13,923
6,150		Janus Capital Group, Inc		103,382
1,459		Jefferies Group, Inc		58,769
7,432		Lehman Brothers Holdings, Inc		650,151
25,771		Merrill Lynch & Co, Inc		1,540,333
25,866		Morgan Stanley		1,436,080
1,546		Raymond James Financial, Inc		47,895
		TOTAL SECURITY AND COMMODITY BROKERS		5,459,140

112 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.13%
5,836	*	Corning, Inc	$	68,690
530		Florida Rock Industries, Inc		31,551
896		Lafarge North America, Inc		45,983
3,001	*	Owens-Illinois, Inc		67,973
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		214,197
TOBACCO PRODUCTS - 2.33%
55,279		Altria Group, Inc		3,377,547
1,622		Loews Corp (Carolina Group)		46,957
4,076		Reynolds American, Inc		320,374
4,409		UST, Inc		212,117
		TOTAL TOBACCO PRODUCTS		3,956,995
TRANSPORTATION BY AIR - 0.16%
1,898	*	AMR Corp		20,783
1,804		FedEx Corp		177,676
4,800		Southwest Airlines Co		78,144
		TOTAL TRANSPORTATION BY AIR		276,603
TRANSPORTATION EQUIPMENT - 3.64%
1,164		American Axle & Manufacturing Holdings, Inc		35,688
2,610		Autoliv, Inc		126,063
2,776		Boeing Co		143,714
1,065		Brunswick Corp		52,718
4,169		Dana Corp		72,249
12,129		Delphi Corp		109,404
47,163		Ford Motor Co		690,466
4,491		General Dynamics Corp		469,759
12,469		General Motors Corp		499,508
4,433		Genuine Parts Co		195,318
3,286		Goodrich Corp		107,255
23,042		Honeywell International, Inc		815,917
10,027		Lockheed Martin Corp		557,000
722	*	Navistar International Corp		31,754
9,456		Northrop Grumman Corp		514,028
200		Oshkosh Truck Corp		13,676
4,664		Paccar, Inc		375,359
3,235		Textron, Inc		238,743
551	*	TRW Automotive Holdings Corp		11,406
400	*	United Defense Industries, Inc		18,900
10,543		United Technologies Corp		1,089,619
		TOTAL TRANSPORTATION EQUIPMENT		6,168,544
TRANSPORTATION SERVICES - 0.05%
3,771		Sabre Holdings Corp		83,565
		TOTAL TRANSPORTATION SERVICES		83,565
TRUCKING AND WAREHOUSING - 0.08%
1,115		CNF, Inc		55,862
1,296	*	Yellow Roadway Corp		72,200
		TOTAL TRUCKING AND WAREHOUSING		128,062

113 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund

SHARES			VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.41%
2,802		Adesa, Inc	$	59,458
2,877	*	Arrow Electronics, Inc		69,911
3,222	*	Avnet, Inc		58,769
1,194		BorgWarner, Inc		64,679
971		Carlisle Cos, Inc		63,037
1,094		Hughes Supply, Inc		35,391
3,519		IKON Office Solutions, Inc		40,680
2,683	*	Ingram Micro, Inc (Class A)		55,806
1,110		Martin Marietta Materials, Inc		59,563
1,497	*	Tech Data Corp		67,964
1,814		W.W. Grainger, Inc		120,849
		TOTAL WHOLESALE TRADE-DURABLE GOODS		696,107
WHOLESALE TRADE-NONDURABLE GOODS - 0.26%
2,262		AmerisourceBergen Corp		132,734
750		Brown-Forman Corp (Class B)		36,510
208	*	Henry Schein, Inc		14,485
4,346		McKesson Corp		136,725
3,685		Supervalu, Inc		127,205
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		447,659
		TOTAL COMMON STOCKS
		(Cost $132,097,688)		169,611,728
PRINCIPAL
SHORT TERM INVESTMENTS - 0.33%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.33%
$570,000		Federal Home Loan Banks (FHLB) 1.00%, 01/03/05		569,898
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		569,898
		TOTAL SHORT TERM INVESTMENTS
		(Cost $569,941)		569,898
		TOTAL PORTFOLIO - 100.36%
		(Cost $132,673,561)		170,191,693
		OTHER ASSETS & LIABILITIES, NET - (0.36)%		(618,130	)
		NET ASSETS - 100.00%	$	169,573,563

*	Non-income producing
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

114

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.00%
HEALTH SERVICES - 0.00%
1,479	*	Bio-Reference Labs, Inc	$	25,735
		TOTAL HEALTH SERVICES		25,735
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%
712	*	Simon Property Group L.P.		42,165
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		42,165
		TOTAL PREFERRED STOCKS
		(Cost $41,893)		67,900
COMMON STOCKS - 100.06%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
156	*	Alico, Inc		9,129
2,546		Delta & Pine Land Co		69,455
271	*	John B. Sanfilippo & Son		6,986
		TOTAL AGRICULTURAL PRODUCTION-CROPS		85,570
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.00%
39		Seaboard Corp		38,922
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		38,922
AMUSEMENT AND RECREATION SERVICES - 0.22%
4,402	*	Alliance Gaming Corp		60,792
1,922	*	Argosy Gaming Co		89,757
2,549	*	Aztar Corp		89,011
19,712	*	Caesars Entertainment, Inc		397,000
476		Churchill Downs, Inc		21,277
1,637		Dover Downs Gaming & Entertainment, Inc		21,445
736		Dover Motorsport, Inc		4,217
2,297	*	Gaylord Entertainment Co		95,394
7,184		Harrah's Entertainment, Inc		480,538
2,262		International Speedway Corp (Class A)		119,434
1,378	*	Isle of Capri Casinos, Inc		35,346
954	*	Lakes Entertainment, Inc		15,541
800	*	Life Time Fitness, Inc		20,704
2,098	*	Magna Entertainment (Class A)		12,630
1,155	*	MTR Gaming Group, Inc		12,197
1,472	*	Multimedia Games, Inc		23,199
464	*	Nevada Gold & Casinos, Inc		5,661
2,261	*	Penn National Gaming, Inc		136,904
5,789	*	Six Flags, Inc		31,087
797		Speedway Motorsports, Inc		31,226
2,879		Station Casinos, Inc		157,424

115 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
547	*	Sunterra Corp	$	7,680
1,388	*	WMS Industries, Inc		46,554
614		World Wrestling Federation Entertainment, Inc		7,448
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,922,466
APPAREL AND ACCESSORY STORES - 0.60%
5,724		Abercrombie & Fitch Co (Class A)		268,742
4,148	*	Aeropostale, Inc		122,076
3,260		American Eagle Outfitters, Inc		153,546
4,364	*	AnnTaylor Stores Corp		93,957
1,312		Bebe Stores, Inc		35,398
350		Buckle, Inc		10,325
1,643		Burlington Coat Factory Warehouse Corp		37,296
594	*	Cache, Inc		10,704
409	*	Carter's, Inc		13,902
1,531	*	Casual Male Retail Group, Inc		8,344
1,213		Cato Corp (Class A)		34,959
1,166	*	Charlotte Russe Holding, Inc		11,777
9,664	*	Charming Shoppes, Inc		90,552
5,965	*	Chico's FAS, Inc		271,586
1,554	*	Children's Place Retail Stores, Inc		57,545
2,609		Christopher & Banks Corp		48,136
5,558		Claire's Stores, Inc		118,108
195		Deb Shops, Inc		4,883
2,072	*	Dress Barn, Inc		36,467
3,358		Finish Line, Inc (Class A)		61,451
9,921		Foot Locker, Inc		267,173
40,154		Gap, Inc		848,052
1,356	*	Genesco, Inc		42,226
1,941		Goody's Family Clothing, Inc		17,741
2,706	*	Gymboree Corp		34,691
3,690	*	Hot Topic, Inc		63,431
1,606	*	Jo-Ann Stores, Inc		44,229
1,021	*	JOS A. Bank Clothiers, Inc		28,894
24,631		Limited Brands, Inc		567,006
1,200	*	New York & Co, Inc		19,824
6,947		Nordstrom, Inc		324,633
542		Oshkosh B'gosh, Inc (Class A)		11,599
5,670	*	Pacific Sunwear of California, Inc		126,214
5,455	*	Payless Shoesource, Inc		67,097
9,614		Ross Stores, Inc		277,556
340	*	Shoe Carnival, Inc		4,420
1,166	*	Stage Stores, Inc		48,412
1,409		Talbots, Inc		38,367
32,100		TJX Cos, Inc		806,673
2,544	*	Too, Inc		62,250
3,168	*	Urban Outfitters, Inc		140,659
		TOTAL APPAREL AND ACCESSORY STORES		5,330,901
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
2,384	*	Collins & Aikman Corp		10,394
1,262	*	Columbia Sportswear Co		75,228
1,751	*	DHB Industries, Inc		33,339
927	*	Guess?, Inc		11,634
3,023	*	Hartmarx Corp		23,489
8,049		Jones Apparel Group, Inc		294,352
2,084		Kellwood Co		71,898
7,040		Liz Claiborne, Inc		297,158

116 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
868		Oxford Industries, Inc	$	35,848
1,915		Phillips-Van Heusen Corp		51,705
2,608		Polo Ralph Lauren Corp		111,101
3,613	*	Quiksilver, Inc		107,631
5,459		VF Corp		302,319
3,556	*	Warnaco Group, Inc		76,810
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,502,906
AUTO REPAIR, SERVICES AND PARKING - 0.04%
979	*	Amerco, Inc		45,014
1,890		Central Parking Corp		28,634
2,170	*	Dollar Thrifty Automotive Group, Inc		65,534
1,455	*	Exide Technologies		20,050
1,011	*	Midas, Inc		20,220
529	*	Monro Muffler Brake, Inc		13,384
4,174		Ryder System, Inc		199,392
		TOTAL AUTO REPAIR, SERVICES AND PARKING		392,228
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
4,944	*	Advance Auto Parts		215,954
206	*	America's Car Mart, Inc		7,828
831	*	Asbury Automotive Group, Inc		11,451
10,825	*	Autonation, Inc		207,948
3,934	*	Autozone, Inc		359,214
6,461	*	Carmax, Inc		200,614
4,418	*	Copart, Inc		116,282
2,894	*	CSK Auto Corp		48,446
1,711	*	Group 1 Automotive, Inc		53,897
1,184		Lithia Motors, Inc (Class A)		31,755
803	*	MarineMax, Inc		23,897
3,362	*	O'Reilly Automotive, Inc		151,458
2,040		Sonic Automotive, Inc		50,592
1,568		United Auto Group, Inc		46,397
904	*	West Marine, Inc		22,374
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,548,107
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.12%
1,045		Building Materials Holding Corp		40,013
1,019	*	Central Garden & Pet Co		42,533
4,013		Fastenal Co		247,040
148,601		Home Depot, Inc		6,351,207
6,769		Louisiana-Pacific Corp		181,003
52,071		Lowe's Cos		2,998,769
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		9,860,565
BUSINESS SERVICES - 6.84%
1,635	*	@Road, Inc		11,298
1,352	*	24/7 Real Media, Inc		5,854
23,778	*	3Com Corp		99,154
2,326		Aaron Rents, Inc		58,150
2,069		ABM Industries, Inc		40,801
1,945	*	ActivCard Corp		17,311
8,141	*	Activision, Inc		164,285

117 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
3,218	*	Actuate Corp	$	8,206
4,387		Acxiom Corp		115,378
2,446	*	Administaff, Inc		30,844
15,843		Adobe Systems, Inc		993,990
1,901	*	Advent Software, Inc		38,932
1,847		Advo, Inc		65,846
8,098	*	Affiliated Computer Services, Inc (Class A)		487,419
3,549	*	Agile Software Corp		28,995
6,505	*	Akamai Technologies, Inc		84,760
2,595	*	Alliance Data Systems Corp		123,211
1,293	*	Altiris, Inc		45,811
937	*	AMN Healthcare Services, Inc		14,908
329	*	Ansoft Corp		6,646
1,722	*	Ansys, Inc		55,207
1,677	*	Anteon International Corp		70,199
2,953	*	Aquantive, Inc		26,400
2,522	*	Arbitron, Inc		98,812
3,707	*	Ariba, Inc		61,536
1,776	*	Armor Holdings, Inc		83,508
3,622	*	Ascential Software Corp		59,075
2,196	*	Asiainfo Holdings, Inc		13,088
3,674	*	Ask Jeeves, Inc		98,280
2,674	*	Aspect Communications Corp		29,788
2,530	*	Aspen Technology, Inc		15,711
489	*	Asset Acceptance Capital Corp		10,416
340	*	Atari, Inc		996
2,583	*	Autobytel, Inc		15,601
15,192		Autodesk, Inc		576,536
39,311		Automatic Data Processing, Inc		1,743,443
22,846	*	BEA Systems, Inc		202,416
7,585	*	Bisys Group, Inc		124,773
1,000	*	Blackbaud, Inc		14,640
1,400	*	Blackboard, Inc		20,734
558	*	Blue Coat Systems, Inc		10,384
14,442	*	BMC Software, Inc		268,621
5,024	*	Borland Software Corp		58,680
1,041		Brady Corp (Class A)		65,135
3,444		Brink's Co		136,107
17,669	*	Brocade Communications Systems, Inc		134,991
1,812	*	CACI International, Inc (Class A)		123,452
17,767	*	Cadence Design Systems, Inc		245,362
1,999	*	Captaris, Inc		10,315
1,258	*	Carreker Corp		10,819
3,244		Catalina Marketing Corp		96,120
415	*	CCC Information Services Group, Inc		9,217
766		CDI Corp		16,377
67,180		Cendant Corp		1,570,668
9,698	*	Ceridian Corp		177,279
1,889	*	Cerner Corp		100,438
4,459		Certegy, Inc		158,428
5,705	*	Checkfree Corp		217,246
6,233	*	ChoicePoint, Inc		286,656
4,459	*	Chordiant Software, Inc		10,167
4,098	*	Ciber, Inc		39,505
10,986	*	Citrix Systems, Inc		269,487
23,914	*	CMGI, Inc		60,981
7,932	*	CNET Networks, Inc		89,087
1,200	*	Cogent, Inc		39,600
8,642	*	Cognizant Technology Solutions Corp		365,816

118 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
30,973		Computer Associates International, Inc	$	962,021
156		Computer Programs & Systems, Inc		3,611
12,598	*	Computer Sciences Corp		710,149
26,583	*	Compuware Corp		171,992
743	*	Concord Communications, Inc		8,232
1,628	*	Concur Technologies, Inc		14,505
9,194	*	Convergys Corp		137,818
2,018	*	Corillian Corp		9,929
973	*	CoStar Group, Inc		44,933
1,248	*	Covansys Corp		19,094
3,355	*	CSG Systems International, Inc		62,739
3,817	*	Cyberguard Corp		24,047
1,699	*	Cybersource Corp		12,148
3,264		Deluxe Corp		121,845
2,246	*	Dendrite International, Inc		43,572
472	*	Digimarc Corp		4,399
2,182	*	Digital Insight Corp		40,149
2,483	*	Digital River, Inc		103,318
7,522	*	DoubleClick, Inc		58,521
4,898	*	DST Systems, Inc		255,284
4,651	*	Dun & Bradstreet Corp		277,432
4,726	*	E.piphany, Inc		22,827
9,916	*	Earthlink, Inc		114,244
1,544	*	Echelon Corp		13,031
2,270	*	Eclipsys Corp		46,376
989	*	eCollege.com, Inc		11,235
778	*	Education Lending Group, Inc		12,067
2,702	*	eFunds Corp		64,899
1,121		Electro Rent Corp		15,952
19,747	*	Electronic Arts, Inc		1,217,995
33,819		Electronic Data Systems Corp		781,219
2,920	*	Embarcadero Technologies, Inc		27,477
13,071	*	Enterasys Networks, Inc		23,528
3,955	*	Entrust, Inc		14,989
2,370	*	Epicor Software Corp		33,393
646	*	EPIQ Systems, Inc		9,457
8,731		Equifax, Inc		245,341
1,004	*	Equinix, Inc		42,911
1,498	*	eSpeed, Inc (Class A)		18,530
6,717	*	Extreme Networks, Inc		43,996
2,127	*	F5 Networks, Inc		103,627
1,267		Factset Research Systems, Inc		74,043
4,574		Fair Isaac Corp		167,774
3,055	*	Filenet Corp		78,697
1,963	*	FindWhat.com		34,804
57,955		First Data Corp		2,465,406
13,233	*	Fiserv, Inc		531,834
2,847	*	Getty Images, Inc		196,016
1,474		Gevity HR, Inc		30,305
1,300	*	Google, Inc (Class A)		251,030
314	*	Greg Manning Auctions, Inc		3,887
150		Grey Global Group, Inc		164,999
1,204	*	GSI Commerce, Inc		21,407
7,672		GTECH Holdings Corp		199,088
3,047	*	Harris Interactive, Inc		24,071
615		Healthcare Services Group		12,817
1,042	*	Heidrick & Struggles International, Inc		35,709
5,264		Henry (Jack) & Associates, Inc		104,806
6,353	*	Homestore, Inc		19,250
619	*	Hudson Highland Group, Inc		17,827

119 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,512	*	Hyperion Solutions Corp	$	117,109
24	*	IAC/InterActiveCorp Wts 02/04/09		718
78	*	ICT Group, Inc		757
1,290	*	IDX Systems Corp		44,453
416	*	iGate Corp		1,685
2,190		Imation Corp		69,708
15,533		IMS Health, Inc		360,521
976	*	Infocrossing, Inc		16,524
5,324	*	Informatica Corp		43,231
1,985	*	Infospace, Inc		94,387
2,760	*	infoUSA, Inc		30,884
1,034	*	Innovative Solutions & Support, Inc		34,494
2,587	*	Interactive Data Corp		56,241
1,200	*	Interchange Corp		21,768
2,190	*	Intergraph Corp		58,977
2,368	*	Internet Capital Group, Inc		21,312
2,530	*	Internet Security Systems, Inc		58,823
27,787	*	Interpublic Group of Cos, Inc		372,346
440	*	Intersections, Inc		7,590
533	*	Intervideo, Inc		7,052
2,606	*	Interwoven, Inc		28,353
973	*	Intrado, Inc		11,773
11,964	*	Intuit, Inc		526,536
5,549	*	Ipass, Inc		41,063
653	*	iPayment, Inc		32,337
7,074	*	Iron Mountain, Inc		215,686
5,055	*	iVillage, Inc		31,240
1,000	*	Jamdat Mobile, Inc		20,650
1,622	*	JDA Software Group, Inc		22,092
35,106	*	Juniper Networks, Inc		954,532
1,673	*	Jupitermedia Corp		39,784
1,000	*	Kanbay International, Inc		31,300
2,803	*	Keane, Inc		41,204
990		Kelly Services, Inc (Class A)		29,878
934	*	Keynote Systems, Inc		13,001
2,788	*	Kforce, Inc		30,947
4,012	*	KFX ,Inc		58,254
1,683	*	Kinetic Concepts, Inc		128,413
2,200	*	Kintera, Inc		19,822
1,945	*	Korn/Ferry International		40,359
1,884	*	Kronos, Inc		96,329
2,632	*	Labor Ready, Inc		44,533
5,391	*	Lamar Advertising Co		230,627
3,458	*	Lawson Software, Inc		23,756
2,898	*	Lionbridge Technologies		19,475
5,939	*	Looksmart Ltd		13,006
4,620	*	Macromedia, Inc		143,774
3,068	*	Macrovision Corp		78,909
2,559	*	Magma Design Automation, Inc		32,141
1,878	*	Manhattan Associates, Inc		44,847
5,736		Manpower, Inc		277,049
857	*	Mantech International Corp (Class A)		20,345
3,754	*	Manugistics Group, Inc		10,774
2,480	*	MAPICS, Inc		26,164
2,957	*	Mapinfo Corp		35,425
303	*	MarketWatch, Inc		5,454
1,100	*	Marlin Business Services, Inc		20,900
2,678	*	Matrixone, Inc		17,541
10,166	*	McAfee, Inc		294,102

120 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
545		McGrath RentCorp	$	23,767
3,749	*	Medical Staffing Network Holdings, Inc		30,704
5,220	*	Mentor Graphics Corp		79,814
5,982	*	Mercury Interactive Corp		272,480
4,870	*	Micromuse, Inc		27,029
608,597		Microsoft Corp		16,255,626
981	*	MicroStrategy, Inc		59,105
4,312	*	Midway Games, Inc		45,276
6,666	*	Mindspeed Technologies, Inc		18,531
5,512		MoneyGram International, Inc		116,524
6,874	*	Monster Worldwide, Inc		231,241
900	*	Motive, Inc		10,242
7,739	*	MPS Group, Inc		94,880
1,196	*	MRO Software, Inc		15,572
1,703	*	MSC.Software Corp		17,830
3,443		National Instruments Corp		93,822
2,500	*	NAVTEQ Corp		115,900
1,682	*	NCO Group, Inc		43,480
6,329	*	NCR Corp		438,157
2,235		NDCHealth Corp		41,549
306	*	Neoforma, Inc		2,353
3,807	*	NETIQ Corp		46,483
1,245	*	Netratings, Inc		23,867
976	*	Netscout Systems, Inc		6,812
1,148	*	Network Equipment Technologies, Inc		11,273
1,494	*	NIC, Inc		7,590
24,621	*	Novell, Inc		166,198
12,562		Omnicom Group, Inc		1,059,228
740	*	Open Solutions, Inc		19,210
554	*	Opnet Technologies, Inc		4,665
4,325	*	Opsware, Inc		31,746
250,261	*	Oracle Corp		3,433,581
2,173	*	Packeteer, Inc		31,400
945	*	PalmSource, Inc		12,039
15,250	*	Parametric Technology Corp		89,823
973	*	PC-Tel, Inc		7,716
1,073	*	PDF Solutions, Inc		17,286
555	*	PDI, Inc		12,365
433	*	PEC Solutions, Inc		6,136
1,257	*	Pegasus Solutions, Inc		15,838
703	*	Pegasystems, Inc		5,997
4,608	*	Perot Systems Corp (Class A)		73,866
1,623	*	Pixar		138,945
1,430	*	PLATO Learning, Inc		10,654
1,249	*	Portal Software, Inc		3,310
834	*	Portfolio Recovery Associates, Inc		34,377
900	*	PRA International		22,302
1,957	*	Progress Software Corp		45,696
373	*	Proxymed, Inc		3,663
2,067		QAD, Inc		18,438
167	*	Quality Systems, Inc		9,987
3,093	*	Quest Software, Inc		49,333
1,801	*	R.H. Donnelley Corp		106,349
899	*	Radisys Corp		17,575
6,998	*	RealNetworks, Inc		46,327
11,302	*	Red Hat, Inc		150,882
2,705	*	Redback Networks, Inc		14,499
472		Renaissance Learning, Inc		8,760
4,395	*	Rent-A-Center, Inc		116,468
1,245	*	Rent-Way, Inc		9,972

121 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
3,382	*	Retek, Inc	$	20,799
1,454	*	Rewards Network, Inc		10,178
4,106		Reynolds & Reynolds Co (Class A)		108,850
800	*	RightNow Technologies, Inc		12,920
9,108		Robert Half International, Inc		268,048
1,093		Rollins, Inc		28,768
4,843	*	RSA Security, Inc		97,151
5,136	*	S1 Corp		46,532
1,478	*	SafeNet, Inc		54,302
800	*	Salesforce.com, Inc		13,552
4,900	*	Sapient Corp		38,759
6,326	*	Scansoft, Inc		26,506
3,714	*	Secure Computing Corp		37,066
3,086	*	Seebeyond Technology Corp		11,048
1,373	*	Serena Software, Inc		29,712
313	*	SI International, Inc		9,628
27,190	*	Siebel Systems, Inc		285,495
3,624	*	Sitel Corp		8,915
87	*	SoftBrands, Inc		192
1,373	*	Sohu.com, Inc		24,316
3,230	*	SonicWALL, Inc		20,414
2,614	*	Sotheby's Holdings, Inc (Class A)		47,470
1,223	*	Source Interlink Cos, Inc		16,241
5,639	*	Spherion Corp		47,368
881	*	SPSS, Inc		13,779
810	*	SRA International, Inc (Class A)		52,002
845		SS&C Technologies, Inc		17,449
545		Startek, Inc		15,505
890	*	Stellent, Inc		7,850
571	*	Stratasys, Inc		19,163
219,839	*	Sun Microsystems, Inc		1,182,734
19,545	*	SunGard Data Systems, Inc		553,710
2,755	*	SupportSoft, Inc		18,348
6,029	*	Sybase, Inc		120,279
1,090	*	Sykes Enterprises, Inc		7,576
41,306	*	Symantec Corp		1,064,043
408	*	SYNNEX Corp		9,816
10,173	*	Synopsys, Inc		199,594
195		Syntel, Inc		3,420
2,775	*	Take-Two Interactive Software, Inc		96,542
688		Talx Corp		17,744
2,341	*	TeleTech Holdings, Inc		22,684
2,405	*	THQ, Inc		55,171
13,645	*	TIBCO Software, Inc		182,024
643	*	Tier Technologies, Inc (Class B)		5,948
204	*	TippingPoint Technologies, Inc		9,527
5,212	*	Titan Corp		84,434
276	*	TNS, Inc		6,031
2,960		Total System Services, Inc		71,928
880	*	TradeStation Group, Inc		6,178
2,485	*	Transaction Systems Architects, Inc (Class A)		49,327
200	*	Travelzoo, Inc		19,086
1,950	*	Trizetto Group, Inc		18,525
2,967	*	Tumbleweed Communications Corp		9,910
2,708	*	Tyler Technologies, Inc		22,639
951	*	Ultimate Software Group, Inc		12,059
21,541	*	Unisys Corp		219,287
3,312	*	United Online, Inc		38,187
3,346	*	United Rentals, Inc		63,239

122 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
973	*	Universal Compression Holdings, Inc	$	33,967
5,130	*	Valueclick, Inc		68,383
727	*	Verint Systems, Inc		26,412
16,796	*	VeriSign, Inc		563,002
28,501	*	Veritas Software Corp		813,732
1,852	*	Verity, Inc		24,298
406	*	Vertrue, Inc		15,335
1,378		Viad Corp		39,259
17,961	*	Vignette Corp		24,966
350	*	Volt Information Sciences, Inc		10,287
1,596	*	WatchGuard Technologies, Inc		7,070
1,975	*	WebEx Communications, Inc		46,966
21,303	*	WebMD Corp		173,832
2,441	*	webMethods, Inc		17,600
1,714	*	Websense, Inc		86,934
5,029	*	Westwood One, Inc		135,431
4,161	*	Wind River Systems, Inc		56,382
2,177	*	Witness Systems, Inc		38,010
75,886	*	Yahoo!, Inc		2,859,384
1,297	*	Zix Corp		6,680
		TOTAL BUSINESS SERVICES		60,419,889
CHEMICALS AND ALLIED PRODUCTS - 9.93%
103,619		Abbott Laboratories		4,833,826
5,458	*	Abgenix, Inc		56,436
1,312	*	Able Laboratories, Inc		29,848
993		Aceto Corp		18,907
2,603	*	Adolor Corp		25,822
587	*	Advancis Pharmaceutical Corp		2,242
15,192		Air Products & Chemicals, Inc		880,680
1,362	*	Albany Molecular Research, Inc		15,173
2,007		Albemarle Corp		77,691
4,876		Alberto-Culver Co		236,827
1,366	*	Alexion Pharmaceuticals, Inc		34,423
5,577	*	Alkermes, Inc		78,580
8,756		Allergan, Inc		709,849
2,462		Alpharma, Inc (Class A)		41,731
1,229	*	American Pharmaceutical Partners, Inc		45,977
311		American Vanguard Corp		11,439
85,920	*	Amgen, Inc		5,511,768
5,804	*	Amylin Pharmaceuticals, Inc		135,581
4,733	*	Andrx Corp		103,321
1,448		Arch Chemicals, Inc		41,673
1,485	*	Array Biopharma, Inc		14,137
2,810	*	Atherogenics, Inc		66,204
3,067	*	Avant Immunotherapeutics, Inc		6,165
7,338		Avery Dennison Corp		440,060
31,225		Avon Products, Inc		1,208,408
6,177	*	Barr Pharmaceuticals, Inc		281,301
407	*	Barrier Therapeutics, Inc		6,756
997	*	Benthley Pharmaceuticals, Inc		10,718
1,017	*	BioCryst Pharmaceuticals, Inc		5,878
1,207	*	Bioenvision, Inc		10,815
22,508	*	Biogen Idec, Inc		1,499,258
4,004	*	BioMarin Pharmaceutical, Inc		25,586
806	*	Biosite, Inc		49,601
973	*	Bone Care International, Inc		27,098
911	*	Bradley Pharmaceuticals, Inc		17,673
129,174		Bristol-Myers Squibb Co		3,309,438

123 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
4,243		Cabot Corp	$	164,119
1,604		Calgon Carbon Corp		14,564
1,625		Cambrex Corp		44,038
1,028	*	CancerVax Corp		11,154
565	*	Caraco Pharmaceutical Laboratories Ltd		5,396
2,779	*	Cell Genesys, Inc		22,510
5,929	*	Cell Therapeutics, Inc		48,262
3,743	*	Cephalon, Inc		190,444
4,149	*	Charles River Laboratories International, Inc		190,895
1,041	*	Chattem, Inc		34,457
7,540	*	Chiron Corp		251,308
4,085		Church & Dwight Co, Inc		137,338
10,161		Clorox Co		598,788
35,234		Colgate-Palmolive Co		1,802,571
2,018	*	Connetics Corp		49,017
383	*	Corgentech, Inc		3,171
3,465	*	Corixa Corp		12,613
8,577		Crompton Corp		101,209
4,335	*	Cubist Pharmaceuticals, Inc		51,283
2,579	*	Curis, Inc		13,462
1,827	*	Cypress Bioscience, Inc		25,688
2,783		Cytec Industries, Inc		143,102
965	*	Cytogen Corp		11,117
470	*	Cytokinetics, Inc		4,818
2,670	*	Dade Behring Holdings, Inc		149,520
229	*	DEL Laboratories, Inc		7,991
4,694	*	Dendreon Corp		50,601
1,429		Diagnostic Products Corp		78,666
830	*	Digene Corp		21,705
2,731	*	Discovery Laboratories, Inc		21,657
528	*	Dov Pharmaceutical, Inc		9,530
62,018		Dow Chemical Co		3,070,560
66,505		Du Pont (E.I.) de Nemours & Co		3,262,070
1,946	*	Durect Corp		6,383
932	*	Dusa Pharmaceuticals, Inc		13,328
5,153		Eastman Chemical Co		297,483
12,711		Ecolab, Inc		446,537
1,023	*	Elizabeth Arden, Inc		24,286
4,945	*	Encysive Pharmaceuticals, Inc		49,104
3,203	*	Enzon, Inc		43,945
1,548	*	Eon Labs, Inc		41,796
1,214	*	EPIX Pharmaceuticals, Inc		21,743
7,169		Estee Lauder Cos (Class A)		328,125
424	*	Eyetech Pharmaceuticals, Inc		19,292
2,607		Ferro Corp		60,456
1,633	*	First Horizon Pharmaceutical		37,379
2,262	*	FMC Corp		109,255
24,349	*	Forest Laboratories, Inc		1,092,296
3,262	*	Genaera Corp		11,156
5,475	*	Genelabs Technologies		6,570
29,349	*	Genentech, Inc		1,597,760
2,381	*	Genta, Inc		4,191
16,155	*	Genzyme Corp		938,178
1,806		Georgia Gulf Corp		89,939
2,806	*	Geron Corp		22,364
28,312	*	Gilead Sciences, Inc		990,637
66,610		Gillette Co		2,982,796
3,088		Great Lakes Chemical Corp		87,977
2,112	*	Guilford Pharmaceuticals, Inc		10,454

124 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,027		H.B. Fuller Co	$	57,790
856	*	Hollis-Eden Pharmaceuticals		8,064
10,772	*	Hospira, Inc		360,862
7,875	*	Human Genome Sciences, Inc		94,658
3,279	*	ICOS Corp		92,730
2,303	*	Idexx Laboratories, Inc		125,721
4,346	*	ImClone Systems, Inc		200,264
3,307	*	Immucor, Inc		77,748
2,102	*	Immunogen, Inc		18,582
2,588	*	Immunomedics, Inc		7,868
3,025	*	Impax Laboratories, Inc		48,037
2,573	*	Indevus Pharmaceuticals, Inc		15,335
3,029	*	Inkine Pharmaceutical Co		16,447
1,988	*	Inspire Pharmaceuticals, Inc		33,339
315		Inter Parfums, Inc		5,009
1,785	*	InterMune, Inc		23,669
5,736		International Flavors & Fragrances, Inc		245,730
835	*	Inverness Medical Innovations, Inc		20,959
3,454	*	Invitrogen Corp		231,933
2,845	*	Isis Pharmaceuticals, Inc		16,786
3,676	*	Isolagen, Inc		28,930
11,847	*	IVAX Corp		187,420
14,949	*	King Pharmaceuticals, Inc		185,380
1,128	*	Kos Pharmaceuticals, Inc		42,458
198		Kronos Worldwide, Inc		8,069
2,221	*	KV Pharmaceutical Co (Class A)		48,973
298	*	Lannett Co, Inc		2,935
4,596	*	Ligand Pharmaceuticals, Inc (Class B)		53,497
64,686		Lilly (Eli) & Co		3,670,931
1,679		MacDermid, Inc		60,612
883		Mannatech, Inc		16,812
900	*	MannKind Corp		14,175
1,575	*	Martek Biosciences Corp		80,640
5,300	*	Medarex, Inc		57,134
2,967	*	Medicines Co		85,450
3,602		Medicis Pharmaceutical Corp (Class A)		126,466
17,101	*	MedImmune, Inc		463,608
147,351		Merck & Co, Inc		4,735,893
4,442	*	MGI Pharma, Inc		124,420
19,601	*	Millennium Pharmaceuticals, Inc		237,564
1,578		Minerals Technologies, Inc		105,253
7,206	*	Mosaic Co		117,602
17,824		Mylan Laboratories, Inc		315,128
3,668	*	Myogen, Inc		29,601
3,296	*	Nabi Biopharmaceuticals		48,286
3,100	*	Nalco Holding Co		60,512
484		Nature's Sunshine Products, Inc		9,854
3,441	*	NBTY, Inc		82,618
5,197	*	Nektar Therapeutics		105,187
973	*	Neose Technologies, Inc		6,539
2,261	*	Neurocrine Biosciences, Inc		111,467
1,554	*	Neurogen Corp		14,545
740	*	NewMarket Corp		14,726
1,213	*	NitroMed, Inc		32,326
383	*	NL Industries, Inc		8,464
2,183	*	Northfield Laboratories, Inc		49,227
1,292	*	Noven Pharmaceuticals, Inc		22,042
2,316	*	NPS Pharmaceuticals, Inc		42,336
490	*	Nutraceutical International Corp		7,551
2,290	*	Nuvelo, Inc		22,557

125 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
662		Octel Corp	$	13,776
4,322		Olin Corp		95,170
2,009	*	OM Group, Inc		65,132
2,692	*	Omnova Solutions, Inc		15,129
2,076	*	Onyx Pharmaceuticals, Inc		67,242
3,533	*	OraSure Technologies, Inc		23,742
3,465	*	OSI Pharmaceuticals, Inc		259,355
1,604	*	Pain Therapeutics, Inc		11,565
3,277	*	Palatin Technologies, Inc		8,717
2,327	*	Par Pharmaceutical Cos, Inc		96,291
778	*	Penwest Pharmaceuticals Co		9,305
7,822	*	Peregrine Pharmaceuticals, Inc		9,152
582	*	PetMed Express, Inc		4,429
506,144		Pfizer, Inc		13,610,212
1,220	*	Pharmacyclics, Inc		12,773
1,065	*	Pharmion Corp		44,954
1,634		PolyMedica Corp		60,932
6,916	*	PolyOne Corp		62,659
1,146	*	Pozen, Inc		8,331
11,505		PPG Industries, Inc		784,181
3,011	*	Praecis Pharmaceuticals, Inc		5,721
21,620		Praxair, Inc		954,523
170,633		Procter & Gamble Co		9,398,466
732	*	Progenics Pharmaceuticals		12,561
5,811	*	Protein Design Labs, Inc		120,055
350		Quaker Chemical Corp		8,694
1,121	*	Quidel Corp		5,695
9,079	*	Revlon, Inc (Class A)		20,882
11,008		Rohm & Haas Co		486,884
7,910		RPM International, Inc		155,511
2,239	*	Salix Pharmaceuticals Ltd		39,384
432	*	Santarus, Inc		3,914
97,702		Schering-Plough Corp		2,040,018
2,774	*	Sciclone Pharmaceuticals, Inc		10,264
1,512	*	Scotts Co (Class A)		111,162
6,878	*	Sepracor, Inc		408,347
2,453	*	Serologicals Corp		54,260
7,909		Sherwin-Williams Co		352,979
4,733		Sigma-Aldrich Corp		286,157
350		Stepan Co		8,526
2,778	*	SuperGen, Inc		19,585
708	*	SurModics, Inc		23,017
1,395	*	Tanox, Inc		21,204
2,427	*	Terra Industries, Inc		21,552
2,816	*	Third Wave Technologies, Inc		24,218
1,500	*	UAP Holding Corp		25,905
1,176	*	United Therapeutics Corp		53,096
654	*	USANA Health Sciences, Inc		22,367
5,270		USEC, Inc		51,066
6,013		Valeant Pharmaceuticals International		158,443
3,458		Valspar Corp		172,935
4,790	*	VCA Antech, Inc		93,884
4,953	*	Vertex Pharmaceuticals, Inc		52,353
2,874	*	Vicuron Pharmaceuticals, Inc		50,036
3,443	*	Vion Pharmaceuticals, Inc		16,148
7,154	*	Watson Pharmaceuticals, Inc		234,723
1,829		Wellman, Inc		19,552
1,844		West Pharmaceutical Services, Inc		46,155
700		Westlake Chemical Corp		23,380

126 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
4,332	b*	WR Grace & Co	$	58,959
88,471		Wyeth		3,767,980
2,820	*	Zila, Inc		12,070
1,207	*	Zymogenetics, Inc		27,761
		TOTAL CHEMICALS AND ALLIED PRODUCTS		87,690,102
COAL MINING - 0.10%
3,898		Arch Coal, Inc		138,570
5,682		Consol Energy, Inc		233,246
4,721		Massey Energy Co		164,999
4,139		Peabody Energy Corp		334,886
		TOTAL COAL MINING		871,701
COMMUNICATIONS - 4.86%
1,335	*	AirGate PCS, Inc		47,526
1,915	*	Airspan Networks, Inc		10,398
5,656	*	Alamosa Holdings, Inc		70,530
20,626		Alltel Corp		1,211,984
14,451	*	American Tower Corp (Class A)		265,898
52,583		AT&T Corp		1,002,232
26,139	*	Avaya, Inc		449,607
195	*	Beasley Broadcast Group, Inc (Class A)		3,418
121,930		BellSouth Corp		3,388,435
811	*	Boston Communications Group		7,494
11,136	*	Cablevision Systems Corp (Class A)		277,286
543	*	Centennial Communications Corp		4,306
9,324		CenturyTel, Inc		330,722
16,756	*	Charter Communications, Inc (Class A)		37,533
13,490	*	Cincinnati Bell, Inc		55,984
2,840	*	Citadel Broadcasting Corp		45,951
32,870		Clear Channel Communications, Inc		1,100,816
114,118	*	Comcast Corp (Class A)		3,797,847
28,067	*	Comcast Corp (Special Class A)		921,720
1,429	*	Commonwealth Telephone Enterprises, Inc		70,964
2,527	*	Cox Radio, Inc (Class A)		41,645
13,088	*	Crown Castle International Corp		217,784
1,284	*	Crown Media Holdings, Inc (Class A)		11,042
890		CT Communications, Inc		10,947
3,064	*	Cumulus Media, Inc (Class A)		46,205
652		D&E Communications, Inc		7,857
42,740	*	DIRECTV Group, Inc		715,468
6,849	*	Dobson Communications Corp (Class A)		11,780
14,496		EchoStar Communications Corp (Class A)		481,847
3,048	*	Emmis Communications Corp (Class A)		58,491
2,548	*	Entercom Communications Corp		91,448
2,999	*	Entravision Communications Corp (Class A)		25,042
405	*	Fisher Communications, Inc		19,796
7,393	*	Foundry Networks, Inc		97,292
12,990	*	Fox Entertainment Group, Inc (Class A)		406,067
2,456	*	General Communication, Inc (Class A)		27,114
1,852		Global Payments, Inc		108,416
1,123		Golden Telecom, Inc		29,670
3,023		Gray Television, Inc		46,857
1,903		Hearst-Argyle Television, Inc		50,201
22,694	*	IAC/InterActiveCorp		626,808
3,278	*	IDT Corp		48,121

127 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
72	*	IDT Corp (Class B)	$	1,115
3,888	*	Infonet Services Corp (Class B)		7,854
2,770	*	Insight Communications Co, Inc		25,678
14,711	*	Internap Network Services Corp		13,681
1,100		Iowa Telecommunications Services, Inc		23,727
780	*	ITC Deltacom, Inc		1,334
1,441	*	j2 Global Communications, Inc		49,715
40,111	*	Level 3 Communications, Inc		135,976
1,169		Liberty Corp		51,389
12,356	*	Liberty Media International, Inc		571,218
2,054	*	Lin TV Corp (Class A)		39,231
506	*	Lodgenet Entertainment Corp		8,951
21,017	*	Lucent Technologies Inc Wts 12/10/07		33,207
277,720	*	Lucent Technologies, Inc		1,044,227
3,100	*	Mastec, Inc		31,341
10,603	f,v*	McLeod (Escrow)		0
4,103	*	Mediacom Communications Corp		25,644
2,219	*	Net2Phone, Inc		7,545
67,976	*	Nextel Communications, Inc (Class A)		2,039,280
7,626	*	Nextel Partners, Inc (Class A)		149,012
3,543	*	NII Holdings, Inc (Class B)		168,115
739		North Pittsburgh Systems, Inc		18,275
2,047	*	Novatel Wireless, Inc		39,671
4,617	*	NTL, Inc		336,856
1,712	*	Paxson Communications Corp		2,363
3,163	*	Price Communications Corp		58,800
4,490	*	Primus Telecommunications Group		14,278
3,190	*	PTEK Holdings, Inc		34,165
93,468	*	Qwest Communications International, Inc		415,002
856	*	Radio One, Inc (Class A)		13,782
4,669	*	Radio One, Inc (Class D)		75,264
2,746	b*	RCN Corp		52
1,768	*	Regent Communications, Inc		9,370
924	*	Saga Communications, Inc (Class A)		15,569
460	*	Salem Communications Corp (Class A)		11,477
220,053		SBC Communications, Inc		5,670,766
252		Shenandoah Telecom Co		7,547
3,227		Sinclair Broadcast Group, Inc (Class A)		29,721
2,218	*	Spanish Broadcasting System, Inc (Class A)		23,422
2,733	*	Spectrasite, Inc		158,241
94,593		Sprint Corp		2,350,636
1,325		SureWest Communications		37,564
1,691	*	Talk America Holdings, Inc		11,194
3,265		Telephone & Data Systems, Inc		251,242
18,675	*	Terremark Worldwide, Inc		11,952
2,790	*	Time Warner Telecom, Inc (Class A)		12,164
2,840	*	Tivo, Inc		16,671
2,374	*	Triton PCS Holdings, Inc (Class A)		8,119
1,240	*	U.S. Cellular Corp		55,502
4,377	*	Ubiquitel, Inc		31,164
22,526	*	UnitedGlobalcom, Inc (Class A)		217,601
15,616	*	Univision Communications, Inc (Class A)		457,080
1,470	*	USA Mobility, Inc		51,906
183,959		Verizon Communications, Inc		7,452,179
99,619		Viacom, Inc (Class B)		3,625,171
1,473	*	West Corp		48,771
5,314	*	Western Wireless Corp (Class A)		155,700
3,500	f,v*	Wiltel Communications (Rts)		0

128 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,947	*	Wireless Facilities, Inc	$	27,820
10,872	*	XM Satellite Radio Holdings, Inc		409,005
778	*	Young Broadcasting, Inc (Class A)		8,216
		TOTAL COMMUNICATIONS		42,883,067
DEPOSITORY INSTITUTIONS - 10.07%
664		1st Source Corp		16,939
495		ABC Bancorp		10,395
561	*	ACE Cash Express, Inc		16,639
660	*	AmericanWest Bancorp		13,365
23,687		AmSouth Bancorp		613,493
1,129		Anchor Bancorp Wisconsin, Inc		32,910
688		Arrow Financial Corp		21,328
8,505		Associated Banc-Corp		282,451
5,262		Astoria Financial Corp		210,322
234		Bancfirst Corp		18,481
5,446		Bancorpsouth, Inc		132,719
557		BancTrust Financial Group, Inc		13,708
4,901		Bank Mutual Corp		59,645
270,494		Bank of America Corp		12,710,513
827		Bank of Granite Corp		17,284
3,469		Bank of Hawaii Corp		176,017
51,735		Bank of New York Co, Inc		1,728,984
492		Bank of The Ozarks, Inc		16,743
2,374		BankAtlantic Bancorp, Inc (Class A)		47,243
11,770		Banknorth Group, Inc		430,782
1,734	*	BankUnited Financial Corp (Class A)		55,401
702		Banner Corp		21,895
36,915		BB&T Corp		1,552,276
287		Berkshire Hills Bancorp, Inc		10,662
430	*	BFC Financial Corp		5,440
1,186	*	BOK Financial Corp		57,829
1,531		Boston Private Financial Holdings, Inc		43,128
422		Bryn Mawr Bank Corp		9,280
353		Camden National Corp		13,912
438		Capital City Bank Group, Inc		18,308
251		Capital Corp of the West		11,797
264	*	Capital Crossing Bank		8,102
1,581		Capitol Federal Financial		56,916
1,517		Cascade Bancorp		30,674
2,506		Cathay General Bancorp		93,975
468		Center Financial Corp		9,369
400	*	Central Coast Bancorp		9,236
2,705		Central Pacific Financial Corp		97,840
203		Century Bancorp, Inc (Class A)		5,989
176		Charter Financial Corp		7,721
1,644		Chemical Financial Corp		70,560
3,341		Chittenden Corp		95,987
343,151		Citigroup, Inc		16,533,015
2,691		Citizens Banking Corp		92,436
602		Citizens First Bancorp, Inc		14,556
556		City Bank		20,099
1,206		City Holding Co		43,705
2,702		City National Corp		190,896
855		Clifton Savings Bancorp, Inc		10,388
691		Coastal Financial Corp		13,240
525		CoBiz, Inc		10,658
8,545		Colonial Bancgroup, Inc		181,410
281		Columbia Bancorp		9,607

129 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,261		Columbia Banking System, Inc	$	31,512
11,618		Comerica, Inc		708,930
4,602		Commerce Bancorp, Inc		296,369
4,514		Commerce Bancshares, Inc		226,603
2,356		Commercial Capital Bancorp, Inc		54,612
2,809		Commercial Federal Corp		83,455
83		Community Bank of North Virginia		1,494
1,946		Community Bank System, Inc		54,975
731		Community Trust Bancorp, Inc		23,655
8,408		Compass Bancshares, Inc		409,217
856		Corus Bankshares, Inc		41,097
3,849		Cullen/Frost Bankers, Inc		187,061
2,682		CVB Financial Corp		71,234
1,924		Dime Community Bancshares		34,459
1,373		Downey Financial Corp		78,261
3,379		East West Bancorp, Inc		141,783
63		ESB Financial Corp		910
1,479	*	Euronet Worldwide, Inc		38,484
298		Farmers Capital Bank Corp		12,278
904		Fidelity Bankshares, Inc		38,655
32,032		Fifth Third Bancorp		1,514,473
467		Financial Institutions, Inc		10,858
525		First Bancorp (North Carolina)		14,264
2,131		First Bancorp (Puerto Rico)		135,340
706		First Busey Corp (Class A)		14,734
1,656		First Charter Corp		43,338
491		First Citizens Bancshares, Inc (Class A)		72,791
4,332		First Commonwealth Financial Corp		66,669
809		First Community Bancorp		34,544
492		First Community Bancshares, Inc		17,751
1,922		First Financial Bancorp		33,635
790		First Financial Bankshares, Inc		35,400
701		First Financial Corp (Indiana)		24,556
680		First Financial Holdings, Inc		22,263
60		First Financial Service Corp		1,553
8,181		First Horizon National Corp		352,683
1,072		First Merchants Corp		30,338
3,262		First Midwest Bancorp, Inc		118,378
3,866		First National Bankshares of Florida, Inc		92,397
271		First Oak Brook Bancshares, Inc		8,783
195		First of Long Island Corp		9,838
760		First Republic Bank		40,280
418		First State Bancorp		15,366
1,234	*	FirstFed Financial Corp		64,008
6,300		FirstMerit Corp		179,487
1,980		Flagstar Bancorp, Inc		44,748
1,052		Flushing Financial Corp		21,103
91		FMS Financial Corp		1,922
2,880		FNB Corp		58,637
320		FNB Corp (Virginia)		9,075
662	*	Franklin Bank Corp		12,082
876		Frontier Financial Corp		33,822
8,939		Fulton Financial Corp		208,368
282		GB&T Bancshares, Inc		6,802
1,524		Glacier Bancorp, Inc		51,877
2,493		Gold Banc Corp, Inc		36,448
16,638		Golden West Financial Corp		1,021,906
616		Great Southern Bancorp, Inc		21,560
1,662		Hancock Holding Co		55,611
853		Hanmi Financial Corp		30,657

130 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,629		Harbor Florida Bancshares, Inc	$	56,380
1,885		Harleysville National Corp		50,141
1,107		Heartland Financial U.S.A., Inc		22,262
10,371		Hibernia Corp (Class A)		306,048
540		Horizon Financial Corp		11,113
4,693		Hudson City Bancorp, Inc		172,796
1,756		Hudson River Bancorp, Inc		34,751
3,106		Hudson United Bancorp		122,314
15,665		Huntington Bancshares, Inc		388,179
372		IberiaBank Corp		24,686
921		Independent Bank Corp (Massachusetts)		31,084
1,149		Independent Bank Corp (Michigan)		34,275
4,050		IndyMac Bancorp, Inc		139,523
772		Integra Bank Corp		17,841
614		Interchange Financial Services Corp		15,915
2,277		International Bancshares Corp		89,668
1,089		Irwin Financial Corp		30,917
302	*	Itla Capital Corp		17,755
236,396		JPMorgan Chase & Co		9,221,808
27,381		KeyCorp		928,216
1,900		KNBT Bancorp, Inc		32,110
543		Lakeland Bancorp, Inc		9,530
193		Lakeland Financial Corp		7,662
5,112		M & T Bank Corp		551,278
445		Macatawa Bank Corp		14,369
2,098		MAF Bancorp, Inc		94,032
701		Main Street Banks, Inc		24,486
479		MainSource Financial Group, Inc		11,439
14,914		Marshall & Ilsley Corp		659,199
1,330		MB Financial, Inc		56,060
817		MBT Financial Corp		19,012
28,363		Mellon Financial Corp		882,373
256		Mercantile Bank Corp		10,112
5,598		Mercantile Bankshares Corp		292,216
1,315		Mid-State Bancshares		37,675
1,048		Midwest Banc Holdings, Inc		22,920
1,660		Nara Bancorp, Inc		35,308
162		NASB Financial, Inc		6,474
39,462		National City Corp		1,481,798
2,031		National Penn Bancshares, Inc		56,259
350		NBC Capital Corp		9,300
2,013		NBT Bancorp, Inc		51,774
3,832		NetBank, Inc		39,891
17,314		New York Community Bancorp, Inc		356,149
6,054		NewAlliance Bancshares, Inc		92,626
28,871		North Fork Bancorp, Inc		832,928
13,247		Northern Trust Corp		643,539
1,172		Northwest Bancorp, Inc		29,405
167		Oak Hill Financial, Inc		6,478
688		OceanFirst Financial Corp		16,959
2,818	*	Ocwen Financial Corp		26,940
4,255		Old National Bancorp		110,034
752		Old Second Bancorp, Inc		23,974
389		Omega Financial Corp		13,335
2,893		Pacific Capital Bancorp		98,333
1,032		Park National Corp		139,836
2,301		Partners Trust Financial Group, Inc		26,807
342		Peapack Gladstone Financial Corp		10,790
622		Pennfed Financial Services, Inc		10,002
460		Pennrock Financial Services Corp		17,899

131 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
491		Peoples Bancorp, Inc	$	13,468
2,834		People's Bank		110,214
408		Peoples Holding Co		13,505
889		PFF Bancorp, Inc		41,187
18,788		PNC Financial Services Group, Inc		1,079,183
2,465		Provident Bancorp, Inc		32,513
2,320		Provident Bankshares Corp		84,378
264		Provident Financial Holdings		7,616
5,251		Provident Financial Services, Inc		101,712
1,793		R & G Financial Corp (Class B)		69,712
30,823		Regions Financial Corp		1,096,991
285		Republic Bancorp, Inc (Class A) (Kentucky)		7,325
4,516		Republic Bancorp, Inc (Michigan)		69,004
843	*	Riggs National Corp		17,922
251		Royal Bancshares of Pennsylvania (Class A)		6,782
1,629		S & T Bancorp, Inc		61,397
623		S.Y. Bancorp, Inc		15,014
393		Santander Bancorp		11,853
331		SCBT Financial Corp		11,112
514		Seacoast Banking Corp of Florida		11,437
195		Security Bank Corp		7,800
347	*	Signature Bank		11,229
2,197	*	Silicon Valley Bancshares		98,470
901		Simmons First National Corp (Class A)		26,084
7,074		Sky Financial Group, Inc		202,812
324		Smithtown Bancorp, Inc		10,287
4,479		South Financial Group, Inc		145,702
1,000		Southern Community Financial Corp		10,350
471		Southside Bancshares, Inc		10,762
4,514		Southwest Bancorp of Texas, Inc		105,131
483		Southwest Bancorp, Inc		11,824
22,964		Sovereign Bancorp, Inc		517,838
334		State Bancorp, Inc		9,185
260		State Financial Services Corp (Class A)		7,826
22,273		State Street Corp		1,094,050
934		Sterling Bancorp		26,386
2,785		Sterling Bancshares, Inc		39,742
1,160		Sterling Financial Corp (Pennsylvania)		33,257
1,410	*	Sterling Financial Corp (Spokane)		55,357
490	*	Sun Bancorp, Inc (New Jersey)		12,240
21,901		SunTrust Banks, Inc		1,618,046
20,576		Synovus Financial Corp		588,062
140		Taylor Capital Group, Inc		4,690
9,808		TCF Financial Corp		315,229
1,327	*	Texas Capital Bancshares, Inc		28,690
2,524		Texas Regional Bancshares, Inc (Class A)		82,484
1,374		TierOne Corp		34,144
697		Trico Bancshares		16,310
5,129		Trustco Bank Corp NY		70,729
3,496		Trustmark Corp		108,621
125,788		U.S. Bancorp		3,939,680
1,195		U.S.B. Holding Co, Inc		29,756
2,870		UCBH Holdings, Inc		131,503
1,029		UMB Financial Corp		58,303
3,382		Umpqua Holdings Corp		85,260
423		Union Bankshares Corp		16,256
3,691		UnionBanCal Corp		237,996
2,407		United Bankshares, Inc		91,827

132 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,762		United Community Banks, Inc	$	47,451
1,705		United Community Financial Corp		19,096
472		Univest Corp of Pennsylvania		21,721
1,193		Unizan Financial Corp		31,436
6,662		Valley National Bancorp		184,204
302	*	Virginia Commerce Bancorp		8,553
342		Virginia Financial Group, Inc		12,538
4,389		W Holding Co, Inc		100,684
106,762		Wachovia Corp		5,615,681
5,256		Washington Federal, Inc		139,494
815		Washington Trust Bancorp, Inc		23,888
3,808		Webster Financial Corp		192,837
112,092		Wells Fargo & Co		6,966,579
1,029		Wesbanco, Inc		32,897
1,681		West Bancorporation		29,602
802		West Coast Bancorp		20,379
2,447		Westamerica Bancorp		142,685
265	*	Western Sierra Bancorp		10,164
3,132		Whitney Holding Corp		140,909
4,528		Wilmington Trust Corp		163,687
876	*	Wilshire Bancorp, Inc		14,489
1,435		Wintrust Financial Corp		81,738
428		WSFS Financial Corp		25,817
399		Yardville National Bancorp		13,670
6,149		Zions Bancorp		418,316
		TOTAL DEPOSITORY INSTITUTIONS		88,871,398
EATING AND DRINKING PLACES - 0.72%
5,466		Applebee's International, Inc		144,576
6,849		Aramark Corp (Class B)		181,567
546	*	BJ's Restaurants, Inc		7,644
2,244		Bob Evans Farms, Inc		58,658
6,082	*	Brinker International, Inc		213,296
354	*	Buffalo Wild Wings, Inc		12,323
1,329	*	California Pizza Kitchen, Inc		30,567
3,221		CBRL Group, Inc		134,799
2,324	*	CEC Entertainment, Inc		92,890
3,713	*	CKE Restaurants, Inc		53,876
1,280	*	Cosi, Inc		7,744
10,442		Darden Restaurants, Inc		289,661
514	*	Dave & Buster's, Inc		10,383
1,600		Domino's Pizza, Inc		28,480
1,256		IHOP Corp		52,614
2,116	*	Jack In The Box, Inc		78,017
5,158	*	Krispy Kreme Doughnuts, Inc		64,991
1,339		Landry's Restaurants, Inc		38,911
985		Lone Star Steakhouse & Saloon, Inc		27,580
83,639		McDonald's Corp		2,681,466
1,245	*	O'Charley's, Inc		24,340
4,444		Outback Steakhouse, Inc		203,446
1,582	*	P.F. Chang's China Bistro, Inc		89,146
662	*	Papa John's International, Inc		22,799
2,114	*	Rare Hospitality International, Inc		67,352
745	*	Red Robin Gourmet Burgers, Inc		39,835
3,822		Ruby Tuesday, Inc		99,678
2,621	*	Ryan's Restaurant Group, Inc		40,416
3,513	*	Sonic Corp		107,147
4,984	*	The Cheesecake Factory, Inc		161,830
1,512	*	The Steak N Shake Co		30,361

133 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
740		Triarc Cos (Class A)	$	9,620
1,480		Triarc Cos (Class B)		18,145
7,435		Wendy's International, Inc		291,898
19,209		Yum! Brands, Inc		906,281
		TOTAL EATING AND DRINKING PLACES		6,322,337
EDUCATIONAL SERVICES - 0.21%
9,846	*	Apollo Group, Inc (Class A)		794,671
6,428	*	Career Education Corp		257,120
6,320	*	Corinthian Colleges, Inc		119,100
4,364	*	DeVry, Inc		75,759
1,600	*	Educate, Inc		21,184
4,836	*	Education Management Corp		159,636
2,844	*	ITT Educational Services, Inc		135,232
2,668	*	Laureate Education, Inc		117,632
506	*	Learning Tree International, Inc		6,780
1,212	*	Princeton Review, Inc		7,454
937		Strayer Education, Inc		102,873
879	*	Universal Technical Institute, Inc		33,507
		TOTAL EDUCATIONAL SERVICES		1,830,948
ELECTRIC, GAS, AND SANITARY SERVICES - 3.72%
41,678	*	AES Corp		569,752
4,969		AGL Resources, Inc		165,170
8,466	*	Allegheny Energy, Inc		166,865
1,780		Allete, Inc		65,415
7,229		Alliant Energy Corp		206,749
18,972	*	Allied Waste Industries, Inc		176,060
13,050		Ameren Corp		654,327
26,156		American Electric Power Co, Inc		898,197
887		American States Water Co		23,062
6,200		Aqua America, Inc		152,458
12,171	*	Aquila, Inc		44,911
5,772		Atmos Energy Corp		157,864
3,507		Avista Corp		61,969
2,064		Black Hills Corp		63,324
1,214		California Water Service Group		45,707
25,885	*	Calpine Corp		101,987
545		Cascade Natural Gas Corp		11,554
1,222	*	Casella Waste Systems, Inc (Class A)		17,890
16,889		Centerpoint Energy, Inc		190,846
600		Central Vermont Public Service Corp		13,956
880		CH Energy Group, Inc		42,284
12,109		Cinergy Corp		504,098
23,551		Citizens Communications Co		324,768
2,740		Cleco Corp		55,512
12,188	*	CMS Energy Corp		127,365
403		Connecticut Water Service, Inc		10,675
16,100		Consolidated Edison, Inc		704,375
11,095		Constellation Energy Group, Inc		484,962
147		Crosstex Energy, Inc		6,159
21,665		Dominion Resources, Inc		1,467,587
8,475		DPL, Inc		212,807
11,743		DTE Energy Co		506,476
60,570		Duke Energy Corp		1,534,238
5,378		Duquesne Light Holdings, Inc		101,375

134 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
387	*	Duratek, Inc	$	9,640
17,012	*	Dynegy, Inc (Class A)		78,595
21,770		Edison International		697,293
40,928		El Paso Corp		425,651
3,586	*	El Paso Electric Co		67,919
2,008		Empire District Electric Co		45,541
2,357		Energen Corp		138,945
9,674		Energy East Corp		258,102
334		EnergySouth, Inc		9,365
15,302		Entergy Corp		1,034,262
3,930		Equitable Resources, Inc		238,394
43,706		Exelon Corp		1,926,123
21,921		FirstEnergy Corp		866,099
12,309		FPL Group, Inc		920,098
5,511		Great Plains Energy, Inc		166,873
5,236		Hawaiian Electric Industries, Inc		152,629
2,446		Idacorp, Inc		74,774
10,588		KeySpan Corp		417,697
6,386		Kinder Morgan, Inc		467,008
1,466		Laclede Group, Inc		45,666
7,421		MDU Resources Group, Inc		197,992
1,158		MGE Energy, Inc		41,723
493		Middlesex Water Co		9,337
4,577		National Fuel Gas Co		129,712
2,099		New Jersey Resources Corp		90,971
3,045		Nicor, Inc		112,482
17,894		NiSource, Inc		407,646
8,607		Northeast Utilities		162,242
1,984		Northwest Natural Gas Co		66,940
5,243	*	NRG Energy, Inc		189,010
3,830		NSTAR		207,892
6,506		OGE Energy Corp		172,474
6,628		Oneok, Inc		188,368
1,356		Otter Tail Corp		34,619
2,968		Peoples Energy Corp		130,444
12,198		Pepco Holdings, Inc		260,061
26,479	*	PG&E Corp		881,221
5,269		Piedmont Natural Gas Co, Inc		122,452
6,098		Pinnacle West Capital Corp		270,812
3,661		PNM Resources, Inc		92,587
12,555		PPL Corp		668,930
16,563		Progress Energy, Inc		749,310
328	v*	Progress Energy, Inc (Cvo)		3
15,733		Public Service Enterprise Group, Inc		814,497
6,727		Puget Energy, Inc		166,157
5,184		Questar Corp		264,177
18,806	*	Reliant Resources, Inc		256,702
10,224		Republic Services, Inc		342,913
1,450		Resource America, Inc (Class A)		47,125
7,320		SCANA Corp		288,408
13,892		Sempra Energy		509,559
7,339	*	Sierra Pacific Resources		77,060
327		SJW Corp		11,903
962		South Jersey Industries, Inc		50,563
49,139		Southern Co		1,647,139
3,673	*	Southern Union Co		88,079
2,238		Southwest Gas Corp		56,845
924		Southwest Water Co		12,428
3,352	*	Stericycle, Inc		154,024
12,795		TECO Energy, Inc		196,275

135 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
19,612		TXU Corp	$	1,266,151
3,560		UGI Corp		145,640
904		UIL Holdings Corp		46,375
2,152		Unisource Energy Corp		51,885
5,066		Vectren Corp		135,769
3,748	*	Waste Connections, Inc		128,369
38,675		Waste Management, Inc		1,157,930
4,925		Westar Energy, Inc		112,635
3,462		Western Gas Resources, Inc		101,264
3,477		WGL Holdings, Inc		107,231
36,028		Williams Cos, Inc		586,912
8,278		Wisconsin Energy Corp		279,051
2,535		WPS Resources Corp		126,649
26,284		Xcel Energy, Inc		478,369
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		32,806,730
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.78%
1,602	*	Actel Corp		28,099
4,399		Adtran, Inc		84,197
1,107	*	Advanced Energy Industries, Inc		10,107
23,369	*	Advanced Micro Devices, Inc		514,585
4,016	*	Aeroflex, Inc		48,674
8,169	*	Agere Systems, Inc (Class A)		11,192
98,838	*	Agere Systems, Inc (Class B)		133,431
1,829	*	Alliance Semiconductor Corp		6,767
25,252	*	Altera Corp		522,716
10,966		American Power Conversion Corp		234,672
1,517	*	American Superconductor Corp		22,588
4,370		Ametek, Inc		155,878
2,841	*	AMIS Holdings, Inc		46,933
6,965	*	Amkor Technology, Inc		46,526
4,377	*	Amphenol Corp (Class A)		160,811
24,889		Analog Devices, Inc		918,902
1,128	*	Anaren Microwave, Inc		14,619
970	*	Applica, Inc		5,869
19,097	*	Applied Micro Circuits Corp		80,398
611		Applied Signal Technology, Inc		21,538
5,411	*	Arris Group, Inc		38,093
2,139	*	Artesyn Technologies, Inc		24,171
1,431	v*	Artisan Components, Inc		53,705
578	*	Atheros Communications, Inc		5,925
25,375	*	Atmel Corp		99,470
1,991	*	ATMI, Inc		44,857
4,955	*	Avanex Corp		16,401
3,372		AVX Corp		42,487
2,049		Baldor Electric Co		56,409
854		Bel Fuse, Inc (Class B)		28,857
2,554	*	Benchmark Electronics, Inc		87,091
337	*	Bookham, Inc		1,631
16,188	*	Broadcom Corp (Class A)		522,549
4,522	*	Broadwing Corp		41,195
2,098		C&D Technologies, Inc		35,750
1,312	*	California Micro Devices Corp		9,302
5,178	*	Capstone Turbine Corp		9,476
1,244	*	Carrier Access Corp		13,286
784	*	Catapult Communications Corp		18,941
2,676	*	C-COR, Inc		24,887
992	*	Ceradyne, Inc		56,752
2,807	*	Checkpoint Systems, Inc		50,666

136 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
441	*	Cherokee International Corp	$	4,238
36,787	*	CIENA Corp		122,869
1,375	*	Comtech Telecommunications		51,714
12,463	*	Comverse Technology, Inc		304,720
28,826	*	Conexant Systems, Inc		57,364
4,997	*	Cree, Inc		200,280
2,406		CTS Corp		31,976
1,756		Cubic Corp		44,199
9,196	*	Cypress Semiconductor Corp		107,869
1,623	*	DDi Corp		5,161
1,045	*	Digital Theater Systems, Inc		21,036
315	*	Diodes, Inc		7,128
2,093	*	Ditech Communications Corp		31,290
1,725	*	DSP Group, Inc		38,519
1,203	*	Dupont Photomasks, Inc		31,771
11,914	*	Eagle Broadband, Inc		7,863
2,138	*	Electro Scientific Industries, Inc		42,247
27,974		Emerson Electric Co		1,960,977
506	*	EMS Technologies, Inc		8,410
5,544	*	Energizer Holdings, Inc		275,530
1,990	*	Energy Conversion Devices, Inc		38,447
3,177	*	Entegris, Inc		31,611
1,790	*	ESS Technology, Inc		12,727
2,931	*	Exar Corp		41,591
7,847	*	Fairchild Semiconductor International, Inc		127,592
10,287	*	Finisar Corp		23,454
1,382		Franklin Electric Co, Inc		58,403
2,434	*	Freescale Semiconductor, Inc		43,374
22,660	*	Freescale Semiconductor, Inc (Class B)		416,038
2,540	*	FuelCell Energy, Inc		25,146
14,973	*	Gemstar-TV Guide International, Inc		88,640
700,321	d	General Electric Co		25,561,717
2,481	*	Genesis Microchip, Inc		40,242
800	*	Genlyte Group, Inc		68,544
7,550	*	GrafTech International Ltd		71,423
3,775		Harman International Industries, Inc		479,425
5,816	*	Harmonic, Inc		48,505
4,408		Harris Corp		272,370
2,022		Helix Technology Corp		35,163
1,472	*	Hexcel Corp		21,344
4,192		Hubbell, Inc (Class B)		219,242
1,622	*	Hutchinson Technology, Inc		56,073
4,516	*	Integrated Circuit Systems, Inc		94,475
6,333	*	Integrated Device Technology, Inc		73,209
3,920	*	Integrated Silicon Solution, Inc		32,144
429,016		Intel Corp		10,034,684
4,421	*	Interdigital Communications Corp		97,704
4,539	*	International Rectifier Corp		202,303
9,592		Intersil Corp (Class A)		160,570
1,280		Inter-Tel, Inc		35,046
2,235	*	InterVoice, Inc		29,837
2,374	*	IXYS Corp		24,500
10,749	*	Jabil Circuit, Inc		274,959
87,328	*	JDS Uniphase Corp		276,830
5,408	*	Kemet Corp		48,402
4,555	*	Kopin Corp		17,628
6,804		L-3 Communications Holdings, Inc		498,325
670	*	LaserCard Corp		7,028
6,553	*	Lattice Semiconductor Corp		37,352
1,500	*	Leadis Technology, Inc		15,975
508	*	Lifeline Systems, Inc		13,086

137 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
20,650		Linear Technology Corp	$	800,394
1,373	*	Littelfuse, Inc		46,902
783		LSI Industries, Inc		8,965
22,765	*	LSI Logic Corp		124,752
1,473	*	Magnetek, Inc		10,164
4,282	*	Mattson Technology, Inc		48,215
21,396		Maxim Integrated Products, Inc		906,976
5,673		Maytag Corp		119,700
8,117	*	McData Corp (Class A)		48,383
634	*	Medis Technologies Ltd		11,634
5,288	*	MEMC Electronic Materials, Inc		70,066
1,630	*	Mercury Computer Systems, Inc		48,378
1,120	*	Merix Corp		12,902
2,102		Methode Electronics, Inc		27,011
653	*	Metrologic Instruments, Inc		13,876
4,256	*	Micrel, Inc		46,901
13,661		Microchip Technology, Inc		364,202
37,523	*	Micron Technology, Inc		463,409
3,698	*	Microsemi Corp		64,197
7,200	*	Microtune, Inc		43,992
1,159	*	Microvision, Inc		8,113
2,549	*	MIPS Technologies, Inc		25,108
1,538	*	Mobility Electronics, Inc		13,196
9,311		Molex, Inc		279,330
2,200	*	Monolithic Power Systems, Inc		20,460
1,142	*	Monolithic System Technology, Inc		7,115
1,507	*	Moog, Inc (Class A)		68,342
155,373		Motorola, Inc		2,672,416
6,569	*	MRV Communications, Inc		24,108
4,066	*	Mykrolis Corp		57,615
195		National Presto Industries, Inc		8,873
23,484		National Semiconductor Corp		421,538
6,093	*	NMS Communications Corp		38,447
9,452	*	Novellus Systems, Inc		263,616
10,742	*	Nvidia Corp		253,082
4,361	*	Omnivision Technologies, Inc		80,024
7,486	*	ON Semiconductor Corp		33,986
4,999	*	Openwave Systems, Inc		77,285
6,653	*	Oplink Communications, Inc		13,106
803	*	Optical Communication Products, Inc		2,008
655	*	OSI Systems, Inc		14,875
2,450	*	Paradyne Networks, Inc		8,796
1,076		Park Electrochemical Corp		23,328
934	*	Pericom Semiconductor Corp		8,808
2,023	*	Photronics, Inc		33,380
3,719	*	Pixelworks, Inc		42,173
2,962		Plantronics, Inc		122,834
2,678	*	Plexus Corp		34,841
3,013	*	Plug Power, Inc		18,409
4,030	*	PLX Technology, Inc		41,912
10,988	*	PMC-Sierra, Inc		123,615
6,139	*	Polycom, Inc		143,161
800	*	Portalplayer, Inc		19,744
272	*	Powell Industries, Inc		5,029
1,762	*	Power Integrations, Inc		34,852
3,698	*	Power-One, Inc		32,986
6,419	*	Powerwave Technologies, Inc		54,433
6,036	*	QLogic Corp		221,702
107,390		Qualcomm, Inc		4,553,336
6,298	*	Rambus, Inc		144,854

138 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
962		Raven Industries, Inc	$	20,500
2,261	*	Rayovac Corp		69,096
1,521		Regal-Beloit Corp		43,501
4,069	*	Remec, Inc		29,337
14,560	*	RF Micro Devices, Inc		99,590
11,454		Rockwell Collins, Inc		451,746
1,056	*	Rogers Corp		45,514
35,369	*	Sanmina-SCI Corp		299,575
2,197	*	SBA Communications Corp		20,388
739	*	SBS Technologies, Inc		10,316
10,194		Scientific-Atlanta, Inc		336,504
1,518	*	Seachange International, Inc		26,474
4,624	*	Semtech Corp		101,127
1,530	*	Sigmatel, Inc		54,361
5,169	*	Silicon Image, Inc		85,082
2,292	*	Silicon Laboratories, Inc		80,931
6,392	*	Silicon Storage Technology, Inc		38,032
272	*	Siliconix, Inc		9,925
1,256	*	Sipex Corp		5,878
82,443	*	Sirius Satellite Radio, Inc		630,689
10,862	*	Skyworks Solutions, Inc		102,429
1,059		Smith (A.O.) Corp		31,706
3,760	*	Spatialight, Inc		33,652
1,185		Spectralink Corp		16,803
636	*	Staktek Holdings, Inc		2,951
1,145	*	Standard Microsystems Corp		20,415
967	*	Stoneridge, Inc		14,631
3,636	*	Stratex Networks, Inc		8,217
545	*	Supertex, Inc		11,827
8,980	*	Sycamore Networks, Inc		36,459
2,792	*	Symmetricom, Inc		27,110
1,517	*	Synaptics, Inc		46,390
2,564	*	Technitrol, Inc		46,665
2,957	*	Tekelec		60,441
29,796	*	Tellabs, Inc		255,948
4,155	*	Terayon Communication Systems, Inc		11,260
1,499	*	Tessera Technologies, Inc		55,778
114,722		Texas Instruments, Inc		2,824,456
3,866	*	Thomas & Betts Corp		118,880
9,853	*	Transmeta Corp		16,060
1,166	*	Trident Microsystems, Inc		19,496
2,129	*	Tripath Technology, Inc		2,661
8,639	*	Triquint Semiconductor, Inc		38,444
2,535	*	TTM Technologies, Inc		29,913
1,611	*	Ulticom, Inc		25,824
873	*	Ultralife Batteries, Inc		16,980
1,294	*	Universal Display Corp		11,646
701	*	Universal Electronics, Inc		12,338
6,145	*	Utstarcom, Inc		136,112
3,373	*	Valence Technology, Inc		10,490
2,259	*	Varian Semiconductor Equipment Associates, Inc		83,244
10,927	*	Verso Technologies, Inc		7,867
4	*	Vialta, Inc		1
1,206	*	Viasat, Inc		29,270
882		Vicor Corp		11,563
9,497	*	Vishay Intertechnology, Inc		142,660
13,504	*	Vitesse Semiconductor Corp		47,669
700	*	Volterra Semiconductor Corp		15,509

139 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
3,062	*	Westell Technologies, Inc	$	20,822
4,624		Whirlpool Corp		320,027
1,330	*	Wilson Greatbatch Technologies, Inc		29,819
496		Woodhead Industries, Inc		7,951
22,986		Xilinx, Inc		681,535
1,232	*	Zhone Technologies, Inc		3,191
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		68,698,223
ENGINEERING AND MANAGEMENT SERVICES - 0.91%
4,167	*	Accelrys, Inc		32,503
1,101	*	Advisory Board Co		40,605
3,681	*	Affymetrix, Inc		134,541
2,798	*	Answerthink, Inc		13,039
1,284	*	Antigenics, Inc		12,994
5,031	*	Applera Corp (Celera Genomics Group)		69,176
6,168	*	Ariad Pharmaceuticals, Inc		45,828
6,488	*	Axonyx, Inc		40,226
10,553	*	BearingPoint, Inc		84,741
10,396	*	Celgene Corp		275,806
4,906	*	Century Business Services, Inc		21,390
715	*	Charles River Associates, Inc		33,441
1,089	*	Ciphergen Biosystems, Inc		4,683
2,284	*	Cornell Cos, Inc		34,671
2,485		Corporate Executive Board Co		166,346
2,175	*	Corrections Corp of America		87,979
4,083	*	Covance, Inc		158,216
3,036	*	CuraGen Corp		21,738
2,034	*	CV Therapeutics, Inc		46,782
2,987	*	Decode Genetics, Inc		23,328
1,448	*	DiamondCluster International, Inc		20,750
4,839	*	Digitas, Inc		46,212
1,809	*	Diversa Corp		15,811
1,629	*	Dyax Corp		11,761
2,766	*	eResearch Technology, Inc		43,841
3,918	*	Exelixis, Inc		37,221
500	*	Exponent, Inc		13,745
5,415		Fluor Corp		295,172
623	*	Forrester Research, Inc		11,177
2,989	*	FTI Consulting, Inc		62,978
4,019	*	Gartner, Inc (Class A)		50,077
104	*	Gartner, Inc (Class B)		1,278
428	*	Genencor International, Inc		7,019
3,114	*	Gen-Probe, Inc		140,784
1,000	*	Greenfield Online, Inc		21,990
29,130		Halliburton Co		1,143,061
2,514	*	Hewitt Associates, Inc		80,473
4,944	*	Incyte Corp		49,391
536	*	Infrasource Services, Inc		6,968
3,729	*	Jacobs Engineering Group, Inc		178,209
3,146	*	Keryx Biopharmaceuticals, Inc		36,399
2,041	*	Kosan Biosciences, Inc		14,144
452		Landauer, Inc		20,656
812	*	LECG Corp		15,144
3,941	*	Lexicon Genetics, Inc		30,562
1,768	*	Lifecell Corp		18,069
1,668	*	Luminex Corp		14,812
1,761	*	Maxim Pharmaceuticals, Inc		5,318
1,043	*	MAXIMUS, Inc		32,458
1,529	*	Maxygen, Inc		19,556

140 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
17,578		Monsanto Co	$	976,458
8,432		Moody's Corp		732,319
311	*	MTC Technologies, Inc		10,440
1,518	*	Myriad Genetics, Inc		34,170
2,724	*	Navigant Consulting, Inc		72,458
660	*	Neopharm, Inc		8,257
3,776	*	Oscient Pharmaceuticals Corp		13,782
1,812	*	Parexel International Corp		36,784
21,994		Paychex, Inc		749,556
1,349	*	Per-Se Technologies, Inc		21,355
2,934	*	Pharmaceutical Product Development, Inc		121,145
5,471	*	Pharmos Corp		7,769
1,581	*	PRG-Schultz International, Inc		7,952
5,179		Quest Diagnostics, Inc		494,853
1,179	*	Regeneration Technologies, Inc		12,356
4,561	*	Regeneron Pharmaceuticals, Inc		42,007
1,439	*	Resources Connection, Inc		78,152
622	*	Rigel Pharmaceuticals, Inc		15,189
2,870	*	Seattle Genetics, Inc		18,741
18,526		Servicemaster Co		255,474
994	*	SFBC International, Inc		39,263
1,005	*	Sourcecorp		19,206
1,745	*	Symyx Technologies, Inc		52,490
389	*	Tejon Ranch Co		15,871
2,718	*	Telik, Inc		52,023
3,674	*	Tetra Tech, Inc		61,503
1,780	*	Transkaryotic Therapies, Inc		45,194
595	*	TRC Cos, Inc		10,115
693	*	Trimeris, Inc		9,820
1,951	*	URS Corp		62,627
1,149	*	Ventiv Health, Inc		23,348
1,590	*	Washington Group International, Inc		65,588
2,077		Watson Wyatt & Co Holdings		55,975
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		8,015,309
FABRICATED METAL PRODUCTS - 0.73%
2,436	*	Alliant Techsystems, Inc		159,266
7,266		Ball Corp		319,559
954		CIRCOR International, Inc		22,095
1,806		Commercial Metals Co		91,311
1,300	*	Commercial Vehicle Group, Inc		28,379
3,124		Crane Co		90,096
11,064	*	Crown Holdings, Inc		152,019
15,742		Danaher Corp		903,748
444	*	Drew Industries, Inc		16,059
9,737		Fortune Brands, Inc		751,502
1,568	*	Griffon Corp		42,336
311		Gulf Island Fabrication, Inc		6,789
2,375		Harsco Corp		132,383
17,595		Illinois Tool Works, Inc		1,630,705
1,570	*	Intermagnetics General Corp		39,894
6,728	*	Jacuzzi Brands, Inc		58,534
444		Lifetime Hoan Corp		7,060
29,104		Masco Corp		1,063,169
1,572	*	Mobile Mini, Inc		51,939
1,211	*	NCI Building Systems, Inc		45,413
4,640	*	Shaw Group, Inc		82,824
728		Silgan Holdings, Inc		44,379

141 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,284		Simpson Manufacturing Co, Inc	$	79,712
3,923		Snap-On, Inc		134,794
4,607		Stanley Works		225,697
1,318		Sturm Ruger & Co, Inc		11,902
3,596	*	Taser International, Inc		113,598
3,610	*	Tower Automotive, Inc		8,628
1,308		Valmont Industries, Inc		32,844
617	*	Water Pik Technologies, Inc		10,939
1,491		Watts Water Technologies, Inc (Class A)		48,070
		TOTAL FABRICATED METAL PRODUCTS		6,405,643
FOOD AND KINDRED PRODUCTS - 2.98%
881		American Italian Pasta Co (Class A)		20,483
53,677		Anheuser-Busch Cos, Inc		2,723,034
38,674		Archer Daniels Midland Co		862,817
467	*	Boston Beer Co, Inc (Class A)		9,933
932		Cal-Maine Foods, Inc		11,268
15,702		Campbell Soup Co		469,333
156		Coca-Cola Bottling Co Consolidated		8,901
140,133		Coca-Cola Co		5,833,737
15,487		Coca-Cola Enterprises, Inc		322,904
35,150		Conagra Foods, Inc		1,035,197
6,425	*	Constellation Brands, Inc (Class A)		298,827
1,846		Coors (Adolph) Co (Class B)		139,687
2,197		Corn Products International, Inc		117,671
3,971	*	Darling International, Inc		17,314
10,355	*	Dean Foods Co		341,197
12,175	*	Del Monte Foods Co		134,169
530		Farmer Brothers Co		12,847
2,022		Flowers Foods, Inc		63,855
19,402		General Mills, Inc		964,473
1,500	*	Gold Kist, Inc		20,430
23,506		H.J. Heinz Co		916,499
374	*	Hansen Natural Corp		13,617
7,177	*	Hercules, Inc		106,578
11,631		Hershey Foods Corp		645,986
5,169		Hormel Foods Corp		162,048
272		J & J Snack Foods Corp		13,336
3,756		J.M. Smucker Co		176,795
16,359		Kellogg Co		730,593
17,940		Kraft Foods, Inc (Class A)		638,843
2,179		Lancaster Colony Corp		93,414
1,479		Lance, Inc		28,145
517	*	M&F Worldwide Corp		7,042
9,075		McCormick & Co, Inc (Non-Vote)		350,295
492		MGP Ingredients, Inc		4,251
234		National Beverage Corp		1,947
557	*	Peets Coffee & Tea, Inc		14,744
10,236		Pepsi Bottling Group, Inc		276,781
4,535		PepsiAmericas Inc		96,323
113,405		PepsiCo, Inc		5,919,741
1,218		Pilgrim's Pride Corp		37,368
1,996		Ralcorp Holdings, Inc		83,692
641		Sanderson Farms, Inc		27,742
52,329		Sara Lee Corp		1,263,222
2,878		Sensient Technologies Corp		69,043
5,102	*	Smithfield Foods, Inc		150,968
2,207		Tootsie Roll Industries, Inc		76,428

142 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,218		Topps Co, Inc	$	21,626
13,837		Tyson Foods, Inc (Class A)		254,619
10,590		Wrigley (Wm.) Jr Co		732,722
		TOTAL FOOD AND KINDRED PRODUCTS		26,322,485
FOOD STORES - 0.49%
1,613	*	7-Eleven, Inc		38,631
24,694		Albertson's, Inc		589,693
70		Arden Group, Inc (Class A)		7,033
736	*	Great Atlantic & Pacific Tea Co, Inc		7,544
467		Ingles Markets, Inc (Class A)		5,786
49,003	*	Kroger Co		859,513
1,740	*	Panera Bread Co (Class A)		70,157
722	*	Pantry, Inc		21,725
1,649	*	Pathmark Stores, Inc		9,581
2,084		Ruddick Corp		45,202
30,033	*	Safeway, Inc		592,851
26,250	*	Starbucks Corp		1,636,950
775		Weis Markets, Inc		29,892
4,063		Whole Foods Market, Inc		387,407
1,975	*	Wild Oats Markets, Inc		17,400
5,675	*	Winn-Dixie Stores, Inc		25,821
		TOTAL FOOD STORES		4,345,186
FORESTRY - 0.12%
15,847		Weyerhaeuser Co		1,065,235
		TOTAL FORESTRY		1,065,235
FURNITURE AND FIXTURES - 0.33%
510		Bassett Furniture Industries, Inc		10,009
2,452		Ethan Allen Interiors, Inc		98,129
3,840		Furniture Brands International, Inc		96,192
4,910		Herman Miller, Inc		135,663
3,589		Hillenbrand Industries, Inc		199,333
4,239		HNI Corp		182,489
908		Hooker Furniture Corp		20,612
3,030	*	Interface, Inc (Class A)		30,209
12,654		Johnson Controls, Inc		802,770
1,751		Kimball International, Inc (Class B)		25,932
4,274		La-Z-Boy, Inc		65,691
4,462		Lear Corp		272,227
12,517		Leggett & Platt, Inc		355,858
18,131		Newell Rubbermaid, Inc		438,589
2,964	*	Select Comfort Corp		53,174
234		Stanley Furniture Co, Inc		10,518
3,726		Steelcase, Inc (Class A)		51,568
1,416	*	Tempur-Pedic International, Inc		30,019
		TOTAL FURNITURE AND FIXTURES		2,878,982
FURNITURE AND HOMEFURNISHINGS STORES - 0.38%
20,020	*	Bed Bath & Beyond, Inc		797,397
17,538		Best Buy Co, Inc		1,042,108
12,508		Circuit City Stores, Inc (Circuit City Group)		195,625

143 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,342	*	Cost Plus, Inc	$	43,118
656	*	Electronics Boutique Holdings Corp		28,169
2,478	*	GameStop Corp (Class B)		55,532
1,515	*	Guitar Center, Inc		79,825
1,501		Haverty Furniture Cos, Inc		27,769
2,878	*	Kirkland's, Inc		35,371
2,807	*	Linens 'n Things, Inc		69,614
3,436	*	Mohawk Industries, Inc		313,535
5,544		Pier 1 Imports, Inc		109,217
10,270		RadioShack Corp		337,678
1,637	*	Restoration Hardware, Inc		9,396
1,705	*	The Bombay Co, Inc		9,429
1,445	*	Trans World Entertainment Corp		18,019
5,966	*	Williams-Sonoma, Inc		209,049
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		3,380,851
GENERAL BUILDING CONTRACTORS - 0.44%
978		Beazer Homes U.S.A., Inc		142,993
1,056		Brookfield Homes Corp		35,798
7,840		Centex Corp		467,107
14,627		D.R. Horton, Inc		589,614
978	*	Dominion Homes, Inc		24,668
2,532	*	Hovnanian Enterprises, Inc (Class A)		125,385
2,302		KB Home		240,329
7,841		Lennar Corp (Class A)		444,428
540		Lennar Corp (Class B)		28,193
1,293		Levitt Corp (Class A)		39,527
1,154		M/I Homes, Inc		63,597
1,624		MDC Holdings, Inc		140,379
858	*	Meritage Homes Corp		96,697
351	*	NVR, Inc		270,059
1,035	*	Palm Harbor Homes, Inc		17,471
831	*	Perini Corp		13,869
6,706		Pulte Homes, Inc		427,843
3,202		Ryland Group, Inc		184,243
2,273		Standard-Pacific Corp		145,790
1,372		Technical Olympic U.S.A., Inc		34,821
2,935	*	Toll Brothers, Inc		201,370
1,929		Walter Industries, Inc		65,065
2,706	*	WCI Communities, Inc		79,556
461	*	William Lyon Homes, Inc		32,381
		TOTAL GENERAL BUILDING CONTRACTORS		3,911,183
GENERAL MERCHANDISE STORES - 2.20%
3,421	*	99 Cents Only Stores		55,283
7,852	*	Big Lots, Inc		95,245
4,355	*	BJ's Wholesale Club, Inc		126,861
1,247	*	Brookstone, Inc		24,379
700	*	Cabela's, Inc		15,918
3,110		Casey's General Stores, Inc		56,447
431	*	Conn's, Inc		7,249
30,311		Costco Wholesale Corp		1,467,356
4,120		Dillard's, Inc (Class A)		110,704
19,277		Dollar General Corp		400,383
7,818	*	Dollar Tree Stores, Inc		224,220
10,187		Family Dollar Stores, Inc		318,140
11,393		Federated Department Stores, Inc		658,401

144 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,877		Fred's, Inc	$	50,060
356	*	Gander Mountain Co		4,567
15,756		J.C. Penney Co, Inc		652,298
3,128	*	Kmart Holding Corp		309,516
19,900	*	Kohl's Corp		978,483
18,864		May Department Stores Co		554,602
2,502		Neiman Marcus Group, Inc (Class A)		178,993
30		Neiman Marcus Group, Inc (Class B)		2,004
3,723	*	Retail Ventures, Inc		26,433
8,775		Saks, Inc		127,325
13,836		Sears Roebuck & Co		706,051
2,473	*	ShopKo Stores, Inc		46,196
1,895	*	Stein Mart, Inc		32,329
60,375		Target Corp		3,135,274
1,601	*	Tuesday Morning Corp		49,039
170,065		Wal-Mart Stores, Inc		8,982,833
		TOTAL GENERAL MERCHANDISE STORES		19,396,589
HEALTH SERVICES - 0.84%
3,522	*	Accredo Health, Inc		97,630
1,078	*	Amedisys, Inc		34,916
1,261	*	America Service Group, Inc		33,757
1,799	*	American Healthways, Inc		59,439
2,481	*	Amsurg Corp		73,289
3,836	*	Apria Healthcare Group, Inc		126,396
7,790	*	Beverly Enterprises, Inc		71,279
30,010	*	Caremark Rx, Inc		1,183,294
4,663	*	Community Health Systems, Inc		130,004
272	*	Corvel Corp		7,284
5,854	*	Coventry Health Care, Inc		310,730
1,647	*	Cross Country Healthcare, Inc		29,778
6,422	*	DaVita, Inc		253,862
1,246	*	Enzo Biochem, Inc		24,260
4,423	*	Express Scripts, Inc		338,094
6,176	*	First Health Group Corp		115,553
1,734	*	Genesis HealthCare Corp		60,742
1,308	*	Gentiva Health Services, Inc		21,870
31,107		HCA, Inc		1,243,036
15,773		Health Management Associates, Inc (Class A)		358,363
3,191		Hooper Holmes, Inc		18,891
2,096	*	Kindred Healthcare, Inc		62,775
1,561	*	LabOne, Inc		50,014
8,977	*	Laboratory Corp of America Holdings		447,234
1,710		LCA-Vision, Inc		39,997
2,724	*	LifePoint Hospitals, Inc		94,850
6,655	*	Lincare Holdings, Inc		283,836
2,075	*	Magellan Health Services, Inc		70,882
5,615		Manor Care, Inc		198,939
470	*	Matria Healthcare, Inc		18,363
375	*	Medcath Corp		9,240
584		National Healthcare Corp		20,615
2,337	*	NeighborCare, Inc		71,793
3,600	*	OCA, Inc		22,860
2,421	*	Odyssey HealthCare, Inc		33,119
876		Option Care, Inc		15,058
1,651	*	Pediatrix Medical Group, Inc		105,747
3,477	*	Province Healthcare Co		77,711
1,117	*	Psychiatric Solutions, Inc		40,838

145 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,000	*	Radiation Therapy Services, Inc	$	17,000
1,008	*	RehabCare Group, Inc		28,214
4,279	*	Renal Care Group, Inc		154,001
6,926		Select Medical Corp		121,898
352	*	Specialty Laboratories, Inc		3,886
1,321	*	Sunrise Senior Living, Inc		61,242
515	*	Symbion, Inc		11,371
29,570	*	Tenet Healthcare Corp		324,679
5,085	*	Triad Hospitals, Inc		189,250
2,149	*	United Surgical Partners International, Inc		89,613
3,116		Universal Health Services, Inc (Class B)		138,662
583	*	VistaCare, Inc (Class A)		9,695
		TOTAL HEALTH SERVICES		7,405,849
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
2,070		Granite Construction, Inc		55,062
1,390	*	Insituform Technologies, Inc (Class A)		31,511
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		86,573
HOLDING AND OTHER INVESTMENT OFFICES - 3.81%
860	*	4Kids Entertainment, Inc		18,077
2,500		Aames Investment Corp		26,750
1,525		Acadia Realty Trust		24,858
1,536		Affordable Residential Communities		22,042
834		Alabama National Bancorp		53,793
217	*	Alexander's, Inc		46,655
1,264		Alexandria Real Estate Equities, Inc		94,067
9,321		Allied Capital Corp		240,855
5,322		AMB Property Corp		214,956
1,584		Amcore Financial, Inc		50,973
1,100		American Campus Communities, Inc		24,739
7,578		American Financial Realty Trust		122,612
2,868		American Home Mortgage Investment Corp		98,229
1,574		AMLI Residential Properties Trust		50,368
7,066		Annaly Mortgage Management, Inc		138,635
3,732		Anthracite Capital, Inc		46,128
4,120		Anworth Mortgage Asset Corp		44,125
6,259		Apartment Investment & Management Co (Class A)		241,222
3,857		Apollo Investment Corp		58,241
436		Arbor Realty Trust, Inc		10,699
12,591		Archstone-Smith Trust		482,235
3,824		Arden Realty, Inc		144,241
1,245		Ashford Hospitality Trust, Inc		13,533
4,619		AvalonBay Communities, Inc		347,811
1,317		Bedford Property Investors		37,416
1,500		BioMed Realty Trust, Inc		33,315
5,283		Boston Properties, Inc		341,652
3,246		Brandywine Realty Trust		95,400
3,353		BRE Properties, Inc (Class A)		135,159
3,867		Brookline Bancorp, Inc		63,109
2,610		Camden Property Trust		133,110
3,036		Capital Automotive REIT		107,854
2,508		Capital Lease Funding, Inc		31,350
170		Capital Southwest Corp		13,348
500		Capital Trust, Inc		15,355
687		Capitol Bancorp Ltd		24,196
924		Capstead Mortgage Corp		9,739

146 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
3,647		CarrAmerica Realty Corp	$	120,351
1,341		CBL & Associates Properties, Inc		102,385
1,100		Cedar Shopping Centers, Inc		15,730
2,982		Centerpoint Properties Trust		142,808
313		Cherokee, Inc		11,043
1,311		Colonial Properties Trust		51,483
3,329		Commercial Net Lease Realty, Inc		68,577
621		Community Banks, Inc		17,487
3,993	*	Cornerstone Realty Income Trust, Inc		39,850
2,673		Corporate Office Properties Trust		78,453
967		Correctional Properties Trust		27,927
2,172		Cousins Properties, Inc		65,746
5,357		Crescent Real Estate Equities Co		97,819
1,501		CRT Properties, Inc		35,814
6,519		Developers Diversified Realty Corp		289,248
1,600		Digital Realty Trust, Inc		21,552
9,320		Duke Realty Corp		318,185
1,304		Eastgroup Properties, Inc		49,969
154	*	Enstar Group, Inc		9,625
1,754		Entertainment Properties Trust		78,141
2,335		Equity Inns, Inc		27,413
1,559		Equity Lifestyle Properties, Inc		55,734
26,776		Equity Office Properties Trust		779,717
2,813		Equity One, Inc		66,752
18,846		Equity Residential		681,848
1,424		Essex Property Trust, Inc		119,331
1,600		Extra Space Storage, Inc		21,328
3,428		Federal Realty Investment Trust		177,056
4,268	*	FelCor Lodging Trust, Inc		62,526
1,272	*	First Acceptance Corp		11,397
501		First Indiana Corp		11,278
2,424		First Industrial Realty Trust, Inc		98,730
4,928		First Niagara Financial Group, Inc		68,746
672		First Place Financial Corp		15,046
3,850		Fremont General Corp		96,943
9,002		Friedman Billings Ramsey Group, Inc		174,549
1,864		Gables Residential Trust		66,713
15,169		General Growth Properties, Inc		548,511
444		German American Bancorp		7,148
445		Gladstone Capital Corp		10,547
2,623		Glenborough Realty Trust, Inc		55,817
2,261		Glimcher Realty Trust		62,652
700		Global Signal, Inc		19,278
1,200		Government Properties Trust, Inc		11,832
1,300		Gramercy Capital Corp		26,780
3,200		Greater Bay Bancorp		89,216
772		Harris & Harris Group, Inc		12,645
8,040		Health Care Property Investors, Inc		222,628
3,219		Health Care REIT, Inc		122,805
2,802		Healthcare Realty Trust, Inc		114,041
1,689		Heritage Property Investment Trust		54,200
2,151		Highland Hospitality Corp		24,177
3,333		Highwoods Properties, Inc		92,324
2,333		Home Properties, Inc		100,319
2,500		HomeBanc Corp		24,200
4,327		Hospitality Properties Trust		199,042
22,382		Host Marriott Corp		387,209
10,704		HRPT Properties Trust		137,332
5,499		IMPAC Mortgage Holdings, Inc		124,662

147 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
5,949		Independence Community Bank Corp	$	253,308
2,730		Innkeepers U.S.A. Trust		38,766
3,524		Investors Real Estate Trust		36,967
15,190		iShares Russell 2000 Index Fund		1,967,105
7,124		iStar Financial, Inc		322,432
2,084		Kilroy Realty Corp		89,091
6,441		Kimco Realty Corp		373,514
1,600		Kite Realty Group Trust		24,448
1,497		Kramont Realty Trust		35,030
14,379	*	La Quinta Corp		130,705
2,424		LaSalle Hotel Properties		77,156
2,995		Lexington Corporate Properties Trust		67,627
5,824		Liberty Property Trust		251,597
676		LTC Properties, Inc		13,459
3,470		Luminent Mortgage Capital, Inc		41,293
3,604		Macerich Co		226,331
3,813		Mack-Cali Realty Corp		175,512
2,112		Maguire Properties, Inc		57,996
9,209	*	Meristar Hospitality Corp		76,895
6,230		MFA Mortgage Investments, Inc		54,949
1,117		Mid-America Apartment Communities, Inc		46,043
3,175		Mills Corp		202,438
2,170		Mission West Properties, Inc		23,089
1,500		MortgageIT Holdings, Inc		26,925
1,279		National Health Investors, Inc		37,321
4,071		Nationwide Health Properties, Inc		96,686
2,767		New Century Financial Corp		176,839
6,151		New Plan Excel Realty Trust		166,569
2,641		Newcastle Investment Corp		83,931
1,855		Novastar Financial, Inc		91,823
2,883		Omega Healthcare Investors, Inc		34,019
1,159		Oriental Financial Group, Inc		32,811
512		Origen Financial, Inc		3,830
2,603		Pan Pacific Retail Properties, Inc		163,208
774		Parkway Properties, Inc		39,281
2,080		Pennsylvania Real Estate Investment Trust		89,024
11,742		Plum Creek Timber Co, Inc		451,362
18,046		Popular, Inc		520,266
3,074		Post Properties, Inc		107,283
2,939		Prentiss Properties Trust		112,270
912		PrivateBancorp, Inc		29,394
12,051		Prologis		522,170
970		Prosperity Bancshares, Inc		28,334
1,362		PS Business Parks, Inc		61,426
5,557		Public Storage, Inc		309,803
1,502		RAIT Investment Trust		42,011
1,142		Ramco-Gershenson Properties		36,830
2,644		Realty Income Corp		133,734
4,869		Reckson Associates Realty Corp		159,752
1,443		Redwood Trust, Inc		89,596
3,900		Regency Centers Corp		216,060
1,066		Sandy Spring Bancorp, Inc		40,860
984		Saul Centers, Inc		37,638
4,100		Saxon Capital, Inc		98,359
3,055		Senior Housing Properties Trust		57,862
3,169		Shurgard Storage Centers, Inc (Class A)		139,468
10,673		Simon Property Group, Inc		690,223
2,537		SL Green Realty Corp		153,615
1,059		Sovran Self Storage, Inc		44,626
76,100		SPDR Trust Series 1		9,198,207

148 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,500		Strategic Hotel Capital, Inc	$	24,750
581		Suffolk Bancorp		20,236
1,838		Summit Properties, Inc		59,845
1,003		Sun Communities, Inc		40,371
1,500		Sunstone Hotel Investors, Inc		31,170
3,363		Susquehanna Bancshares, Inc		83,907
1,692		Tanger Factory Outlet Centers, Inc		44,770
345	*	Tarragon Realty Investors, Inc		6,158
3,092		Taubman Centers, Inc		92,605
5,996		Thornburg Mortgage, Inc		173,644
421		Tompkins Trustco, Inc		22,519
1,328		Town & Country Trust		36,693
5,502		Trizec Properties, Inc		104,098
2,007		U.S. Restaurant Properties, Inc		36,246
7,953		United Dominion Realty Trust, Inc		197,234
584		Universal Health Realty Income Trust		18,764
1,061		Urstadt Biddle Properties, Inc (Class A)		18,090
1,400		U-Store-It Trust		24,290
5,353		Ventas, Inc		146,726
6,332		Vornado Realty Trust		482,055
57,873		Washington Mutual, Inc		2,446,870
2,810		Washington Real Estate Investment Trust		95,175
2,247		Waypoint Financial Corp		63,702
4,688		Weingarten Realty Investors		187,989
346		Westfield Financial, Inc		8,934
872		Winston Hotels, Inc		10,298
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		33,667,818
HOTELS AND OTHER LODGING PLACES - 0.38%
894		Ameristar Casinos, Inc		38,540
2,012	*	Bluegreen Corp		39,898
2,818		Boyd Gaming Corp		117,370
1,478		Choice Hotels International, Inc		85,724
533	*	Empire Resorts, Inc		5,943
25,031		Hilton Hotels Corp		569,227
4,387	*	Mandalay Resort Group		308,976
1,168		Marcus Corp		29,364
12,829		Marriott International, Inc (Class A)		807,970
3,852	*	MGM Mirage		280,194
3,468	*	Pinnacle Entertainment, Inc		68,597
13,505		Starwood Hotels & Resorts Worldwide, Inc		788,692
1,281	*	Vail Resorts, Inc		28,720
2,180	*	Wynn Resorts Ltd		145,886
		TOTAL HOTELS AND OTHER LODGING PLACES		3,315,101
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.00%
51,945		3M Co		4,263,126
646	*	Aaon, Inc		10,381
1,475	*	Actuant Corp		76,921
6,869	*	Adaptec, Inc		52,136
4,708	*	Advanced Digital Information Corp		47,174
6,310	*	AGCO Corp		138,126
1,631		Albany International Corp (Class A)		57,346
12,571	*	American Standard Cos, Inc		519,434
26,614	*	Apple Computer, Inc		1,713,942
111,712	*	Applied Materials, Inc		1,910,292

149 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,760	*	Astec Industries, Inc	$	30,290
350	*	ASV, Inc		16,765
2,452	*	Asyst Technologies, Inc		12,481
5,299	*	Authentidate Holding Corp		32,801
3,194	*	Avocent Corp		129,461
8,624	*	Axcelis Technologies, Inc		70,121
22,432		Baker Hughes, Inc		957,173
5,242		Black & Decker Corp		463,026
1,038		Black Box Corp		49,845
209	*	Blount International, Inc		3,641
3,180		Briggs & Stratton Corp		132,224
2,761	*	Brooks Automation, Inc		47,544
1,400		Bucyrus International, Inc (Class A)		56,896
1,029		Cascade Corp		41,109
22,571		Caterpillar, Inc		2,200,898
5,249	*	Cirrus Logic, Inc		28,922
448,475	*	Cisco Systems, Inc		8,655,568
3,484	*	Cooper Cameron Corp		187,474
5,624	*	Cray, Inc		26,208
2,621		Cummins, Inc		219,614
1,038	*	Cuno, Inc		61,657
2,490	*	Cymer, Inc		73,555
16,678		Deere & Co		1,240,843
167,993	*	Dell, Inc		7,079,225
4,818		Diebold, Inc		268,507
5,090		Donaldson Co, Inc		165,832
4,498	*	Dot Hill Systems Corp		35,264
13,707		Dover Corp		574,872
350	*	Dril-Quip, Inc		8,491
10,048		Eaton Corp		727,073
3,334	*	Electronics For Imaging, Inc		58,045
160,292	*	EMC Corp		2,383,542
4,942	*	Emulex Corp		83,223
1,386		Engineered Support Systems, Inc		82,079
1,536	*	EnPro Industries, Inc		45,420
1,930	*	Esterline Technologies Corp		63,015
1,723	*	FalconStor Software, Inc		16,489
813	*	Flanders Corp		7,805
3,975	*	Flowserve Corp		109,472
4,367	*	FMC Technologies, Inc		140,617
1,858	*	FSI International, Inc		8,677
1,473	*	Gardner Denver, Inc		53,455
15,229	*	Gateway, Inc		91,526
166	*	General Binding Corp		2,181
2,104	*	Global Power Equipment Group, Inc		20,703
388		Gorman-Rupp Co		8,924
4,472		Graco, Inc		167,029
7,781	*	Grant Prideco, Inc		156,009
202,321		Hewlett-Packard Co		4,242,671
1,069	*	Hydril		48,650
3,171	*	Hypercom Corp		18,772
2,889		IDEX Corp		117,005
3,426	*	InFocus Corp		31,382
111,873	d	International Business Machines Corp		11,028,440
23,201		International Game Technology		797,650
1,041	*	Intevac, Inc		7,870
2,698	*	Iomega Corp		14,947
6,334		ITT Industries, Inc		534,906
3,291		JLG Industries, Inc		64,602
3,163		Joy Global, Inc		137,369

150 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
734	*	Kadant, Inc	$	15,047
1,648		Kaydon Corp		54,417
2,529		Kennametal, Inc		125,868
2,293	*	Komag, Inc		43,063
2,958	*	Kulicke & Soffa Industries, Inc		25,498
8,314	*	Lam Research Corp		240,358
3,316		Lennox International, Inc		67,481
8,802	*	Lexmark International, Inc		748,170
2,473		Lincoln Electric Holdings, Inc		85,417
545		Lindsay Manufacturing Co		14,105
272		Lufkin Industries, Inc		10,855
2,062		Manitowoc Co, Inc		77,634
15,387	*	Maxtor Corp		81,551
593	*	Maxwell Technologies, Inc		6,013
78	*	Mestek, Inc		1,411
1,079	*	Micros Systems, Inc		84,227
278		Middleby Corp		14,100
6,100	*	Milacron, Inc		20,679
1,557		Modine Manufacturing Co		52,580
332		Nacco Industries, Inc (Class A)		34,993
5,202	*	National-Oilwell, Inc		183,579
1,346	*	Netgear, Inc		24,484
20,684	*	Network Appliance, Inc		687,122
1,621		Nordson Corp		64,953
1,719	*	Oil States International, Inc		33,160
1,354	*	Omnicell, Inc		14,894
419	*	Overland Storage, Inc		6,993
8,118		Pall Corp		235,016
3,301	*	PalmOne, Inc		104,147
8,034		Parker Hannifin Corp		608,570
2,151	*	Paxar Corp		47,688
6,244		Pentair, Inc		271,989
15,553		Pitney Bowes, Inc		719,793
810	*	Planar Systems, Inc		9,096
2,822	*	Presstek, Inc		27,317
1,760	*	ProQuest Co		52,272
11,211	*	Quantum Corp		29,373
623		Robbins & Myers, Inc		14,846
10,992	*	Sandisk Corp		274,470
701		Sauer-Danfoss, Inc		15,289
311		Schawk, Inc		5,654
4,801	*	Scientific Games Corp (Class A)		114,456
778	*	Semitool, Inc		7,220
20,126	*	Silicon Graphics, Inc		34,818
7,056	*	Smith International, Inc		383,917
58,668	*	Solectron Corp		312,700
4,888		SPX Corp		195,813
644		Standex International Corp		18,348
2,301		Stewart & Stevenson Services, Inc		46,549
7,317	*	Storage Technology Corp		231,290
15,279		Symbol Technologies, Inc		264,327
1,064		Tecumseh Products Co (Class A)		50,859
467		Tennant Co		18,517
3,467	*	Terex Corp		165,203
902		Thomas Industries, Inc		36,008
3,908		Timken Co		101,686
1,546		Toro Co		125,767
531	*	Transact Technologies, Inc		11,342
1,284	*	Ultratech, Inc		24,203
3,009	*	UNOVA, Inc		76,098

151 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,466	*	Veeco Instruments, Inc	$	30,889
12,972	*	Western Digital Corp		140,616
733		Woodward Governor Co		52,490
53,070	*	Xerox Corp		902,721
11,001	*	Xybernaut Corp		13,531
2,824		York International Corp		97,541
3,802	*	Zebra Technologies Corp (Class A)		213,977
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		61,833,791
INSTRUMENTS AND RELATED PRODUCTS - 3.01%
1,086	*	Abaxis, Inc		15,736
948	*	Abiomed, Inc		14,637
588	*	ADE Corp		11,007
2,235	*	Advanced Medical Optics, Inc		91,948
1,420	*	Advanced Neuromodulation Systems, Inc		56,033
32,021	*	Agilent Technologies, Inc		771,730
1,396	*	Aksys Ltd		7,762
3,238	*	Align Technology, Inc		34,809
1,570	*	American Medical Systems Holdings, Inc		65,642
650		Analogic Corp		29,114
13,646		Applera Corp (Applied Biosystems Group)		285,338
1,467		Arrow International, Inc		45,462
1,323	*	Arthrocare Corp		42,415
764	*	Aspect Medical Systems, Inc		18,687
1,105	*	August Technology Corp		11,636
6,946		Bard (C.R.), Inc		444,405
3,568		Bausch & Lomb, Inc		229,993
40,753		Baxter International, Inc		1,407,609
4,125		Beckman Coulter, Inc		276,334
16,803		Becton Dickinson & Co		954,410
922		BEI Technologies, Inc		28,471
3,137		Biolase Technology, Inc		34,099
17,005		Biomet, Inc		737,847
1,374	*	Bio-Rad Laboratories, Inc (Class A)		78,826
43,763	*	Boston Scientific Corp		1,555,775
1,108	*	Bruker BioSciences Corp		4,465
782	*	Candela Corp		8,884
4,271	*	Cardiac Science, Inc		9,140
1,946	*	Cardiodynamics International Corp		10,061
3,073	*	Cepheid, Inc		30,546
272	*	Closure Medical Corp		5,304
2,484		Cognex Corp		69,304
1,923	*	Coherent, Inc		58,536
1,156		Cohu, Inc		21,455
1,587	*	Conceptus, Inc		12,879
1,872	*	Conmed Corp		53,202
2,221		Cooper Cos, Inc		156,780
5,987	*	Credence Systems Corp		54,781
1,935	*	CTI Molecular Imaging, Inc		27,458
1,219	*	Cyberonics, Inc		25,258
1,561	*	Cyberoptics Corp		23,212
6,975	*	Cytyc Corp		192,301
717		Datascope Corp		28,458
5,634		Dentsply International, Inc		316,631
1,312	*	Depomed, Inc		7,085
1,155	*	Dionex Corp		65,454
1,111	*	DJ Orthopedics, Inc		23,798
1,781	*	DRS Technologies, Inc		76,067

152 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
19,390		Eastman Kodak Co	$	625,328
762		EDO Corp		24,194
3,994	*	Edwards Lifesciences Corp		164,792
1,914	*	Encore Medical Corp		12,996
1,365	*	Endocardial Solutions, Inc		15,971
767	*	ESCO Technologies, Inc		58,791
301	*	Exactech, Inc		5,505
745	*	Excel Technology, Inc		19,370
410		E-Z-Em-Inc		5,986
658	*	Faro Technologies, Inc		20,516
1,576	*	FEI Co		33,096
7,481	*	Fisher Scientific International, Inc		466,665
2,092	*	Flir Systems, Inc		133,449
1,725	*	Formfactor, Inc		46,817
2,332	*	Fossil, Inc		59,792
20,778		Guidant Corp		1,498,094
1,214	*	Haemonetics Corp		43,959
1,182	*	Hanger Orthopedic Group, Inc		9,574
528	*	Herley Industries, Inc		10,740
1,698	*	Hologic, Inc		46,644
590	*	ICU Medical, Inc		16,131
1,128	*	I-Flow Corp		20,563
739		II-VI, Inc		31,400
1,810	*	Illumina, Inc		17,159
2,448	*	Inamed Corp		154,836
4,566	*	Input/Output, Inc		40,363
1,213	*	Integra LifeSciences Holding		44,796
1,000	*	Intralase Corp		23,480
2,084	*	Intuitive Surgical, Inc		83,402
2,156		Invacare Corp		99,737
1,379	*	Ionics, Inc		59,766
458	*	Ista Pharmaceuticals, Inc		4,635
1,297	*	Itron, Inc		31,011
1,644	*	Ixia		27,636
618		Keithley Instruments, Inc		12,175
593	*	Kensey Nash Corp		20,476
13,270	*	KLA-Tencor Corp		618,117
897	*	KVH Industries, Inc		8,791
1,448	*	Kyphon, Inc		37,300
1,662	*	Laserscope		59,682
485	*	LeCroy Corp		11,320
4,732	*	Lexar Media, Inc		37,099
3,841	*	LTX Corp		29,537
665	*	Measurement Specialties, Inc		16,931
393	*	Medical Action Industries, Inc		7,742
80,475		Medtronic, Inc		3,997,193
2,724		Mentor Corp		91,908
1,458	*	Merit Medical Systems, Inc		22,278
2,900	*	Mettler-Toledo International, Inc		148,799
505	*	Micro Therapeutics, Inc		1,894
3,232	*	Millipore Corp		160,986
1,401		Mine Safety Appliances Co		71,031
2,017	*	MKS Instruments, Inc		37,415
934	*	Molecular Devices Corp		18,773
856		Movado Group, Inc		15,964
1,114		MTS Systems Corp		37,664
5,116	*	Nanogen, Inc		37,654
2,429	*	Newport Corp		34,249
2,130		Oakley, Inc		27,158
1,425	*	Ocular Sciences, Inc		69,839

153 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
3,630	*	Orbital Sciences Corp	$	42,943
2,148	*	Orthologic Corp		13,425
2,524	*	Orthovita, Inc		10,576
747	*	Palomar Medical Technologies, Inc		19,474
8,352		PerkinElmer, Inc		187,859
1,734	*	Photon Dynamics, Inc		42,102
4,003	*	Pinnacle Systems, Inc		24,418
934	*	Possis Medical, Inc		12,590
4,747	*	RAE Systems, Inc		34,653
29,888		Raytheon Co		1,160,551
2,103	*	Resmed, Inc		107,463
2,340	*	Respironics, Inc		127,202
200	*	Retractable Technologies, Inc		920
12,648		Rockwell Automation, Inc		626,708
987	*	Rofin-Sinar Technologies, Inc		41,898
2,847		Roper Industries, Inc		173,012
592	*	Rudolph Technologies, Inc		10,165
682	*	Sirf Technology Holdings, Inc		8,675
1,836	*	Sola International, Inc		50,563
1,146	*	Sonic Innovations, Inc		4,779
1,348	*	Sonic Solutions, Inc		30,249
721	*	SonoSite, Inc		24,478
23,324	*	St. Jude Medical, Inc		977,975
4,741	*	Star Scientific, Inc		24,108
4,658	*	Steris Corp		110,488
18,984		Stryker Corp		915,978
2,415	*	Sybron Dental Specialties, Inc		85,478
269		Sypris Solutions, Inc		4,118
2,902	*	Techne Corp		112,888
5,698		Tektronix, Inc		172,137
2,416		Teleflex, Inc		125,487
12,198	*	Teradyne, Inc		208,220
11,375	*	Thermo Electron Corp		343,411
2,775	*	Thermogenesis		17,594
2,970	*	Thoratec Corp		30,947
3,007	*	Trimble Navigation Ltd		99,351
1,711	*	TriPath Imaging, Inc		15,348
467		United Industrial Corp		18,092
875	*	Urologix, Inc		5,661
9,094	*	Varian Medical Systems, Inc		393,225
2,372	*	Varian, Inc		97,276
851	*	Ventana Medical Systems, Inc		54,455
2,248	*	Viasys Healthcare, Inc		42,731
1,422	*	Viisage Technology, Inc		12,812
3,031	*	Visx, Inc		78,412
234		Vital Signs, Inc		9,107
7,905	*	Waters Corp		369,875
1,653	*	Wright Medical Group, Inc		47,111
1,207		X-Rite, Inc		19,324
220		Young Innovations, Inc		7,421
16,171	*	Zimmer Holdings, Inc		1,295,621
467	*	Zoll Medical Corp		16,065
701	*	Zygo Corp		8,265
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		26,593,637

154 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.33%
20,635		AON Corp	$	492,351
3,507		Brown & Brown, Inc		152,730
856	*	Clark, Inc		13,285
1,257		Crawford & Co (Class B)		9,428
6,356		Gallagher (Arthur J.) & Co		206,570
2,049		Hilb, Rogal & Hamilton Co		74,256
34,632		Marsh & McLennan Cos, Inc		1,139,393
17,479	*	Medco Health Solutions, Inc		727,126
2,076		National Financial Partners Corp		80,549
2,193	*	USI Holdings Corp		25,373
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,921,061
INSURANCE CARRIERS - 4.92%
2,366		21st Century Insurance Group		32,178
9,992		Aetna, Inc		1,246,502
33,730		Aflac, Inc		1,343,803
2,825		Alfa Corp		42,898
372	*	Alleghany Corp		106,113
3,914	*	Allmerica Financial Corp		128,497
46,381		Allstate Corp		2,398,825
7,138		Ambac Financial Group, Inc		586,244
1,262		American Equity Investment Life Holding Co		13,592
2,752		American Financial Group, Inc		86,165
152,263		American International Group, Inc		9,999,176
579		American National Insurance Co		60,309
425	*	American Physicians Capital, Inc		15,309
1,648	*	AMERIGROUP Corp		124,688
2,399		AmerUs Group Co		108,675
2,029	*	Argonaut Group, Inc		42,873
5,172		Assurant, Inc		158,005
314		Baldwin & Lyons, Inc (Class B)		8,412
4,258		Berkley (W.R.) Corp		200,850
941		Bristol West Holdings, Inc		18,820
2,794	*	Centene Corp		79,210
1,876	*	Ceres Group, Inc		9,680
12,596		Chubb Corp		968,632
9,163		Cigna Corp		747,426
10,065		Cincinnati Financial Corp		445,477
1,411	*	Citizens, Inc		8,988
2,234	*	CNA Financial Corp		59,670
801	*	CNA Surety Corp		10,693
1,584		Commerce Group, Inc		96,687
9,873	*	Conseco, Inc		196,966
2,853	*	Danielson Holdings Corp		24,108
1,515		Delphi Financial Group, Inc (Class A)		69,917
1,485		Direct General Corp		47,669
165		Donegal Group, Inc		3,783
78		EMC Insurance Group, Inc		1,688
1,900		Erie Indemnity Co (Class A)		99,883
615		FBL Financial Group, Inc (Class A)		17,558
10,205		Fidelity National Financial, Inc		466,062
5,063		First American Corp		177,914
499	*	FPIC Insurance Group, Inc		17,655
9,160		Genworth Financial, Inc		247,320
311		Great American Financial Resources, Inc		5,402
1,226		Harleysville Group, Inc		29,265
19,456		Hartford Financial Services Group, Inc		1,348,495

155 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
4,383		HCC Insurance Holdings, Inc	$	145,165
7,320	*	Health Net, Inc		211,328
783	*	HealthExtras, Inc		12,763
2,555		Horace Mann Educators Corp		48,749
10,765	*	Humana, Inc		319,613
437		Independence Holding Co		8,063
1,685		Infinity Property & Casualty Corp		59,312
9,523		Jefferson-Pilot Corp		494,815
175		Kansas City Life Insurance Co		8,278
1,478		Landamerica Financial Group, Inc		79,709
3,701		Leucadia National Corp		257,145
11,811		Lincoln National Corp		551,337
9,515		Loews Corp		668,905
600	*	Markel Corp		218,400
9,462		MBIA, Inc		598,755
1,823		Mercury General Corp		109,234
26,603		MetLife, Inc		1,077,688
6,345		MGIC Investment Corp		437,234
389		Midland Co		12,164
645	*	Molina Healthcare, Inc		29,915
136	*	National Western Life Insurance Co (Class A)		22,659
3,708		Nationwide Financial Services, Inc (Class A)		141,757
533	*	Navigators Group, Inc		16,049
39		NYMAGIC, Inc		987
1,027		Odyssey Re Holdings Corp		25,891
4,516	*	Ohio Casualty Corp		104,816
11,239		Old Republic International Corp		284,347
5,557	*	Pacificare Health Systems, Inc		314,082
467		Penn-America Group, Inc		7,052
1,409	*	Philadelphia Consolidated Holding Corp		93,191
6,311		Phoenix Cos, Inc		78,888
195	*	Pico Holdings, Inc		4,050
1,596	*	PMA Capital Corp (Class A)		16,519
6,199		PMI Group, Inc		258,808
1,846		Presidential Life Corp		31,308
21,239		Principal Financial Group		869,525
1,934	*	ProAssurance Corp		75,639
13,437		Progressive Corp		1,139,995
4,506		Protective Life Corp		192,361
35,017		Prudential Financial, Inc		1,924,534
6,240		Radian Group, Inc		332,218
1,927		Reinsurance Group of America, Inc		93,363
1,793		RLI Corp		74,535
8,789		Safeco Corp		459,137
467		Safety Insurance Group, Inc		14,547
2,101		Selective Insurance Group, Inc		92,948
1,431	*	Sierra Health Services, Inc		78,862
43,919		St. Paul Travelers Cos, Inc		1,628,077
1,860		Stancorp Financial Group, Inc		153,450
1,201		State Auto Financial Corp		31,046
1,243		Stewart Information Services Corp		51,771
7,369		Torchmark Corp		421,065
1,910		Transatlantic Holdings, Inc		118,095
880	*	Triad Guaranty, Inc		53,222
2,140		UICI		72,546
1,100		United Fire & Casualty Co		37,081
44,110		UnitedHealth Group, Inc		3,883,003
2,846		Unitrin, Inc		129,351
1,645	*	Universal American Financial Corp		25,448

156 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
19,718		UnumProvident Corp	$	353,741
2,244	*	Vesta Insurance Group, Inc		8,258
1,100	*	WellCare Health Plans, Inc		35,750
1,575	*	WellChoice, Inc		84,105
19,328	*	WellPoint, Inc		2,222,720
167		Wesco Financial Corp		65,631
662		Zenith National Insurance Corp		32,994
		TOTAL INSURANCE CARRIERS		43,406,076
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%
623	*	Geo Group, Inc		16,559
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		16,559
LEATHER AND LEATHER PRODUCTS - 0.11%
1,223		Brown Shoe Co, Inc		36,482
12,329	*	Coach, Inc		695,356
1,402		K-Swiss, Inc (Class A)		40,826
527	*	Steven Madden Ltd		9,939
1,185	*	Timberland Co (Class A)		74,264
142		Weyco Group, Inc		6,289
2,545		Wolverine World Wide, Inc		79,964
		TOTAL LEATHER AND LEATHER PRODUCTS		943,120
LEGAL SERVICES - 0.00%
1,059		Pre-Paid Legal Services, Inc		39,765
		TOTAL LEGAL SERVICES		39,765
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
6,458	*	Laidlaw International, Inc		138,201
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		138,201
LUMBER AND WOOD PRODUCTS - 0.11%
526		American Woodmark Corp		22,976
4,009	*	Champion Enterprises, Inc		47,386
806		Deltic Timber Corp		34,215
16,495		Georgia-Pacific Corp		618,233
3,256		Rayonier, Inc		159,251
424		Skyline Corp		17,299
1,281		Universal Forest Products, Inc		55,595
		TOTAL LUMBER AND WOOD PRODUCTS		954,955
METAL MINING - 0.28%
865		Cleveland-Cliffs, Inc		89,839
13,334	*	Coeur D'alene Mines Corp		52,403
9,890		Freeport-McMoRan Copper & Gold, Inc (Class A)		378,095
7,647	*	Hecla Mining Co		44,582
26,629		Newmont Mining Corp		1,182,594
6,015		Phelps Dodge Corp		595,004

157 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,110		Royal Gold, Inc	$	38,486
876		Southern Peru Copper Corp		41,356
2,962	*	Stillwater Mining Co		33,352
		TOTAL METAL MINING		2,455,711
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.15%
1,835		Blyth, Inc		54,243
4,517		Callaway Golf Co		60,980
898	*	Daktronics, Inc		22,351
489		Escalade, Inc		6,533
10,138		Hasbro, Inc		196,474
6,564	*	Identix, Inc		48,442
2,261	*	Jakks Pacific, Inc		49,991
3,372	*	K2, Inc		53,547
2,809	*	Leapfrog Enterprises, Inc		38,202
28,604		Mattel, Inc		557,492
1,570		Nautilus Group, Inc		37,947
506		Penn Engineering & Manufacturing Corp		9,159
883	*	RC2 Corp		28,786
545		Russ Berrie & Co, Inc		12,448
1,564	*	Shuffle Master, Inc		73,664
418	*	Steinway Musical Instruments, Inc		12,097
3,093	*	Yankee Candle Co, Inc		102,626
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,364,982
MISCELLANEOUS RETAIL - 1.47%
953	*	1-800-Flowers.com, Inc (Class A)		8,015
1,069	*	AC Moore Arts & Crafts, Inc		30,798
1,733	*	Alloy, Inc		13,985
19,716	*	Amazon.com, Inc		873,222
3,480	*	Barnes & Noble, Inc		112,300
1,264		Big 5 Sporting Goods Corp		36,833
352		Blair Corp		12,552
468		Blockbuster, Inc (Class B)		4,123
233	*	Blue Nile, Inc		6,435
4,873		Borders Group, Inc		123,774
600	*	Build-A-Bear Workshop, Inc		21,090
2,214		Cash America International, Inc		65,822
1,365	*	Coldwater Creek, Inc		42,138
26,284		CVS Corp		1,184,620
1,746	*	Dick's Sporting Goods, Inc		61,372
2,754	*	Drugstore.com, Inc		9,364
34,423	*	eBay, Inc		4,002,706
992		Hancock Fabrics, Inc		10,287
1,332	*	Hibbett Sporting Goods, Inc		35,445
1,866	*	Jill (J.) Group, Inc		27,785
1,678		Longs Drug Stores Corp		46,262
4,427	*	Marvel Enterprises, Inc		90,665
8,850		Michaels Stores, Inc		265,235
2,011		MSC Industrial Direct Co (Class A)		72,356
19,771	*	Office Depot, Inc		343,225
6,777		Omnicare, Inc		234,620
977	*	Overstock.com, Inc		67,413
1,760	*	Party City Corp		22,757
350	*	PC Connection, Inc		3,332
1,484	*	PC Mall, Inc		33,212

158 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,677	*	Petco Animal Supplies, Inc	$	105,688
9,162		Petsmart, Inc		325,526
1,485	*	Priceline.com, Inc		35,031
27,268	*	Rite Aid Corp		99,801
729	*	Sharper Image Corp		13,742
1,937	*	Sports Authority, Inc		49,878
926		Stamps.com, Inc		14,668
32,803		Staples, Inc		1,105,789
9,334		Tiffany & Co		298,408
13,244	*	Toys 'R' Us, Inc		271,105
805	*	Valuevision International, Inc (Class A)		11,198
67,956		Walgreen Co		2,607,472
698		World Fuel Services Corp		34,760
3,332	*	Zale Corp		99,527
		TOTAL MISCELLANEOUS RETAIL		12,934,336
MOTION PICTURES - 1.36%
1,979	*	Avid Technology, Inc		122,203
13,544		Blockbuster, Inc (Class A)		129,210
477		Carmike Cinemas, Inc		17,411
2,000	*	DreamWorks Animation SKG, Inc (Class A)		75,020
3,941	*	Hollywood Entertainment Corp		51,588
178,274	*	Liberty Media Corp (Class A)		1,957,449
4,443		Metro-Goldwyn-Mayer, Inc		52,783
1,653		Movie Gallery, Inc		31,523
3,372	*	NetFlix, Inc		41,577
623	*	Reading International, Inc		5,208
2,563		Regal Entertainment Group (Class A)		53,182
290,736	*	Time Warner, Inc		5,651,908
136,084		Walt Disney Co		3,783,163
		TOTAL MOTION PICTURES		11,972,225
NONDEPOSITORY INSTITUTIONS - 2.38%
1,417	*	Accredited Home Lenders Holding Co		70,397
1,468		Advanta Corp (Class A)		33,206
1,300		Advanta Corp (Class B)		31,551
5,222		American Capital Strategies Ltd		174,154
75,050		American Express Co		4,230,569
10,410	*	AmeriCredit Corp		254,525
577		Asta Funding, Inc		15,487
822		Beverly Hills Bancorp, Inc		8,302
15,809		Capital One Financial Corp		1,331,276
4,274	*	CapitalSource, Inc		109,714
2,807		CharterMac		68,603
14,270		CIT Group, Inc		653,851
1,161	*	CompuCredit Corp		31,742
36,889		Countrywide Financial Corp		1,365,262
662	*	Credit Acceptance Corp		16,848
5,370		Doral Financial Corp		264,473
755	*	Encore Capital Group, Inc		17,954
64,201		Fannie Mae		4,571,753
396		Federal Agricultural Mortgage Corp (Class C)		9,227
1,153		Financial Federal Corp		45,198
730	*	First Cash Financial Services, Inc		19,498
1,186	*	First Marblehead Corp		66,713
45,658		Freddie Mac		3,364,995
75,365		MBNA Corp		2,124,539

159 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,977		MCG Capital Corp	$	33,866
2,007	*	Metris Cos, Inc		25,589
504	*	Nelnet, Inc		13,573
18,512	*	Providian Financial Corp		304,893
29,119		SLM Corp		1,554,663
207		Student Loan Corp		38,088
200	*	United PanAm Financial Corp		3,812
1,645		Westcorp		75,555
634	*	WFS Financial, Inc		32,195
727	*	World Acceptance Corp		20,000
		TOTAL NONDEPOSITORY INSTITUTIONS		20,982,071
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
1,340		Amcol International Corp		26,921
939		Compass Minerals International, Inc		22,752
6,990		Vulcan Materials Co		381,724
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		431,397
OIL AND GAS EXTRACTION - 1.80%
16,201		Anadarko Petroleum Corp		1,050,051
21,008		Apache Corp		1,062,375
230	*	Atlas America, Inc		8,223
675	*	Atwood Oceanics, Inc		35,168
1,626		Berry Petroleum Co (Class A)		77,560
10,543		BJ Services Co		490,671
3,080	*	Brigham Exploration Co		27,720
25,593		Burlington Resources, Inc		1,113,296
2,546		Cabot Oil & Gas Corp (Class A)		112,661
2,378	*	Cal Dive International, Inc		96,904
2,080	*	Callon Petroleum Co		30,077
1,675	*	Cheniere Energy, Inc		106,698
17,142		Chesapeake Energy Corp		282,843
3,167	*	Cimarex Energy Co		120,029
974	*	Clayton Williams Energy, Inc		22,305
2,644	*	Comstock Resources, Inc		58,300
1,987	*	Delta Petroleum Corp		31,156
4,002	*	Denbury Resources, Inc		109,855
30,996		Devon Energy Corp		1,206,364
3,906		Diamond Offshore Drilling, Inc		156,435
2,106	*	Edge Petroleum Corp		30,705
1,894	*	Encore Acquisition Co		66,120
2,597	*	Energy Partners Ltd		52,641
9,862		ENSCO International, Inc		313,020
7,491		EOG Resources, Inc		534,558
3,349	*	Forest Oil Corp		106,230
3,263	*	FX Energy, Inc		38,112
5,303	*	Global Industries Ltd		43,962
11,591	*	Grey Wolf, Inc		61,085
4,779	*	Hanover Compressor Co		67,527
2,428	*	Harvest Natural Resources, Inc		41,932
3,060		Helmerich & Payne, Inc		104,162
1,001	*	Houston Exploration Co		56,366
3,725	b*	KCS Energy, Inc		55,056
8,528		Kerr-McGee Corp		492,833
9,823	*	Key Energy Services, Inc		115,911
7,205	*	Magnum Hunter Resources, Inc		92,945
165	*	Magnum Hunter Resources, Inc Wts 03/21/05		54
22,951		Marathon Oil Corp		863,187

160 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
2,096	*	McMoRan Exploration Co	$	39,195
4,852	*	Meridian Resource Corp		29,355
5,824	*	Mission Resources Corp		34,012
4,370	*	Newfield Exploration Co		258,049
5,810	*	Newpark Resources, Inc		29,922
3,547		Noble Energy, Inc		218,708
25,681		Occidental Petroleum Corp		1,498,743
1,552	*	Oceaneering International, Inc		57,921
5,867	*	Parker Drilling Co		23,057
4,388		Patina Oil & Gas Corp		164,550
10,622		Patterson-UTI Energy, Inc		206,598
1,634		Penn Virginia Corp		66,291
272	v*	PetroCorp, Inc (Escrow)		-
1,411	*	Petroleum Development Corp		54,422
9,235		Pioneer Natural Resources Co		324,149
5,403	*	Plains Exploration & Production Co		140,478
4,641		Pogo Producing Co		225,042
7,235	*	Pride International, Inc		148,607
2,336	*	Quicksilver Resources, Inc		85,918
4,737		Range Resources Corp		96,919
1,943	*	Remington Oil & Gas Corp		52,947
6,712		Rowan Cos, Inc		173,841
584		RPC, Inc		14,670
1,220	*	Seacor Smit, Inc		65,148
2,268	*	Southwestern Energy Co		114,965
2,226	*	Spinnaker Exploration Co		78,066
2,176		St. Mary Land & Exploration Co		90,826
1,819	*	Stone Energy Corp		82,063
3,374	*	Superior Energy Services, Inc		51,993
2,001	*	Swift Energy Co		57,909
1,746	*	Syntroleum Corp		14,020
1,388	*	Tetra Technologies, Inc		39,280
4,585		Tidewater, Inc		163,272
750	*	Todco		13,815
506	*	Transmontaigne, Inc		3,102
2,463	*	Unit Corp		94,111
17,109		Unocal Corp		739,793
6,276	*	Varco International, Inc		182,945
3,004	*	Veritas DGC, Inc		67,320
4,014		Vintage Petroleum, Inc		91,078
1,301	*	W-H Energy Services, Inc		29,090
2,306	*	Whiting Petroleum Corp		69,757
16,246		XTO Energy, Inc		574,783
		TOTAL OIL AND GAS EXTRACTION		15,901,827
PAPER AND ALLIED PRODUCTS - 0.70%
7,280		Bemis Co		211,775
3,628		Bowater, Inc		159,523
2,529	*	Buckeye Technologies, Inc		32,902
1,754	*	Caraustar Industries, Inc		29,502
1,213		Chesapeake Corp		32,945
1,567		Glatfelter		23,944
5,152	*	Graphic Packaging Corp		37,094
1,058		Greif, Inc (Class A)		59,248
32,177		International Paper Co		1,351,476
33,306		Kimberly-Clark Corp		2,191,868
3,108		Longview Fibre Co		56,379
13,172		MeadWestvaco Corp		446,399

161 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
985		Neenah Paper, Inc	$	32,111
5,747		OfficeMax, Inc		180,341
4,274		Packaging Corp of America		100,653
10,713	*	Pactiv Corp		270,932
2,164	*	Playtex Products, Inc		17,290
817		Pope & Talbot, Inc		13,979
1,833		Potlatch Corp		92,713
2,012		Rock-Tenn Co (Class A)		30,502
934		Schweitzer-Mauduit International, Inc		31,709
15,926	*	Smurfit-Stone Container Corp		297,498
7,007		Sonoco Products Co		207,758
3,629		Temple-Inland, Inc		248,224
2,841		Wausau-Mosinee Paper Corp		50,740
		TOTAL PAPER AND ALLIED PRODUCTS		6,207,505
PERSONAL SERVICES - 0.17%
2,656	b*	Alderwoods Group, Inc		30,225
595		Angelica Corp		16,095
7,802		Cintas Corp		342,196
1,100	*	Coinstar, Inc		29,513
1,455		G & K Services, Inc (Class A)		63,176
11,045		H & R Block, Inc		541,205
2,300		Jackson Hewitt Tax Service, Inc		58,075
3,225		Regis Corp		148,834
19,696	*	Service Corp International		146,735
1,189		Unifirst Corp		33,625
2,553	*	Weight Watchers International, Inc		104,852
		TOTAL PERSONAL SERVICES		1,514,531
PETROLEUM AND COAL PRODUCTS - 4.18%
5,016		Amerada Hess Corp		413,218
4,301		Ashland, Inc		251,092
142,050		ChevronTexaco Corp		7,459,046
45,369		ConocoPhillips		3,939,390
1,500		ElkCorp		51,330
433,898		ExxonMobil Corp		22,241,611
1,440		Frontier Oil Corp		38,390
661	*	Giant Industries, Inc		17,523
1,949	*	Headwaters, Inc		55,547
1,090		Holly Corp		30,378
4,185		Lubrizol Corp		154,259
12,835		Lyondell Chemical Co		371,188
5,279		Murphy Oil Corp		424,696
2,463		Premcor, Inc		103,865
4,816		Sunoco, Inc		393,515
3,969	*	Tesoro Corp		126,452
16,632		Valero Energy Corp		755,093
1,256		WD-40 Co		35,683
		TOTAL PETROLEUM AND COAL PRODUCTS		36,862,276
PRIMARY METAL INDUSTRIES - 0.58%
8,027	*	AK Steel Holding Corp		116,151
57,560		Alcoa, Inc		1,808,535
2,148	*	Aleris International, Inc		36,344

162 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
6,080		Allegheny Technologies, Inc	$	131,754
10,593	*	Andrew Corp		144,383
3,628		Belden CDT, Inc		84,170
1,043	*	Brush Engineered Materials, Inc		19,296
1,419		Carpenter Technology Corp		82,955
1,184	*	Century Aluminum Co		31,092
3,358	*	CommScope, Inc		63,466
1,683		Curtiss-Wright Corp		96,621
934	*	Encore Wire Corp		12,450
8,787		Engelhard Corp		269,497
2,445	*	General Cable Corp		33,863
1,285		Gibraltar Industries, Inc		30,352
806	*	International Steel Group, Inc		32,691
2,289	*	Lone Star Technologies, Inc		76,590
2,003		Matthews International Corp (Class A)		73,710
2,665	*	Maverick Tube Corp		80,750
2,118		Mueller Industries, Inc		68,200
545		NN, Inc		7,199
1,940	*	NS Group, Inc		53,932
10,206		Nucor Corp		534,182
2,552	*	Oregon Steel Mills, Inc		51,780
4,271		Precision Castparts Corp		280,519
1,022		Quanex Corp		70,079
1,129	*	RTI International Metals, Inc		23,190
2,047		Ryerson Tull, Inc		32,240
1,219		Schnitzer Steel Industries, Inc (Class A)		41,361
2,383		Steel Dynamics, Inc		90,268
624		Steel Technologies, Inc		17,166
1,490		Texas Industries, Inc		92,946
1,305	*	Titanium Metals Corp		31,503
2,524		Tredegar Corp		51,010
7,016		United States Steel Corp		359,570
600	*	Wheeling-Pittsburgh Corp		23,124
4,173		Worthington Industries, Inc		81,707
		TOTAL PRIMARY METAL INDUSTRIES		5,134,646
PRINTING AND PUBLISHING - 0.81%
3,948		American Greetings Corp (Class A)		100,082
1,484		Banta Corp		66,424
6,392		Belo (A.H.) Corp Series A		167,726
2,140		Bowne & Co, Inc		34,796
777	*	Consolidated Graphics, Inc		35,664
401		Courier Corp		20,820
432		CSS Industries, Inc		13,720
3,000		Dex Media, Inc		74,880
3,874		Dow Jones & Co, Inc		166,814
904		Ennis, Inc		17,402
4,260		EW Scripps Co		205,673
16,841		Gannett Co, Inc		1,375,910
1,957		Harland (John H.) Co		70,648
3,556		Harte-Hanks, Inc		92,385
3,571		Hollinger International, Inc		55,993
1,256		Journal Communications, Inc		22,696
3,309	*	Journal Register Co		63,963
5,301		Knight Ridder, Inc		354,849
2,980		Lee Enterprises, Inc		137,318
1,167	*	Martha Stewart Living Omnimedia, Inc (Class A)		33,866
1,339		McClatchy Co (Class A)		96,154

163 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
12,680		McGraw-Hill Cos, Inc	$	1,160,727
1,359		Media General, Inc (Class A)		88,077
2,436		Meredith Corp		132,031
9,934		New York Times Co (Class A)		405,307
1,215	*	Playboy Enterprises, Inc (Class B)		14,932
8,211	*	Primedia, Inc		31,202
506		Pulitzer, Inc		32,814
14,181		R.R. Donnelley & Sons Co		500,447
6,692		Reader's Digest Association, Inc (Class A)		93,086
2,135	*	Scholastic Corp		78,910
970		Standard Register Co		13,696
624		Thomas Nelson, Inc		14,102
16,609		Tribune Co		699,903
3,390	*	Valassis Communications, Inc		118,684
450		Washington Post Co (Class B)		442,359
2,878		Wiley (John) & Sons, Inc (Class A)		100,270
		TOTAL PRINTING AND PUBLISHING		7,134,330
RAILROAD TRANSPORTATION - 0.47%
53,122	*	ADC Telecommunications, Inc		142,367
24,697		Burlington Northern Santa Fe Corp		1,168,415
14,483		CSX Corp		580,479
1,160		Florida East Coast Industries		52,316
958	*	Genesee & Wyoming, Inc (Class A)		26,949
3,879	*	Kansas City Southern Industries, Inc		68,775
25,959		Norfolk Southern Corp		939,456
17,267		Union Pacific Corp		1,161,206
		TOTAL RAILROAD TRANSPORTATION		4,139,963
REAL ESTATE - 0.10%
238	*	Avatar Holdings, Inc		11,448
6,422		Catellus Development Corp		196,513
1,500	*	CB Richard Ellis Group, Inc		50,325
285		Consolidated-Tomoka Land Co		12,255
2,120		Forest City Enterprises, Inc (Class A)		122,006
1,957	*	Jones Lang LaSalle, Inc		73,211
1,446		LNR Property Corp		90,968
684	*	Orleans Homebuilders, Inc		13,577
3,545		St. Joe Co		227,589
8,580	*	Stewart Enterprises, Inc (Class A)		59,974
2,666	*	Trammell Crow Co		48,281
		TOTAL REAL ESTATE		906,147
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.25%
1,231	*	Applied Films Corp		26,540
2,419		Aptargroup, Inc		127,675
706		Bandag, Inc		35,166
4,735		Cooper Tire & Rubber Co		102,039
557	*	Deckers Outdoor Corp		26,173
10,756	*	Goodyear Tire & Rubber Co		157,683
1,692	*	Jarden Corp		73,500
2,015		Myers Industries, Inc		25,792
10,873		Nike, Inc (Class B)		986,072

164 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
467		Quixote Corp	$	9,494
3,328		Reebok International Ltd		146,432
1,876		Schulman (A.), Inc		40,165
5,566	*	Sealed Air Corp		296,501
2,143	*	Skechers U.S.A., Inc (Class A)		27,773
1,360		Spartech Corp		36,842
639	*	Trex Co, Inc		33,509
3,245		Tupperware Corp		67,236
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,218,592
SECURITY AND COMMODITY BROKERS - 2.07%
5,320		A.G. Edwards, Inc		229,877
1,665	*	Affiliated Managers Group, Inc		112,787
14,273	*	Ameritrade Holding Corp		202,962
7,040		Bear Stearns Cos, Inc		720,262
500		BKF Capital Group, Inc		18,950
1,234		Blackrock, Inc		95,339
1,300		Calamos Asset Management, Inc (Class A)		35,100
66,293		Charles Schwab Corp		792,876
2,155		Chicago Mercantile Exchange		492,849
23,538	*	E*Trade Financial Corp		351,893
4,580		Eaton Vance Corp		238,847
6,098		Federated Investors, Inc (Class B)		185,379
10,691		Franklin Resources, Inc		744,628
330		Gabelli Asset Management, Inc (Class A)		16,012
21,672		Goldman Sachs Group, Inc		2,254,755
312		Greenhill & Co, Inc		8,954
8,314	*	Instinet Group, Inc		50,133
2,555	*	Investment Technology Group, Inc		51,100
4,251		Investors Financial Services Corp		212,465
16,116		Janus Capital Group, Inc		270,910
3,159		Jefferies Group, Inc		127,245
7,218	*	Knight Trading Group, Inc		79,037
4,052	*	LaBranche & Co, Inc		36,306
6,890		Legg Mason, Inc		504,761
18,324		Lehman Brothers Holdings, Inc		1,602,984
63,570		Merrill Lynch & Co, Inc		3,799,579
72,943		Morgan Stanley		4,049,795
1,189		Nuveen Investments, Inc		46,930
1,234	*	Piper Jaffray Cos		59,170
4,061		Raymond James Financial, Inc		125,810
506		Sanders Morris Harris Group, Inc		9,012
4,255		SEI Investments Co		178,412
278	*	Stifel Financial Corp		5,824
607		SWS Group, Inc		13,305
7,432		T Rowe Price Group, Inc		462,270
39		Value Line, Inc		1,530
5,018		Waddell & Reed Financial, Inc (Class A)		119,880
		TOTAL SECURITY AND COMMODITY BROKERS		18,307,928
SOCIAL SERVICES - 0.01%
821	*	Bright Horizons Family Solutions, Inc		53,168
2,184	*	Res-Care, Inc		33,240
		TOTAL SOCIAL SERVICES		86,408

165 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
SPECIAL TRADE CONTRACTORS - 0.04%
767		Chemed Corp	$	51,473
2,392	*	Comfort Systems U.S.A., Inc		18,371
3,227	*	Dycom Industries, Inc		98,488
942	*	EMCOR Group, Inc		42,560
2,063	*	Integrated Electrical Services, Inc		9,985
613	*	Layne Christensen Co		11,126
4,710	*	Matrix Service Co		37,963
6,282	*	Quanta Services, Inc		50,256
		TOTAL SPECIAL TRADE CONTRACTORS		320,222
STONE, CLAY, AND GLASS PRODUCTS - 0.21%
333		Ameron International Corp		12,621
612	*	Anchor Glass Container Corp		4,113
1,799		Apogee Enterprises, Inc		24,125
1,543	*	Cabot Microelectronics Corp		61,836
734		CARBO Ceramics, Inc		50,646
90,753	*	Corning, Inc		1,068,163
718		Eagle Materials, Inc		61,999
491		Eagle Materials, Inc (Class B)		41,391
1,976		Florida Rock Industries, Inc		117,631
2,035		Lafarge North America, Inc		104,436
799		Libbey, Inc		17,746
6,675	*	Owens-Illinois, Inc		151,189
2,355	b*	USG Corp		94,836
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,810,732
TOBACCO PRODUCTS - 1.11%
135,694		Altria Group, Inc		8,290,903
4,103		Loews Corp (Carolina Group)		118,782
9,803		Reynolds American, Inc		770,516
1,862		Universal Corp (Virginia)		89,078
10,507		UST, Inc		505,492
2,827		Vector Group Ltd		47,013
		TOTAL TOBACCO PRODUCTS		9,821,784
TRANSPORTATION BY AIR - 0.42%
5,257	*	Airtran Holdings, Inc		56,250
1,668	*	Alaska Air Group, Inc		55,861
2,185	*	America West Holdings Corp (Class B)		14,377
10,465	*	AMR Corp		114,592
4,183	*	Continental Airlines, Inc (Class B)		56,638
8,929	*	Delta Air Lines, Inc		66,789
3,930	*	ExpressJet Holdings, Inc		50,618
19,781		FedEx Corp		1,948,328
2,820	*	FLYi, Inc		4,991
1,338	*	Forward Air Corp		59,809
3,154	*	Frontier Airlines, Inc		35,987
6,118	*	JetBlue Airways Corp		142,060
1,973	*	Mesa Air Group, Inc		15,666
6,051	*	Northwest Airlines Corp		66,137

166 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,656	*	Offshore Logistics, Inc	$	53,770
1,207	*	Pinnacle Airlines Corp		16,826
4,191		Skywest, Inc		84,071
52,577		Southwest Airlines Co		855,954
		TOTAL TRANSPORTATION BY AIR		3,698,724
TRANSPORTATION EQUIPMENT - 2.51%
2,812	*	AAR Corp		38,299
891	*	Aftermarket Technology Corp		14,345
2,921		American Axle & Manufacturing Holdings, Inc		89,558
1,273		Arctic Cat, Inc		33,760
4,619		ArvinMeritor, Inc		103,327
5,844		Autoliv, Inc		282,265
3,703	*	BE Aerospace, Inc		43,103
55,903		Boeing Co		2,894,098
6,106		Brunswick Corp		302,247
1,584		Clarcor, Inc		86,756
646		Coachmen Industries, Inc		11,215
24		Curtiss-Wright Corp (Class B)		1,350
10,390		Dana Corp		180,059
30,481		Delphi Corp		274,939
258	*	Ducommun, Inc		5,379
3,052		Federal Signal Corp		53,898
3,337	*	Fleetwood Enterprises, Inc		44,916
116,041		Ford Motor Co		1,698,854
3,562	*	GenCorp, Inc		66,146
13,208		General Dynamics Corp		1,381,557
30,464		General Motors Corp		1,220,428
5,002		Gentex Corp		185,174
11,537		Genuine Parts Co		508,320
7,349		Goodrich Corp		239,871
272		Greenbrier Cos, Inc		9,207
19,487		Harley-Davidson, Inc		1,183,835
4,147	*	Hayes Lemmerz International, Inc		36,618
1,365		Heico Corp		30,835
56,949		Honeywell International, Inc		2,016,564
1,160		Kaman Corp (Class A)		14,674
24,828		Lockheed Martin Corp		1,379,195
264		Marine Products Corp		6,893
2,176		Monaco Coach Corp		44,760
3,923	*	Navistar International Corp		172,534
395		Noble International Ltd		8,054
23,823		Northrop Grumman Corp		1,295,018
2,193		Oshkosh Truck Corp		149,957
11,679		Paccar, Inc		939,926
2,712		Polaris Industries, Inc		184,470
387	*	Sequa Corp (Class A)		23,665
1,129	*	Sports Resorts International, Inc		3,252
1,867		Standard Motor Products, Inc		29,499
130	*	Strattec Security Corp		8,141
1,395		Superior Industries International, Inc		40,525
2,497	*	Teledyne Technologies, Inc		73,487
2,946	*	Tenneco Automotive, Inc		50,789
7,924		Textron, Inc		584,791
2,268		Thor Industries, Inc		84,029
2,281		Trinity Industries, Inc		77,736
1,078	*	Triumph Group, Inc		42,581
2,092	*	TRW Automotive Holdings Corp		43,304

167 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
3,079	*	United Defense Industries, Inc	$	145,483
34,063		United Technologies Corp		3,520,411
8,083		Visteon Corp		78,980
1,736	*	Wabash National Corp		46,750
2,471		Westinghouse Air Brake Technologies Corp		52,682
1,615		Winnebago Industries, Inc		63,082
		TOTAL TRANSPORTATION EQUIPMENT		22,201,591
TRANSPORTATION SERVICES - 0.13%
350		Ambassadors Group, Inc		12,464
5,539		C.H. Robinson Worldwide, Inc		307,525
2,224	*	EGL, Inc		66,475
6,787		Expeditors International of Washington, Inc		379,258
3,066		GATX Corp		90,631
762	*	HUB Group, Inc		39,792
875	*	Navigant International, Inc		10,649
2,520	*	Pacer International, Inc		53,575
2,127	*	RailAmerica, Inc		27,757
8,756		Sabre Holdings Corp		194,055
		TOTAL TRANSPORTATION SERVICES		1,182,181
TRUCKING AND WAREHOUSING - 0.50%
1,351		Arkansas Best Corp		60,646
2,997		CNF, Inc		150,150
389	*	Covenant Transport, Inc (Class A)		8,099
3,235		Heartland Express, Inc		72,690
3,418		Hunt (J.B.) Transport Services, Inc		153,297
1,856	*	Landstar System, Inc		136,676
569	*	Marten Transport Ltd		12,933
1,475	*	Old Dominion Freight Line		51,330
2,342		Overnite Corp		87,216
201	*	P.A.M. Transportation Services		3,769
3,400	*	Quality Distribution, Inc		28,696
925	*	SCS Transportation, Inc		21,617
1,520	*	Sirva, Inc		29,214
3,814	*	Swift Transportation Co, Inc		81,925
277	*	U.S. Xpress Enterprises, Inc (Class A)		8,116
37,952		United Parcel Service, Inc (Class B)		3,243,378
1,723		USF Corp		65,388
3,015		Werner Enterprises, Inc		68,260
2,987	*	Yellow Roadway Corp		166,406
		TOTAL TRUCKING AND WAREHOUSING		4,449,806
WATER TRANSPORTATION - 0.04%
2,502		Alexander & Baldwin, Inc		106,135
874	*	Gulfmark Offshore, Inc		19,464
1,100	*	Hornbeck Offshore Services, Inc		21,230
1,649	*	Kirby Corp		73,183
2,074		Overseas Shipholding Group, Inc		114,485
319	*	Seabulk International, Inc		3,863
		TOTAL WATER TRANSPORTATION		338,360

168 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
WHOLESALE TRADE-DURABLE GOODS - 1.86%
270	*	1-800 Contacts, Inc	$	5,940
972		Action Performance Cos, Inc		10,682
6,141		Adesa, Inc		130,312
1,770		Agilysys, Inc		30,338
3,405	*	Alliance Imaging, Inc		38,306
2,296		Anixter International, Inc		82,633
1,654		Applied Industrial Technologies, Inc		45,320
7,473	*	Arrow Electronics, Inc		181,594
1,678	*	Audiovox Corp (Class A)		26,479
2,121	*	Aviall, Inc		48,719
7,454	*	Avnet, Inc		135,961
929		Barnes Group, Inc		24,628
1,100	*	Beacon Roofing Supply, Inc		21,846
934	*	BioVeris Corp		6,828
3,524		BorgWarner, Inc		190,895
1,201	*	Brightpoint, Inc		23,468
2,279		Carlisle Cos, Inc		147,953
4,189		CDW Corp		277,940
553	*	Department 56, Inc		9,207
1,334	*	Digi International, Inc		22,931
1,365	*	Global Imaging Systems, Inc		53,918
1,284		Handleman Co		27,580
4,436		Hughes Supply, Inc		143,505
8,085		IKON Office Solutions, Inc		93,463
978	*	Imagistics International, Inc		32,919
7,217	*	Ingram Micro, Inc (Class A)		150,114
3,329	*	Insight Enterprises, Inc		68,311
548	*	Insurance Auto Auctions, Inc		12,286
490	*	INTAC International		6,370
197,095		Johnson & Johnson		12,499,828
945	*	Keystone Automotive Industries, Inc		21,971
2,278		Knight Transportation, Inc		56,494
197		Lawson Products, Inc		9,935
907	*	LKQ Corp		18,203
3,107		Martin Marietta Materials, Inc		166,722
1,583	*	Merge Technologies, Inc		35,222
1,095		Metal Management, Inc		29,423
1,197	*	Microtek Medical Holdings, Inc		4,860
2,201	*	Navarre Corp		38,738
2,768		Owens & Minor, Inc		77,975
8,392	*	Patterson Cos, Inc		364,129
3,592		Pep Boys-Manny Moe & Jack		61,315
5,196	*	PSS World Medical, Inc		65,028
1,754		Reliance Steel & Aluminum Co		68,336
8,753	*	Safeguard Scientifics, Inc		18,556
780	*	Scansource, Inc		48,485
3,318		SCP Pool Corp		105,844
1,317	*	TBC Corp		36,613
3,500	*	Tech Data Corp		158,900
5,073		W.W. Grainger, Inc		337,963
1,385		Watsco, Inc		48,780
1,428	*	WESCO International, Inc		42,326
2,943	*	Zoran Corp		34,080
		TOTAL WHOLESALE TRADE-DURABLE GOODS		16,400,172

169 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 0.72%
2,658		Acuity Brands, Inc	$	84,524
622		Advanced Marketing Services, Inc		6,257
4,128		Airgas, Inc		109,433
1,224	*	Allscripts Healthcare Solutions, Inc		13,060
7,319		AmerisourceBergen Corp		429,479
4,157		Brown-Forman Corp (Class B)		202,363
28,488		Cardinal Health, Inc		1,656,635
763	*	Central European Distribution Corp		22,539
2,534		Chiquita Brands International, Inc		55,900
5,301		DIMON, Inc		35,623
2,577	*	Endo Pharmaceuticals Holdings, Inc		54,169
1,361		Getty Realty Corp		39,102
1,315	*	Hain Celestial Group, Inc		27,181
2,921	*	Henry Schein, Inc		203,418
519		Kenneth Cole Productions, Inc (Class A)		16,016
156	*	Maui Land & Pineapple Co		6,123
19,587		McKesson Corp		616,207
2,042	*	Men's Wearhouse, Inc		65,262
1,255	*	Metals USA, Inc		23,280
766		Nash Finch Co		28,924
3,269		Nu Skin Enterprises, Inc (Class A)		82,967
392	*	Nuco2, Inc		8,698
3,091	*	Performance Food Group Co		83,179
3,855		Perrigo Co		66,576
1,045	*	Perry Ellis International, Inc		21,266
2,124	*	Priority Healthcare Corp (Class B)		46,239
272	*	Provide Commerce, Inc		10,105
2,578		Russell Corp		50,219
1,564	*	School Specialty, Inc		60,308
777	*	Smart & Final, Inc		11,181
1,306		Standard Commercial Corp		25,415
2,335		Stride Rite Corp		26,082
8,797		Supervalu, Inc		303,672
42,386		Sysco Corp		1,617,846
1,935	*	Tractor Supply Co		72,001
2,754	*	United Natural Foods, Inc		85,649
2,196	*	United Stationers, Inc		101,455
1,300		Valhi, Inc		20,917
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		6,389,270
		TOTAL COMMON STOCKS
		(Cost $671,663,894)		883,287,746

170 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

PRINCIPAL			VALUE
SHORT TERM INVESTMENTS - 1.84%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.84%
	Federal Home Loan Bank (FHLB)
$16,210,000	1.000% 01/03/05	$	16,207,096
	TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		16,207,096
	TOTAL SHORT TERM INVESTMENTS
	(Cost $16,208,874)		16,207,096
	TOTAL PORTFOLIO - 101.90%
	(Cost $687,914,661)		899,562,742
	OTHER ASSETS & LIABILITIES, NET - (1.90%)		(16,787,024	)
	NET ASSETS - 100.00%	$	882,775,718

*	Non-income producing
b	In bankruptcy
d	All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open future contracts.
f	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or
	not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted
	to $0.00 or 0.00% of net assets.
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

Restricted security held by the Fund is as follows:
SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
McLeod (Escrow)	05/14/02	$	-	$	-

171

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 100.14%
AMUSEMENT AND RECREATION SERVICES - 0.07%
2,600		Harrah's Entertainment, Inc	$	173,914
		TOTAL AMUSEMENT AND RECREATION SERVICES		173,914
APPAREL AND ACCESSORY STORES - 0.41%
20,000		Gap, Inc		422,400
9,574		Limited Brands, Inc		220,393
3,200		Nordstrom, Inc		149,536
10,800		TJX Cos, Inc		271,404
		TOTAL APPAREL AND ACCESSORY STORES		1,063,733
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
2,900		Jones Apparel Group, Inc		106,053
2,600		Liz Claiborne, Inc		109,746
2,500		VF Corp		138,450
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		354,249
AUTO REPAIR, SERVICES AND PARKING - 0.03%
1,500		Ryder System, Inc		71,655
		TOTAL AUTO REPAIR, SERVICES AND PARKING		71,655
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.11%
6,200	*	Autonation, Inc		119,102
1,800		Autozone, Inc		164,358
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		283,460
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.24%
50,200		Home Depot, Inc		2,145,548
2,700		Louisiana-Pacific Corp		72,198
17,600		Lowe's Cos		1,013,584
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		3,231,330
BUSINESS SERVICES - 6.44%
5,500		Adobe Systems, Inc		345,070
2,900	*	Affiliated Computer Services, Inc (Class A)		174,551
5,200		Autodesk, Inc		197,340
13,300		Automatic Data Processing, Inc		589,855
5,000	*	BMC Software, Inc		93,000
24,000		Cendant Corp		561,120
3,966	*	Citrix Systems, Inc		97,286
13,300		Computer Associates International, Inc		413,098
4,300	*	Computer Sciences Corp		242,391
8,819	*	Compuware Corp		57,059
3,400	*	Convergys Corp		50,966
6,900	*	Electronic Arts, Inc		425,592
11,700		Electronic Data Systems Corp		270,270
3,200		Equifax, Inc		89,920
19,008		First Data Corp		808,600

172 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
4,500	*	Fiserv, Inc	$	180,855
5,157		IMS Health, Inc		119,694
9,400	*	Interpublic Group of Cos, Inc		125,960
4,200	*	Intuit, Inc		184,842
2,000	*	Mercury Interactive Corp		91,100
248,091	d	Microsoft Corp		6,626,511
2,800	*	Monster Worldwide, Inc		94,192
2,100	*	NCR Corp		145,383
9,200	*	Novell, Inc		62,100
4,200		Omnicom Group, Inc		354,144
117,210	*	Oracle Corp		1,608,121
7,200	*	Parametric Technology Corp		42,408
4,100		Robert Half International, Inc		120,663
11,153	*	Siebel Systems, Inc		117,107
76,900	*	Sun Microsystems, Inc		413,722
6,400	*	SunGard Data Systems, Inc		181,312
14,422	*	Symantec Corp		371,511
7,700	*	Unisys Corp		78,386
9,500	*	Veritas Software Corp		271,225
31,400	*	Yahoo!, Inc		1,183,152
		TOTAL BUSINESS SERVICES		16,788,506
CHEMICALS AND ALLIED PRODUCTS - 10.17%
35,600		Abbott Laboratories		1,660,740
5,200		Air Products & Chemicals, Inc		301,444
2,100		Alberto-Culver Co		101,997
3,000		Allergan, Inc		243,210
29,000	*	Amgen, Inc		1,860,350
2,500		Avery Dennison Corp		149,925
10,800		Avon Products, Inc		417,960
7,565	*	Biogen Idec, Inc		503,905
44,400		Bristol-Myers Squibb Co		1,137,528
4,138	*	Chiron Corp		137,920
3,400		Clorox Co		200,362
12,100		Colgate-Palmolive Co		619,036
21,500		Dow Chemical Co		1,064,465
22,700		Du Pont (E.I.) de Nemours & Co		1,113,435
1,700		Eastman Chemical Co		98,141
5,900		Ecolab, Inc		207,267
8,400	*	Forest Laboratories, Inc		376,824
5,600	*	Genzyme Corp		325,192
9,900	*	Gilead Sciences, Inc		346,401
22,700		Gillette Co		1,016,506
1,100		Great Lakes Chemical Corp		31,339
3,600	*	Hospira, Inc		120,600
2,100		International Flavors & Fragrances, Inc		89,964
5,500	*	King Pharmaceuticals, Inc		68,200
25,800		Lilly (Eli) & Co		1,464,150
5,800	*	MedImmune, Inc		157,238
50,700		Merck & Co, Inc		1,629,498
5,900		Mylan Laboratories, Inc		104,312
172,220	d	Pfizer, Inc		4,630,996
3,900		PPG Industries, Inc		265,824
7,400		Praxair, Inc		326,710
58,000		Procter & Gamble Co		3,194,640
5,100		Rohm & Haas Co		225,573
33,600		Schering-Plough Corp		701,568
3,200		Sherwin-Williams Co		142,816
1,700		Sigma-Aldrich Corp		102,782
2,500	*	Watson Pharmaceuticals, Inc		82,025
30,500		Wyeth		1,298,995
		TOTAL CHEMICALS AND ALLIED PRODUCTS		26,519,838

173 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
COMMUNICATIONS - 4.85%			$
7,000		Alltel Corp		411,320
18,200		AT&T Corp		346,892
10,400	*	Avaya, Inc		178,880
41,800		BellSouth Corp		1,161,622
2,900		CenturyTel, Inc		102,863
13,100		Clear Channel Communications, Inc		438,719
44,416	*	Comcast Corp (Class A)		1,478,164
6,450	*	Comcast Corp (Special Class A)		211,818
101,000	*	Lucent Technologies, Inc		379,760
25,400	*	Nextel Communications, Inc (Class A)		762,000
41,800	*	Qwest Communications International, Inc		185,592
75,800		SBC Communications, Inc		1,953,366
33,550		Sprint Corp		833,718
7,400	*	Univision Communications, Inc (Class A)		216,598
63,300		Verizon Communications, Inc		2,564,283
38,900		Viacom, Inc (Class B)		1,415,571
		TOTAL COMMUNICATIONS		12,641,166
DEPOSITORY INSTITUTIONS - 10.12%
8,100		AmSouth Bancorp		209,790
92,304		Bank of America Corp		4,337,365
17,700		Bank of New York Co, Inc		591,534
12,600		BB&T Corp		529,830
118,600		Citigroup, Inc		5,714,148
3,800		Comerica, Inc		231,876
2,900		Compass Bancshares, Inc		141,143
12,830		Fifth Third Bancorp		606,602
2,800		First Horizon National Corp		120,708
7,000		Golden West Financial Corp		429,940
5,400		Huntington Bancshares, Inc		133,812
81,436		JPMorgan Chase & Co		3,176,818
9,200		KeyCorp		311,880
2,700		M & T Bank Corp		291,168
5,100		Marshall & Ilsley Corp		225,420
9,600		Mellon Financial Corp		298,656
15,446		National City Corp		579,997
10,750		North Fork Bancorp, Inc		310,138
4,840		Northern Trust Corp		235,127
6,400		PNC Financial Services Group, Inc		367,616
10,621		Regions Financial Corp		378,001
7,900		Sovereign Bancorp, Inc		178,145
7,600		State Street Corp		373,312
8,500		SunTrust Banks, Inc		627,980
6,800		Synovus Financial Corp		194,344
42,700		U.S. Bancorp		1,337,364
36,664		Wachovia Corp		1,928,526
38,600		Wells Fargo & Co		2,398,990
2,100		Zions Bancorp		142,863
		TOTAL DEPOSITORY INSTITUTIONS		26,403,093
EATING AND DRINKING PLACES - 0.55%
3,500		Darden Restaurants, Inc		97,090
28,700		McDonald's Corp		920,122
2,500		Wendy's International, Inc		98,150
6,600		Yum! Brands, Inc		311,388
		TOTAL EATING AND DRINKING PLACES		1,426,750
EDUCATIONAL SERVICES - 0.13%
4,200	*	Apollo Group, Inc (Class A)		338,982
		TOTAL EDUCATIONAL SERVICES		338,982

174 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 3.33%
14,800	*	AES Corp	$	202,316
3,100	*	Allegheny Energy, Inc		61,101
7,600	*	Allied Waste Industries, Inc		70,528
4,500		Ameren Corp		225,630
9,000		American Electric Power Co, Inc		309,060
12,200	*	Calpine Corp		48,068
6,800		Centerpoint Energy, Inc		76,840
4,200		Cinergy Corp		174,846
7,600		Citizens Communications Co		104,804
4,800	*	CMS Energy Corp		50,160
5,500		Consolidated Edison, Inc		240,625
4,000		Constellation Energy Group, Inc		174,840
7,600		Dominion Resources, Inc		514,824
4,000		DTE Energy Co		172,520
21,800		Duke Energy Corp		552,194
8,700	*	Dynegy, Inc (Class A)		40,194
7,400		Edison International		237,022
14,200		El Paso Corp		147,680
5,100		Entergy Corp		344,709
15,100		Exelon Corp		665,457
7,500		FirstEnergy Corp		296,325
4,200		FPL Group, Inc		313,950
3,600		KeySpan Corp		142,020
2,800		Kinder Morgan, Inc		204,764
1,000		Nicor, Inc		36,940
6,100		NiSource, Inc		138,958
1,000		Peoples Energy Corp		43,950
9,200	*	PG&E Corp		306,176
2,100		Pinnacle West Capital Corp		93,261
4,300		PPL Corp		229,104
5,600		Progress Energy, Inc		253,344
5,400		Public Service Enterprise Group, Inc		279,558
5,300		Sempra Energy		194,404
16,900		Southern Co		566,488
4,400		TECO Energy, Inc		67,496
5,500		TXU Corp		355,080
13,100		Waste Management, Inc		392,214
12,700		Williams Cos, Inc		206,883
8,800		Xcel Energy, Inc		160,160
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		8,694,493
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.88%
8,800	*	Advanced Micro Devices, Inc		193,776
8,300	*	Altera Corp		171,810
4,600		American Power Conversion Corp		98,440
8,400		Analog Devices, Inc		310,128
8,400	*	Applied Micro Circuits Corp		35,364
7,500	*	Broadcom Corp (Class A)		242,100
13,300	*	CIENA Corp		44,422
4,300	*	Comverse Technology, Inc		105,135
2,100		Cooper Industries Ltd (Class A)		142,569
9,500		Emerson Electric Co		665,950
8,785	*	Freescale Semiconductor, Inc (Class B)		161,293
241,700	d	General Electric Co		8,822,050
144,600		Intel Corp		3,382,194
4,700	*	Jabil Circuit, Inc		120,226
31,900	*	JDS Uniphase Corp		101,123
2,600		L-3 Communications Holdings, Inc		190,424
7,000		Linear Technology Corp		271,320
9,800	*	LSI Logic Corp		53,704
7,400		Maxim Integrated Products, Inc		313,686
1,900		Maytag Corp		40,090

175 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
14,100	*	Micron Technology, Inc	$	174,135
4,223		Molex, Inc		126,690
55,600		Motorola, Inc		956,320
7,900		National Semiconductor Corp		141,805
3,000	*	Novellus Systems, Inc		83,670
4,000	*	Nvidia Corp		94,240
4,100	*	PMC-Sierra, Inc		46,125
2,600	*	Power-One, Inc		23,192
2,079	*	QLogic Corp		76,362
37,400		Qualcomm, Inc		1,585,760
4,100		Rockwell Collins, Inc		161,704
11,600	*	Sanmina-SCI Corp		98,252
3,400		Scientific-Atlanta, Inc		112,234
10,500	*	Tellabs, Inc		90,195
39,500		Texas Instruments, Inc		972,490
1,600		Whirlpool Corp		110,736
7,915		Xilinx, Inc		234,680
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		20,554,394
ENGINEERING AND MANAGEMENT SERVICES - 0.63%
2,000		Fluor Corp		109,020
10,100		Halliburton Co		396,324
5,900		Monsanto Co		327,745
3,400		Moody's Corp		295,290
8,600		Paychex, Inc		293,088
2,300		Quest Diagnostics, Inc		219,765
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,641,232
FABRICATED METAL PRODUCTS - 0.73%
2,600		Ball Corp		114,348
7,000		Danaher Corp		401,870
3,200		Fortune Brands, Inc		246,976
6,700		Illinois Tool Works, Inc		620,956
10,200		Masco Corp		372,606
1,500		Snap-On, Inc		51,540
1,800		Stanley Works		88,182
		TOTAL FABRICATED METAL PRODUCTS		1,896,478
FOOD AND KINDRED PRODUCTS - 3.46%
18,000		Anheuser-Busch Cos, Inc		913,140
14,900		Archer Daniels Midland Co		332,419
9,400		Campbell Soup Co		280,966
55,300		Coca-Cola Co		2,302,139
10,700		Coca-Cola Enterprises, Inc		223,095
11,700		Conagra Foods, Inc		344,565
900		Coors (Adolph) Co (Class B)		68,103
8,400		General Mills, Inc		417,564
7,900		H.J. Heinz Co		308,021
2,900	*	Hercules, Inc		43,065
5,600		Hershey Foods Corp		311,024
9,400		Kellogg Co		419,804
3,200		McCormick & Co, Inc (Non-Vote)		123,520
5,600		Pepsi Bottling Group, Inc		151,424
38,500		PepsiCo, Inc		2,009,700
17,900		Sara Lee Corp		432,106
5,100		Wrigley (Wm.) Jr Co		352,869
		TOTAL FOOD AND KINDRED PRODUCTS		9,033,524
FOOD STORES - 0.49%
8,400		Albertson's, Inc		200,592

176 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
16,900	*	Kroger Co	$	296,426
10,300	*	Safeway, Inc		203,322
9,138	*	Starbucks Corp		569,846
		TOTAL FOOD STORES		1,270,186
FORESTRY - 0.14%
5,400		Weyerhaeuser Co		362,988
		TOTAL FORESTRY		362,988
FURNITURE AND FIXTURES - 0.21%
4,300		Johnson Controls, Inc		272,792
4,300		Leggett & Platt, Inc		122,249
6,100		Newell Rubbermaid, Inc		147,559
		TOTAL FURNITURE AND FIXTURES		542,600
FURNITURE AND HOMEFURNISHINGS STORES - 0.34%
6,800	*	Bed Bath & Beyond, Inc		270,844
7,400		Best Buy Co, Inc		439,708
4,600		Circuit City Stores, Inc (Circuit City Group)		71,944
3,600		RadioShack Corp		118,368
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		900,864
GENERAL BUILDING CONTRACTORS - 0.18%
3,000		Centex Corp		178,740
1,100		KB Home		114,840
3,000		Pulte Homes, Inc		191,400
		TOTAL GENERAL BUILDING CONTRACTORS		484,980
GENERAL MERCHANDISE STORES - 3.20%
2,700	*	Big Lots, Inc		32,751
10,680		Costco Wholesale Corp		517,019
2,000		Dillard's, Inc (Class A)		53,740
7,200		Dollar General Corp		149,544
3,900		Family Dollar Stores, Inc		121,797
3,900		Federated Department Stores, Inc		225,381
6,400		J.C. Penney Co, Inc		264,960
7,900	*	Kohl's Corp		388,443
6,400		May Department Stores Co		188,160
4,700		Sears Roebuck & Co		239,841
20,400		Target Corp		1,059,372
96,600		Wal-Mart Stores, Inc		5,102,412
		TOTAL GENERAL MERCHANDISE STORES		8,343,420
HEALTH SERVICES - 0.54%
10,300	*	Caremark Rx, Inc		406,129
1,800	*	Express Scripts, Inc		137,592
9,600		HCA, Inc		383,616
5,700		Health Management Associates, Inc (Class A)		129,504
3,300	*	Laboratory Corp of America Holdings		164,406
2,100		Manor Care, Inc		74,403
10,300	*	Tenet Healthcare Corp		113,094
		TOTAL HEALTH SERVICES		1,408,744
HOLDING AND OTHER INVESTMENT OFFICES - 2.22%
2,100		Apartment Investment & Management Co (Class A)		80,934
4,300		Archstone-Smith Trust		164,690
9,200		Equity Office Properties Trust		267,904
6,400		Equity Residential		231,552
4,200		Plum Creek Timber Co, Inc		161,448

177 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
4,200		Prologis	$	181,986
5,000		Simon Property Group, Inc		323,350
29,200		SPDR Trust Series 1		3,529,404
19,900		Washington Mutual, Inc		841,372
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,782,640
HOTELS AND OTHER LODGING PLACES - 0.31%
8,800		Hilton Hotels Corp		200,112
5,100		Marriott International, Inc (Class A)		321,198
4,800		Starwood Hotels & Resorts Worldwide, Inc		280,320
		TOTAL HOTELS AND OTHER LODGING PLACES		801,630
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.85%
17,800		3M Co		1,460,846
4,900	*	American Standard Cos, Inc		202,468
9,200	*	Apple Computer, Inc		592,480
38,800	*	Applied Materials, Inc		663,480
7,600		Baker Hughes, Inc		324,292
1,800		Black & Decker Corp		158,994
7,800		Caterpillar, Inc		760,578
150,500	*	Cisco Systems, Inc		2,904,650
1,100		Cummins, Inc		92,169
5,600		Deere & Co		416,640
56,800	*	Dell, Inc		2,393,552
4,500		Dover Corp		188,730
3,400		Eaton Corp		246,024
54,800	*	EMC Corp		814,876
8,300	*	Gateway, Inc		49,883
69,000		Hewlett-Packard Co		1,446,930
3,900		Ingersoll-Rand Co (Class A)		313,170
38,000		International Business Machines Corp		3,746,040
7,800		International Game Technology		268,164
2,100		ITT Industries, Inc		177,345
2,900	*	Lexmark International, Inc		246,500
8,200	*	Network Appliance, Inc		272,404
2,700		Pall Corp		78,165
2,700		Parker Hannifin Corp		204,498
5,100		Pitney Bowes, Inc		236,028
22,400	*	Solectron Corp		119,392
5,300		Symbol Technologies, Inc		91,690
45,900		Tyco International Ltd		1,640,466
21,800	*	Xerox Corp		370,818
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		20,481,272
INSTRUMENTS AND RELATED PRODUCTS - 2.75%
11,100	*	Agilent Technologies, Inc		267,510
4,600		Applera Corp (Applied Biosystems Group)		96,186
2,400		Bard (C.R.), Inc		153,552
1,200		Bausch & Lomb, Inc		77,352
14,000		Baxter International, Inc		483,560
5,900		Becton Dickinson & Co		335,120
5,800		Biomet, Inc		251,662
19,300	*	Boston Scientific Corp		686,115
6,500		Eastman Kodak Co		209,625
2,700	*	Fisher Scientific International, Inc		168,426
7,200		Guidant Corp		519,120
4,500	*	KLA-Tencor Corp		209,610
27,600		Medtronic, Inc		1,370,892
1,100	*	Millipore Corp		54,791
3,100		PerkinElmer, Inc		69,719

178 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
10,300		Raytheon Co	$	399,949
4,200		Rockwell Automation, Inc		208,110
8,100	*	St. Jude Medical, Inc		339,633
9,100		Stryker Corp		439,075
2,100		Tektronix, Inc		63,441
4,400	*	Teradyne, Inc		75,108
3,700	*	Thermo Electron Corp		111,703
2,700	*	Waters Corp		126,333
5,600	*	Zimmer Holdings, Inc		448,672
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		7,165,264
INSURANCE AGENTS, BROKERS AND SERVICE - 0.32%
7,300		AON Corp		174,178
12,000		Marsh & McLennan Cos, Inc		394,800
6,208	*	Medco Health Solutions, Inc		258,253
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		827,231
INSURANCE CARRIERS - 5.26%
6,500		ACE Ltd		277,875
3,400		Aetna, Inc		424,150
11,500		Aflac, Inc		458,160
15,600		Allstate Corp		806,832
2,500		Ambac Financial Group, Inc		205,325
59,500		American International Group, Inc		3,907,365
4,400		Chubb Corp		338,360
3,000		Cigna Corp		244,710
3,800		Cincinnati Financial Corp		168,188
6,700		Hartford Financial Services Group, Inc		464,377
3,900	*	Humana, Inc		115,791
3,100		Jefferson-Pilot Corp		161,076
3,900		Lincoln National Corp		182,052
4,200		Loews Corp		295,260
3,300		MBIA, Inc		208,824
17,000		MetLife, Inc		688,670
2,200		MGIC Investment Corp		151,602
6,900		Principal Financial Group		282,486
4,550		Progressive Corp		386,022
11,700		Prudential Financial, Inc		643,032
2,992		Safeco Corp		156,302
15,247		St. Paul Travelers Cos, Inc		565,206
2,500		Torchmark Corp		142,850
14,900		UnitedHealth Group, Inc		1,311,647
6,700		UnumProvident Corp		120,198
6,700	*	WellPoint, Inc		770,500
3,200		XL Capital Ltd (Class A)		248,480
		TOTAL INSURANCE CARRIERS		13,725,340
LEATHER AND LEATHER PRODUCTS - 0.09%
4,300	*	Coach, Inc		242,520
		TOTAL LEATHER AND LEATHER PRODUCTS		242,520
LUMBER AND WOOD PRODUCTS - 0.08%
5,900		Georgia-Pacific Corp		221,132
		TOTAL LUMBER AND WOOD PRODUCTS		221,132

179 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
METAL MINING - 0.32%
3,900		Freeport-McMoRan Copper & Gold, Inc (Class A)	$	149,097
10,300		Newmont Mining Corp		457,423
2,200		Phelps Dodge Corp		217,624
		TOTAL METAL MINING		824,144
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.10%
4,000		Hasbro, Inc		77,520
9,500		Mattel, Inc		185,155
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		262,675
MISCELLANEOUS RETAIL - 1.45%
9,100		CVS Corp		410,137
15,078	*	eBay, Inc		1,753,270
7,300	*	Office Depot, Inc		126,728
11,384		Staples, Inc		383,755
3,300		Tiffany & Co		105,501
4,900	*	Toys 'R' Us, Inc		100,303
23,300		Walgreen Co		894,021
		TOTAL MISCELLANEOUS RETAIL		3,773,715
MOTION PICTURES - 1.70%
59,700		News Corp (Class A)		1,114,002
104,700	*	Time Warner, Inc		2,035,368
46,700		Walt Disney Co		1,298,260
		TOTAL MOTION PICTURES		4,447,630
NONDEPOSITORY INSTITUTIONS - 2.67%
28,700		American Express Co		1,617,819
5,500		Capital One Financial Corp		463,155
4,800		CIT Group, Inc		219,936
13,200		Countrywide Financial Corp		488,532
22,100		Fannie Mae		1,573,741
15,700		Freddie Mac		1,157,090
29,200		MBNA Corp		823,148
6,500	*	Providian Financial Corp		107,055
9,800		SLM Corp		523,222
		TOTAL NONDEPOSITORY INSTITUTIONS		6,973,698
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
2,400		Vulcan Materials Co		131,064
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		131,064
OIL AND GAS EXTRACTION - 1.93%
5,600		Anadarko Petroleum Corp		362,936
7,410		Apache Corp		374,724
3,700		BJ Services Co		172,198
8,900		Burlington Resources, Inc		387,150
11,100		Devon Energy Corp		432,012
2,700		EOG Resources, Inc		192,672
3,500		Kerr-McGee Corp		202,265
7,900		Marathon Oil Corp		297,119
3,500	*	Nabors Industries Ltd		179,515

180 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
3,000	*	Noble Corp	$	149,220
9,000		Occidental Petroleum Corp		525,240
2,700		Rowan Cos, Inc		69,930
13,400		Schlumberger Ltd		897,130
7,300	*	Transocean, Inc		309,447
6,031		Unocal Corp		260,780
6,000		XTO Energy, Inc		212,280
		TOTAL OIL AND GAS EXTRACTION		5,024,618
PAPER AND ALLIED PRODUCTS - 0.64%
2,300		Bemis Co		66,907
11,100		International Paper Co		466,200
11,100		Kimberly-Clark Corp		730,491
4,600		MeadWestvaco Corp		155,894
330		Neenah Paper, Inc		10,758
2,000		OfficeMax, Inc		62,760
3,500	*	Pactiv Corp		88,515
1,200		Temple-Inland, Inc		82,080
		TOTAL PAPER AND ALLIED PRODUCTS		1,663,605
PERSONAL SERVICES - 0.13%
3,800		Cintas Corp		166,668
3,700		H & R Block, Inc		181,300
		TOTAL PERSONAL SERVICES		347,968
PETROLEUM AND COAL PRODUCTS - 4.65%
2,100		Amerada Hess Corp		172,998
1,600		Ashland, Inc		93,408
48,400		ChevronTexaco Corp		2,541,484
15,700		ConocoPhillips		1,363,231
147,500	d	ExxonMobil Corp		7,560,850
1,600		Sunoco, Inc		130,736
5,800		Valero Energy Corp		263,320
		TOTAL PETROLEUM AND COAL PRODUCTS		12,126,027
PRIMARY METAL INDUSTRIES - 0.44%
19,900		Alcoa, Inc		625,258
2,400		Allegheny Technologies, Inc		52,008
4,048	*	Andrew Corp		55,174
2,800		Engelhard Corp		85,876
3,700		Nucor Corp		193,658
2,700		United States Steel Corp		138,375
		TOTAL PRIMARY METAL INDUSTRIES		1,150,349
PRINTING AND PUBLISHING - 0.67%
1,800		Dow Jones & Co, Inc		77,508
5,900		Gannett Co, Inc		482,030
1,700		Knight Ridder, Inc		113,798
4,300		McGraw-Hill Cos, Inc		393,622
1,100		Meredith Corp		59,620
3,300		New York Times Co (Class A)		134,640
5,000		R.R. Donnelley & Sons Co		176,450
7,200		Tribune Co		303,408
		TOTAL PRINTING AND PUBLISHING		1,741,076

181 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
RAILROAD TRANSPORTATION - 0.53%
18,500	*	ADC Telecommunications, Inc	$	49,580
8,500		Burlington Northern Santa Fe Corp		402,135
4,900		CSX Corp		196,392
9,000		Norfolk Southern Corp		325,710
5,900		Union Pacific Corp		396,775
		TOTAL RAILROAD TRANSPORTATION		1,370,592
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.31%
2,000		Cooper Tire & Rubber Co		43,100
4,200	*	Goodyear Tire & Rubber Co		61,572
6,000		Nike, Inc (Class B)		544,140
1,500		Reebok International Ltd		66,000
2,000	*	Sealed Air Corp		106,540
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		821,352
SECURITY AND COMMODITY BROKERS - 2.23%
2,400		Bear Stearns Cos, Inc		245,544
30,300		Charles Schwab Corp		362,388
8,200	*	E*Trade Financial Corp		122,590
2,500		Federated Investors, Inc (Class B)		76,000
5,700		Franklin Resources, Inc		397,005
11,000		Goldman Sachs Group, Inc		1,144,440
5,300		Janus Capital Group, Inc		89,093
6,100		Lehman Brothers Holdings, Inc		533,628
21,300		Merrill Lynch & Co, Inc		1,273,101
25,000		Morgan Stanley		1,388,000
2,900		T Rowe Price Group, Inc		180,380
		TOTAL SECURITY AND COMMODITY BROKERS		5,812,169
STONE, CLAY, AND GLASS PRODUCTS - 0.14%
32,000	*	Corning, Inc		376,640
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		376,640
TOBACCO PRODUCTS - 1.27%
46,900		Altria Group, Inc		2,865,590
3,400		Reynolds American, Inc		267,240
3,800		UST, Inc		182,818
		TOTAL TOBACCO PRODUCTS		3,315,648
TRANSPORTATION BY AIR - 0.38%
3,400	*	Delta Air Lines, Inc		25,432
6,800		FedEx Corp		669,732
17,500		Southwest Airlines Co		284,900
		TOTAL TRANSPORTATION BY AIR		980,064
TRANSPORTATION EQUIPMENT - 2.72%
19,200		Boeing Co		993,984
2,200		Brunswick Corp		108,900
3,700		Dana Corp		64,121
12,500		Delphi Corp		112,750
41,800		Ford Motor Co		611,952
4,600		General Dynamics Corp		481,160
12,700		General Motors Corp		508,762
3,800		Genuine Parts Co		167,428
2,900		Goodrich Corp		94,656

182 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

SHARES			VALUE
6,700		Harley-Davidson, Inc	$	407,025
19,600		Honeywell International, Inc		694,036
10,100		Lockheed Martin Corp		561,055
1,600	*	Navistar International Corp		70,368
8,400		Northrop Grumman Corp		456,624
3,894		Paccar, Inc		313,389
3,100		Textron, Inc		228,780
11,600		United Technologies Corp		1,198,860
3,400		Visteon Corp		33,218
		TOTAL TRANSPORTATION EQUIPMENT		7,107,068
TRANSPORTATION SERVICES - 0.03%
3,200		Sabre Holdings Corp		70,912
		TOTAL TRANSPORTATION SERVICES		70,912
TRUCKING AND WAREHOUSING - 0.84%
25,600		United Parcel Service, Inc (Class B)		2,187,776
		TOTAL TRUCKING AND WAREHOUSING		2,187,776
WATER TRANSPORTATION - 0.32%
14,400		Carnival Corp		829,872
		TOTAL WATER TRANSPORTATION		829,872
WHOLESALE TRADE-DURABLE GOODS - 1.70%
67,800		Johnson & Johnson		4,299,876
2,000		W.W. Grainger, Inc		133,240
		TOTAL WHOLESALE TRADE-DURABLE GOODS		4,433,116
WHOLESALE TRADE-NONDURABLE GOODS - 0.66%
2,500		AmerisourceBergen Corp		146,700
2,700		Brown-Forman Corp (Class B)		131,436
9,800		Cardinal Health, Inc		569,870
6,700		McKesson Corp		210,782
3,100		Supervalu, Inc		107,012
14,600		Sysco Corp		557,281
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,723,081
		TOTAL COMMON STOCKS
		(Cost $224,270,298)		261,172,467
PRINCIPAL
SHORT TERM INVESTMENTS - 0.15%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.15%
		Federal Home Loan Bank (FHLB)
$380,000		1.000% 01/03/05		379,932
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		379,932
		TOTAL SHORT TERM INVESTMENTS
		(Cost $379,974)		379,932

183 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund

PRINCIPAL		VALUE
	TOTAL PORTFOLIO - 100.29%
	(Cost $224,650,272)	$	261,552,399
	OTHER ASSETS & LIABILITIES, NET - (0.29%)		(746,862	)
	NET ASSETS - 100.00%	$	260,805,537

*	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 Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

184

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.01%
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%
60	*	Simon Property Group L.P.	$	3,553
		TOTALHOLDING AND OTHER INVESTMENT OFFICES		3,553
		TOTAL PREFERRED STOCKS
		(Cost $1,914)		3,553
COMMON STOCKS - 99.87%
AMUSEMENT AND RECREATION SERVICES - 0.57%
1,205		Harrah's Entertainment, Inc		80,602
600		International Speedway Corp (Class A)		31,680
800		Station Casinos, Inc		43,744
		TOTAL AMUSEMENT AND RECREATION SERVICES		156,026
APPAREL AND ACCESSORY STORES - 1.91%
1,633		Abercrombie & Fitch Co (Class A)		76,669
954		American Eagle Outfitters, Inc		44,933
898	*	AnnTaylor Stores Corp		19,334
1,744	*	Chico's FAS, Inc		79,404
1,600		Claire's Stores, Inc		34,000
1,180		Foot Locker, Inc		31,777
397		Limited Brands, Inc		9,139
1,412		Nordstrom, Inc		65,983
1,479	*	Pacific Sunwear of California, Inc		32,923
2,824		Ross Stores, Inc		81,529
200		Talbots, Inc		5,446
886	*	Urban Outfitters, Inc		39,338
		TOTAL APPAREL AND ACCESSORY STORES		520,475
APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%
300	*	Columbia Sportswear Co		17,883
100		Polo Ralph Lauren Corp		4,260
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		22,143
AUTO REPAIR, SERVICES AND PARKING - 0.10%
583		Ryder System, Inc		27,850
		TOTAL AUTO REPAIR, SERVICES AND PARKING		27,850
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.08%
1,430	*	Advance Auto Parts		62,462
1,038	*	Autozone, Inc		94,780
2,015	*	Carmax, Inc		62,566

185 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
1,283	*	Copart, Inc	$	33,769
931	*	O'Reilly Automotive, Inc		41,942
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		295,519
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.27%
1,183		Fastenal Co		72,825
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		72,825
BUSINESS SERVICES - 14.74%
2,170	*	Activision, Inc		43,791
1,433		Acxiom Corp		37,688
4,435		Adobe Systems, Inc		278,252
1,656	*	Affiliated Computer Services, Inc (Class A)		99,675
2,072	*	Akamai Technologies, Inc		26,998
843	*	Alliance Data Systems Corp		40,026
1,128	*	Ask Jeeves, Inc		30,174
4,362		Autodesk, Inc		165,538
7,096	*	BEA Systems, Inc		62,871
1,272	*	BMC Software, Inc		23,659
1,038		Brink's Co		41,022
2,949	*	Cadence Design Systems, Inc		40,726
1,800	*	Ceridian Corp		32,904
1,200		Certegy, Inc		42,636
1,024	*	Checkfree Corp		38,994
1,700	*	ChoicePoint, Inc		78,183
3,200	*	Citrix Systems, Inc		78,496
300	*	Cogent, Inc		9,900
2,400	*	Cognizant Technology Solutions Corp		101,592
1,452	*	DST Systems, Inc		75,678
1,381	*	Dun & Bradstreet Corp		82,377
1,692		Equifax, Inc		47,545
1,168		Fair Isaac Corp		42,842
3,684	*	Fiserv, Inc		148,060
821	*	Getty Images, Inc		56,526
2,304		GTECH Holdings Corp		59,789
1,400		Henry (Jack) & Associates, Inc		27,874
4,361		IMS Health, Inc		101,219
5,406	*	Interpublic Group of Cos, Inc		72,440
3,324	*	Intuit, Inc		146,289
2,100	*	Iron Mountain, Inc		64,029
9,887	*	Juniper Networks, Inc		268,828
462	*	Kinetic Concepts, Inc		35,251
1,300	*	Lamar Advertising Co		55,614
1,300	*	Macromedia, Inc		40,456
835		Manpower, Inc		40,331
2,493	*	McAfee, Inc		72,122
1,600	*	Mercury Interactive Corp		72,880
800		MoneyGram International, Inc		16,912
1,900	*	Monster Worldwide, Inc		63,916
1,050		National Instruments Corp		28,613
600	*	NAVTEQ Corp		27,816
1,456	*	NCR Corp		100,799
7,450	*	Novell, Inc		50,288
500	*	Pixar		42,805
3,142	*	Red Hat, Inc		41,946
701	*	Rent-A-Center, Inc		18,577
1,130		Reynolds & Reynolds Co (Class A)		29,956
2,768		Robert Half International, Inc		81,462

186 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
6,383	*	Siebel Systems, Inc	$	67,022
4,828	*	SunGard Data Systems, Inc		136,777
3,000	*	Synopsys, Inc		58,860
3,112	*	TIBCO Software, Inc		41,514
700		Total System Services, Inc		17,010
336	*	Unisys Corp		3,420
3,200	*	VeriSign, Inc		107,264
7,993	*	Veritas Software Corp		228,200
200		Viad Corp		5,698
3,653	*	WebMD Corp		29,808
1,467	*	Westwood One, Inc		39,506
		TOTAL BUSINESS SERVICES		4,021,444
CHEMICALS AND ALLIED PRODUCTS - 9.04%
1,163		Alberto-Culver Co		56,487
2,450		Allergan, Inc		198,622
400	*	American Pharmaceutical Partners, Inc		14,964
1,800	*	Amylin Pharmaceuticals, Inc		42,048
1,390	*	Andrx Corp		30,344
2,100		Avery Dennison Corp		125,937
1,680	*	Barr Pharmaceuticals, Inc		76,507
1,100	*	Cephalon, Inc		55,968
1,100	*	Charles River Laboratories International, Inc		50,611
2,091	*	Chiron Corp		69,693
1,189		Church & Dwight Co, Inc		39,974
2,053		Clorox Co		120,983
708	*	Dade Behring Holdings, Inc		39,648
3,480		Ecolab, Inc		122,252
600	*	Eon Labs, Inc		16,200
2,000		Estee Lauder Cos (Class A)		91,540
100	*	Eyetech Pharmaceuticals, Inc		4,550
4,565	*	Genzyme Corp		265,090
500	*	ICOS Corp		14,140
700	*	Idexx Laboratories, Inc		38,213
1,299	*	ImClone Systems, Inc		59,858
1,350		International Flavors & Fragrances, Inc		57,834
491	*	Invitrogen Corp		32,961
3,550	*	IVAX Corp		56,161
495	*	Martek Biosciences Corp		25,344
1,100		Medicis Pharmaceutical Corp (Class A)		38,621
4,729	*	MedImmune, Inc		128,203
1,367	*	MGI Pharma, Inc		38,290
2,900	*	Millennium Pharmaceuticals, Inc		35,148
5,006		Mylan Laboratories, Inc		88,506
1,059	*	NBTY, Inc		25,427
1,615	*	Nektar Therapeutics		32,688
694	*	Neurocrine Biosciences, Inc		34,214
891	*	OSI Pharmaceuticals, Inc		66,691
1,760		Praxair, Inc		77,704
323	*	Protein Design Labs, Inc		6,673
100	*	Scotts Co (Class A)		7,352
1,900	*	Sepracor, Inc		112,803
201		Sherwin-Williams Co		8,971
313		Sigma-Aldrich Corp		18,924
1,210	*	VCA Antech, Inc		23,716
544	*	Watson Pharmaceuticals, Inc		17,849
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,467,709

187 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
COAL MINING - 0.22%
405		Arch Coal, Inc	$	14,394
1,092		Consol Energy, Inc		44,827
		TOTAL COAL MINING		59,221
COMMUNICATIONS - 3.44%
7,432	*	Avaya, Inc		127,830
2,860	*	Cablevision Systems Corp (Class A)		71,214
479	*	Citadel Broadcasting Corp		7,750
200	*	Cox Radio, Inc (Class A)		3,296
1,876	*	Crown Castle International Corp		31,217
398	*	Entercom Communications Corp		14,284
1,534	*	Foundry Networks, Inc		20,187
500		Global Payments, Inc		29,270
1,123	*	IDT Corp		16,486
13,139	*	Level 3 Communications, Inc		44,541
1,915	*	Liberty Media International, Inc		88,530
2,379	*	Nextel Partners, Inc (Class A)		46,486
1,105	*	NII Holdings, Inc (Class B)		52,432
800	*	Radio One, Inc (Class D)		12,896
759	*	Spectrasite, Inc		43,946
400		Telephone & Data Systems, Inc		30,780
100	*	U.S. Cellular Corp		4,476
5,296	*	UnitedGlobalcom, Inc (Class A)		51,159
2,602	*	Univision Communications, Inc (Class A)		76,161
300	*	West Corp		9,933
1,470	*	Western Wireless Corp (Class A)		43,071
3,018	*	XM Satellite Radio Holdings, Inc		113,537
		TOTAL COMMUNICATIONS		939,482
DEPOSITORY INSTITUTIONS - 1.96%
1,321		Commerce Bancorp, Inc		85,072
1,301		Hudson City Bancorp, Inc		47,903
540		IndyMac Bancorp, Inc		18,603
1,742		NewAlliance Bancshares, Inc		26,653
1,647		North Fork Bancorp, Inc		47,516
1,133		Northern Trust Corp		55,041
3,951		Synovus Financial Corp		112,920
2,418		TCF Financial Corp		77,715
876		UCBH Holdings, Inc		40,138
137		Valley National Bancorp		3,788
831		W Holding Co, Inc		19,063
		TOTAL DEPOSITORY INSTITUTIONS		534,412
EATING AND DRINKING PLACES - 2.14%
1,600		Applebee's International, Inc		42,320
1,894		Aramark Corp (Class B)		50,210
1,600	*	Brinker International, Inc		56,112
1,375		Darden Restaurants, Inc		38,143
1,000		Outback Steakhouse, Inc		45,780
1,300		Ruby Tuesday, Inc		33,904
1,500	*	The Cheesecake Factory, Inc		48,705
300		Wendy's International, Inc		11,778
5,418		Yum! Brands, Inc		255,621
		TOTAL EATING AND DRINKING PLACES		582,573

188 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
EDUCATIONAL SERVICES - 0.90%
1,970	*	Career Education Corp	$	78,800
1,751	*	Corinthian Colleges, Inc		32,998
1,200	*	DeVry, Inc		20,832
1,400	*	Education Management Corp		46,214
900	*	ITT Educational Services, Inc		42,795
551	*	Laureate Education, Inc		24,294
		TOTAL EDUCATIONAL SERVICES		245,933
ELECTRIC, GAS, AND SANITARY SERVICES - 0.93%
11,768	*	AES Corp		160,869
464	*	Allegheny Energy, Inc		9,145
2,400	*	Allied Waste Industries, Inc		22,272
330		Kinder Morgan, Inc		24,133
800	*	Stericycle, Inc		36,760
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		253,179
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.45%
1,235		Adtran, Inc		23,638
3,686	*	Advanced Micro Devices, Inc		81,166
32,600	*	Agere Systems, Inc (Class B)		44,010
7,067	*	Altera Corp		146,287
1,821		American Power Conversion Corp		38,969
921		Ametek, Inc		32,852
2,000	*	Amkor Technology, Inc		13,360
1,318	*	Amphenol Corp (Class A)		48,423
3,000	*	Applied Micro Circuits Corp		12,630
8,055	*	Atmel Corp		31,576
400		AVX Corp		5,040
926	*	CIENA Corp		3,093
2,090	*	Comverse Technology, Inc		51,101
4,938	*	Conexant Systems, Inc		9,827
1,400	*	Cree, Inc		56,112
2,373	*	Cypress Semiconductor Corp		27,835
590	*	Energizer Holdings, Inc		29,317
1,258	*	Fairchild Semiconductor International, Inc		20,455
687	*	Freescale Semiconductor, Inc		12,242
5,250	*	Freescale Semiconductor, Inc (Class B)		96,390
1,831	*	Gemstar-TV Guide International, Inc		10,840
1,130		Harman International Industries, Inc		143,510
851		Harris Corp		52,583
1,300	*	Integrated Circuit Systems, Inc		27,196
1,056	*	International Rectifier Corp		47,066
1,300		Intersil Corp (Class A)		21,762
3,100	*	Jabil Circuit, Inc		79,298
25,752	*	JDS Uniphase Corp		81,634
900		L-3 Communications Holdings, Inc		65,916
5,863		Linear Technology Corp		227,250
2,900	*	LSI Logic Corp		15,892
844		Maytag Corp		17,808
1,384	*	MEMC Electronic Materials, Inc		18,338
3,940		Microchip Technology, Inc		105,040
5,300	*	Micron Technology, Inc		65,455
2,205		Molex, Inc		66,150
6,800		National Semiconductor Corp		122,060
1,950	*	Novellus Systems, Inc		54,386
3,100	*	Nvidia Corp		73,036
924		Plantronics, Inc		38,318

189 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
3,300	*	PMC-Sierra, Inc	$	37,125
1,252	*	Polycom, Inc		29,197
1,545	*	QLogic Corp		56,748
1,600	*	Rambus, Inc		36,800
3,320		Rockwell Collins, Inc		130,941
5,000	*	Sanmina-SCI Corp		42,350
1,414	*	Semtech Corp		30,924
700	*	Silicon Laboratories, Inc		24,717
3,552	*	Tellabs, Inc		30,512
1,536	*	Utstarcom, Inc		34,022
542	*	Vishay Intertechnology, Inc		8,141
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,579,338
ENGINEERING AND MANAGEMENT SERVICES - 2.91%
1,200	*	Affymetrix, Inc		43,860
600	*	BearingPoint, Inc		4,818
3,076	*	Celgene Corp		81,606
700		Corporate Executive Board Co		46,858
1,204	*	Covance, Inc		46,655
626		Fluor Corp		34,123
951	*	Gen-Probe, Inc		42,995
700	*	Hewitt Associates, Inc		22,407
900	*	Jacobs Engineering Group, Inc		43,011
2,338		Moody's Corp		203,055
900	*	Pharmaceutical Product Development, Inc		37,161
1,500		Quest Diagnostics, Inc		143,325
3,224		Servicemaster Co		44,459
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		794,333
FABRICATED METAL PRODUCTS - 1.08%
476	*	Alliant Techsystems, Inc		31,121
1,142		Ball Corp		50,225
2,569		Fortune Brands, Inc		198,275
273		Harsco Corp		15,217
		TOTAL FABRICATED METAL PRODUCTS		294,838
FOOD AND KINDRED PRODUCTS - 1.29%
2,171		Campbell Soup Co		64,891
2,505		Hershey Foods Corp		139,128
2,000		McCormick & Co, Inc (Non-Vote)		77,200
2,581		Pepsi Bottling Group, Inc		69,790
		TOTAL FOOD AND KINDRED PRODUCTS		351,009
FOOD STORES - 0.45%
443	*	7-Eleven, Inc		10,610
1,190		Whole Foods Market, Inc		113,467
		TOTAL FOOD STORES		124,077
FURNITURE AND FIXTURES - 0.75%
1,300		Herman Miller, Inc		35,919
246		Hillenbrand Industries, Inc		13,663
1,116		HNI Corp		48,044

190 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
909		Johnson Controls, Inc	$	57,667
1,400		Leggett & Platt, Inc		39,802
395		Newell Rubbermaid, Inc		9,555
		TOTAL FURNITURE AND FIXTURES		204,650
FURNITURE AND HOMEFURNISHINGS STORES - 1.69%
5,599	*	Bed Bath & Beyond, Inc		223,008
668		Circuit City Stores, Inc (Circuit City Group)		10,448
42	*	GameStop Corp (Class B)		941
527	*	Mohawk Industries, Inc		48,089
778		Pier 1 Imports, Inc		15,327
3,022		RadioShack Corp		99,363
1,800	*	Williams-Sonoma, Inc		63,072
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		460,248
GENERAL BUILDING CONTRACTORS - 1.62%
1,156		Centex Corp		68,874
2,474		D.R. Horton, Inc		99,727
496	*	Hovnanian Enterprises, Inc (Class A)		24,562
1,077		Lennar Corp (Class A)		61,044
257		MDC Holdings, Inc		22,215
100	*	NVR, Inc		76,940
851		Pulte Homes, Inc		54,294
120		Ryland Group, Inc		6,905
416	*	Toll Brothers, Inc		28,542
		TOTAL GENERAL BUILDING CONTRACTORS		443,103
GENERAL MERCHANDISE STORES - 1.01%
700	*	Big Lots, Inc		8,491
5,528		Dollar General Corp		114,817
2,205	*	Dollar Tree Stores, Inc		63,239
2,837		Family Dollar Stores, Inc		88,600
		TOTAL GENERAL MERCHANDISE STORES		275,147
HEALTH SERVICES - 2.70%
926	*	Accredo Health, Inc		25,669
500	*	Community Health Systems, Inc		13,940
1,703	*	Coventry Health Care, Inc		90,395
1,850	*	DaVita, Inc		73,131
1,286	*	Express Scripts, Inc		98,302
3,986		Health Management Associates, Inc (Class A)		90,562
2,499	*	Laboratory Corp of America Holdings		124,500
1,900	*	Lincare Holdings, Inc		81,035
1,368		Manor Care, Inc		48,468
1,252	*	Renal Care Group, Inc		45,059
600	*	Triad Hospitals, Inc		22,326
498		Universal Health Services, Inc (Class B)		22,161
		TOTAL HEALTH SERVICES		735,548

191 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 0.93%
182		CBL & Associates Properties, Inc	$	13,896
892		Fremont General Corp		22,461
1,400		Friedman Billings Ramsey Group, Inc		27,146
581		General Growth Properties, Inc		21,009
300		iShares Russell Midcap Growth Index Fund		25,350
425		Mills Corp		27,098
687		Regency Centers Corp		38,060
895		Ventas, Inc		24,532
1,328		Weingarten Realty Investors		53,253
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		252,805
HOTELS AND OTHER LODGING PLACES - 2.18%
359		Choice Hotels International, Inc		20,822
6,121		Hilton Hotels Corp		139,192
1,310	*	Mandalay Resort Group		92,263
3,174		Marriott International, Inc (Class A)		199,899
226	*	MGM Mirage		16,439
1,443		Starwood Hotels & Resorts Worldwide, Inc		84,271
642	*	Wynn Resorts Ltd		42,963
		TOTAL HOTELS AND OTHER LODGING PLACES		595,849
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.49%
3,528	*	American Standard Cos, Inc		145,777
3,611	*	Apple Computer, Inc		232,548
800	*	Avocent Corp		32,416
6,166		Baker Hughes, Inc		263,103
1,348		Black & Decker Corp		119,069
670		Briggs & Stratton Corp		27,859
230	*	Cooper Cameron Corp		12,376
1,400		Donaldson Co, Inc		45,612
3,080		Dover Corp		129,175
1,300	*	FMC Technologies, Inc		41,860
1,300		Graco, Inc		48,555
2,372	*	Grant Prideco, Inc		47,559
668		ITT Industries, Inc		56,413
2,500	*	Lam Research Corp		72,275
2,432	*	Lexmark International, Inc		206,720
1,600	*	Maxtor Corp		8,480
1,000	*	National-Oilwell, Inc		35,290
5,840	*	Network Appliance, Inc		194,005
210		Pall Corp		6,080
2,413		Pitney Bowes, Inc		111,674
2,639	*	Sandisk Corp		65,896
2,026	*	Smith International, Inc		110,235
17,482	*	Solectron Corp		93,179
95		SPX Corp		3,806
474	*	Storage Technology Corp		14,983
4,400		Symbol Technologies, Inc		76,120
667		Timken Co		17,355
1,141	*	Western Digital Corp		12,368
1,451	*	Xerox Corp		24,682
1,100	*	Zebra Technologies Corp (Class A)		61,908
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,317,378

192 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
INSTRUMENTS AND RELATED PRODUCTS - 6.60%
2,000		Bard (C.R.), Inc	$	127,960
633		Bausch & Lomb, Inc		40,803
1,200		Beckman Coulter, Inc		80,388
4,739		Biomet, Inc		205,625
613		Cooper Cos, Inc		43,272
2,139	*	Cytyc Corp		58,972
1,564		Dentsply International, Inc		87,897
1,100	*	Edwards Lifesciences Corp		45,386
2,091	*	Fisher Scientific International, Inc		130,437
653	*	Flir Systems, Inc		41,655
765	*	Fossil, Inc		19,615
680	*	Inamed Corp		43,010
3,716	*	KLA-Tencor Corp		173,091
487	*	Mettler-Toledo International, Inc		24,988
1,000	*	Millipore Corp		49,810
1,300		PerkinElmer, Inc		29,237
700	*	Resmed, Inc		35,770
700	*	Respironics, Inc		38,052
2,252		Rockwell Automation, Inc		111,587
632		Roper Industries, Inc		38,407
1,415		Tektronix, Inc		42,747
3,700	*	Teradyne, Inc		63,159
1,779	*	Thermo Electron Corp		53,708
2,556	*	Varian Medical Systems, Inc		110,521
2,220	*	Waters Corp		103,874
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,799,971
INSURANCE AGENTS, BROKERS AND SERVICE - 0.72%
1,100		Brown & Brown, Inc		47,905
1,675		Gallagher (Arthur J.) & Co		54,438
2,270	*	Medco Health Solutions, Inc		94,432
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		196,775
INSURANCE CARRIERS - 2.15%
503		Ambac Financial Group, Inc		41,311
100		Berkley (W.R.) Corp		4,717
391		Genworth Financial, Inc		10,557
400		HCC Insurance Holdings, Inc		13,248
75	*	Markel Corp		27,300
381	*	Pacificare Health Systems, Inc		21,534
637		Radian Group, Inc		33,914
386		Unitrin, Inc		17,544
100	*	WellChoice, Inc		5,340
3,575	*	WellPoint, Inc		411,125
		TOTAL INSURANCE CARRIERS		586,590
LEATHER AND LEATHER PRODUCTS - 0.83%
3,573	*	Coach, Inc		201,517
400	*	Timberland Co (Class A)		25,068
		TOTAL LEATHER AND LEATHER PRODUCTS		226,585

193 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
METAL MINING - 0.43%
2,939		Freeport-McMoRan Copper & Gold, Inc (Class A)	$	112,358
100		Southern Peru Copper Corp		4,721
		TOTAL METAL MINING		117,079
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.26%
3,594		Mattel, Inc		70,047
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		70,047
MISCELLANEOUS RETAIL - 1.57%
100	*	Barnes & Noble, Inc		3,227
1,400	*	Marvel Enterprises, Inc		28,672
2,564		Michaels Stores, Inc		76,843
614		MSC Industrial Direct Co (Class A)		22,092
1,630		Omnicare, Inc		56,431
778	*	Petco Animal Supplies, Inc		30,715
2,709		Petsmart, Inc		96,251
7,100	*	Rite Aid Corp		25,986
2,740		Tiffany & Co		87,598
		TOTAL MISCELLANEOUS RETAIL		427,815
MOTION PICTURES - 0.26%
613	*	Avid Technology, Inc		37,853
1,000		Blockbuster, Inc (Class A)		9,540
300	*	DreamWorks Animation SKG, Inc (Class A)		11,253
250		Metro-Goldwyn-Mayer, Inc		2,970
677	*	NetFlix, Inc		8,347
		TOTAL MOTION PICTURES		69,963
NONDEPOSITORY INSTITUTIONS - 0.63%
471		American Capital Strategies Ltd		15,708
1,248	*	CapitalSource, Inc		32,036
1,602		Doral Financial Corp		78,899
341	*	First Marblehead Corp		19,181
1,616	*	Providian Financial Corp		26,616
		TOTAL NONDEPOSITORY INSTITUTIONS		172,440
OIL AND GAS EXTRACTION - 2.32%
3,000		BJ Services Co		139,620
500		Diamond Offshore Drilling, Inc		20,025
1,635		ENSCO International, Inc		51,895
600	*	Newfield Exploration Co		35,430
1,369		Patina Oil & Gas Corp		51,338
3,044		Patterson-UTI Energy, Inc		59,206
486		Pioneer Natural Resources Co		17,059
252		Pogo Producing Co		12,219
1,100	*	Pride International, Inc		22,594
1,100		Rowan Cos, Inc		28,490
500		Tidewater, Inc		17,805
307	*	Varco International, Inc		8,949
4,764		XTO Energy, Inc		168,550
		TOTAL OIL AND GAS EXTRACTION		633,180

194 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
PAPER AND ALLIED PRODUCTS - 0.18%
1,900	*	Pactiv Corp	$	48,051
		TOTAL PAPER AND ALLIED PRODUCTS		48,051
PERSONAL SERVICES - 1.11%
2,322		Cintas Corp		101,843
3,103		H & R Block, Inc		152,047
362		Regis Corp		16,706
800	*	Weight Watchers International, Inc		32,856
		TOTAL PERSONAL SERVICES		303,452
PRIMARY METAL INDUSTRIES - 0.60%
1,360	*	Andrew Corp		18,537
1,516		Nucor Corp		79,347
670		Precision Castparts Corp		44,006
1,056		Worthington Industries, Inc		20,676
		TOTAL PRIMARY METAL INDUSTRIES		162,566
PRINTING AND PUBLISHING - 1.79%
1,142		Belo (A.H.) Corp Series A		29,966
700		Dex Media, Inc		17,472
1,137		Dow Jones & Co, Inc		48,959
1,224		EW Scripps Co		59,095
1,000		Harte-Hanks, Inc		25,980
200		Knight Ridder, Inc		13,388
220		Media General, Inc (Class A)		14,258
706		Meredith Corp		38,265
2,527		New York Times Co (Class A)		103,102
106		Washington Post Co (Class B)		104,200
950		Wiley (John) & Sons, Inc (Class A)		33,098
		TOTAL PRINTING AND PUBLISHING		487,783
RAILROAD TRANSPORTATION - 0.11%
10,904	*	ADC Telecommunications, Inc		29,223
		TOTAL RAILROAD TRANSPORTATION		29,223
REAL ESTATE - 0.48%
1,999		Catellus Development Corp		61,169
1,073		St. Joe Co		68,887
		TOTAL REAL ESTATE		130,056
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%
200		Reebok International Ltd		8,800
1,385	*	Sealed Air Corp		73,779
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		82,579

195 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
SECURITY AND COMMODITY BROKERS - 3.11%
4,500	*	Ameritrade Holding Corp	$	63,990
400		Blackrock, Inc		30,904
641		Chicago Mercantile Exchange		146,597
4,050	*	E*Trade Financial Corp		60,548
1,320		Eaton Vance Corp		68,838
1,400		Federated Investors, Inc (Class B)		42,560
1,300		Investors Financial Services Corp		64,974
1,908		Legg Mason, Inc		139,780
300		Nuveen Investments, Inc		11,841
1,242		SEI Investments Co		52,077
2,081		T Rowe Price Group, Inc		129,438
1,600		Waddell & Reed Financial, Inc (Class A)		38,224
		TOTAL SECURITY AND COMMODITY BROKERS		849,771
STONE, CLAY, AND GLASS PRODUCTS - 0.03%
150		Florida Rock Industries, Inc		8,930
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		8,930
TRANSPORTATION BY AIR - 0.90%
1,484	*	AMR Corp		16,250
1,700	*	JetBlue Airways Corp		39,474
11,643		Southwest Airlines Co		189,548
		TOTAL TRANSPORTATION BY AIR		245,272
TRANSPORTATION EQUIPMENT - 0.98%
1,069		Brunswick Corp		52,916
1,500		Gentex Corp		55,530
600	*	Navistar International Corp		26,388
611		Oshkosh Truck Corp		41,780
851		Polaris Industries, Inc		57,885
701	*	United Defense Industries, Inc		33,122
		TOTAL TRANSPORTATION EQUIPMENT		267,621
TRANSPORTATION SERVICES - 0.74%
1,625		C.H. Robinson Worldwide, Inc		90,220
2,000		Expeditors International of Washington, Inc		111,760
		TOTAL TRANSPORTATION SERVICES		201,980
TRUCKING AND WAREHOUSING - 0.26%
277		CNF, Inc		13,878
1,109		Hunt (J.B.) Transport Services, Inc		49,739
362	*	Sirva, Inc		6,958
		TOTAL TRUCKING AND WAREHOUSING		70,575

196 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund

SHARES			VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.81%
256		BorgWarner, Inc	$	13,868
1,200		CDW Corp		79,620
514		Hughes Supply, Inc		16,628
250	*	Ingram Micro, Inc (Class A)		5,200
2,276	*	Patterson Cos, Inc		98,756
104		W.W. Grainger, Inc		6,928
		TOTAL WHOLESALE TRADE-DURABLE GOODS		221,000
WHOLESALE TRADE-NONDURABLE GOODS - 0.77%
589		AmerisourceBergen Corp		34,563
569		Brown-Forman Corp (Class B)		27,699
900	*	Endo Pharmaceuticals Holdings, Inc		18,918
739	*	Henry Schein, Inc		51,464
2,459		McKesson Corp		77,345
		TOTALWHOLESALE TRADE-NONDURABLE GOODS		209,989
		TOTAL COMMON STOCKS
		(Cost $19,646,378)		27,246,407
		TOTAL PORTFOLIO - 99.88%
		(Cost $19,648,292)		27,249,960
		OTHER ASSETS & LIABILITIES, NET - 0.12%		32,221
		NET ASSETS - 100.00%	$	27,282,181

*	Non-income producing
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

197

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.02%
HOLDING AND OTHER INVESTMENT OFFICES - 0.02%
142	*	Simon Property Group L.P.	$	8,409
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		8,409
		TOTAL PREFERRED STOCKS
		(Cost $4,545)		8,409
COMMON STOCKS - 99.80%
AMUSEMENT AND RECREATION SERVICES - 0.50%
6,513	*	Caesars Entertainment, Inc		131,172
1,046		Harrah's Entertainment, Inc		69,967
170		International Speedway Corp (Class A)		8,976
		TOTAL AMUSEMENT AND RECREATION SERVICES		210,115
APPAREL AND ACCESSORY STORES - 0.68%
100		American Eagle Outfitters, Inc		4,710
441	*	AnnTaylor Stores Corp		9,495
200		Claire's Stores, Inc		4,250
1,752		Foot Locker, Inc		47,181
8,005		Limited Brands, Inc		184,275
740		Nordstrom, Inc		34,580
		TOTAL APPAREL AND ACCESSORY STORES		284,491
APPAREL AND OTHER TEXTILE PRODUCTS - 0.78%
2,592		Jones Apparel Group, Inc		94,789
2,286		Liz Claiborne, Inc		96,492
800		Polo Ralph Lauren Corp		34,080
1,800		VF Corp		99,684
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		325,045
AUTO REPAIR, SERVICES AND PARKING - 0.08%
734		Ryder System, Inc		35,063
		TOTAL AUTO REPAIR, SERVICES AND PARKING		35,063
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.17%
3,600	*	Autonation, Inc		69,156
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		69,156
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
2,233		Louisiana-Pacific Corp		59,710
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		59,710

198 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
BUSINESS SERVICES - 3.14%
8,012	*	3Com Corp	$	33,410
462	*	Activision, Inc		9,323
770	*	Affiliated Computer Services, Inc (Class A)		46,346
3,280	*	BMC Software, Inc		61,008
100		Brink's Co		3,952
2,507	*	Cadence Design Systems, Inc		34,622
1,214	*	Ceridian Corp		22,192
600	*	Checkfree Corp		22,848
200	*	Cogent, Inc		6,600
3,963	*	Computer Sciences Corp		223,394
7,905	*	Compuware Corp		51,145
2,953	*	Convergys Corp		44,265
1,086		Deluxe Corp		40,540
10,584		Electronic Data Systems Corp		244,490
914		Equifax, Inc		25,683
211		Fair Isaac Corp		7,739
2,842	*	Interpublic Group of Cos, Inc		38,083
337	*	Lamar Advertising Co		14,417
959		Manpower, Inc		46,320
548	*	McAfee, Inc		15,854
1,011		MoneyGram International, Inc		21,373
200	*	NAVTEQ Corp		9,272
414	*	NCR Corp		28,661
442	*	Rent-A-Center, Inc		11,713
100		Reynolds & Reynolds Co (Class A)		2,651
2,086	*	Siebel Systems, Inc		21,903
740	*	SunGard Data Systems, Inc		20,964
1,988	*	Sybase, Inc		39,661
758	*	TIBCO Software, Inc		10,112
6,506	*	Unisys Corp		66,231
1,747	*	VeriSign, Inc		58,559
252		Viad Corp		7,179
2,549	*	WebMD Corp		20,800
		TOTAL BUSINESS SERVICES		1,311,310
CHEMICALS AND ALLIED PRODUCTS - 4.25%
4,780		Air Products & Chemicals, Inc		277,097
237		Alberto-Culver Co		11,511
1,279		Cabot Corp		49,472
911		Clorox Co		53,685
108	*	Dade Behring Holdings, Inc		6,048
1,600		Eastman Chemical Co		92,368
3,208	*	Hospira, Inc		107,468
645	*	ICOS Corp		18,241
300		International Flavors & Fragrances, Inc		12,852
559	*	Invitrogen Corp		37,526
4,971	*	King Pharmaceuticals, Inc		61,640
3,000	*	Millennium Pharmaceuticals, Inc		36,360
700	*	Nalco Holding Co		13,664
3,633		PPG Industries, Inc		247,625
4,761		Praxair, Inc		210,198
1,585	*	Protein Design Labs, Inc		32,746
3,393		Rohm & Haas Co		150,072
2,400		RPM International, Inc		47,184
400	*	Scotts Co (Class A)		29,408
2,258		Sherwin-Williams Co		100,775

199 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
1,092		Sigma-Aldrich Corp	$	66,022
1,156		Valspar Corp		57,812
1,639	*	Watson Pharmaceuticals, Inc		53,776
		TOTAL CHEMICALS AND ALLIED PRODUCTS		1,773,550
COAL MINING - 0.53%
889		Arch Coal, Inc		31,595
690		Consol Energy, Inc		28,325
1,558		Massey Energy Co		54,452
1,314		Peabody Energy Corp		106,316
		TOTAL COAL MINING		220,688
COMMUNICATIONS - 1.76%
4,421	*	American Tower Corp (Class A)		81,346
475	*	Cablevision Systems Corp (Class A)		11,828
2,900		CenturyTel, Inc		102,863
574	*	Citadel Broadcasting Corp		9,287
600	*	Cox Radio, Inc (Class A)		9,888
1,926	*	Crown Castle International Corp		32,049
379	*	Entercom Communications Corp		13,602
823	*	Foundry Networks, Inc		10,831
600		Hearst-Argyle Television, Inc		15,828
1,193	*	Liberty Media International, Inc		55,152
1,509	*	NTL, Inc		110,097
31,286	*	Qwest Communications International, Inc		138,910
900	*	Radio One, Inc (Class D)		14,508
581		Telephone & Data Systems, Inc		44,708
200	*	U.S. Cellular Corp		8,952
1,608	*	UnitedGlobalcom, Inc (Class A)		15,533
1,878	*	Univision Communications, Inc (Class A)		54,969
100	*	West Corp		3,311
		TOTAL COMMUNICATIONS		733,662
DEPOSITORY INSTITUTIONS - 9.04%
7,396		AmSouth Bancorp		191,556
2,762		Associated Banc-Corp		91,726
1,700		Astoria Financial Corp		67,949
1,120		Bank of Hawaii Corp		56,829
3,539		Banknorth Group, Inc		129,527
318	*	BOK Financial Corp		15,506
500		Capitol Federal Financial		18,000
900		City National Corp		63,585
2,700		Colonial Bancgroup, Inc		57,321
3,611		Comerica, Inc		220,343
1,289		Commerce Bancshares, Inc		64,708
2,600		Compass Bancshares, Inc		126,542
1,100		Cullen/Frost Bankers, Inc		53,460
2,550		First Horizon National Corp		109,931
1,700		FirstMerit Corp		48,433
2,420		Fulton Financial Corp		56,410
3,353		Hibernia Corp (Class A)		98,947
923		Hudson United Bancorp		36,348
4,921		Huntington Bancshares, Inc		121,942
635		IndyMac Bancorp, Inc		21,876
716		International Bancshares Corp		28,196
1,654		M & T Bank Corp		178,367
4,600		Marshall & Ilsley Corp		203,320

200 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
1,622		Mercantile Bankshares Corp	$	84,668
5,642		New York Community Bancorp, Inc		116,056
7,161		North Fork Bancorp, Inc		206,595
2,835		Northern Trust Corp		137,724
850		People's Bank		33,057
9,577		Regions Financial Corp		340,845
2,000		Sky Financial Group, Inc		57,340
1,430		South Financial Group, Inc		46,518
7,200		Sovereign Bancorp, Inc		162,360
1,919		Synovus Financial Corp		54,845
358		TCF Financial Corp		11,506
1,247		UnionBanCal Corp		80,407
1,912		Valley National Bancorp		52,867
616		W Holding Co, Inc		14,131
1,573		Washington Federal, Inc		41,747
1,075		Webster Financial Corp		54,438
900		Whitney Holding Corp		40,491
1,400		Wilmington Trust Corp		50,610
1,900		Zions Bancorp		129,257
		TOTAL DEPOSITORY INSTITUTIONS		3,776,284
EATING AND DRINKING PLACES - 0.34%
175	*	Brinker International, Inc		6,137
1,848		Darden Restaurants, Inc		51,264
154		Outback Steakhouse, Inc		7,050
2,020		Wendy's International, Inc		79,305
		TOTAL EATING AND DRINKING PLACES		143,756
EDUCATIONAL SERVICES - 0.01%
134	*	Laureate Education, Inc		5,908
		TOTAL EDUCATIONAL SERVICES		5,908
ELECTRIC, GAS, AND SANITARY SERVICES - 14.18%
1,536		AGL Resources, Inc		51,057
2,317	*	Allegheny Energy, Inc		45,668
605		Allete, Inc		22,234
2,400		Alliant Energy Corp		68,640
3,304	*	Allied Waste Industries, Inc		30,661
4,058		Ameren Corp		203,468
1,875		Aqua America, Inc		46,106
5,600		Centerpoint Energy, Inc		63,280
3,709		Cinergy Corp		154,406
7,122		Citizens Communications Co		98,212
5,065		Consolidated Edison, Inc		221,594
3,500		Constellation Energy Group, Inc		152,985
2,600		DPL, Inc		65,286
3,576		DTE Energy Co		154,233
5,700	*	Dynegy, Inc (Class A)		26,334
6,909		Edison International		221,295
13,216		El Paso Corp		137,446
3,200		Energy East Corp		85,376
1,300		Equitable Resources, Inc		78,858
3,909		FPL Group, Inc		292,198
1,600		Great Plains Energy, Inc		48,448
1,800		Hawaiian Electric Industries, Inc		52,470
3,400		KeySpan Corp		134,130

201 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
1,652		Kinder Morgan, Inc	$	120,811
2,398		MDU Resources Group, Inc		63,979
8,100	b*	Mirant Corp		2,920
1,600		National Fuel Gas Co		45,344
5,600		NiSource, Inc		127,568
2,700		Northeast Utilities		50,895
1,616	*	NRG Energy, Inc		58,257
1,100		NSTAR		59,708
1,900		OGE Energy Corp		50,369
2,113		Oneok, Inc		60,051
4,050		Pepco Holdings, Inc		86,346
8,400	*	PG&E Corp		279,552
1,881		Pinnacle West Capital Corp		83,535
3,965		PPL Corp		211,255
5,084		Progress Energy, Inc		230,000
4,878		Public Service Enterprise Group, Inc		252,534
2,200		Puget Energy, Inc		54,340
1,800		Questar Corp		91,728
6,399	*	Reliant Resources, Inc		87,346
3,300		Republic Services, Inc		110,682
2,300		SCANA Corp		90,620
4,319		Sempra Energy		158,421
4,100		TECO Energy, Inc		62,894
6,152		TXU Corp		397,173
1,007		UGI Corp		41,196
1,700		Vectren Corp		45,560
1,760		Westar Energy, Inc		40,251
1,088		Western Gas Resources, Inc		31,824
11,686		Williams Cos, Inc		190,365
2,600		Wisconsin Energy Corp		87,646
818		WPS Resources Corp		40,867
8,300		Xcel Energy, Inc		151,060
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,919,482
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.07%
3,407	*	Advanced Micro Devices, Inc		75,022
1,661		American Power Conversion Corp		35,545
421		Ametek, Inc		15,017
3,300	*	Applied Micro Circuits Corp		13,893
700		AVX Corp		8,820
10,696	*	CIENA Corp		35,725
1,789	*	Comverse Technology, Inc		43,741
4,234	*	Conexant Systems, Inc		8,426
968	*	Energizer Holdings, Inc		48,100
1,117	*	Fairchild Semiconductor International, Inc		18,162
147	*	Freescale Semiconductor, Inc		2,620
1,462	*	Freescale Semiconductor, Inc (Class B)		26,842
3,246	*	Gemstar-TV Guide International, Inc		19,216
478		Harris Corp		29,536
1,240		Hubbell, Inc (Class B)		64,852
248	*	International Rectifier Corp		11,053
1,567		Intersil Corp (Class A)		26,232
1,059		L-3 Communications Holdings, Inc		77,561
4,500	*	LSI Logic Corp		24,660
726		Maytag Corp		15,319
6,558	*	Micron Technology, Inc		80,991
488		Molex, Inc		14,640
752	*	Novellus Systems, Inc		20,973

202 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
752	*	Polycom, Inc	$	17,537
303	*	QLogic Corp		11,129
5,500	*	Sanmina-SCI Corp		46,585
3,146		Scientific-Atlanta, Inc		103,849
25,932	*	Sirius Satellite Radio, Inc		198,380
5,654	*	Tellabs, Inc		48,568
220	*	Utstarcom, Inc		4,873
2,451	*	Vishay Intertechnology, Inc		36,814
1,417		Whirlpool Corp		98,071
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,282,752
ENGINEERING AND MANAGEMENT SERVICES - 1.04%
2,758	*	BearingPoint, Inc		22,147
1,053		Fluor Corp		57,399
273	*	Jacobs Engineering Group, Inc		13,047
5,500		Monsanto Co		305,525
2,521		Servicemaster Co		34,765
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		432,883
FABRICATED METAL PRODUCTS - 0.62%
262	*	Alliant Techsystems, Inc		17,130
1,152		Ball Corp		50,665
1,100		Crane Co		31,724
188		Fortune Brands, Inc		14,510
567		Harsco Corp		31,605
1,200		Snap-On, Inc		41,232
1,442		Stanley Works		70,644
		TOTAL FABRICATED METAL PRODUCTS		257,510
FOOD AND KINDRED PRODUCTS - 2.40%
12,183		Archer Daniels Midland Co		271,803
2,376		Campbell Soup Co		71,019
1,874	*	Constellation Brands, Inc (Class A)		87,160
600		Coors (Adolph) Co (Class B)		45,402
3,132	*	Dean Foods Co		103,199
3,763	*	Del Monte Foods Co		41,468
796		Hershey Foods Corp		44,210
1,700		Hormel Foods Corp		53,295
1,176		J.M. Smucker Co		55,354
709		McCormick & Co, Inc (Non-Vote)		27,367
292		Pepsi Bottling Group, Inc		7,896
1,451		PepsiAmericas Inc		30,819
301		Pilgrim's Pride Corp		9,235
1,735	*	Smithfield Foods, Inc		51,339
507		Tootsie Roll Industries, Inc		17,557
4,600		Tyson Foods, Inc (Class A)		84,640
		TOTAL FOOD AND KINDRED PRODUCTS		1,001,763
FOOD STORES - 1.53%
7,775		Albertson's, Inc		185,667
15,203	*	Kroger Co		266,661
9,396	*	Safeway, Inc		185,477
		TOTAL FOOD STORES		637,805

203 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
FURNITURE AND FIXTURES - 1.28%
869		Hillenbrand Industries, Inc	$	48,264
2,959		Johnson Controls, Inc		187,719
1,417		Lear Corp		86,451
2,452		Leggett & Platt, Inc		69,710
5,429		Newell Rubbermaid, Inc		131,328
800		Steelcase, Inc (Class A)		11,072
		TOTAL FURNITURE AND FIXTURES		534,544
FURNITURE AND HOMEFURNISHINGS STORES - 0.30%
3,600		Circuit City Stores, Inc (Circuit City Group)		56,304
19	*	GameStop Corp (Class B)		426
520	*	Mohawk Industries, Inc		47,450
974		Pier 1 Imports, Inc		19,188
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		123,368
GENERAL BUILDING CONTRACTORS - 1.37%
1,325		Centex Corp		78,944
2,194		D.R. Horton, Inc		88,440
172	*	Hovnanian Enterprises, Inc (Class A)		8,517
695		KB Home		72,558
1,406		Lennar Corp (Class A)		79,692
200		Lennar Corp (Class B)		10,442
216		MDC Holdings, Inc		18,671
1,278		Pulte Homes, Inc		81,536
900		Ryland Group, Inc		51,786
655		Standard-Pacific Corp		42,012
581	*	Toll Brothers, Inc		39,862
		TOTAL GENERAL BUILDING CONTRACTORS		572,460
GENERAL MERCHANDISE STORES - 2.67%
1,414	*	Big Lots, Inc		17,152
1,431	*	BJ's Wholesale Club, Inc		41,685
1,227		Dillard's, Inc (Class A)		32,969
3,724		Federated Department Stores, Inc		215,210
5,036		J.C. Penney Co, Inc		208,490
968	*	Kmart Holding Corp		95,784
6,130		May Department Stores Co		180,222
879		Neiman Marcus Group, Inc (Class A)		62,884
2,500		Saks, Inc		36,275
4,404		Sears Roebuck & Co		224,736
		TOTAL GENERAL MERCHANDISE STORES		1,115,407
HEALTH SERVICES - 0.53%
700	*	Community Health Systems, Inc		19,516
551		Health Management Associates, Inc (Class A)		12,519
200	*	Laboratory Corp of America Holdings		9,964
369		Manor Care, Inc		13,074
9,988	*	Tenet Healthcare Corp		109,668
993	*	Triad Hospitals, Inc		36,950
464		Universal Health Services, Inc (Class B)		20,648
		TOTAL HEALTH SERVICES		222,339

204 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 10.12%
2,625	Allied Capital Corp	$	67,830
1,702	AMB Property Corp		68,744
2,400	Annaly Mortgage Management, Inc		47,088
1,956	Apartment Investment & Management Co (Class A)		75,384
4,034	Archstone-Smith Trust		154,502
1,349	Arden Realty, Inc		50,884
1,469	AvalonBay Communities, Inc		110,616
1,700	Boston Properties, Inc		109,939
1,100	BRE Properties, Inc (Class A)		44,341
812	Camden Property Trust		41,412
257	CBL & Associates Properties, Inc		19,622
1,000	Centerpoint Properties Trust		47,890
1,700	Crescent Real Estate Equities Co		31,042
11	Cross Timbers Royalty Trust		439
2,095	Developers Diversified Realty Corp		92,955
2,995	Duke Realty Corp		102,249
8,515	Equity Office Properties Trust		247,957
5,868	Equity Residential		212,304
1,062	Federal Realty Investment Trust		54,852
356	Fremont General Corp		8,964
1,230	Friedman Billings Ramsey Group, Inc		23,850
3,943	General Growth Properties, Inc		142,579
2,800	Health Care Property Investors, Inc		77,532
1,058	Health Care REIT, Inc		40,363
1,380	Hospitality Properties Trust		63,480
7,326	Host Marriott Corp		126,740
3,649	HRPT Properties Trust		46,817
1,706	Independence Community Bank Corp		72,641
1,350	iShares Russell Midcap Value Index Fund		152,739
2,368	iStar Financial, Inc		107,176
2,000	Kimco Realty Corp		115,980
1,836	Liberty Property Trust		79,315
1,220	Macerich Co		76,616
1,343	Mack-Cali Realty Corp		61,818
651	Mills Corp		41,508
2,123	New Plan Excel Realty Trust		57,491
870	Pan Pacific Retail Properties, Inc		54,549
3,800	Plum Creek Timber Co, Inc		146,072
5,542	Popular, Inc		159,776
3,736	Prologis		161,881
1,700	Public Storage, Inc		94,775
1,572	Reckson Associates Realty Corp		51,577
500	Regency Centers Corp		27,700
985	Shurgard Storage Centers, Inc (Class A)		43,350
3,353	Simon Property Group, Inc		216,839
893	SL Green Realty Corp		54,071
1,848	Thornburg Mortgage, Inc		53,518
2,000	Trizec Properties, Inc		37,840
2,633	United Dominion Realty Trust, Inc		65,298
964	Ventas, Inc		26,423
1,975	Vornado Realty Trust		150,357
170	Weingarten Realty Investors		6,817
	TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,226,502
HOTELS AND OTHER LODGING PLACES - 0.71%
1,173	Hilton Hotels Corp		26,674
482	Marriott International, Inc (Class A)		30,356

205 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
1,078	*	MGM Mirage	$	78,414
2,747		Starwood Hotels & Resorts Worldwide, Inc		160,425
		TOTAL HOTELS AND OTHER LODGING PLACES		295,869
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.43%
1,855	*	AGCO Corp		40,606
4,209	*	Apple Computer, Inc		271,060
200	*	Avocent Corp		8,104
201		Black & Decker Corp		17,754
206		Briggs & Stratton Corp		8,565
872	*	Cooper Cameron Corp		46,922
887		Cummins, Inc		74,322
1,500		Diebold, Inc		83,595
825		Dover Corp		34,601
3,199		Eaton Corp		231,480
1,203		ITT Industries, Inc		101,593
2,954	*	Maxtor Corp		15,656
700	*	National-Oilwell, Inc		24,703
2,369		Pall Corp		68,583
2,558		Parker Hannifin Corp		193,743
2,057		Pentair, Inc		89,603
2,116		Pitney Bowes, Inc		97,928
543	*	Sandisk Corp		13,559
1,467		SPX Corp		58,768
1,825	*	Storage Technology Corp		57,688
663		Timken Co		17,251
3,094	*	Western Digital Corp		33,539
15,285	*	Xerox Corp		259,998
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,849,621
INSTRUMENTS AND RELATED PRODUCTS - 1.26%
4,143		Applera Corp (Applied Biosystems Group)		86,630
412		Bausch & Lomb, Inc		26,558
6,041		Eastman Kodak Co		194,822
387	*	Mettler-Toledo International, Inc		19,857
1,400		PerkinElmer, Inc		31,486
1,348		Rockwell Automation, Inc		66,793
80		Roper Industries, Inc		4,862
258		Tektronix, Inc		7,794
773		Teleflex, Inc		40,150
1,509	*	Thermo Electron Corp		45,557
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		524,509
INSURANCE AGENTS, BROKERS AND SERVICE - 0.71%
6,694		AON Corp		159,719
100		Gallagher (Arthur J.) & Co		3,250
3,247	*	Medco Health Solutions, Inc		135,075
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		298,044

206 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
INSURANCE CARRIERS - 9.24%
96	*	Alleghany Corp	$	27,384
1,092	*	Allmerica Financial Corp		35,850
1,800		Ambac Financial Group, Inc		147,834
900		American Financial Group, Inc		28,179
200		American National Insurance Co		20,832
1,643		Assurant, Inc		50,194
1,361		Berkley (W.R.) Corp		64,198
2,804		Cigna Corp		228,722
3,161		Cincinnati Financial Corp		139,906
500	*	CNA Financial Corp		13,355
3,165	*	Conseco, Inc		63,142
581		Erie Indemnity Co (Class A)		30,543
3,308		Fidelity National Financial, Inc		151,076
1,610		First American Corp		56,575
2,562		Genworth Financial, Inc		69,174
978		HCC Insurance Holdings, Inc		32,391
2,321	*	Health Net, Inc		67,007
3,400	*	Humana, Inc		100,946
2,972		Jefferson-Pilot Corp		154,425
1,071		Leucadia National Corp		74,413
3,600		Lincoln National Corp		168,048
3,158		Loews Corp		222,007
100	*	Markel Corp		36,400
3,008		MBIA, Inc		190,346
600		Mercury General Corp		35,952
2,034		MGIC Investment Corp		140,163
1,191		Nationwide Financial Services, Inc (Class A)		45,532
200		Odyssey Re Holdings Corp		5,042
3,750		Old Republic International Corp		94,875
1,384	*	Pacificare Health Systems, Inc		78,224
2,000		PMI Group, Inc		83,500
6,669		Principal Financial Group		273,029
1,400		Protective Life Corp		59,766
1,272		Radian Group, Inc		67,721
600		Reinsurance Group of America, Inc		29,070
2,672		Safeco Corp		139,585
600		Stancorp Financial Group, Inc		49,500
2,346		Torchmark Corp		134,050
588		Transatlantic Holdings, Inc		36,356
562		Unitrin, Inc		25,543
6,200		UnumProvident Corp		111,228
342	*	WellChoice, Inc		18,263
2,150	*	WellPoint, Inc		247,250
24		Wesco Financial Corp		9,432
		TOTAL INSURANCE CARRIERS		3,857,028
LUMBER AND WOOD PRODUCTS - 0.60%
5,300		Georgia-Pacific Corp		198,644
1,068		Rayonier, Inc		52,236
		TOTAL LUMBER AND WOOD PRODUCTS		250,880

207 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
METAL MINING - 0.50%
2,024		Phelps Dodge Corp	$	200,214
200		Southern Peru Copper Corp		9,442
		TOTAL METAL MINING		209,656
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.38%
3,186		Hasbro, Inc		61,745
4,884		Mattel, Inc		95,189
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		156,934
MISCELLANEOUS RETAIL - 0.71%
988	*	Barnes & Noble, Inc		31,883
1,588		Borders Group, Inc		40,335
6,700	*	Office Depot, Inc		116,312
404		Omnicare, Inc		13,986
1,021	*	Rite Aid Corp		3,737
4,500	*	Toys 'R' Us, Inc		92,115
		TOTAL MISCELLANEOUS RETAIL		298,368
MOTION PICTURES - 0.15%
2,600		Blockbuster, Inc (Class A)		24,804
400	*	DreamWorks Animation SKG, Inc (Class A)		15,004
877		Metro-Goldwyn-Mayer, Inc		10,419
584		Regal Entertainment Group (Class A)		12,118
		TOTAL MOTION PICTURES		62,345
NONDEPOSITORY INSTITUTIONS - 1.04%
1,146		American Capital Strategies Ltd		38,219
3,439	*	AmeriCredit Corp		84,084
4,458		CIT Group, Inc		204,266
4,324	*	Providian Financial Corp		71,216
100		Student Loan Corp		18,400
298		Westcorp		13,687
71	*	WFS Financial, Inc		3,605
		TOTAL NONDEPOSITORY INSTITUTIONS		433,477
NONMETALLIC MINERALS, EXCEPT FUELS - 0.27%
2,096		Vulcan Materials Co		114,463
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		114,463
OIL AND GAS EXTRACTION - 3.33%
5,687		Chesapeake Energy Corp		93,836
600		Diamond Offshore Drilling, Inc		24,030
1,394		ENSCO International, Inc		44,246
2,502		EOG Resources, Inc		178,543
2,735		Kerr-McGee Corp		158,056
7,163		Marathon Oil Corp		269,400
696	*	Newfield Exploration Co		41,099
1,197		Noble Energy, Inc		73,807
242		Patterson-UTI Energy, Inc		4,707
2,476		Pioneer Natural Resources Co		86,908

208 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
1,060		Pogo Producing Co	$	51,399
1,200	*	Pride International, Inc		24,648
1,070		Rowan Cos, Inc		27,713
700		Tidewater, Inc		24,927
5,445		Unocal Corp		235,442
1,722	*	Varco International, Inc		50,196
		TOTAL OIL AND GAS EXTRACTION		1,388,957
PAPER AND ALLIED PRODUCTS - 1.46%
2,200		Bemis Co		63,998
1,200		Bowater, Inc		52,764
4,200		MeadWestvaco Corp		142,338
1,799		OfficeMax, Inc		56,453
1,200		Packaging Corp of America		28,260
1,046	*	Pactiv Corp		26,453
5,209	*	Smurfit-Stone Container Corp		97,304
2,100		Sonoco Products Co		62,265
1,138		Temple-Inland, Inc		77,839
		TOTAL PAPER AND ALLIED PRODUCTS		607,674
PERSONAL SERVICES - 0.18%
523		Regis Corp		24,136
6,882	*	Service Corp International		51,271
		TOTAL PERSONAL SERVICES		75,407
PETROLEUM AND COAL PRODUCTS - 2.26%
1,595		Amerada Hess Corp		131,396
1,500		Ashland, Inc		87,570
1,400		Lubrizol Corp		51,604
4,200		Lyondell Chemical Co		121,464
1,785		Murphy Oil Corp		143,603
799		Premcor, Inc		33,694
1,600		Sunoco, Inc		130,736
5,400		Valero Energy Corp		245,160
		TOTAL PETROLEUM AND COAL PRODUCTS		945,227
PRIMARY METAL INDUSTRIES - 0.89%
1,852	*	Andrew Corp		25,243
2,557		Engelhard Corp		78,423
322	*	International Steel Group, Inc		13,060
1,656		Nucor Corp		86,675
631		Precision Castparts Corp		41,444
2,400		United States Steel Corp		123,000
249		Worthington Industries, Inc		4,875
		TOTAL PRIMARY METAL INDUSTRIES		372,720
PRINTING AND PUBLISHING - 0.94%
831		Belo (A.H.) Corp Series A		21,805
400		Dex Media, Inc		9,984
200		Harte-Hanks, Inc		5,196
1,428		Knight Ridder, Inc		95,590
900		Lee Enterprises, Inc		41,472

209 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
400		McClatchy Co (Class A)	$	28,724
300		Media General, Inc (Class A)		19,443
287		New York Times Co (Class A)		11,710
4,466		R.R. Donnelley & Sons Co		157,605
		TOTAL PRINTING AND PUBLISHING		391,529
RAILROAD TRANSPORTATION - 2.05%
5,119	*	ADC Telecommunications, Inc		13,719
7,746		Burlington Northern Santa Fe Corp		366,463
4,519		CSX Corp		181,122
8,178		Norfolk Southern Corp		295,962
		TOTAL RAILROAD TRANSPORTATION		857,266
REAL ESTATE - 0.10%
700		Forest City Enterprises, Inc (Class A)		40,285
		TOTAL REAL ESTATE		40,285
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.13%
900		Reebok International Ltd		39,600
279	*	Sealed Air Corp		14,862
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		54,462
SECURITY AND COMMODITY BROKERS - 1.30%
1,637		A.G. Edwards, Inc		70,735
2,200		Bear Stearns Cos, Inc		225,082
3,500	*	E*Trade Financial Corp		52,325
162		Federated Investors, Inc (Class B)		4,925
2,500	*	Instinet Group, Inc		15,075
4,949		Janus Capital Group, Inc		83,193
1,036		Jefferies Group, Inc		41,730
124		Nuveen Investments, Inc		4,894
1,400		Raymond James Financial, Inc		43,372
		TOTAL SECURITY AND COMMODITY BROKERS		541,331
STONE, CLAY, AND GLASS PRODUCTS - 0.28%
445		Florida Rock Industries, Inc		26,491
700		Lafarge North America, Inc		35,924
2,400	*	Owens-Illinois, Inc		54,360
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		116,775
TOBACCO PRODUCTS - 1.08%
1,381		Loews Corp (Carolina Group)		39,980
3,100		Reynolds American, Inc		243,660
3,440		UST, Inc		165,498
		TOTAL TOBACCO PRODUCTS		449,138

210 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
TRANSPORTATION BY AIR - 0.18%
1,707	*	AMR Corp	$	18,692
3,421		Southwest Airlines Co		55,694
		TOTAL TRANSPORTATION BY AIR		74,386
TRANSPORTATION EQUIPMENT - 2.61%
866		American Axle & Manufacturing Holdings, Inc		26,552
1,950		Autoliv, Inc		94,185
830		Brunswick Corp		41,085
3,100		Dana Corp		53,723
10,265		Delphi Corp		92,590
3,591		Genuine Parts Co		158,219
2,600		Goodrich Corp		84,864
602	*	Navistar International Corp		26,476
71		Oshkosh Truck Corp		4,855
3,712		Paccar, Inc		298,742
2,538		Textron, Inc		187,304
497	*	TRW Automotive Holdings Corp		10,288
187	*	United Defense Industries, Inc		8,836
		TOTAL TRANSPORTATION EQUIPMENT		1,087,719
TRANSPORTATION SERVICES - 0.15%
2,861		Sabre Holdings Corp		63,400
		TOTAL TRANSPORTATION SERVICES		63,400
TRUCKING AND WAREHOUSING - 0.22%
755		CNF, Inc		37,826
983	*	Yellow Roadway Corp		54,763
		TOTAL TRUCKING AND WAREHOUSING		92,589
WHOLESALE TRADE-DURABLE GOODS - 1.30%
2,015		Adesa, Inc		42,758
2,361	*	Arrow Electronics, Inc		57,372
2,600	*	Avnet, Inc		47,424
882		BorgWarner, Inc		47,778
638		Carlisle Cos, Inc		41,419
906		Hughes Supply, Inc		29,309
2,502		IKON Office Solutions, Inc		28,923
2,114	*	Ingram Micro, Inc (Class A)		43,971
1,000		Martin Marietta Materials, Inc		53,660
1,188	*	Tech Data Corp		53,935
1,465		W.W. Grainger, Inc		97,598
		TOTAL WHOLESALE TRADE-DURABLE GOODS		544,147
WHOLESALE TRADE-NONDURABLE GOODS - 0.81%
1,686		AmerisourceBergen Corp		98,934
566		Brown-Forman Corp (Class B)		27,553

211 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund

SHARES			VALUE
101	*	Henry Schein, Inc	$	7,038
3,477		McKesson Corp		109,386
2,800		Supervalu, Inc		96,656
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		339,567
		TOTAL COMMON STOCKS
		(Cost $29,521,698)		41,669,326
		TOTAL PORTFOLIO - 99.82%
		(Cost $29,526,243)		41,677,735
		OTHER ASSETS & LIABILITIES, NET - 0.18%		75,630
		NET ASSETS - 100.00%	$	41,753,365

*	Non-income producing
b	In bankruptcy
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

212

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.02%
HOLDING AND OTHER INVESTMENT OFFICES - 0.02%
172	*	Simon Property Group L.P.	$	10,186
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		10,186
		TOTAL PREFERRED STOCKS
		(Cost $5,511)		10,186
COMMON STOCKS - 99.80%
AMUSEMENT AND RECREATION SERVICES - 0.51%
4,900	*	Caesars Entertainment, Inc		98,686
1,800		Harrah's Entertainment, Inc		120,402
600		International Speedway Corp (Class A)		31,680
643		Station Casinos, Inc		35,159
		TOTAL AMUSEMENT AND RECREATION SERVICES		285,927
APPAREL AND ACCESSORY STORES - 1.16%
1,369		Abercrombie & Fitch Co (Class A)		64,275
889		American Eagle Outfitters, Inc		41,872
1,133	*	AnnTaylor Stores Corp		24,393
1,400	*	Chico's FAS, Inc		63,742
1,500		Claire's Stores, Inc		31,875
2,500		Foot Locker, Inc		67,325
5,728		Limited Brands, Inc		131,859
1,700		Nordstrom, Inc		79,441
1,273	*	Pacific Sunwear of California, Inc		28,337
2,400		Ross Stores, Inc		69,288
324		Talbots, Inc		8,823
758	*	Urban Outfitters, Inc		33,655
		TOTAL APPAREL AND ACCESSORY STORES		644,885
APPAREL AND OTHER TEXTILE PRODUCTS - 0.49%
300	*	Columbia Sportswear Co		17,883
2,000		Jones Apparel Group, Inc		73,140
1,800		Liz Claiborne, Inc		75,978
667		Polo Ralph Lauren Corp		28,414
1,400		VF Corp		77,532
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		272,947
AUTO REPAIR, SERVICES AND PARKING - 0.09%
1,086		Ryder System, Inc		51,878
		TOTAL AUTO REPAIR, SERVICES AND PARKING		51,878

213 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.55%
1,231	*	Advance Auto Parts	$	53,770
2,800	*	Autonation, Inc		53,788
874	*	Autozone, Inc		79,805
1,700	*	Carmax, Inc		52,785
1,097	*	Copart, Inc		28,873
800	*	O'Reilly Automotive, Inc		36,040
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		305,061
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.20%
1,000		Fastenal Co		61,560
1,807		Louisiana-Pacific Corp		48,319
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		109,879
BUSINESS SERVICES - 7.97%
6,700	*	3Com Corp		27,939
2,243	*	Activision, Inc		45,264
1,255		Acxiom Corp		33,007
3,900		Adobe Systems, Inc		244,686
1,941	*	Affiliated Computer Services, Inc (Class A)		116,829
1,772	*	Akamai Technologies, Inc		23,089
743	*	Alliance Data Systems Corp		35,278
994	*	Ask Jeeves, Inc		26,590
3,800		Autodesk, Inc		144,210
5,838	*	BEA Systems, Inc		51,725
3,600	*	BMC Software, Inc		66,960
942		Brink's Co		37,228
4,500	*	Cadence Design Systems, Inc		62,145
2,467	*	Ceridian Corp		45,097
1,056		Certegy, Inc		37,520
1,300	*	Checkfree Corp		49,504
1,400	*	ChoicePoint, Inc		64,386
2,800	*	Citrix Systems, Inc		68,684
300	*	Cogent, Inc		9,900
2,100	*	Cognizant Technology Solutions Corp		88,893
3,000	*	Computer Sciences Corp		169,110
6,200	*	Compuware Corp		40,114
2,400	*	Convergys Corp		35,976
800		Deluxe Corp		29,864
1,200	*	DST Systems, Inc		62,544
1,182	*	Dun & Bradstreet Corp		70,506
8,144		Electronic Data Systems Corp		188,126
2,100		Equifax, Inc		59,010
1,172		Fair Isaac Corp		42,989
3,137	*	Fiserv, Inc		126,076
716	*	Getty Images, Inc		49,297
2,000		GTECH Holdings Corp		51,900
1,200		Henry (Jack) & Associates, Inc		23,892
3,904		IMS Health, Inc		90,612
6,700	*	Interpublic Group of Cos, Inc		89,780
2,830	*	Intuit, Inc		124,548
1,800	*	Iron Mountain, Inc		54,882
8,502	*	Juniper Networks, Inc		231,169
410	*	Kinetic Concepts, Inc		31,283
1,379	*	Lamar Advertising Co		58,994
1,100	*	Macromedia, Inc		34,232
1,500		Manpower, Inc		72,450
2,500	*	McAfee, Inc		72,325

214 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
1,331	*	Mercury Interactive Corp	$	60,627
1,473		MoneyGram International, Inc		31,139
1,600	*	Monster Worldwide, Inc		53,824
900		National Instruments Corp		24,525
600	*	NAVTEQ Corp		27,816
1,500	*	NCR Corp		103,845
6,100	*	Novell, Inc		41,175
344	*	Pixar		29,450
2,688	*	Red Hat, Inc		35,885
900	*	Rent-A-Center, Inc		23,850
900		Reynolds & Reynolds Co (Class A)		23,859
2,300		Robert Half International, Inc		67,689
7,100	*	Siebel Systems, Inc		74,550
4,800	*	SunGard Data Systems, Inc		135,984
1,609	*	Sybase, Inc		32,100
2,571	*	Synopsys, Inc		50,443
3,295	*	TIBCO Software, Inc		43,955
500		Total System Services, Inc		12,150
5,534	*	Unisys Corp		56,336
4,018	*	VeriSign, Inc		134,683
6,801	*	Veritas Software Corp		194,169
368		Viad Corp		10,484
5,000	*	WebMD Corp		40,800
1,257	*	Westwood One, Inc		33,851
		TOTAL BUSINESS SERVICES		4,431,802
CHEMICALS AND ALLIED PRODUCTS - 6.27%
3,673		Air Products & Chemicals, Inc		212,924
1,183		Alberto-Culver Co		57,458
2,082		Allergan, Inc		168,788
347	*	American Pharmaceutical Partners, Inc		12,981
1,500	*	Amylin Pharmaceuticals, Inc		35,040
1,200	*	Andrx Corp		26,196
1,800		Avery Dennison Corp		107,946
1,464	*	Barr Pharmaceuticals, Inc		66,671
1,000		Cabot Corp		38,680
931	*	Cephalon, Inc		47,369
1,000	*	Charles River Laboratories International, Inc		46,010
1,820	*	Chiron Corp		60,661
950		Church & Dwight Co, Inc		31,939
2,388		Clorox Co		140,725
707	*	Dade Behring Holdings, Inc		39,592
1,300		Eastman Chemical Co		75,049
3,000		Ecolab, Inc		105,390
438	*	Eon Labs, Inc		11,826
1,700		Estee Lauder Cos (Class A)		77,809
113	*	Eyetech Pharmaceuticals, Inc		5,142
3,877	*	Genzyme Corp		225,137
2,491	*	Hospira, Inc		83,449
900	*	ICOS Corp		25,452
600	*	Idexx Laboratories, Inc		32,754
1,126	*	ImClone Systems, Inc		51,886
1,398		International Flavors & Fragrances, Inc		59,890
800	*	Invitrogen Corp		53,704
3,106	*	IVAX Corp		49,137
3,800	*	King Pharmaceuticals, Inc		47,120
431	*	Martek Biosciences Corp		22,067
931		Medicis Pharmaceutical Corp (Class A)		32,687
4,132	*	MedImmune, Inc		112,019
1,170	*	MGI Pharma, Inc		32,772

215 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
4,900	*	Millennium Pharmaceuticals, Inc	$	59,388
4,455		Mylan Laboratories, Inc		78,764
700	*	Nalco Holding Co		13,664
905	*	NBTY, Inc		21,729
1,387	*	Nektar Therapeutics		28,073
600	*	Neurocrine Biosciences, Inc		29,580
777	*	OSI Pharmaceuticals, Inc		58,158
2,800		PPG Industries, Inc		190,848
5,298		Praxair, Inc		233,907
1,500	*	Protein Design Labs, Inc		30,990
2,558		Rohm & Haas Co		113,140
1,800		RPM International, Inc		35,388
300	*	Scotts Co (Class A)		22,056
1,721	*	Sepracor, Inc		102,176
1,900		Sherwin-Williams Co		84,797
1,100		Sigma-Aldrich Corp		66,506
852		Valspar Corp		42,609
1,042	*	VCA Antech, Inc		20,423
1,800	*	Watson Pharmaceuticals, Inc		59,058
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,487,524
COAL MINING - 0.41%
1,007		Arch Coal, Inc		35,789
1,495		Consol Energy, Inc		61,370
1,260		Massey Energy Co		44,037
1,062		Peabody Energy Corp		85,926
		TOTAL COAL MINING		227,122
COMMUNICATIONS - 2.47%
3,600	*	American Tower Corp (Class A)		66,240
6,330	*	Avaya, Inc		108,876
2,859	*	Cablevision Systems Corp (Class A)		71,189
2,207		CenturyTel, Inc		78,282
898	*	Citadel Broadcasting Corp		14,530
500	*	Cox Radio, Inc (Class A)		8,240
3,171	*	Crown Castle International Corp		52,765
600	*	Entercom Communications Corp		21,534
1,800	*	Foundry Networks, Inc		23,688
500		Global Payments, Inc		29,270
461		Hearst-Argyle Television, Inc		12,161
900	*	IDT Corp		13,212
10,376	*	Level 3 Communications, Inc		35,175
2,638	*	Liberty Media International, Inc		121,955
2,036	*	Nextel Partners, Inc (Class A)		39,783
946	*	NII Holdings, Inc (Class B)		44,888
1,145	*	NTL, Inc		83,539
23,500	*	Qwest Communications International, Inc		104,340
1,300	*	Radio One, Inc (Class D)		20,956
649	*	Spectrasite, Inc		37,577
822		Telephone & Data Systems, Inc		63,253
200	*	U.S. Cellular Corp		8,952
5,771	*	UnitedGlobalcom, Inc (Class A)		55,748
3,833	*	Univision Communications, Inc (Class A)		112,192
300	*	West Corp		9,933
1,258	*	Western Wireless Corp (Class A)		36,859
2,600	*	XM Satellite Radio Holdings, Inc		97,812
		TOTAL COMMUNICATIONS		1,372,949

216 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
DEPOSITORY INSTITUTIONS - 6.04%			$
5,600		AmSouth Bancorp		145,040
2,100		Associated Banc-Corp		69,741
1,300		Astoria Financial Corp		51,961
886		Bank of Hawaii Corp		44,956
2,800		Banknorth Group, Inc		102,480
315	*	BOK Financial Corp		15,359
300		Capitol Federal Financial		10,800
700		City National Corp		49,455
2,200		Colonial Bancgroup, Inc		46,706
2,778		Comerica, Inc		169,514
1,100		Commerce Bancorp, Inc		70,840
1,002		Commerce Bancshares, Inc		50,300
1,935		Compass Bancshares, Inc		94,176
800		Cullen/Frost Bankers, Inc		38,880
2,000		First Horizon National Corp		86,220
1,300		FirstMerit Corp		37,037
1,890		Fulton Financial Corp		44,056
2,595		Hibernia Corp (Class A)		76,578
1,100		Hudson City Bancorp, Inc		40,502
700		Hudson United Bancorp		27,566
3,700		Huntington Bancshares, Inc		91,686
1,000		IndyMac Bancorp, Inc		34,450
600		International Bancshares Corp		23,628
1,252		M & T Bank Corp		135,016
3,591		Marshall & Ilsley Corp		158,722
1,300		Mercantile Bankshares Corp		67,860
4,233		New York Community Bancorp, Inc		87,073
1,488		NewAlliance Bancshares, Inc		22,766
6,867		North Fork Bancorp, Inc		198,113
3,144		Northern Trust Corp		152,736
600		People's Bank		23,334
7,458		Regions Financial Corp		265,430
1,600		Sky Financial Group, Inc		45,872
1,189		South Financial Group, Inc		38,678
5,500		Sovereign Bancorp, Inc		124,025
4,863		Synovus Financial Corp		138,985
2,300		TCF Financial Corp		73,922
749		UCBH Holdings, Inc		34,319
925		UnionBanCal Corp		59,644
1,680		Valley National Bancorp		46,452
1,214		W Holding Co, Inc		27,849
1,210		Washington Federal, Inc		32,113
800		Webster Financial Corp		40,512
700		Whitney Holding Corp		31,493
1,100		Wilmington Trust Corp		39,765
1,400		Zions Bancorp		95,242
		TOTAL DEPOSITORY INSTITUTIONS		3,361,852
EATING AND DRINKING PLACES - 1.10%
1,350		Applebee's International, Inc		35,708
1,685		Aramark Corp (Class B)		44,669
1,500	*	Brinker International, Inc		52,605
2,700		Darden Restaurants, Inc		74,898
1,000		Outback Steakhouse, Inc		45,780
1,000		Ruby Tuesday, Inc		26,080

217 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
1,250	*	The Cheesecake Factory, Inc	$	40,588
1,800		Wendy's International, Inc		70,668
4,708		Yum! Brands, Inc		222,123
		TOTAL EATING AND DRINKING PLACES		613,119
EDUCATIONAL SERVICES - 0.37%
1,600	*	Career Education Corp		64,000
1,400	*	Corinthian Colleges, Inc		26,383
900	*	DeVry, Inc		15,624
1,215	*	Education Management Corp		40,107
775	*	ITT Educational Services, Inc		36,851
589	*	Laureate Education, Inc		25,969
		TOTAL EDUCATIONAL SERVICES		208,934
ELECTRIC, GAS, AND SANITARY SERVICES - 8.57%
10,182	*	AES Corp		139,188
1,230		AGL Resources, Inc		40,885
2,108	*	Allegheny Energy, Inc		41,549
500		Allete, Inc		18,375
1,700		Alliant Energy Corp		48,620
4,300	*	Allied Waste Industries, Inc		39,904
3,100		Ameren Corp		155,434
1,625		Aqua America, Inc		39,959
4,400		Centerpoint Energy, Inc		49,720
2,900		Cinergy Corp		120,727
5,500		Citizens Communications Co		75,845
3,900		Consolidated Edison, Inc		170,625
2,700		Constellation Energy Group, Inc		118,017
2,000		DPL, Inc		50,220
2,800		DTE Energy Co		120,764
4,400	*	Dynegy, Inc (Class A)		20,328
5,309		Edison International		170,047
10,200		El Paso Corp		106,080
2,400		Energy East Corp		64,032
1,000		Equitable Resources, Inc		60,660
2,967		FPL Group, Inc		221,783
1,200		Great Plains Energy, Inc		36,336
1,200		Hawaiian Electric Industries, Inc		34,980
2,600		KeySpan Corp		102,570
1,500		Kinder Morgan, Inc		109,695
1,900		MDU Resources Group, Inc		50,692
1,100		National Fuel Gas Co		31,174
4,200		NiSource, Inc		95,676
2,000		Northeast Utilities		37,700
1,302	*	NRG Energy, Inc		46,937
900		NSTAR		48,852
1,400		OGE Energy Corp		37,114
1,702		Oneok, Inc		48,371
3,100		Pepco Holdings, Inc		66,092
6,424	*	PG&E Corp		213,791
1,500		Pinnacle West Capital Corp		66,615
3,100		PPL Corp		165,168
3,992		Progress Energy, Inc		180,598
3,800		Public Service Enterprise Group, Inc		196,726
1,500		Puget Energy, Inc		37,050
1,400		Questar Corp		71,344
4,800	*	Reliant Resources, Inc		65,520

218 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
2,462		Republic Services, Inc	$	82,575
1,800		SCANA Corp		70,920
3,310		Sempra Energy		121,411
721	*	Stericycle, Inc		33,130
3,300		TECO Energy, Inc		50,622
4,850		TXU Corp		313,116
848		UGI Corp		34,692
1,300		Vectren Corp		34,840
1,419		Westar Energy, Inc		32,453
881		Western Gas Resources, Inc		25,769
8,900		Williams Cos, Inc		144,981
1,900		Wisconsin Energy Corp		64,049
600		WPS Resources Corp		29,976
6,400		Xcel Energy, Inc		116,480
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,770,777
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.76%
1,056		Adtran, Inc		20,212
5,700	*	Advanced Micro Devices, Inc		125,514
26,073	*	Agere Systems, Inc (Class B)		35,199
6,018	*	Altera Corp		124,573
2,900		American Power Conversion Corp		62,060
1,052		Ametek, Inc		37,525
1,500	*	Amkor Technology, Inc		10,020
1,127	*	Amphenol Corp (Class A)		41,406
5,164	*	Applied Micro Circuits Corp		21,740
6,800	*	Atmel Corp		26,656
1,000		AVX Corp		12,600
8,427	*	CIENA Corp		28,146
3,247	*	Comverse Technology, Inc		79,389
7,695	*	Conexant Systems, Inc		15,313
1,200	*	Cree, Inc		48,096
2,000	*	Cypress Semiconductor Corp		23,460
1,200	*	Energizer Holdings, Inc		59,628
1,980	*	Fairchild Semiconductor International, Inc		32,195
687	*	Freescale Semiconductor, Inc		12,242
5,650	*	Freescale Semiconductor, Inc (Class B)		103,734
3,800	*	Gemstar-TV Guide International, Inc		22,496
977		Harman International Industries, Inc		124,079
1,100		Harris Corp		67,969
1,000		Hubbell, Inc (Class B)		52,300
1,205	*	Integrated Circuit Systems, Inc		25,209
1,100	*	International Rectifier Corp		49,027
2,300		Intersil Corp (Class A)		38,502
2,600	*	Jabil Circuit, Inc		66,508
21,900	*	JDS Uniphase Corp		69,423
1,680		L-3 Communications Holdings, Inc		123,043
5,038		Linear Technology Corp		195,273
6,300	*	LSI Logic Corp		34,524
1,300		Maytag Corp		27,430
1,262	*	MEMC Electronic Materials, Inc		16,722
3,400		Microchip Technology, Inc		90,644
9,200	*	Micron Technology, Inc		113,620
2,200		Molex, Inc		66,000
5,759		National Semiconductor Corp		103,374
2,256	*	Novellus Systems, Inc		62,920
2,756	*	Nvidia Corp		64,931
791		Plantronics, Inc		32,803
2,800	*	PMC-Sierra, Inc		31,500

219 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
1,600	*	Polycom, Inc	$	37,312
1,500	*	QLogic Corp		55,095
1,400	*	Rambus, Inc		32,200
2,900		Rockwell Collins, Inc		114,376
8,600	*	Sanmina-SCI Corp		72,842
2,500		Scientific-Atlanta, Inc		82,525
1,234	*	Semtech Corp		26,988
629	*	Silicon Laboratories, Inc		22,210
19,724	*	Sirius Satellite Radio, Inc		150,889
7,705	*	Tellabs, Inc		66,186
1,500	*	Utstarcom, Inc		33,225
2,420	*	Vishay Intertechnology, Inc		36,348
1,100		Whirlpool Corp		76,131
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,204,332
ENGINEERING AND MANAGEMENT SERVICES - 1.83%
1,004	*	Affymetrix, Inc		36,696
2,500	*	BearingPoint, Inc		20,075
2,600	*	Celgene Corp		68,978
613		Corporate Executive Board Co		41,034
1,042	*	Covance, Inc		40,378
1,300		Fluor Corp		70,863
817	*	Gen-Probe, Inc		36,937
703	*	Hewitt Associates, Inc		22,503
934	*	Jacobs Engineering Group, Inc		44,636
4,300		Monsanto Co		238,865
2,000		Moody's Corp		173,700
800	*	Pharmaceutical Product Development, Inc		33,032
1,300		Quest Diagnostics, Inc		124,215
4,700		Servicemaster Co		64,813
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,016,725
FABRICATED METAL PRODUCTS - 0.80%
619	*	Alliant Techsystems, Inc		40,470
1,800		Ball Corp		79,164
900		Crane Co		25,956
2,329		Fortune Brands, Inc		179,752
683		Harsco Corp		38,070
900		Snap-On, Inc		30,924
1,100		Stanley Works		53,889
		TOTAL FABRICATED METAL PRODUCTS		448,225
FOOD AND KINDRED PRODUCTS - 1.94%
9,469		Archer Daniels Midland Co		211,253
3,719		Campbell Soup Co		111,161
1,500	*	Constellation Brands, Inc (Class A)		69,765
400		Coors (Adolph) Co (Class B)		30,268
2,400	*	Dean Foods Co		79,080
3,000	*	Del Monte Foods Co		33,060
2,774		Hershey Foods Corp		154,068
1,200		Hormel Foods Corp		37,620
952		J.M. Smucker Co		44,811
2,200		McCormick & Co, Inc (Non-Vote)		84,920
2,533		Pepsi Bottling Group, Inc		68,492
1,180		PepsiAmericas Inc		25,063

220 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
251		Pilgrim's Pride Corp	$	7,701
1,411	*	Smithfield Foods, Inc		41,751
424		Tootsie Roll Industries, Inc		14,683
3,500		Tyson Foods, Inc (Class A)		64,400
		TOTAL FOOD AND KINDRED PRODUCTS		1,078,096
FOOD STORES - 1.08%
420	*	7-Eleven, Inc		10,059
5,907		Albertson's, Inc		141,059
11,944	*	Kroger Co		209,498
7,100	*	Safeway, Inc		140,154
1,027		Whole Foods Market, Inc		97,924
		TOTAL FOOD STORES		598,694
FURNITURE AND FIXTURES - 1.06%
1,100		Herman Miller, Inc		30,393
900		Hillenbrand Industries, Inc		49,986
900		HNI Corp		38,745
3,100		Johnson Controls, Inc		196,664
1,100		Lear Corp		67,111
3,200		Leggett & Platt, Inc		90,976
4,365		Newell Rubbermaid, Inc		105,589
700		Steelcase, Inc (Class A)		9,688
		TOTAL FURNITURE AND FIXTURES		589,152
FURNITURE AND HOMEFURNISHINGS STORES - 0.87%
4,890	*	Bed Bath & Beyond, Inc		194,769
3,300		Circuit City Stores, Inc (Circuit City Group)		51,612
800	*	Mohawk Industries, Inc		73,000
1,400		Pier 1 Imports, Inc		27,580
2,600		RadioShack Corp		85,488
1,500	*	Williams-Sonoma, Inc		52,560
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		485,009
GENERAL BUILDING CONTRACTORS - 1.50%
1,950		Centex Corp		116,181
3,770		D.R. Horton, Inc		151,969
504	*	Hovnanian Enterprises, Inc (Class A)		24,958
585		KB Home		61,074
2,044		Lennar Corp (Class A)		115,854
160		Lennar Corp (Class B)		8,354
341		MDC Holdings, Inc		29,476
100	*	NVR, Inc		76,940
1,749		Pulte Homes, Inc		111,586
800		Ryland Group, Inc		46,032
566		Standard-Pacific Corp		36,303
800	*	Toll Brothers, Inc		54,888
		TOTAL GENERAL BUILDING CONTRACTORS		833,615

221 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
GENERAL MERCHANDISE STORES - 1.99%
1,900	*	Big Lots, Inc	$	23,047
1,160	*	BJ's Wholesale Club, Inc		33,791
200	*	Cabela's, Inc		4,548
996		Dillard's, Inc (Class A)		26,763
4,800		Dollar General Corp		99,696
1,900	*	Dollar Tree Stores, Inc		54,492
2,400		Family Dollar Stores, Inc		74,952
2,701		Federated Department Stores, Inc		156,091
3,947		J.C. Penney Co, Inc		163,406
785	*	Kmart Holding Corp		77,676
4,618		May Department Stores Co		135,769
713		Neiman Marcus Group, Inc (Class A)		51,008
2,100		Saks, Inc		30,471
3,435		Sears Roebuck & Co		175,288
		TOTAL GENERAL MERCHANDISE STORES		1,106,998
HEALTH SERVICES - 1.43%
805	*	Accredo Health, Inc		22,315
1,000	*	Community Health Systems, Inc		27,880
1,472	*	Coventry Health Care, Inc		78,134
1,600	*	DaVita, Inc		63,248
1,100	*	Express Scripts, Inc		84,084
4,000		Health Management Associates, Inc (Class A)		90,880
2,249	*	Laboratory Corp of America Holdings		112,045
1,600	*	Lincare Holdings, Inc		68,240
1,400		Manor Care, Inc		49,602
1,100	*	Renal Care Group, Inc		39,589
7,400	*	Tenet Healthcare Corp		81,252
1,200	*	Triad Hospitals, Inc		44,652
800		Universal Health Services, Inc (Class B)		35,600
		TOTAL HEALTH SERVICES		797,521
HOLDING AND OTHER INVESTMENT OFFICES - 6.34%
2,100		Allied Capital Corp		54,264
1,370		AMB Property Corp		55,334
1,800		Annaly Mortgage Management, Inc		35,316
1,565		Apartment Investment & Management Co (Class A)		60,315
3,156		Archstone-Smith Trust		120,875
1,085		Arden Realty, Inc		40,926
1,200		AvalonBay Communities, Inc		90,360
1,300		Boston Properties, Inc		84,071
835		BRE Properties, Inc (Class A)		33,659
660		Camden Property Trust		33,660
300		CBL & Associates Properties, Inc		22,905
800		Centerpoint Properties Trust		38,312
1,200		Crescent Real Estate Equities Co		21,912
1,689		Developers Diversified Realty Corp		74,941
2,295		Duke Realty Corp		78,351
6,499		Equity Office Properties Trust		189,251
4,500		Equity Residential		162,810
800		Federal Realty Investment Trust		41,320
1,056		Fremont General Corp		26,590
2,291		Friedman Billings Ramsey Group, Inc		44,422
3,560		General Growth Properties, Inc		128,730
2,200		Health Care Property Investors, Inc		60,918
851		Health Care REIT, Inc		32,466
1,100		Hospitality Properties Trust		50,600

222 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
5,544		Host Marriott Corp	$	95,911
2,900		HRPT Properties Trust		37,207
1,376		Independence Community Bank Corp		58,590
2,100		iShares Russell Midcap Index Fund		166,635
1,800		iStar Financial, Inc		81,468
1,616		Kimco Realty Corp		93,712
1,409		Liberty Property Trust		60,869
900		Macerich Co		56,520
948		Mack-Cali Realty Corp		43,636
890		Mills Corp		56,746
1,511		New Plan Excel Realty Trust		40,918
646		Pan Pacific Retail Properties, Inc		40,504
3,000		Plum Creek Timber Co, Inc		115,320
4,282		Popular, Inc		123,450
2,910		Prologis		126,090
1,362		Public Storage, Inc		75,932
1,207		Reckson Associates Realty Corp		39,602
1,008		Regency Centers Corp		55,843
743		Shurgard Storage Centers, Inc (Class A)		32,699
2,669		Simon Property Group, Inc		172,604
640		SL Green Realty Corp		38,752
1,500		Thornburg Mortgage, Inc		43,440
1,500		Trizec Properties, Inc		28,380
2,100		United Dominion Realty Trust, Inc		52,080
1,393		Ventas, Inc		38,182
1,600		Vornado Realty Trust		121,808
1,200		Weingarten Realty Investors		48,120
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		3,527,326
HOTELS AND OTHER LODGING PLACES - 1.32%
307		Choice Hotels International, Inc		17,806
6,166		Hilton Hotels Corp		140,215
1,120	*	Mandalay Resort Group		78,882
3,098		Marriott International, Inc (Class A)		195,112
987	*	MGM Mirage		71,794
3,337		Starwood Hotels & Resorts Worldwide, Inc		194,881
549	*	Wynn Resorts Ltd		36,739
		TOTAL HOTELS AND OTHER LODGING PLACES		735,429
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.16%
1,500	*	AGCO Corp		32,835
2,990	*	American Standard Cos, Inc		123,547
6,500	*	Apple Computer, Inc		418,600
771	*	Avocent Corp		31,241
5,430		Baker Hughes, Inc		231,698
1,300		Black & Decker Corp		114,829
844		Briggs & Stratton Corp		35,094
900	*	Cooper Cameron Corp		48,429
700		Cummins, Inc		58,653
1,200		Diebold, Inc		66,876
1,200		Donaldson Co, Inc		39,096
3,277		Dover Corp		137,437
2,402		Eaton Corp		173,809
1,100	*	FMC Technologies, Inc		35,420
1,100		Graco, Inc		41,085
2,029	*	Grant Prideco, Inc		40,681
1,539		ITT Industries, Inc		129,969

223 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
2,100	*	Lam Research Corp	$	60,711
2,058	*	Lexmark International, Inc		174,930
4,107	*	Maxtor Corp		21,767
1,400	*	National-Oilwell, Inc		49,406
5,000	*	Network Appliance, Inc		166,100
2,088		Pall Corp		60,448
1,900		Parker Hannifin Corp		143,906
1,600		Pentair, Inc		69,696
3,740		Pitney Bowes, Inc		173,087
2,682	*	Sandisk Corp		66,970
1,733	*	Smith International, Inc		94,293
15,429	*	Solectron Corp		82,237
1,200		SPX Corp		48,072
1,700	*	Storage Technology Corp		53,737
3,800		Symbol Technologies, Inc		65,740
1,125		Timken Co		29,273
3,400	*	Western Digital Corp		36,856
12,990	*	Xerox Corp		220,960
900	*	Zebra Technologies Corp (Class A)		50,652
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,428,140
INSTRUMENTS AND RELATED PRODUCTS - 3.51%
3,300		Applera Corp (Applied Biosystems Group)		69,003
1,700		Bard (C.R.), Inc		108,766
880		Bausch & Lomb, Inc		56,725
1,000		Beckman Coulter, Inc		66,990
4,126		Biomet, Inc		179,027
538		Cooper Cos, Inc		37,977
1,836	*	Cytyc Corp		50,619
1,300		Dentsply International, Inc		73,060
4,661		Eastman Kodak Co		150,317
1,000	*	Edwards Lifesciences Corp		41,260
1,810	*	Fisher Scientific International, Inc		112,908
558	*	Flir Systems, Inc		35,595
654	*	Fossil, Inc		16,769
589	*	Inamed Corp		37,254
3,200	*	KLA-Tencor Corp		149,056
735	*	Mettler-Toledo International, Inc		37,713
819	*	Millipore Corp		40,794
2,120		PerkinElmer, Inc		47,679
500	*	Resmed, Inc		25,550
600	*	Respironics, Inc		32,616
3,000		Rockwell Automation, Inc		148,650
711		Roper Industries, Inc		43,207
1,400		Tektronix, Inc		42,294
600		Teleflex, Inc		31,164
3,200	*	Teradyne, Inc		54,624
2,700	*	Thermo Electron Corp		81,513
2,172	*	Varian Medical Systems, Inc		93,917
1,886	*	Waters Corp		88,246
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,953,293
INSURANCE AGENTS, BROKERS AND SERVICE - 0.70%
5,032		AON Corp		120,064
900		Brown & Brown, Inc		39,195
1,500		Gallagher (Arthur J.) & Co		48,750
4,401	*	Medco Health Solutions, Inc		183,082
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		391,091

224 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
INSURANCE CARRIERS - 6.29%
66	*	Alleghany Corp	$	18,827
883	*	Allmerica Financial Corp		28,989
1,800		Ambac Financial Group, Inc		147,834
600		American Financial Group, Inc		18,786
134		American National Insurance Co		13,957
1,325		Assurant, Inc		40,479
1,183		Berkley (W.R.) Corp		55,802
2,200		Cigna Corp		179,454
2,415		Cincinnati Financial Corp		106,888
400	*	CNA Financial Corp		10,684
2,393	*	Conseco, Inc		47,740
500		Erie Indemnity Co (Class A)		26,285
2,640		Fidelity National Financial, Inc		120,569
1,300		First American Corp		45,682
2,404		Genworth Financial, Inc		64,908
1,100		HCC Insurance Holdings, Inc		36,432
1,900	*	Health Net, Inc		54,853
2,600	*	Humana, Inc		77,194
2,224		Jefferson-Pilot Corp		115,559
800		Leucadia National Corp		55,584
2,796		Lincoln National Corp		130,517
2,367		Loews Corp		166,400
140	*	Markel Corp		50,960
2,299		MBIA, Inc		145,481
400		Mercury General Corp		23,968
1,640		MGIC Investment Corp		113,012
932		Nationwide Financial Services, Inc (Class A)		35,630
141		Odyssey Re Holdings Corp		3,555
3,000		Old Republic International Corp		75,900
1,400	*	Pacificare Health Systems, Inc		79,128
1,500		PMI Group, Inc		62,625
5,199		Principal Financial Group		212,847
1,100		Protective Life Corp		46,959
1,562		Radian Group, Inc		83,161
500		Reinsurance Group of America, Inc		24,225
2,100		Safeco Corp		109,704
500		Stancorp Financial Group, Inc		41,250
1,850		Torchmark Corp		105,709
400		Transatlantic Holdings, Inc		24,732
800		Unitrin, Inc		36,360
4,800		UnumProvident Corp		86,112
332	*	WellChoice, Inc		17,729
4,802	*	WellPoint, Inc		552,230
19		Wesco Financial Corp		7,467
		TOTAL INSURANCE CARRIERS		3,502,167
LEATHER AND LEATHER PRODUCTS - 0.34%
3,000	*	Coach, Inc		169,200
300	*	Timberland Co (Class A)		18,801
		TOTAL LEATHER AND LEATHER PRODUCTS		188,001
LUMBER AND WOOD PRODUCTS - 0.35%
4,100		Georgia-Pacific Corp		153,668
830		Rayonier, Inc		40,595
		TOTAL LUMBER AND WOOD PRODUCTS		194,263

225 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
METAL MINING - 0.46%
2,500		Freeport-McMoRan Copper & Gold, Inc (Class A)	$	95,575
1,500		Phelps Dodge Corp		148,380
200		Southern Peru Copper Corp		9,442
		TOTAL METAL MINING		253,397
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.32%
2,500		Hasbro, Inc		48,450
6,717		Mattel, Inc		130,914
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		179,364
MISCELLANEOUS RETAIL - 1.08%
883	*	Barnes & Noble, Inc		28,494
1,300		Borders Group, Inc		33,020
1,181	*	Marvel Enterprises, Inc		24,187
2,200		Michaels Stores, Inc		65,934
536		MSC Industrial Direct Co (Class A)		19,285
5,000	*	Office Depot, Inc		86,800
1,724		Omnicare, Inc		59,685
684	*	Petco Animal Supplies, Inc		27,004
2,335		Petsmart, Inc		82,963
7,153	*	Rite Aid Corp		26,180
2,340		Tiffany & Co		74,810
3,553	*	Toys 'R' Us, Inc		72,730
		TOTAL MISCELLANEOUS RETAIL		601,092
MOTION PICTURES - 0.20%
525	*	Avid Technology, Inc		32,419
3,036		Blockbuster, Inc (Class A)		28,963
500	*	DreamWorks Animation SKG, Inc (Class A)		18,755
942		Metro-Goldwyn-Mayer, Inc		11,191
580	*	NetFlix, Inc		7,151
718		Regal Entertainment Group (Class A)		14,899
		TOTAL MOTION PICTURES		113,378
NONDEPOSITORY INSTITUTIONS - 0.88%
1,400		American Capital Strategies Ltd		46,690
2,500	*	AmeriCredit Corp		61,125
1,068	*	CapitalSource, Inc		27,416
3,400		CIT Group, Inc		155,788
1,433		Doral Financial Corp		70,575
292	*	First Marblehead Corp		16,425
4,635	*	Providian Financial Corp		76,338
81		Student Loan Corp		14,904
378		Westcorp		17,362
109	*	WFS Financial, Inc		5,535
		TOTAL NONDEPOSITORY INSTITUTIONS		492,158
NONMETALLIC MINERALS, EXCEPT FUELS - 0.17%
1,700		Vulcan Materials Co		92,837
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		92,837

226 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
OIL AND GAS EXTRACTION - 2.91%
2,600		BJ Services Co	$	121,004
4,422		Chesapeake Energy Corp		72,963
1,000		Diamond Offshore Drilling, Inc		40,050
2,400		ENSCO International, Inc		76,176
1,900		EOG Resources, Inc		135,584
2,126		Kerr-McGee Corp		122,862
5,638		Marathon Oil Corp		212,045
1,036	*	Newfield Exploration Co		61,176
900		Noble Energy, Inc		55,494
1,171		Patina Oil & Gas Corp		43,913
2,674		Patterson-UTI Energy, Inc		52,009
2,315		Pioneer Natural Resources Co		81,257
1,000		Pogo Producing Co		48,490
1,700	*	Pride International, Inc		34,918
1,800		Rowan Cos, Inc		46,620
1,000		Tidewater, Inc		35,610
4,248		Unocal Corp		183,684
1,600	*	Varco International, Inc		46,640
4,146		XTO Energy, Inc		146,685
		TOTAL OIL AND GAS EXTRACTION		1,617,180
PAPER AND ALLIED PRODUCTS - 0.94%
1,800		Bemis Co		52,362
900		Bowater, Inc		39,573
3,300		MeadWestvaco Corp		111,837
1,455		OfficeMax, Inc		45,658
900		Packaging Corp of America		21,195
2,500	*	Pactiv Corp		63,225
4,100	*	Smurfit-Stone Container Corp		76,588
1,600		Sonoco Products Co		47,440
919		Temple-Inland, Inc		62,860
		TOTAL PAPER AND ALLIED PRODUCTS		520,738
PERSONAL SERVICES - 0.58%
2,000		Cintas Corp		87,720
2,700		H & R Block, Inc		132,300
736		Regis Corp		33,966
5,500	*	Service Corp International		40,975
641	*	Weight Watchers International, Inc		26,326
		TOTAL PERSONAL SERVICES		321,287
PETROLEUM AND COAL PRODUCTS - 1.30%
1,285		Amerada Hess Corp		105,858
1,100		Ashland, Inc		64,218
1,059		Lubrizol Corp		39,035
3,200		Lyondell Chemical Co		92,544
1,300		Murphy Oil Corp		104,585
600		Premcor, Inc		25,302
1,256		Sunoco, Inc		102,628
4,176		Valero Energy Corp		189,590
		TOTAL PETROLEUM AND COAL PRODUCTS		723,760

227 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
PRIMARY METAL INDUSTRIES - 0.77%
2,668	*	Andrew Corp	$	36,365
2,000		Engelhard Corp		61,340
282	*	International Steel Group, Inc		11,438
2,600		Nucor Corp		136,084
1,000		Precision Castparts Corp		65,680
1,882		United States Steel Corp		96,453
1,100		Worthington Industries, Inc		21,538
		TOTAL PRIMARY METAL INDUSTRIES		428,898
PRINTING AND PUBLISHING - 1.29%
1,500		Belo (A.H.) Corp Series A		39,360
900		Dex Media, Inc		22,464
971		Dow Jones & Co, Inc		41,811
1,000		EW Scripps Co		48,280
1,000		Harte-Hanks, Inc		25,980
1,308		Knight Ridder, Inc		87,558
700		Lee Enterprises, Inc		32,256
300		McClatchy Co (Class A)		21,543
393		Media General, Inc (Class A)		25,470
600		Meredith Corp		32,520
2,400		New York Times Co (Class A)		97,920
3,500		R.R. Donnelley & Sons Co		123,515
91		Washington Post Co (Class B)		89,455
800		Wiley (John) & Sons, Inc (Class A)		27,872
		TOTAL PRINTING AND PUBLISHING		716,004
RAILROAD TRANSPORTATION - 1.23%
13,405	*	ADC Telecommunications, Inc		35,925
5,956		Burlington Northern Santa Fe Corp		281,778
3,500		CSX Corp		140,280
6,300		Norfolk Southern Corp		227,997
		TOTAL RAILROAD TRANSPORTATION		685,980
REAL ESTATE - 0.25%
1,625		Catellus Development Corp		49,725
511		Forest City Enterprises, Inc (Class A)		29,408
918		St. Joe Co		58,936
		TOTAL REAL ESTATE		138,069
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.21%
900		Reebok International Ltd		39,600
1,400	*	Sealed Air Corp		74,578
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		114,178
SECURITY AND COMMODITY BROKERS - 2.04%
1,300		A.G. Edwards, Inc		56,173
3,800	*	Ameritrade Holding Corp		54,036
1,700		Bear Stearns Cos, Inc		173,927
300		Blackrock, Inc		23,178
549		Chicago Mercantile Exchange		125,556

228 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
5,800	*	E*Trade Financial Corp	$	86,710
1,100		Eaton Vance Corp		57,365
1,300		Federated Investors, Inc (Class B)		39,520
2,200	*	Instinet Group, Inc		13,266
1,100		Investors Financial Services Corp		54,978
4,000		Janus Capital Group, Inc		67,240
800		Jefferies Group, Inc		32,224
1,654		Legg Mason, Inc		121,172
300		Nuveen Investments, Inc		11,841
950		Raymond James Financial, Inc		29,431
1,063		SEI Investments Co		44,572
1,800		T Rowe Price Group, Inc		111,960
1,400		Waddell & Reed Financial, Inc (Class A)		33,446
		TOTAL SECURITY AND COMMODITY BROKERS		1,136,595
STONE, CLAY, AND GLASS PRODUCTS - 0.17%
474		Florida Rock Industries, Inc		28,217
500		Lafarge North America, Inc		25,660
1,831	*	Owens-Illinois, Inc		41,472
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		95,349
TOBACCO PRODUCTS - 0.62%
838		Loews Corp (Carolina Group)		24,260
2,430		Reynolds American, Inc		190,998
2,650		UST, Inc		127,492
		TOTAL TOBACCO PRODUCTS		342,750
TRANSPORTATION BY AIR - 0.49%
2,651	*	AMR Corp		29,028
1,489	*	JetBlue Airways Corp		34,575
12,821		Southwest Airlines Co		208,726
		TOTAL TRANSPORTATION BY AIR		272,329
TRANSPORTATION EQUIPMENT - 1.90%
600		American Axle & Manufacturing Holdings, Inc		18,396
1,575		Autoliv, Inc		76,073
1,573		Brunswick Corp		77,864
2,400		Dana Corp		41,592
7,600		Delphi Corp		68,552
1,200		Gentex Corp		44,424
2,798		Genuine Parts Co		123,280
1,900		Goodrich Corp		62,016
1,000	*	Navistar International Corp		43,980
585		Oshkosh Truck Corp		40,002
2,850		Paccar, Inc		229,368
700		Polaris Industries, Inc		47,614
1,900		Textron, Inc		140,220
400	*	TRW Automotive Holdings Corp		8,280
774	*	United Defense Industries, Inc		36,572
		TOTAL TRANSPORTATION EQUIPMENT		1,058,233

229 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend Index Fund

SHARES			VALUE
TRANSPORTATION SERVICES - 0.40%
1,418		C.H. Robinson Worldwide, Inc	$	78,727
1,700		Expeditors International of Washington, Inc		94,996
2,310		Sabre Holdings Corp		51,190
		TOTAL TRANSPORTATION SERVICES		224,913
TRUCKING AND WAREHOUSING - 0.24%
800		CNF, Inc		40,080
898		Hunt (J.B.) Transport Services, Inc		40,275
335	*	Sirva, Inc		6,439
797	*	Yellow Roadway Corp		44,401
		TOTAL TRUCKING AND WAREHOUSING		131,195
WHOLESALE TRADE-DURABLE GOODS - 1.10%
1,500		Adesa, Inc		31,830
1,900	*	Arrow Electronics, Inc		46,170
1,900	*	Avnet, Inc		34,656
900		BorgWarner, Inc		48,753
493		Carlisle Cos, Inc		32,006
1,000		CDW Corp		66,350
1,118		Hughes Supply, Inc		36,167
2,000		IKON Office Solutions, Inc		23,120
2,000	*	Ingram Micro, Inc (Class A)		41,600
800		Martin Marietta Materials, Inc		42,928
2,000	*	Patterson Cos, Inc		86,780
900	*	Tech Data Corp		40,860
1,200		W.W. Grainger, Inc		79,944
		TOTAL WHOLESALE TRADE-DURABLE GOODS		611,164
WHOLESALE TRADE-NONDURABLE GOODS - 0.78%
1,700		AmerisourceBergen Corp		99,756
935		Brown-Forman Corp (Class B)		45,516
810	*	Endo Pharmaceuticals Holdings, Inc		17,026
700	*	Henry Schein, Inc		48,748
4,700		McKesson Corp		147,862
2,200		Supervalu, Inc		75,936
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		434,844
		TOTAL COMMON STOCKS
		(Cost $38,329,823)		55,528,425
		TOTAL PORTFOLIO - 99.82%
		(Cost $38,335,334)		55,538,611
		OTHER ASSETS & LIABILITIES, NET - 0.18%		101,885
		NET ASSETS - 100.00%	$	55,640,496

*	Non-income producing
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

230

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES				VALUE
PREFERRED STOCKS - 0.03%
HEALTH SERVICES - 0.03%
1,141	*	Bio-Reference Labs, Inc	$	19,853
		TOTAL HEALTH SERVICES		19,853
		TOTAL PREFERRED STOCKS		19,853
		(Cost $15,744)
COMMON STOCKS - 99.79%
AGRICULTURAL PRODUCTION-CROPS - 0.11%
3,102		Delta & Pine Land Co		84,623
		TOTAL AGRICULTURAL PRODUCTION-CROPS		84,623
AMUSEMENT AND RECREATION SERVICES - 0.99%
7,100	*	Alliance Gaming Corp		98,051
1,948	*	Argosy Gaming Co		90,972
685		Dover Downs Gaming & Entertainment, Inc		8,974
804	*	Isle of Capri Casinos, Inc		20,623
700	*	Life Time Fitness, Inc		18,116
2,525	*	MTR Gaming Group, Inc		26,664
3,300	*	Multimedia Games, Inc		52,008
596	*	Nevada Gold & Casinos, Inc		7,271
4,400	*	Penn National Gaming, Inc		266,420
1,064		Speedway Motorsports, Inc		41,688
2,717	*	WMS Industries, Inc		91,128
1,755		World Wrestling Federation Entertainment, Inc		21,288
		TOTAL AMUSEMENT AND RECREATION SERVICES		743,203
APPAREL AND ACCESSORY STORES - 1.20%
7,490	*	Aeropostale, Inc		220,431
1,306		Bebe Stores, Inc		35,236
1,292	*	Cache, Inc		23,282
939	*	Carter's, Inc		31,917
3,908	*	Casual Male Retail Group, Inc		21,299
1,566	*	Charlotte Russe Holding, Inc		15,817
2,360	*	Children's Place Retail Stores, Inc		87,391
5,150		Christopher & Banks Corp		95,018
1,367	*	Dress Barn, Inc		24,059
4,756		Finish Line, Inc (Class A)		87,035
1,133	*	Genesco, Inc		35,282
300		Goody's Family Clothing, Inc		2,742
3,461	*	Gymboree Corp		44,370
6,688	*	Hot Topic, Inc		114,967
1,400	*	JOS A. Bank Clothiers, Inc		39,620
800	*	New York & Co, Inc		13,216
470		Oshkosh B'gosh, Inc (Class A)		10,058
400	*	Shoe Carnival, Inc		5,200
		TOTAL APPAREL AND ACCESSORY STORES		906,940

231 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
APPAREL AND OTHER TEXTILE PRODUCTS - 0.63%
2,800	*	DHB Industries, Inc	$	53,312
2,017	*	Guess?, Inc		25,313
1,884		Oxford Industries, Inc		77,809
7,699	*	Quiksilver, Inc		229,353
4,100	*	Warnaco Group, Inc		88,560
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		474,347
AUTO REPAIR, SERVICES AND PARKING - 0.10%
510	*	Amerco, Inc		23,450
1,209	*	Midas, Inc		24,180
1,159	*	Monro Muffler Brake, Inc		29,323
		TOTAL AUTO REPAIR, SERVICES AND PARKING		76,953
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.24%
800	*	America's Car Mart, Inc		30,400
5,656	*	CSK Auto Corp		94,681
100	*	MarineMax, Inc		2,976
964	*	Rush Enterprises, Inc		16,687
1,621	*	West Marine, Inc		40,120
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		184,864
BUSINESS SERVICES - 16.98%
4,800	*	@Road, Inc		33,168
3,945	*	24/7 Real Media, Inc		17,082
5,301		Aaron Rents, Inc		132,525
6,969	*	Actuate Corp		17,771
3,000	*	Administaff, Inc		37,830
3,200	*	Advent Software, Inc		65,536
3,500		Advo, Inc		124,775
4,424	*	Agile Software Corp		36,144
2,813	*	Altiris, Inc		99,665
1,545	*	AMN Healthcare Services, Inc		24,581
900	*	Ansoft Corp		18,180
3,700	*	Ansys, Inc		118,622
3,655	*	Anteon International Corp		152,998
6,600	*	Aquantive, Inc		59,004
4,221	*	Arbitron, Inc		165,379
2,002	*	Ariba, Inc		33,233
3,766	*	Armor Holdings, Inc		177,077
2,159	*	Ascential Software Corp		35,213
2,000	*	Asiainfo Holdings, Inc		11,920
5,705	*	Aspect Communications Corp		63,554
5,800	*	Aspen Technology, Inc		36,018
1,067	*	Asset Acceptance Capital Corp		22,727
600	*	Atari, Inc		1,758
5,700	*	Autobytel, Inc		34,428
900	*	Blackbaud, Inc		13,176
700	*	Blackboard, Inc		10,367
1,312	*	Blue Coat Systems, Inc		24,416
4,749	*	Borland Software Corp		55,468
1,296		Brady Corp (Class A)		81,091
29,280	*	Brocade Communications Systems, Inc		223,699
3,969	*	CACI International, Inc (Class A)		270,408
500	*	CallWave, Inc		7,720
2,756	*	Captaris, Inc		14,221
2,823	*	Carreker Corp		24,278
4,861		Catalina Marketing Corp		144,031

232 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
894	*	CCC Information Services Group, Inc	$	19,856
1,477		CDI Corp		31,578
3,903	*	Cerner Corp		207,523
9,908	*	Chordiant Software, Inc		22,590
4,500	*	Ciber, Inc		43,380
1,791	*	Clarus Corp		16,119
61,630	*	CMGI, Inc		157,157
17,567	*	CNET Networks, Inc		197,277
800		Computer Programs & Systems, Inc		18,520
2,600	*	Concord Communications, Inc		28,808
3,600	*	Concur Technologies, Inc		32,076
4,390	*	Corillian Corp		21,599
2,200	*	CoStar Group, Inc		101,596
2,716	*	Covansys Corp		41,555
4,898	*	CSG Systems International, Inc		91,593
2,300	*	Cyberguard Corp		14,490
3,700	*	Cybersource Corp		26,455
4,997	*	Dendrite International, Inc		96,942
1,114	*	Digimarc Corp		10,382
4,800	*	Digital Insight Corp		88,320
4,412	*	Digital River, Inc		183,583
11,967	*	DoubleClick, Inc		93,103
953	*	E.piphany, Inc		4,603
16,391	*	Earthlink, Inc		188,824
3,852	*	Echelon Corp		32,511
5,000	*	Eclipsys Corp		102,150
2,200	*	eCollege.com, Inc		24,992
1,791	*	Education Lending Group, Inc		27,778
2,853	*	Embarcadero Technologies, Inc		26,847
16,790	*	Enterasys Networks, Inc		30,222
8,741	*	Entrust, Inc		33,128
5,783	*	Epicor Software Corp		81,482
1,114	*	Equinix, Inc		47,612
3,300	*	eSpeed, Inc (Class A)		40,821
10,300	*	Extreme Networks, Inc		67,465
4,766	*	F5 Networks, Inc		232,200
2,720		Factset Research Systems, Inc		158,957
5,684	*	Filenet Corp		146,420
3,531	*	FindWhat.com		62,605
335	*	First Advantage Corp		6,834
3,206		Gevity HR, Inc		65,915
684	*	Greg Manning Auctions, Inc		8,468
100		Grey Global Group, Inc		109,999
2,400	*	GSI Commerce, Inc		42,672
7,200	*	Harris Interactive, Inc		56,880
1,862		Healthcare Services Group		38,804
2,268	*	Heidrick & Struggles International, Inc		77,724
1,116	*	Hudson Highland Group, Inc		32,141
5,199	*	Hyperion Solutions Corp		242,377
2,878	*	IDX Systems Corp		99,176
2,116	*	iGate Corp		8,570
2,126	*	Infocrossing, Inc		35,993
11,907	*	Informatica Corp		96,685
4,420	*	Infospace, Inc		210,171
4,400	*	infoUSA, Inc		49,236
943	*	Innovative Solutions & Support, Inc		31,458
660	*	Interactive Data Corp		14,348
400	*	Interchange Corp		7,256
3,450	*	Intergraph Corp		92,909
1,770	*	Internet Security Systems, Inc		41,153
1,013	*	Intersections, Inc		17,474
1,086	*	Intervideo, Inc		14,368

233 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
2,400	*	Intrado, Inc	$	29,040
6,244	*	Ipass, Inc		46,206
1,409	*	iPayment, Inc		69,774
787	*	IVAX Diagnostics, Inc		3,423
4,302	*	iVillage, Inc		26,586
700	*	Jamdat Mobile, Inc		14,455
411	*	JDA Software Group, Inc		5,598
2,315	*	Jupitermedia Corp		55,051
700	*	Kanbay International, Inc		21,910
4,158	*	Keane, Inc		61,123
1,200	*	Keynote Systems, Inc		16,704
3,458	*	Kforce, Inc		38,384
4,666	*	KFX ,Inc		67,750
976	*	Kintera, Inc		8,794
4,327	*	Korn/Ferry International		89,785
4,245	*	Kronos, Inc		217,047
5,705	*	Labor Ready, Inc		96,529
1,138	*	Lawson Software, Inc		7,818
6,507	*	Lionbridge Technologies		43,727
13,000	*	Looksmart Ltd		28,470
6,643	*	Macrovision Corp		170,858
3,400	*	Magma Design Automation, Inc		42,704
4,132	*	Manhattan Associates, Inc		98,672
1,461	*	Mantech International Corp (Class A)		34,684
3,276	*	Manugistics Group, Inc		9,402
3,500	*	MAPICS, Inc		36,925
475	*	Mapinfo Corp		5,691
528	*	Marchex, Inc		11,088
1,200	*	MarketWatch, Inc		21,600
665	*	Marlin Business Services, Inc		12,635
7,100	*	Matrixone, Inc		46,505
1,325		McGrath RentCorp		57,783
800	*	MedQuist, Inc		11,840
10,249	*	Mentor Graphics Corp		156,707
10,862	*	Micromuse, Inc		60,284
1,700	*	MicroStrategy, Inc		102,425
5,600	*	Midway Games, Inc		58,800
13,866	*	Mindspeed Technologies, Inc		38,547
600	*	Motive, Inc		6,828
4,100	*	MPS Group, Inc		50,266
449	*	MRO Software, Inc		5,846
1,500	*	MSC.Software Corp		15,705
1,407		NDCHealth Corp		26,156
300	*	Neoforma, Inc		2,307
1,480	*	Ness Technologies, Inc		22,052
1,103	*	Netratings, Inc		21,145
2,100	*	Netscout Systems, Inc		14,658
2,457	*	Network Equipment Technologies, Inc		24,128
4,400	*	NIC, Inc		22,352
1,786	*	Open Solutions, Inc		46,365
1,700	*	Opnet Technologies, Inc		14,314
7,200	*	Opsware, Inc		52,848
4,542	*	Packeteer, Inc		65,632
2,056	*	PalmSource, Inc		26,193
19,904	*	Parametric Technology Corp		117,235
2,298	*	PC-Tel, Inc		18,223
2,000	*	PDF Solutions, Inc		32,220
1,142	*	PDI, Inc		25,444
201	*	PEC Solutions, Inc		2,848
1,157	*	Pegasus Solutions, Inc		14,578
1,500	*	Pegasystems, Inc		12,795
2,676	*	Perot Systems Corp (Class A)		42,896

234 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
400	*	Phase Forward, Inc	$	3,268
700	*	PlanetOut, Inc		9,520
1,977	*	PLATO Learning, Inc		14,729
4,460	*	Portal Software, Inc		11,819
1,700	*	Portfolio Recovery Associates, Inc		70,074
1,000	*	PRA International		24,780
4,000	*	Progress Software Corp		93,400
417	*	Proxymed, Inc		4,095
1,800		QAD, Inc		16,056
400	*	Quality Systems, Inc		23,920
6,854	*	Quest Software, Inc		109,321
2,068	*	Radisys Corp		40,429
15,512	*	RealNetworks, Inc		102,689
1,000		Renaissance Learning, Inc		18,560
2,387	*	Rent-Way, Inc		19,120
7,700	*	Retek, Inc		47,355
2,304	*	Rewards Network, Inc		16,128
700	*	RightNow Technologies, Inc		11,305
2,700		Rollins, Inc		71,064
9,662	*	RSA Security, Inc		193,820
9,721	*	S1 Corp		88,072
1,630	*	SafeNet, Inc		59,886
1,200	*	Salesforce.com, Inc		20,328
10,800	*	Sapient Corp		85,428
8,679	*	Scansoft, Inc		36,365
4,900	*	Secure Computing Corp		48,902
6,900	*	Seebeyond Technology Corp		24,702
3,500	*	Serena Software, Inc		75,740
879	*	SI International, Inc		27,038
2,787	*	Sohu.com, Inc		49,358
4,619	*	SonicWALL, Inc		29,192
6,285	*	Sotheby's Holdings, Inc (Class A)		114,136
2,630	*	Source Interlink Cos, Inc		34,926
1,800	*	SPSS, Inc		28,152
1,807	*	SRA International, Inc (Class A)		116,009
1,900		SS&C Technologies, Inc		39,235
1,500		Startek, Inc		42,675
1,700	*	Stellent, Inc		14,994
1,250	*	Stratasys, Inc		41,950
5,000	*	SupportSoft, Inc		33,300
1,200	*	Sykes Enterprises, Inc		8,340
1,000		Syntel, Inc		17,540
5,092	*	Take-Two Interactive Software, Inc		177,151
529		Talx Corp		13,643
3,768	*	TeleTech Holdings, Inc		36,512
2,341	*	THQ, Inc		53,703
443	*	TippingPoint Technologies, Inc		20,688
11,543	*	Titan Corp		186,997
567	*	TNS, Inc		12,389
2,700	*	TradeStation Group, Inc		18,954
5,170	*	Transaction Systems Architects, Inc (Class A)		102,625
200	*	Travelzoo, Inc		19,086
3,883	*	Trizetto Group, Inc		36,889
6,655	*	Tumbleweed Communications Corp		22,228
5,104	*	Tyler Technologies, Inc		42,669
2,272	*	Ultimate Software Group, Inc		28,809
7,308	*	United Online, Inc		84,261
10,908	*	Valueclick, Inc		145,404
1,553	*	Verint Systems, Inc		56,420

235 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
584	*	Verity, Inc	$	7,662
21,798	*	Vignette Corp		30,299
2,700	*	WatchGuard Technologies, Inc		11,961
4,179	*	WebEx Communications, Inc		99,377
5,533	*	webMethods, Inc		39,893
3,100	*	Websense, Inc		157,232
700	*	WebSideStory, Inc		8,701
9,813	*	Wind River Systems, Inc		132,966
2,980	*	Witness Systems, Inc		52,031
2,820	*	Zix Corp		14,523
		TOTAL BUSINESS SERVICES		12,800,944
CHEMICALS AND ALLIED PRODUCTS - 9.00%
5,024	*	Abgenix, Inc		51,948
2,500	*	Able Laboratories, Inc		56,875
2,300		Aceto Corp		43,792
5,300	*	Adolor Corp		52,576
1,128	*	Advancis Pharmaceutical Corp		4,309
400	*	Albany Molecular Research, Inc		4,456
3,753	*	Alexion Pharmaceuticals, Inc		94,576
12,419	*	Alkermes, Inc		174,984
678		American Vanguard Corp		24,937
3,215	*	Array Biopharma, Inc		30,607
2,724	*	Atherogenics, Inc		64,177
9,965	*	Avant Immunotherapeutics, Inc		20,030
724	*	Barrier Therapeutics, Inc		12,018
2,200	*	Benthley Pharmaceuticals, Inc		23,650
2,211	*	BioCryst Pharmaceuticals, Inc		12,780
2,923	*	Bioenvision, Inc		26,190
8,800	*	BioMarin Pharmaceutical, Inc		56,232
1,784	*	Biosite, Inc		109,787
2,119	*	Bone Care International, Inc		59,014
1,800	*	Bradley Pharmaceuticals, Inc		34,920
2,152	*	CancerVax Corp		23,349
1,119	*	Caraco Pharmaceutical Laboratories Ltd		10,686
8,300	*	Cell Therapeutics, Inc		67,562
1,700	*	Chattem, Inc		56,270
4,300	*	Connetics Corp		104,447
531	*	Corcept Therapeutics, Inc		3,319
781	*	Corgentech, Inc		6,467
7,971	*	Corixa Corp		29,014
4,331	*	Cubist Pharmaceuticals, Inc		51,236
6,604	*	Curis, Inc		34,473
4,076	*	Cypress Bioscience, Inc		57,309
2,200	*	Cytogen Corp		25,344
845	*	Cytokinetics, Inc		8,661
645	*	DEL Laboratories, Inc		22,414
7,904	*	Dendreon Corp		85,205
3,100		Diagnostic Products Corp		170,655
1,900	*	Digene Corp		49,685
6,500	*	Discovery Laboratories, Inc		51,545
1,900	*	Dov Pharmaceutical, Inc		34,295
4,100	*	Durect Corp		13,448
2,027	*	Dusa Pharmaceuticals, Inc		28,986
789	*	Dynavax Technologies Corp		6,312
3,101	*	Elizabeth Arden, Inc		73,618

236 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
7,892	*	Encysive Pharmaceuticals, Inc	$	78,368
3,581	*	Enzon, Inc		49,131
3,076	*	EPIX Pharmaceuticals, Inc		55,091
3,387	*	First Horizon Pharmaceutical		77,528
7,786	*	Genaera Corp		26,628
12,142	*	Genelabs Technologies		14,570
8,050	*	Genta, Inc		14,168
2,120		Georgia Gulf Corp		105,576
6,150	*	Geron Corp		49,016
692	*	GTx, Inc		9,335
3,497	*	Guilford Pharmaceuticals, Inc		17,310
1,950	*	Hollis-Eden Pharmaceuticals		18,369
600	*	Idenix Pharmaceuticals, Inc		10,290
6,139	*	Immucor, Inc		144,328
4,941	*	Immunogen, Inc		43,678
6,000	*	Immunomedics, Inc		18,240
6,775	*	Impax Laboratories, Inc		107,587
5,219	*	Indevus Pharmaceuticals, Inc		31,105
6,613	*	Inkine Pharmaceutical Co		35,909
5,600	*	Inspire Pharmaceuticals, Inc		93,912
684		Inter Parfums, Inc		10,876
3,976	*	InterMune, Inc		52,722
1,038	*	Inverness Medical Innovations, Inc		26,054
7,000	*	Isis Pharmaceuticals, Inc		41,300
2,996	*	Isolagen, Inc		23,579
1,627	*	Kos Pharmaceuticals, Inc		61,240
415		Kronos Worldwide, Inc		16,911
4,950	*	KV Pharmaceutical Co (Class A)		109,148
900	*	Lannett Co, Inc		8,865
10,163	*	Ligand Pharmaceuticals, Inc (Class B)		118,297
3,702		MacDermid, Inc		133,642
1,925		Mannatech, Inc		36,652
1,500	*	MannKind Corp		23,625
888	*	Marshall Edwards, Inc		7,943
3,791	*	Medarex, Inc		40,867
6,500	*	Medicines Co		187,200
16,000	*	Mosaic Co		261,120
2,535	*	Myogen, Inc		20,457
7,876	*	Nabi Biopharmaceuticals		115,383
382		Nature's Sunshine Products, Inc		7,778
2,408	*	Neose Technologies, Inc		16,182
3,312	*	Neurogen Corp		31,000
1,143	*	NitroMed, Inc		30,461
400	*	NL Industries, Inc		8,840
2,563	*	Northfield Laboratories, Inc		57,796
3,200	*	Noven Pharmaceuticals, Inc		54,592
5,100	*	NPS Pharmaceuticals, Inc		93,228
1,053	*	Nutraceutical International Corp		16,227
3,926	*	Nuvelo, Inc		38,671
3,739		Olin Corp		82,333
2,296	*	Omnova Solutions, Inc		12,904
4,832	*	Onyx Pharmaceuticals, Inc		156,508
5,400	*	OraSure Technologies, Inc		36,288
4,400	*	Pain Therapeutics, Inc		31,724

237 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
7,500	*	Palatin Technologies, Inc	$	19,950
4,780	*	Par Pharmaceutical Cos, Inc		197,796
2,300	*	Penwest Pharmaceuticals Co		27,508
17,338	*	Peregrine Pharmaceuticals, Inc		20,285
1,466	*	PetMed Express, Inc		11,156
2,646	*	Pharmacyclics, Inc		27,704
2,042	*	Pharmion Corp		86,193
3,625		PolyMedica Corp		135,176
3,300	*	Pozen, Inc		23,991
1,600	*	Progenics Pharmaceuticals		27,456
3,075	*	QLT, Inc (Frankfurt)		49,446
380		Quaker Chemical Corp		9,439
3,900	*	Quidel Corp		19,812
699	*	Renovis, Inc		10,052
4,973	*	Salix Pharmaceuticals Ltd		87,475
1,015	*	Santarus, Inc		9,196
6,100	*	Sciclone Pharmaceuticals, Inc		22,570
3,049	*	Serologicals Corp		67,444
6,800	*	SuperGen, Inc		47,940
2,009	*	SurModics, Inc		65,313
3,300	*	Tanox, Inc		50,160
716	*	Tercica, Inc		7,167
3,900	*	Third Wave Technologies, Inc		33,540
1,300	*	UAP Holding Corp		22,451
2,600	*	United Therapeutics Corp		117,390
1,420	*	USANA Health Sciences, Inc		48,564
8,699		Valeant Pharmaceuticals International		229,219
3,290	*	Vaxgen, Inc		55,930
5,453	*	Vertex Pharmaceuticals, Inc		57,638
3,386	*	Vicuron Pharmaceuticals, Inc		58,950
7,564	*	Vion Pharmaceuticals, Inc		35,475
2,044		West Pharmaceutical Services, Inc		51,161
500		Westlake Chemical Corp		16,700
6,108	*	Zila, Inc		26,142
2,628	*	Zymogenetics, Inc		60,444
		TOTAL CHEMICALS AND ALLIED PRODUCTS		6,779,543
COMMUNICATIONS - 1.90%
556	*	AirGate PCS, Inc		19,794
4,166	*	Airspan Networks, Inc		22,621
9,713	*	Alamosa Holdings, Inc		121,121
800	*	Beasley Broadcast Group, Inc (Class A)		14,024
1,480	*	Boston Communications Group		13,675
1,507	*	Commonwealth Telephone Enterprises, Inc		74,838
1,089	*	Crown Media Holdings, Inc (Class A)		9,365
3,905	*	Cumulus Media, Inc (Class A)		58,887
8,102	*	Dobson Communications Corp (Class A)		13,935
3,210	*	Emmis Communications Corp (Class A)		61,600
3,620	*	Entravision Communications Corp (Class A)		30,227
617	*	Fisher Communications, Inc		30,159
1,185		Golden Telecom, Inc		31,308
800	*	InPhonic, Inc		21,984
3,106	*	Insight Communications Co, Inc		28,793
26,225	*	Internap Network Services Corp		24,389
1,100		Iowa Telecommunications Services, Inc		23,727
600	*	ITC Deltacom, Inc		1,026
2,600	*	j2 Global Communications, Inc		89,700
1,500	*	Lodgenet Entertainment Corp		26,535

238 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
4,646	*	Mediacom Communications Corp	$	29,038
4,829	*	Net2Phone, Inc		16,419
1,347	*	Nexstar Broadcasting Group, Inc		12,419
2,144		North Pittsburgh Systems, Inc		53,021
2,595	*	Novatel Wireless, Inc		50,291
4,500	*	Paxson Communications Corp		6,210
8,600	*	PTEK Holdings, Inc		92,106
5,300	b*	RCN Corp		101
2,391	*	Regent Communications, Inc		12,672
2,200	*	Saga Communications, Inc (Class A)		37,070
1,300	*	Salem Communications Corp (Class A)		32,435
100		Shenandoah Telecom Co		2,995
3,936		Sinclair Broadcast Group, Inc (Class A)		36,251
5,000	*	Spanish Broadcasting System, Inc (Class A)		52,800
1,660		SureWest Communications		47,061
30,718	*	Terremark Worldwide, Inc		19,660
6,400	*	Tivo, Inc		37,568
9,633	*	Ubiquitel, Inc		68,587
899	*	USA Mobility, Inc		31,744
2,800	f,v*	Wiltel Communications (Rts)		0
6,455	*	Wireless Facilities, Inc		60,935
1,200	*	Young Broadcasting, Inc (Class A)		12,672
		TOTAL COMMUNICATIONS		1,429,763
DEPOSITORY INSTITUTIONS - 5.73%
1,220	*	ACE Cash Express, Inc		36,185
1,287		Arrow Financial Corp		39,897
1,500		Bank of The Ozarks, Inc		51,045
544		BankAtlantic Bancorp, Inc (Class A)		10,826
936	*	BFC Financial Corp		11,840
533		Boston Private Financial Holdings, Inc		15,015
200		Bryn Mawr Bank Corp		4,398
225		Capital City Bank Group, Inc		9,405
100		Capital Corp of the West		4,700
572	*	Capital Crossing Bank		17,555
2,281		Cascade Bancorp		46,122
4,118		Cathay General Bancorp		154,425
1,270		Center Financial Corp		25,425
675		Charter Financial Corp		29,612
100		City Bank		3,615
321		City Holding Co		11,633
400		Clifton Savings Bancorp, Inc		4,860
1,651		Coastal Financial Corp		31,633
1,850		CoBiz, Inc		37,555
166		Columbia Bancorp		5,676
3,121		Commercial Capital Bancorp, Inc		72,345
4,285		CVB Financial Corp		113,810
6,797		East West Bancorp, Inc		285,202
300	*	EuroBancshares, Inc		6,300
3,100	*	Euronet Worldwide, Inc		80,662
492		Fidelity Bankshares, Inc		21,038
4,338		First Bancorp (Puerto Rico)		275,506

239 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
1,051		First Busey Corp (Class A)	$	21,934
100		First Financial Bankshares, Inc		4,481
1,508		First Financial Holdings, Inc		49,372
2,713		First Midwest Bancorp, Inc		98,455
1,722		First National Bankshares of Florida, Inc		41,156
3,500		Flagstar Bancorp, Inc		79,100
3,585		FNB Corp		72,991
879		Frontier Financial Corp		33,938
1,857		Glacier Bancorp, Inc		63,212
2,375		Gold Banc Corp, Inc		34,723
686		Great Southern Bancorp, Inc		24,010
1,901		Hanmi Financial Corp		68,322
571		Harbor Florida Bancshares, Inc		19,762
3,727		Harleysville National Corp		99,138
1,145		Independent Bank Corp (Massachusetts)		38,644
1,298		Independent Bank Corp (Michigan)		38,719
132		Macatawa Bank Corp		4,262
794		Main Street Banks, Inc		27,734
1,100		MB Financial, Inc		46,365
228		MBT Financial Corp		5,306
688		Mercantile Bank Corp		27,176
611		Midwest Banc Holdings, Inc		13,363
2,500		Nara Bancorp, Inc		53,175
338		NASB Financial, Inc		13,506
100		Oak Hill Financial, Inc		3,879
5,088	*	Ocwen Financial Corp		48,641
1,932		Old Second Bancorp, Inc		61,592
2,673		Pacific Capital Bancorp		90,855
733		Park National Corp		99,322
1,040		Peapack Gladstone Financial Corp		32,812
368		Pennrock Financial Services Corp		14,319
275		PFF Bancorp, Inc		12,741
100		Placer Sierra Bancshares		2,844
4,914		Provident Bancorp, Inc		64,816
113		Provident Financial Services, Inc		2,189
100	*	QC Holdings, Inc		1,916
3,821		R & G Financial Corp (Class B)		148,560
150		S & T Bancorp, Inc		5,654
1,084		S.Y. Bancorp, Inc		26,124
700		Seacoast Banking Corp of Florida		15,575
100	*	Signature Bank		3,236
4,100	*	Silicon Valley Bancshares		183,762
702		Smithtown Bancorp, Inc		22,289
100		Southern Community Financial Corp		1,035
8,942		Southwest Bancorp of Texas, Inc		208,259
220		State Bancorp, Inc		6,050
1,158		Sterling Bancorp		32,714
757		Sterling Financial Corp (Pennsylvania)		21,703
2,145	*	Texas Capital Bancshares, Inc		46,375
2,883		Texas Regional Bancshares, Inc (Class A)		94,216
10,268		Trustco Bank Corp NY		141,596
110		U.S.B. Holding Co, Inc		2,739
2,658		United Community Banks, Inc		71,580
977		Univest Corp of Pennsylvania		44,962
1,000	*	Virginia Commerce Bancorp		28,320
2,318		West Bancorporation		40,827
2,527		Westamerica Bancorp		147,349

240 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
151	*	Western Sierra Bancorp	$	5,792
1,908	*	Wilshire Bancorp, Inc		31,558
2,942		Wintrust Financial Corp		167,576
		TOTAL DEPOSITORY INSTITUTIONS		4,318,906
EATING AND DRINKING PLACES - 1.91%
1,600	*	BJ's Restaurants, Inc		22,400
830	*	Buffalo Wild Wings, Inc		28,892
2,127	*	California Pizza Kitchen, Inc		48,921
1,063		CBRL Group, Inc		44,487
4,985	*	CEC Entertainment, Inc		199,250
7,200	*	CKE Restaurants, Inc		104,472
2,987	*	Cosi, Inc		18,071
2,000		Domino's Pizza, Inc		35,600
7,584	*	Krispy Kreme Doughnuts, Inc		95,558
341	*	O'Charley's, Inc		6,667
3,500	*	P.F. Chang's China Bistro, Inc		197,225
680	*	Papa John's International, Inc		23,419
4,700	*	Rare Hospitality International, Inc		149,742
1,600	*	Red Robin Gourmet Burgers, Inc		85,552
8,175	*	Sonic Corp		249,338
900	*	Texas Roadhouse, Inc (Class A)		26,595
2,976	*	The Steak N Shake Co		59,758
800		Triarc Cos (Class A)		10,400
2,983		Triarc Cos (Class B)		36,572
		TOTAL EATING AND DRINKING PLACES		1,442,919
EDUCATIONAL SERVICES - 0.47%
2,000	*	Educate, Inc		26,480
1,300	*	Learning Tree International, Inc		17,420
1,791	*	Princeton Review, Inc		11,015
2,014		Strayer Education, Inc		221,117
1,997	*	Universal Technical Institute, Inc		76,126
		TOTAL EDUCATIONAL SERVICES		352,158
ELECTRIC, GAS, AND SANITARY SERVICES - 0.49%
2,692	*	Casella Waste Systems, Inc (Class A)		39,411
380		Crosstex Energy, Inc		15,922
904		Duquesne Light Holdings, Inc		17,040
1,400	*	Duratek, Inc		34,874
100		MGE Energy, Inc		3,603
266		Middlesex Water Co		5,038
941		Resource America, Inc (Class A)		30,583
6,600	*	Waste Connections, Inc		226,050
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		372,521

241 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.49%
3,023	*	Actel Corp	$	53,023
2,900	*	Advanced Energy Industries, Inc		26,477
8,584	*	Aeroflex, Inc		104,038
3,400	*	American Superconductor Corp		50,626
3,967	*	AMIS Holdings, Inc		65,535
1,800	*	Anaren Microwave, Inc		23,328
1,300		Applied Signal Technology, Inc		45,825
9,516	*	Arris Group, Inc		66,993
2,663	*	Artesyn Technologies, Inc		30,092
3,195	v*	Artisan Components, Inc		119,908
1,233	*	Atheros Communications, Inc		12,638
4,333	*	ATMI, Inc		97,622
11,200	*	Avanex Corp		37,072
4,500		Baldor Electric Co		123,885
1,523		Bel Fuse, Inc (Class B)		51,462
2,908	*	Benchmark Electronics, Inc		99,163
2,854	*	California Micro Devices Corp		20,235
8,501	*	Capstone Turbine Corp		15,557
2,710	*	Carrier Access Corp		28,943
164	*	Catapult Communications Corp		3,962
3,662	*	C-COR, Inc		34,057
675	*	Celestica, Inc (U.S.)		9,524
1,407	*	Ceradyne, Inc		80,494
953	*	Cherokee International Corp		9,158
300	*	Color Kinetics, Inc		5,274
1,469	*	Comtech Telecommunications		55,249
2,175		CTS Corp		28,906
1,773	*	DDi Corp		5,638
2,360	*	Digital Theater Systems, Inc		47,507
950	*	Diodes, Inc		21,499
4,149	*	Ditech Communications Corp		62,028
4,008	*	DSP Group, Inc		89,499
1,076	*	Dupont Photomasks, Inc		28,417
1,144	*	EMS Technologies, Inc		19,013
2,800	*	Energy Conversion Devices, Inc		54,096
400	*	EnerSys		6,100
5,289	*	Entegris, Inc		52,626
4,155	*	ESS Technology, Inc		29,542
1,757	*	Exar Corp		24,932
20,335	*	Finisar Corp		46,364
2,246		Franklin Electric Co, Inc		94,916
5,918	*	FuelCell Energy, Inc		58,588
2,266	*	Genesis Microchip, Inc		36,755
2,422	*	GrafTech International Ltd		22,912
9,900	*	Harmonic, Inc		82,566
3,603		Helix Technology Corp		62,656
2,896	*	Hexcel Corp		41,992
11,624	*	Integrated Device Technology, Inc		134,373
728	*	Integrated Silicon Solution, Inc		5,970
7,711	*	Interdigital Communications Corp		170,413
2,900		Inter-Tel, Inc		79,402
5,000	*	InterVoice, Inc		66,750
2,500	*	IXYS Corp		25,800
9,868	*	Kopin Corp		38,189
1,400	*	LaserCard Corp		14,686
7,301	*	Lattice Semiconductor Corp		41,616
700	*	Leadis Technology, Inc		7,455

242 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
1,549	*	Lifeline Systems, Inc	$	39,902
2,755	*	Littelfuse, Inc		94,111
5,195	*	Mattson Technology, Inc		58,496
1,765	*	Medis Technologies Ltd		32,388
2,900	*	Mercury Computer Systems, Inc		86,072
1,096	*	Merix Corp		12,626
1,423	*	Metrologic Instruments, Inc		30,239
9,473	*	Micrel, Inc		104,392
8,222	*	Microsemi Corp		142,734
6,100	*	Microtune, Inc		37,271
2,675	*	Microvision, Inc		18,725
5,745	*	MIPS Technologies, Inc		56,588
3,548	*	Mobility Electronics, Inc		30,442
610	*	Monolithic Power Systems, Inc		5,673
3,000	*	Monolithic System Technology, Inc		18,690
1,200	*	MRV Communications, Inc		4,404
600	*	Multi-Fineline Electronix, Inc		10,944
5,785	*	Mykrolis Corp		81,973
6,492	*	NMS Communications Corp		40,965
7,830	*	Omnivision Technologies, Inc		143,681
15,864	*	ON Semiconductor Corp		72,023
8,853	*	Openwave Systems, Inc		136,867
8,800	*	Oplink Communications, Inc		17,336
1,600	*	Optical Communication Products, Inc		4,000
1,300	*	OSI Systems, Inc		29,523
5,626	*	Paradyne Networks, Inc		20,197
1,842	*	Pericom Semiconductor Corp		17,370
1,448	*	Photronics, Inc		23,892
5,600	*	Pixelworks, Inc		63,504
2,477	*	Plexus Corp		32,226
6,749	*	Plug Power, Inc		41,236
2,876	*	PLX Technology, Inc		29,910
600	*	Portalplayer, Inc		14,808
3,800	*	Power Integrations, Inc		75,164
4,358	*	Power-One, Inc		38,873
6,588	*	Powerwave Technologies, Inc		55,866
2,100		Raven Industries, Inc		44,751
4,513	*	Rayovac Corp		137,917
374		Regal-Beloit Corp		10,696
5,000	*	Remec, Inc		36,050
24,989	*	RF Micro Devices, Inc		170,925
2,300	*	Rogers Corp		99,130
6,400	*	SBA Communications Corp		59,392
979	*	SBS Technologies, Inc		13,667
3,400	*	Seachange International, Inc		59,296
3,400	*	Sigmatel, Inc		120,802
10,244	*	Silicon Image, Inc		168,616
11,194	*	Silicon Storage Technology, Inc		66,604
771	*	Siliconix, Inc		28,134
2,705	*	Sipex Corp		12,659
18,471	*	Skyworks Solutions, Inc		174,182
3,180	*	Spatialight, Inc		28,461
2,600		Spectralink Corp		36,868
1,345	*	Staktek Holdings, Inc		6,241
1,200	*	Standard Microsystems Corp		21,396
13,100	*	Stratex Networks, Inc		29,606
1,200	*	Supertex, Inc		26,040

243 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
5,325	*	Symmetricom, Inc	$	51,706
3,075	*	Synaptics, Inc		94,034
751	*	Technitrol, Inc		13,668
6,879	*	Tekelec		140,607
9,587	*	Terayon Communication Systems, Inc		25,981
3,542	*	Tessera Technologies, Inc		131,798
22,200	*	Transmeta Corp		36,186
2,636	*	Trident Microsystems, Inc		44,074
4,539	*	Tripath Technology, Inc		5,674
10,968	*	Triquint Semiconductor, Inc		48,808
5,718	*	TTM Technologies, Inc		67,472
1,021	*	Ulticom, Inc		16,367
1,903	*	Ultralife Batteries, Inc		37,013
2,900	*	Universal Display Corp		26,100
1,800	*	Universal Electronics, Inc		31,680
2,800	*	Valence Technology, Inc		8,708
4,980	*	Varian Semiconductor Equipment Associates, Inc		183,513
18,400	*	Verso Technologies, Inc		13,248
2,900	*	Viasat, Inc		70,383
2,700		Vicor Corp		35,397
28,601	*	Vitesse Semiconductor Corp		100,962
600	*	Volterra Semiconductor Corp		13,293
6,800	*	Westell Technologies, Inc		46,240
2,656	*	Wilson Greatbatch Technologies, Inc		59,548
179		Woodhead Industries, Inc		2,869
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,151,219
ENGINEERING AND MANAGEMENT SERVICES - 3.94%
2,425	*	Advisory Board Co		89,434
6,089	*	Answerthink, Inc		28,375
3,500	*	Antigenics, Inc		35,420
7,100	*	Ariad Pharmaceuticals, Inc		52,753
6,992	*	Axonyx, Inc		43,350
1,400	*	Charles River Associates, Inc		65,478
3,200	*	Ciphergen Biosystems, Inc		13,760
2,518	*	Corrections Corp of America		101,853
3,352	*	CuraGen Corp		24,000
4,314	*	CV Therapeutics, Inc		99,222
6,491	*	Decode Genetics, Inc		50,695
3,247	*	DiamondCluster International, Inc		46,530
9,768	*	Digitas, Inc		93,284
3,300	*	Diversa Corp		28,842
3,647	*	Dyax Corp		26,331
6,150	*	eResearch Technology, Inc		97,478
8,721	*	Exelixis, Inc		82,850
1,561	*	Forrester Research, Inc		28,004
910	*	FTI Consulting, Inc		19,174
8,780	*	Gartner, Inc (Class A)		109,399
900	*	Genencor International, Inc		14,760
600	*	Greenfield Online, Inc		13,194
400	*	Huron Consulting Group, Inc		8,880
4,797	*	Incyte Corp		47,922
400	*	Infrasource Services, Inc		5,200
2,933	*	Keryx Biopharmaceuticals, Inc		33,935
2,900	*	Kosan Biosciences, Inc		20,097
800		Landauer, Inc		36,560

244 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
1,827	*	LECG Corp	$	34,074
8,716	*	Lexicon Genetics, Inc		67,593
3,845	*	Lifecell Corp		39,296
3,600	*	Luminex Corp		31,968
3,822	*	Maxim Pharmaceuticals, Inc		11,542
1,000	*	MTC Technologies, Inc		33,570
4,213	*	Myriad Genetics, Inc		94,835
6,300	*	Navigant Consulting, Inc		167,580
2,399	*	Neopharm, Inc		30,011
2,592	*	Parexel International Corp		52,618
3,138	*	Per-Se Technologies, Inc		49,675
13,116	*	Pharmos Corp		18,625
400	*	PRG-Schultz International, Inc		2,012
3,300	*	Regeneration Technologies, Inc		34,584
5,200	*	Regeneron Pharmaceuticals, Inc		47,892
3,129	*	Resources Connection, Inc		169,936
1,421	*	Rigel Pharmaceuticals, Inc		34,701
2,067	*	Seattle Genetics, Inc		13,498
1,750	*	SFBC International, Inc		69,125
3,893	*	Symyx Technologies, Inc		117,101
1,100	*	Tejon Ranch Co		44,880
6,000	*	Telik, Inc		114,840
6,319	*	Tetra Tech, Inc		105,780
3,808	*	Transkaryotic Therapies, Inc		96,685
761	*	TRC Cos, Inc		12,937
2,100	*	Trimeris, Inc		29,757
2,499	*	Ventiv Health, Inc		50,780
2,879		Watson Wyatt & Co Holdings		77,589
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,970,264
FABRICATED METAL PRODUCTS - 1.23%
600	*	Commercial Vehicle Group, Inc		13,098
12,501	*	Crown Holdings, Inc		171,764
1,000	*	Drew Industries, Inc		36,170
300	*	Griffon Corp		8,100
1,000		Gulf Island Fabrication, Inc		21,830
3,867	*	Intermagnetics General Corp		98,260
922	*	Jacuzzi Brands, Inc		8,021
967		Lifetime Hoan Corp		15,375
1,072	*	Mobile Mini, Inc		35,419
1,612	*	NCI Building Systems, Inc		60,450
789		Silgan Holdings, Inc		48,097
5,090		Simpson Manufacturing Co, Inc		177,641
2,700		Sturm Ruger & Co, Inc		24,381
6,622	*	Taser International, Inc		209,189
		TOTAL FABRICATED METAL PRODUCTS		927,795

245 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 0.47%
900	*	Boston Beer Co, Inc (Class A)	$	19,143
1,219		Cal-Maine Foods, Inc		14,738
324		Coca-Cola Bottling Co Consolidated		18,487
8,800	*	Darling International, Inc		38,368
500	*	Gold Kist, Inc		6,810
813	*	Hansen Natural Corp		29,601
7,978	*	Hercules, Inc		118,473
365		Lancaster Colony Corp		15,648
100		Lance, Inc		1,903
982		MGP Ingredients, Inc		8,484
200		National Beverage Corp		1,664
1,600	*	Peets Coffee & Tea, Inc		42,352
811		Sanderson Farms, Inc		35,100
300		Topps Co, Inc		2,925
		TOTAL FOOD AND KINDRED PRODUCTS		353,696
FOOD STORES - 0.31%
49		Arden Group, Inc (Class A)		4,923
3,876	*	Panera Bread Co (Class A)		156,280
1,110	*	Pantry, Inc		33,400
4,049	*	Wild Oats Markets, Inc		35,672
		TOTAL FOOD STORES		230,275
FURNITURE AND FIXTURES - 0.37%
2,007		Ethan Allen Interiors, Inc		80,320
884		Furniture Brands International, Inc		22,144
300		Hooker Furniture Corp		6,810
5,027	*	Select Comfort Corp		90,184
588		Stanley Furniture Co, Inc		26,431
2,508	*	Tempur-Pedic International, Inc		53,170
		TOTAL FURNITURE AND FIXTURES		279,059
FURNITURE AND HOMEFURNISHINGS STORES - 0.57%
3,000	*	Cost Plus, Inc		96,390
400	*	Design Within Reach, Inc		5,820
1,282	*	Electronics Boutique Holdings Corp		55,049
1,000	*	GameStop Corp (Class B)		22,410
3,285	*	Guitar Center, Inc		173,087
1,281	*	Kirkland's, Inc		15,743
1,114	*	Linens 'n Things, Inc		27,627
3,560	*	Restoration Hardware, Inc		20,434
2,569	*	The Bombay Co, Inc		14,207
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		430,767
GENERAL BUILDING CONTRACTORS - 0.42%
1,613		Brookfield Homes Corp		54,681
2,048		Levitt Corp (Class A)		62,607
1,275	*	Meritage Homes Corp		143,693
620	*	Palm Harbor Homes, Inc		10,466
100	*	Perini Corp		1,669
200		Technical Olympic U.S.A., Inc		5,076
568	*	William Lyon Homes, Inc		39,896
		TOTAL GENERAL BUILDING CONTRACTORS		318,088

246 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
GENERAL MERCHANDISE STORES - 0.68%
6,776	*	99 Cents Only Stores	$	109,500
300		Bon-Ton Stores, Inc		4,725
2,815	*	Brookstone, Inc		55,033
3,063		Casey's General Stores, Inc		55,593
800	*	Conn's, Inc		13,456
5,422		Fred's, Inc		94,343
748	*	Gander Mountain Co		9,597
726	*	Retail Ventures, Inc		5,155
3,452	*	Stein Mart, Inc		58,891
3,544	*	Tuesday Morning Corp		108,553
		TOTAL GENERAL MERCHANDISE STORES		514,846
HEALTH SERVICES - 3.19%
1,776	*	Amedisys, Inc		57,525
1,440	*	America Service Group, Inc		38,549
4,000	*	American Healthways, Inc		132,160
4,150	*	Amsurg Corp		122,591
6,824	*	Apria Healthcare Group, Inc		224,851
13,530	*	Beverly Enterprises, Inc		123,800
900	*	Corvel Corp		24,102
518	*	Cross Country Healthcare, Inc		9,365
900	*	Dynacq Healthcare, Inc		4,320
3,454	*	Enzo Biochem, Inc		67,249
8,629	*	First Health Group Corp		161,449
3,100	*	Gentiva Health Services, Inc		51,832
2,054		Hooper Holmes, Inc		12,160
900	b*	Impath, Inc		4,104
2,384	*	LabOne, Inc		76,383
1,939		LCA-Vision, Inc		45,353
5,232	*	LifePoint Hospitals, Inc		182,178
745	*	Magellan Health Services, Inc		25,449
1,023	*	Matria Healthcare, Inc		39,969
767		National Healthcare Corp		27,075
5,185	*	NeighborCare, Inc		159,283
5,050	*	Odyssey HealthCare, Inc		69,084
1,331		Option Care, Inc		22,880
2,821	*	Pediatrix Medical Group, Inc		180,685
500	*	Province Healthcare Co		11,175
1,642	*	Psychiatric Solutions, Inc		60,032
400	*	Radiation Therapy Services, Inc		6,800
500	*	RehabCare Group, Inc		13,995
12,713		Select Medical Corp		223,749
700	*	Specialty Laboratories, Inc		7,728
600	*	Stereotaxis, Inc		5,898
100	*	Sunrise Senior Living, Inc		4,636
1,173	*	Symbion, Inc		25,900
3,881	*	United Surgical Partners International, Inc		161,838
1,018	*	VistaCare, Inc (Class A)		16,929
		TOTAL HEALTH SERVICES		2,401,076

247 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.04%
1,174	*	Insituform Technologies, Inc (Class A)	$	26,615
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		26,615
HOLDING AND OTHER INVESTMENT OFFICES - 2.21%
100	*	4Kids Entertainment, Inc		2,102
287	*	Alexander's, Inc		61,705
372		Alexandria Real Estate Equities, Inc		27,684
2,112		American Home Mortgage Investment Corp		72,336
230	*	Bancorp, Inc		3,680
200		BioMed Realty Trust, Inc		4,442
192		Capital Southwest Corp		15,076
813		Capitol Bancorp Ltd		28,634
520		Cherokee, Inc		18,346
2,716	*	Circle Group Holdings, Inc		6,030
500		Cohen & Steers, Inc		8,125
1,982		Cousins Properties, Inc		59,995
1,400		Equity Lifestyle Properties, Inc		50,050
2,669		Equity One, Inc		63,335
726		Essex Property Trust, Inc		60,839
300		Extra Space Storage, Inc		3,999
2,800	*	First Acceptance Corp		25,088
200		German American Bancorp		3,220
176		Gladstone Capital Corp		4,171
1,904		Glimcher Realty Trust		52,760
691		Greater Bay Bancorp		19,265
2,181		Harris & Harris Group, Inc		35,725
300		HomeBanc Corp		2,904
3,450		iShares Russell 2000 Growth Index Fund		232,185
100		Kite Realty Group Trust		1,528
1,600		MortgageIT Holdings, Inc		28,720
4,445		New Century Financial Corp		284,080
438		Novastar Financial, Inc		21,681
1,558		Oriental Financial Group, Inc		44,107
2,300		PrivateBancorp, Inc		74,129
560		Sandy Spring Bancorp, Inc		21,465
100		Strategic Hotel Capital, Inc		1,650
1,543		Suffolk Bancorp		53,743
1,118		Tanger Factory Outlet Centers, Inc		29,582
3,200		Taubman Centers, Inc		95,840
2,456		Town & Country Trust		67,859
2,194		Washington Real Estate Investment Trust		74,311
200		Westfield Financial, Inc		5,164
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,665,555
HOTELS AND OTHER LODGING PLACES - 0.44%
1,067		Ameristar Casinos, Inc		45,998
663	*	Bluegreen Corp		13,147
6,299		Boyd Gaming Corp		262,353
601	*	Empire Resorts, Inc		6,701
		TOTAL HOTELS AND OTHER LODGING PLACES		328,199

248 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.25%
1,000	*	Aaon, Inc	$	16,070
3,297	*	Actuant Corp		171,939
3,670	*	Advanced Digital Information Corp		36,773
491	*	Astec Industries, Inc		8,450
1,100	*	ASV, Inc		52,690
6,500	*	Asyst Technologies, Inc		33,085
4,116	*	Authentidate Holding Corp		25,478
10,940	*	Axcelis Technologies, Inc		88,942
500	*	Blount International, Inc		8,710
6,200	*	Brooks Automation, Inc		106,764
1,100		Bucyrus International, Inc (Class A)		44,704
11,620	*	Cirrus Logic, Inc		64,026
10,904	*	Cray, Inc		50,813
2,342	*	Cuno, Inc		139,115
4,905	*	Cymer, Inc		144,894
6,048	*	Dot Hill Systems Corp		47,416
5,006	*	Electronics For Imaging, Inc		87,154
2,919	*	Emulex Corp		49,156
3,016		Engineered Support Systems, Inc		178,608
3,727	*	FalconStor Software, Inc		35,667
1,226	*	Flanders Corp		11,770
3,712	*	FSI International, Inc		17,335
8,602	*	Gateway, Inc		51,698
900	*	General Binding Corp		11,826
900	*	Global Power Equipment Group, Inc		8,856
1,415	*	Hydril		64,397
4,660	*	Hypercom Corp		27,587
3,594		IDEX Corp		145,557
2,264	*	Intevac, Inc		17,116
4,553	*	Iomega Corp		25,224
1,876		JLG Industries, Inc		36,826
3,352		Joy Global, Inc		145,577
886	*	Kadant, Inc		18,163
1,575		Kaydon Corp		52,007
477	*	Komag, Inc		8,958
7,000	*	Kulicke & Soffa Industries, Inc		60,340
619		Lennox International, Inc		12,597
4,489		Lincoln Electric Holdings, Inc		155,050
1,500		Lindsay Manufacturing Co		38,820
3,684		Manitowoc Co, Inc		138,703
1,484	*	Maxwell Technologies, Inc		15,048
2,153	*	Micros Systems, Inc		168,063
605		Middleby Corp		30,686
2,996	*	Netgear, Inc		54,497
3,660		Nordson Corp		146,656
1,241	*	Oil States International, Inc		23,939
2,948	*	Omnicell, Inc		32,428
1,500	*	Overland Storage, Inc		25,035
731	*	Paxar Corp		16,206
405	*	Planar Systems, Inc		4,548
3,621	*	Presstek, Inc		35,051
3,261	*	ProQuest Co		96,852
11,200	*	Quantum Corp		29,344
200		Sauer-Danfoss, Inc		4,362
1,200		Schawk, Inc		21,816
10,600	*	Scientific Games Corp (Class A)		252,704
2,201	*	Semitool, Inc		20,425
1,500	*	Simpletech, Inc		6,900
100		Tennant Co		3,965

249 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
1,750	*	Terex Corp	$	83,388
3,078		Toro Co		250,395
1,158	*	Transact Technologies, Inc		24,735
2,482	*	Ultratech, Inc		46,786
537	*	UNOVA, Inc		13,581
3,212	*	Veeco Instruments, Inc		67,677
3,087	*	WJ Communications		10,619
24,952	*	Xybernaut Corp		30,691
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,955,258
INSTRUMENTS AND RELATED PRODUCTS - 8.77%
2,365	*	Abaxis, Inc		34,269
2,061	*	Abiomed, Inc		31,822
1,280	*	ADE Corp		23,962
4,943	*	Advanced Medical Optics, Inc		203,355
2,800	*	Advanced Neuromodulation Systems, Inc		110,488
1,090	*	Aksys Ltd		6,060
7,246	*	Align Technology, Inc		77,895
3,492	*	American Medical Systems Holdings, Inc		146,001
948		Analogic Corp		42,461
526	*	Animas Corp		8,221
2,600		Arrow International, Inc		80,574
2,900	*	Arthrocare Corp		92,974
1,700	*	Aspect Medical Systems, Inc		41,582
2,406	*	August Technology Corp		25,335
1,500		BEI Technologies, Inc		46,320
2,400		Biolase Technology, Inc		26,088
840	*	Bio-Rad Laboratories, Inc (Class A)		48,191
2,830	*	Bruker BioSciences Corp		11,405
2,700	*	Candela Corp		30,672
6,200	*	Cardiac Science, Inc		13,268
5,100	*	Cardiodynamics International Corp		26,367
5,700	*	Cepheid, Inc		56,658
1,000	*	Closure Medical Corp		19,500
5,500		Cognex Corp		153,450
1,896	*	Coherent, Inc		57,714
3,595	*	Conceptus, Inc		29,173
12,519	*	Credence Systems Corp		114,549
4,348	*	CTI Molecular Imaging, Inc		61,698
2,353	*	Cyberonics, Inc		48,754
1,002	*	Cyberoptics Corp		14,900
2,802	*	Depomed, Inc		15,131
2,500	*	Dionex Corp		141,675
2,203	*	DJ Orthopedics, Inc		47,188
473	*	DRS Technologies, Inc		20,202
1,640		EDO Corp		52,070
4,139	*	Encore Medical Corp		28,104
2,956	*	Endocardial Solutions, Inc		34,585
978	*	ESCO Technologies, Inc		74,964
900	*	Exactech, Inc		16,461
1,601	*	Excel Technology, Inc		41,626
1,432	*	Faro Technologies, Inc		44,650
2,876	*	FEI Co		60,396
3,797	*	Formfactor, Inc		103,051
600	*	Foxhollow Technologies, Inc		14,754
1,637	*	Haemonetics Corp		59,276

250 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
500	*	Herley Industries, Inc	$	10,170
745	*	Hologic, Inc		20,465
1,500	*	ICU Medical, Inc		41,010
2,556	*	I-Flow Corp		46,596
1,600		II-VI, Inc		67,984
3,881	*	Illumina, Inc		36,792
600	*	Immunicon Corp		4,188
8,796	*	Input/Output, Inc		77,757
2,800	*	Integra LifeSciences Holding		103,404
900	*	Intralase Corp		21,132
4,100	*	Intuitive Surgical, Inc		164,082
1,176	*	Ista Pharmaceuticals, Inc		11,901
2,874	*	Itron, Inc		68,717
3,700	*	Ixia		62,197
1,700		Keithley Instruments, Inc		33,490
1,300	*	Kensey Nash Corp		44,889
2,035	*	KVH Industries, Inc		19,943
3,226	*	Kyphon, Inc		83,102
2,500	*	Laserscope		89,775
9,884	*	Lexar Media, Inc		77,491
8,525	*	LTX Corp		65,557
1,447	*	Measurement Specialties, Inc		36,841
1,100	*	Medical Action Industries, Inc		21,670
5,344		Mentor Corp		180,307
3,279	*	Merit Medical Systems, Inc		50,103
2,000	*	Micro Therapeutics, Inc		7,500
3,003		Mine Safety Appliances Co		152,252
3,725	*	MKS Instruments, Inc		69,099
1,586	*	Molecular Devices Corp		31,879
206		MTS Systems Corp		6,965
4,603	*	Nanogen, Inc		33,878
2,882	*	Newport Corp		40,636
997	*	NuVasive, Inc		10,219
2,898		Oakley, Inc		36,950
2,224	*	Ocular Sciences, Inc		108,998
7,192	*	Orbital Sciences Corp		85,081
5,200	*	Orthologic Corp		32,500
6,543	*	Orthovita, Inc		27,415
1,626	*	Palomar Medical Technologies, Inc		42,390
2,300	*	Photon Dynamics, Inc		55,844
4,923	*	Pinnacle Systems, Inc		30,030
2,202	*	Possis Medical, Inc		29,683
4,675	*	RAE Systems, Inc		34,128
1,700	*	Rudolph Technologies, Inc		29,189
1,336	*	Sirf Technology Holdings, Inc		16,994
2,489	*	Sonic Innovations, Inc		10,379
2,600	*	Sonic Solutions, Inc		58,344
2,000	*	SonoSite, Inc		67,900
3,800	*	Star Scientific, Inc		19,323
8,229	*	Steris Corp		195,192
3,627	*	Sybron Dental Specialties, Inc		128,323
100		Sypris Solutions, Inc		1,531
4,455	*	Techne Corp		173,300
525		Tektronix, Inc		15,860
6,229	*	Thermogenesis		39,492
6,200	*	Thoratec Corp		64,604
7,007	*	Trimble Navigation Ltd		231,511
3,800	*	TriPath Imaging, Inc		34,086
1,342		United Industrial Corp		51,989
2,004	*	Urologix, Inc		12,966

251 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
4,760	*	Varian, Inc	$	195,208
1,900	*	Ventana Medical Systems, Inc		121,581
4,197	*	Viisage Technology, Inc		37,815
6,732	*	Visx, Inc		174,157
500	*	Vnus Medical Technologies, Inc		6,760
3,646	*	Wright Medical Group, Inc		103,911
3,000		X-Rite, Inc		48,030
500		Young Innovations, Inc		16,865
793	*	Zoll Medical Corp		27,279
1,082	*	Zygo Corp		12,757
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,608,195
INSURANCE AGENTS, BROKERS AND SERVICE - 0.46%
300	*	Clark, Inc		4,656
3,192		Hilb, Rogal & Hamilton Co		115,678
4,654		National Financial Partners Corp		180,575
4,233	*	USI Holdings Corp		48,976
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		349,885
INSURANCE CARRIERS - 1.34%
100		Affirmative Insurance Holdings, Inc		1,684
654		American Equity Investment Life Holding Co		7,044
2,760	*	AMERIGROUP Corp		208,822
1,633		Bristol West Holdings, Inc		32,660
5,672	*	Centene Corp		160,801
6,403	*	Danielson Holdings Corp		54,105
2,191		Direct General Corp		70,331
2,600	*	HealthExtras, Inc		42,380
100		Independence Holding Co		1,845
224		Infinity Property & Casualty Corp		7,885
1,233	*	Molina Healthcare, Inc		57,187
394	*	Philadelphia Consolidated Holding Corp		26,059
396		RLI Corp		16,462
251		Selective Insurance Group, Inc		11,104
3,163	*	Sierra Health Services, Inc		174,313
873		State Auto Financial Corp		22,567
3,610	*	Vesta Insurance Group, Inc		13,285
900	*	WellCare Health Plans, Inc		29,250
1,400		Zenith National Insurance Corp		69,776
		TOTAL INSURANCE CARRIERS		1,007,560
LEATHER AND LEATHER PRODUCTS - 0.19%
3,600		K-Swiss, Inc (Class A)		104,832
1,161		Wolverine World Wide, Inc		36,479
		TOTAL LEATHER AND LEATHER PRODUCTS		141,311

252 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
LEGAL SERVICES - 0.07%
1,352		Pre-Paid Legal Services, Inc	$	50,768
		TOTAL LEGAL SERVICES		50,768
LUMBER AND WOOD PRODUCTS - 0.19%
308		American Woodmark Corp		13,453
9,700	*	Champion Enterprises, Inc		114,654
184		Deltic Timber Corp		7,811
200		Universal Forest Products, Inc		8,680
		TOTAL LUMBER AND WOOD PRODUCTS		144,598
METAL MINING - 0.42%
800		Cleveland-Cliffs, Inc		83,088
32,922	*	Coeur D'alene Mines Corp		129,383
8,100	*	Hecla Mining Co		47,223
2,300		Royal Gold, Inc		41,952
1,215	*	Stillwater Mining Co		13,681
		TOTAL METAL MINING		315,327
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.87%
948		Blyth, Inc		28,023
1,800	*	Daktronics, Inc		44,802
1,064		Escalade, Inc		14,215
12,197	*	Identix, Inc		90,014
792	*	K2, Inc		12,577
3,590	*	Leapfrog Enterprises, Inc		48,824
1,250	*	RC2 Corp		40,750
3,189	*	Shuffle Master, Inc		150,202
6,832	*	Yankee Candle Co, Inc		226,686
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		656,093
MISCELLANEOUS RETAIL - 1.45%
3,100	*	1-800-Flowers.com, Inc (Class A)		26,071
1,900	*	AC Moore Arts & Crafts, Inc		54,739
2,649		Big 5 Sporting Goods Corp		77,192
270	*	Blue Nile, Inc		7,457
700	*	Build-A-Bear Workshop, Inc		24,605
2,380		Cash America International, Inc		70,757
3,000	*	Coldwater Creek, Inc		92,610
4,180	*	Dick's Sporting Goods, Inc		146,927
6,300	*	Drugstore.com, Inc		21,420
3,268	*	Hibbett Sporting Goods, Inc		86,961
2,500	*	Jill (J.) Group, Inc		37,225
1,673	*	Overstock.com, Inc		115,437
1,600	*	Party City Corp		20,688
1,155	*	PC Mall, Inc		25,849
2,223	*	Priceline.com, Inc		52,441
1,654	*	Sharper Image Corp		31,178
1,270	*	Sports Authority, Inc		32,703
2,274		Stamps.com, Inc		36,020
1,697	*	Valuevision International, Inc (Class A)		23,605
1,608		World Fuel Services Corp		80,078
908	*	Zale Corp		27,122
		TOTAL MISCELLANEOUS RETAIL		1,091,085

253 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
MOTION PICTURES - 0.06%
2,397	*	Hollywood Entertainment Corp	$	31,377
534		Movie Gallery, Inc		10,183
		TOTAL MOTION PICTURES		41,560
NONDEPOSITORY INSTITUTIONS - 0.47%
2,215	*	Accredited Home Lenders Holding Co		110,041
1,017		Asta Funding, Inc		27,296
300	*	Collegiate Funding Services LLC		4,227
300	*	Credit Acceptance Corp		7,635
1,641	*	Encore Capital Group, Inc		39,023
71		Federal Agricultural Mortgage Corp (Class C)		1,654
1,586	*	First Cash Financial Services, Inc		42,362
1,125	*	Nelnet, Inc		30,296
1,050	*	NGP Capital Resources Co		16,139
654	*	United PanAm Financial Corp		12,465
2,300	*	World Acceptance Corp		63,273
		TOTAL NONDEPOSITORY INSTITUTIONS		354,411
NONMETALLIC MINERALS, EXCEPT FUELS - 0.01%
418		Amcol International Corp		8,398
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		8,398
OIL AND GAS EXTRACTION - 3.70%
277	*	Atlas America, Inc		9,903
1,623	*	Atwood Oceanics, Inc		84,558
651		Berry Petroleum Co (Class A)		31,053
3,307	*	Brigham Exploration Co		29,763
1,650		Cabot Oil & Gas Corp (Class A)		73,013
5,277	*	Cal Dive International, Inc		215,038
953	*	Callon Petroleum Co		13,780
2,655	*	Cheniere Energy, Inc		169,124
600	*	Clayton Williams Energy, Inc		13,740
4,217	*	Comstock Resources, Inc		92,985
2,648	*	Delta Petroleum Corp		41,521
7,601	*	Denbury Resources, Inc		208,647
1,519	*	Edge Petroleum Corp		22,147
201	*	Encore Acquisition Co		7,017
4,322	*	FX Energy, Inc		50,481
25,800	*	Grey Wolf, Inc		135,966
3,763		Helmerich & Payne, Inc		128,093
6,821	b*	KCS Energy, Inc		100,814
7,568	*	Magnum Hunter Resources, Inc		97,627
1,300	*	McMoRan Exploration Co		24,310
5,698	*	Mission Resources Corp		33,276
6,763	*	Newpark Resources, Inc		34,829
2,539		Penn Virginia Corp		103,007
2,229	*	Petroleum Development Corp		85,973
2,100	*	Plains Exploration & Production Co		54,600
4,100	*	Quicksilver Resources, Inc		150,798
4,389		Range Resources Corp		89,799
2,560	*	Remington Oil & Gas Corp		69,760
100		RPC, Inc		2,512
1,150	*	Southwestern Energy Co		58,294
1,420	*	Spinnaker Exploration Co		49,799

254 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
478	*	Stone Energy Corp	$	21,553
4,070	*	Superior Energy Services, Inc		62,719
2,133	*	Syntroleum Corp		17,128
3,100	*	Tetra Technologies, Inc		87,730
5,157	*	Unit Corp		197,049
1,600	*	Veritas DGC, Inc		35,856
960	*	W-H Energy Services, Inc		21,466
2,079	*	Whiting Petroleum Corp		62,890
		TOTAL OIL AND GAS EXTRACTION		2,788,618
PAPER AND ALLIED PRODUCTS - 0.13%
9,234	*	Graphic Packaging Corp		66,485
3,000	*	Playtex Products, Inc		23,970
421		Wausau-Mosinee Paper Corp		7,519
		TOTAL PAPER AND ALLIED PRODUCTS		97,974
PERSONAL SERVICES - 0.21%
2,995	*	Coinstar, Inc		80,356
3,100		Jackson Hewitt Tax Service, Inc		78,275
		TOTAL PERSONAL SERVICES		158,631
PETROLEUM AND COAL PRODUCTS - 0.46%
2,469		ElkCorp		84,489
3,600		Frontier Oil Corp		95,976
4,600	*	Headwaters, Inc		131,100
1,259		WD-40 Co		35,768
		TOTAL PETROLEUM AND COAL PRODUCTS		347,333
PRIMARY METAL INDUSTRIES - 1.89%
8,196	*	AK Steel Holding Corp		118,596
843	*	Aleris International, Inc		14,264
12,905		Allegheny Technologies, Inc		279,651
1,404		Belden CDT, Inc		32,573
2,606	*	Century Aluminum Co		68,434
4,617	*	CommScope, Inc		87,261
737		Curtiss-Wright Corp		42,311
2,148	*	Encore Wire Corp		28,633
451	*	General Cable Corp		6,246
1,261		Gibraltar Industries, Inc		29,785
3,182	*	Lone Star Technologies, Inc		106,470
4,500		Matthews International Corp (Class A)		165,600
5,858	*	Maverick Tube Corp		177,497
1,300		Mueller Industries, Inc		41,860
1,700		Ryerson Tull, Inc		26,775
200		Schnitzer Steel Industries, Inc (Class A)		6,786
4,636		Steel Dynamics, Inc		175,612
464	*	Wheeling-Pittsburgh Corp		17,883
		TOTAL PRIMARY METAL INDUSTRIES		1,426,237

255 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
PRINTING AND PUBLISHING - 1.17%
2,852		Banta Corp	$	127,656
2,400		Bowne & Co, Inc		39,024
1,058	*	Consolidated Graphics, Inc		48,562
350		Courier Corp		18,172
3,302		Harland (John H.) Co		119,202
5,368		Hollinger International, Inc		84,170
1,170		Journal Communications, Inc		21,142
3,436	*	Journal Register Co		66,418
700	*	Martha Stewart Living Omnimedia, Inc (Class A)		20,314
2,733	*	Playboy Enterprises, Inc (Class B)		33,589
9,239		Reader's Digest Association, Inc (Class A)		128,514
200		Standard Register Co		2,824
1,357		Thomas Nelson, Inc		30,668
4,037	*	Valassis Communications, Inc		141,335
		TOTAL PRINTING AND PUBLISHING		881,590
RAILROAD TRANSPORTATION - 0.12%
143		Florida East Coast Industries		6,449
259	*	Genesee & Wyoming, Inc (Class A)		7,286
4,353	*	Kansas City Southern Industries, Inc		77,179
		TOTAL RAILROAD TRANSPORTATION		90,914
REAL ESTATE - 0.19%
2,100	*	CB Richard Ellis Group, Inc		70,455
826		Consolidated-Tomoka Land Co		35,518
979	*	Jones Lang LaSalle, Inc		36,624
100	*	Orleans Homebuilders, Inc		1,985
		TOTAL REAL ESTATE		144,582
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.58%
972	*	Applied Films Corp		20,956
1,213	*	Deckers Outdoor Corp		56,999
3,416	*	Jarden Corp		148,391
1,000		Quixote Corp		20,330
126	*	Skechers U.S.A., Inc (Class A)		1,633
1,453	*	Trex Co, Inc		76,195
5,485		Tupperware Corp		113,649
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		438,153
SECURITY AND COMMODITY BROKERS - 0.43%
3,332	*	Affiliated Managers Group, Inc		225,710
436		BKF Capital Group, Inc		16,524
1,300		Calamos Asset Management, Inc (Class A)		35,100
501		Gabelli Asset Management, Inc (Class A)		24,309
339		Greenhill & Co, Inc		9,729
202	*	Piper Jaffray Cos		9,686
		TOTAL SECURITY AND COMMODITY BROKERS		321,058
SOCIAL SERVICES - 0.15%
1,800	*	Bright Horizons Family Solutions, Inc		116,568
		TOTAL SOCIAL SERVICES		116,568

256 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
SPECIAL TRADE CONTRACTORS - 0.30%
5,149	*	Dycom Industries, Inc	$	157,147
1,853	*	Integrated Electrical Services, Inc		8,969
682	*	Layne Christensen Co		12,378
1,221	*	Matrix Service Co		9,841
4,978	*	Quanta Services, Inc		39,824
		TOTAL SPECIAL TRADE CONTRACTORS		228,159
STONE, CLAY, AND GLASS PRODUCTS - 0.37%
733	*	Anchor Glass Container Corp		4,926
3,400	*	Cabot Microelectronics Corp		136,170
1,704		CARBO Ceramics, Inc		117,576
231		Eagle Materials, Inc		19,947
100		Libbey, Inc		2,221
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		280,840
TOBACCO PRODUCTS - 0.07%
3,257		Vector Group Ltd		54,164
		TOTAL TOBACCO PRODUCTS		54,164
TRANSPORTATION BY AIR - 0.60%
11,700	*	Airtran Holdings, Inc		125,190
621	*	America West Holdings Corp (Class B)		4,086
4,000	*	ExpressJet Holdings, Inc		51,520
2,987	*	Forward Air Corp		133,519
1,812	*	Frontier Airlines, Inc		20,675
3,900	*	Mesa Air Group, Inc		30,966
2,653	*	Pinnacle Airlines Corp		36,983
200	*	Republic Airways Holdings, Inc		2,654
2,255		Skywest, Inc		45,235
		TOTAL TRANSPORTATION BY AIR		450,828
TRANSPORTATION EQUIPMENT - 1.59%
800	*	AAR Corp		10,896
1,034	*	Aftermarket Technology Corp		16,647
300		Arctic Cat, Inc		7,956
7,710	*	BE Aerospace, Inc		89,744
3,500		Clarcor, Inc		191,695
7,454	*	Fleetwood Enterprises, Inc		100,331
100		Heico Corp		2,259
1,200		Marine Products Corp		31,332
3,611		Monaco Coach Corp		74,278
858		Noble International Ltd		17,495
300	*	Strattec Security Corp		18,786
4,476	*	Teledyne Technologies, Inc		131,729
4,897		Thor Industries, Inc		181,434
2,349	*	Wabash National Corp		63,259
5,526		Westinghouse Air Brake Technologies Corp		117,814
3,600		Winnebago Industries, Inc		140,616
		TOTAL TRANSPORTATION EQUIPMENT		1,196,271

257 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
TRANSPORTATION SERVICES - 0.39%
1,100		Ambassadors Group, Inc	$	39,171
4,925	*	EGL, Inc		147,208
750	*	HUB Group, Inc		39,165
2,647	*	Pacer International, Inc		56,275
1,119	*	RailAmerica, Inc		14,603
		TOTAL TRANSPORTATION SERVICES		296,422
TRUCKING AND WAREHOUSING - 0.96%
2,107		Arkansas Best Corp		94,583
1,261	*	Central Freight Lines, Inc		7,944
5,643		Heartland Express, Inc		126,798
3,871	*	Landstar System, Inc		285,060
100	*	Marten Transport Ltd		2,273
2,300	*	Old Dominion Freight Line		80,040
600	*	Quality Distribution, Inc		5,064
1,348	*	SCS Transportation, Inc		31,503
1,353	*	Swift Transportation Co, Inc		29,062
300	*	U.S. Xpress Enterprises, Inc (Class A)		8,790
2,410		Werner Enterprises, Inc		54,562
		TOTAL TRUCKING AND WAREHOUSING		725,679
WATER TRANSPORTATION - 0.12%
1,005	*	Gulfmark Offshore, Inc		22,381
300	*	Hornbeck Offshore Services, Inc		5,790
1,422	*	Kirby Corp		63,108
		TOTAL WATER TRANSPORTATION		91,279
WHOLESALE TRADE-DURABLE GOODS - 2.14%
1,000	*	1-800 Contacts, Inc		22,000
1,940		Anixter International, Inc		69,821
1,200	*	Audiovox Corp (Class A)		18,936
700	*	Beacon Roofing Supply, Inc		13,902
2,173	*	BioVeris Corp		15,885
300		Compx International, Inc		4,959
2,219	*	Digi International, Inc		38,145
3,162	*	Global Imaging Systems, Inc		124,899
2,255	*	Imagistics International, Inc		75,903
2,004	*	Insight Enterprises, Inc		41,122
1,064	*	INTAC International		13,832
2,104	*	Keystone Automotive Industries, Inc		48,918
5,089		Knight Transportation, Inc		126,207
1,009	*	LKQ Corp		20,251
1,475	*	Merge Technologies, Inc		32,819
1,336	*	Microtek Medical Holdings, Inc		5,424
3,031	*	Navarre Corp		53,346
2,150		Owens & Minor, Inc		60,566
7,562		Pep Boys-Manny Moe & Jack		129,083
9,347	*	PSS World Medical, Inc		116,978
2,918		Reliance Steel & Aluminum Co		113,685
6,898	*	Safeguard Scientifics, Inc		14,624
1,700	*	Scansource, Inc		105,672
7,348		SCP Pool Corp		234,401
2,428	*	WESCO International, Inc		71,966
3,182	*	Zoran Corp		36,848
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,610,192

258 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund

SHARES				VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 1.56%
5,931		Acuity Brands, Inc	$	188,606
264		Advanced Marketing Services, Inc		2,656
1,477		Airgas, Inc		39,155
2,388	*	Allscripts Healthcare Solutions, Inc		25,480
1,700	*	Central European Distribution Corp		50,218
339		Getty Realty Corp		9,739
1,093		Kenneth Cole Productions, Inc (Class A)		33,730
406	*	Maui Land & Pineapple Co		15,936
300	*	Men's Wearhouse, Inc		9,588
5,689		Nu Skin Enterprises, Inc (Class A)		144,387
951	*	Nuco2, Inc		21,103
3,875	*	Performance Food Group Co		104,276
2,478		Perrigo Co		42,795
3,973	*	Priority Healthcare Corp (Class B)		86,492
596	*	Provide Commerce, Inc		22,141
724	*	School Specialty, Inc		27,917
100	*	Smart & Final, Inc		1,439
700		Standard Commercial Corp		13,622
4,300	*	Tractor Supply Co		160,003
5,440	*	United Natural Foods, Inc		169,168
100	*	United Stationers, Inc		4,620
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,173,071
		TOTAL COMMON STOCK
		(Cost $55,436,944)		75,208,150
		TOTAL PORTFOLIO - 99.82%
		(Cost $55,452,688)		75,228,003
		OTHER ASSETS & LIABILITIES, NET - 0.18%		138,520
		NET ASSETS - 100.00%	$	75,366,523
	*	Non-income producing
	b	In bankruptcy
	f	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted to $0.00 or 0.00% of net assets.
	v	Security valued at fair value.
		For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
		Note that the funds may use more specific industry categories in following their investment limitations on industry concentration.

Restricted securities held by the Fund are as follows:
SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Wiltel Communications (Rts)	11/07/03	$	-	$	-

259

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
COMMON STOCKS - 99.74%
AGRICULTURAL PRODUCTION-CROPS - 0.12%
400	*	Alico, Inc	$	23,408
1,700		Delta & Pine Land Co		46,376
700	*	John B. Sanfilippo & Son		18,046
		TOTAL AGRICULTURAL PRODUCTION-CROPS		87,830
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.05%
36		Seaboard Corp		35,928
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		35,928
AMUSEMENT AND RECREATION SERVICES - 0.91%
1,435	*	Argosy Gaming Co		67,015
4,054	*	Aztar Corp		141,566
927		Churchill Downs, Inc		41,437
881		Dover Downs Gaming & Entertainment, Inc		11,541
1,900		Dover Motorsport, Inc		10,887
3,682	*	Gaylord Entertainment Co		152,913
800	*	Isle of Capri Casinos, Inc		20,520
1,714	*	Lakes Entertainment, Inc		27,921
800	*	Life Time Fitness, Inc		20,704
4,300	*	Magna Entertainment (Class A)		25,886
575	*	MTR Gaming Group, Inc		6,072
420	*	Nevada Gold & Casinos, Inc		5,124
10,837	*	Six Flags, Inc		58,195
700		Speedway Motorsports, Inc		27,426
2,097	*	Sunterra Corp		29,442
		TOTAL AMUSEMENT AND RECREATION SERVICES		646,649
APPAREL AND ACCESSORY STORES - 1.06%
900		Buckle, Inc		26,550
2,135		Burlington Coat Factory Warehouse Corp		48,465
2,184		Cato Corp (Class A)		62,943
13,536	*	Charming Shoppes, Inc		126,832
593		Deb Shops, Inc		14,849
1,229	*	Dress Barn, Inc		21,630
428		Finish Line, Inc (Class A)		7,832
1,575	*	Genesco, Inc		49,046
1,749		Goody's Family Clothing, Inc		15,986
555	*	Gymboree Corp		7,115
2,215	*	Jo-Ann Stores, Inc		61,001
600	*	New York & Co, Inc		9,912
300		Oshkosh B'gosh, Inc (Class A)		6,420
7,983	*	Payless Shoesource, Inc		98,191
500	*	Shoe Carnival, Inc		6,500
2,125	*	Stage Stores, Inc		88,230
4,190	*	Too, Inc		102,487
		TOTAL APPAREL AND ACCESSORY STORES		753,989

260 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
APPAREL AND OTHER TEXTILE PRODUCTS - 0.38%
5,100	*	Collins & Aikman Corp	$	22,236
2,975	*	Hartmarx Corp		23,116
3,181		Kellwood Co		109,745
2,881		Phillips-Van Heusen Corp		77,787
1,877	*	Warnaco Group, Inc		40,543
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		273,427
AUTO REPAIR, SERVICES AND PARKING - 0.28%
586	*	Amerco, Inc		26,944
2,200		Central Parking Corp		33,330
3,000	*	Dollar Thrifty Automotive Group, Inc		90,600
2,323	*	Exide Technologies		32,011
754	*	Midas, Inc		15,080
79	*	Monro Muffler Brake, Inc		1,999
		TOTAL AUTO REPAIR, SERVICES AND PARKING		199,964
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.47%
1,200	*	Asbury Automotive Group, Inc		16,536
730	*	CSK Auto Corp		12,220
2,248	*	Group 1 Automotive, Inc		70,812
1,587		Lithia Motors, Inc (Class A)		42,563
1,300	*	MarineMax, Inc		38,688
200	*	Rush Enterprises, Inc		3,462
3,200		Sonic Automotive, Inc		79,360
2,206		United Auto Group, Inc		65,276
186	*	West Marine, Inc		4,604
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		333,521
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.19%
1,600		Building Materials Holding Corp		61,264
1,800	*	Central Garden & Pet Co		75,132
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		136,396
BUSINESS SERVICES - 4.92%
4,420		ABM Industries, Inc		87,162
5,121	*	ActivCard Corp		45,577
642		Advo, Inc		22,887
2,282	*	Agile Software Corp		18,644
424	*	Ansys, Inc		13,593
5,329	*	Ariba, Inc		88,461
5,062	*	Ascential Software Corp		82,561
2,454	*	Asiainfo Holdings, Inc		14,626
2,200	*	Atari, Inc		6,446
14,418	*	Bisys Group, Inc		237,176
200	*	Blackbaud, Inc		2,928
303	*	Blackboard, Inc		4,487
5,344	*	Borland Software Corp		62,418
1,037		Brady Corp (Class A)		64,885
5,528	*	Brocade Communications Systems, Inc		42,234
1,234	*	Captaris, Inc		6,367
1,902		Catalina Marketing Corp		56,356
129	*	CCC Information Services Group, Inc		2,865
217		CDI Corp		4,639
2,233	*	Ciber, Inc		21,526
1,935	*	CSG Systems International, Inc		36,185
840	*	Digimarc Corp		7,829
3,300	*	DoubleClick, Inc		25,674

261 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
8,406	*	E.piphany, Inc	$	40,601
1,543	*	Earthlink, Inc		17,775
5,545	*	eFunds Corp		133,135
2,200		Electro Rent Corp		31,306
10,650	*	Enterasys Networks, Inc		19,170
1,589	*	EPIQ Systems, Inc		23,263
156	*	Equinix, Inc		6,667
3,350	*	Extreme Networks, Inc		21,943
189		Healthcare Services Group		3,939
11,964	*	Homestore, Inc		36,251
201	*	Hudson Highland Group, Inc		5,789
643	*	iGate Corp		2,604
3,973		Imation Corp		126,461
3,619	*	Interactive Data Corp		78,677
234	*	Interchange Corp		4,245
940	*	Intergraph Corp		25,314
500	*	Intermix Media, Inc		2,825
4,436	*	Internet Capital Group, Inc		39,924
3,221	*	Internet Security Systems, Inc		74,888
900		Interpool, Inc		21,375
100	*	Intervideo, Inc		1,323
4,741	*	Interwoven, Inc		51,582
2,500	*	JDA Software Group, Inc		34,050
300	*	Kanbay International, Inc		9,390
2,400	*	Keane, Inc		35,280
2,040		Kelly Services, Inc (Class A)		61,567
856	*	Keynote Systems, Inc		11,916
1,500	*	KFX ,Inc		21,780
5,500	*	Lawson Software, Inc		37,785
719	*	Mantech International Corp (Class A)		17,069
4,729	*	Manugistics Group, Inc		13,572
1,905	*	Mapinfo Corp		22,822
200	*	Marlin Business Services, Inc		3,800
1,407	*	Medical Staffing Network Holdings, Inc		11,523
190	*	MedQuist, Inc		2,812
521	*	Midway Games, Inc		5,471
300	*	Motive, Inc		3,414
8,762	*	MPS Group, Inc		107,422
1,925	*	MRO Software, Inc		25,064
2,000	*	MSC.Software Corp		20,940
3,288	*	NCO Group, Inc		84,995
3,002		NDCHealth Corp		55,807
855	*	Neoforma, Inc		6,575
6,732	*	NETIQ Corp		82,198
400	*	Netratings, Inc		7,668
400	*	Netscout Systems, Inc		2,792
770	*	Network Equipment Technologies, Inc		7,561
14,575	*	Parametric Technology Corp		85,847
200	*	PC-Tel, Inc		1,586
1,181		PEC Solutions, Inc		16,735
1,559	*	Pegasus Solutions, Inc		19,643
100	*	Pegasystems, Inc		853
6,535	*	Perot Systems Corp (Class A)		104,756
964	*	PLATO Learning, Inc		7,182
300	*	Progress Software Corp		7,005
303	*	Proxymed, Inc		2,975
2,600	*	R.H. Donnelley Corp		153,530
415	*	Radisys Corp		8,113
3,351	*	Redback Networks, Inc		17,961
304	*	Redback Networks, Inc Wts 01/02/11		714
289	*	Redback Networks, Inc Wts 01/02/11		751
1,020	*	Rent-Way, Inc		8,170
300	*	RightNow Technologies, Inc		4,845

262 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
1,402	*	SafeNet, Inc	$	51,509
300	*	Salesforce.com, Inc		5,082
2,054	*	Scansoft, Inc		8,606
6,597	*	Sitel Corp		16,229
2,960	*	SonicWALL, Inc		18,707
7,033	*	Spherion Corp		59,077
300	*	SPSS, Inc		4,692
700	*	Stellent, Inc		6,174
1,900	*	Sykes Enterprises, Inc		13,205
762	*	SYNNEX Corp		18,334
914	*	Take-Two Interactive Software, Inc		31,798
1,156		Talx Corp		29,813
1,280	*	TeleTech Holdings, Inc		12,403
2,512	*	THQ, Inc		57,625
1,900	*	Tier Technologies, Inc (Class B)		17,575
198	*	Trizetto Group, Inc		1,881
5,023	*	United Rentals, Inc		94,935
2,058	*	Universal Compression Holdings, Inc		71,845
3,030	*	Verity, Inc		39,754
600	*	Vertrue, Inc		22,662
15,656	*	Vignette Corp		21,762
1,000	*	Volt Information Sciences, Inc		29,390
1,500	*	WatchGuard Technologies, Inc		6,645
801	*	webMethods, Inc		5,775
		TOTAL BUSINESS SERVICES		3,504,000
CHEMICALS AND ALLIED PRODUCTS - 4.60%
5,289	*	Abgenix, Inc		54,688
2,506	*	Albany Molecular Research, Inc		27,917
3,700		Albemarle Corp		143,227
4,600		Alpharma, Inc (Class A)		77,970
2,800		Arch Chemicals, Inc		80,584
2,013	*	Atherogenics, Inc		47,426
200	*	Barrier Therapeutics, Inc		3,320
3,800		Calgon Carbon Corp		34,504
3,023		Cambrex Corp		81,923
5,050	*	Cell Genesys, Inc		40,905
477	*	Chattem, Inc		15,789
13,300		Crompton Corp		156,940
1,097	*	Cubist Pharmaceuticals, Inc		12,978
4,393		Cytec Industries, Inc		225,888
100	*	Cytokinetics, Inc		1,025
2,028	*	Enzon, Inc		27,824
4,860		Ferro Corp		112,703
245	*	First Horizon Pharmaceutical		5,608
4,254	*	FMC Corp		205,468
1,530		Georgia Gulf Corp		76,194
5,949		Great Lakes Chemical Corp		169,487
1,879	*	Guilford Pharmaceuticals, Inc		9,301
3,411		H.B. Fuller Co		97,248
15,114	*	Human Genome Sciences, Inc		181,670
300	*	Indevus Pharmaceuticals, Inc		1,788
662	*	Inverness Medical Innovations, Inc		16,616
5		Kronos Worldwide, Inc		204
300	*	MannKind Corp		4,725
6,041	*	Medarex, Inc		65,122
2,469		Minerals Technologies, Inc		164,682
1,051		Nature's Sunshine Products, Inc		21,398
389	*	Neose Technologies, Inc		2,614
1,608	*	NewMarket Corp		31,999
200	*	NitroMed, Inc		5,330
700	*	NL Industries, Inc		15,470
1,386		Octel Corp		28,843

263 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
4,896		Olin Corp	$	107,810
3,305	*	OM Group, Inc		107,148
2,864	*	Omnova Solutions, Inc		16,096
350	*	Pharmacopeia Drug Discovery, Inc		2,097
10,814	*	PolyOne Corp		97,975
7,707	*	Praecis Pharmaceuticals, Inc		14,643
639		Quaker Chemical Corp		15,873
800	*	Quidel Corp		4,064
17,006	*	Revlon, Inc (Class A)		39,114
816	*	Serologicals Corp		18,050
13,900	b*	Solutia, Inc		16,263
700		Stepan Co		17,052
4,394	*	Terra Industries, Inc		39,019
2,200	*	UAP Holding Corp		37,994
9,766		USEC, Inc		94,633
2,380		Valeant Pharmaceuticals International		62,713
4,569	*	Vertex Pharmaceuticals, Inc		48,294
3,213	*	Vicuron Pharmaceuticals, Inc		55,938
3,600		Wellman, Inc		38,484
1,850		West Pharmaceutical Services, Inc		46,306
1,000		Westlake Chemical Corp		33,400
7,921	b*	WR Grace & Co		107,805
		TOTAL CHEMICALS AND ALLIED PRODUCTS		3,270,149
COMMUNICATIONS - 1.77%
897	*	AirGate PCS, Inc		31,933
1,095		Alaska Communications Systems Group, Inc		9,450
887	*	Boston Communications Group		8,196
1,378	*	Centennial Communications Corp		10,928
31,679	*	Charter Communications, Inc (Class A)		70,961
28,539	*	Cincinnati Bell, Inc		118,437
1,245	*	Commonwealth Telephone Enterprises, Inc		61,827
832	*	Crown Media Holdings, Inc (Class A)		7,155
2,331		CT Communications, Inc		28,671
2,438	*	Cumulus Media, Inc (Class A)		36,765
1,400		D&E Communications, Inc		16,870
5,853	*	Dobson Communications Corp (Class A)		10,067
3,016	*	Emmis Communications Corp (Class A)		57,877
2,524	*	Entravision Communications Corp (Class A)		21,075
200	*	Fisher Communications, Inc		9,776
5,200	*	General Communication, Inc (Class A)		57,408
660		Golden Telecom, Inc		17,437
5,148		Gray Television, Inc		79,794
6,300	*	Infonet Services Corp (Class B)		12,726
100	*	InPhonic, Inc		2,748
2,632	*	Insight Communications Co, Inc		24,399
10,295	*	Internap Network Services Corp		9,574
1,400		Iowa Telecommunications Services, Inc		30,198
1,100	*	ITC Deltacom, Inc		1,881
1,858		Liberty Corp		81,678
3,156	*	Lin TV Corp (Class A)		60,280
300	*	Lodgenet Entertainment Corp		5,307
2,600	*	Mastec, Inc		26,286
3,824	*	Mediacom Communications Corp		23,900
2,800	*	Paxson Communications Corp		3,864
4,784	*	Price Communications Corp		88,935
9,000	*	Primus Telecommunications Group		28,620
2,600	b*	RCN Corp		49
2,100	*	Regent Communications, Inc		11,130

264 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
711		Shenandoah Telecom Co	$	21,294
1,906		Sinclair Broadcast Group, Inc (Class A)		17,554
295		SureWest Communications		8,363
3,105	*	Talk America Holdings, Inc		20,555
8,545	*	Terremark Worldwide, Inc		5,469
5,700	*	Time Warner Telecom, Inc (Class A)		24,852
4,444	*	Triton PCS Holdings, Inc (Class A)		15,198
2,049	*	USA Mobility, Inc		72,350
1,100	f,v*	Wiltel Communications (Rts)		0
956	*	Young Broadcasting, Inc (Class A)		10,095
		TOTAL COMMUNICATIONS		1,261,932
DEPOSITORY INSTITUTIONS - 12.78%
1,402		1st Source Corp		35,765
1,200		ABC Bancorp		25,200
1,230	*	AmericanWest Bancorp		24,908
2,400		Anchor Bancorp Wisconsin, Inc		69,960
66		Associated Banc-Corp		2,192
421		Bancfirst Corp		33,251
9,069		Bancorpsouth, Inc		221,012
1,000		BancTrust Financial Group, Inc		24,610
9,264		Bank Mutual Corp		112,743
1,600		Bank of Granite Corp		33,440
4,486		BankAtlantic Bancorp, Inc (Class A)		89,271
3,114	*	BankUnited Financial Corp (Class A)		99,492
1,200		Banner Corp		37,428
500		Berkshire Hills Bancorp, Inc		18,575
2,752		Boston Private Financial Holdings, Inc		77,524
496		Bryn Mawr Bank Corp		10,907
957		Camden National Corp		37,715
900		Capital City Bank Group, Inc		37,620
644		Capital Corp of the West		30,269
1,610		Cathay General Bancorp		60,375
1,100	*	Central Coast Bancorp		25,399
3,196		Central Pacific Financial Corp		115,599
400		Century Bancorp, Inc (Class A)		11,800
2,913		Chemical Financial Corp		125,026
5,375		Chittenden Corp		154,424
5,156		Citizens Banking Corp		177,109
1,000		Citizens First Bancorp, Inc		24,180
900		City Bank		32,535
1,821		City Holding Co		65,993
1,031		Clifton Savings Bancorp, Inc		12,527
520		Columbia Bancorp		17,779
1,693		Columbia Banking System, Inc		42,308
1,644		Commercial Capital Bancorp, Inc		38,108
4,761		Commercial Federal Corp		141,449
3,206		Community Bank System, Inc		90,570
1,428		Community Trust Bancorp, Inc		46,210
1,900		Corus Bankshares, Inc		91,219
791		CVB Financial Corp		21,009
3,570		Dime Community Bancshares		63,939
2,078		Downey Financial Corp		118,446
800	*	EuroBancshares, Inc		16,800
600		Farmers Capital Bank Corp		24,720
1,129		Fidelity Bankshares, Inc		48,276
1,100		Financial Institutions, Inc		25,575
1,282		First Bancorp (North Carolina)		34,832
312		First Bancorp (Puerto Rico)		19,815
561		First Busey Corp (Class A)		11,708
3,414		First Charter Corp		89,344
707		First Citizens Bancshares, Inc (Class A)		104,813

265 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
8,120		First Commonwealth Financial Corp	$	124,967
1,500		First Community Bancorp		64,050
1,112		First Community Bancshares, Inc		40,121
4,000		First Financial Bancorp		70,000
1,515		First Financial Bankshares, Inc		67,887
1,700		First Financial Corp (Indiana)		59,551
211		First Financial Holdings, Inc		6,908
2,215		First Merchants Corp		62,685
3,154		First Midwest Bancorp, Inc		114,459
5,622		First National Bankshares of Florida, Inc		134,366
900		First Oak Brook Bancshares, Inc		29,169
400		First of Long Island Corp		20,180
1,600		First Republic Bank		84,800
828		First State Bancorp		30,437
2,004	*	FirstFed Financial Corp		103,947
752		Flagstar Bancorp, Inc		16,995
1,950		Flushing Financial Corp		39,117
2,714		FNB Corp		55,257
800		FNB Corp (Virginia)		22,688
1,145	*	Franklin Bank Corp		20,896
1,219		Frontier Financial Corp		47,066
1,032		GB&T Bancshares, Inc		24,892
1,308		Glacier Bancorp, Inc		44,524
2,679		Gold Banc Corp, Inc		39,167
600		Great Southern Bancorp, Inc		21,000
3,200		Hancock Holding Co		107,072
131		Hanmi Financial Corp		4,708
2,022		Harbor Florida Bancshares, Inc		69,981
945		Heartland Financial U.S.A., Inc		19,004
1,265		Horizon Financial Corp		26,034
3,597		Hudson River Bancorp, Inc		71,185
779		IberiaBank Corp		51,694
824		Independent Bank Corp (Massachusetts)		27,810
1,137		Independent Bank Corp (Michigan)		33,917
1,892		Integra Bank Corp		43,724
1,200		Interchange Financial Services Corp		31,104
75		International Bancshares Corp		2,954
2,100		Irwin Financial Corp		59,619
700	*	Itla Capital Corp		41,153
548		K-Fed Bancorp		8,198
3,458		KNBT Bancorp, Inc		58,440
2,056		Lakeland Bancorp, Inc		36,083
700		Lakeland Financial Corp		27,790
911		Macatawa Bank Corp		29,416
3,290		MAF Bancorp, Inc		147,458
916		Main Street Banks, Inc		31,996
1,189		MainSource Financial Group, Inc		28,393
1,350		MB Financial, Inc		56,903
1,683		MBT Financial Corp		39,163
253		Mercantile Bank Corp		9,994
2,700		Mid-State Bancshares		77,355
914		Midwest Banc Holdings, Inc		19,989
100		NASB Financial, Inc		3,996
4,023		National Penn Bancshares, Inc		111,437
700		NBC Capital Corp		18,599
3,900		NBT Bancorp, Inc		100,308
5,348		NetBank, Inc		55,673
2,330		Northwest Bancorp, Inc		58,460
400		Oak Hill Financial, Inc		15,516
1,027		OceanFirst Financial Corp		25,316
7,843		Old National Bancorp		202,820
1,274		Omega Financial Corp		43,673
3,166		Pacific Capital Bancorp		107,612

266 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
998		Park National Corp	$	135,229
3,654		Partners Trust Financial Group, Inc		42,569
1,000		Pennfed Financial Services, Inc		16,080
558		Pennrock Financial Services Corp		21,712
1,294		Peoples Bancorp, Inc		35,494
1,000		Peoples Holding Co		33,100
1,175		PFF Bancorp, Inc		54,438
500		Placer Sierra Bancshares		14,220
1,284		Provident Bancorp, Inc		16,936
3,899		Provident Bankshares Corp		141,807
534		Provident Financial Holdings		15,406
8,948		Provident Financial Services, Inc		173,323
487	*	QC Holdings, Inc		9,331
1,050		Republic Bancorp, Inc (Class A) (Kentucky)		26,985
8,363		Republic Bancorp, Inc (Michigan)		127,787
2,100	*	Riggs National Corp		44,646
595		Royal Bancshares of Pennsylvania (Class A)		16,077
2,745		S & T Bancorp, Inc		103,459
426		S.Y. Bancorp, Inc		10,267
660		Santander Bancorp		19,906
1,050		SCBT Financial Corp		35,249
680		Seacoast Banking Corp of Florida		15,130
503		Security Bank Corp		20,120
616	*	Signature Bank		19,934
672	*	Silicon Valley Bancshares		30,119
1,700		Simmons First National Corp (Class A)		49,215
1,362		Southern Community Financial Corp		14,097
1,213		Southside Bancshares, Inc		27,717
598		Southwest Bancorp of Texas, Inc		13,927
1,200		Southwest Bancorp, Inc		29,376
743		State Bancorp, Inc		20,433
745		State Financial Services Corp (Class A)		22,425
930		Sterling Bancorp		26,273
5,084		Sterling Bancshares, Inc		72,549
1,821		Sterling Financial Corp (Pennsylvania)		52,208
2,742	*	Sterling Financial Corp (Spokane)		107,651
1,145	*	Sun Bancorp, Inc (New Jersey)		28,602
400		Taylor Capital Group, Inc		13,400
506		Texas Capital Bancshares, Inc		10,940
2,341		Texas Regional Bancshares, Inc (Class A)		76,504
2,122		TierOne Corp		52,732
1,100		Trico Bancshares		25,740
5,591		Trustmark Corp		173,712
1,284		U.S.B. Holding Co, Inc		31,972
1,793		UMB Financial Corp		101,591
5,256		Umpqua Holdings Corp		132,504
1,000		Union Bankshares Corp		38,430
4,385		United Bankshares, Inc		167,288
1,061		United Community Banks, Inc		28,573
3,120		United Community Financial Corp		34,944
2,566		Unizan Financial Corp		67,614
802		Virginia Financial Group, Inc		29,401
1,455		Washington Trust Bancorp, Inc		42,646
2,123		Wesbanco, Inc		67,872
1,751		West Coast Bancorp		44,493
1,512		Westamerica Bancorp		88,165
559	*	Western Sierra Bancorp		21,440
686		WSFS Financial Corp		41,380
1,000		Yardville National Bancorp		34,260
		TOTAL DEPOSITORY INSTITUTIONS		9,092,843

267 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
EATING AND DRINKING PLACES - 1.30%
4,135		Bob Evans Farms, Inc	$	108,089
378	*	California Pizza Kitchen, Inc		8,694
4,667		CBRL Group, Inc		195,314
1,200	*	Dave & Buster's, Inc		24,240
1,200		Domino's Pizza, Inc		21,360
2,528		IHOP Corp		105,898
4,289	*	Jack In The Box, Inc		158,135
2,513		Landry's Restaurants, Inc		73,028
1,800		Lone Star Steakhouse & Saloon, Inc		50,400
2,337	*	O'Charley's, Inc		45,688
687	*	Papa John's International, Inc		23,660
4,929	*	Ryan's Restaurant Group, Inc		76,005
400	*	Texas Roadhouse, Inc (Class A)		11,820
400	*	The Steak N Shake Co		8,032
900		Triarc Cos (Class A)		11,700
		TOTAL EATING AND DRINKING PLACES		922,063
EDUCATIONAL SERVICES - 0.01%
700	*	Princeton Review, Inc		4,305
		TOTAL EDUCATIONAL SERVICES		4,305
ELECTRIC, GAS, AND SANITARY SERVICES - 6.20%
1,934		American States Water Co		50,284
27,800	*	Aquila, Inc		102,582
9,048		Atmos Energy Corp		247,463
5,640		Avista Corp		99,659
3,845		Black Hills Corp		117,965
2,100		California Water Service Group		79,065
51,206	*	Calpine Corp		201,752
1,500		Cascade Natural Gas Corp		31,800
1,400		Central Vermont Public Service Corp		32,564
1,900		CH Energy Group, Inc		91,295
5,600		Cleco Corp		113,456
23,070	*	CMS Energy Corp		241,082
1,026		Connecticut Water Service, Inc		27,179
8,213		Duquesne Light Holdings, Inc		154,815
5,595	*	El Paso Electric Co		105,969
3,275		Empire District Electric Co		74,277
4,307		Energen Corp		253,898
800		EnergySouth, Inc		22,432
4,473		Idacorp, Inc		136,740
2,400		Laclede Group, Inc		74,760
2,198		MGE Energy, Inc		79,194
1,124		Middlesex Water Co		21,289
3,327		New Jersey Resources Corp		144,192
4,943		Nicor, Inc		182,594
3,367		Northwest Natural Gas Co		113,603
2,942		Otter Tail Corp		75,109
4,458		Peoples Energy Corp		195,929
8,606		Piedmont Natural Gas Co, Inc		200,003
7,074		PNM Resources, Inc		178,901
922		Resource America, Inc (Class A)		29,965
13,657	*	Sierra Pacific Resources		143,399
800		SJW Corp		29,120

268 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
1,700		South Jersey Industries, Inc	$	89,352
7,785	*	Southern Union Co		186,684
4,100		Southwest Gas Corp		104,140
2,100		Southwest Water Co		28,245
1,500		UIL Holdings Corp		76,950
4,100		Unisource Energy Corp		98,851
5,725		WGL Holdings, Inc		176,559
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,413,116
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.74%
406	*	Actel Corp		7,121
500	*	Aeroflex, Inc		6,060
2,529	*	Alliance Semiconductor Corp		9,357
917	*	Anaren Microwave, Inc		11,884
2,500	*	Applica, Inc		15,125
2,195	*	Arris Group, Inc		15,453
1,790	*	Artesyn Technologies, Inc		20,227
2,386	*	Benchmark Electronics, Inc		81,363
312	*	Bookham, Inc		1,510
250	*	Brillian Corp		863
5,432	*	Broadwing Corp		49,486
2,947		C&D Technologies, Inc		50,217
2,500	*	Capstone Turbine Corp		4,575
630	*	Catapult Communications Corp		15,221
1,940	*	C-COR, Inc		18,042
375	*	Celestica, Inc (U.S.)		5,291
605	*	Ceradyne, Inc		34,612
4,316	*	Checkpoint Systems, Inc		77,904
300	*	Color Kinetics, Inc		5,274
427	*	Comtech Telecommunications		16,059
2,600		CTS Corp		34,554
1,781		Cubic Corp		44,828
1,482	*	DDi Corp		4,713
808	*	Dupont Photomasks, Inc		21,339
21,744	*	Eagle Broadband, Inc		14,351
3,200	*	Electro Scientific Industries, Inc		63,232
340	*	EMS Technologies, Inc		5,651
1,000	*	EnerSys		15,250
563	*	Entegris, Inc		5,602
513	*	ESS Technology, Inc		3,647
3,228	*	Exar Corp		45,805
2,319	*	Finisar Corp		5,287
1,810	*	Genesis Microchip, Inc		29,358
1,445	*	Genlyte Group, Inc		123,808
9,220	*	GrafTech International Ltd		87,221
3,103	*	Hutchinson Technology, Inc		107,271
2,424	*	Integrated Device Technology, Inc		28,021
3,527	*	Integrated Silicon Solution, Inc		28,921
300	*	IXYS Corp		3,096
10,172	*	Kemet Corp		91,039
6,885	*	Lattice Semiconductor Corp		39,245
300	*	Littelfuse, Inc		10,248
2,250		LSI Industries, Inc		25,763
2,658	*	Magnetek, Inc		18,340
13,680	*	McData Corp (Class A)		81,533
1,139	*	Merix Corp		13,121
4,200		Methode Electronics, Inc		53,970
403	*	Microtune, Inc		2,462
300	*	Monolithic System Technology, Inc		1,869
3,062	*	Moog, Inc (Class A)		138,862
11,515	*	MRV Communications, Inc		42,260
100	*	Multi-Fineline Electronix, Inc		1,824

269 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
600		National Presto Industries, Inc	$	27,300
1,200	*	ON Semiconductor Corp		5,448
5,500	*	Oplink Communications, Inc		10,835
800	*	Optical Communication Products, Inc		2,000
604	*	OSI Systems, Inc		13,717
2,100		Park Electrochemical Corp		45,528
1,067	*	Pericom Semiconductor Corp		10,062
2,553	*	Photronics, Inc		42,125
2,849	*	Plexus Corp		37,065
200	*	Portalplayer, Inc		4,936
900	*	Powell Industries, Inc		16,641
3,791	*	Power-One, Inc		33,816
6,567	*	Powerwave Technologies, Inc		55,688
258	*	Rayovac Corp		7,884
20	b*	Read-Rite Corp		0
2,576		Regal-Beloit Corp		73,674
2,800	*	Remec, Inc		20,188
949	*	SBS Technologies, Inc		13,248
1,932	*	Skyworks Solutions, Inc		18,219
2,000		Smith (A.O.) Corp		59,880
1,099	*	Standard Microsystems Corp		19,595
1,756	*	Stoneridge, Inc		26,568
17	*	Supertex, Inc		369
20,334	*	Sycamore Networks, Inc		82,556
878	*	Symmetricom, Inc		8,525
4,055	*	Technitrol, Inc		73,801
6,889	*	Thomas & Betts Corp		211,837
6,900	*	Triquint Semiconductor, Inc		30,705
4,500		Turnstone Systems, Inc		63
427	*	Ulticom, Inc		6,845
4,100	*	Valence Technology, Inc		12,751
200	*	Volterra Semiconductor Corp		4,431
211	*	Wilson Greatbatch Technologies, Inc		4,731
1,274		Woodhead Industries, Inc		20,422
7,424	*	Zhone Technologies, Inc		19,228
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		2,658,816
ENGINEERING AND MANAGEMENT SERVICES - 1.41%
3,100	*	Accelrys, Inc		24,180
8,495	*	Applera Corp (Celera Genomics Group)		116,806
7,987	*	Century Business Services, Inc		34,823
1,700	*	Cornell Cos, Inc		25,806
2,016	*	Corrections Corp of America		81,547
2,100	*	CuraGen Corp		15,036
658	*	Exponent, Inc		18,088
100	*	Forrester Research, Inc		1,794
4,188	*	FTI Consulting, Inc		88,241
300	*	Huron Consulting Group, Inc		6,660
4,165	*	Incyte Corp		41,608
630	*	Infrasource Services, Inc		8,190
400		Landauer, Inc		18,280
2,165	*	MAXIMUS, Inc		67,375
2,700	*	Maxygen, Inc		34,533
7,072	*	Oscient Pharmaceuticals Corp		25,813
900	*	Parexel International Corp		18,270
4,600	*	PRG-Schultz International, Inc		23,138
1,908	*	Seattle Genetics, Inc		12,459

270 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
2,000	*	Sourcecorp	$	38,220
1,125	*	Tetra Tech, Inc		18,833
254	*	Transkaryotic Therapies, Inc		6,449
400	*	TRC Cos, Inc		6,800
3,618	*	URS Corp		116,138
2,958	*	Washington Group International, Inc		122,018
1,231		Watson Wyatt & Co Holdings		33,175
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,004,280
FABRICATED METAL PRODUCTS - 1.26%
1,700		CIRCOR International, Inc		39,372
3,259		Commercial Metals Co		164,775
700	*	Commercial Vehicle Group, Inc		15,281
8,805	*	Crown Holdings, Inc		120,981
2,688	*	Griffon Corp		72,576
202		Gulf Island Fabrication, Inc		4,410
7,989	*	Jacuzzi Brands, Inc		69,504
745	*	Mobile Mini, Inc		24,615
892	*	NCI Building Systems, Inc		33,450
7,600	*	Shaw Group, Inc		135,660
584		Silgan Holdings, Inc		35,601
160		Sturm Ruger & Co, Inc		1,445
7,300	*	Tower Automotive, Inc		17,447
1,800		Valmont Industries, Inc		45,198
1,331	*	Water Pik Technologies, Inc		23,599
2,908		Watts Water Technologies, Inc (Class A)		93,754
		TOTAL FABRICATED METAL PRODUCTS		897,668
FISHING, HUNTING, AND TRAPPING - 0.01%
900	*	Omega Protein Corp		7,740
		TOTAL FISHING, HUNTING, AND TRAPPING		7,740
FOOD AND KINDRED PRODUCTS - 1.65%
1,869		American Italian Pasta Co (Class A)		43,454
300	*	Boston Beer Co, Inc (Class A)		6,381
734		Cal-Maine Foods, Inc		8,874
224		Coca-Cola Bottling Co Consolidated		12,781
4,292		Corn Products International, Inc		229,880
777		Farmer Brothers Co		18,834
4,200		Flowers Foods, Inc		132,636
1,100	*	Gold Kist, Inc		14,982
5,984	*	Hercules, Inc		88,862
5,376	*	Interstate Bakeries Corp		34,406
796		J & J Snack Foods Corp		39,028
2,920		Lancaster Colony Corp		125,180
2,896		Lance, Inc		55,111
1,400	*	M&F Worldwide Corp		19,068
300		MGP Ingredients, Inc		2,592
200		National Beverage Corp		1,664
3,555		Ralcorp Holdings, Inc		149,061
530		Sanderson Farms, Inc		22,938
5,390		Sensient Technologies Corp		129,306
4,107		Topps Co, Inc		40,043
		TOTAL FOOD AND KINDRED PRODUCTS		1,175,081

271
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
FOOD STORES - 0.36%
70		Arden Group, Inc (Class A)	$	7,033
1,913	*	Great Atlantic & Pacific Tea Co, Inc		19,608
1,200		Ingles Markets, Inc (Class A)		14,868
406	*	Pantry, Inc		12,217
3,600	*	Pathmark Stores, Inc		20,916
3,893		Ruddick Corp		84,439
1,326		Weis Markets, Inc		51,144
9,615	*	Winn-Dixie Stores, Inc		43,748
		TOTAL FOOD STORES		253,973
FURNITURE AND FIXTURES - 0.61%
1,100		Bassett Furniture Industries, Inc		21,588
2,087		Ethan Allen Interiors, Inc		83,522
4,976		Furniture Brands International, Inc		124,649
518		Hooker Furniture Corp		11,759
5,100	*	Interface, Inc (Class A)		50,847
2,500		Kimball International, Inc (Class B)		37,025
6,391		La-Z-Boy, Inc		98,230
145		Stanley Furniture Co, Inc		6,518
		TOTAL FURNITURE AND FIXTURES		434,138
FURNITURE AND HOMEFURNISHINGS STORES - 0.40%
300	*	Design Within Reach, Inc		4,365
283	*	Electronics Boutique Holdings Corp		12,152
3,600	*	GameStop Corp (Class B)		80,676
2,100		Haverty Furniture Cos, Inc		38,850
4,372	*	Linens 'n Things, Inc		108,426
1,929	*	The Bombay Co, Inc		10,667
2,564	*	Trans World Entertainment Corp		31,973
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		287,109
GENERAL BUILDING CONTRACTORS - 0.85%
1,609		Beazer Homes U.S.A., Inc		235,252
326		Brookfield Homes Corp		11,051
500	*	Dominion Homes, Inc		12,612
1,359		M/I Homes, Inc		74,894
152	*	Meritage Homes Corp		17,130
600	*	Palm Harbor Homes, Inc		10,128
683	*	Perini Corp		11,399
908		Technical Olympic U.S.A., Inc		23,045
2,700		Walter Industries, Inc		91,071
3,918	*	WCI Communities, Inc		115,189
		TOTAL GENERAL BUILDING CONTRACTORS		601,771
GENERAL MERCHANDISE STORES - 0.19%
252		Bon-Ton Stores, Inc		3,969
3,137		Casey's General Stores, Inc		56,937
200	*	Conn's, Inc		3,364
818	*	Retail Ventures, Inc		5,808
3,600	*	ShopKo Stores, Inc		67,248
		TOTAL GENERAL MERCHANDISE STORES		137,326

272 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
HEALTH SERVICES - 1.06%
1,000	*	Beverly Enterprises, Inc	$	9,150
2,222	*	Cross Country Healthcare, Inc		40,174
3,349	*	First Health Group Corp		62,660
2,281	*	Genesis HealthCare Corp		79,903
400	*	Gentiva Health Services, Inc		6,688
4,927		Hooper Holmes, Inc		29,168
400	b*	Impath, Inc		1,824
3,100	*	Kindred Healthcare, Inc		92,845
2,434	*	Magellan Health Services, Inc		83,145
314	*	Matria Healthcare, Inc		12,268
667	*	Medcath Corp		16,435
200		National Healthcare Corp		7,060
5,064	*	OCA, Inc		32,156
600		Option Care, Inc		10,314
200	*	Pediatrix Medical Group, Inc		12,810
5,400	*	Province Healthcare Co		120,690
200	*	Radiation Therapy Services, Inc		3,400
1,600	*	RehabCare Group, Inc		44,784
300	*	Specialty Laboratories, Inc		3,312
1,829	*	Sunrise Senior Living, Inc		84,792
		TOTAL HEALTH SERVICES		753,578
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.22%
3,949		Granite Construction, Inc		105,043
2,171	*	Insituform Technologies, Inc (Class A)		49,217
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		154,260
HOLDING AND OTHER INVESTMENT OFFICES - 15.49%
1,500	*	4Kids Entertainment, Inc		31,530
4,000		Aames Investment Corp		42,800
3,026		Acadia Realty Trust		49,324
2,793		Affordable Residential Communities		40,080
1,517		Alabama National Bancorp		97,847
2,047		Alexandria Real Estate Equities, Inc		152,338
3,036		Amcore Financial, Inc		97,698
1,400		American Campus Communities, Inc		31,486
13,062		American Financial Realty Trust		211,343
2,296		American Home Mortgage Investment Corp		78,638
3,000		AMLI Residential Properties Trust		96,000
6,215		Anthracite Capital, Inc		76,817
4,981		Anworth Mortgage Asset Corp		53,347
7,198		Apollo Investment Corp		108,690
757		Arbor Realty Trust, Inc		18,577
2,116		Ashford Hospitality Trust, Inc		23,001
601	*	Bancorp, Inc		9,616
1,600		Bedford Property Investors		45,456
1,500		Bimini Mortgage Management, Inc (Class A)		24,090
3,500		BioMed Realty Trust, Inc		77,735
5,699		Brandywine Realty Trust		167,494
6,988		Brookline Bancorp, Inc		114,044
3,956		Capital Automotive REIT		140,537
2,635		Capital Lease Funding, Inc		32,938
106		Capital Southwest Corp		8,323
1,433		Capital Trust, Inc		44,007

273 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
500		Capitol Bancorp Ltd	$	17,610
1,982		Capstead Mortgage Corp		20,890
6,367		CarrAmerica Realty Corp		210,111
1,915		Cedar Shopping Centers, Inc		27,385
177		Cherokee, Inc		6,245
500		Cohen & Steers, Inc		8,125
2,200		Colonial Properties Trust		86,394
6,220		Commercial Net Lease Realty, Inc		128,132
1,179		Community Banks, Inc		33,201
6,027	*	Cornerstone Realty Income Trust, Inc		60,149
4,431		Corporate Office Properties Trust		130,050
1,300		Correctional Properties Trust		37,544
2,704		Cousins Properties, Inc		81,850
3,200		CRT Properties, Inc		76,352
2,500		Eastgroup Properties, Inc		95,800
323	*	Enstar Group, Inc		20,188
3,052		Entertainment Properties Trust		135,967
6,113		Equity Inns, Inc		71,767
1,000		Equity Lifestyle Properties, Inc		35,750
1,562		Equity One, Inc		37,066
2,135		Essex Property Trust, Inc		178,913
2,300		Extra Space Storage, Inc		30,659
5,746	*	FelCor Lodging Trust, Inc		84,179
1,407		First Indiana Corp		31,672
4,907		First Industrial Realty Trust, Inc		199,862
10,102		First Niagara Financial Group, Inc		140,923
1,600		First Place Financial Corp		35,824
3,531		Gables Residential Trust		126,374
748		German American Bancorp		12,043
1,180		Gladstone Capital Corp		27,966
3,311		Glenborough Realty Trust, Inc		70,458
2,509		Glimcher Realty Trust		69,524
1,100		Global Signal, Inc		30,294
2,248		Government Properties Trust, Inc		22,165
1,100		Gramercy Capital Corp		22,660
5,352		Greater Bay Bancorp		149,214
5,506		Healthcare Realty Trust, Inc		224,094
3,199		Heritage Property Investment Trust		102,656
3,832		Highland Hospitality Corp		43,072
6,301		Highwoods Properties, Inc		174,538
3,864		Home Properties, Inc		166,152
3,800		HomeBanc Corp		36,784
8,831		IMPAC Mortgage Holdings, Inc		200,199
3,700		Innkeepers U.S.A. Trust		52,540
4,599		Investors Real Estate Trust		48,244
5,122		iShares Russell 2000 Value Index Fund		988,341
3,300		Kilroy Realty Corp		141,075
1,900		Kite Realty Group Trust		29,032
2,900		Kramont Realty Trust		67,860
21,800	*	La Quinta Corp		198,162
3,300		LaSalle Hotel Properties		105,039
5,700		Lexington Corporate Properties Trust		128,706
1,800		LTC Properties, Inc		35,838
4,119		Luminent Mortgage Capital, Inc		49,016
4,050		Maguire Properties, Inc		111,213
10,400	*	Meristar Hospitality Corp		86,840
9,640		MFA Mortgage Investments, Inc		85,025

274 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
2,116		Mid-America Apartment Communities, Inc	$	87,222
2,000		Mission West Properties, Inc		21,280
500		MortgageIT Holdings, Inc		8,975
2,604		National Health Investors, Inc		75,985
7,699		Nationwide Health Properties, Inc		182,851
922		New Century Financial Corp		58,925
4,287		Newcastle Investment Corp		136,241
2,868		Novastar Financial, Inc		141,966
5,211		Omega Healthcare Investors, Inc		61,490
845		Oriental Financial Group, Inc		23,922
833		Origen Financial, Inc		6,231
1,300		Parkway Properties, Inc		65,975
3,734		Pennsylvania Real Estate Investment Trust		159,815
4,680		Post Properties, Inc		163,332
5,234		Prentiss Properties Trust		199,939
2,009		Prosperity Bancshares, Inc		58,683
1,900		PS Business Parks, Inc		85,690
2,900		RAIT Investment Trust		81,113
1,700		Ramco-Gershenson Properties		54,825
4,721		Realty Income Corp		238,788
2,009		Redwood Trust, Inc		124,739
1,293		Sandy Spring Bancorp, Inc		49,561
1,322		Saul Centers, Inc		50,567
5,500		Saxon Capital, Inc		131,945
6,400		Senior Housing Properties Trust		121,216
1,804		Sovran Self Storage, Inc		76,021
2,300		Strategic Hotel Capital, Inc		37,950
3,400		Summit Properties, Inc		110,704
1,825		Sun Communities, Inc		73,456
2,500		Sunstone Hotel Investors, Inc		51,950
5,471		Susquehanna Bancshares, Inc		136,501
2,062		Tanger Factory Outlet Centers, Inc		54,561
977	*	Tarragon Realty Investors, Inc		17,439
3,105		Taubman Centers, Inc		92,995
870		Tompkins Trustco, Inc		46,536
2,600		U.S. Restaurant Properties, Inc		46,956
1,400		Universal Health Realty Income Trust		44,982
2,500		Urstadt Biddle Properties, Inc (Class A)		42,625
2,900		U-Store-It Trust		50,315
2,982		Washington Real Estate Investment Trust		101,000
3,502		Waypoint Financial Corp		99,282
419		Westfield Financial, Inc		10,819
2,800		Winston Hotels, Inc		33,068
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		11,019,924
HOTELS AND OTHER LODGING PLACES - 0.33%
430		Ameristar Casinos, Inc		18,537
1,261	*	Bluegreen Corp		25,006
446	*	Empire Resorts, Inc		4,973
2,200		Marcus Corp		55,308
4,300	*	Pinnacle Entertainment, Inc		85,054
2,200	*	Vail Resorts, Inc		49,324
		TOTAL HOTELS AND OTHER LODGING PLACES		238,202
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.05%
200	*	Aaon, Inc		3,214
12,650	*	Adaptec, Inc		96,014

275 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
4,352	*	Advanced Digital Information Corp	$	43,607
3,100		Albany International Corp (Class A)		108,996
1,187	*	Astec Industries, Inc		20,428
2,258	*	Axcelis Technologies, Inc		18,358
1,906		Black Box Corp		91,526
100	*	Blount International, Inc		1,742
600		Bucyrus International, Inc (Class A)		24,384
1,200		Cascade Corp		47,940
900	*	Dril-Quip, Inc		21,834
2,109	*	Electronics For Imaging, Inc		36,718
7,115	*	Emulex Corp		119,817
2,415	*	EnPro Industries, Inc		71,412
2,914	*	Esterline Technologies Corp		95,142
600	*	Flanders Corp		5,760
6,298	*	Flowserve Corp		173,447
900	*	FSI International, Inc		4,203
2,361	*	Gardner Denver, Inc		85,681
18,713	*	Gateway, Inc		112,465
3,500	*	Global Power Equipment Group, Inc		34,440
1,000		Gorman-Rupp Co		23,000
589	*	Hydril		26,805
1,800	*	Hypercom Corp		10,656
2,850		IDEX Corp		115,425
4,600	*	InFocus Corp		42,136
2,244	*	Iomega Corp		12,432
3,491		JLG Industries, Inc		68,528
2,950		Joy Global, Inc		128,119
926	*	Kadant, Inc		18,983
1,986		Kaydon Corp		65,578
4,300		Kennametal, Inc		214,011
2,750	*	Komag, Inc		51,645
4,710		Lennox International, Inc		95,849
200		Lindsay Manufacturing Co		5,176
800		Lufkin Industries, Inc		31,926
3,050	*	Milacron, Inc		10,340
2,700		Modine Manufacturing Co		91,179
400		Nacco Industries, Inc (Class A)		42,160
2,284	*	Oil States International, Inc		44,058
400	*	Overland Storage, Inc		6,676
4,863	*	PalmOne, Inc		153,428
3,414	*	Paxar Corp		75,688
1,354	*	Planar Systems, Inc		15,205
12,100	*	Quantum Corp		31,702
1,400		Robbins & Myers, Inc		33,362
1,006		Sauer-Danfoss, Inc		21,941
30,100	*	Silicon Graphics, Inc		52,073
1,120	*	Simpletech, Inc		5,152
1,500		Standex International Corp		42,735
3,300		Stewart & Stevenson Services, Inc		66,759
1,920		Tecumseh Products Co (Class A)		91,776
818		Tennant Co		32,434
4,245	*	Terex Corp		202,274
1,637		Thomas Industries, Inc		65,349
355	*	Ultratech, Inc		6,692
5,134	*	UNOVA, Inc		129,839
100	*	Veeco Instruments, Inc		2,107
1,128		Woodward Governor Co		80,776
4,600		York International Corp		158,884
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,589,986

276 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
INSTRUMENTS AND RELATED PRODUCTS - 2.28%
567		Analogic Corp	$	25,396
200		Animas Corp		3,126
1,312		Bio-Rad Laboratories, Inc (Class A)		75,269
3,216		Cardiac Science, Inc		6,882
1,890		Coherent, Inc		57,532
2,500		Cohu, Inc		46,400
3,476		Conmed Corp		98,788
652		Credence Systems Corp		5,966
1,450		Datascope Corp		57,551
300		DJ Orthopedics, Inc		6,426
2,199		DRS Technologies, Inc		93,919
533		EDO Corp		16,923
700		ESCO Technologies, Inc		53,655
769		E-Z-Em-Inc		11,227
351		FEI Co		7,371
923		Haemonetics Corp		33,422
2,700		Hanger Orthopedic Group, Inc		21,870
950		Herley Industries, Inc		19,323
1,730		Hologic, Inc		47,523
429		Intuitive Surgical, Inc		17,169
2,988		Invacare Corp		138,225
2,170		Ionics, Inc		94,048
891		LeCroy Corp		20,796
515		Mentor Corp		17,376
600		MKS Instruments, Inc		11,130
356		Molecular Devices Corp		7,156
1,700		Movado Group, Inc		31,705
2,409		MTS Systems Corp		81,448
2,544		Newport Corp		35,870
521		Ocular Sciences, Inc		25,534
3,783		Pinnacle Systems, Inc		23,076
1,800		Rofin-Sinar Technologies, Inc		76,410
200		Rudolph Technologies, Inc		3,434
100		Sirf Technology Holdings, Inc		1,272
3,700		Sola International, Inc		101,898
1,132		Steris Corp		26,851
1,375		Sybron Dental Specialties, Inc		48,648
700		Sypris Solutions, Inc		10,717
968	*	Techne Corp		37,655
96		Tektronix, Inc		2,900
3,634	*	Viasys Healthcare, Inc		69,046
600		Vital Signs, Inc		23,352
385	*	Zoll Medical Corp		13,244
1,189	*	Zygo Corp		14,018
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,621,547
INSURANCE AGENTS, BROKERS AND SERVICE - 0.10%
1,700	*	Clark, Inc		26,384
1,400		Crawford & Co (Class B)		10,500
848		Hilb, Rogal & Hamilton Co		30,732
435	*	USI Holdings Corp		5,033
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		72,649
INSURANCE CARRIERS - 4.00%
2,480		21st Century Insurance Group		33,728
1,000		Affirmative Insurance Holdings, Inc		16,840
4,000		Alfa Corp		60,740
2,193		American Equity Investment Life Holding Co		23,619

277 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
1,000	*	American Physicians Capital, Inc	$	36,020
531	*	AMERIGROUP Corp		40,175
4,480		AmerUs Group Co		202,944
2,725	*	Argonaut Group, Inc		57,579
1,000		Baldwin & Lyons, Inc (Class B)		26,790
331		Bristol West Holdings, Inc		6,620
3,381	*	Ceres Group, Inc		17,446
3,548	*	Citizens, Inc		22,601
2,000	*	CNA Surety Corp		26,700
2,600		Commerce Group, Inc		158,704
2,881		Delphi Financial Group, Inc (Class A)		132,958
700		Donegal Group, Inc		16,051
700		EMC Insurance Group, Inc		15,148
1,400		FBL Financial Group, Inc (Class A)		39,970
897	*	FPIC Insurance Group, Inc		31,736
700		Great American Financial Resources, Inc		12,159
1,556		Harleysville Group, Inc		37,142
4,900		Horace Mann Educators Corp		93,492
520		Independence Holding Co		9,594
2,302		Infinity Property & Casualty Corp		81,030
500		Kansas City Life Insurance Co		23,650
2,105		Landamerica Financial Group, Inc		113,523
1,000		Midland Co		31,270
200	*	Molina Healthcare, Inc		9,276
255	*	National Western Life Insurance Co (Class A)		42,486
944	*	Navigators Group, Inc		28,424
300		NYMAGIC, Inc		7,590
7,100	*	Ohio Casualty Corp		164,791
1,300		Penn-America Group, Inc		19,630
1,795	*	Philadelphia Consolidated Holding Corp		118,721
11,018		Phoenix Cos, Inc		137,725
900	*	Pico Holdings, Inc		18,693
3,000	*	PMA Capital Corp (Class A)		31,050
2,481		Presidential Life Corp		42,078
3,022	*	ProAssurance Corp		118,190
2,400		RLI Corp		99,768
1,226		Safety Insurance Group, Inc		38,190
3,050		Selective Insurance Group, Inc		134,932
830		State Auto Financial Corp		21,456
2,100		Stewart Information Services Corp		87,465
1,500		Tower Group, Inc		18,000
1,100	*	Triad Guaranty, Inc		66,528
4,397		UICI		149,058
1,800		United Fire & Casualty Co		60,678
3,100	*	Universal American Financial Corp		47,957
1,004	*	Vesta Insurance Group, Inc		3,695
200	*	WellCare Health Plans, Inc		6,500
100		Zenith National Insurance Corp		4,984
		TOTAL INSURANCE CARRIERS		2,846,094
JUSTICE, PUBLIC ORDER AND SAFETY - 0.04%
1,003	*	Geo Group, Inc		26,660
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		26,660

278 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
LEATHER AND LEATHER PRODUCTS - 0.31%
2,200		Brown Shoe Co, Inc	$	65,626
1,300	*	Steven Madden Ltd		24,518
275		Weyco Group, Inc		12,180
3,756		Wolverine World Wide, Inc		118,014
		TOTAL LEATHER AND LEATHER PRODUCTS		220,338
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.36%
11,984	*	Laidlaw International, Inc		256,458
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		256,458
LUMBER AND WOOD PRODUCTS - 0.27%
954		American Woodmark Corp		41,671
939		Deltic Timber Corp		39,861
800		Skyline Corp		32,640
1,729		Universal Forest Products, Inc		75,039
		TOTAL LUMBER AND WOOD PRODUCTS		189,211
METAL MINING - 0.19%
522		Cleveland-Cliffs, Inc		54,215
7,100	*	Hecla Mining Co		41,393
3,735	*	Stillwater Mining Co		42,056
		TOTAL METAL MINING		137,664
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.70%
2,554		Blyth, Inc		75,496
7,600		Callaway Golf Co		102,600
3,127	*	Jakks Pacific, Inc		69,138
4,328	*	K2, Inc		68,729
300	*	Leapfrog Enterprises, Inc		4,080
3,288		Nautilus Group, Inc		79,471
1,900	*	Oneida Ltd		5,814
1,100		Penn Engineering & Manufacturing Corp		19,910
949	*	RC2 Corp		30,937
900		Russ Berrie & Co, Inc		20,556
731	*	Steinway Musical Instruments, Inc		21,155
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		497,886
MISCELLANEOUS RETAIL - 0.70%
4,338	*	Alloy, Inc		35,008
900		Blair Corp		32,094
187	*	Blue Nile, Inc		5,165
500	*	Build-A-Bear Workshop, Inc		17,575
1,261		Cash America International, Inc		37,490
2,700	*	Friedman's, Inc (Class A)		3,483
2,171		Hancock Fabrics, Inc		22,513
3,547		Longs Drug Stores Corp		97,791
600	*	PC Connection, Inc		5,712
909	*	Priceline.com, Inc		21,443
1,549	*	Sports Authority, Inc		39,887
1,300	*	Systemax, Inc		9,542
652	*	Valuevision International, Inc (Class A)		9,069
5,488	*	Zale Corp		163,927
		TOTAL MISCELLANEOUS RETAIL		500,699

279 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
MOTION PICTURES - 0.21%
1,027		Carmike Cinemas, Inc	$	37,486
4,079	*	Hollywood Entertainment Corp		53,394
2,580		Movie Gallery, Inc		49,201
1,502	*	Reading International, Inc		12,557
		TOTAL MOTION PICTURES		152,638
NONDEPOSITORY INSTITUTIONS - 0.74%
300		Advanta Corp (Class A)		6,786
2,152		Advanta Corp (Class B)		52,229
100		Asta Funding, Inc		2,684
1,427		Beverly Hills Bancorp, Inc		14,413
5,199		CharterMac		127,064
800	*	Collegiate Funding Services LLC		11,272
2,156	*	CompuCredit Corp		58,945
984	*	Credit Acceptance Corp		25,043
1,700	b*	DVI, Inc		2
905		Federal Agricultural Mortgage Corp (Class C)		21,087
1,979		Financial Federal Corp		77,577
4,000		MCG Capital Corp		68,520
3,700	*	Metris Cos, Inc		47,175
859	*	NGP Capital Resources Co		13,203
		TOTAL NONDEPOSITORY INSTITUTIONS		526,000
NONMETALLIC MINERALS, EXCEPT FUELS - 0.12%
2,175		Amcol International Corp		43,696
1,756		Compass Minerals International, Inc		42,548
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		86,244
OIL AND GAS EXTRACTION - 4.22%
1,555		Berry Petroleum Co (Class A)		74,174
2,367		Cabot Oil & Gas Corp (Class A)		104,740
529	*	Callon Petroleum Co		7,649
4,887	*	Cimarex Energy Co		185,217
100	*	Clayton Williams Energy, Inc		2,290
519	*	Comstock Resources, Inc		11,444
400	*	Edge Petroleum Corp		5,832
2,647	*	Encore Acquisition Co		92,407
2,800	*	Energy Partners Ltd		56,756
5,668	*	Forest Oil Corp		179,789
9,400	*	Global Industries Ltd		77,926
8,934	*	Hanover Compressor Co		126,237
4,386	*	Harvest Natural Resources, Inc		75,746
2,622		Helmerich & Payne, Inc		89,253
1,500	*	Houston Exploration Co		84,465
15,152	*	Key Energy Services, Inc		178,794
3,854	*	Magnum Hunter Resources, Inc		49,717
1,100	*	McMoRan Exploration Co		20,570
7,200	*	Meridian Resource Corp		43,560
3,939	*	Newpark Resources, Inc		20,286
2,892	*	Oceaneering International, Inc		107,929
11,300	*	Parker Drilling Co		44,409
800	v*	PetroCorp, Inc (Escrow)		0

280 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
7,309	*	Plains Exploration & Production Co	$	190,034
4,182		Range Resources Corp		85,564
272	*	Remington Oil & Gas Corp		7,412
1,153		RPC, Inc		28,963
2,198	*	Seacor Smit, Inc		117,373
3,275	*	Southwestern Energy Co		166,010
1,710	*	Spinnaker Exploration Co		59,970
3,281		St. Mary Land & Exploration Co		136,949
2,174	*	Stone Energy Corp		98,026
2,848	*	Superior Energy Services, Inc		43,888
3,200	*	Swift Energy Co		92,608
1,372	*	Syntroleum Corp		11,017
1,312	*	Todco		24,167
2,300	*	Transmontaigne, Inc		14,099
2,800	*	Veritas DGC, Inc		62,748
5,922		Vintage Petroleum, Inc		134,370
2,046	*	W-H Energy Services, Inc		45,749
1,468	*	Whiting Petroleum Corp		44,407
		TOTAL OIL AND GAS EXTRACTION		3,002,544
PAPER AND ALLIED PRODUCTS - 1.16%
3,500	*	Buckeye Technologies, Inc		45,535
3,500	*	Caraustar Industries, Inc		58,870
2,400		Chesapeake Corp		65,184
3,300		Glatfelter		50,424
1,516		Greif, Inc (Class A)		84,896
5,970		Longview Fibre Co		108,296
1,300	*	Playtex Products, Inc		10,387
1,800		Pope & Talbot, Inc		30,798
3,500		Potlatch Corp		177,030
3,300		Rock-Tenn Co (Class A)		50,028
1,700		Schweitzer-Mauduit International, Inc		57,715
4,915		Wausau-Mosinee Paper Corp		87,782
		TOTAL PAPER AND ALLIED PRODUCTS		826,945
PERSONAL SERVICES - 0.35%
4,800	b*	Alderwoods Group, Inc		54,624
1,000		Angelica Corp		27,050
2,100		G & K Services, Inc (Class A)		91,182
1,800		Jackson Hewitt Tax Service, Inc		45,450
1,000		Unifirst Corp		28,280
		TOTAL PERSONAL SERVICES		246,586
PETROLEUM AND COAL PRODUCTS - 0.54%
200		ElkCorp		6,844
1,221	*	Giant Industries, Inc		32,369
2,308		Holly Corp		64,324
7,807	*	Tesoro Corp		248,731
1,000		WD-40 Co		28,410
		TOTAL PETROLEUM AND COAL PRODUCTS		380,678

281 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
PRIMARY METAL INDUSTRIES - 2.14%
5,896	*	AK Steel Holding Corp	$	85,315
714	*	Aleris International, Inc		12,081
4,250		Belden CDT, Inc		98,600
2,300	*	Brush Engineered Materials, Inc		42,550
2,800		Carpenter Technology Corp		163,688
2,402	*	CommScope, Inc		45,398
1,787		Curtiss-Wright Corp		102,592
4,196	*	General Cable Corp		58,115
1,698		Gibraltar Industries, Inc		40,107
710	*	Lone Star Technologies, Inc		23,757
3,015		Mueller Industries, Inc		97,083
1,912		NN, Inc		25,258
2,200	*	NS Group, Inc		61,160
4,060	*	Oregon Steel Mills, Inc		82,377
1,940		Quanex Corp		133,026
2,500	*	RTI International Metals, Inc		51,350
1,400		Ryerson Tull, Inc		22,050
2,150		Schnitzer Steel Industries, Inc (Class A)		72,950
475		Steel Dynamics, Inc		17,993
1,139		Steel Technologies, Inc		31,334
2,465		Texas Industries, Inc		153,767
710	*	Titanium Metals Corp		17,139
3,100		Tredegar Corp		62,651
629	*	Wheeling-Pittsburgh Corp		24,242
		TOTAL PRIMARY METAL INDUSTRIES		1,524,583
PRINTING AND PUBLISHING - 1.28%
7,425		American Greetings Corp (Class A)		188,224
586		Banta Corp		26,229
2,100		Bowne & Co, Inc		34,146
426	*	Consolidated Graphics, Inc		19,553
536		Courier Corp		27,829
886		CSS Industries, Inc		28,139
2,000		Ennis, Inc		38,500
500		Harland (John H.) Co		18,050
2,104		Hollinger International, Inc		32,991
1,273		Journal Communications, Inc		23,003
1,909	*	Journal Register Co		36,901
900	*	Martha Stewart Living Omnimedia, Inc (Class A)		26,118
15,891	*	Primedia, Inc		60,386
953		Pulitzer, Inc		61,802
3,703		Reader's Digest Association, Inc (Class A)		51,509
3,483	*	Scholastic Corp		128,732
1,100		Standard Register Co		15,532
2,591	*	Valassis Communications, Inc		90,711
		TOTAL PRINTING AND PUBLISHING		908,355
RAILROAD TRANSPORTATION - 0.31%
2,284		Florida East Coast Industries		103,008
1,930	*	Genesee & Wyoming, Inc (Class A)		54,291
3,649	*	Kansas City Southern Industries, Inc		64,697
		TOTAL RAILROAD TRANSPORTATION		221,996

282 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
REAL ESTATE - 0.65%
536	*	Avatar Holdings, Inc	$	25,782
1,200	*	CB Richard Ellis Group, Inc		40,260
2,892	*	Jones Lang LaSalle, Inc		108,190
1,989		LNR Property Corp		125,128
200	*	Orleans Homebuilders, Inc		3,970
12,000	*	Stewart Enterprises, Inc (Class A)		83,880
3,800	*	Trammell Crow Co		68,818
500	*	ZipRealty, Inc		8,935
		TOTAL REAL ESTATE		464,963
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.40%
923	*	Applied Films Corp		19,900
4,220		Aptargroup, Inc		222,732
1,325		Bandag, Inc		65,998
7,706		Cooper Tire & Rubber Co		166,064
17,671	*	Goodyear Tire & Rubber Co		259,057
318	*	Jarden Corp		13,814
2,750		Myers Industries, Inc		35,200
100		Quixote Corp		2,033
3,578		Schulman (A.), Inc		76,605
2,300	*	Skechers U.S.A., Inc (Class A)		29,808
3,000		Spartech Corp		81,270
1,300		Tupperware Corp		26,936
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		999,417
SECURITY AND COMMODITY BROKERS - 0.82%
287		BKF Capital Group, Inc		10,877
1,200		Calamos Asset Management, Inc (Class A)		32,400
500		Gabelli Asset Management, Inc (Class A)		24,260
300		Greenhill & Co, Inc		8,610
5,105	*	Investment Technology Group, Inc		102,100
13,514	*	Knight Trading Group, Inc		147,978
6,160	*	LaBranche & Co, Inc		55,194
600	*	MarketAxess Holdings, Inc		10,206
2,083	*	Piper Jaffray Cos		99,880
1,418		Sanders Morris Harris Group, Inc		25,255
834	*	Stifel Financial Corp		17,472
1,900		SWS Group, Inc		41,648
134		Value Line, Inc		5,258
		TOTAL SECURITY AND COMMODITY BROKERS		581,138
SOCIAL SERVICES - 0.04%
1,975	*	Res-Care, Inc		30,060
		TOTAL SOCIAL SERVICES		30,060
SPECIAL TRADE CONTRACTORS - 0.43%
1,400		Chemed Corp		93,954
4,276	*	Comfort Systems U.S.A., Inc		32,840
1,342	*	Dycom Industries, Inc		40,958
1,739	*	EMCOR Group, Inc		78,568
2,413	*	Integrated Electrical Services, Inc		11,679
494	*	Layne Christensen Co		8,966
1,002	*	Matrix Service Co		8,076
4,173	*	Quanta Services, Inc		33,384
		TOTAL SPECIAL TRADE CONTRACTORS		308,425

283 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.63%
900		Ameron International Corp	$	34,110
555	*	Anchor Glass Container Corp		3,730
3,100		Apogee Enterprises, Inc		41,571
2,005		Eagle Materials, Inc		173,132
1,462		Libbey, Inc		32,471
2,316	*	U.S. Concrete, Inc		17,764
3,669	b*	USG Corp		147,751
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		450,529
TOBACCO PRODUCTS - 0.20%
2,933		Universal Corp (Virginia)		140,315
		TOTAL TOBACCO PRODUCTS		140,315
TRANSPORTATION BY AIR - 0.94%
3,500	*	Alaska Air Group, Inc		117,215
3,574	*	America West Holdings Corp (Class B)		23,517
7,813	*	Continental Airlines, Inc (Class B)		105,788
12,674	*	Delta Air Lines, Inc		94,802
677	*	ExpressJet Holdings, Inc		8,720
5,300	*	FLYi, Inc		9,381
2,780	*	Frontier Airlines, Inc		31,720
807	*	Mesa Air Group, Inc		6,408
8,707	*	Northwest Airlines Corp		95,168
2,400	*	Offshore Logistics, Inc		77,928
370	*	Republic Airways Holdings, Inc		4,910
4,702		Skywest, Inc		94,322
		TOTAL TRANSPORTATION BY AIR		669,879
TRANSPORTATION EQUIPMENT - 1.83%
3,156	*	AAR Corp		42,985
501	*	Aftermarket Technology Corp		8,066
1,390		Arctic Cat, Inc		36,863
8,015		ArvinMeritor, Inc		179,296
1,500		Coachmen Industries, Inc		26,040
900	*	Ducommun, Inc		18,765
5,558		Federal Signal Corp		98,154
5,591	*	GenCorp, Inc		103,825
600		Greenbrier Cos, Inc		20,310
4,472	*	Hayes Lemmerz International, Inc		39,488
2,329		Heico Corp		52,612
150		Heico Corp (Class A)		2,594
2,462		Kaman Corp (Class A)		31,144
688	*	Sequa Corp (Class A)		42,071
1,351		Standard Motor Products, Inc		21,346
236	*	Strattec Security Corp		14,778
2,471		Superior Industries International, Inc		71,783
4,877	*	Tenneco Automotive, Inc		84,079
4,100		Trinity Industries, Inc		139,728
1,900	*	Triumph Group, Inc		75,050
15,178		Visteon Corp		148,289
1,630	*	Wabash National Corp		43,896
		TOTAL TRANSPORTATION EQUIPMENT		1,301,162

284 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
TRANSPORTATION SERVICES - 0.37%
5,862		GATX Corp	$	173,281
200	*	HUB Group, Inc		10,444
1,704	*	Navigant International, Inc		20,738
946	*	Pacer International, Inc		20,112
3,148	*	RailAmerica, Inc		41,081
		TOTAL TRANSPORTATION SERVICES		265,656
TRUCKING AND WAREHOUSING - 0.80%
877		Arkansas Best Corp		39,369
628	*	Central Freight Lines, Inc		3,956
997	*	Covenant Transport, Inc (Class A)		20,758
492		Heartland Express, Inc		11,055
218	*	Landstar System, Inc		16,054
904	*	Marten Transport Ltd		20,548
3,229		Overnite Corp		120,248
743	*	P.A.M. Transportation Services		13,931
500	*	Quality Distribution, Inc		4,220
591	*	SCS Transportation, Inc		13,812
4,048	*	Swift Transportation Co, Inc		86,951
456	*	U.S. Xpress Enterprises, Inc (Class A)		13,361
3,291		USF Corp		124,893
3,501		Werner Enterprises, Inc		79,263
		TOTAL TRUCKING AND WAREHOUSING		568,419
WATER TRANSPORTATION - 0.68%
5,066		Alexander & Baldwin, Inc		214,900
679	*	Gulfmark Offshore, Inc		15,121
426	*	Hornbeck Offshore Services, Inc		8,222
1,351	*	Kirby Corp		59,957
3,193		Overseas Shipholding Group, Inc		176,254
769	*	Seabulk International, Inc		9,313
		TOTAL WATER TRANSPORTATION		483,767
WHOLESALE TRADE-DURABLE GOODS - 1.50%
1,800		Action Performance Cos, Inc		19,782
3,300		Agilysys, Inc		56,562
1,600	*	Alliance Imaging, Inc		18,000
1,869		Anixter International, Inc		67,265
3,042		Applied Industrial Technologies, Inc		83,351
800	*	Audiovox Corp (Class A)		12,624
2,824	*	Aviall, Inc		64,867
1,674		Barnes Group, Inc		44,378
1,100	*	Beacon Roofing Supply, Inc		21,846
595	*	BioVeris Corp		4,349
2,236	*	Brightpoint, Inc		43,691
100		Compx International, Inc		1,653
1,500	*	Department 56, Inc		24,975
511	*	Digi International, Inc		8,784
2,500		Handleman Co		53,700
3,952	*	Insight Enterprises, Inc		81,095
1,000	*	Insurance Auto Auctions, Inc		22,420

285 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

SHARES			VALUE
598		Lawson Products, Inc	$	30,157
835	*	LKQ Corp		16,758
2,013		Metal Management, Inc		54,089
3,689	*	Microtek Medical Holdings, Inc		14,977
2,681		Owens & Minor, Inc		75,524
397		Pep Boys-Manny Moe & Jack		6,777
878		Reliance Steel & Aluminum Co		34,207
8,215	*	Safeguard Scientifics, Inc		17,416
2,300	*	TBC Corp		63,940
2,700		Watsco, Inc		95,094
2,253	*	Zoran Corp		26,090
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,064,371
WHOLESALE TRADE-NONDURABLE GOODS - 1.75%
1,400		Advanced Marketing Services, Inc		14,084
5,674		Airgas, Inc		150,418
1,221	*	Allscripts Healthcare Solutions, Inc		13,028
4,691		Chiquita Brands International, Inc		103,483
5,400		DIMON, Inc		36,288
1,753		Getty Realty Corp		50,364
3,100	*	Hain Celestial Group, Inc		64,077
3,448	*	Men's Wearhouse, Inc		110,198
2,582	*	Metals USA, Inc		47,896
1,338		Nash Finch Co		50,523
1,330		Nu Skin Enterprises, Inc (Class A)		33,755
2,124	*	Performance Food Group Co		57,157
5,200		Perrigo Co		89,804
500	*	Perry Ellis International, Inc		10,175
3,500		Russell Corp		68,180
2,073	*	School Specialty, Inc		79,935
1,300	*	Smart & Final, Inc		18,707
600		Standard Commercial Corp		11,676
4,300		Stride Rite Corp		48,000
3,556	*	United Stationers, Inc		164,287
1,343		Valhi, Inc		21,609
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,243,644
		TOTAL COMMON STOCKS
		(Cost $54,198,349)		70,967,484
PRINCIPAL
SHORT TERM INVESTMENTS - 0.18%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.18%
$130,000		Federal Home Loan Banks (FHLB) 1.00%, 01/03/05		129,977
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		129,977
		TOTAL SHORT TERM INVESTMENTS
		(Cost $129,986)		129,977
		TOTAL PORTFOLIO - 99.92%
		(Cost $54,328,335)		71,097,461
		OTHER ASSETS & LIABILITIES, NET - 0.08%		55,253
		NET ASSETS - 100.00%	$	71,152,714

286 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Value Index Fund

*	Non-income producing
b	In bankruptcy
f	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or
	not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted
	to $0.00 or 0.00% of net assets.
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the funds may use more specific industry categories in following their investment
	limitations on industry concentration.
	Restricted securities held by the Fund are as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Wiltel Communications (Rts)	11/07/03	$	-	$	-

287

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.01%
HEALTH SERVICES - 0.01%
1,103	*	Bio-Reference Labs, Inc	$	19,192
		TOTAL HEALTH SERVICES		19,192
		TOTAL PREFERRED STOCKS
		(Cost $15,238)		19,192
COMMON STOCKS - 99.65%
AGRICULTURAL PRODUCTION-CROPS - 0.11%
400	*	Alico, Inc		23,408
4,658		Delta & Pine Land Co		127,070
800	*	John B. Sanfilippo & Son		20,624
		TOTAL AGRICULTURAL PRODUCTION-CROPS		171,102
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.03%
38		Seaboard Corp		37,924
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		37,924
AGRICULTURAL SERVICES - 0.00%
1	*	Cadiz, Inc		14
		TOTAL AGRICULTURAL SERVICES		14
AMUSEMENT AND RECREATION SERVICES - 0.93%
6,433	*	Alliance Gaming Corp		88,840
3,300	*	Argosy Gaming Co		154,110
4,346	*	Aztar Corp		151,762
1,000		Churchill Downs, Inc		44,700
1,175		Dover Downs Gaming & Entertainment, Inc		15,393
2,117		Dover Motorsport, Inc		12,130
3,784	*	Gaylord Entertainment Co		157,150
1,817	*	Isle of Capri Casinos, Inc		46,606
1,924	*	Lakes Entertainment, Inc		31,342
1,500	*	Life Time Fitness, Inc		38,820
4,780	*	Magna Entertainment (Class A)		28,776
3,000	*	MTR Gaming Group, Inc		31,680
2,989	*	Multimedia Games, Inc		47,107
793	*	Nevada Gold & Casinos, Inc		9,675
4,032	*	Penn National Gaming, Inc		244,138
11,746	*	Six Flags, Inc		63,076
1,882		Speedway Motorsports, Inc		73,737
2,336	*	Sunterra Corp		32,797
2,482	*	WMS Industries, Inc		83,246

288 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
1,600		World Wrestling Federation Entertainment, Inc	$	19,408
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,374,493
APPAREL AND ACCESSORY STORES - 1.11%
6,957	*	Aeropostale, Inc		204,745
1,050		Bebe Stores, Inc		28,329
1,000		Buckle, Inc		29,500
2,291		Burlington Coat Factory Warehouse Corp		52,006
1,226	*	Cache, Inc		22,093
888	*	Carter's, Inc		30,183
3,596	*	Casual Male Retail Group, Inc		19,598
2,435		Cato Corp (Class A)		70,177
1,500	*	Charlotte Russe Holding, Inc		15,150
14,500	*	Charming Shoppes, Inc		135,865
2,131	*	Children's Place Retail Stores, Inc		78,911
4,750		Christopher & Banks Corp		87,638
600		Deb Shops, Inc		15,024
2,400	*	Dress Barn, Inc		42,240
4,802		Finish Line, Inc (Class A)		87,877
2,772	*	Genesco, Inc		86,320
2,500		Goody's Family Clothing, Inc		22,850
3,899	*	Gymboree Corp		49,985
6,019	*	Hot Topic, Inc		103,467
2,400	*	Jo-Ann Stores, Inc		66,096
1,250	*	JOS A. Bank Clothiers, Inc		35,375
1,300	*	New York & Co, Inc		21,476
852		Oshkosh B'gosh, Inc (Class A)		18,233
8,526	*	Payless Shoesource, Inc		104,870
987	*	Shoe Carnival, Inc		12,831
2,361	*	Stage Stores, Inc		98,029
4,394	*	Too, Inc		107,477
		TOTAL APPAREL AND ACCESSORY STORES		1,646,345
APPAREL AND OTHER TEXTILE PRODUCTS - 0.48%
4,900	*	Collins & Aikman Corp		21,364
2,600	*	DHB Industries, Inc		49,504
1,901	*	Guess?, Inc		23,858
2,919	*	Hartmarx Corp		22,681
3,444		Kellwood Co		118,818
1,700		Oxford Industries, Inc		70,210
2,998		Phillips-Van Heusen Corp		80,946
6,940	*	Quiksilver, Inc		206,743
5,783	*	Warnaco Group, Inc		124,913
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		719,037
AUTO REPAIR, SERVICES AND PARKING - 0.20%
1,159	*	Amerco, Inc		53,291
2,387		Central Parking Corp		36,163
3,151	*	Dollar Thrifty Automotive Group, Inc		95,160
2,724	*	Exide Technologies		37,537
1,900	*	Midas, Inc		38,000
1,300	*	Monro Muffler Brake, Inc		32,890
		TOTAL AUTO REPAIR, SERVICES AND PARKING		293,041

289 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.35%
700	*	America's Car Mart, Inc	$	26,600
1,082	*	Asbury Automotive Group, Inc		14,910
5,881	*	CSK Auto Corp		98,448
2,400	*	Group 1 Automotive, Inc		75,600
1,700		Lithia Motors, Inc (Class A)		45,594
1,497	*	MarineMax, Inc		44,551
919	*	Rush Enterprises, Inc		15,908
3,491		Sonic Automotive, Inc		86,577
2,443		United Auto Group, Inc		72,288
1,676	*	West Marine, Inc		41,481
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		521,957
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.10%
1,600		Building Materials Holding Corp		61,264
2,100	*	Central Garden & Pet Co		87,654
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		148,918
BUSINESS SERVICES - 10.46%
4,236	*	@Road, Inc		29,271
3,650	*	24/7 Real Media, Inc		15,805
4,725		Aaron Rents, Inc		118,125
4,815		ABM Industries, Inc		94,952
5,000	*	ActivCard Corp		44,500
6,458	*	Actuate Corp		16,468
2,700	*	Administaff, Inc		34,047
3,040	*	Advent Software, Inc		62,259
3,914		Advo, Inc		139,534
6,600	*	Agile Software Corp		53,922
2,573	*	Altiris, Inc		91,161
1,530	*	AMN Healthcare Services, Inc		24,342
900	*	Ansoft Corp		18,180
3,940	*	Ansys, Inc		126,316
3,415	*	Anteon International Corp		142,952
5,951	*	Aquantive, Inc		53,202
3,932	*	Arbitron, Inc		154,056
7,611	*	Ariba, Inc		126,343
3,596	*	Armor Holdings, Inc		169,084
7,529	*	Ascential Software Corp		122,798
4,465	*	Asiainfo Holdings, Inc		26,611
5,185	*	Aspect Communications Corp		57,761
5,100	*	Aspen Technology, Inc		31,671
1,014	*	Asset Acceptance Capital Corp		21,598
1,000	*	Atari, Inc		2,930
5,100	*	Autobytel, Inc		30,804
15,154	*	Bisys Group, Inc		249,283
1,100	*	Blackbaud, Inc		16,104
800	*	Blackboard, Inc		11,848
1,193	*	Blue Coat Systems, Inc		22,202
10,200	*	Borland Software Corp		119,136
2,300		Brady Corp (Class A)		143,911
32,610	*	Brocade Communications Systems, Inc		249,140
3,628	*	CACI International, Inc (Class A)		247,176
600	*	CallWave, Inc		9,264

290 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
4,063	*	Captaris, Inc	$	20,965
2,562	*	Carreker Corp		22,033
6,653		Catalina Marketing Corp		197,128
920	*	CCC Information Services Group, Inc		20,433
1,600		CDI Corp		34,208
3,567	*	Cerner Corp		189,657
9,265	*	Chordiant Software, Inc		21,124
6,450	*	Ciber, Inc		62,178
1,692	*	Clarus Corp		15,228
55,911	*	CMGI, Inc		142,573
15,928	*	CNET Networks, Inc		178,871
800		Computer Programs & Systems, Inc		18,520
2,360	*	Concord Communications, Inc		26,149
3,400	*	Concur Technologies, Inc		30,294
3,818	*	Corillian Corp		18,785
2,006	*	CoStar Group, Inc		92,637
2,546	*	Covansys Corp		38,954
24	b,v*	Cross Media Marketing Corp		—
6,319	*	CSG Systems International, Inc		118,165
2,100	*	Cyberguard Corp		13,230
3,528	*	Cybersource Corp		25,225
4,580	*	Dendrite International, Inc		88,852
1,896	*	Digimarc Corp		17,671
4,481	*	Digital Insight Corp		82,450
4,051	*	Digital River, Inc		168,562
14,268	*	DoubleClick, Inc		111,005
9,473	*	E.piphany, Inc		45,755
16,530	*	Earthlink, Inc		190,426
3,625	*	Echelon Corp		30,595
4,601	*	Eclipsys Corp		93,998
2,000	*	eCollege.com, Inc		22,720
1,463	*	Education Lending Group, Inc		22,691
6,075	*	eFunds Corp		145,861
2,300		Electro Rent Corp		32,729
2,666	*	Embarcadero Technologies, Inc		25,087
26,503	*	Enterasys Networks, Inc		47,705
7,945	*	Entrust, Inc		30,112
5,242	*	Epicor Software Corp		73,860
1,717	*	EPIQ Systems, Inc		25,137
1,272	*	Equinix, Inc		54,365
3,100	*	eSpeed, Inc (Class A)		38,347
13,500	*	Extreme Networks, Inc		88,425
4,302	*	F5 Networks, Inc		209,593
2,591		Factset Research Systems, Inc		151,418
5,200	*	Filenet Corp		133,952
3,231	*	FindWhat.com		57,286
316	*	First Advantage Corp		6,446
3,031		Gevity HR, Inc		62,317
599	*	Greg Manning Auctions, Inc		7,416
108		Grey Global Group, Inc		118,799
2,400	*	GSI Commerce, Inc		42,672
6,534	*	Harris Interactive, Inc		51,619
1,800		Healthcare Services Group		37,512
2,138	*	Heidrick & Struggles International, Inc		73,269
14,200	*	Homestore, Inc		43,026
1,200	*	Hudson Highland Group, Inc		34,560
4,932	*	Hyperion Solutions Corp		229,930

291 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,638	*	IDX Systems Corp	$	90,905
2,684	*	iGate Corp		10,870
4,392		Imation Corp		139,797
2,017	*	Infocrossing, Inc		34,148
10,884	*	Informatica Corp		88,378
4,097	*	Infospace, Inc		194,812
3,900	*	infoUSA, Inc		43,641
838	*	Innovative Solutions & Support, Inc		27,956
4,562	*	Interactive Data Corp		99,178
200	*	Interchange Corp		3,628
4,068	*	Intergraph Corp		109,551
4,722	*	Internet Capital Group, Inc		42,498
4,800	*	Internet Security Systems, Inc		111,600
192		Interpool, Inc		4,560
952	*	Intersections, Inc		16,422
904	*	Intervideo, Inc		11,960
5,242	*	Interwoven, Inc		57,033
2,200	*	Intrado, Inc		26,620
5,651	*	Ipass, Inc		41,817
1,336	*	iPayment, Inc		66,159
660	*	IVAX Diagnostics, Inc		2,871
3,941	*	iVillage, Inc		24,355
800	*	Jamdat Mobile, Inc		16,520
3,254	*	JDA Software Group, Inc		44,319
1,907	*	Jupitermedia Corp		45,348
900	*	Kanbay International, Inc		28,170
6,415	*	Keane, Inc		94,301
2,200		Kelly Services, Inc (Class A)		66,396
2,046	*	Keynote Systems, Inc		28,480
3,267	*	Kforce, Inc		36,264
5,718	*	KFX ,Inc		83,025
838	*	Kintera, Inc		7,550
3,905	*	Korn/Ferry International		81,029
3,897	*	Kronos, Inc		199,254
5,195	*	Labor Ready, Inc		87,899
6,953	*	Lawson Software, Inc		47,767
5,865	*	Lionbridge Technologies		39,413
11,700	*	Looksmart Ltd		25,623
6,142	*	Macrovision Corp		157,972
3,100	*	Magma Design Automation, Inc		38,936
3,777	*	Manhattan Associates, Inc		90,195
2,115	*	Mantech International Corp (Class A)		50,210
7,045	*	Manugistics Group, Inc		20,219
3,289	*	MAPICS, Inc		34,699
2,622	*	Mapinfo Corp		31,412
404	*	Marchex, Inc		8,484
1,200	*	MarketWatch, Inc		21,600
839	*	Marlin Business Services, Inc		15,941
6,487	*	Matrixone, Inc		42,490
1,300		McGrath RentCorp		56,693
1,500	*	Medical Staffing Network Holdings, Inc		12,285
200	*	MedQuist, Inc		2,960
9,640	*	Mentor Graphics Corp		147,396
9,879	*	Micromuse, Inc		54,828
1,500	*	MicroStrategy, Inc		90,375
5,802	*	Midway Games, Inc		60,921
12,550	*	Mindspeed Technologies, Inc		34,889
700	*	Motive, Inc		7,966
13,171	*	MPS Group, Inc		161,476

292 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,600	*	MRO Software, Inc	$	33,852
3,300	*	MSC.Software Corp		34,551
3,400	*	NCO Group, Inc		87,890
4,503		NDCHealth Corp		83,711
1,100	*	Neoforma, Inc		8,459
1,700	*	Ness Technologies, Inc		25,330
7,138	*	NETIQ Corp		87,155
1,600	*	Netratings, Inc		30,672
3,000	*	Netscout Systems, Inc		20,940
3,036	*	Network Equipment Technologies, Inc		29,814
4,100	*	NIC, Inc		20,828
1,684	*	Open Solutions, Inc		43,717
1,500	*	Opnet Technologies, Inc		12,630
6,542	*	Opsware, Inc		48,018
4,186	*	Packeteer, Inc		60,488
1,882	*	PalmSource, Inc		23,977
33,768	*	Parametric Technology Corp		198,894
2,841	*	PC-Tel, Inc		22,529
1,800	*	PDF Solutions, Inc		28,998
969	*	PDI, Inc		21,589
1,499	*	PEC Solutions, Inc		21,241
2,931	*	Pegasus Solutions, Inc		36,931
1,300	*	Pegasystems, Inc		11,089
24	*	Penton Media, Inc		2
9,603	*	Perot Systems Corp (Class A)		153,936
700	*	Phase Forward, Inc		5,719
737	*	PlanetOut, Inc		10,023
2,691	*	PLATO Learning, Inc		20,048
4,080	*	Portal Software, Inc		10,812
1,627	*	Portfolio Recovery Associates, Inc		67,065
1,100	*	PRA International		27,258
3,800	*	Progress Software Corp		88,730
777	*	Proxymed, Inc		7,630
1,500		QAD, Inc		13,380
469	*	Quality Systems, Inc		28,046
6,195	*	Quest Software, Inc		98,810
2,800	*	R.H. Donnelley Corp		165,340
2,383	*	Radisys Corp		46,588
14,083	*	RealNetworks, Inc		93,229
3,022	*	Redback Networks, Inc		16,198
185	*	Redback Networks, Inc Wts 01/02/11		481
1,000		Renaissance Learning, Inc		18,560
3,400	*	Rent-Way, Inc		27,234
6,900	*	Retek, Inc		42,435
2,210	*	Rewards Network, Inc		15,470
800	*	RightNow Technologies, Inc		12,920
2,500		Rollins, Inc		65,800
8,843	*	RSA Security, Inc		177,391
8,838	*	S1 Corp		80,072
2,944	*	SafeNet, Inc		108,163
1,500	*	Salesforce.com, Inc		25,410
9,953	*	Sapient Corp		78,728
10,152	*	Scansoft, Inc		42,537
4,400	*	Secure Computing Corp		43,912
6,500	*	Seebeyond Technology Corp		23,270
3,200	*	Serena Software, Inc		69,248

293 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
914	*	SI International, Inc	$	28,115
7,204	*	Sitel Corp		17,722
20	*	Skillsoft plc (ADR)		113
2,776	*	Sohu.com, Inc		49,163
67	b*	SONICblue, Inc		—
7,500	*	SonicWALL, Inc		47,400
5,826	*	Sotheby's Holdings, Inc (Class A)		105,800
2,622	*	Source Interlink Cos, Inc		34,820
7,520	*	Spherion Corp		63,168
1,700	*	SPSS, Inc		26,588
1,649	*	SRA International, Inc (Class A)		105,866
1,705		SS&C Technologies, Inc		35,208
1,400		Startek, Inc		39,830
2,400	*	Stellent, Inc		21,168
1,700	v*	StorageNetworks, Inc		—
1,150	*	Stratasys, Inc		38,594
4,556	*	SupportSoft, Inc		30,343
3,300	*	Sykes Enterprises, Inc		22,935
914	*	SYNNEX Corp		21,991
900		Syntel, Inc		15,786
5,616	*	Take-Two Interactive Software, Inc		195,381
1,800		Talx Corp		46,422
4,600	*	TeleTech Holdings, Inc		44,574
4,774	*	THQ, Inc		109,516
2,000	*	Tier Technologies, Inc (Class B)		18,500
469	*	TippingPoint Technologies, Inc		21,902
10,618	*	Titan Corp		172,012
396	*	TNS, Inc		8,653
2,600	*	TradeStation Group, Inc		18,252
4,625	*	Transaction Systems Architects, Inc (Class A)		91,806
194	*	Travelzoo, Inc		18,513
4,100	*	Trizetto Group, Inc		38,950
6,134	*	Tumbleweed Communications Corp		20,488
4,779	*	Tyler Technologies, Inc		39,952
1,964	*	Ultimate Software Group, Inc		24,904
6,652	*	United Online, Inc		76,698
5,459	*	United Rentals, Inc		103,175
2,230	*	Universal Compression Holdings, Inc		77,849
10,000	*	Valueclick, Inc		133,300
1,543	*	Verint Systems, Inc		56,057
3,791	*	Verity, Inc		49,738
619	*	Vertrue, Inc		23,380
36,334	*	Vignette Corp		50,504
1,100	*	Volt Information Sciences, Inc		32,329
4,500	*	WatchGuard Technologies, Inc		19,935
3,775	*	WebEx Communications, Inc		89,770
5,796	*	webMethods, Inc		41,789
2,900	*	Websense, Inc		147,088
800	*	WebSideStory, Inc		9,944
8,838	*	Wind River Systems, Inc		119,755
2,540	*	Witness Systems, Inc		44,348
2,693	*	Zix Corp		13,869
		TOTAL BUSINESS SERVICES		15,523,056

294 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
CHEMICALS AND ALLIED PRODUCTS - 6.50%
10,006	*	Abgenix, Inc	$	103,462
2,202	*	Able Laboratories, Inc		50,096
2,000		Aceto Corp		38,080
4,899	*	Adolor Corp		48,598
1,219	*	Advancis Pharmaceutical Corp		4,657
2,955	*	Albany Molecular Research, Inc		32,919
4,100		Albemarle Corp		158,711
3,400	*	Alexion Pharmaceuticals, Inc		85,680
11,289	*	Alkermes, Inc		159,062
4,966		Alpharma, Inc (Class A)		84,174
578		American Vanguard Corp		21,259
2,900		Arch Chemicals, Inc		83,462
3,025	*	Array Biopharma, Inc		28,798
4,670	*	Atherogenics, Inc		110,025
9,200	*	Avant Immunotherapeutics, Inc		18,492
809	*	Barrier Therapeutics, Inc		13,429
1,900	*	Benthley Pharmaceuticals, Inc		20,425
2,032	*	BioCryst Pharmaceuticals, Inc		11,745
2,661	*	Bioenvision, Inc		23,843
8,087	*	BioMarin Pharmaceutical, Inc		51,676
1,621	*	Biosite, Inc		99,756
1,980	*	Bone Care International, Inc		55,143
1,700	*	Bradley Pharmaceuticals, Inc		32,980
4,500		Calgon Carbon Corp		40,860
3,346		Cambrex Corp		90,677
2,130	*	CancerVax Corp		23,111
1,020	*	Caraco Pharmaceutical Laboratories Ltd		9,741
5,600	*	Cell Genesys, Inc		45,360
7,700	*	Cell Therapeutics, Inc		62,678
2,146	*	Chattem, Inc		71,033
3,989	*	Connetics Corp		96,893
497	*	Corcept Therapeutics, Inc		3,106
715	*	Corgentech, Inc		5,920
7,567	*	Corixa Corp		27,544
14,375		Crompton Corp		169,625
5,075	*	Cubist Pharmaceuticals, Inc		60,037
5,960	*	Curis, Inc		31,111
3,731	*	Cypress Bioscience, Inc		52,458
4,864		Cytec Industries, Inc		250,107
1,952	*	Cytogen Corp		22,487
938	*	Cytokinetics, Inc		9,615
630	*	DEL Laboratories, Inc		21,893
7,285	*	Dendreon Corp		78,532
2,800		Diagnostic Products Corp		154,140
1,600	*	Digene Corp		41,840
5,800	*	Discovery Laboratories, Inc		45,994
1,848	*	Dov Pharmaceutical, Inc		33,356
2,800	*	Durect Corp		9,184
1,895	*	Dusa Pharmaceuticals, Inc		27,099
763	*	Dynavax Technologies Corp		6,104
2,802	*	Elizabeth Arden, Inc		66,519
7,152	*	Encysive Pharmaceuticals, Inc		71,019
5,491	*	Enzon, Inc		75,337
2,916	*	EPIX Pharmaceuticals, Inc		52,226

295 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
5,300		Ferro Corp	$	122,907
3,275	*	First Horizon Pharmaceutical		74,965
4,569	*	FMC Corp		220,683
7,191	*	Genaera Corp		24,593
10,987	*	Genelabs Technologies		13,184
4,985	*	Genta, Inc		8,774
3,625		Georgia Gulf Corp		180,525
5,600	*	Geron Corp		44,632
6,297		Great Lakes Chemical Corp		179,402
685	*	GTx, Inc		9,241
5,410	*	Guilford Pharmaceuticals, Inc		26,780
3,695		H.B. Fuller Co		105,344
1,807	*	Hollis-Eden Pharmaceuticals		17,022
16,303	*	Human Genome Sciences, Inc		195,962
700	*	Idenix Pharmaceuticals, Inc		12,005
5,652	*	Immucor, Inc		132,879
4,578	*	Immunogen, Inc		40,470
5,648	*	Immunomedics, Inc		17,170
6,087	*	Impax Laboratories, Inc		96,662
5,260	*	Indevus Pharmaceuticals, Inc		31,350
6,193	*	Inkine Pharmaceutical Co		33,628
5,209	*	Inspire Pharmaceuticals, Inc		87,355
700		Inter Parfums, Inc		11,130
3,700	*	InterMune, Inc		49,062
1,737	*	Inverness Medical Innovations, Inc		43,599
6,400	*	Isis Pharmaceuticals, Inc		37,760
2,854	*	Isolagen, Inc		22,461
1,525	*	Kos Pharmaceuticals, Inc		57,401
324		Kronos Worldwide, Inc		13,203
4,500	*	KV Pharmaceutical Co (Class A)		99,225
1,000	*	Lannett Co, Inc		9,850
9,335	*	Ligand Pharmaceuticals, Inc (Class B)		108,659
3,458		MacDermid, Inc		124,834
1,816		Mannatech, Inc		34,577
1,600	*	MannKind Corp		25,200
900	*	Marshall Edwards, Inc		8,051
9,900	*	Medarex, Inc		106,722
5,941	*	Medicines Co		171,101
2,600		Minerals Technologies, Inc		173,420
800	*	Momenta Pharmaceuticals, Inc		5,648
14,612	*	Mosaic Co		238,468
2,449	*	Myogen, Inc		19,763
7,237	*	Nabi Biopharmaceuticals		106,022
1,434		Nature's Sunshine Products, Inc		29,196
2,600	*	Neose Technologies, Inc		17,472
2,940	*	Neurogen Corp		27,518
1,707	*	NewMarket Corp		33,969
1,210	*	NitroMed, Inc		32,247
1,000	*	NL Industries, Inc		22,100
2,356	*	Northfield Laboratories, Inc		53,128
2,900	*	Noven Pharmaceuticals, Inc		49,474
4,684	*	NPS Pharmaceuticals, Inc		85,624
897	*	Nutraceutical International Corp		13,823
3,494	*	Nuvelo, Inc		34,416
1,600		Octel Corp		33,296

296 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
8,700		Olin Corp	$	191,574
3,537	*	OM Group, Inc		114,670
5,100	*	Omnova Solutions, Inc		28,662
4,401	*	Onyx Pharmaceuticals, Inc		142,548
5,036	*	OraSure Technologies, Inc		33,842
4,000	*	Pain Therapeutics, Inc		28,840
6,600	*	Palatin Technologies, Inc		17,556
4,296	*	Par Pharmaceutical Cos, Inc		177,768
2,200	*	Penwest Pharmaceuticals Co		26,312
15,800	*	Peregrine Pharmaceuticals, Inc		18,486
1,332	*	PetMed Express, Inc		10,137
2,512	*	Pharmacyclics, Inc		26,301
1,872	*	Pharmion Corp		79,017
3,273		PolyMedica Corp		122,050
11,538	*	PolyOne Corp		104,534
3,000	*	Pozen, Inc		21,810
3,900	*	Praecis Pharmaceuticals, Inc		7,410
1,500	*	Progenics Pharmaceuticals		25,740
2,750	*	QLT, Inc (Frankfurt)		44,220
1,000		Quaker Chemical Corp		24,840
4,000	*	Quidel Corp		20,320
639	*	Renovis, Inc		9,189
17,918	*	Revlon, Inc (Class A)		41,211
4,562	*	Salix Pharmaceuticals Ltd		80,246
1,094	*	Santarus, Inc		9,912
5,493	*	Sciclone Pharmaceuticals, Inc		20,324
3,700	*	Serologicals Corp		81,844
700		Stepan Co		17,052
6,317	*	SuperGen, Inc		44,535
1,824	*	SurModics, Inc		59,298
3,016	*	Tanox, Inc		45,843
581	*	Tercica, Inc		5,816
4,856	*	Terra Industries, Inc		43,121
3,600	*	Third Wave Technologies, Inc		30,960
3,500	*	UAP Holding Corp		60,445
2,400	*	United Therapeutics Corp		108,360
1,300	*	USANA Health Sciences, Inc		44,460
10,521		USEC, Inc		101,948
10,630		Valeant Pharmaceuticals International		280,101
9,772	*	Vertex Pharmaceuticals, Inc		103,290
6,437	*	Vicuron Pharmaceuticals, Inc		112,068
6,877	*	Vion Pharmaceuticals, Inc		32,253
1,200	*	Virbac Corp		4,050
4,039		Wellman, Inc		43,177
3,746		West Pharmaceutical Services, Inc		93,762
1,500		Westlake Chemical Corp		50,100
8,267	b*	WR Grace & Co		112,514
5,248	*	Zila, Inc		22,461
2,441	*	Zymogenetics, Inc		56,143
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,647,150
COMMUNICATIONS - 1.80%
1,441	*	AirGate PCS, Inc		51,300
3,853	*	Airspan Networks, Inc		20,922
9,344	*	Alamosa Holdings, Inc		116,520
1,036		Alaska Communications Systems Group, Inc		8,941
76	b,v*	Allegiance Telecom, Inc		—
500	*	Beasley Broadcast Group, Inc (Class A)		8,765
2,100	*	Boston Communications Group		19,404

297 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
1,400	*	Centennial Communications Corp	$	11,102
33,823	*	Charter Communications, Inc (Class A)		75,764
30,756	*	Cincinnati Bell, Inc		127,637
2,759	*	Commonwealth Telephone Enterprises, Inc		137,012
1,700	*	Crown Media Holdings, Inc (Class A)		14,620
2,300		CT Communications, Inc		28,290
6,240	*	Cumulus Media, Inc (Class A)		94,099
1,500		D&E Communications, Inc		18,075
13,989	*	Dobson Communications Corp (Class A)		24,061
6,200	*	Emmis Communications Corp (Class A)		118,978
6,042	*	Entravision Communications Corp (Class A)		50,451
900	*	Fisher Communications, Inc		43,992
5,798	*	General Communication, Inc (Class A)		64,010
1,800		Golden Telecom, Inc		47,556
5,800		Gray Television, Inc		89,900
7,700	*	Infonet Services Corp (Class B)		15,554
1,000	*	InPhonic, Inc		27,480
5,644	*	Insight Communications Co, Inc		52,320
36,561	*	Internap Network Services Corp		34,002
2,400		Iowa Telecommunications Services, Inc		51,768
1,319	*	ITC Deltacom, Inc		2,255
2,400	*	j2 Global Communications, Inc		82,800
1,947		Liberty Corp		85,590
3,412	*	Lin TV Corp (Class A)		65,169
1,559	*	Lodgenet Entertainment Corp		27,579
3,000	*	Mastec, Inc		30,330
8,171	*	Mediacom Communications Corp		51,069
4,800	*	Net2Phone, Inc		16,320
1,307	*	Nexstar Broadcasting Group, Inc		12,051
2,000		North Pittsburgh Systems, Inc		49,460
2,344	*	Novatel Wireless, Inc		45,427
6,108	*	Paxson Communications Corp		8,429
4,908	*	Price Communications Corp		91,240
9,400	*	Primus Telecommunications Group		29,892
7,900	*	PTEK Holdings, Inc		84,609
7,600	b*	RCN Corp		144
4,600	*	Regent Communications, Inc		24,380
1,800	*	Saga Communications, Inc (Class A)		30,330
1,315	*	Salem Communications Corp (Class A)		32,809
900		Shenandoah Telecom Co		26,955
5,600		Sinclair Broadcast Group, Inc (Class A)		51,576
4,600	*	Spanish Broadcasting System, Inc (Class A)		48,576
1,869		SureWest Communications		52,986
3,300	*	Talk America Holdings, Inc		21,846
37,374	*	Terremark Worldwide, Inc		23,919
6,300	*	Time Warner Telecom, Inc (Class A)		27,468
5,800	*	Tivo, Inc		34,046
74	b*	Touch America Holdings, Inc		0
4,749	*	Triton PCS Holdings, Inc (Class A)		16,242
58	*	U.S. Unwired, Inc (Class A)		278
8,918	*	Ubiquitel, Inc		63,496
3,033	*	USA Mobility, Inc		107,095
3,600	f,v*	Wiltel Communications (Rts)		0
6,028	*	Wireless Facilities, Inc		56,904
2,014	*	Young Broadcasting, Inc (Class A)		21,268
		TOTAL COMMUNICATIONS		2,675,061

298 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
DEPOSITORY INSTITUTIONS - 9.22%
1,591		1st Source Corp	$	40,586
1,300		ABC Bancorp		27,300
1,043	*	ACE Cash Express, Inc		30,935
1,320	*	AmericanWest Bancorp		26,730
2,607		Anchor Bancorp Wisconsin, Inc		75,994
1,158		Arrow Financial Corp		35,898
400		Bancfirst Corp		31,592
9,796		Bancorpsouth, Inc		238,729
1,000		BancTrust Financial Group, Inc		24,610
9,899		Bank Mutual Corp		120,471
1,675		Bank of Granite Corp		35,008
1,300		Bank of The Ozarks, Inc		44,239
5,494		BankAtlantic Bancorp, Inc (Class A)		109,331
3,420	*	BankUnited Financial Corp (Class A)		109,269
1,389		Banner Corp		43,323
700		Berkshire Hills Bancorp, Inc		26,005
957	*	BFC Financial Corp		12,106
3,500		Boston Private Financial Holdings, Inc		98,595
1,000		Bryn Mawr Bank Corp		21,990
1,100		Camden National Corp		43,351
1,200		Capital City Bank Group, Inc		50,160
700		Capital Corp of the West		32,901
406	*	Capital Crossing Bank		12,460
2,125		Cascade Bancorp		42,968
5,386		Cathay General Bancorp		201,975
1,200		Center Financial Corp		24,024
1,210	*	Central Coast Bancorp		27,939
3,431		Central Pacific Financial Corp		124,099
394		Century Bancorp, Inc (Class A)		11,623
591		Charter Financial Corp		25,927
3,100		Chemical Financial Corp		133,052
5,625		Chittenden Corp		161,606
5,562		Citizens Banking Corp		191,055
1,100		Citizens First Bancorp, Inc		26,598
1,100		City Bank		39,765
2,200		City Holding Co		79,728
1,203		Clifton Savings Bancorp, Inc		14,616
1,597		Coastal Financial Corp		30,599
1,650		CoBiz, Inc		33,495
700		Columbia Bancorp		23,933
1,890		Columbia Banking System, Inc		47,231
4,599		Commercial Capital Bancorp, Inc		106,605
5,182		Commercial Federal Corp		153,957
3,322		Community Bank System, Inc		93,847
1,609		Community Trust Bancorp, Inc		52,067
2,000		Corus Bankshares, Inc		96,020
4,730		CVB Financial Corp		125,629
4,050		Dime Community Bancshares		72,536
2,447		Downey Financial Corp		139,479
6,400		East West Bancorp, Inc		268,544
1,100	*	EuroBancshares, Inc		23,100
2,868	*	Euronet Worldwide, Inc		74,625
800		Farmers Capital Bank Corp		32,960
1,800		Fidelity Bankshares, Inc		76,968
1,080		Financial Institutions, Inc		25,110
1,500		First Bancorp (North Carolina)		40,755

299 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
4,316		First Bancorp (Puerto Rico)	$	274,109
1,800		First Busey Corp (Class A)		37,566
3,900		First Charter Corp		102,063
692		First Citizens Bancshares, Inc (Class A)		102,589
8,997		First Commonwealth Financial Corp		138,464
1,755		First Community Bancorp		74,939
1,320		First Community Bancshares, Inc		47,626
4,400		First Financial Bancorp		77,000
1,800		First Financial Bankshares, Inc		80,658
1,800		First Financial Corp (Indiana)		63,054
1,700		First Financial Holdings, Inc		55,658
2,415		First Merchants Corp		68,345
5,848		First Midwest Bancorp, Inc		212,224
7,521		First National Bankshares of Florida, Inc		179,752
900		First Oak Brook Bancshares, Inc		29,169
500		First of Long Island Corp		25,225
1,700		First Republic Bank		90,100
1,000		First State Bancorp		36,760
2,172	*	FirstFed Financial Corp		112,662
4,000		Flagstar Bancorp, Inc		90,400
1,800		Flushing Financial Corp		36,108
5,876		FNB Corp		119,635
800		FNB Corp (Virginia)		22,688
1,345	*	Franklin Bank Corp		24,546
2,000		Frontier Financial Corp		77,220
1,075		GB&T Bancshares, Inc		25,929
3,000		Glacier Bancorp, Inc		102,120
4,700		Gold Banc Corp, Inc		68,714
1,207		Great Southern Bancorp, Inc		42,245
3,600		Hancock Holding Co		120,456
1,798		Hanmi Financial Corp		64,620
2,600		Harbor Florida Bancshares, Inc		89,986
3,281		Harleysville National Corp		87,275
1,200		Heartland Financial U.S.A., Inc		24,132
1,400		Horizon Financial Corp		28,812
4,000		Hudson River Bancorp, Inc		79,160
700		IberiaBank Corp		46,452
1,638		Independent Bank Corp (Massachusetts)		55,283
2,464		Independent Bank Corp (Michigan)		73,501
1,900		Integra Bank Corp		43,909
1,500		Interchange Financial Services Corp		38,880
75		International Bancshares Corp		2,954
2,100		Irwin Financial Corp		59,619
659	*	Itla Capital Corp		38,743
409		K-Fed Bancorp		6,119
3,890		KNBT Bancorp, Inc		65,741
1,575		Lakeland Bancorp, Inc		27,641
700		Lakeland Financial Corp		27,790
1,155		Macatawa Bank Corp		37,295
3,442		MAF Bancorp, Inc		154,270
1,800		Main Street Banks, Inc		62,874
1,323		MainSource Financial Group, Inc		31,593
2,400		MB Financial, Inc		101,160
2,038		MBT Financial Corp		47,424
735		Mercantile Bank Corp		29,033
3,100		Mid-State Bancshares		88,815
1,400		Midwest Banc Holdings, Inc		30,618
2,273		Nara Bancorp, Inc		48,347
400		NASB Financial, Inc		15,984
4,393		National Penn Bancshares, Inc		121,686

300 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
900		NBC Capital Corp	$	23,913
4,200		NBT Bancorp, Inc		108,024
5,686		NetBank, Inc		59,191
2,371		Northwest Bancorp, Inc		59,488
400		Oak Hill Financial, Inc		15,516
900		OceanFirst Financial Corp		22,185
4,600	*	Ocwen Financial Corp		43,976
7,969		Old National Bancorp		206,078
1,614		Old Second Bancorp, Inc		51,454
1,113		Omega Financial Corp		38,154
5,644		Pacific Capital Bancorp		191,840
1,779		Park National Corp		241,055
3,754		Partners Trust Financial Group, Inc		43,734
968		Peapack Gladstone Financial Corp		30,540
1,200		Pennfed Financial Services, Inc		19,296
990		Pennrock Financial Services Corp		38,521
1,365		Peoples Bancorp, Inc		37,442
1,050		Peoples Holding Co		34,755
1,680		PFF Bancorp, Inc		77,834
700		Placer Sierra Bancshares		19,908
5,739		Provident Bancorp, Inc		75,697
4,246		Provident Bankshares Corp		154,427
750		Provident Financial Holdings		21,638
9,356		Provident Financial Services, Inc		181,226
700	*	QC Holdings, Inc		13,412
3,544		R & G Financial Corp (Class B)		137,791
1,050		Republic Bancorp, Inc (Class A) (Kentucky)		26,985
8,818		Republic Bancorp, Inc (Michigan)		134,739
2,100	*	Riggs National Corp		44,646
624		Royal Bancshares of Pennsylvania (Class A)		16,860
2,949		S & T Bancorp, Inc		111,148
1,398		S.Y. Bancorp, Inc		33,692
660		Santander Bancorp		19,906
1,050		SCBT Financial Corp		35,249
1,540		Seacoast Banking Corp of Florida		34,265
500		Security Bank Corp		20,000
642	*	Signature Bank		20,775
4,417	*	Silicon Valley Bancshares		197,970
1,900		Simmons First National Corp (Class A)		55,005
695		Smithtown Bancorp, Inc		22,066
1,476		Southern Community Financial Corp		15,277
1,318		Southside Bancshares, Inc		30,116
8,800		Southwest Bancorp of Texas, Inc		204,952
1,400		Southwest Bancorp, Inc		34,272
945		State Bancorp, Inc		25,988
700		State Financial Services Corp (Class A)		21,070
2,078		Sterling Bancorp		58,704
5,200		Sterling Bancshares, Inc		74,204
2,750		Sterling Financial Corp (Pennsylvania)		78,843
2,877	*	Sterling Financial Corp (Spokane)		112,951
1,081	*	Sun Bancorp, Inc (New Jersey)		27,003
500		Taylor Capital Group, Inc		16,750
2,716	*	Texas Capital Bancshares, Inc		58,720
5,290		Texas Regional Bancshares, Inc (Class A)		172,877
2,296		TierOne Corp		57,056
1,400		Trico Bancshares		32,760
9,822		Trustco Bank Corp NY		135,445
6,003		Trustmark Corp		186,513
1,357		U.S.B. Holding Co, Inc		33,789
1,785		UMB Financial Corp		101,138
5,436		Umpqua Holdings Corp		137,042

301 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
1,000		Union Bankshares Corp	$	38,430
4,748		United Bankshares, Inc		181,136
3,600		United Community Banks, Inc		96,948
3,679		United Community Financial Corp		41,205
686		Univest Corp of Pennsylvania		31,570
2,877		Unizan Financial Corp		75,809
875	*	Virginia Commerce Bancorp		24,780
899		Virginia Financial Group, Inc		32,957
1,703		Washington Trust Bancorp, Inc		49,915
2,343		Wesbanco, Inc		74,906
2,205		West Bancorporation		38,830
2,000		West Coast Bancorp		50,820
4,054		Westamerica Bancorp		236,389
780	*	Western Sierra Bancorp		29,917
1,754	*	Wilshire Bancorp, Inc		29,011
2,666		Wintrust Financial Corp		151,855
800		WSFS Financial Corp		48,256
1,113		Yardville National Bancorp		38,131
		TOTAL DEPOSITORY INSTITUTIONS		13,688,494
EATING AND DRINKING PLACES - 1.55%
1,400	*	BJ's Restaurants, Inc		19,600
4,403		Bob Evans Farms, Inc		115,094
741	*	Buffalo Wild Wings, Inc		25,794
2,300	*	California Pizza Kitchen, Inc		52,900
6,179		CBRL Group, Inc		258,591
4,650	*	CEC Entertainment, Inc		185,861
6,600	*	CKE Restaurants, Inc		95,766
2,451	*	Cosi, Inc		14,829
1,500	*	Dave & Buster's, Inc		30,300
3,100		Domino's Pizza, Inc		55,180
2,600		IHOP Corp		108,914
4,600	*	Jack In The Box, Inc		169,602
7,121	*	Krispy Kreme Doughnuts, Inc		89,725
2,745		Landry's Restaurants, Inc		79,770
2,000		Lone Star Steakhouse & Saloon, Inc		56,000
2,727	*	O'Charley's, Inc		53,313
3,251	*	P.F. Chang's China Bistro, Inc		183,194
1,500	*	Papa John's International, Inc		51,660
4,300	*	Rare Hospitality International, Inc		136,998
1,481	*	Red Robin Gourmet Burgers, Inc		79,189
5,436	*	Ryan's Restaurant Group, Inc		83,823
7,546	*	Sonic Corp		230,153
700	*	Texas Roadhouse, Inc (Class A)		20,685
2,900	*	The Steak N Shake Co		58,232
1,600		Triarc Cos (Class A)		20,800
2,800		Triarc Cos (Class B)		34,328
		TOTAL EATING AND DRINKING PLACES		2,310,301
EDUCATIONAL SERVICES - 0.22%
2,300	*	Educate, Inc		30,452
1,200	*	Learning Tree International, Inc		16,080
2,100	*	Princeton Review, Inc		12,915
1,854		Strayer Education, Inc		203,551
1,839	*	Universal Technical Institute, Inc		70,103
		TOTAL EDUCATIONAL SERVICES		333,101

302 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 3.41%
2,100		American States Water Co	$	54,600
29,400	*	Aquila, Inc		108,486
9,647		Atmos Energy Corp		263,845
6,090		Avista Corp		107,610
4,110		Black Hills Corp		126,095
2,200		California Water Service Group		82,830
55,907	*	Calpine Corp		220,274
1,500		Cascade Natural Gas Corp		31,800
2,501	*	Casella Waste Systems, Inc (Class A)		36,615
1,600		Central Vermont Public Service Corp		37,216
2,055		CH Energy Group, Inc		98,743
5,800		Cleco Corp		117,508
24,544	*	CMS Energy Corp		256,485
1,100		Connecticut Water Service, Inc		29,139
189		Crosstex Energy, Inc		7,919
9,538		Duquesne Light Holdings, Inc		179,791
1,202	*	Duratek, Inc		29,942
6,131	*	El Paso Electric Co		116,121
3,269		Empire District Electric Co		74,141
4,500		Energen Corp		265,275
900		EnergySouth, Inc		25,236
4,750		Idacorp, Inc		145,208
2,600		Laclede Group, Inc		80,990
2,456		MGE Energy, Inc		88,490
1,433		Middlesex Water Co		27,141
3,400		New Jersey Resources Corp		147,356
5,533		Nicor, Inc		204,389
3,600		Northwest Natural Gas Co		121,464
1,000	*	Ormat Technologies, Inc		16,280
3,411		Otter Tail Corp		87,083
4,667		Peoples Energy Corp		205,115
9,534		Piedmont Natural Gas Co, Inc		221,570
7,650		PNM Resources, Inc		193,469
1,800		Resource America, Inc (Class A)		58,500
14,811	*	Sierra Pacific Resources		155,516
900		SJW Corp		32,760
1,800		South Jersey Industries, Inc		94,608
8,427	*	Southern Union Co		202,079
4,200		Southwest Gas Corp		106,680
2,449		Southwest Water Co		32,948
1,600		UIL Holdings Corp		82,080
4,300		Unisource Energy Corp		103,673
5,952	*	Waste Connections, Inc		203,856
6,060		WGL Holdings, Inc		186,890
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,067,816
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.31%
3,294	*	Actel Corp		57,777
2,700	*	Advanced Energy Industries, Inc		24,651
8,253	*	Aeroflex, Inc		100,026
2,500	*	Alliance Semiconductor Corp		9,250
3,130	*	American Superconductor Corp		46,606

303 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
4,010	*	AMIS Holdings, Inc	$	66,245
2,461	*	Anaren Microwave, Inc		31,895
2,700	*	Applica, Inc		16,335
1,200		Applied Signal Technology, Inc		42,300
10,962	*	Arris Group, Inc		77,172
4,300	*	Artesyn Technologies, Inc		48,590
2,903	v*	Artisan Components, Inc		108,950
1,194	*	Atheros Communications, Inc		12,239
4,000	*	ATMI, Inc		90,120
8,919	*	Avanex Corp		29,522
4,000		Baldor Electric Co		110,120
1,300		Bel Fuse, Inc (Class B)		43,927
5,109	*	Benchmark Electronics, Inc		174,217
100	*	Brillian Corp		345
6,210	*	Broadwing Corp		56,573
3,351		C&D Technologies, Inc		57,101
2,632	*	California Micro Devices Corp		18,661
10,273	*	Capstone Turbine Corp		18,800
2,578	*	Carrier Access Corp		27,533
844	*	Catapult Communications Corp		20,391
5,277	*	C-COR, Inc		49,076
787	*	Celestica, Inc (U.S.)		11,105
2,008	*	Ceradyne, Inc		114,878
4,812	*	Checkpoint Systems, Inc		86,857
765	*	Cherokee International Corp		7,352
482	*	Color Kinetics, Inc		8,474
1,797	*	Comtech Telecommunications		67,585
4,503		CTS Corp		59,845
2,011		Cubic Corp		50,617
2,985	*	DDi Corp		9,492
2,156	*	Digital Theater Systems, Inc		43,400
900	*	Diodes, Inc		20,367
3,757	*	Ditech Communications Corp		56,167
3,698	*	DSP Group, Inc		82,576
1,900	*	Dupont Photomasks, Inc		50,179
25,694	*	Eagle Broadband, Inc		16,958
3,585	*	Electro Scientific Industries, Inc		70,840
1,395	*	EMS Technologies, Inc		23,185
2,500	*	Energy Conversion Devices, Inc		48,300
1,400	*	EnerSys		21,350
5,582	*	Entegris, Inc		55,541
4,300	*	ESS Technology, Inc		30,573
5,120	*	Exar Corp		72,653
21,000	*	Finisar Corp		47,880
2,092		Franklin Electric Co, Inc		88,408
5,327	*	FuelCell Energy, Inc		52,737
3,998	*	Genesis Microchip, Inc		64,848
1,500	*	Genlyte Group, Inc		128,520
12,300	*	GrafTech International Ltd		116,358
9,105	*	Harmonic, Inc		75,936
3,290		Helix Technology Corp		57,213
2,600	*	Hexcel Corp		37,700
3,300	*	Hutchinson Technology, Inc		114,081
13,287	*	Integrated Device Technology, Inc		153,598
4,592	*	Integrated Silicon Solution, Inc		37,654
7,023	*	Interdigital Communications Corp		155,208
2,500		Inter-Tel, Inc		68,450
4,529	*	InterVoice, Inc		60,462
2,300	*	IXYS Corp		23,736

304 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
10,900	*	Kemet Corp	$	97,555
9,005	*	Kopin Corp		34,849
1,200	*	LaserCard Corp		12,588
14,300	*	Lattice Semiconductor Corp		81,510
800	*	Leadis Technology, Inc		8,520
1,300	*	Lifeline Systems, Inc		33,488
2,800	*	Littelfuse, Inc		95,648
2,375		LSI Industries, Inc		27,194
3,076	*	Magnetek, Inc		21,224
4,952	*	Mattson Technology, Inc		55,760
14,808	*	McData Corp (Class A)		88,256
1,714	*	Medis Technologies Ltd		31,452
2,697	*	Mercury Computer Systems, Inc		80,047
2,314	*	Merix Corp		26,657
4,400		Methode Electronics, Inc		56,540
1,367	*	Metrologic Instruments, Inc		29,049
8,472	*	Micrel, Inc		93,361
7,467	*	Microsemi Corp		129,627
6,500	*	Microtune, Inc		39,715
2,251	*	Microvision, Inc		15,757
5,147	*	MIPS Technologies, Inc		50,698
3,160	*	Mobility Electronics, Inc		27,113
500	*	Monolithic Power Systems, Inc		4,650
3,000	*	Monolithic System Technology, Inc		18,690
3,271	*	Moog, Inc (Class A)		148,340
13,409	*	MRV Communications, Inc		49,211
800	*	Multi-Fineline Electronix, Inc		14,592
5,141	*	Mykrolis Corp		72,848
700		National Presto Industries, Inc		31,850
5,924	*	NMS Communications Corp		37,380
6,987	*	Omnivision Technologies, Inc		128,211
15,209	*	ON Semiconductor Corp		69,049
8,066	*	Openwave Systems, Inc		124,700
13,700	*	Oplink Communications, Inc		26,989
2,330	*	Optical Communication Products, Inc		5,825
1,900	*	OSI Systems, Inc		43,149
4,909	*	Paradyne Networks, Inc		17,623
2,230		Park Electrochemical Corp		48,346
2,800	*	Pericom Semiconductor Corp		26,404
4,100	*	Photronics, Inc		67,650
5,053	*	Pixelworks, Inc		57,301
5,400	*	Plexus Corp		70,254
6,087	*	Plug Power, Inc		37,192
2,665	*	PLX Technology, Inc		27,716
750	*	Portalplayer, Inc		18,510
900	*	Powell Industries, Inc		16,641
3,494	*	Power Integrations, Inc		69,111
8,009	*	Power-One, Inc		71,440
13,255	*	Powerwave Technologies, Inc		112,402
1,800		Raven Industries, Inc		38,358
4,350	*	Rayovac Corp		132,936
81	b*	Read-Rite Corp		1
3,100		Regal-Beloit Corp		88,660
7,682	*	Remec, Inc		55,387
23,295	*	RF Micro Devices, Inc		159,338
2,102	*	Rogers Corp		90,596
5,827	*	SBA Communications Corp		54,075

305 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,000	*	SBS Technologies, Inc	$	27,920
3,069	*	Seachange International, Inc		53,523
3,100	*	Sigmatel, Inc		110,143
9,339	*	Silicon Image, Inc		153,720
9,395	*	Silicon Storage Technology, Inc		55,900
700	*	Siliconix, Inc		25,543
2,450	*	Sipex Corp		11,466
18,956	*	Skyworks Solutions, Inc		178,755
2,100		Smith (A.O.) Corp		62,874
2,983	*	Spatialight, Inc		26,698
2,397		Spectralink Corp		33,989
1,329	*	Staktek Holdings, Inc		6,167
2,375	*	Standard Microsystems Corp		42,346
1,700	*	Stoneridge, Inc		25,721
11,889	*	Stratex Networks, Inc		26,869
300	*	Suntron Corp		942
1,200	*	Supertex, Inc		26,040
21,978	*	Sycamore Networks, Inc		89,231
5,700	*	Symmetricom, Inc		55,347
2,790	*	Synaptics, Inc		85,318
5,064	*	Technitrol, Inc		92,165
6,197	*	Tekelec		126,667
8,400	*	Terayon Communication Systems, Inc		22,764
3,229	*	Tessera Technologies, Inc		120,151
7,435	*	Thomas & Betts Corp		228,626
20,300	*	Transmeta Corp		33,089
2,394	*	Trident Microsystems, Inc		40,028
4,323	*	Tripath Technology, Inc		5,404
17,220	*	Triquint Semiconductor, Inc		76,629
5,153	*	TTM Technologies, Inc		60,805
4,528		Turnstone Systems, Inc		63
1,200	*	Ulticom, Inc		19,236
1,843	*	Ultralife Batteries, Inc		35,846
2,700	*	Universal Display Corp		24,300
1,805	*	Universal Electronics, Inc		31,768
7,200	*	Valence Technology, Inc		22,392
4,509	*	Varian Semiconductor Equipment Associates, Inc		166,157
16,970	*	Verso Technologies, Inc		12,218
2,655	*	Viasat, Inc		64,437
2,500		Vicor Corp		32,775
27,475	*	Vitesse Semiconductor Corp		96,987
317	*	Volterra Semiconductor Corp		7,023
6,200	*	Westell Technologies, Inc		42,160
2,700	*	Wilson Greatbatch Technologies, Inc		60,534
1,290		Woodhead Industries, Inc		20,679
6,950	*	Zhone Technologies, Inc		18,001
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		9,360,954
ENGINEERING AND MANAGEMENT SERVICES - 2.57%
3,200	*	Accelrys, Inc		24,960
2,200	*	Advisory Board Co		81,136
5,751	*	Answerthink, Inc		26,800
3,100	*	Antigenics, Inc		31,372
9,080	*	Applera Corp (Celera Genomics Group)		124,850
6,600	*	Ariad Pharmaceuticals, Inc		49,038
6,438	*	Axonyx, Inc		39,916
8,238	*	Century Business Services, Inc		35,918

306 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
1,305	*	Charles River Associates, Inc	$	61,035
1,800	*	Ciphergen Biosystems, Inc		7,740
1,712	*	Cornell Cos, Inc		25,988
4,382	*	Corrections Corp of America		177,252
5,280	*	CuraGen Corp		37,805
3,924	*	CV Therapeutics, Inc		90,252
6,200	*	Decode Genetics, Inc		48,422
62	b*	Deltagen, Inc		6
2,936	*	DiamondCluster International, Inc		42,073
8,892	*	Digitas, Inc		84,919
3,000	*	Diversa Corp		26,220
3,276	*	Dyax Corp		23,653
5,600	*	eResearch Technology, Inc		88,760
7,801	*	Exelixis, Inc		74,110
827	*	Exponent, Inc		22,734
1,811	*	Forrester Research, Inc		32,489
5,307	*	FTI Consulting, Inc		111,818
7,921	*	Gartner, Inc (Class A)		98,696
900	*	Genencor International, Inc		14,760
700	*	Greenfield Online, Inc		15,393
700	*	Huron Consulting Group, Inc		15,540
8,751	*	Incyte Corp		87,422
1,115	*	Infrasource Services, Inc		14,495
2,722	*	Keryx Biopharmaceuticals, Inc		31,494
2,716	*	Kosan Biosciences, Inc		18,822
1,100		Landauer, Inc		50,270
1,699	*	LECG Corp		31,686
7,882	*	Lexicon Genetics, Inc		61,125
3,633	*	Lifecell Corp		37,129
3,118	*	Luminex Corp		27,688
3,649	*	Maxim Pharmaceuticals, Inc		11,020
2,400	*	MAXIMUS, Inc		74,688
2,800	*	Maxygen, Inc		35,812
1,000	*	MTC Technologies, Inc		33,570
3,886	*	Myriad Genetics, Inc		87,474
5,738	*	Navigant Consulting, Inc		152,631
2,100	*	Neopharm, Inc		26,271
7,739	*	Oscient Pharmaceuticals Corp		28,247
3,400	*	Parexel International Corp		69,020
2,920	*	Per-Se Technologies, Inc		46,224
11,967	*	Pharmos Corp		16,993
5,400	*	PRG-Schultz International, Inc		27,162
3,100	*	Regeneration Technologies, Inc		32,488
4,800	*	Regeneron Pharmaceuticals, Inc		44,208
2,873	*	Resources Connection, Inc		156,033
1,355	*	Rigel Pharmaceuticals, Inc		33,089
3,940	*	Seattle Genetics, Inc		25,728
1,600	*	SFBC International, Inc		63,200
2,078	*	Sourcecorp		39,711
3,538	*	Symyx Technologies, Inc		106,423
1,100	*	Tejon Ranch Co		44,880
5,462	*	Telik, Inc		104,543
7,000	*	Tetra Tech, Inc		117,180
3,697	*	Transkaryotic Therapies, Inc		93,867
1,291	*	TRC Cos, Inc		21,947
2,000	*	Trimeris, Inc		28,340
3,945	*	URS Corp		126,635
2,391	*	Ventiv Health, Inc		48,585
3,219	*	Washington Group International, Inc		132,784
4,185		Watson Wyatt & Co Holdings		112,786
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,815,325

307 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
FABRICATED METAL PRODUCTS - 1.22%
1,800		CIRCOR International, Inc	$	41,688
3,700		Commercial Metals Co		187,072
1,133	*	Commercial Vehicle Group, Inc		24,733
20,716	*	Crown Holdings, Inc		284,638
800	*	Drew Industries, Inc		28,936
3,245	*	Griffon Corp		87,615
1,000		Gulf Island Fabrication, Inc		21,830
3,535	*	Intermagnetics General Corp		89,824
9,621	*	Jacuzzi Brands, Inc		83,703
739		Lifetime Hoan Corp		11,750
1,800	*	Mobile Mini, Inc		59,472
2,500	*	NCI Building Systems, Inc		93,750
7,890	*	Shaw Group, Inc		140,837
1,400		Silgan Holdings, Inc		85,344
4,600		Simpson Manufacturing Co, Inc		160,540
2,900		Sturm Ruger & Co, Inc		26,187
6,054	*	Taser International, Inc		191,246
7,700	*	Tower Automotive, Inc		18,403
2,000		Valmont Industries, Inc		50,220
1,033	*	Water Pik Technologies, Inc		18,315
3,060		Watts Water Technologies, Inc (Class A)		98,654
		TOTAL FABRICATED METAL PRODUCTS		1,804,757
FISHING, HUNTING, AND TRAPPING - 0.00%
800	*	Omega Protein Corp		6,880
		TOTAL FISHING, HUNTING, AND TRAPPING		6,880
FOOD AND KINDRED PRODUCTS - 1.03%
2,000		American Italian Pasta Co (Class A)		46,500
1,000	*	Boston Beer Co, Inc (Class A)		21,270
1,760		Cal-Maine Foods, Inc		21,278
500		Coca-Cola Bottling Co Consolidated		28,530
4,526		Corn Products International, Inc		242,413
7,900	*	Darling International, Inc		34,444
875		Farmer Brothers Co		21,210
4,499		Flowers Foods, Inc		142,078
1,800	*	Gold Kist, Inc		24,516
798	*	Hansen Natural Corp		29,055
13,896	*	Hercules, Inc		206,356
717		J & J Snack Foods Corp		35,155
3,323		Lancaster Colony Corp		142,457
3,300		Lance, Inc		62,799
1,400	*	M&F Worldwide Corp		19,068
918		MGP Ingredients, Inc		7,932
1,000		National Beverage Corp		8,320
1,600	*	Peets Coffee & Tea, Inc		42,352
3,705		Ralcorp Holdings, Inc		155,351
1,287		Sanderson Farms, Inc		55,701
5,900		Sensient Technologies Corp		141,541
4,100		Topps Co, Inc		39,975
		TOTAL FOOD AND KINDRED PRODUCTS		1,528,301

308 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
FOOD STORES - 0.33%
200		Arden Group, Inc (Class A)	$	20,095
2,100	*	Great Atlantic & Pacific Tea Co, Inc		21,525
1,200		Ingles Markets, Inc (Class A)		14,868
3,554	*	Panera Bread Co (Class A)		143,297
1,512	*	Pantry, Inc		45,496
3,800	*	Pathmark Stores, Inc		22,078
13	b*	Penn Traffic Co		1
4,300		Ruddick Corp		93,267
1,400		Weis Markets, Inc		53,998
3,637	*	Wild Oats Markets, Inc		32,042
10,342	*	Winn-Dixie Stores, Inc		47,056
		TOTAL FOOD STORES		493,723
FURNITURE AND FIXTURES - 0.49%
1,337		Bassett Furniture Industries, Inc		26,239
4,100		Ethan Allen Interiors, Inc		164,082
6,114		Furniture Brands International, Inc		153,156
800		Hooker Furniture Corp		18,160
5,658	*	Interface, Inc (Class A)		56,410
2,801		Kimball International, Inc (Class B)		41,483
6,609		La-Z-Boy, Inc		101,580
4,579	*	Select Comfort Corp		82,147
700		Stanley Furniture Co, Inc		31,465
2,438	*	Tempur-Pedic International, Inc		51,686
		TOTAL FURNITURE AND FIXTURES		726,408
FURNITURE AND HOMEFURNISHINGS STORES - 0.48%
2,748	*	Cost Plus, Inc		88,293
600	*	Design Within Reach, Inc		8,730
1,457	*	Electronics Boutique Holdings Corp		62,564
4,700	*	GameStop Corp (Class B)		105,327
3,099	*	Guitar Center, Inc		163,286
2,400		Haverty Furniture Cos, Inc		44,400
1,300	*	Kirkland's, Inc		15,977
5,636	*	Linens 'n Things, Inc		139,773
3,300	*	Restoration Hardware, Inc		18,942
4,500	*	The Bombay Co, Inc		24,885
2,847	*	Trans World Entertainment Corp		35,502
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		707,679
GENERAL BUILDING CONTRACTORS - 0.64%
1,715		Beazer Homes U.S.A., Inc		250,750
1,955		Brookfield Homes Corp		66,275
506	*	Dominion Homes, Inc		12,763
1,925		Levitt Corp (Class A)		58,847
1,600		M/I Homes, Inc		88,176
1,300	*	Meritage Homes Corp		146,510

309 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
1,280	*	Palm Harbor Homes, Inc	$	21,606
958	*	Perini Corp		15,989
1,153		Technical Olympic U.S.A., Inc		29,263
2,898		Walter Industries, Inc		97,750
4,283	*	WCI Communities, Inc		125,920
478	*	William Lyon Homes, Inc		33,575
		TOTAL GENERAL BUILDING CONTRACTORS		947,424
GENERAL MERCHANDISE STORES - 0.41%
6,137	*	99 Cents Only Stores		99,174
488		Bon-Ton Stores, Inc		7,686
2,475	*	Brookstone, Inc		48,386
6,300		Casey's General Stores, Inc		114,345
922	*	Conn's, Inc		15,508
4,897		Fred's, Inc		85,208
766	*	Gander Mountain Co		9,828
1,648	*	Retail Ventures, Inc		11,701
3,500	*	ShopKo Stores, Inc		65,380
3,090	*	Stein Mart, Inc		52,715
3,215	*	Tuesday Morning Corp		98,475
		TOTAL GENERAL MERCHANDISE STORES		608,406
HEALTH SERVICES - 2.02%
1,714	*	Amedisys, Inc		55,516
1,365	*	America Service Group, Inc		36,541
3,600	*	American Healthways, Inc		118,944
3,800	*	Amsurg Corp		112,252
6,221	*	Apria Healthcare Group, Inc		204,982
13,552	*	Beverly Enterprises, Inc		124,001
850	*	Corvel Corp		22,763
2,700	*	Cross Country Healthcare, Inc		48,816
3,110	*	Enzo Biochem, Inc		60,552
11,508	*	First Health Group Corp		215,315
2,494	*	Genesis HealthCare Corp		87,365
3,300	*	Gentiva Health Services, Inc		55,176
7,400		Hooper Holmes, Inc		43,808
3,300	*	Kindred Healthcare, Inc		98,835
2,165	*	LabOne, Inc		69,367
1,980		LCA-Vision, Inc		46,312
4,810	*	LifePoint Hospitals, Inc		167,484
3,323	*	Magellan Health Services, Inc		113,514
1,300	*	Matria Healthcare, Inc		50,791
667	*	Medcath Corp		16,435
900		National Healthcare Corp		31,770
4,755	*	NeighborCare, Inc		146,074
5,329	*	OCA, Inc		33,839
4,600	*	Odyssey HealthCare, Inc		62,928
1,700		Option Care, Inc		29,223
2,765	*	Pediatrix Medical Group, Inc		177,098
6,200	*	Province Healthcare Co		138,570
1,569	*	Psychiatric Solutions, Inc		57,363
700	*	Radiation Therapy Services, Inc		11,900
2,100	*	RehabCare Group, Inc		58,779
11,603		Select Medical Corp		204,213
1,100	*	Specialty Laboratories, Inc		12,144
700	*	Stereotaxis, Inc		6,881
2,000	*	Sunrise Senior Living, Inc		92,720
1,121	*	Symbion, Inc		24,752

310 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
3,531	*	United Surgical Partners International, Inc	$	147,243
1,146	*	VistaCare, Inc (Class A)		19,058
		TOTAL HEALTH SERVICES		3,003,324
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.13%
4,268		Granite Construction, Inc		113,529
3,400	*	Insituform Technologies, Inc (Class A)		77,078
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		190,607
HOLDING AND OTHER INVESTMENT OFFICES - 10.96%
1,800	*	4Kids Entertainment, Inc		37,836
4,600		Aames Investment Corp		49,220
3,041		Acadia Realty Trust		49,568
3,199		Affordable Residential Communities		45,906
1,650		Alabama National Bancorp		106,425
300	*	Alexander's, Inc		64,500
2,660		Alexandria Real Estate Equities, Inc		197,957
3,300		Amcore Financial, Inc		106,194
1,400		American Campus Communities, Inc		31,486
13,559		American Financial Realty Trust		219,385
4,230		American Home Mortgage Investment Corp		144,878
2,900		AMLI Residential Properties Trust		92,800
6,874		Anthracite Capital, Inc		84,963
6,000		Anworth Mortgage Asset Corp		64,260
7,717		Apollo Investment Corp		116,527
942		Arbor Realty Trust, Inc		23,117
2,504		Ashford Hospitality Trust, Inc		27,218
640	*	Bancorp, Inc		10,240
1,800		Bedford Property Investors		51,138
1,500		Bimini Mortgage Management, Inc (Class A)		24,090
4,000		BioMed Realty Trust, Inc		88,840
6,000		Brandywine Realty Trust		176,340
7,700		Brookline Bancorp, Inc		125,664
4,200		Capital Automotive REIT		149,205
2,932		Capital Lease Funding, Inc		36,650
237		Capital Southwest Corp		18,609
1,502		Capital Trust, Inc		46,126
1,200		Capitol Bancorp Ltd		42,264
1,900		Capstead Mortgage Corp		20,026
6,823		CarrAmerica Realty Corp		225,159
2,054		Cedar Shopping Centers, Inc		29,372
900		Cherokee, Inc		31,752
2,333	*	Circle Group Holdings, Inc		5,179
1,000		Cohen & Steers, Inc		16,250
2,400		Colonial Properties Trust		94,248
6,425		Commercial Net Lease Realty, Inc		132,355
1,386		Community Banks, Inc		39,030
6,246	*	Cornerstone Realty Income Trust, Inc		62,335
4,700		Corporate Office Properties Trust		137,945
1,400		Correctional Properties Trust		40,432
4,569		Cousins Properties, Inc		138,304
3,200		CRT Properties, Inc		76,352
2,500		Eastgroup Properties, Inc		95,800
400	*	Enstar Group, Inc		25,000

311 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
3,200		Entertainment Properties Trust	$	142,560
5,800		Equity Inns, Inc		68,092
2,329		Equity Lifestyle Properties, Inc		83,262
3,900		Equity One, Inc		92,547
2,855		Essex Property Trust, Inc		239,249
2,600		Extra Space Storage, Inc		34,658
6,590	*	FelCor Lodging Trust, Inc		96,544
2,208	*	First Acceptance Corp		19,784
1,501		First Indiana Corp		33,788
5,400		First Industrial Realty Trust, Inc		219,942
10,402		First Niagara Financial Group, Inc		145,108
1,571		First Place Financial Corp		35,175
4,000		Gables Residential Trust		143,160
1,260		German American Bancorp		20,286
1,200		Gladstone Capital Corp		28,440
3,799		Glenborough Realty Trust, Inc		80,843
4,500		Glimcher Realty Trust		124,695
1,200		Global Signal, Inc		33,048
2,047		Government Properties Trust, Inc		20,183
1,200		Gramercy Capital Corp		24,720
6,493		Greater Bay Bancorp		181,025
1,976		Harris & Harris Group, Inc		32,367
5,995		Healthcare Realty Trust, Inc		243,997
3,500		Heritage Property Investment Trust		112,315
4,315		Highland Hospitality Corp		48,501
6,700		Highwoods Properties, Inc		185,590
4,085		Home Properties, Inc		175,655
4,300		HomeBanc Corp		41,624
9,403		IMPAC Mortgage Holdings, Inc		213,166
4,100		Innkeepers U.S.A. Trust		58,220
5,600		Investors Real Estate Trust		58,744
32,520		iShares Russell 2000 Index Fund		4,211,340
3,495		Kilroy Realty Corp		149,411
2,200		Kite Realty Group Trust		33,616
2,900		Kramont Realty Trust		67,860
23,600	*	La Quinta Corp		214,524
3,400		LaSalle Hotel Properties		108,222
5,800		Lexington Corporate Properties Trust		130,964
1,829		LTC Properties, Inc		36,415
4,593		Luminent Mortgage Capital, Inc		54,657
4,323		Maguire Properties, Inc		118,710
10,800	*	Meristar Hospitality Corp		90,180
10,300		MFA Mortgage Investments, Inc		90,846
2,200		Mid-America Apartment Communities, Inc		90,684
2,100		Mission West Properties, Inc		22,344
1,900		MortgageIT Holdings, Inc		34,105
3,007		National Health Investors, Inc		87,744
8,900		Nationwide Health Properties, Inc		211,375
5,050		New Century Financial Corp		322,746
4,500		Newcastle Investment Corp		143,010
3,400		Novastar Financial, Inc		168,300
5,348		Omega Healthcare Investors, Inc		63,106
2,447		Oriental Financial Group, Inc		69,275
533		Origen Financial, Inc		3,987
1,400		Parkway Properties, Inc		71,050
4,220		Pennsylvania Real Estate Investment Trust		180,616
5,100		Post Properties, Inc		177,990
5,664		Prentiss Properties Trust		216,365
2,100		PrivateBancorp, Inc		67,683

312 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
1,900		Prosperity Bancshares, Inc	$	55,499
2,000		PS Business Parks, Inc		90,200
3,000		RAIT Investment Trust		83,910
1,700		Ramco-Gershenson Properties		54,825
4,958		Realty Income Corp		250,776
2,139		Redwood Trust, Inc		132,811
1,900		Sandy Spring Bancorp, Inc		72,827
1,500		Saul Centers, Inc		57,375
6,300		Saxon Capital, Inc		151,137
6,700		Senior Housing Properties Trust		126,898
1,900		Sovran Self Storage, Inc		80,066
2,600		Strategic Hotel Capital, Inc		42,900
1,500		Suffolk Bancorp		52,245
3,700		Summit Properties, Inc		120,472
1,800		Sun Communities, Inc		72,450
2,800		Sunstone Hotel Investors, Inc		58,184
5,715		Susquehanna Bancshares, Inc		142,589
3,564		Tanger Factory Outlet Centers, Inc		94,303
1,000	*	Tarragon Realty Investors, Inc		17,850
6,100		Taubman Centers, Inc		182,695
982		Tompkins Trustco, Inc		52,527
2,200		Town & Country Trust		60,786
3,018		U.S. Restaurant Properties, Inc		54,505
1,500		Universal Health Realty Income Trust		48,195
2,900		Urstadt Biddle Properties, Inc (Class A)		49,445
3,000		U-Store-It Trust		52,050
5,200		Washington Real Estate Investment Trust		176,124
3,912		Waypoint Financial Corp		110,905
616		Westfield Financial, Inc		15,905
2,871		Winston Hotels, Inc		33,907
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		16,269,719
HOTELS AND OTHER LODGING PLACES - 0.37%
1,300		Ameristar Casinos, Inc		56,043
2,045	*	Bluegreen Corp		40,552
5,800		Boyd Gaming Corp		241,570
1,122	*	Empire Resorts, Inc		12,510
2,500		Marcus Corp		62,850
4,435	*	Pinnacle Entertainment, Inc		87,724
2,500	*	Vail Resorts, Inc		56,050
		TOTAL HOTELS AND OTHER LODGING PLACES		557,299
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.06%
1,200	*	Aaon, Inc		19,284
3,000	*	Actuant Corp		156,450
13,611	*	Adaptec, Inc		103,307
7,942	*	Advanced Digital Information Corp		79,579
3,298		Albany International Corp (Class A)		115,958
1,779	*	Astec Industries, Inc		30,617
1,000	*	ASV, Inc		47,900
5,877	*	Asyst Technologies, Inc		29,914
3,636	*	Authentidate Holding Corp		22,507
12,588	*	Axcelis Technologies, Inc		102,340

313 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,034		Black Box Corp	$	97,673
600	*	Blount International, Inc		10,452
5,597	*	Brooks Automation, Inc		96,380
1,550		Bucyrus International, Inc (Class A)		62,992
1,400		Cascade Corp		55,930
10,511	*	Cirrus Logic, Inc		57,916
10,721	*	Cray, Inc		49,960
2,200	*	Cuno, Inc		130,680
4,575	*	Cymer, Inc		135,146
5,360	*	Dot Hill Systems Corp		42,022
787	*	Dril-Quip, Inc		19,093
6,842	*	Electronics For Imaging, Inc		119,119
10,006	*	Emulex Corp		168,501
2,738		Engineered Support Systems, Inc		162,144
2,634	*	EnPro Industries, Inc		77,887
3,093	*	Esterline Technologies Corp		100,986
3,527	*	FalconStor Software, Inc		33,753
1,735	*	Flanders Corp		16,656
6,800	*	Flowserve Corp		187,272
3,787	*	FSI International, Inc		17,685
2,400	*	Gardner Denver, Inc		87,096
28,078	*	Gateway, Inc		168,749
800	*	General Binding Corp		10,512
4,303	*	Global Power Equipment Group, Inc		42,342
1,250		Gorman-Rupp Co		28,750
2,000	*	Hydril		91,020
6,282	*	Hypercom Corp		37,189
6,364		IDEX Corp		257,742
5,100	*	InFocus Corp		46,716
2,140	*	Intevac, Inc		16,178
7,000	*	Iomega Corp		38,780
5,444		JLG Industries, Inc		106,866
6,364		Joy Global, Inc		276,389
1,800	*	Kadant, Inc		36,900
3,600		Kaydon Corp		118,872
4,500		Kennametal, Inc		223,965
3,482	*	Komag, Inc		65,392
6,404	*	Kulicke & Soffa Industries, Inc		55,202
5,643		Lennox International, Inc		114,835
4,257		Lincoln Electric Holdings, Inc		147,037
1,600		Lindsay Manufacturing Co		41,408
800		Lufkin Industries, Inc		31,926
3,392		Manitowoc Co, Inc		127,709
1,248	*	Maxwell Technologies, Inc		12,655
1,998	*	Micros Systems, Inc		155,964
524		Middleby Corp		26,577
3,452	*	Milacron, Inc		11,702
3,026		Modine Manufacturing Co		102,188
600		Nacco Industries, Inc (Class A)		63,240
2,751	*	Netgear, Inc		50,041
3,222		Nordson Corp		129,106
3,500	*	Oil States International, Inc		67,515
2,764	*	Omnicell, Inc		30,404
1,700	*	Overland Storage, Inc		28,373
5,266	*	PalmOne, Inc		166,142
4,343	*	Paxar Corp		96,284
1,875	*	Planar Systems, Inc		21,056
3,347	*	Presstek, Inc		32,399

314 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
3,039	*	ProQuest Co	$	90,258
22,528	*	Quantum Corp		59,023
1,400		Robbins & Myers, Inc		33,362
1,295		Sauer-Danfoss, Inc		28,244
954		Schawk, Inc		17,344
9,657	*	Scientific Games Corp (Class A)		230,223
2,169	*	Semitool, Inc		20,128
33,022	*	Silicon Graphics, Inc		57,128
2,510	*	Simpletech, Inc		11,546
1,433		Standex International Corp		40,826
3,647		Stewart & Stevenson Services, Inc		73,779
9,800	b*	Surebeam Corp (Class A)		66
2,039		Tecumseh Products Co (Class A)		97,464
1,010		Tennant Co		40,047
6,200	*	Terex Corp		295,430
1,816		Thomas Industries, Inc		72,495
2,867		Toro Co		233,230
1,026	*	Transact Technologies, Inc		21,915
2,700	*	Ultratech, Inc		50,895
6,030	*	UNOVA, Inc		152,499
3,300	*	Veeco Instruments, Inc		69,531
3,950	*	WJ Communications		13,588
1,200		Woodward Governor Co		85,932
21,763	*	Xybernaut Corp		26,768
5,174		York International Corp		178,710
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		7,515,755
INSTRUMENTS AND RELATED PRODUCTS - 5.24%
2,063	*	Abaxis, Inc		29,893
1,793	*	Abiomed, Inc		27,684
1,080	*	ADE Corp		20,218
4,518	*	Advanced Medical Optics, Inc		185,871
2,510	*	Advanced Neuromodulation Systems, Inc		99,045
1,162	*	Aksys Ltd		6,461
6,588	*	Align Technology, Inc		70,821
3,198	*	American Medical Systems Holdings, Inc		133,708
1,500		Analogic Corp		67,185
391	*	Animas Corp		6,111
2,371		Arrow International, Inc		73,477
2,692	*	Arthrocare Corp		86,306
1,643	*	Aspect Medical Systems, Inc		40,188
2,237	*	August Technology Corp		23,556
1,354		BEI Technologies, Inc		41,812
2,511		Biolase Technology, Inc		27,295
2,189	*	Bio-Rad Laboratories, Inc (Class A)		125,583
2,731	*	Bruker BioSciences Corp		11,006
2,400	*	Candela Corp		27,264
9,291	*	Cardiac Science, Inc		19,883
4,300	*	Cardiodynamics International Corp		22,231
5,335	*	Cepheid, Inc		53,030
900	*	Closure Medical Corp		17,550
5,100		Cognex Corp		142,290
3,758	*	Coherent, Inc		114,394
2,800		Cohu, Inc		51,968

315 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
3,220	*	Conceptus, Inc	$	26,130
3,758	*	Conmed Corp		106,802
12,172	*	Credence Systems Corp		111,374
3,897	*	CTI Molecular Imaging, Inc		55,298
2,165	*	Cyberonics, Inc		44,859
856	*	Cyberoptics Corp		12,729
1,500		Datascope Corp		59,535
2,448	*	Depomed, Inc		13,219
2,300	*	Dionex Corp		130,341
2,201	*	DJ Orthopedics, Inc		47,145
2,914	*	DRS Technologies, Inc		124,457
2,000		EDO Corp		63,500
3,926	*	Encore Medical Corp		26,658
2,770	*	Endocardial Solutions, Inc		32,409
1,600	*	ESCO Technologies, Inc		122,640
800	*	Exactech, Inc		14,632
1,550	*	Excel Technology, Inc		40,300
692		E-Z-Em-Inc		10,103
1,351	*	Faro Technologies, Inc		42,124
3,021	*	FEI Co		63,441
3,523	*	Formfactor, Inc		95,614
600	*	Foxhollow Technologies, Inc		14,754
2,495	*	Haemonetics Corp		90,344
2,700	*	Hanger Orthopedic Group, Inc		21,870
1,300	*	Herley Industries, Inc		26,442
2,600	*	Hologic, Inc		71,422
1,400	*	ICU Medical, Inc		38,276
2,351	*	I-Flow Corp		42,859
1,447		II-VI, Inc		61,483
3,694	*	Illumina, Inc		35,019
652	*	Immunicon Corp		4,551
8,102	*	Input/Output, Inc		71,622
2,591	*	Integra LifeSciences Holding		95,686
1,000	*	Intralase Corp		23,480
4,201	*	Intuitive Surgical, Inc		168,124
3,310		Invacare Corp		153,121
2,337	*	Ionics, Inc		101,286
948	*	Ista Pharmaceuticals, Inc		9,594
2,639	*	Itron, Inc		63,098
3,400	*	Ixia		57,154
1,600		Keithley Instruments, Inc		31,520
1,271	*	Kensey Nash Corp		43,888
1,900	*	KVH Industries, Inc		18,620
2,968	*	Kyphon, Inc		76,456
2,300	*	Laserscope		82,593
1,012	*	LeCroy Corp		23,620
8,895	*	Lexar Media, Inc		69,737
7,712	*	LTX Corp		59,305
1,251	*	Measurement Specialties, Inc		31,850
1,100	*	Medical Action Industries, Inc		21,670
5,500		Mentor Corp		185,570
3,046	*	Merit Medical Systems, Inc		46,543
1,500	*	Micro Therapeutics, Inc		5,625
2,700		Mine Safety Appliances Co		136,890
4,103	*	MKS Instruments, Inc		76,111
1,950	*	Molecular Devices Corp		39,195
2,000		Movado Group, Inc		37,300
2,697		MTS Systems Corp		91,186
4,793	*	Nanogen, Inc		35,276

316 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
5,407	*	Newport Corp	$	76,239
592	*	NuVasive, Inc		6,068
2,763		Oakley, Inc		35,228
2,600	*	Ocular Sciences, Inc		127,426
6,548	*	Orbital Sciences Corp		77,463
4,800	*	Orthologic Corp		30,000
5,810	*	Orthovita, Inc		24,344
1,520	*	Palomar Medical Technologies, Inc		39,626
2,100	*	Photon Dynamics, Inc		50,988
8,700	*	Pinnacle Systems, Inc		53,070
2,032	*	Possis Medical, Inc		27,391
4,363	*	RAE Systems, Inc		31,850
1,920	*	Rofin-Sinar Technologies, Inc		81,504
1,600	*	Rudolph Technologies, Inc		27,472
1,433	*	Sirf Technology Holdings, Inc		18,228
4,000	*	Sola International, Inc		110,160
2,327	*	Sonic Innovations, Inc		9,704
2,400	*	Sonic Solutions, Inc		53,856
1,900	*	SonoSite, Inc		64,505
3,500	*	Star Scientific, Inc		17,798
8,611	*	Steris Corp		204,253
4,855	*	Sybron Dental Specialties, Inc		171,770
915		Sypris Solutions, Inc		14,009
5,175	*	Techne Corp		201,308
528		Tektronix, Inc		15,951
5,670	*	Thermogenesis		35,948
5,500	*	Thoratec Corp		57,310
6,266	*	Trimble Navigation Ltd		207,029
3,549	*	TriPath Imaging, Inc		31,835
1,200		United Industrial Corp		46,488
1,689	*	Urologix, Inc		10,928
4,256	*	Varian, Inc		174,539
1,700	*	Ventana Medical Systems, Inc		108,783
3,899	*	Viasys Healthcare, Inc		74,081
3,830	*	Viisage Technology, Inc		34,508
6,137	*	Visx, Inc		158,764
700		Vital Signs, Inc		27,244
700	*	Vnus Medical Technologies, Inc		9,464
3,336	*	Wright Medical Group, Inc		95,076
2,700		X-Rite, Inc		43,227
600		Young Innovations, Inc		20,238
1,100	*	Zoll Medical Corp		37,840
2,300	*	Zygo Corp		27,117
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		7,801,910
INSURANCE AGENTS, BROKERS AND SERVICE - 0.27%
2,100	*	Clark, Inc		32,592
1,400		Crawford & Co (Class B)		10,500
3,960		Hilb, Rogal & Hamilton Co		143,510
4,225		National Financial Partners Corp		163,930
4,480	*	USI Holdings Corp		51,834
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		402,366
INSURANCE CARRIERS - 2.67%
3,000		21st Century Insurance Group		40,800
1,100		Affirmative Insurance Holdings, Inc		18,524
4,600		Alfa Corp		69,851

317 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,745		American Equity Investment Life Holding Co	$	29,564
1,143	*	American Physicians Capital, Inc		41,171
3,132	*	AMERIGROUP Corp		236,967
5,003		AmerUs Group Co		226,636
3,036	*	Argonaut Group, Inc		64,151
1,000		Baldwin & Lyons, Inc (Class B)		26,790
1,995		Bristol West Holdings, Inc		39,900
5,100	*	Centene Corp		144,585
3,252	*	Ceres Group, Inc		16,780
4,007	*	Citizens, Inc		25,525
2,100	*	CNA Surety Corp		28,035
2,961		Commerce Group, Inc		180,739
5,665	*	Danielson Holdings Corp		47,869
3,025		Delphi Financial Group, Inc (Class A)		139,604
1,993		Direct General Corp		63,975
600		Donegal Group, Inc		13,758
689		EMC Insurance Group, Inc		14,910
1,500		FBL Financial Group, Inc (Class A)		42,825
881	*	FPIC Insurance Group, Inc		31,170
902		Great American Financial Resources, Inc		15,668
1,833		Harleysville Group, Inc		43,754
2,500	*	HealthExtras, Inc		40,750
5,300		Horace Mann Educators Corp		101,124
727		Independence Holding Co		13,413
2,680		Infinity Property & Casualty Corp		94,336
500		Kansas City Life Insurance Co		23,650
2,146		Landamerica Financial Group, Inc		115,734
1,000		Midland Co		31,270
1,288	*	Molina Healthcare, Inc		59,737
300	*	National Western Life Insurance Co (Class A)		49,983
1,099	*	Navigators Group, Inc		33,091
300		NYMAGIC, Inc		7,590
7,500	*	Ohio Casualty Corp		174,075
1,200		Penn-America Group, Inc		18,120
2,300	*	Philadelphia Consolidated Holding Corp		152,122
11,724		Phoenix Cos, Inc		146,550
806	*	Pico Holdings, Inc		16,741
3,400	*	PMA Capital Corp (Class A)		35,190
2,700		Presidential Life Corp		45,792
3,308	*	ProAssurance Corp		129,376
2,800		RLI Corp		116,396
1,300		Safety Insurance Group, Inc		40,495
3,602		Selective Insurance Group, Inc		159,352
2,903	*	Sierra Health Services, Inc		159,984
1,700		State Auto Financial Corp		43,945
2,161		Stewart Information Services Corp		90,006
1,600		Tower Group, Inc		19,200
1,200	*	Triad Guaranty, Inc		72,576
4,725		UICI		160,178
1,800		United Fire & Casualty Co		60,678
3,100	*	Universal American Financial Corp		47,957
4,253	*	Vesta Insurance Group, Inc		15,651
1,200	*	WellCare Health Plans, Inc		39,000
1,200		Zenith National Insurance Corp		59,808
		TOTAL INSURANCE CARRIERS		3,977,421

318 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
1,073	*	Geo Group, Inc	$	28,520
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		28,520
LEATHER AND LEATHER PRODUCTS - 0.24%
2,330		Brown Shoe Co, Inc		69,504
3,200		K-Swiss, Inc (Class A)		93,184
1,300	*	Steven Madden Ltd		24,518
400		Weyco Group, Inc		17,716
5,062		Wolverine World Wide, Inc		159,048
		TOTAL LEATHER AND LEATHER PRODUCTS		363,970
LEGAL SERVICES - 0.03%
1,316		Pre-Paid Legal Services, Inc		49,416
		TOTAL LEGAL SERVICES		49,416
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.18%
12,812	*	Laidlaw International, Inc		274,177
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		274,177
LUMBER AND WOOD PRODUCTS - 0.23%
1,400		American Woodmark Corp		61,152
8,900	*	Champion Enterprises, Inc		105,198
1,319		Deltic Timber Corp		55,992
800		Skyline Corp		32,640
1,900		Universal Forest Products, Inc		82,460
		TOTAL LUMBER AND WOOD PRODUCTS		337,442
METAL MINING - 0.29%
1,300		Cleveland-Cliffs, Inc		135,018
30,040	*	Coeur D'alene Mines Corp		118,057
14,011	*	Hecla Mining Co		81,684
2,200		Royal Gold, Inc		40,128
5,075	*	Stillwater Mining Co		57,145
		TOTAL METAL MINING		432,032
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.76%
3,503		Blyth, Inc		103,549
8,442		Callaway Golf Co		113,967
1,927	*	Daktronics, Inc		47,963
827		Escalade, Inc		11,049
10,970	*	Identix, Inc		80,959
3,154	*	Jakks Pacific, Inc		69,735
5,291	*	K2, Inc		84,021
3,475	*	Leapfrog Enterprises, Inc		47,260
3,591		Nautilus Group, Inc		86,794
2,100	*	Oneida Ltd		6,426
1,300		Penn Engineering & Manufacturing Corp		23,530
2,043	*	RC2 Corp		66,602

319 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
982		Russ Berrie & Co, Inc	$	22,429
2,920	*	Shuffle Master, Inc		137,532
789	*	Steinway Musical Instruments, Inc		22,834
6,176	*	Yankee Candle Co, Inc		204,920
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,129,570
MISCELLANEOUS RETAIL - 1.03%
2,800	*	1-800-Flowers.com, Inc (Class A)		23,548
1,700	*	AC Moore Arts & Crafts, Inc		48,977
4,315	*	Alloy, Inc		34,822
2,573		Big 5 Sporting Goods Corp		74,977
1,100		Blair Corp		39,226
482	*	Blue Nile, Inc		13,313
1,000	*	Build-A-Bear Workshop, Inc		35,150
3,654		Cash America International, Inc		108,633
2,785	*	Coldwater Creek, Inc		85,973
3,800	*	Dick's Sporting Goods, Inc		133,570
5,480	*	Drugstore.com, Inc		18,632
50	b,v*	FAO, Inc		-
900	*	Friedman's, Inc (Class A)		1,161
2,400		Hancock Fabrics, Inc		24,888
2,971	*	Hibbett Sporting Goods, Inc		79,058
2,300	*	Jill (J.) Group, Inc		34,247
3,856		Longs Drug Stores Corp		106,310
1,500	*	Overstock.com, Inc		103,500
1,500	*	Party City Corp		19,395
900	*	PC Connection, Inc		8,568
1,022	*	PC Mall, Inc		22,872
2,993	*	Priceline.com, Inc		70,605
1,500	*	Sharper Image Corp		28,275
2,815	*	Sports Authority, Inc		72,486
2,200		Stamps.com, Inc		34,848
1,300	*	Systemax, Inc		9,542
2,300	*	Valuevision International, Inc (Class A)		31,993
1,491		World Fuel Services Corp		74,252
6,700	*	Zale Corp		200,129
		TOTAL MISCELLANEOUS RETAIL		1,538,950
MOTION PICTURES - 0.13%
1,036		Carmike Cinemas, Inc		37,814
6,613	*	Hollywood Entertainment Corp		86,564
3,100		Movie Gallery, Inc		59,117
1,800	*	Reading International, Inc		15,048
		TOTAL MOTION PICTURES		198,543
NONDEPOSITORY INSTITUTIONS - 0.60%
2,028	*	Accredited Home Lenders Holding Co		100,751
2,597		Advanta Corp (Class A)		58,744
1,251		Asta Funding, Inc		33,577
1,474		Beverly Hills Bancorp, Inc		14,887
5,583		CharterMac		136,449
1,000	*	Collegiate Funding Services LLC		14,090

320 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,424	*	CompuCredit Corp	$	66,272
1,246	*	Credit Acceptance Corp		31,711
1,700	b*	DVI, Inc		2
1,516	*	Encore Capital Group, Inc		36,050
1,120		Federal Agricultural Mortgage Corp (Class C)		26,096
2,138		Financial Federal Corp		83,810
1,340	*	First Cash Financial Services, Inc		35,791
4,200		MCG Capital Corp		71,946
4,100	*	Metris Cos, Inc		52,275
1,095	*	Nelnet, Inc		29,488
2,100	*	NGP Capital Resources Co		32,277
500	*	United PanAm Financial Corp		9,530
2,000	*	World Acceptance Corp		55,020
		TOTAL NONDEPOSITORY INSTITUTIONS		888,766
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
2,549		Amcol International Corp		51,209
1,889		Compass Minerals International, Inc		45,770
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		96,979
OIL AND GAS EXTRACTION - 3.89%
359	*	Atlas America, Inc		12,834
1,446	*	Atwood Oceanics, Inc		75,337
2,200		Berry Petroleum Co (Class A)		104,940
2,806	*	Brigham Exploration Co		25,254
4,122		Cabot Oil & Gas Corp (Class A)		182,399
4,700	*	Cal Dive International, Inc		191,525
1,565	*	Callon Petroleum Co		22,630
2,377	*	Cheniere Energy, Inc		151,415
5,297	*	Cimarex Energy Co		200,756
700	*	Clayton Williams Energy, Inc		16,030
4,400	*	Comstock Resources, Inc		97,020
2,459	*	Delta Petroleum Corp		38,557
6,944	*	Denbury Resources, Inc		190,613
1,645	*	Edge Petroleum Corp		23,984
3,053	*	Encore Acquisition Co		106,580
2,900	*	Energy Partners Ltd		58,783
6,276	*	Forest Oil Corp		199,075
3,959	*	FX Energy, Inc		46,241
10,600	*	Global Industries Ltd		87,874
23,300	*	Grey Wolf, Inc		122,791
9,514	*	Hanover Compressor Co		134,433
4,561	*	Harvest Natural Resources, Inc		78,768
6,258		Helmerich & Payne, Inc		213,022
1,498	*	Houston Exploration Co		84,352
6,159	b*	KCS Energy, Inc		91,030
16,462	*	Key Energy Services, Inc		194,252
10,961	*	Magnum Hunter Resources, Inc		141,397
2,300	*	McMoRan Exploration Co		43,010
7,600	*	Meridian Resource Corp		45,980
5,089	*	Mission Resources Corp		29,720
10,600	*	Newpark Resources, Inc		54,590
3,200	*	Oceaneering International, Inc		119,424
11,900	*	Parker Drilling Co		46,767
2,300		Penn Virginia Corp		93,311
800	v*	PetroCorp, Inc (Escrow)		-
2,100	*	Petroleum Development Corp		80,997

321 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
9,714	*	Plains Exploration & Production Co	$	252,564
3,700	*	Quicksilver Resources, Inc		136,086
8,541		Range Resources Corp		174,749
2,800	*	Remington Oil & Gas Corp		76,300
1,300		RPC, Inc		32,656
2,300	*	Seacor Smit, Inc		122,820
4,522	*	Southwestern Energy Co		229,220
3,162	*	Spinnaker Exploration Co		110,891
3,600		St. Mary Land & Exploration Co		150,264
2,921	*	Stone Energy Corp		131,708
6,788	*	Superior Energy Services, Inc		104,603
3,500	*	Swift Energy Co		101,290
3,324	*	Syntroleum Corp		26,692
2,900	*	Tetra Technologies, Inc		82,070
1,526	*	Todco		28,109
2,800	*	Transmontaigne, Inc		17,164
4,785	*	Unit Corp		182,835
4,329	*	Veritas DGC, Inc		97,013
6,544		Vintage Petroleum, Inc		148,483
3,000	*	W-H Energy Services, Inc		67,080
3,481	*	Whiting Petroleum Corp		105,300
		TOTAL OIL AND GAS EXTRACTION		5,783,588
PAPER AND ALLIED PRODUCTS - 0.66%
3,560	*	Buckeye Technologies, Inc		46,316
3,546	*	Caraustar Industries, Inc		59,644
2,422		Chesapeake Corp		65,782
3,500		Glatfelter		53,480
8,265	*	Graphic Packaging Corp		59,508
1,681		Greif, Inc (Class A)		94,136
6,503		Longview Fibre Co		117,964
4,100	*	Playtex Products, Inc		32,759
2,089		Pope & Talbot, Inc		35,743
3,700		Potlatch Corp		187,146
3,700		Rock-Tenn Co (Class A)		56,092
2,000		Schweitzer-Mauduit International, Inc		67,900
5,700		Wausau-Mosinee Paper Corp		101,802
		TOTAL PAPER AND ALLIED PRODUCTS		978,272
PERSONAL SERVICES - 0.28%
5,016	b*	Alderwoods Group, Inc		57,082
1,200		Angelica Corp		32,460
2,691	*	Coinstar, Inc		72,200
2,240		G & K Services, Inc (Class A)		97,261
4,700		Jackson Hewitt Tax Service, Inc		118,675
1,200		Unifirst Corp		33,936
		TOTAL PERSONAL SERVICES		411,614
PETROLEUM AND COAL PRODUCTS - 0.49%
2,600		ElkCorp		88,972
3,467		Frontier Oil Corp		92,430
1,322	*	Giant Industries, Inc		35,046
4,200	*	Headwaters, Inc		119,700
2,622		Holly Corp		73,075
8,300	*	Tesoro Corp		264,438

322 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,200		WD-40 Co	$	62,502
		TOTAL PETROLEUM AND COAL PRODUCTS		736,163
PRIMARY METAL INDUSTRIES - 1.99%
13,700	*	AK Steel Holding Corp		198,239
1,760	*	Aleris International, Inc		29,779
11,950		Allegheny Technologies, Inc		258,957
5,957		Belden CDT, Inc		138,202
2,400	*	Brush Engineered Materials, Inc		44,400
3,100		Carpenter Technology Corp		181,226
2,278	*	Century Aluminum Co		59,820
6,713	*	CommScope, Inc		126,876
2,626		Curtiss-Wright Corp		150,759
2,100	*	Encore Wire Corp		27,993
4,900	*	General Cable Corp		67,865
2,896		Gibraltar Industries, Inc		68,404
3,600	*	Lone Star Technologies, Inc		120,456
4,074		Matthews International Corp (Class A)		149,923
5,358	*	Maverick Tube Corp		162,347
4,400		Mueller Industries, Inc		141,680
2,203		NN, Inc		29,102
2,300	*	NS Group, Inc		63,940
4,297	*	Oregon Steel Mills, Inc		87,186
2,096		Quanex Corp		143,723
2,700	*	RTI International Metals, Inc		55,458
3,047		Ryerson Tull, Inc		47,990
2,499		Schnitzer Steel Industries, Inc (Class A)		84,791
4,721		Steel Dynamics, Inc		178,831
1,349		Steel Technologies, Inc		37,111
2,686		Texas Industries, Inc		167,553
850	*	Titanium Metals Corp		20,519
3,578		Tredegar Corp		72,311
1,102	*	Wheeling-Pittsburgh Corp		42,471
		TOTAL PRIMARY METAL INDUSTRIES		2,957,912
PRINTING AND PUBLISHING - 1.19%
8,055		American Greetings Corp (Class A)		204,194
3,100		Banta Corp		138,756
4,400		Bowne & Co, Inc		71,544
1,500	*	Consolidated Graphics, Inc		68,850
750		Courier Corp		38,940
800		CSS Industries, Inc		25,408
2,200		Ennis, Inc		42,350
3,700		Harland (John H.) Co		133,570
7,145		Hollinger International, Inc		112,034
2,526		Journal Communications, Inc		45,645
5,271	*	Journal Register Co		101,888
1,500	*	Martha Stewart Living Omnimedia, Inc (Class A)		43,530
2,600	*	Playboy Enterprises, Inc (Class B)		31,954
16,542	*	Primedia, Inc		62,860
1,100		Pulitzer, Inc		71,335
12,254		Reader's Digest Association, Inc (Class A)		170,453
3,732	*	Scholastic Corp		137,935
1,600		Standard Register Co		22,592
1,088		Thomas Nelson, Inc		24,589
6,511	*	Valassis Communications, Inc		227,950
		TOTAL PRINTING AND PUBLISHING		1,776,377

323 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
RAILROAD TRANSPORTATION - 0.22%
2,695		Florida East Coast Industries	$	121,545
2,270	*	Genesee & Wyoming, Inc (Class A)		63,855
7,654	*	Kansas City Southern Industries, Inc		135,705
		TOTAL RAILROAD TRANSPORTATION		321,105
REAL ESTATE - 0.43%
649	*	Avatar Holdings, Inc		31,217
3,200	*	CB Richard Ellis Group, Inc		107,360
700		Consolidated-Tomoka Land Co		30,100
4,100	*	Jones Lang LaSalle, Inc		153,381
2,135		LNR Property Corp		134,313
45	*	MI Developments, Inc (Class A)		1,358
400	*	Orleans Homebuilders, Inc		7,940
12,977	*	Stewart Enterprises, Inc (Class A)		90,709
4,000	*	Trammell Crow Co		72,440
600	*	ZipRealty, Inc		10,722
		TOTAL REAL ESTATE		639,540
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.00%
1,875	*	Applied Films Corp		40,425
4,615		Aptargroup, Inc		243,580
1,451		Bandag, Inc		72,274
8,211		Cooper Tire & Rubber Co		176,947
1,145	*	Deckers Outdoor Corp		53,804
19,138	*	Goodyear Tire & Rubber Co		280,563
3,436	*	Jarden Corp		149,260
2,722		Myers Industries, Inc		34,842
1,000		Quixote Corp		20,330
3,900		Schulman (A.), Inc		83,499
2,500	*	Skechers U.S.A., Inc (Class A)		32,400
3,286		Spartech Corp		89,018
1,347	*	Trex Co, Inc		70,637
6,648		Tupperware Corp		137,747
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,485,326
SECURITY AND COMMODITY BROKERS - 0.63%
3,108	*	Affiliated Managers Group, Inc		210,536
779		BKF Capital Group, Inc		29,524
2,600		Calamos Asset Management, Inc (Class A)		70,200
868		Gabelli Asset Management, Inc (Class A)		42,115
700		Greenhill & Co, Inc		20,090
5,554	*	Investment Technology Group, Inc		111,080
14,679	*	Knight Trading Group, Inc		160,735
6,723	*	LaBranche & Co, Inc		60,238
700	*	MarketAxess Holdings, Inc		11,907
2,578	*	Piper Jaffray Cos		123,615
1,400		Sanders Morris Harris Group, Inc		24,934
826	*	Stifel Financial Corp		17,305
1,900		SWS Group, Inc		41,648
200		Value Line, Inc		7,848
		TOTAL SECURITY AND COMMODITY BROKERS		931,775

324 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
SOCIAL SERVICES - 0.09%
1,600	*	Bright Horizons Family Solutions, Inc	$	103,616
2,161	*	Res-Care, Inc		32,890
		TOTAL SOCIAL SERVICES		136,506
SPECIAL TRADE CONTRACTORS - 0.36%
1,518		Chemed Corp		101,873
4,867	*	Comfort Systems U.S.A., Inc		37,379
6,113	*	Dycom Industries, Inc		186,569
1,800	*	EMCOR Group, Inc		81,324
3,200	*	Integrated Electrical Services, Inc		15,488
1,237	*	Layne Christensen Co		22,452
2,300	*	Matrix Service Co		18,538
8,988	*	Quanta Services, Inc		71,904
		TOTAL SPECIAL TRADE CONTRACTORS		535,527
STONE, CLAY, AND GLASS PRODUCTS - 0.51%
880		Ameron International Corp		33,352
1,327	*	Anchor Glass Container Corp		8,917
3,500		Apogee Enterprises, Inc		46,935
3,110	*	Cabot Microelectronics Corp		124,556
1,626		CARBO Ceramics, Inc		112,194
2,431		Eagle Materials, Inc		209,917
1,836		Libbey, Inc		40,778
2,641	*	U.S. Concrete, Inc		20,256
4,096	b*	USG Corp		164,946
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		761,851
TOBACCO PRODUCTS - 0.13%
3,070		Universal Corp (Virginia)		146,869
2,937		Vector Group Ltd		48,842
		TOTAL TOBACCO PRODUCTS		195,711
TRANSPORTATION BY AIR - 0.76%
10,600	*	Airtran Holdings, Inc		113,420
3,800	*	Alaska Air Group, Inc		127,262
4,500	*	America West Holdings Corp (Class B)		29,610
8,383	*	Continental Airlines, Inc (Class B)		113,506
13,457	*	Delta Air Lines, Inc		100,658
4,700	*	ExpressJet Holdings, Inc		60,536
5,662	*	FLYi, Inc		10,022
2,705	*	Forward Air Corp		120,914
4,637	*	Frontier Airlines, Inc		52,908
4,000	*	Mesa Air Group, Inc		31,760
9,445	*	Northwest Airlines Corp		103,234
2,500	*	Offshore Logistics, Inc		81,175
2,481	*	Pinnacle Airlines Corp		34,585
664	*	Republic Airways Holdings, Inc		8,811
7,243		Skywest, Inc		145,295
53	b*	UAL Corp		69
		TOTAL TRANSPORTATION BY AIR		1,133,765

325 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
TRANSPORTATION EQUIPMENT - 1.69%
4,082	*	AAR Corp	$	55,597
1,590	*	Aftermarket Technology Corp		25,599
1,813		Arctic Cat, Inc		48,081
8,724		ArvinMeritor, Inc		195,156
7,129	*	BE Aerospace, Inc		82,982
3,108		Clarcor, Inc		170,225
1,878		Coachmen Industries, Inc		32,602
900	*	Ducommun, Inc		18,765
6,063		Federal Signal Corp		107,073
6,810	*	Fleetwood Enterprises, Inc		91,663
6,023	*	GenCorp, Inc		111,847
700		Greenbrier Cos, Inc		23,695
4,821	*	Hayes Lemmerz International, Inc		42,569
2,536		Heico Corp		57,288
174		Heico Corp (Class A)		3,008
2,714		Kaman Corp (Class A)		34,332
91	*	Magna International		7,512
900		Marine Products Corp		23,499
3,285		Monaco Coach Corp		67,572
691		Noble International Ltd		14,089
735	*	Sequa Corp (Class A)		44,945
200	*	Sports Resorts International, Inc		576
1,649		Standard Motor Products, Inc		26,054
414	*	Strattec Security Corp		25,925
2,787		Superior Industries International, Inc		80,962
4,129	*	Teledyne Technologies, Inc		121,516
5,319	*	Tenneco Automotive, Inc		91,700
4,500		Thor Industries, Inc		166,725
4,603		Trinity Industries, Inc		156,870
1,998	*	Triumph Group, Inc		78,921
16,296		Visteon Corp		159,212
3,921	*	Wabash National Corp		105,593
4,933		Westinghouse Air Brake Technologies Corp		105,172
3,268		Winnebago Industries, Inc		127,648
		TOTAL TRANSPORTATION EQUIPMENT		2,504,973
TRANSPORTATION SERVICES - 0.37%
1,000		Ambassadors Group, Inc		35,610
4,500	*	EGL, Inc		134,505
6,146		GATX Corp		181,676
872	*	HUB Group, Inc		45,536
1,700	*	Navigant International, Inc		20,689
3,400	*	Pacer International, Inc		72,284
4,700	*	RailAmerica, Inc		61,335
		TOTAL TRANSPORTATION SERVICES		551,635
TRUCKING AND WAREHOUSING - 0.85%
2,700		Arkansas Best Corp		121,203
1,055	*	Central Freight Lines, Inc		6,647
1,000	*	Covenant Transport, Inc (Class A)		20,820
5,600		Heartland Express, Inc		125,832
3,700	*	Landstar System, Inc		272,468
1,154	*	Marten Transport Ltd		26,230
2,023	*	Old Dominion Freight Line		70,400
3,538		Overnite Corp		131,755

326 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
800	*	P.A.M. Transportation Services	$	15,000
1,120	*	Quality Distribution, Inc		9,453
1,900	*	SCS Transportation, Inc		44,403
5,668	*	Swift Transportation Co, Inc		121,749
700	*	U.S. Xpress Enterprises, Inc (Class A)		20,510
3,496		USF Corp		132,673
6,054		Werner Enterprises, Inc		137,063
		TOTAL TRUCKING AND WAREHOUSING		1,256,206
WATER TRANSPORTATION - 0.40%
5,225		Alexander & Baldwin, Inc		221,645
1,800	*	Gulfmark Offshore, Inc		40,086
765	*	Hornbeck Offshore Services, Inc		14,765
2,800	*	Kirby Corp		124,264
3,351		Overseas Shipholding Group, Inc		184,975
929	*	Seabulk International, Inc		11,250
		TOTAL WATER TRANSPORTATION		596,985
WHOLESALE TRADE-DURABLE GOODS - 1.76%
900	*	1-800 Contacts, Inc		19,800
2,001		Action Performance Cos, Inc		21,991
3,700		Agilysys, Inc		63,418
1,600	*	Alliance Imaging, Inc		18,000
3,738		Anixter International, Inc		134,531
3,348		Applied Industrial Technologies, Inc		91,735
2,200	*	Audiovox Corp (Class A)		34,716
2,823	*	Aviall, Inc		64,844
1,800		Barnes Group, Inc		47,718
1,800	*	Beacon Roofing Supply, Inc		35,748
2,600	*	BioVeris Corp		19,006
2,260	*	Brightpoint, Inc		44,160
329		Compx International, Inc		5,438
1,600	*	Department 56, Inc		26,640
2,667	*	Digi International, Inc		45,846
2,769	*	Global Imaging Systems, Inc		109,376
2,800		Handleman Co		60,144
2,100	*	Imagistics International, Inc		70,686
6,114	*	Insight Enterprises, Inc		125,459
1,026	*	Insurance Auto Auctions, Inc		23,003
892	*	INTAC International		11,596
2,000	*	Keystone Automotive Industries, Inc		46,500
4,800		Knight Transportation, Inc		119,040
600		Lawson Products, Inc		30,258
1,868	*	LKQ Corp		37,491
1,409	*	Merge Technologies, Inc		31,350
2,189		Metal Management, Inc		58,818
5,457	*	Microtek Medical Holdings, Inc		22,155
2,639	*	Navarre Corp		46,446
4,900		Owens & Minor, Inc		138,033
7,272		Pep Boys-Manny Moe & Jack		124,133
8,435	*	PSS World Medical, Inc		105,564
3,501		Reliance Steel & Aluminum Co		136,399
15,292	*	Safeguard Scientifics, Inc		32,419
1,600	*	Scansource, Inc		99,456
6,765		SCP Pool Corp		215,804
2,500	*	TBC Corp		69,500

327 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

SHARES			VALUE
2,800		Watsco, Inc	$	98,616
2,100	*	WESCO International, Inc		62,244
5,395	*	Zoran Corp		62,474
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,610,555
WHOLESALE TRADE-NONDURABLE GOODS - 1.63%
5,438		Acuity Brands, Inc		172,928
1,928		Advanced Marketing Services, Inc		19,396
7,489		Airgas, Inc		198,533
3,358	*	Allscripts Healthcare Solutions, Inc		35,830
1,550	*	Central European Distribution Corp		45,787
5,100		Chiquita Brands International, Inc		112,506
83	b*	Daisytek International Corp		-
5,584		DIMON, Inc		37,524
2,400		Getty Realty Corp		68,952
3,200	*	Hain Celestial Group, Inc		66,144
1,062		Kenneth Cole Productions, Inc (Class A)		32,773
400	*	Maui Land & Pineapple Co		15,700
3,879	*	Men's Wearhouse, Inc		123,973
2,594	*	Metals USA, Inc		48,119
1,500		Nash Finch Co		56,640
6,575		Nu Skin Enterprises, Inc (Class A)		166,874
863	*	Nuco2, Inc		19,150
5,790	*	Performance Food Group Co		155,809
7,907		Perrigo Co		136,554
600	*	Perry Ellis International, Inc		12,210
3,636	*	Priority Healthcare Corp (Class B)		79,156
561	*	Provide Commerce, Inc		20,841
3,500		Russell Corp		68,180
2,900	*	School Specialty, Inc		111,824
1,456	*	Smart & Final, Inc		20,952
1,300		Standard Commercial Corp		25,298
4,800		Stride Rite Corp		53,616
3,900	*	Tractor Supply Co		145,119
5,002	*	United Natural Foods, Inc		155,562
4,200	*	United Stationers, Inc		193,996
1,206		Valhi, Inc		19,405
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,419,351
		TOTAL COMMON STOCKS
		(Cost $103,337,565)		147,939,170

PRINCIPAL
SHORT TERM INVESTMENTS - 0.57%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.57%
		Federal Home Loan Bank (FHLB)
$	850,000	1.000% 01/03/05	849,848
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES	849,848
		TOTAL SHORT TERM INVESTMENTS
		(Cost $849,941)	849,848

328 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Small-Cap Blend Index Fund

			VALUE
	TOTAL PORTFOLIO -100.23%	$	148,808,210
	(Cost $104,202,744)
	OTHER ASSETS & LIABILITIES, NET - (0.23%)		(353,962	)
	NET ASSETS - 100.00%	$	148,454,248
*	Non-income producing
b	In bankruptcy
f	Restricted securities - Investment in securities not registered under the Securities Act of 1933 or not publicly traded in foreign markets. At December 31, 2004, the value of these securities amounted to $0.00 or 0.00% of net assets.
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the funds may use more specific industry categories in following their investment limitations on industry concentration.
	Restricted securities held by the Fund are as follows:

SECURITY	ACQUISITION DATE	ACQUISITION COST		VALUE
Wiltel Communications (Rts)	11/7/03	$	—	$

329 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS INTERNATIONAL EQUITY INDEX FUND

STATEMENT OF INVESTMENTS (Unaudited) December 31, 2004

SHARES				VALUE
PREFERRED STOCKS - 0.08%
INSTRUMENTS AND RELATED PRODUCTS - 0.01%
197		Fresenius Medical Care AG.	$	11,420
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		11,420
MOTION PICTURES - 0.02%
831		ProSieben SAT.1 Media AG.		15,249
		TOTAL MOTION PICTURES		15,249
TRANSPORTATION EQUIPMENT - 0.05%
71		Porsche AG.		45,310
		TOTAL TRANSPORTATION EQUIPMENT		45,310
		TOTAL PREFERRED STOCKS
		(Cost $46,682)		71,979
COMMON STOCKS - 99.65%
AGRICULTURAL SERVICES - 0.16%
1,096		Syngenta AG.		116,434
1,502	*	Yara International ASA		19,777
		TOTAL AGRICULTURAL SERVICES		136,211
AMUSEMENT AND RECREATION SERVICES - 0.34%
7,757		EMI Group plc		39,466
1,044		Gamesa Corp Tecnologica S.A.		14,616
1,560		OPAP S.A.		43,172
500		Oriental Land Co Ltd		34,742
400		Sankyo Co Ltd (Gunma)		20,221
700		Sega Sammy Holdings, Inc		38,460
4,862	*	TABCORP Holdings Ltd		65,898
3,476		William Hill plc		37,639
		TOTAL AMUSEMENT AND RECREATION SERVICES		294,214
APPAREL AND ACCESSORY STORES - 0.27%
147		Douglas Holding AG.		5,195
600		Fast Retailing Co Ltd		45,672
4,861		Hennes & Mauritz AB (B Shs)		169,338
200		Shimamura Co Ltd		14,599
		TOTAL APPAREL AND ACCESSORY STORES		234,804

330 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
789		Ansell Ltd	$	5,523
500		Aoyama Trading Co Ltd		13,614
463		Benetton Group S.p.A.		6,123
8,000		Esprit Holdings Ltd		48,374
2,000		Gunze Ltd		9,291
3,500		Kuraray Co Ltd		31,390
5,000		Mitsubishi Rayon Co Ltd		18,200
1,000		Nisshinbo Industries, Inc		7,485
1,000		Onward Kashiyama Co Ltd		14,551
5,000		Toyobo Co Ltd		12,052
300		World Co Ltd		10,540
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		177,143
AUTO REPAIR, SERVICES AND PARKING - 0.09%
1,500		Aisin Seiki Co Ltd		37,987
18,000		ComfortDelgro Corp Ltd		17,091
900		NOK Corp		28,194
		TOTAL AUTO REPAIR, SERVICES AND PARKING		83,272
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.01%
200		Autobacs Seven Co Ltd		5,846
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		5,846
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
4,000		Cheung Kong Infrastructure Holdings Ltd		11,553
5,775		Wolseley plc		107,936
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		119,489
BUSINESS SERVICES - 2.47%
252		Acciona S.A.		22,299
1,333		Adecco S.A. (Regd)		67,113
9,703		Aegis Group plc		20,119
200		Aeon Credit Service Co Ltd		14,892
300		Asatsu-DK, Inc		8,446
362	*	Atos Origin		24,588
1,959		Autostrade S.p.A.		52,457
473	*	Business Objects		11,946
983	*	Cap Gemini S.A.		31,480
300		Capcom Co Ltd		2,852
6,230		Capita Group plc		43,747
1,857	v*	Cintra Concesiones de Infraestructuras de Transporte S.A.		20,395
4,355		Computershare Ltd		19,357
600		CSK Corp		27,169
430		Dassault Systemes S.A.		21,684
2,000	*	Datacraft Asia Ltd		2,160
15		Dentsu, Inc		40,402
4,000		Deutsche Post AG. (Regd)		91,885
200		Fuji Soft ABC, Inc		6,617
4,903	*	Getronics NV		11,196
3		Goodwill Group, Inc		7,407
10,341	*	Group 4 Securicor plc		27,795
1,449		Haw Par Corp Ltd		4,571
15,202		Hays plc		36,264
200		Hitachi Software Engineering Co Ltd		4,567

331 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
1,293		Indra Sistemas S.A.	$	22,092
704		Intracom S.A.		3,809
448		ISS a/s		25,009
300		Itochu Techno-Science Corp		12,004
3,000		Keppel Land Ltd		4,135
900		Konami Corp		20,860
6,384		LogicaCMG plc		23,625
300		Meitec Corp		11,184
5,350		Misys plc		21,493
600		Namco Ltd		7,875
5		NET One Systems Co Ltd		20,835
200		Nomura Research Institute Ltd		18,737
14		NTT Data Corp		45,223
300		Oracle Corp Japan		15,546
1,009		Public Power Corp		28,253
971		Publicis Groupe S.A.		31,478
5	*	Rakuten, Inc		5,709
45	*	Rakuten, Inc (When Issued)		40,402
438		Randstad Holdings NV		17,235
18,841		Rentokil Initial plc		53,445
13,540		Reuters Group plc		98,133
11,211		Sage Group plc		43,532
1,986		SAP AG.		354,710
2,000		Secom Co Ltd		80,023
2,843		Securitas AB (B Shs)		48,771
900		Seiko Epson Corp		40,051
3,788		Serco Group plc		17,454
41		SGS S.A.		28,719
762		Tietoenator Corp		24,237
300		TIS, Inc		13,145
1,450	*	Tiscali S.p.A.		5,381
10,000		Tokyu Corp		54,065
100		Trans Cosmos, Inc		3,425
1,000	*	Trend Micro, Inc		53,967
12,000		Wharf Holdings Ltd		41,993
2,247		WM-Data AB (B Shs)		4,869
10,918		WPP Group plc		120,109
18	*	Yahoo! Japan Corp		86,425
		TOTAL BUSINESS SERVICES		2,169,366
CHEMICALS AND ALLIED PRODUCTS - 10.27%
2,820		Akzo Nobel NV		120,282
100		Alfresa Holdings Corp		3,669
13,000		Asahi Kasei Corp		65,082
16,038		AstraZeneca plc (United Kingdom)		581,649
5,126		BASF AG.		369,278
6,344		Bayer AG.		215,060
235		Beiersdorf AG.		27,343
4,973		BOC Group plc		94,856
7,748		Boots Group plc		97,508
2,800		Chugai Pharmaceutical Co Ltd		46,289
1,536		CSL Ltd		35,219
2,000		Daicel Chemical Industries Ltd		11,320
2,300		Daiichi Pharmaceutical Co Ltd		49,717
5,000		Dainippon Ink & Chemicals, Inc		11,516
4,000		Denki Kagaku Kogyo KK		13,311
789		DSM NV		51,070
2,500		Eisai Co Ltd		82,219

332 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
3,601	*	Elan Corp plc	$	95,935
72		Givaudan S.A. (Regd)		47,426
56,715		GlaxoSmithKline plc		1,330,602
527		Henkel KGaA		45,845
1,000		Hitachi Chemical Co Ltd		17,898
11,923		Imperial Chemical Industries plc		55,167
2,000		Ishihara Sangyo Kaisha Ltd		4,587
1,700		JSR Corp		37,245
2,000		Kaneka Corp		22,641
1,000		Kansai Paint Co Ltd		6,070
6,000		Kao Corp		153,411
3,000		Kyowa Hakko Kogyo Co Ltd		22,543
1,060		L'Air Liquide S.A.		195,949
393		Lonza Group AG. (Regd)		22,119
2,957		L'Oreal S.A.		224,478
800		MEDICEO Holdings Co Ltd		9,002
445		Merck KGaA		30,618
16,000		Mitsubishi Chemical Corp		48,717
3,000		Mitsubishi Gas Chemical Co, Inc		14,141
6,000		Mitsui Chemicals, Inc		32,673
1,000		Nippon Kayaku Co Ltd		5,582
1,000		Nippon Shokubai Co Ltd		8,666
1,000		Nissan Chemical Industries Ltd		7,875
22,947		Novartis AG. (Regd)		1,156,330
2,773		Novo Nordisk a/s (B Shs)		151,507
504		Novozymes a/s		25,603
164		Omega Pharma S.A.		7,858
2,409		Orica Ltd		38,467
612		Orion Oyj		9,907
1,267	*	Qiagen NV		13,863
5,728		Reckitt Benckiser plc		173,096
6,815		Roche Holding AG. (Genusscheine)		784,525
3,600		Sankyo Co Ltd		81,331
9,531		Sanofi-Aventis		761,755
1,603		Schering AG.		119,860
2,058	*	SciGen Ltd		94
4,000		Sekisui Chemical Co Ltd		29,238
72		Serono S.A. (B Shs)		47,426
3,500		Shin-Etsu Chemical Co Ltd		143,457
3,000		Shionogi & Co Ltd		41,485
3,000		Shiseido Co Ltd		43,447
10,000		Showa Denko KK		25,764
898	*	SNIA S.p.A.		302
651		Solvay S.A.		71,675
1,347	*	Sorin S.p.A.		4,275
1,000		Sumitomo Bakelite Co Ltd		6,314
13,000		Sumitomo Chemical Co Ltd		63,687
400		Suzuken Co Ltd		10,735
1,000		Taisho Pharmaceutical Co Ltd		21,762
2,000		Taiyo Nippon Sanso Corp		11,730
8,600		Takeda Pharmaceutical Co Ltd		433,063
8,000		Teijin Ltd		34,742
12,000		Toray Industries, Inc		56,212
4,000		Tosoh Corp		17,996
7,000		UBE Industries Ltd		11,818
898		UCB S.A.		45,651
3,792		Wesfarmers Ltd		118,307
3,000		Yamanouchi Pharmaceutical Co Ltd		116,815
1,174		Zeltia S.A.		8,218
1,000		Zeon Corp		8,393
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,011,286

333 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
COMMUNICATIONS - 8.44%
166	*	Antena 3 Television S.A.	$	11,993
1,494	*	Belgacom S.A.		64,577
12,334		British Sky Broadcasting Group plc		133,082
83,614		BT Group plc		325,877
20,987		Cable & Wireless plc		48,049
1,000		COMSYS Holdings Corp		9,261
1,060		Cosmote Mobile Telecommunications S.A.		21,266
26,574		Deutsche Telekom AG. (Regd)		601,410
1,421	*	Elisa Oyj		22,908
139,161	*	Ericsson (LM) (B Shs)		443,948
14,332		France Telecom S.A.		474,551
4		Fuji Television Network, Inc		8,666
3,000		Fujikura Ltd		13,819
2,016		GN Store Nord		21,735
3,074		Hellenic Telecommunications Organization S.A.		55,238
1,200		i-CABLE Communications Ltd		448
39,142		ITV plc		79,094
1,185	*	ITV plc (Cv)		899
19,202		KPN NV		182,441
1,933	*	Marconi Corp plc		20,875
6,028		Mediaset S.p.A.		76,446
609	*	Modern Times Group AB (B Shs)		16,587
50		Nippon Telegraph & Telephone Corp		224,456
193		NTT DoCoMo, Inc		355,977
8,761		Portugal Telecom SGPS S.A. (Regd)		108,366
515		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		12,943
1,815		Publishing & Broadcasting Ltd		24,899
35,145		Seat Pagine Gialle S.p.A.		16,194
62,214		Singapore Telecommunications Ltd		90,707
968	*	Sky Network Television Ltd		4,300
1,170		Societe Television Francaise 1 (T.F.1)		38,088
361	*	Sogecable S.A.		16,026
271		Swisscom AG. (Regd)		106,770
1,090		Tandberg ASA		13,543
963		Tele2 AB (B Shs)		37,822
20,067		Telecom Corp of New Zealand Ltd		89,141
123,529		Telecom Italia S.p.A.		505,399
42,937		Telefonica S.A.		808,899
2,700		Telekom Austria AG.		51,196
6,973		Telenor ASA		63,321
3,000		Television Broadcasts Ltd		13,933
16,881		TeliaSonera AB		101,102
22,275		Telstra Corp Ltd		85,735
36,637		TIM S.p.A.		273,894
300		Tokyo Broadcasting System, Inc		4,892
620,000		Vodafone Group plc		1,681,354
1,685		Vodafone Group plc (Spon ADR)		46,135
		TOTAL COMMUNICATIONS		7,408,262
DEPOSITORY INSTITUTIONS - 17.80%
3,000		77 Bank Ltd		21,109
15,059		ABN Amro Holding NV		398,940
8,345		Allied Irish Banks plc		174,114
1,964		Alpha Bank S.A.		68,501
7,000	*	Ashikaga Financial Group, Inc		(0	)
18,146		Australia & New Zealand Banking Group Ltd		292,886
2,256	*	Banca Antonveneta S.p.A.		59,489

334 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
2,516		Banca Fideuram S.p.A.	$	13,030
32,084		Banca Intesa S.p.A.		154,380
8,428		Banca Intesa S.p.A. (Rnc)		36,200
10,788		Banca Monte dei Paschi di Siena S.p.A.		38,492
20,180	*	Banca Nazionale del Lavoro S.p.A.		60,208
3,342		Banca Popolare di Milano		29,618
3,110		Banche Popolari Unite Scrl		63,240
31,081		Banco Bilbao Vizcaya Argentaria S.A.		551,321
3,089		Banco BPI S.A. (Regd)		12,512
19,757		Banco Comercial Portugues S.A. (Regd)		50,755
807		Banco Espirito Santo S.A. (Regd)		14,589
3,802		Banco Popolare di Verona e Novara Scrl		77,311
1,562		Banco Popular Espanol		102,973
57,657		Banco Santander Central Hispano S.A.		715,520
362		Bank Austria Creditanstalt AG.		32,721
13,557		Bank of East Asia Ltd		42,122
5,000		Bank of Fukuoka Ltd		32,936
1,325		Bank of Ireland (Dublin)		22,062
8,109		Bank of Ireland (London)		134,140
12,000	*	Bank of Yokohama Ltd		75,651
62,119		Barclays plc		698,878
6,084	*	Bayerische Hypo-und Vereinsbank AG.		138,104
7,663		BNP Paribas		555,169
36,000		BOC Hong Kong Holdings Ltd		68,779
11,277		Capitalia S.p.A.		51,656
7,000		Chiba Bank Ltd		46,794
648		Commercial Bank of Greece		20,540
4,461	*	Commerzbank AG.		91,924
12,032		Commonwealth Bank of Australia		302,763
6,485		Credit Agricole S.A.		195,687
11,011		Credit Suisse Group		462,867
4,502		Danske Bank a/s		138,000
11,000		DBS Group Holdings Ltd		108,491
3,412		Depfa Bank plc		57,276
4,794		Deutsche Bank AG. (Regd)		425,641
6,578		Dexia		151,284
7,564		DNB NOR Holding ASA		74,620
1,822		EFG Eurobank Ergasias S.A.		62,607
1,180		Erste Bank Der Oesterreichischen Sparkassen AG.		63,034
1,314	*	FinecoGroup S.p.A.		10,145
11,207		Fortis		309,994
3,000		Gunma Bank Ltd		17,420
8,000		Hang Seng Bank Ltd		111,158
8,000		Hokuhoku Financial Group, Inc		21,860
106,573	*	HSBC Holdings plc (United Kingdom)		1,798,519
7,000		Joyo Bank Ltd		34,156
874		KBC Bancassurance Holding NV		67,121
54,247		Lloyds TSB Group plc		492,624
2,052		Macquarie Bank Ltd		74,798
44		Mitsubishi Tokyo Financial Group, Inc		446,570
5,000		Mitsui Trust Holdings, Inc		49,966
75		Mizuho Financial Group, Inc		377,672
14,732		National Australia Bank Ltd		332,825
2,449		National Bank of Greece S.A.		80,823
21,327		Nordea Bank AB (Sweden)		215,022
10,000		Oversea-Chinese Banking Corp Ltd		82,700
1,670		Piraeus Bank S.A.		29,192
44,000	*	Resona Holdings, Inc		89,314
30,201		Royal Bank of Scotland Group plc		1,015,861
10,609		Sanpaolo IMI S.p.A.		152,855
5,000		Shinsei Bank Ltd		34,059

335 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
6,000		Shizuoka Bank Ltd	$	56,856
4,825		Skandinaviska Enskilda Banken (A Shs)		93,300
3,210		Societe Generale (A Shs)		324,840
40		Sumitomo Mitsui Financial Group Inc		290,817
11,000		Sumitomo Trust & Banking Co Ltd		79,545
5,745		Suncorp-Metway Ltd		78,271
2,000		Suruga Bank Ltd		15,966
5,031		Svenska Handelsbanken AB (A Shs)		130,972
10,288		UBS AG. (Regd)		862,686
38		UFJ Holdings, Inc		230,292
43,192		UniCredito Italiano S.p.A.		248,338
12,000		United Overseas Bank Ltd		101,446
17,893		Westpac Banking Corp		273,373
		TOTAL DEPOSITORY INSTITUTIONS		15,620,290
EATING AND DRINKING PLACES - 0.38%
1,020	*	Autogrill S.p.A.		17,039
20,972		Compass Group plc		99,151
3,494		Enterprise Inns plc		53,330
5,180		Mitchells & Butlers plc		33,813
2,378		Punch Taverns plc		31,525
200		Saizeriya Co Ltd		3,423
700		Skylark Co Ltd		12,037
863		Sodexho Alliance S.A.		26,112
36		Valora Holding AG.		8,865
2,703		Whitbread plc		43,929
		TOTAL EATING AND DRINKING PLACES		329,224
EDUCATIONAL SERVICES - 0.02%
600		Benesse Corp		21,021
		TOTAL EDUCATIONAL SERVICES		21,021
ELECTRIC, GAS, AND SANITARY SERVICES - 5.86%
569		Aguas de Barcelona S.A. (A Shs)		11,895
4,536		Australian Gas Light Co Ltd		48,714
34,160		BG Group plc		232,167
38,023		Centrica plc		172,464
6,800		Chubu Electric Power Co, Inc		163,248
19,500		CLP Holdings Ltd		112,143
2,898		Contact Energy Ltd		13,397
5,997		E.ON AG.		546,634
7,779	*	Edison S.p.A.		16,548
308		Electrabel S.A.		137,317
1,300		Electric Power Development Co		36,411
9,212		Endesa S.A.		216,495
34,757		Enel S.p.A.		341,570
21,360		Energias de Portugal S.A.		64,745
27		Exmar NV		1,611
1,610		Gas Natural SDG S.A.		49,808
1,400		Hokkaido Electric Power Co, Inc		27,530
38,000		Hong Kong & China Gas Co Ltd		78,467
14,500		Hong Kong Electric Holdings Ltd		66,225
7,847		Iberdrola S.A.		199,455
14,124	*	International Power plc		41,895

336 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
7,300		Kansai Electric Power Co, Inc	$	148,180
3,615		Kelda Group plc		43,898
1,000		Kurita Water Industries Ltd		14,385
4,000		Kyushu Electric Power Co, Inc		80,804
29,802		National Grid Transco plc		283,796
1,342		NGC Holdings Ltd		3,005
43		Oest Elektrizitatswirts (A Shs)		9,580
22,000		Osaka Gas Co Ltd		68,703
158		Puma AG. Rudolf Dassler Sport		43,446
4,147		RWE AG.		229,418
8,595		Scottish & Southern Energy plc		143,976
18,549		Scottish Power plc		143,606
3,182		Severn Trent plc		59,075
9,014		Snam Rete Gas S.p.A.		52,440
1,900	*	Sojitz Holdings Corp		8,233
8,027		Suez S.A.(France)		214,068
4,600		Tohoku Electric Power Co, Inc		82,600
11,100		Tokyo Electric Power Co, Inc		272,436
27,000		Tokyo Gas Co Ltd		110,667
1,666		Tomra Systems ASA		9,160
2,061		Union Fenosa S.A.		54,207
5,558		United Utilities plc		67,226
3,087		United Utilities plc (A Shs)		26,522
10,092	*	Vivendi Universal S.A.		322,225
17		West Japan Railway Co		68,684
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,139,079
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.15%
17,273	*	ABB Ltd		96,459
700		Advantest Corp		60,047
392	*	Aixtron AG.		1,625
12,357	*	Alcatel S.A.		192,317
1,000		Alps Electric Co Ltd		14,902
36,785	*	Alstom		28,000
9,421		ARM Holdings plc		19,987
1,500		ASM Pacific Technology Ltd		5,404
4,692	*	ASML Holding NV		75,319
105		Bang & Olufsen a/s		7,847
65		Barco NV		6,012
10,000	*	Chartered Semiconductor Manufacturing Ltd		6,003
4,016		Electrocomponents plc		21,955
2,903		Electrolux AB Series B		66,400
466	*	Epcos AG.		6,968
2,400		Fisher & Paykel Appliances Holdings Ltd		7,454
3,000		Fisher & Paykel Healthcare Corp		7,021
300		Fuji Machine Manufacturing Co Ltd		2,957
17,272		Fujitsu Ltd		112,427
6,000	*	Furukawa Electric Co Ltd		33,259
300		Hirose Electric Co Ltd		35,074
6,083	*	Infineon Technologies AG.		65,981
14,000		Johnson Electric Holdings Ltd		13,599
5,321		Kesa Electricals plc		28,860
7,484		Kidde plc		23,924
12,769		Koninklijke Philips Electronics NV		338,621
270	*	Kudelski S.A. (Br)		9,925
1,700		Kyocera Corp		130,897
300		Mabuchi Motor Co Ltd		21,636
21,000		Matsushita Electric Industrial Co Ltd		333,229

337 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
2,000		Matsushita Electric Works Ltd	$	17,429
306	*	Micronas Semiconductor Holdings, Inc		15,003
18,000		Mitsubishi Electric Corp		88,182
225	*	Mobistar S.A.		21,087
2,200		Murata Manufacturing Co Ltd		123,021
16,000		NEC Corp		99,463
300		NEC Electronics Corp		14,638
1,000		NGK Spark Plug Co Ltd		10,354
1,600		Nitto Denko Corp		87,753
44,934		Nokia Oyj		709,709
5,000	*	Oki Electric Industry Co Ltd		21,518
1,600		Pioneer Corp		31,229
300		Rinnai Corp		8,051
1,100		Rohm Co Ltd		113,789
16,000		Sanyo Electric Co Ltd		55,275
2,086		Schneider Electric S.A.		145,172
9,000		Sharp Corp		146,941
9,200		Sony Corp		355,538
1,400		Stanley Electric Co Ltd		23,991
5,974		STMicroelectronics NV		116,524
6,000		Sumitomo Electric Industries Ltd		65,287
1,000		Taiyo Yuden Co Ltd		11,633
1,200		TDK Corp		88,885
9,351		Terna S.p.A.		26,819
2,375		Thomson		62,789
1,700		Tokyo Electron Ltd		104,684
30,000		Toshiba Corp		128,818
90		Unaxis Holding AG. (Regd)		8,944
2,000		Venture Corp Ltd		19,481
1,600		Yamaha Corp		24,421
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,520,537
ENGINEERING AND MANAGEMENT SERVICES - 0.05%
9,000		SembCorp Industries Ltd		8,932
12,000		Singapore Technologies Engineering Ltd		17,128
1,035		Vedior NV		16,868
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		42,928
FABRICATED METAL PRODUCTS - 0.43%
8,378		Amcor Ltd		48,271
3,002		Assa Abloy AB (B Shs)		51,273
52		Boehler-Uddeholm AG.		6,572
2,342		European Aeronautic Defense & Space Co		68,092
35		Geberit AG. (Regd)		25,609
6,725		GKN plc		30,535
1,000		Hitachi Cable Ltd		4,714
2,400		JS Group Corp		43,587
3,373		Novar plc		12,191
500		SMC Corp		57,236
1,400		Toyo Seikan Kaisha Ltd		25,822
		TOTAL FABRICATED METAL PRODUCTS		373,902

338 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
FOOD AND KINDRED PRODUCTS - 4.05%
6,000		Ajinomoto Co, Inc	$	71,436
100		Ariake Japan Co Ltd		2,410
4,000		Asahi Breweries Ltd		49,536
20,569		Cadbury Schweppes plc		191,529
239		Carlsberg a/s (A Shs)		11,005
3,998		Coca-Cola Amatil Ltd		25,480
860		Coca-Cola Hellenic Bottling Co S.A.		21,018
400		Coca-Cola West Japan Co Ltd		10,266
172	*	Colruyt S.A. (Rts)		250
596		Danisco a/s		36,375
859		DCC plc		19,265
29,459		Diageo plc		420,229
21,394		Foster's Group Ltd		97,103
1,800		Fraser & Neave Ltd		17,974
1,643		Greencore Group plc		6,744
2,338		Groupe Danone		215,940
2,510		Heineken NV		83,689
94		Hermes International		18,757
600		House Foods Corp		8,666
1,541		InBev NV		59,780
300		Ito En Ltd		15,575
12,720		J. Sainsbury plc		66,059
400		Katokichi Co Ltd		8,002
1,328		Kerry Group (Class A)		31,860
1,000		Kikkoman Corp		9,535
7,000		Kirin Brewery Co Ltd		68,927
3,010		Lion Nathan Ltd		20,292
2,436		LVMH Moet Hennessy Louis Vuitton S.A.		186,582
2,000		Meiji Dairies Corp		11,867
3,000		Meiji Seika Kaisha Ltd		13,848
3,886		Nestle S.A. (Regd)		1,016,696
2,000		Nichirei Corp		7,963
1,000		Nippon Meat Packers, Inc		13,555
1,000		Nisshin Seifun Group, Inc		11,086
800		Nissin Food Products Co Ltd		20,064
2,111		Orkla ASA		69,360
3,592	*	Parmalat Finanziaria S.p.A.		(0	)
501		Pernod-Ricard		76,747
900		Q.P. Corp		7,826
1,518	*	Royal Numico NV		54,740
2,854		Sampo Oyj (A Shs)		39,414
2,000		Sapporo Holdings Ltd		9,466
7,664		Scottish & Newcastle plc		64,117
1,853		Singapore Food Industries Ltd		1,050
1,000	*	Snow Brand Milk Products Co Ltd		3,074
5,999	*	Southcorp Ltd		20,174
536		Suedzucker AG.		11,147
1,000		Takara Holdings, Inc		6,509
3,745		Tate & Lyle plc		33,991
26,674		Unilever plc		261,947
1,000		Yakult Honsha Co Ltd		17,800
1,000		Yamazaki Baking Co Ltd		9,310
		TOTAL FOOD AND KINDRED PRODUCTS		3,556,035

339 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
FOOD STORES - 1.67%
244		Axfood AB	$	8,261
5,563		Carrefour S.A.		264,955
275		Casino Guichard-Perrachon S.A.		21,979
11,850		Coles Myer Ltd		91,592
172		Colruyt S.A. Rts		27,961
711		Delhaize Group		54,072
500		FamilyMart Co Ltd		14,565
3,300		Ito-Yokado Co Ltd		138,480
353	*	Jeronimo Martins SGPS S.A.		4,654
600		Lawson, Inc		22,133
14,978	*	Royal Ahold NV		116,045
3,600		Seven-Eleven Japan Co Ltd		113,477
74,598		Tesco plc		460,813
1,000		UNY Co Ltd		11,428
10,127		Woolworths Ltd		119,158
		TOTAL FOOD STORES		1,469,573
FURNITURE AND FIXTURES - 0.02%
6,191		MFI Furniture Group plc		14,739
		TOTAL FURNITURE AND FIXTURES		14,739
FURNITURE AND HOMEFURNISHINGS STORES - 0.30%
31,000		Hitachi Ltd		214,795
150		Nitori Co Ltd		9,793
400		Shimachu Co Ltd		9,896
700		Yamada Denki Co Ltd		29,989
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		264,473
GENERAL BUILDING CONTRACTORS - 0.67%
3,000		Allgreen Properties Ltd		1,985
2,740		Amec plc		15,663
2,174		Barratt Developments plc		24,814
1,047		Bellway plc		16,383
1,186	*	Berkeley Group Holdings plc		18,421
1,753		Bouygues S.A.		81,014
800		Daito Trust Construction Co Ltd		38,021
4,000		Daiwa House Industry Co Ltd		45,477
4,141		Fletcher Building Ltd		19,801
256		Imerys S.A.		21,487
1,169		Leighton Holdings Ltd		11,299
2,000		Nishimatsu Construction Co Ltd		6,968
6,000		Obayashi Corp		37,826
2,787		Persimmon plc		36,974
5,000		Shimizu Corp		25,081
3,921		Skanska AB (B Shs)		47,055
3,000		Sumitomo Realty & Development Co Ltd		39,114
8,000		Taisei Corp		31,151
5,104		Taylor Woodrow plc		26,654
510		Titan Cement Co S.A.		15,112
1,000		Toda Corp		4,879
3,389		Wimpey (George) plc		26,319
		TOTAL GENERAL BUILDING CONTRACTORS		591,498

340 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
GENERAL MERCHANDISE STORES - 0.74%
5,700		Aeon Co Ltd	$	95,121
2,000	*	Daiei, Inc		4,665
2,000		Daimaru, Inc		16,376
14,000		Giordano International Ltd		8,781
1,012	*	Hagemeyer NV		2,338
1,000		Hankyu Department Stores, Inc		7,251
1,600		Isetan Co Ltd		18,659
382		KarstadtQuelle AG.		3,941
494		Kesko Oyj (B Shs)		12,053
23,586		Kingfisher plc		140,263
16,255		Marks & Spencer Group plc		107,043
3,000		Marui Co Ltd		40,168
1,343		Metro AG.		73,913
3,000		Mitsukoshi Ltd		14,580
686		Pinault-Printemps-Redoute S.A.		68,675
9,579		Sonae SPGS S.A.		13,932
2,000		Takashimaya Co Ltd		19,245
1,000		Warehouse Group Ltd		2,622
8,756	*	Waterford Wedgwood plc (Units)		738
11,466	*	Waterford Wedgwood plc (Rts)		16
		TOTAL GENERAL MERCHANDISE STORES		650,380
HEALTH SERVICES - 0.12%
272		Coloplast a/s (B Shs)		14,936
1,636		Getinge AB (B Shs)		20,372
1,432		Intertek Group plc		19,383
200		Nichii Gakkan Co		6,480
4,000		Parkway Holdings Ltd		3,676
2,112		Sonic Healthcare Ltd		20,165
74		Straumann Holding AG.		15,358
		TOTAL HEALTH SERVICES		100,370
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.50%
2,190		Abertis Infraestructuras S.A.		48,223
2,751		ACS Actividades Cons y Serv		62,820
700	*	Autoroutes du Sud		35,205
3,719		Balfour Beatty plc		22,509
2,534		Brisa-Auto Estradas de Portugal S.A.		23,249
496		Fomento de Construcciones y Contratas S.A.		23,886
555		Grupo Ferrovial S.A.		29,662
678		Hellenic Technodomiki Tev S.A.		3,060
600	*	Hopewell Highway Infrastructure Ltd		166
2,000		JGC Corp		18,288
7,000		Kajima Corp		30,126
2,000		Okumura Corp		12,648
629		Technical Olympic S.A.		3,420
4,249		Transurban Group		22,316
82	*	VA Technologie AG.		6,520
698		Vinci S.A.		93,737
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		435,835

341 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 2.39%
2,000	*	CapitaCommercial Trust	$	1,556
5,000		CapitaMall Trust		5,391
420		Castellum AB		15,042
434		CFS Gandel Retail Trust (New)		541
5,049		Compagnie Financiere Richemont AG. (Units) (A Shs)		168,063
226		Corio NV		13,240
1,207		Great Portland Estates plc		7,624
22,000		Hutchison Whampoa Ltd		205,913
1,214	*	IMMOFINANZ Immobilien Anlagen AG.		11,617
14,967		Investa Property Group		26,516
5,700		iShares MSCI EAFE Index Fund		913,425
2		Japan Real Estate Investment Corp		16,863
2		Japan Retail Fund Investment Corp		16,883
5,100		JFE Holdings, Inc		145,579
4,831		Land Securities Group plc		129,851
3,599		Lend Lease Corp Ltd		37,382
2,414		London Stock Exchange plc		26,974
10,361		Macquarie Goodman Industrial Trust		19,249
19,274		Macquarie Infrastructure Group		51,370
3		Nippon Building Fund, Inc		25,588
437		Rodamco Europe NV		34,689
1,113		Schroders plc		16,048
2,200		Softbank Corp		107,134
8,000		Sumitomo Corp		69,015
102		Wereldhave NV		11,091
879		Wihlborgs Fastigheter AB		18,518
3,500		Wing Tai Holdings Ltd		2,144
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		2,097,306
HOTELS AND OTHER LODGING PLACES - 0.34%
1,855		Accor S.A.		81,215
2,539		Aristocrat Leisure Ltd		19,804
15,789		Hilton Group plc		86,241
6,552		Intercontinental Hotels Group plc		81,450
1,000		Overseas Union Enterprise Ltd		4,778
8,153		Shangri-La Asia Ltd		11,696
4,330		Sky City Entertainment Group Ltd		16,826
		TOTAL HOTELS AND OTHER LODGING PLACES		302,010
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.29%
1,996		Aggreko plc		6,438
686		Alfa Laval AB		11,097
3,000		Amada Co Ltd		16,571
1,958		Atlas Copco AB (B Shs)		81,763
450		Creative Technology Ltd		6,726
2,000		Daikin Industries Ltd		57,773
1,000		Dainippon Screen Manufacturing Co Ltd		6,138
19,472		Dixons Group plc		56,824
185		East Asiatic Co Ltd a/s		9,719
2,000		Ebara Corp		9,232
5,191		FKI plc		11,611
231	*	FLS Industries a/s (B Shs)		4,348
6,575		Futuris Corp Ltd		11,133
1,000		Hitachi Construction Machinery Co Ltd		13,750
247		Hoganas AB (B Shs)		6,635
11,000	*	Ishikawajima-Harima Heavy Industries Co Ltd		15,136
126		KCI Konecranes Oyj		5,568

342 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
10,000		Komatsu Ltd	$	69,972
312		Kone Oyj (B Shs)		24,211
1,000		Koyo Seiko Co Ltd		14,072
10,000		Kubota Corp		49,575
761		Linde AG.		47,644
389	*	Logitech International S.A. (Regd)		23,776
1,000		Makita Corp		17,488
4,199		Meggitt plc		21,101
928		Metso Oyj		14,708
3,000		Minebea Co Ltd		13,087
31,000		Mitsubishi Heavy Industries Ltd		88,036
400		Mori Seiki Co Ltd		3,646
400		Nidec Corp		48,756
4,000		NSK Ltd		20,103
4,000		NTN Corp		22,953
852		OCE NV		13,040
2,000		Omron Corp		47,721
43		Rieter Holding AG.		12,479
466,951		Rolls-Royce Group plc (B Shs)		914
480		Sagem S.A.		10,230
1,000		Sanden Corp		6,187
2,252		Sandvik AB		90,820
895		Scania AB		35,421
981		SKF AB (B Shs)		43,696
27		Sulzer AG. (Regd)		10,739
900		THK Co Ltd		17,830
1,528	*	Vestas Wind Systems a/s		18,986
516		Wartsila Oyj (B Shs)		10,998
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,128,651
INSTRUMENTS AND RELATED PRODUCTS - 1.83%
8,300		Canon, Inc		447,926
2,000		Casio Computer Co Ltd		30,858
2,600		Citizen Watch Co Ltd		24,993
478		Cochlear Ltd		9,461
917		Essilor International S.A.		71,857
1,400		Fanuc Ltd		91,539
336		Fresenius Medical Care AG.		27,042
4,500		Fuji Photo Film Co Ltd		164,243
1,629		Gambro AB (A Shs)		23,226
876		Gambro AB (B Shs)		12,292
2,923		IMI plc		22,097
52,432	*	Invensys plc		15,603
300		Keyence Corp		67,220
4,000		Konica Corp		53,089
1,238		Luxottica Group S.p.A.		25,208
2,000		Nikon Corp		24,710
194		Nobel Biocare Holding AG. (Stockholm)		35,528
2,000		Olympus Corp		42,647
31,000		PCCW Ltd		19,642
405		Phonak Holding AG.		13,356
6,000		Ricoh Co Ltd		115,761
9,267		Smith & Nephew plc		94,830
9,000	*	STATS ChipPAC Ltd		5,568
400	*	Synthes, Inc		44,851
2,290		The Swatch Group AG. (Regd)		68,070
1,000		Ushio, Inc		18,688
274	*	William Demant Holding		12,867
2,000		Yokogawa Electric Corp		26,740
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,609,912

343 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%
530		MLP AG.	$	10,511
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		10,511
INSURANCE CARRIERS - 4.82%
13,270		Aegon NV		180,914
4,476		Alleanza Assicurazioni S.p.A.		62,483
2,976		Allianz AG. (Regd)		394,804
18,027	*	AMP Ltd		102,594
9,240		Assicurazioni Generali S.p.A.		313,610
22,129		Aviva plc		266,809
13,641		AXA		337,085
6,253		AXA Asia Pacific Holdings Ltd		20,097
354		CNP Assurances		25,358
935		Corporacion Mapfre S.A.		13,777
16,842		Friends Provident plc		49,796
17,906		ING Groep NV		541,780
16,993		Insurance Australia Group Ltd		85,653
65,031		Legal & General Group plc		137,338
2,579		Liberty International plc		48,054
1,991		Mediolanum S.p.A.		14,262
14		Millea Holdings, Inc		207,671
13,000		Mitsui Sumitomo Insurance Co Ltd		112,911
1,785		Muenchener Rueckver AG. (Regd)		219,455
462		Pohjola Group plc (D Shs)		5,331
22,760		Prudential plc		197,947
6,167		QBE Insurance Group Ltd		74,207
3,135		RAS S.p.A.		70,907
27,772		Royal & Sun Alliance Insurance Group plc		41,323
46		Schindler Holding AG. (Pt Cert)		18,245
8,145		Skandia Forsakrings AB		40,569
8,000		Sompo Japan Insurance, Inc		81,507
1,404		Storebrand ASA		13,561
3,105		Swiss Reinsurance Co (Regd)		221,454
1,700		T&D Holdings, Inc		81,292
214	*	Topdanmark a/s		16,854
2,800	*	Tower Ltd		4,328
1,384		Zurich Financial Services AG.		230,768
		TOTAL INSURANCE CARRIERS		4,232,744
LEATHER AND LEATHER PRODUCTS - 0.02%
5,000		Yue Yuen Industrial Holdings		13,766
		TOTAL LEATHER AND LEATHER PRODUCTS		13,766
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.47%
10		Central Japan Railway Co		81,682
34		East Japan Railway Co		189,129
5,000		Keio Electric Railway Co Ltd		29,326
12,825		MTR Corp		20,543
8,000		SMRT Corp Ltd		4,313
2,490		Veolia Environnement		90,130
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		415,123

344 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
LUMBER AND WOOD PRODUCTS - 0.09%
458		Holmen AB (B Shs)	$	15,852
5,000		Sekisui House Ltd		58,261
1,328		Tenon Ltd		2,110
		TOTAL LUMBER AND WOOD PRODUCTS		76,223
METAL MINING - 0.82%
11,339		Alumina Ltd		52,799
2,239		Iluka Resources Ltd		11,040
2,000		Johnson Matthey plc		37,937
8,000		Mitsubishi Materials Corp		16,785
5,000		Mitsui Mining & Smelting Co Ltd		22,055
3,206		Newcrest Mining Ltd		43,855
4,000		Nippon Light Metal Co Ltd		10,110
742		Outokumpu Oyj		13,263
3,181		Rio Tinto Ltd		97,549
10,294		Rio Tinto plc		302,974
5,000		Sumitomo Metal Mining Co Ltd		35,718
148		Umicore		13,931
11,474		WMC Resources Ltd		64,940
		TOTAL METAL MINING		722,956
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.59%
300		Aderans Co Ltd		6,939
570		Amer Group plc		9,956
13,500		Anglo American plc		319,318
700		Bandai Co Ltd		15,917
1,239		Bulgari S.p.A.		15,309
1,000		Nintendo Co Ltd		125,598
189	*	RHI AG.		5,729
366		Societe BIC S.A.		18,407
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		517,173
MISCELLANEOUS RETAIL - 0.46%
400		Circle K Sunkus Co Ltd		10,286
17,951	*	Cookson Group plc		12,235
116		Folli-Follie S.A. (Regd)		3,406
10,072		GUS plc		181,480
3,578		HMV Group plc		17,860
400	*	Kanebo Ltd		5,816
300		Matsumotokiyoshi Co Ltd		8,549
2,578		Next plc		81,667
7,500		Nippon Mining Holdings, Inc		35,279
200		Ryohin Keikaku Co Ltd		10,052
15,582		Signet Group plc		32,908
		TOTAL MISCELLANEOUS RETAIL		399,538
MOTION PICTURES - 0.06%
5,383		Rank Group plc		27,284
1,500		Toho Co Ltd		23,700
		TOTAL MOTION PICTURES		50,984

345 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
NONDEPOSITORY INSTITUTIONS - 1.45%
800		Acom Co Ltd	$	59,881
400		Aiful Corp		43,993
3,366		Cattles plc		23,717
1,400		Credit Saison Co Ltd		50,961
37,473		HBOS plc		610,089
500		Hitachi Capital Corp		10,320
1,305	*	Hypo Real Estate Holding		54,102
4,420		ICAP plc		23,061
2,767		Irish Life & Permanent plc		51,902
4,794		Mediobanca S.p.A.		77,608
800		ORIX Corp		108,676
352		Perpetual Trustees Australia Ltd		17,356
900		Promise Co Ltd		64,292
2,227		Provident Financial plc		28,732
750		Takefuji Corp		50,722
		TOTAL NONDEPOSITORY INSTITUTIONS		1,275,412
NONMETALLIC MINERALS, EXCEPT FUELS - 0.02%
3,000		Dowa Mining Co Ltd		19,528
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		19,528
OIL AND GAS EXTRACTION - 2.62%
708		Groupe Bruxelles Lambert S.A.		57,645
318		IHC Caland NV		20,203
1,607	*	Lundin Petroleum AB		9,213
138		OMV AG.		41,584
5,816		Origin Energy Ltd		31,413
92,617		Shell Transport & Trading Co plc		789,501
321		Smedvig ASA		5,393
4,480		Statoil ASA		70,270
213		Technip S.A.		39,375
5,651		Total S.A.		1,234,356
		TOTAL OIL AND GAS EXTRACTION		2,298,953
PAPER AND ALLIED PRODUCTS - 0.72%
614		Billerud AB		10,949
20		Buhrmann NV		194
4,238		Bunzl plc		35,353
6,729		Carter Holt Harvey Ltd		10,061
1,707		De La Rue plc		11,372
42		Mayr-Melnhof Karton AG.		7,153
1,000		Mitsubishi Paper Mills Ltd		1,522
2,000		NGK Insulators Ltd		19,128
10		Nippon Paper Group, Inc		44,891
1,018		Norske Skogindustrier ASA		22,018
8,000		OJI Paper Co Ltd		45,906
4,752		Rexam plc		41,922
6,970		Stora Enso Oyj (R Shs)		106,772
1,948		Svenska Cellulosa AB (B Shs)		83,104
1,326		TDC a/s		56,153
400		Uni-Charm Corp		19,167
5,060		UPM-Kymmene Oyj		112,521
		TOTAL PAPER AND ALLIED PRODUCTS		628,186

346 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
PERSONAL SERVICES - 0.02%
2,062		Davis Service Group plc	$	16,231
		TOTAL PERSONAL SERVICES		16,231
PETROLEUM AND COAL PRODUCTS - 5.61%
35,013		BHP Billiton Ltd		421,032
204,586		BP plc		1,995,348
740		BP plc (Spon ADR)		43,216
25,068		ENI S.p.A.		627,637
3,470		Fortum Oyj		64,240
825		Hellenic Petroleum S.A.		8,971
14,000		Nippon Oil Corp		89,763
1,502		Norsk Hydro ASA		118,292
8,852		Repsol YPF S.A.		230,535
20,196	*	Royal Dutch Petroleum Co		1,162,567
5,725		Santos Ltd		38,057
1,400		Showa Shell Sekiyu KK		12,747
2,000		Teikoku Oil Co Ltd		11,125
3,000		TonenGeneral Sekiyu KK		27,315
4,756		Woodside Petroleum Ltd		74,937
		TOTAL PETROLEUM AND COAL PRODUCTS		4,925,782
PRIMARY METAL INDUSTRIES - 1.09%
2,032		Acerinox S.A.		32,619
75		Aluminum of Greece S.A.I.C.		1,081
4,589		Arcelor		105,852
117		Bekaert S.A.		9,343
24,155		BHP Billiton plc		283,121
7,338		BlueScope Steel Ltd		47,456
43,986	*	Corus Group plc		42,647
22,000		Kobe Steel Ltd		33,707
59,000		Nippon Steel Corp		144,520
7,000		Nisshin Steel Co Ltd		16,122
4,995		OneSteel Ltd		10,063
710		Rautaruukki Oyj		8,435
535		Ssab Svenskt Stal AB (Series A)		12,881
232		Ssab Svenskt Stal AB (Series B)		5,464
4,000	*	Sumitomo Heavy Industries Ltd		14,873
35,000		Sumitomo Metal Industries Ltd		47,477
3,087		ThyssenKrupp AG.		67,975
683		Trelleborg AB (B Shs)		11,614
1,241		TUI AG.		29,385
847		Viohalco S.A.		7,714
255		Voestalpine AG.		19,809
		TOTAL PRIMARY METAL INDUSTRIES		952,158
PRINTING AND PUBLISHING - 1.25%
1,351		Arnoldo Mondadori Editore S.p.A.		15,591
6,000		Dai Nippon Printing Co Ltd		96,262
3,123		Daily Mail & General Trust plc		44,489
2,632		Emap plc		41,209
1,459		Eniro AB		14,929
1,721		Gruppo Editoriale L'Espresso S.p.A.		10,386
5,600		Independent News & Media plc		17,659
1,390		Independent Newspapers Ltd		5,773

347 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
9,410		John Fairfax Holdings Ltd	$	33,563
1,321		Lagardere S.C.A.		95,345
8,046		Pearson plc		97,088
864		Promotora de Informaciones S.A. (PRISA)		18,344
6,403		Reed Elsevier NV		87,294
12,705		Reed Elsevier plc		117,205
548		Schibsted ASA		15,562
8,000		SCMP Group Ltd		3,319
17,000		Singapore Press Holdings Ltd		47,905
13,330	*	Telecom Italia Media S.p.A.		6,034
1,506		Telefonica Publicidad e Informacion S.A.		13,961
6,000		Toppan Printing Co Ltd		66,576
2,772		Trinity Mirror plc		33,848
3,416		United Business Media plc		31,480
2,319		VNU NV		68,495
2,806		Wolters Kluwer NV		56,334
6,729		Yell Group plc		56,844
		TOTAL PRINTING AND PUBLISHING		1,095,495
RAILROAD TRANSPORTATION - 0.36%
9,021		Brambles Industries Ltd		49,147
6,657		Brambles Industries plc		33,262
3,921		Firstgroup plc		26,254
4,000		Keihin Electric Express Railway Co Ltd		24,632
15,000		Kintetsu Corp		51,820
7,710		Mayne Group Ltd		25,747
8,000		Nippon Express Co Ltd		39,426
6,000		Odakyu Electric Railway Co Ltd		34,781
8,000		Tobu Railway Co Ltd		30,448
		TOTAL RAILROAD TRANSPORTATION		315,517
REAL ESTATE - 1.58%
5,000		Ascendas Real Estate Investment Trust		5,238
500	*	Ascendas Real Estate Investment Trust (Class A)		502
4,727		British Land Co plc		81,315
10,000		CapitaLand Ltd		13,048
5,331		Centro Properties Group (New)		24,154
11,992		CFS Gandel Retail Trust		15,041
16,000		Cheung Kong Holdings Ltd		159,533
4,000		City Developments Ltd		17,398
400	*	City Developments Ltd Wts 05/10/06		1,117
46		Cofinimmo		7,528
11,345		Commonwealth Property Office Fund		11,117
10,013		DB RREEF Trust		10,361
306		Gecina S.A.		30,321
19,403		General Property Trust		56,885
2,507		Hammerson plc		41,803
11,000		Hang Lung Properties Ltd		16,983
4,763		Harvey Norman Holdings Ltd		11,761
6,000		Henderson Land Development Co Ltd		31,186
6,000		Hopewell Holdings		15,400
5,054		Hysan Development Co Ltd		10,631
238		Klepierre		21,076
1,100		Leopalace21 Corp		19,366
365		Metrovacesa S.A.		16,968
7,049		Mirvac Group		27,076
10,000		Mitsubishi Estate Co Ltd		117,107
7,000		Mitsui Fudosan Co Ltd		85,049
18,200		New World Development Co Ltd		20,371
1,008		Sacyr Vallehermoso S.A.		16,647
1,000		Singapore Land Ltd		2,904
14,205		Sino Land Co Ltd		13,981

348 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
3,769		Slough Estates plc	$	39,799
438	v	Stockland		2,039
12,385		Stockland Trust Group		58,155
14,000		Sun Hung Kai Properties Ltd		140,041
3,000		Tokyu Land Corp		12,531
383		Unibail		60,285
2,000		United Overseas Land Ltd		2,475
13,192	*	Westfield Group		169,906
		TOTAL REAL ESTATE		1,387,098
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.48%
466		Adidas-Salomon AG.		75,217
7,000		Bridgestone Corp		139,358
1,197		Continental AG.		76,031
1,237		Michelin (C.G.D.E.) (B Shs)		79,345
93		Nokian Renkaat Oyj		14,133
12,572		Pirelli & C S.p.A.		16,952
1,000		Sanwa Shutter Corp		5,602
500		Toyoda Gosei Co Ltd		10,174
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		416,812
SECURITY AND COMMODITY BROKERS - 1.31%
6,105		3i Group plc		78,062
5,864		Amvescap plc		36,111
994		Australian Stock Exchange Ltd		15,896
1,221		Close Brothers Group plc		17,218
13,000		Daiwa Securities Group, Inc		93,881
976		Deutsche Boerse AG.		58,743
941		Euronext NV		28,740
10,000		Hong Kong Exchanges & Clearing Ltd		26,760
13,000		Itochu Corp		60,135
200		Jafco Co Ltd		13,584
2,851		Man Group plc		80,572
11,000		Marubeni Corp		30,487
11,000		Mitsubishi Corp		142,129
13,000		Mitsui & Co Ltd		116,590
15,000		Nikko Cordial Corp		79,487
18,000		Nomura Holdings, Inc		262,438
442	*	OMX AB		5,654
6,000		Singapore Exchange Ltd		6,579
		TOTAL SECURITY AND COMMODITY BROKERS		1,153,066
SPECIAL TRADE CONTRACTORS - 0.03%
1,955		Grafton Group plc		21,259
1,000		Kinden Corp		7,475
		TOTAL SPECIAL TRADE CONTRACTORS		28,734
STONE, CLAY, AND GLASS PRODUCTS - 1.44%
8,000		Asahi Glass Co Ltd		88,221
5,319		Boral Ltd		28,645
4,507		BPB plc		40,950
2,000		Central Glass Co Ltd		14,170
1,565		Cimpor Cimentos de Portugal S.A.		8,828
2,998		Compagnie de Saint-Gobain		180,605

349 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
5,452		CRH plc (Ireland)	$	145,989
9,558		CSR Ltd		19,930
6,841		Hanson plc		58,742
404		Heidelberger Zement AG. (Germany)		24,327
1,610		Holcim Ltd (Regd)		96,988
1,100		Hoya Corp		124,202
700		Italcementi S.p.A.		11,275
4,695	*	James Hardie Industries NV		24,659
1,674		Lafarge S.A. (Br)		161,552
3,000		Nippon Sheet Glass Co Ltd		12,413
9,381		Pilkington plc		19,812
9,558		Rinker Group Ltd		79,795
2,466		RMC Group plc		40,196
3,000		Sumitomo Osaka Cement Co Ltd		7,348
7,000		Taiheiyo Cement Corp		17,420
3,000		Toto Ltd		28,633
613		Wienerberger AG.		29,288
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,263,988
TOBACCO PRODUCTS - 0.25%
2,618		Altadis S.A.		119,922
9		Japan Tobacco, Inc		102,762
		TOTAL TOBACCO PRODUCTS		222,684
TRANSPORTATION BY AIR - 0.67%
1,170		Air France-KLM		22,296
5,000		All Nippon Airways Co Ltd		17,420
2,484		Auckland International Airport Ltd		14,318
10,664		BAA plc		119,567
4,674	*	British Airways plc		21,088
9,000		Cathay Pacific Airways Ltd		17,021
2,114	*	Deutsche Lufthansa AG. (Regd)		30,315
100		Flughafen Wien AG.		7,571
3,889		Iberia Lineas Aereas de Espana		13,480
6,000		Japan Airlines System Corp		17,390
1	*	KLM (Royal Dutch Airlines) NV		15
55		Kobenhavns Lufthavne As		11,688
8,625		Qantas Airways Ltd		25,084
327	*	Ryanair Holdings plc (Spon ADR)		13,325
8,000		SABMiller plc		132,704
688	*	SAS AB		6,212
5,000		Singapore Airlines Ltd		34,918
9,500		Swire Pacific Ltd (A Shs)		79,445
		TOTAL TRANSPORTATION BY AIR		583,857
TRANSPORTATION EQUIPMENT - 4.86%
30,580		BAE Systems plc		135,328
4,433		BBA Group plc		24,320
993		Cobham plc		23,583
7,300		DaimlerChrysler AG. (Regd)		349,868
1,054		DaimlerChrysler AG. (U.S.)		50,645
5,100		Denso Corp		136,620
181		DSV a/s		12,271
4,008	*	Fiat S.p.A.		32,142
60,674		Finmeccanica S.p.A.		55,008
2,000		Hino Motors Ltd		14,853

350 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
7,300		Honda Motor Co Ltd	$	378,286
834		Jardine Cycle & Carriage Ltd		5,416
11,000		Kawasaki Heavy Industries Ltd		18,035
5,000		Keppel Corp Ltd		26,342
210	*	Kvaerner ASA		1,085
1,020		MAN AG.		39,292
6,000		Mitsui Engineering & Shipbuilding Co Ltd		10,247
24,800		Nissan Motor Co Ltd		269,613
4,326		Patrick Corp Ltd		22,314
1,715		Peugeot Citroen S.A.		108,863
1,835		Renault S.A.		153,519
14,684		Rolls-Royce Group plc		69,634
4,000		SembCorp Marine Ltd		3,333
700		Shimano, Inc		19,981
7,722		Siemens AG.		654,748
5,581		Smiths Group plc		88,077
651		Thales S.A.		31,254
7,948		Tomkins plc		38,797
1,700		Toyota Industries Corp		42,471
27,800		Toyota Motor Corp		1,131,316
765		Valeo S.A.		32,027
3,071		Volkswagen AG.		139,211
3,199		Volvo AB (B Shs)		126,845
1,500		Yamaha Motor Co Ltd		22,514
		TOTAL TRANSPORTATION EQUIPMENT		4,267,858
TRANSPORTATION SERVICES - 0.13%
179	*	Aker ASA		1,832
2,148		Amadeus Global Travel Distribution S.A. (A Shs)		22,102
1,844		Arriva plc		19,118
24		Kuoni Reisen Holding (Regd)		10,553
1,353		National Express Group plc		21,443
95		Ship Finance International Ltd		1,949
6,550		Stagecoach Group plc		14,304
2,282		Toll Holdings Ltd		22,880
		TOTAL TRANSPORTATION SERVICES		114,181
TRUCKING AND WAREHOUSING - 0.20%
1,000		Mitsubishi Logistics Corp		9,857
1,000		Seino Transportation Co Ltd		9,369
12,000		Singapore Post Ltd		6,543
3,442		TPG NV		93,477
4,000		Yamato Transport Co Ltd		59,334
		TOTAL TRUCKING AND WAREHOUSING		178,580
WATER TRANSPORTATION - 0.56%
12		A.P. Moller-Maersk a/s		99,113
2,967		Associated British Ports Holdings plc		27,058
569		Attica Enterprises Holding S.A.		2,181
1,720		Carnival plc		104,945
135		Compagnie Maritime Belge S.A.		3,771
162		Euronav NV		4,206

351 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

SHARES			VALUE
2,704		Exel plc	$	37,534
419		Frontline Ltd		18,644
1,257	v*	Golden Ocean Group Ltd		789
2,000		Kamigumi Co Ltd		15,966
4,000		Kawasaki Kisen Kaisha Ltd		25,725
8,000		Mitsui OSK Lines Ltd		48,014
10,000		Nippon Yusen Kabushiki Kaisha		53,869
6,286		Peninsular & Oriental Steam Navigation Co		35,904
546		Uponor Oyj		10,212
		TOTAL WATER TRANSPORTATION		487,931
WHOLESALE TRADE-DURABLE GOODS - 0.28%
1,077		AGFA Gevaert NV		36,539
22		D'ieteren NV		4,082
4,000		Fuji Electric Co Ltd		10,774
2,700		Fujisawa Pharmaceutical Co Ltd		73,909
330	*	M.J. Maillis S.A.		1,669
600		Mitsumi Electric Co Ltd		6,863
400		Sanrio Co Ltd		3,591
2,000		SembCorp Logistics Ltd		2,120
1,702		SSL International plc		10,293
8,000		Techtronic Industries Co		17,446
1,800		Terumo Corp		48,482
210		USS Co Ltd		17,625
317		Zodiac S.A.		14,758
		TOTAL WHOLESALE TRADE-DURABLE GOODS		248,151
WHOLESALE TRADE-NONDURABLE GOODS - 1.38%
2,582		Alliance Unichem plc		37,402
634		Altana AG.		40,081
15,062		British American Tobacco plc		259,535
228		Celesio AG.		18,545
676		Ciba Specialty Chemicals AG. (Regd)		51,424
1,894		Clariant AG.		30,565
3,199		Fyffes plc		8,392
716		H. Lundbeck a/s		15,962
7,045		Imperial Tobacco Group plc		193,012
713		Inchcape plc		26,762
2,234		Inditex S.A.		65,893
600		Kokuyo Co Ltd		7,243
16,000		Li & Fung Ltd		26,966
3,340		PaperlinX Ltd		12,358
3,703		Swedish Match AB		42,907
5,545		Unilever NV (Cert)		371,783
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,208,830

352 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -International Equity Index Fund

	VALUE
TOTAL COMMON STOCKS
(Cost $58,143,415)	$	87,435,706
TOTAL  PORTFOLIO - 99.73%
(Cost $58,190,097)		87,507,685
OTHER ASSETS & LIABILITIES, NET - 0.27%		239,654
NET ASSETS - 100.00%	$	87,747,339

*	Non-income producing
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment limitations on industry concentration.

353

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
REAL ESTATE SECURITIES FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 2.81%
HOLDING AND OTHER INVESTMENT OFFICES - 2.81%
131,000	*	American Home Mortgage Investment Corp	$	3,353,600
131,000	*	CBL & Associates Properties, Inc		3,255,350
131,000	*	Cousins Properties, Inc		3,290,720
110,000	*	IMPAC Mortgage Holdings, Inc		2,783,000
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		12,682,670
		TOTAL PREFERRED STOCKS
		(Cost $12,575,000)		12,682,670
COMMON STOCKS - 95.77%
HOLDING AND OTHER INVESTMENT OFFICES - 84.98%
393,000		Aames Investment Corp		4,205,100
132,765		Acadia Realty Trust		2,164,070
640,000		Affordable Residential Communities		9,184,000
86,600		AMB Property Corp		3,497,774
36,000		American Land Lease, Inc		811,440
20,000		AMLI Residential Properties Trust		640,000
75,000		Anthracite Capital, Inc		927,000
325,000		Archstone-Smith Trust		12,447,500
250,000	v*	Bimini Mortgage		4,015,000
475,000		Bimini Mortgage Management, Inc (Class A)		7,628,500
270,000		BNP Residential Properties, Inc		4,347,000
97,000		Boston Properties, Inc		6,272,990
42,500		Brandywine Realty Trust		1,249,075
70,000		BRE Properties, Inc (Class A)		2,821,700
65,000		Camden Property Trust		3,315,000
118,000		Capital Lease Funding, Inc		1,475,000
34,477		Capital Trust, Inc		1,058,789
359,769		Cedar Shopping Centers, Inc		5,144,697
30,000		Centerpoint Properties Trust		1,436,700
200,000		Corporate Office Properties Trust		5,870,000
100,000		Correctional Properties Trust		2,888,000
90,000		Cousins Properties, Inc		2,724,300
175,000	*	Deerfield Triarc Capital		2,625,000
132,222		Developers Diversified Realty Corp		5,866,690
158,956		Digital Realty Trust, Inc		2,141,137
114,132		Duke Realty Corp		3,896,466
250,000		Eagle Hospitality Properties Trust, Inc		2,575,000
398,000		Equity Inns, Inc		4,672,520
40,000		Equity Lifestyle Properties, Inc		1,430,000
59,338		Equity Office Properties Trust		1,727,923
245,000		Equity Residential		8,864,100
33,603		Essex Property Trust, Inc		2,815,931
175,000		Extra Space Storage, Inc		2,332,750
697,778		Falcon Financial Investment Trust		4,884,446
29,000		Federal Realty Investment Trust		1,497,850
400,000	*	Feldman Mall Properties, Inc		5,204,000
293,034		General Growth Properties, Inc		10,596,109
439,000		Glenborough Realty Trust, Inc		9,341,920
800,000		GMH Communities Trust		11,280,000
400,000	*	Gramercy Capital		8,240,000

354 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Real Estate Securities Fund

SHARES			VALUE
30,000		Healthcare Realty Trust, Inc	$	1,221,000
220,000		Hersha Hospitality Trust		2,519,000
85,000		Home Properties, Inc		3,655,000
746,000		HomeBanc Corp		7,221,280
205,000		Host Marriott Corp		3,546,500
197,000		IMPAC Mortgage Holdings, Inc		4,465,990
40,000		iStar Financial, Inc		1,810,400
175,000	v*	JER Investors Trust, Inc		2,625,000
100,000		Kimco Realty Corp		5,799,000
101,522		Kite Realty Group Trust		1,551,256
226,572	*	La Quinta Corp		2,059,539
264,000		LaSalle Hotel Properties		8,403,120
165,078		Lexington Corporate Properties Trust		3,727,461
100,000		Liberty Property Trust		4,320,000
262,500		LTC Properties, Inc		5,226,375
211,720		Luminent Mortgage Capital, Inc		2,519,468
105,000		Macerich Co		6,594,000
74,000		Mack-Cali Realty Corp		3,406,220
180,000	*	Meristar Hospitality Corp		1,503,000
30,000		Mills Corp		1,912,800
920,000		Monmouth REIT (Class A)		7,921,200
70,000		New Century Financial Corp		4,473,700
88,547		New York Mortgage Trust, Inc		991,726
171,167		Newcastle Investment Corp		5,439,687
100,000	*	NorthStar Realty Finance Corp		1,145,000
111,015		Novastar Financial, Inc		5,495,243
645,000		Omega Healthcare Investors, Inc		7,611,000
220,000	v*	Origen Financial Co		2,200,000
261,820		Origen Financial, Inc		1,958,414
50,000		Pan Pacific Retail Properties, Inc		3,135,000
50,000		Parkway Properties, Inc		2,537,500
220,000	v*	People's Choice Financial		2,200,000
80,000		Prologis		3,466,400
117,000		Public Storage, Inc		6,522,750
298,000		Reckson Associates Realty Corp		9,777,380
90,000		Regency Centers Corp		4,986,000
160,000		Simon Property Group, Inc		10,347,200
95,000		SL Green Realty Corp		5,752,250
791,379	*	Spirit Finance Corp		10,010,944
225,000	*	Spirit Financial Corp		2,846,250
350,000		Strategic Hotel Capital, Inc		5,775,000
331,630		Sunset Financial Resources, Inc		3,452,268
196,000		Sunstone Hotel Investors, Inc		4,072,880
450,000		Trizec Properties, Inc		8,514,000
89,000		United Dominion Realty Trust, Inc		2,207,200
300,000		U-Store-It Trust		5,205,000
105,000		Ventas, Inc		2,878,050
60,000		Vornado Realty Trust		4,567,800
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		383,691,728
HOTELS AND OTHER LODGING PLACES - 7.45%
175,000	*	Diamondrock Hospitality Co		1,750,000
155,000	*	Fairmont Hotels & Resorts		5,369,200
100,551	*	Great Wolf Resorts, Inc		2,246,309
112,000		Hilton Hotels Corp		2,546,880

355 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS -Real Estate Securities Fund

SHARES			VALUE
250,000	*	Interstate Hotels & Resorts, Inc	$	1,340,000
2,950,000	*	Jameson Inns, Inc		5,811,500
806,428	*	Lodgian, Inc		9,919,066
80,000		Starwood Hotels & Resorts Worldwide, Inc		4,672,000
		TOTAL HOTELS AND OTHER LODGING PLACES		33,654,955
REAL ESTATE - 3.34%
200,000		Catellus Development Corp		6,120,000
25,000	*	CB Richard Ellis Group, Inc		838,750
175,000	*	KKR Financial Corp		1,750,000
500,000	*	Thomas Properties Group, Inc		6,370,000
		TOTAL REAL ESTATE		15,078,750
		TOTAL COMMON STOCKS
		(Cost $392,775,122)		432,425,433
PRINCIPAL
SHORT TERM INVESTMENTS - 3.04%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.04%
$13,730,000		Federal Home Loan Banks (FHLB) 1.00%, 01/03/05		13,727,540
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		13,727,540
		TOTAL SHORT TERM INVESTMENTS
		(Cost $13,728,570)		13,727,540
		TOTAL PORTFOLIO - 101.62%
		(Cost $419,078,692)		458,835,643
		OTHER ASSETS & LIABILITIES, NET - (1.62)%		(7,317,045	)
		NET ASSETS - 100.00%	$	451,518,598

*	Non-income producing
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the Funds may use more specific industry categories in following their investment
	limitations on industry concentration.

356

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

SHARES			VALUE
PREFERRED STOCKS - 0.00%
HEALTH SERVICES - 0.00%
300	*	Bio-Reference Labs, Inc	$	5,220
		TOTAL HEALTH SERVICES		5,220
		TOTAL PREFERRED STOCKS
		(Cost $4,135)		5,220
COMMON STOCKS - 99.89%
AMUSEMENT AND RECREATION SERVICES - 0.11%
2,970	*	Gaylord Entertainment Co		123,344
500		International Speedway Corp (Class A)		26,400
700	*	Sunterra Corp		9,828
		TOTAL AMUSEMENT AND RECREATION SERVICES		159,572
APPAREL AND ACCESSORY STORES - 0.55%
500	*	Chico's FAS, Inc		22,765
1,100		Foot Locker, Inc		29,623
11,600		Gap, Inc		244,992
7,036		Limited Brands, Inc		161,969
1,300		Nordstrom, Inc		60,749
600		Oshkosh B'gosh, Inc (Class A)		12,840
1,500		Ross Stores, Inc		43,305
8,000		TJX Cos, Inc		201,040
		TOTAL APPAREL AND ACCESSORY STORES		777,283
APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%
3,000	*	Collins & Aikman Corp		13,080
100	*	Columbia Sportswear Co		5,961
1,100	*	Hartmarx Corp		8,547
1,976		Liz Claiborne, Inc		83,407
100		Phillips-Van Heusen Corp		2,700
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		113,695
AUTO REPAIR, SERVICES AND PARKING - 0.01%
160		Central Parking Corp		2,424
161	*	Midas, Inc		3,220
200		Ryder System, Inc		9,554
		TOTAL AUTO REPAIR, SERVICES AND PARKING		15,198
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
500	*	Autozone, Inc		45,655
1,102	*	Carmax, Inc		34,217
500	*	Copart, Inc		13,160
400	*	Rush Enterprises, Inc		6,924
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		99,956

357 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.50%
200		Fastenal Co	$	12,312
32,900		Home Depot, Inc		1,406,146
12,200		Lowe's Cos		702,598
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,121,056
BUSINESS SERVICES - 6.21%
3,800	*	3Com Corp		15,846
2,975		Adobe Systems, Inc		186,652
800	*	Akamai Technologies, Inc		10,424
200	*	Ariba, Inc		3,320
900	*	Aspect Communications Corp		10,026
200	*	Aspen Technology, Inc		1,242
2,200		Autodesk, Inc		83,490
14,600		Automatic Data Processing, Inc		647,510
1,600	*	BEA Systems, Inc		14,176
700	*	Bisys Group, Inc		11,515
1,000	*	BMC Software, Inc		18,600
1,100	*	Brocade Communications Systems, Inc		8,404
1,600	*	Cadence Design Systems, Inc		22,096
1,700	*	Ceridian Corp		31,076
100	*	Checkfree Corp		3,808
559	*	Ciber, Inc		5,389
500	*	Citrix Systems, Inc		12,265
1,100	*	CNET Networks, Inc		12,353
1,734	*	Cognizant Technology Solutions Corp		73,400
2,385	*	Compuware Corp		15,431
1,500	*	Convergys Corp		22,485
900	*	Corillian Corp		4,428
200	*	CSG Systems International, Inc		3,740
100		Deluxe Corp		3,733
1,000	*	DST Systems, Inc		52,120
800	*	Dun & Bradstreet Corp		47,720
100	*	Earthlink, Inc		1,152
500	*	eFunds Corp		12,005
3,514	*	Electronic Arts, Inc		216,744
10,312		Electronic Data Systems Corp		238,207
300	*	Equinix, Inc		12,822
300		Fair Isaac Corp		11,004
400	*	First Advantage Corp		8,160
4,100	*	Fiserv, Inc		164,779
615	*	Getty Images, Inc		42,343
803	*	GSI Commerce, Inc		14,277
700		Henry (Jack) & Associates, Inc		13,937
1,385	*	iGate Corp		5,609
3,188		IMS Health, Inc		73,993
3,200	*	Innovative Solutions & Support, Inc		106,752
380	*	Intrado, Inc		4,598
1,600	*	Intuit, Inc		70,416
2,700	*	Ipass, Inc		19,980
1,849	*	Iron Mountain, Inc		56,376
6,869	*	Juniper Networks, Inc		186,768
900	*	KFX ,Inc		13,068
1,300	*	Lamar Advertising Co		55,614
1,100		Manpower, Inc		53,130
400	*	Mercury Interactive Corp		18,220
115,800		Microsoft Corp		3,093,018
1,400	*	Mindspeed Technologies, Inc		3,892

358 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
1,615	*	Monster Worldwide, Inc	$	54,329
900	*	MPS Group, Inc		11,034
800	*	NCR Corp		55,384
500		NDCHealth Corp		9,295
500	*	Network Equipment Technologies, Inc		4,910
1,078	*	NIC, Inc		5,476
3,000	*	Novell, Inc		20,250
4,200		Omnicom Group, Inc		354,144
51,500	*	Oracle Corp		706,580
227	*	PalmSource, Inc		2,892
400	*	PDI, Inc		8,912
700	*	Perot Systems Corp (Class A)		11,221
400	*	Pixar		34,244
277	*	Portal Software, Inc		734
1,200	*	Red Hat, Inc		16,020
700	*	Retek, Inc		4,305
1,700	*	Rewards Network, Inc		11,900
2,193		Robert Half International, Inc		64,540
172	*	Scansoft, Inc		721
3,400	*	Siebel Systems, Inc		35,700
4,800	*	Sitel Corp		11,808
1,308	*	Spherion Corp		10,987
50,200	*	Sun Microsystems, Inc		270,076
5,100	*	SunGard Data Systems, Inc		144,483
1,200	*	Sykes Enterprises, Inc		8,340
7,900	*	Symantec Corp		203,504
600	*	Synopsys, Inc		11,772
500	*	TeleTech Holdings, Inc		4,845
1,800		Total System Services, Inc		43,740
397	*	Trizetto Group, Inc		3,772
5,300	*	Unisys Corp		53,954
600	*	United Rentals, Inc		11,340
700	*	Universal Compression Holdings, Inc		24,437
2,400	*	VeriSign, Inc		80,448
4,954	*	Veritas Software Corp		141,437
14,702	*	Yahoo!, Inc		553,971
		TOTAL BUSINESS SERVICES		8,809,618
CHEMICALS AND ALLIED PRODUCTS - 8.63%
622	*	Abgenix, Inc		6,431
1,380	*	Able Laboratories, Inc		31,395
300	*	Adolor Corp		2,976
3,400	*	Advancis Pharmaceutical Corp		12,988
7,800		Air Products & Chemicals, Inc		452,166
100	*	Alexion Pharmaceuticals, Inc		2,520
300	*	Alkermes, Inc		4,227
4,800		Allergan, Inc		389,136
1,400	*	American Pharmaceutical Partners, Inc		52,374
19,999	*	Amgen, Inc		1,282,936
700	*	Amylin Pharmaceuticals, Inc		16,352
694	*	Array Biopharma, Inc		6,607
200	*	Atherogenics, Inc		4,712
3,243	*	Avant Immunotherapeutics, Inc		6,518
2,800		Avery Dennison Corp		167,916
6,000		Avon Products, Inc		232,200
2,225	*	Barr Pharmaceuticals, Inc		101,327
2,722	*	Benthley Pharmaceuticals, Inc		29,262
700	*	BioCryst Pharmaceuticals, Inc		4,046
2,400	*	Bioenvision, Inc		21,504
5,811	*	Biogen Idec, Inc		387,071
1,300	*	BioMarin Pharmaceutical, Inc		8,307

359 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
908	*	Biosite, Inc	$	55,878
1,300	*	Bone Care International, Inc		36,205
600	*	Bradley Pharmaceuticals, Inc		11,640
800		Cabot Corp		30,944
400	*	Cell Therapeutics, Inc		3,256
900	*	Cephalon, Inc		45,792
300	*	Charles River Laboratories International, Inc		13,803
1,301	*	Chattem, Inc		43,063
1,800		Clorox Co		106,074
9,600		Colgate-Palmolive Co		491,136
400	*	Cubist Pharmaceuticals, Inc		4,732
1,200	*	Curis, Inc		6,264
400	*	Cypress Bioscience, Inc		5,624
1,700	*	Cytogen Corp		19,584
400	*	Dade Behring Holdings, Inc		22,400
603	*	Dendreon Corp		6,500
2,100		Diagnostic Products Corp		115,605
282	*	Digene Corp		7,374
1,376	*	Dov Pharmaceutical, Inc		24,837
6,334	*	Durect Corp		20,776
800	*	Dusa Pharmaceuticals, Inc		11,440
4,900		Ecolab, Inc		172,137
563	*	Encysive Pharmaceuticals, Inc		5,591
135	*	Enzon, Inc		1,852
2,200	*	Eon Labs, Inc		59,400
300	*	EPIX Pharmaceuticals, Inc		5,373
1,899	*	First Horizon Pharmaceutical		43,468
8,235	*	Forest Laboratories, Inc		369,422
2,600	*	Genaera Corp		8,892
2,200	*	Genelabs Technologies		2,640
282	*	Genta, Inc		496
4,401	*	Genzyme Corp		255,566
500	*	Geron Corp		3,985
7,814	*	Gilead Sciences, Inc		273,412
18,700		Gillette Co		837,386
1,400	*	Guilford Pharmaceuticals, Inc		6,930
300		H.B. Fuller Co		8,553
1,620	*	Hollis-Eden Pharmaceuticals		15,260
1,305	*	Human Genome Sciences, Inc		15,686
500	*	ICOS Corp		14,140
700	*	Idexx Laboratories, Inc		38,213
800	*	Immunogen, Inc		7,072
1,033	*	Immunomedics, Inc		3,140
1,828	*	Impax Laboratories, Inc		29,029
1,300	*	Indevus Pharmaceuticals, Inc		7,748
1,200	*	Inkine Pharmaceutical Co		6,516
100	*	InterMune, Inc		1,326
1,157	*	Inverness Medical Innovations, Inc		29,041
500	*	Invitrogen Corp		33,565
1,150	*	Isis Pharmaceuticals, Inc		6,785
400	*	Isolagen, Inc		3,148
6,400	*	King Pharmaceuticals, Inc		79,360
1,850	*	KV Pharmaceutical Co (Class A)		40,793
1,600	*	Lannett Co, Inc		15,760
596	*	Ligand Pharmaceuticals, Inc (Class B)		6,937
1,500		Mannatech, Inc		28,560
800	*	Martek Biosciences Corp		40,960
830	*	Medarex, Inc		8,947
2,200		Medicis Pharmaceutical Corp (Class A)		77,242
4,141	*	MedImmune, Inc		112,263
35,842		Merck & Co, Inc		1,151,962
600	*	MGI Pharma, Inc		16,806

360 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
4,400	*	Millennium Pharmaceuticals, Inc	$	53,328
7,525		Mylan Laboratories, Inc		133,042
400	*	Myogen, Inc		3,228
1,200	*	Nabi Biopharmaceuticals		17,580
400	*	NBTY, Inc		9,604
1,700	*	Nektar Therapeutics		34,408
1,782	*	Neose Technologies, Inc		11,975
200	*	Neurocrine Biosciences, Inc		9,860
600	*	Neurogen Corp		5,616
300	*	Northfield Laboratories, Inc		6,765
1,029	*	Noven Pharmaceuticals, Inc		17,555
100	*	NPS Pharmaceuticals, Inc		1,828
2,100	*	Nutraceutical International Corp		32,361
800	*	Nuvelo, Inc		7,880
100	*	OraSure Technologies, Inc		672
643	*	OSI Pharmaceuticals, Inc		48,129
3,070	*	Pain Therapeutics, Inc		22,135
6,452	*	Palatin Technologies, Inc		17,162
700	*	Par Pharmaceutical Cos, Inc		28,966
2,000	*	Penwest Pharmaceuticals Co		23,920
5,800	*	Peregrine Pharmaceuticals, Inc		6,786
400	*	Pharmacyclics, Inc		4,188
900	*	Pharmion Corp		37,989
1,000	*	Pozen, Inc		7,270
5,892	*	Praecis Pharmaceuticals, Inc		11,195
9,700		Praxair, Inc		428,255
42,302		Procter & Gamble Co		2,329,994
600	*	Progenics Pharmaceuticals		10,296
800	*	Protein Design Labs, Inc		16,528
7,100		Rohm & Haas Co		314,033
1,305	*	Salix Pharmaceuticals Ltd		22,955
1,293	*	Sciclone Pharmaceuticals, Inc		4,784
1,100	*	Sepracor, Inc		65,307
280	*	Serologicals Corp		6,194
1,100		Sigma-Aldrich Corp		66,506
887	*	SuperGen, Inc		6,253
300	*	Tanox, Inc		4,560
495	*	Third Wave Technologies, Inc		4,257
400	*	USANA Health Sciences, Inc		13,680
1,527	*	Vertex Pharmaceuticals, Inc		16,140
599	*	Vicuron Pharmaceuticals, Inc		10,429
2,000	*	Vion Pharmaceuticals, Inc		9,380
2,700	*	Watson Pharmaceuticals, Inc		88,587
3,500		Wellman, Inc		37,415
8,400	*	Zila, Inc		35,952
1,903	*	Zymogenetics, Inc		43,769
		TOTAL CHEMICALS AND ALLIED PRODUCTS		12,239,976
COMMUNICATIONS - 4.95%
13,436		AT&T Corp		256,090
4,860	*	Avaya, Inc		83,592
28,000		BellSouth Corp		778,120
29,472	*	Comcast Corp (Class A)		980,828
4,600	*	Comcast Corp (Special Class A)		151,064
500	*	Foundry Networks, Inc		6,580
6,362	*	IAC/InterActiveCorp		175,718
1,300	*	Infonet Services Corp (Class B)		2,626
2,397	*	Liberty Media International, Inc		110,813
258	*	Lucent Technologies Inc Wts 12/10/07		408

361 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
58,711	*	Lucent Technologies, Inc	$	220,753
3,000	*	Mastec, Inc		30,330
9,964	*	Nextel Communications, Inc (Class A)		298,920
300	*	Novatel Wireless, Inc		5,814
671	*	NTL, Inc		48,956
62,600		SBC Communications, Inc		1,613,202
16,650		Sprint Corp		413,753
3,500	*	Terremark Worldwide, Inc		2,240
900	*	UnitedGlobalcom, Inc (Class A)		8,694
1,400	*	Univision Communications, Inc (Class A)		40,978
42,831		Verizon Communications, Inc		1,735,084
100	*	West Corp		3,311
1,249	*	XM Satellite Radio Holdings, Inc		46,987
		TOTAL COMMUNICATIONS		7,014,861
DEPOSITORY INSTITUTIONS - 9.90%
7,900		AmSouth Bancorp		204,610
400		Banknorth Group, Inc		14,640
15,600		BB&T Corp		655,980
3,700		Comerica, Inc		225,774
300		Compass Bancshares, Inc		14,601
13,897		Fifth Third Bancorp		657,050
6,800		Golden West Financial Corp		417,656
300		IndyMac Bancorp, Inc		10,335
62,820		JPMorgan Chase & Co		2,450,608
12,500		KeyCorp		423,750
1,900		M & T Bank Corp		204,896
3,200		Marshall & Ilsley Corp		141,440
9,900		Mellon Financial Corp		307,989
18,505		National City Corp		694,863
2,633		New York Community Bancorp, Inc		54,161
7,932		North Fork Bancorp, Inc		228,838
2,700		Northern Trust Corp		131,166
750		People's Bank		29,168
7,700		PNC Financial Services Group, Inc		442,288
13,532		Regions Financial Corp		481,604
2,600		Sovereign Bancorp, Inc		58,630
6,100		State Street Corp		299,632
8,800		SunTrust Banks, Inc		650,144
4,200		Synovus Financial Corp		120,036
43,300		U.S. Bancorp		1,356,156
1,800		UnionBanCal Corp		116,064
32,329		Wachovia Corp		1,700,505
31,300		Wells Fargo & Co		1,945,295
		TOTAL DEPOSITORY INSTITUTIONS		14,037,879
EATING AND DRINKING PLACES - 1.02%
450		Applebee's International, Inc		11,903
2,350		Darden Restaurants, Inc		65,189
38,874		McDonald's Corp		1,246,300
900		Outback Steakhouse, Inc		41,202
2,200		Wendy's International, Inc		86,372
		TOTAL EATING AND DRINKING PLACES		1,450,966
EDUCATIONAL SERVICES - 0.16%
2,419	*	Apollo Group, Inc (Class A)		195,237
900	*	Career Education Corp		36,000
49	*	Laureate Education, Inc		2,160
		TOTAL EDUCATIONAL SERVICES		233,397

362 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 5.32%
17,995	*	AES Corp	$	245,992
1,400		AGL Resources, Inc		46,536
6,233		Allete, Inc		229,063
375		Aqua America, Inc		9,221
13,176	*	Aquila, Inc		48,619
3,800		Atmos Energy Corp		103,930
8,433		Avista Corp		149,011
4,600		Black Hills Corp		141,128
811	*	Casella Waste Systems, Inc (Class A)		11,873
800		Citizens Communications Co		11,032
9,007		Cleco Corp		182,482
1,600		Connecticut Water Service, Inc		42,384
2,300		Crosstex Energy, Inc		96,370
13,000		DPL, Inc		326,430
10,600		Empire District Electric Co		240,408
900		Energen Corp		53,055
619		EnergySouth, Inc		17,357
6,500		Equitable Resources, Inc		394,290
11,200		Hawaiian Electric Industries, Inc		326,480
8,200		Idacorp, Inc		250,674
9,100		KeySpan Corp		358,995
10,300		Kinder Morgan, Inc		753,239
2,424		MGE Energy, Inc		87,337
6,100		National Fuel Gas Co		172,874
200		New Jersey Resources Corp		8,668
800		Nicor, Inc		29,552
21,719		NiSource, Inc		494,759
18,900		OGE Energy Corp		501,039
5,222		Otter Tail Corp		133,318
1,400		Peoples Energy Corp		61,530
20,600		Pepco Holdings, Inc		439,192
400		Piedmont Natural Gas Co, Inc		9,296
21,500		Puget Energy, Inc		531,050
5,200		Questar Corp		264,992
1,390		Resource America, Inc (Class A)		45,175
7,622	*	Sierra Pacific Resources		80,031
720	*	Southern Union Co		17,266
400	*	Stericycle, Inc		18,380
100		UGI Corp		4,091
7,927		Unisource Energy Corp		191,120
450	*	Waste Connections, Inc		15,413
3,400		Western Gas Resources, Inc		99,450
1,500		WGL Holdings, Inc		46,260
15,181		Williams Cos, Inc		247,298
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,536,660
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.30%
200		Adtran, Inc		3,828
4,000	*	Advanced Micro Devices, Inc		88,080
174	*	Agere Systems, Inc (Class A)		238
8,400	*	Agere Systems, Inc (Class B)		11,340
3,500	*	Altera Corp		72,450
2,793		American Power Conversion Corp		59,770
2,200		Ametek, Inc		78,474
800	*	Amkor Technology, Inc		5,344
5,000		Analog Devices, Inc		184,600
440	*	Arris Group, Inc		3,098
953	*	Artesyn Technologies, Inc		10,769
1,497	*	Avanex Corp		4,955

363 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
1,634		AVX Corp	$	20,588
500		Baldor Electric Co		13,765
2,765	*	Broadcom Corp (Class A)		89,254
376	*	Broadwing Corp		3,425
400	*	California Micro Devices Corp		2,836
2,500	*	Capstone Turbine Corp		4,575
900	*	Carrier Access Corp		9,612
462	*	C-COR, Inc		4,297
10,300	*	CIENA Corp		34,402
1,800	*	Comverse Technology, Inc		44,010
3,100	*	Conexant Systems, Inc		6,169
100	*	Cree, Inc		4,008
100	*	Cypress Semiconductor Corp		1,173
600	*	DDi Corp		1,908
300	*	Ditech Communications Corp		4,485
10,800	*	Eagle Broadband, Inc		7,128
15,300		Emerson Electric Co		1,072,530
400	*	Energizer Holdings, Inc		19,876
1,000	*	Finisar Corp		2,280
1,100		Harman International Industries, Inc		139,700
1,000	*	Harmonic, Inc		8,340
1,300		Hubbell, Inc (Class B)		67,990
87,300		Intel Corp		2,041,947
500	*	Interdigital Communications Corp		11,050
100	*	International Rectifier Corp		4,457
500		Intersil Corp (Class A)		8,370
726	*	InterVoice, Inc		9,692
1,441	*	Jabil Circuit, Inc		36,861
14,939	*	JDS Uniphase Corp		47,357
497	*	Kemet Corp		4,448
355		LSI Industries, Inc		4,065
4,400	*	LSI Logic Corp		24,112
1,000	*	Magnetek, Inc		6,900
4,100		Maxim Integrated Products, Inc		173,799
3,652	*	McData Corp (Class A)		21,766
900	*	Merix Corp		10,368
1,100		Microchip Technology, Inc		29,326
8,347	*	Micron Technology, Inc		103,085
2,554		Molex, Inc		76,620
35,800		Motorola, Inc		615,760
3,600	*	MRV Communications, Inc		13,212
617	*	Mykrolis Corp		8,743
3,200		National Semiconductor Corp		57,440
900	*	NMS Communications Corp		5,679
800	*	Novellus Systems, Inc		22,312
4,957	*	Optical Communication Products, Inc		12,393
500	*	PMC-Sierra, Inc		5,625
300	*	Polycom, Inc		6,996
600	*	Powerwave Technologies, Inc		5,088
700	*	QLogic Corp		25,711
21,924		Qualcomm, Inc		929,578
600	*	Rambus, Inc		13,800
500	*	RF Micro Devices, Inc		3,420
1,500		Scientific-Atlanta, Inc		49,515
500	*	Silicon Storage Technology, Inc		2,975
12,055	*	Sirius Satellite Radio, Inc		92,221
600	*	Skyworks Solutions, Inc		5,658
400	*	Stratex Networks, Inc		904
2,000	*	Sycamore Networks, Inc		8,120
6,317	*	Tellabs, Inc		54,263
4,100	*	Terayon Communication Systems, Inc		11,111
25,500		Texas Instruments, Inc		627,810
886	*	Thomas & Betts Corp		27,245
2,000	*	Tripath Technology, Inc		2,500
1,000	*	Utstarcom, Inc		22,150

364 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
1,475	*	Vishay Intertechnology, Inc	$	22,155
1,500	*	Westell Technologies, Inc		10,200
300	*	Wilson Greatbatch Technologies, Inc		6,726
700		Woodhead Industries, Inc		11,221
4,300		Xilinx, Inc		127,495
1,900	*	Zhone Technologies, Inc		4,921
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,512,467
ENGINEERING AND MANAGEMENT SERVICES - 0.58%
1,748	*	Accelrys, Inc		13,634
427	*	Affymetrix, Inc		15,607
700	*	Answerthink, Inc		3,262
600	*	Antigenics, Inc		6,072
1,200	*	Applera Corp (Celera Genomics Group)		16,500
793	*	Ariad Pharmaceuticals, Inc		5,892
900	*	Axonyx, Inc		5,580
2,300	*	BearingPoint, Inc		18,469
967	*	Ciphergen Biosystems, Inc		4,158
200		Corporate Executive Board Co		13,388
100	*	Covance, Inc		3,875
1,013	*	CuraGen Corp		7,253
100	*	CV Therapeutics, Inc		2,300
1,300	*	Decode Genetics, Inc		10,153
700	*	Dyax Corp		5,054
130	*	Gartner, Inc (Class B)		1,598
200	*	Gen-Probe, Inc		9,042
34	*	Hewitt Associates, Inc		1,088
2,093	*	Incyte Corp		20,909
1,608	*	Kosan Biosciences, Inc		11,143
570	*	Lexicon Genetics, Inc		4,420
500	*	Luminex Corp		4,440
1,400	*	Maxim Pharmaceuticals, Inc		4,228
3,200		Moody's Corp		277,920
300	*	Neopharm, Inc		3,753
1,300	*	Oscient Pharmaceuticals Corp		4,745
8,200		Paychex, Inc		279,456
600	*	Pharmaceutical Product Development, Inc		24,774
1,500	*	Pharmos Corp		2,130
1,000	*	PRG-Schultz International, Inc		5,030
969	*	Regeneron Pharmaceuticals, Inc		8,924
1,600	*	Seattle Genetics, Inc		10,448
200	*	Telik, Inc		3,828
431	*	TRC Cos, Inc		7,327
900	*	Trimeris, Inc		12,753
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		829,153
FABRICATED METAL PRODUCTS - 1.30%
2,089		Commercial Metals Co		105,620
4,600	*	Crown Holdings, Inc		63,204
700		Gulf Island Fabrication, Inc		15,281
2,100		Harsco Corp		117,054
10,000		Illinois Tool Works, Inc		926,800
600	*	Jacuzzi Brands, Inc		5,220
11,600		Masco Corp		423,748
1,200	*	Shaw Group, Inc		21,420
400		Silgan Holdings, Inc		24,384
900		Snap-On, Inc		30,924
1,700		Stanley Works		83,283
8,665	*	Tower Automotive, Inc		20,709
400		Valmont Industries, Inc		10,044
		TOTAL FABRICATED METAL PRODUCTS		1,847,691

365 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
FOOD AND KINDRED PRODUCTS - 3.35%
3,700		Campbell Soup Co	$	110,593
38,600		Coca-Cola Co		1,606,918
2,800		Coca-Cola Enterprises, Inc		58,380
6,900		General Mills, Inc		342,999
6,500		H.J. Heinz Co		253,435
3,000		Hershey Foods Corp		166,620
7,600		Kellogg Co		339,416
500		Pepsi Bottling Group, Inc		13,520
31,000		PepsiCo, Inc		1,618,200
3,500		Wrigley (Wm.) Jr Co		242,165
		TOTAL FOOD AND KINDRED PRODUCTS		4,752,246
FOOD STORES - 0.84%
10,600		Albertson's, Inc		253,128
16		Arden Group, Inc (Class A)		1,608
13,300	*	Kroger Co		233,282
3,200	*	Pathmark Stores, Inc		18,592
7,200	*	Safeway, Inc		142,128
7,807	*	Starbucks Corp		486,845
500		Whole Foods Market, Inc		47,675
2,300	*	Winn-Dixie Stores, Inc		10,465
		TOTAL FOOD STORES		1,193,723
FURNITURE AND FIXTURES - 0.45%
1,200		Hillenbrand Industries, Inc		66,648
6,200		Johnson Controls, Inc		393,328
4,400		Leggett & Platt, Inc		125,092
2,100		Newell Rubbermaid, Inc		50,799
		TOTAL FURNITURE AND FIXTURES		635,867
FURNITURE AND HOMEFURNISHINGS STORES - 0.31%
3,800	*	Bed Bath & Beyond, Inc		151,354
3,600		Best Buy Co, Inc		213,912
1,553		Circuit City Stores, Inc (Circuit City Group)		24,289
1,100		RadioShack Corp		36,168
300	*	Williams-Sonoma, Inc		10,512
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		436,235
GENERAL BUILDING CONTRACTORS - 0.43%
1,900		Centex Corp		113,202
4,250		D.R. Horton, Inc		171,318
500		KB Home		52,200
2,500		Lennar Corp (Class A)		141,700
60		Lennar Corp (Class B)		3,133
1,900		Pulte Homes, Inc		121,220
200	*	Toll Brothers, Inc		13,722
		TOTAL GENERAL BUILDING CONTRACTORS		616,495
GENERAL MERCHANDISE STORES - 1.33%
600	*	99 Cents Only Stores		9,696
400	*	Big Lots, Inc		4,852
7,370		Costco Wholesale Corp		356,782
2,100		Dollar General Corp		43,617
567	*	Dollar Tree Stores, Inc		16,262

366 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
1,300		Family Dollar Stores, Inc	$	40,599
3,500		J.C. Penney Co, Inc		144,900
3,443	*	Kohl's Corp		169,292
4,600		May Department Stores Co		135,240
200		Neiman Marcus Group, Inc (Class A)		14,308
600	*	Retail Ventures, Inc		4,260
500		Saks, Inc		7,255
3,000		Sears Roebuck & Co		153,090
15,100		Target Corp		784,143
		TOTAL GENERAL MERCHANDISE STORES		1,884,296
HEALTH SERVICES - 0.48%
100	*	Accredo Health, Inc		2,772
100	*	Apria Healthcare Group, Inc		3,295
7,167	*	Caremark Rx, Inc		282,595
700	*	Coventry Health Care, Inc		37,156
450	*	DaVita, Inc		17,789
900	*	Express Scripts, Inc		68,796
2,200	*	First Health Group Corp		41,162
3,400		Health Management Associates, Inc (Class A)		77,248
162	*	LifePoint Hospitals, Inc		5,641
800	*	Lincare Holdings, Inc		34,120
900		Manor Care, Inc		31,887
400	*	NeighborCare, Inc		12,288
800	*	OCA, Inc		5,080
200		Option Care, Inc		3,438
762	*	Specialty Laboratories, Inc		8,412
800	*	Triad Hospitals, Inc		29,768
300		Universal Health Services, Inc (Class B)		13,350
		TOTAL HEALTH SERVICES		674,797
HOLDING AND OTHER INVESTMENT OFFICES - 3.22%
7,090		Allied Capital Corp		183,206
300		AMB Property Corp		12,117
1,600		American Financial Realty Trust		25,888
8,958		Archstone-Smith Trust		343,091
1,200		AvalonBay Communities, Inc		90,360
2,600		Boston Properties, Inc		168,142
300		Capstead Mortgage Corp		3,162
200		CarrAmerica Realty Corp		6,600
1,781		Cherokee, Inc		62,834
1,000		Crescent Real Estate Equities Co		18,260
400		Developers Diversified Realty Corp		17,748
3,279		Duke Realty Corp		111,945
17,800		Equity Office Properties Trust		518,336
10,113		Equity Residential		365,888
200	*	FelCor Lodging Trust, Inc		2,930
1,100		Fremont General Corp		27,698
1,100		Friedman Billings Ramsey Group, Inc		21,329
3,770		General Growth Properties, Inc		136,323
800		Harris & Harris Group, Inc		13,104
1,000		Health Care Property Investors, Inc		27,690
200		Highwoods Properties, Inc		5,540
500		Hospitality Properties Trust		23,000
4,200		Host Marriott Corp		72,660
2,500		HRPT Properties Trust		32,075
2,100		iStar Financial, Inc		95,046
1,800		Kimco Realty Corp		104,382
200		Liberty Property Trust		8,640
700	*	Meristar Hospitality Corp		5,845

367 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
1,400		MFA Mortgage Investments, Inc	$	12,348
665		New Plan Excel Realty Trust		18,008
600		Popular, Inc		17,298
4,400		Prologis		190,652
2,538		Public Storage, Inc		141,494
6,400		Simon Property Group, Inc		413,888
2,800		Vornado Realty Trust		213,164
24,400		Washington Mutual, Inc		1,031,632
450		Weingarten Realty Investors		18,045
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,560,368
HOTELS AND OTHER LODGING PLACES - 0.10%
1,300		Choice Hotels International, Inc		75,400
2,600		Marcus Corp		65,364
		TOTAL HOTELS AND OTHER LODGING PLACES		140,764
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.45%
17,700		3M Co		1,452,639
500	*	AGCO Corp		10,945
4,300	*	American Standard Cos, Inc		177,676
4,947	*	Apple Computer, Inc		318,587
24,548	*	Applied Materials, Inc		419,771
179	*	Astec Industries, Inc		3,081
400	*	Authentidate Holding Corp		2,476
1,400		Black & Decker Corp		123,662
194	*	Brooks Automation, Inc		3,341
86,400	*	Cisco Systems, Inc		1,667,520
900	*	Cooper Cameron Corp		48,429
700		Cummins, Inc		58,653
6,200		Deere & Co		461,280
35,300	*	Dell, Inc		1,487,542
200		Donaldson Co, Inc		6,516
500	*	Dril-Quip, Inc		12,130
34,700	*	EMC Corp		515,989
400	*	Emulex Corp		6,736
200	*	FMC Technologies, Inc		6,440
1,500	*	Global Power Equipment Group, Inc		14,760
1,200		Graco, Inc		44,820
2,200	*	Grant Prideco, Inc		44,110
48,888		Hewlett-Packard Co		1,025,181
940	*	InFocus Corp		8,610
26,306		International Business Machines Corp		2,593,245
600	*	Lam Research Corp		17,346
1,500	*	Lexmark International, Inc		127,500
395		Lincoln Electric Holdings, Inc		13,643
405		Lufkin Industries, Inc		16,163
1,900	*	Maxtor Corp		10,070
5,026	*	Milacron, Inc		17,038
1,200		Modine Manufacturing Co		40,524
1,600	*	National-Oilwell, Inc		56,464
3,800	*	Network Appliance, Inc		126,236
600		Nordson Corp		24,042
1,100	*	Oil States International, Inc		21,219
926	*	PalmOne, Inc		29,215
2,064		Pentair, Inc		89,908
6,300		Pitney Bowes, Inc		291,564
800	*	Quantum Corp		2,096
1,900	*	Sandisk Corp		47,443
400		Sauer-Danfoss, Inc		8,724
2,031	*	Semitool, Inc		18,848
3,200	*	Silicon Graphics, Inc		5,536
2,700	*	Smith International, Inc		146,907

368 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
12,339	*	Solectron Corp	$	65,767
1,100		SPX Corp		44,066
400	*	Storage Technology Corp		12,644
300	*	UNOVA, Inc		7,587
800	*	Western Digital Corp		8,672
1,400	*	WJ Communications		4,816
12,100	*	Xerox Corp		205,821
150	*	Zebra Technologies Corp (Class A)		8,442
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		11,982,440
INSTRUMENTS AND RELATED PRODUCTS - 3.40%
455	*	Advanced Medical Optics, Inc		18,719
400	*	Aksys Ltd		2,224
500	*	Align Technology, Inc		5,375
100		Analogic Corp		4,479
3,800		Applera Corp (Applied Biosystems Group)		79,458
1,400		Bard (C.R.), Inc		89,572
300		Bausch & Lomb, Inc		19,338
14,848		Baxter International, Inc		512,850
400		Beckman Coulter, Inc		26,796
6,600		Becton Dickinson & Co		374,880
5,474		Biomet, Inc		237,517
10,500	*	Boston Scientific Corp		373,275
638	*	Bruker BioSciences Corp		2,571
100	*	Cardiac Science, Inc		214
1,173	*	Closure Medical Corp		22,874
400	*	Credence Systems Corp		3,660
300	*	Cyberoptics Corp		4,461
380	*	Cytyc Corp		10,477
900		Dentsply International, Inc		50,580
4,727	*	Depomed, Inc		25,526
100	*	DJ Orthopedics, Inc		2,142
100	*	Edwards Lifesciences Corp		4,126
400	*	Faro Technologies, Inc		12,472
1,180	*	Fisher Scientific International, Inc		73,608
4,950		Guidant Corp		356,895
900	*	Hanger Orthopedic Group, Inc		7,290
700	*	Illumina, Inc		6,636
531	*	Input/Output, Inc		4,694
1,300	*	Ista Pharmaceuticals, Inc		13,156
1,900	*	KLA-Tencor Corp		88,502
800	*	Lexar Media, Inc		6,272
1,100	*	LTX Corp		8,459
21,300		Medtronic, Inc		1,057,971
200	*	Millipore Corp		9,962
847	*	MKS Instruments, Inc		15,712
1,300	*	Nanogen, Inc		9,568
551		Oakley, Inc		7,025
300	*	Orthologic Corp		1,875
1,200		PerkinElmer, Inc		26,988
6,400	*	St. Jude Medical, Inc		268,352
5,900		Stryker Corp		284,675
100	*	Techne Corp		3,890
700		Tektronix, Inc		21,147
2,600		Teleflex, Inc		135,044
2,400	*	Thermo Electron Corp		72,456
500	*	TriPath Imaging, Inc		4,485
1,200	*	Varian Medical Systems, Inc		51,888
1,100	*	Waters Corp		51,469
4,200	*	Zimmer Holdings, Inc		336,504
857	*	Zygo Corp		10,104
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,818,213

369 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
INSURANCE AGENTS, BROKERS AND SERVICE - 0.49%
400		Brown & Brown, Inc	$	17,420
4,100		Crawford & Co (Class B)		30,750
1,500		Gallagher (Arthur J.) & Co		48,750
12,500		Marsh & McLennan Cos, Inc		411,250
4,501	*	Medco Health Solutions, Inc		187,242
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		695,412
INSURANCE CARRIERS - 5.86%
2,900		Aetna, Inc		361,775
9,600		Aflac, Inc		382,464
200		Ambac Financial Group, Inc		16,426
35,000		American International Group, Inc		2,298,450
3,100		Chubb Corp		238,390
2,300		Cigna Corp		187,611
3,600		Cincinnati Financial Corp		159,336
100		Erie Indemnity Co (Class A)		5,257
1,552		Fidelity National Financial, Inc		70,880
4,900		Hartford Financial Services Group, Inc		339,619
1,900	*	Health Net, Inc		54,853
2,000	*	Humana, Inc		59,380
1,500		Jefferson-Pilot Corp		77,940
3,900		Lincoln National Corp		182,052
1,300		MBIA, Inc		82,264
100		MGIC Investment Corp		6,891
1,000	*	Pacificare Health Systems, Inc		56,520
700		Phoenix Cos, Inc		8,750
34	*	PMA Capital Corp (Class A)		352
9,700		Principal Financial Group		397,118
3,020		Progressive Corp		256,217
14,400		Prudential Financial, Inc		791,424
2,400		Safeco Corp		125,376
13,447		St. Paul Travelers Cos, Inc		498,480
10,645		UnitedHealth Group, Inc		937,079
4,400		UnumProvident Corp		78,936
5,518	*	WellPoint, Inc		634,570
		TOTAL INSURANCE CARRIERS		8,308,410
LEATHER AND LEATHER PRODUCTS - 0.13%
2,874	*	Coach, Inc		162,094
400		Weyco Group, Inc		17,716
		TOTAL LEATHER AND LEATHER PRODUCTS		179,810
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
1,100	*	Laidlaw International, Inc		23,540
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		23,540
LUMBER AND WOOD PRODUCTS - 0.01%
700	*	Champion Enterprises, Inc		8,274
		TOTAL LUMBER AND WOOD PRODUCTS		8,274
METAL MINING - 0.13%
943		Cleveland-Cliffs, Inc		97,940
4,826		Royal Gold, Inc		88,026
		TOTAL METAL MINING		185,966

370 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.25%
1,486		Callaway Golf Co	$	20,061
800	*	K2, Inc		12,704
400	*	Leapfrog Enterprises, Inc		5,440
13,610		Mattel, Inc		265,259
300		Nautilus Group, Inc		7,251
1,997		Russ Berrie & Co, Inc		45,611
110	*	Steinway Musical Instruments, Inc		3,183
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		359,509
MISCELLANEOUS RETAIL - 1.77%
3,248	*	Amazon.com, Inc		143,854
6,900		CVS Corp		310,983
6,900	*	eBay, Inc		802,332
450	*	Marvel Enterprises, Inc		9,216
400		Michaels Stores, Inc		11,988
1,888	*	Office Depot, Inc		32,776
900		Omnicare, Inc		31,158
130	*	Overstock.com, Inc		8,970
984		Petsmart, Inc		34,962
8,559		Staples, Inc		288,524
700		Tiffany & Co		22,379
2,000	*	Toys 'R' Us, Inc		40,940
18,300		Walgreen Co		702,171
1,408		World Fuel Services Corp		70,118
		TOTAL MISCELLANEOUS RETAIL		2,510,371
MOTION PICTURES - 2.00%
48,056	*	Liberty Media Corp (Class A)		527,655
8,965		Metro-Goldwyn-Mayer, Inc		106,504
900	*	Reading International, Inc		7,524
1,000		Regal Entertainment Group (Class A)		20,750
67,729	*	Time Warner, Inc		1,316,652
30,800		Walt Disney Co		856,240
		TOTAL MOTION PICTURES		2,835,325
NONDEPOSITORY INSTITUTIONS - 4.51%
440		Advanta Corp (Class A)		9,953
200		Advanta Corp (Class B)		4,854
4,540		American Capital Strategies Ltd		151,409
25,200		American Express Co		1,420,524
1,500		Beverly Hills Bancorp, Inc		15,150
4,600		Capital One Financial Corp		387,366
600	*	CapitalSource, Inc		15,402
1,100		CharterMac		26,884
5,110		CIT Group, Inc		234,140
9,174		Countrywide Financial Corp		339,530
17,215		Fannie Mae		1,225,880
300	*	First Marblehead Corp		16,875
15,400		Freddie Mac		1,134,980
27,450		MBNA Corp		773,816
900		MCG Capital Corp		15,417
6,100	*	Providian Financial Corp		100,467
9,800		SLM Corp		523,222
		TOTAL NONDEPOSITORY INSTITUTIONS		6,395,869

371 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
NONMETALLIC MINERALS, EXCEPT FUELS - 0.12%
1,600		Amcol International Corp	$	32,144
2,600		Vulcan Materials Co		141,986
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		174,130
OIL AND GAS EXTRACTION - 3.81%
11,300		Anadarko Petroleum Corp		732,353
14,194		Apache Corp		717,791
900		Berry Petroleum Co (Class A)		42,930
600		Cabot Oil & Gas Corp (Class A)		26,550
2,500	*	Callon Petroleum Co		36,150
1,000	*	Cheniere Energy, Inc		63,700
9,174		Chesapeake Energy Corp		151,371
1,578	*	Cimarex Energy Co		59,806
709	*	Clayton Williams Energy, Inc		16,236
500	*	Comstock Resources, Inc		11,025
700	*	Delta Petroleum Corp		10,976
2,100	*	Denbury Resources, Inc		57,645
17,986		Devon Energy Corp		700,015
1,400	*	Edge Petroleum Corp		20,412
400	*	Encore Acquisition Co		13,964
1,200	*	Energy Partners Ltd		24,324
7,500		ENSCO International, Inc		238,050
4,200		EOG Resources, Inc		299,712
2,100	*	Forest Oil Corp		66,612
1,600	*	FX Energy, Inc		18,688
3,700	*	Global Industries Ltd		30,673
5,300	*	Grey Wolf, Inc		27,931
2,361	*	Harvest Natural Resources, Inc		40,774
2,100		Helmerich & Payne, Inc		71,484
1,100	*	Houston Exploration Co		61,941
1,409	b*	KCS Energy, Inc		20,825
2,168	*	Magnum Hunter Resources, Inc		27,967
3,033	*	Meridian Resource Corp		18,350
3,800	*	Mission Resources Corp		22,192
2,200	*	Newfield Exploration Co		129,910
2,700		Noble Energy, Inc		166,482
1,300		Patina Oil & Gas Corp		48,750
3,700		Patterson-UTI Energy, Inc		71,965
200	*	Petroleum Development Corp		7,714
5,869		Pioneer Natural Resources Co		206,002
1,635	*	Plains Exploration & Production Co		42,510
2,500		Pogo Producing Co		121,225
4,100	*	Pride International, Inc		84,214
200	*	Quicksilver Resources, Inc		7,356
1,300		Range Resources Corp		26,598
2,100		Rowan Cos, Inc		54,390
500		St. Mary Land & Exploration Co		20,870
800	*	Stone Energy Corp		36,072
1,600	*	Swift Energy Co		46,304
3,500		Tidewater, Inc		124,635
9,793	*	Transmontaigne, Inc		60,031
1,200	*	Unit Corp		45,852
1,900	*	Varco International, Inc		55,385
1,100	*	Veritas DGC, Inc		24,651
3,300		Vintage Petroleum, Inc		74,877
1,000	*	Whiting Petroleum Corp		30,250
8,007		XTO Energy, Inc		283,288
		TOTAL OIL AND GAS EXTRACTION		5,399,778
PAPER AND ALLIED PRODUCTS - 0.86%
1,200		Bowater, Inc		52,764
11,700		Kimberly-Clark Corp		769,977

372 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
7,800		MeadWestvaco Corp	$	264,342
300		Packaging Corp of America		7,065
1,600		Sonoco Products Co		47,440
1,100		Temple-Inland, Inc		75,240
		TOTAL PAPER AND ALLIED PRODUCTS		1,216,828
PERSONAL SERVICES - 0.01%
400	*	Weight Watchers International, Inc		16,428
		TOTAL PERSONAL SERVICES		16,428
PETROLEUM AND COAL PRODUCTS - 0.53%
2,931		Frontier Oil Corp		78,140
1,300	*	Giant Industries, Inc		34,463
1,211	*	Headwaters, Inc		34,514
3,300		Sunoco, Inc		269,643
7,500		Valero Energy Corp		340,500
		TOTAL PETROLEUM AND COAL PRODUCTS		757,260
PRIMARY METAL INDUSTRIES - 0.98%
2,600	*	Aleris International, Inc		43,992
1,287	*	Andrew Corp		17,542
567		Belden CDT, Inc		13,154
2,468	*	Century Aluminum Co		64,810
4,600		Engelhard Corp		141,082
400	*	General Cable Corp		5,540
1,500		Gibraltar Industries, Inc		35,430
2,200	*	International Steel Group, Inc		89,232
2,100	*	Lone Star Technologies, Inc		70,266
1,300	*	Maverick Tube Corp		39,390
2,100		Mueller Industries, Inc		67,620
2,300	*	NS Group, Inc		63,940
5,200		Nucor Corp		272,168
600		Quanex Corp		41,142
4,300		Ryerson Tull, Inc		67,725
1,272		Schnitzer Steel Industries, Inc (Class A)		43,159
2,212		Steel Dynamics, Inc		83,791
1,500		Steel Technologies, Inc		41,265
183		Tredegar Corp		3,698
1,200	*	Wheeling-Pittsburgh Corp		46,248
6,800		Worthington Industries, Inc		133,144
		TOTAL PRIMARY METAL INDUSTRIES		1,384,338
PRINTING AND PUBLISHING - 0.89%
600		Dow Jones & Co, Inc		25,836
800		EW Scripps Co		38,624
100		Harte-Hanks, Inc		2,598
6,000		McGraw-Hill Cos, Inc		549,240
1,700		New York Times Co (Class A)		69,360
5,500		R.R. Donnelley & Sons Co		194,095
807		Standard Register Co		11,395
6,400		Tribune Co		269,696
100		Washington Post Co (Class B)		98,302
		TOTAL PRINTING AND PUBLISHING		1,259,146
RAILROAD TRANSPORTATION - 0.43%
6,200	*	ADC Telecommunications, Inc		16,616
2,400	*	Kansas City Southern Industries, Inc		42,552
15,400		Norfolk Southern Corp		557,326
		TOTAL RAILROAD TRANSPORTATION		616,494

373 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
REAL ESTATE - 0.01%
2,796	*	Stewart Enterprises, Inc (Class A)	$	19,544
		TOTAL REAL ESTATE		19,544
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.08%
400		Bandag, Inc		19,924
1,500		Cooper Tire & Rubber Co		32,325
500		Reebok International Ltd		22,000
700	*	Sealed Air Corp		37,289
400	*	Skechers U.S.A., Inc (Class A)		5,184
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		116,722
SECURITY AND COMMODITY BROKERS - 2.04%
600		A.G. Edwards, Inc		25,926
3,099	*	Ameritrade Holding Corp		44,068
18,300		Charles Schwab Corp		218,868
300		Chicago Mercantile Exchange		68,610
200		Eaton Vance Corp		10,430
500		Federated Investors, Inc (Class B)		15,200
4,000		Franklin Resources, Inc		278,600
8,163		Goldman Sachs Group, Inc		849,279
5,100	*	Instinet Group, Inc		30,753
200	*	Investment Technology Group, Inc		4,000
2,700		Janus Capital Group, Inc		45,387
1,050		Legg Mason, Inc		76,923
18,500		Merrill Lynch & Co, Inc		1,105,745
226	*	Piper Jaffray Cos		10,837
600		SEI Investments Co		25,158
1,400		T Rowe Price Group, Inc		87,080
		TOTAL SECURITY AND COMMODITY BROKERS		2,896,864
SPECIAL TRADE CONTRACTORS - 0.03%
2,200	*	Integrated Electrical Services, Inc		10,648
500	*	Layne Christensen Co		9,075
2,322	*	Quanta Services, Inc		18,576
		TOTAL SPECIAL TRADE CONTRACTORS		38,299
STONE, CLAY, AND GLASS PRODUCTS - 0.21%
4,000	*	Anchor Glass Container Corp		26,880
173	*	Cabot Microelectronics Corp		6,929
200		CARBO Ceramics, Inc		13,800
19,981	*	Corning, Inc		235,176
26		Eagle Materials, Inc		2,245
89		Eagle Materials, Inc (Class B)		7,503
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		292,533
TRANSPORTATION BY AIR - 0.78%
700	*	Airtran Holdings, Inc		7,490
700	*	Alaska Air Group, Inc		23,443
2,370	*	AMR Corp		25,952
2,600	*	Continental Airlines, Inc (Class B)		35,204
2,673	*	Delta Air Lines, Inc		19,994
500	*	ExpressJet Holdings, Inc		6,440
5,684		FedEx Corp		559,817
5,000	*	FLYi, Inc		8,850
1,173	*	Frontier Airlines, Inc		13,384
1,050	*	JetBlue Airways Corp		24,381

374 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
2,884	*	Mesa Air Group, Inc	$	22,899
458		Skywest, Inc		9,187
21,200		Southwest Airlines Co		345,136
		TOTAL TRANSPORTATION BY AIR		1,102,177
TRANSPORTATION EQUIPMENT - 1.40%
500	*	Aftermarket Technology Corp		8,050
700		American Axle & Manufacturing Holdings, Inc		21,462
2,100		ArvinMeritor, Inc		46,977
3,700		Autoliv, Inc		178,710
8,700	*	BE Aerospace, Inc		101,268
2,341		Brunswick Corp		115,880
1,200		Coachmen Industries, Inc		20,832
6,300		Dana Corp		109,179
22,800		Delphi Corp		205,656
300		Federal Signal Corp		5,298
1,500	*	Fleetwood Enterprises, Inc		20,190
1,626		Gentex Corp		60,195
7,500		Genuine Parts Co		330,450
828		Greenbrier Cos, Inc		28,028
6,800		Harley-Davidson, Inc		413,100
500		Marine Products Corp		13,055
690		Noble International Ltd		14,069
300	*	Sports Resorts International, Inc		864
3,200		Standard Motor Products, Inc		50,560
200	*	Strattec Security Corp		12,524
1,000		Superior Industries International, Inc		29,050
1,800	*	Tenneco Automotive, Inc		31,032
300		Thor Industries, Inc		11,115
2,800	*	TRW Automotive Holdings Corp		57,960
8,400		Visteon Corp		82,068
471	*	Wabash National Corp		12,684
500		Westinghouse Air Brake Technologies Corp		10,660
		TOTAL TRANSPORTATION EQUIPMENT		1,990,916
TRANSPORTATION SERVICES - 0.09%
1,900		GATX Corp		56,164
1,400	*	Navigant International, Inc		17,038
650	*	RailAmerica, Inc		8,483
2,305		Sabre Holdings Corp		51,079
		TOTAL TRANSPORTATION SERVICES		132,764
TRUCKING AND WAREHOUSING - 0.69%
11,529		United Parcel Service, Inc (Class B)		985,268
		TOTAL TRUCKING AND WAREHOUSING		985,268
WATER TRANSPORTATION - 0.05%
1,600	*	Gulfmark Offshore, Inc		35,632
1,600	*	Hornbeck Offshore Services, Inc		30,880
		TOTAL WATER TRANSPORTATION		66,512
WHOLESALE TRADE-DURABLE GOODS - 2.66%
1,200		Action Performance Cos, Inc		13,188
3,800		Adesa, Inc		80,636
1,700		Barnes Group, Inc		45,067
800	*	BioVeris Corp		5,848

375 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES			VALUE
1,200		BorgWarner, Inc	$	65,004
300		CDW Corp		19,905
400		Compx International, Inc		6,612
1,900		IKON Office Solutions, Inc		21,964
600	*	Ingram Micro, Inc (Class A)		12,480
50,139		Johnson & Johnson		3,179,815
200		Metal Management, Inc		5,374
1,255	*	Microtek Medical Holdings, Inc		5,095
1,500	*	Patterson Cos, Inc		65,085
2,100		Reliance Steel & Aluminum Co		81,816
100	*	Safeguard Scientifics, Inc		212
200	*	Tech Data Corp		9,080
2,400		W.W. Grainger, Inc		159,888
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,777,069
WHOLESALE TRADE-NONDURABLE GOODS - 1.02%
500	*	Allscripts Healthcare Solutions, Inc		5,335
8,868		Cardinal Health, Inc		515,674
3,500	*	Endo Pharmaceuticals Holdings, Inc		73,570
200	*	Henry Schein, Inc		13,928
7,800		McKesson Corp		245,388
2,100	*	Metals USA, Inc		38,955
3,767		Perrigo Co		65,056
1,672	*	Priority Healthcare Corp (Class B)		36,399
1,500		Russell Corp		29,220
1,700		Stride Rite Corp		18,989
10,500		Sysco Corp		400,778
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,443,292
		TOTAL COMMON STOCKS
		(Cost $127,965,675)		141,683,720
PRINCIPAL
SHORT TERM INVESTMENTS - 0.24%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.24%
		Federal Home Loan Bank (FHLB)
$340,000		1.000% 01/03/05		339,939
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		339,939
		TOTAL SHORT TERM INVESTMENTS
		(Cost $339,976)		339,939
		TOTAL PORTFOLIO - 100.13%
		(Cost $128,309,786)		142,028,879
		OTHER ASSETS & LIABILITIES, NET - (0.13%)		(181,803	)
		NET ASSETS -100.00%	$	141,847,076

*	Non-income producing
b	In bankruptcy
	For ease of presentation, we have grouped a number of industry classification categories
	together in the Statement of Investments.
	Note that the funds may use more specific industry categories in following their investment
	limitations on industry concentration.

376

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
BONDS - 96.56%
CORPORATE BONDS - 27.79%
AGRICULTURAL SERVICES - 0.10%
$ 1,000,000		Yara International ASA Note	5.250	12/15/14	Baa2	$	1,006,358
		TOTAL AGRICULTURAL SERVICES					1,006,358
ASSET BACKED - 2.35%
2,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class A2)	3.777	01/25/22	Aaa		1,990,196
1,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class B1)	5.700	02/25/34	Baa2		971,319
1,000,000		Chase Funding Mortgage Loan Series 2004-2 (Class M1)	5.700	02/25/34	Aa2		1,008,997
2,210,000		CIT Group Home Equity Loan Trust Series 2002-1 (Class Af6)	6.200	02/25/30	Aaa		2,322,818
1,508,891		Countrywide Home Equity Loan Trust Series 2004-B (Class A1)	2.623	02/15/29	Aaa		1,508,891
1,100,000		Detroit Edison Securitization Funding Llc Series 2001-1 (Class A3)	5.875	03/01/10	Aaa		1,149,584
3,000,000	v	Golden Securities Corp Series 2003-A (Class A1)	1.950	12/02/13	Aaa		3,001,230
9,984		Household Automotive Trust Series 2000-2 (Class A3)	3.680	04/17/06	Aaa		9,986
579,852		Nissan Auto Receivables Owner Trust Series 2001-C (Class A4)	4.800	02/15/07	Aaa		580,986
550,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		588,140
942,815		Public Service New Hampshire Funding LLC Series 2001-1 (Class A2)	5.730	11/01/10	Aaa		979,815
8,000,000		Residential Asset Mortgage Products, Inc Series 2004 RS11 (Class M1)	2.801	11/25/34	Aa1e		8,000,128
981,094		Residential Asset Securities Corp Series 1999-KS2 (Class AI9)	7.150	07/25/30	Aaa		995,490
1,001,859		Residential Asset Securities Corp Series 2001-KS2 (Class AI6)	6.489	10/25/30	Aaa		1,047,650
		TOTAL ASSET BACKED					24,155,230
BUSINESS SERVICES - 0.18%
410,000		Cendant Corp (Sr Note)	7.375	01/15/13	Baa1		473,558
750,000		Equifax, Inc	6.300	07/01/05	Baa1		761,748
550,000		Hartford Financial (Sr Note)	6.375	11/01/08	A3		590,576
		TOTAL BUSINESS SERVICES					1,825,882
CHEMICALS AND ALLIED PRODUCTS - 0.93%
650,000		Clorox Co Note	5.000	01/15/15	A3		662,349
280,000		Colgate-Palmolive Co Note	6.450	06/16/28	Aa3		318,632
830,000		Du Pont EI de Nemours & Co Note	4.750	11/15/12	Aa3		846,441
1,645,000		E.I. Du Pont de Nemours & Co	4.125	03/06/13	Aa3		1,603,277
280,000		EI Du Pont de Nemours & Co Note	3.375	11/15/07	Aa3		277,888
250,000		Lubrizol Corp (Sr Note)	4.625	10/01/09	Baa3		249,614
1,100,000		Merck & Co, Inc Deb	5.950	12/01/28	Aaa		1,137,765
830,000		Merck & Co, Inc Note	5.250	07/01/06	Aaa		852,644
550,000		Procter & Gamble Co (Unsub Note)	6.875	09/15/09	Aa3		619,750
2,900,000		Procter & Gamble Co Note	4.950	08/15/14	Aa3		2,969,374
		TOTAL CHEMICALS AND ALLIED PRODUCTS					9,537,734

377
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
COMMUNICATIONS - 2.24%
$   550,000		360 Communications Co (Sr Note)	7.500	03/01/06	A2	$	576,709
250,000		AT&T Corp (Guarantee Note)	8.375	03/15/13	Baa3		308,124
16,000		AT&T Corp Note	6.000	03/15/09	Ba1		16,700
970,000		AT&T Wireless Services, Inc (Sr Note)	7.875	03/01/11	Baa2		1,141,680
550,000		AT&T Wireless Services, Inc (Sr Note)	8.750	03/01/31	Baa2		741,494
280,000		BellSouth Corp Note	6.875	10/15/31	A1		315,867
1,500,000		British Telecommunications plc Bond	8.875	12/15/30	Baa1		2,003,540
500,000		Clear Channel Communications, Inc (Sr Note)	5.750	01/15/13	Baa3		516,600
940,000		Comcast Corp (Guarantee Note)	6.500	01/15/15	Baa3		1,043,289
410,000		Comcast Corp Bond	7.050	03/15/33	Baa3		468,451
500,000		Cox Communications, Inc Note	4.625	06/01/13	Baa2		478,996
1,500,000		COX Communications, Inc Note	5.450	12/15/14	Baa3		1,503,585
1,930,000		COX Enterprises, Inc Note	4.375	05/01/08	Baa1		1,928,249
550,000		Deutsche Telekom International Finance BV (Guarantee Note)	3.875	07/22/08	Baa1		548,320
410,000		Deutsche Telekom International Finance BV (Guarantee Note)	8.750	06/15/30	Baa1		540,051
500,000		France Telecom Note	8.500	03/01/11	Baa2		596,269
500,000		SBC Communications, Inc Note	4.125	09/15/09	A2		498,891
2,000,000		SBC Communications, Inc Note	5.100	09/15/14	A2		2,018,550
750,000		Sprint Capital Corp (Guarantee Note)	7.625	01/30/11	Baa3		870,913
250,000		Sprint Capital Corp (Guarantee Note)	6.900	05/01/19	Baa3		279,133
1,470,000		Sprint Capital Corp Note	8.375	03/15/12	Baa3		1,791,962
1,660,000		Verizon New Jersey, Inc Deb	5.875	01/17/12	Aa3		1,765,733
750,000		Verizon Virginia, Inc Deb	4.625	03/15/13	Aa3		729,818
830,000		Verizon Wireless Capital LLC Note	5.375	12/15/06	A3		859,781
1,380,000		Verizon/New England (Sr Note)	6.500	09/15/11	Aa3		1,515,661
		TOTAL COMMUNICATIONS					23,058,366
DEPOSITORY INSTITUTIONS - 2.93%
910,000		Bank of America Corp (Sr Note)	4.875	01/15/13	Aa2		926,137
500,000		Bank of America Corp (Sr Note)	5.375	06/15/14	Aa2		520,931
1,000,000		Bank of America Corp (Sr. Note)	3.375	02/17/09	Aa2		979,112
2,250,000		Bank of America Corp (Sub Note)	4.750	08/15/13	Aa3		2,254,899
2,000,000		Bank One Corp	2.625	06/30/08	Aa3		1,923,254
1,100,000		Bank One NA Illinois Note	5.500	03/26/07	Aa2		1,147,035
410,000		BB & T Corp (Sub Note)	6.500	08/01/11	A2		457,040
3,525,000		Citigroup, Inc (Sub Note)	5.000	09/15/14	Aa2		3,538,673
1,100,000		Citigroup, Inc (Sub Note)	6.625	06/15/32	Aa2		1,229,551
410,000		Golden West Financial Corp (Sr Note)	4.750	10/01/12	A1		412,927
410,000		Greenpoint Financial Corp (Sr Note)	3.200	06/06/08	A2		399,866
550,000		JP Morgan Chase & Co (Sub Note)	7.875	06/15/10	A1		640,641
410,000		JP Morgan Chase & Co Note	4.500	11/15/10	Aa3		412,934
900,000	d	JPMorgan Chase & Co (Sub Note)	5.125	09/15/14	A1		905,867
1,000,000		Marshall & Ilsley Corp Note	4.375	08/01/09	A1		1,011,050
830,000		Marshall & Isley Bank (Sr Note)	4.125	09/04/07	Aa3		840,497
1,100,000		Mellon Funding Corp (Guarantee Note)	4.875	06/15/07	A1		1,133,366
550,000		Mellon Funding Corp (Guarantee Note)	6.400	05/14/11	A2		608,618
550,000		National Westminster Bank plc (Sub Note)	7.375	10/01/09	Aa2		626,794
550,000		PNC Funding Corp (Guarantee Note)	5.750	08/01/06	A2		569,918
1,000,000		Popular North America, Inc	4.700	06/30/09	A3		1,019,996
1,100,000		Regions Financial Corp (Sub Note)	6.375	05/15/12	A2		1,215,898
550,000		Suntrust Bank (Sub Note)	7.250	09/15/06	Aa3		584,859
830,000		US Bancorp (Sr Note)	5.100	07/15/07	Aa3		860,489
550,000		Wachovia Bank NA/Old Note	4.850	07/30/07	Aa2		567,152
2,000,000		Wachovia Corp (Sr. Note)	3.625	02/17/09	Aa3		1,976,351
1,400,000		Wachovia Corp (Sub Note)	5.250	08/01/14	A1		1,434,010
500,000		Washington Mutual, Inc Note	4.000	01/15/09	A3		498,502
500,000		Wells Fargo & Co (Sr Note)	4.200	01/15/10	Aa1		502,729
830,000		Wells Fargo Bank NA (Sub Note)	6.450	02/01/11	Aa1		924,207
		TOTAL DEPOSITORY INSTITUTIONS					30,123,303

378

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

			MATURITY	MOODYS
PRINCIPAL		RATE	DATE	RATING	VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 1.44%
$   550,000	American Electric Power Co, Inc Note	6.125	05/15/06	Baa3	$	569,905
410,000	Carolina Power & Light Co (First Mortgage Bond)	6.125	09/15/33	A3		436,609
410,000	CenterPoint Energy Resources Corp (Sr Note)	7.875	04/01/13	Ba1		487,322
1,000,000	Consolidated Edison Co of New York	4.700	06/15/09	A1		1,025,529
410,000	Consolidated Edison Co of New York Note Deb	4.875	02/01/13	A1		415,638
1,389,000	Consolidated Natural Gas Co (Sr Note)	6.250	11/01/11	A3		1,520,424
500,000	Consolidated Natural Gas Co (Sr Note)	5.000	12/01/14	A3		499,255
750,000	Consumers Energy Co (1st Mtge)	4.400	08/15/09	Baa3		754,730
500,000	Duke Capital LLC Note	5.668	08/15/14	Baa3		516,048
1,340,000	FirstEnergy Corp Note	6.450	11/15/11	Baa3		1,455,870
550,000	FPL Group Capital Inc (Guarantee Note)	7.625	09/15/06	A2		588,247
690,000	KeySpan Corp Note	6.150	06/01/06	A3		715,523
1,000,000	Kinder Morgan Energy Partners LP (Sr Note)	5.000	12/15/13	Baa1		998,672
410,000	National Fuel Gas Co Note	5.250	03/01/13	A3		417,649
500,000	Nisource Finance Corp (Guarantee Note)	7.875	11/15/10	Baa3		585,081
340,000	Oncor Electric Delivery Co (Secured Note)	7.250	01/15/33	Baa1		403,859
1,000,000	Pacific Gas & Electric Co (1st Mtge)	6.050	03/01/34	Baa2		1,038,444
500,000	Progress Energy Florida, Inc	4.800	03/01/13	A1		499,359
410,000	Public Service Co of Colorado (Collateral Note)	5.500	04/01/14	A3		432,197
250,000	Southern California Edison Co (1st Mtge)	6.000	01/15/34	A3		265,183
1,100,000	Texas Eastern Transmission LP (Sr Note)	5.250	07/15/07	Baa2		1,133,855
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					14,759,399
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.27%
550,000	Cooper Industries, Inc (Guarantee Note)	5.250	07/01/07	A3		570,538
1,100,000	Emerson Electric Co Note	5.000	12/15/14	A2		1,134,961
1,000,000	General Electric Co Note	5.000	02/01/13	Aaa		1,026,150
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					2,731,649
FABRICATED METAL PRODUCTS - 0.21%
2,000,000	Illinois Tool Works, Inc Note	5.750	03/01/09	Aa3		2,136,363
	TOTAL FABRICATED METAL PRODUCTS					2,136,363
FOOD AND KINDRED PRODUCTS - 0.57%
550,000	Anheuser-Busch Cos,, Inc Bond	4.375	01/15/13	A1		545,460
410,000	Bottling Group LLC (Guarantee Note)	4.625	11/15/12	Aa3		415,293
550,000	ConAgra Foods, Inc Note	7.875	09/15/10	Baa1		646,682
280,000	Conagra Foods, Inc Note	8.250	09/15/30	Baa1		373,106
1,100,000	Coors Brewing Co (Guarantee Note)	6.375	05/15/12	Baa2		1,207,988
550,000	Kellogg Co Note	6.600	04/01/11	Baa2		615,465
500,000	Kraft Foods, Inc Bonds	6.500	11/01/31	A3		550,538
400,000	Sara Lee Corp Note	3.875	06/15/13	A3		375,367
1,050,000	Unilever Capital Corp (Guarantee Note)	5.900	11/15/32	A1		1,111,751
	TOTAL FOOD AND KINDRED PRODUCTS					5,841,650
FOOD STORES - 0.18%
1,100,000	Kroger Co (Guarantee Note)	6.800	04/01/11	Baa2		1,233,903
550,000	Safeway, Inc Deb	7.250	02/01/31	Baa2		626,875
	TOTAL FOOD STORES					1,860,778

379

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
FORESTRY - 0.06%
$   550,000		Weyerhaeuser Co Note	6.000	08/01/06	Baa2	$	571,547
		TOTAL FORESTRY					571,547
FURNITURE AND FIXTURES - 0.19%
830,000		Masco Corp Note	4.625	08/15/07	Baa1		845,388
1,100,000		Newell Rubbermaid, Inc Note	6.000	03/15/07	Baa2		1,148,694
		TOTAL FURNITURE AND FIXTURES					1,994,082
GENERAL BUILDING CONTRACTORS - 0.36%
410,000		Centex Corp Note	4.750	01/15/08	Baa2		419,214
1,250,000		MDC Holdings, Inc (Guarantee Note)	5.500	05/15/13	Baa3		1,273,561
500,000		Pulte Homes, Inc (Sr Note)	6.375	05/15/33	Baa3		497,988
1,500,000		Pulte Homes, Inc Note	5.250	01/15/14	Baa3		1,493,755
		TOTAL GENERAL BUILDING CONTRACTORS					3,684,518
GENERAL MERCHANDISE STORES - 0.50%
1,000,000	d	May Department Stores Co/The Note	3.950	07/15/07	Baa2		1,001,592
830,000		Target Corp Note	4.000	06/15/13	A2		802,299
1,380,000		Wal-Mart Stores, Inc (Sr Note)	6.875	08/10/09	Aa2		1,549,590
1,750,000		Wal-Mart Stores, Inc Note	4.125	02/15/11	Aa2		1,752,341
		TOTAL GENERAL MERCHANDISE STORES					5,105,822
HEALTH SERVICES - 0.15%
410,000		Laboratory Corp of America Holdings Note	5.500	02/01/13	Baa3		427,677
1,100,000		UnitedHealth Group, Inc Note	5.200	01/17/07	A3		1,135,183
		TOTAL HEALTH SERVICES					1,562,860
HOLDING AND OTHER INVESTMENT OFFICES - 0.18%
410,000		Boston Properties, Inc (Sr Note)	6.250	01/15/13	Baa2		445,036
500,000		Chelsea Property Group, Inc Note	6.000	01/15/13	Baa2		524,920
410,000		EOP Operating LP (Guarantee Note)	5.875	01/15/13	Baa2		432,993
500,000	g	Mantis Reef Ltd Note	4.799	11/03/09	A3		498,946
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,901,895
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.22%
1,250,000		Hewlett-Packard Co Note	6.500	07/01/12	A3		1,406,109
750,000		International Business Machines Corp Deb	6.220	08/01/27	A1		818,264
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					2,224,373
INSURANCE CARRIERS - 0.72%
500,000		Allstate Corp/The Note	5.000	08/15/14	A1		502,315
500,000		Anthem, Inc Note	3.500	09/01/07	Baa1		497,228
1,100,000		International Lease Finance Corp Note	6.375	03/15/09	A1		1,191,831
410,000		Lincoln National Corp Note	5.250	06/15/07	A3		425,042
1,250,000		Metlife, Inc	6.375	06/15/34	A2		1,340,648
1,500,000		Prudential Financial, Inc Note	4.750	04/01/14	A3		1,470,404
2,000,000		UnitedHealth Group, Inc Note	3.375	08/15/07	A3		1,984,680
		TOTAL INSURANCE CARRIERS					7,412,148

380

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
METAL MINING - 0.19%
$   500,000		Barrick Gold Corp Bond	5.800	11/15/34	Baa1	$	503,222
500,000		Barrick Gold Finance Co Note	4.875	11/15/14	Baa1		498,293
550,000		Falconbridge Ltd	5.375	06/01/15	Baa3		544,706
410,000		Placer Dome, Inc Deb	6.375	03/01/33	Baa2		437,488
		TOTAL METAL MINING					1,983,709
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.05%
500,000	d	Tyco International Group SA (Guarantee Note)	5.800	08/01/06	Baa3		518,019
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					518,019
MISCELLANEOUS RETAIL - 0.14%
1,000,000		CVS Corp Note	4.875	09/15/14	A3		998,914
410,000		Tyco International Group SA (Company Guarantee)	6.000	11/15/13	Baa3		446,163
		TOTAL MISCELLANEOUS RETAIL					1,445,077
MOTION PICTURES - 0.71%
1,000,000		News America, Inc Bond	6.200	12/15/34	Baa3		1,018,420
500,000		News America, Inc (Guarantee Note)	7.625	11/30/28	Baa3		593,741
690,000		AOL Time Warner, Inc (Guarantee Note)	5.625	05/01/05	Baa1		696,354
1,850,000		AOL Time Warner, Inc (Guarantee Note)	6.875	05/01/12	Baa1		2,105,831
1,160,000		AOL Time Warner, Inc (Guarantee Note)	7.700	05/01/32	Baa1		1,418,645
550,000		Time Warner, Inc (Guarantee Note)	6.625	05/15/29	Baa1		594,775
280,000		Time Warner Cos, Inc Note	7.750	06/15/05	Baa1		285,272
550,000		Walt Disney Co Note	5.500	12/29/06	Baa1		570,587
		TOTAL MOTION PICTURES					7,283,625
NATIONAL SECURITY AND INTERNATIONAL AFFAIRS - 0.08%
280,000		Inter-American Development Bank	6.125	03/08/06	Aaa		289,967
500,000		Inter-American Development Bank	4.375	09/20/12	Aaa		503,977
		TOTAL NATIONAL SECURITY AND INTERNATIONAL AFFAIRS					793,944
NONDEPOSITORY INSTITUTIONS - 3.88%
2,000,000		American General Finance Corp	4.625	05/15/09	A1		2,035,356
2,000,000		American Honda Finance Corp	4.500	05/26/09	A1		2,034,658
1,500,000		Capital One Bank (Sr Note)	5.125	02/15/14	Baa2		1,501,726
500,000		CIT Group, Inc (Sr Note)	4.125	11/03/09	A2		497,759
500,000		CIT Group, Inc (Sr Note)	5.125	09/30/14	A2e		500,588
1,100,000		CIT Group, Inc (Sr Sub Note)	4.125	02/21/06	A2		1,110,770
410,000		Countrywide Home Loans, Inc (Guarantee Note)	5.625	07/15/09	A3		433,955
1,000,000		Ford Motor Credit Co	7.375	02/01/11	A3		1,077,143
1,930,000		Ford Motor Credit Co Note	6.500	01/25/07	A3		2,004,534
690,000		Ford Motor Credit Co Note	5.625	10/01/08	A3		703,641
2,000,000		Ford Motor Credit Co Note	7.000	10/01/13	A3		2,113,701
690,000		General Electric Capital Corp Note	3.500	05/01/08	Aaa		684,888
3,000,000	d	General Electric Capital Corp Note	3.125	04/01/09	Aaa		2,905,373
2,750,000		General Electric Capital Corp Note	4.375	11/21/11	Aaa		2,733,879
3,400,000		General Electric Capital Corp Note	5.875	02/15/12	Aaa		3,680,216
1,660,000		General Motors Acceptance Corp Note	7.750	01/19/10	A3		1,779,122
2,000,000		Household Finance Corp Note	4.125	12/15/08	A1		2,007,047

381

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
$  2,280,000		Household Finance Corp Note	6.375	11/27/12	A1	$	2,515,661
500,000		HSBC Capital Funding LP/Jersey Channel Islands (Guarantee Note)	4.610	12/29/49	A1		482,633
3,000,000		International Finance Corp	3.750	06/30/09	Aaa		3,007,729
410,000		MBNA America Bank Note	5.375	01/15/08	Baa1		427,847
830,000		National Rural Utility Coop Finance Note	5.750	08/28/09	A2		886,136
500,000	d	Rabobank Capital Funding Trust (Sub Note)	5.254	12/30/16	Aa2		497,283
410,000		SLM Corp Note	4.000	01/15/09	A2		410,035
690,000		Toyota Motor Credit Corp Note	2.875	07/08/08	Aaa		672,013
3,249,331	v	Wells Fargo Home Equity Trust	4.450	10/26/34	NR		3,249,331
		TOTAL NONDEPOSITORY INSTITUTIONS					39,953,024
OIL AND GAS EXTRACTION - 0.87%
1,380,000		Burlington Resource (Guarantee Note)	6.400	08/15/11	Baa1		1,524,486
750,000		Canadian Natural Resources Ltd Bond	5.850	02/01/35	Baa1		750,326
830,000		Devon Energy Corp (Sr Note)	2.750	08/01/06	Baa2		821,996
400,000		EnCana Corp Bond	6.500	08/15/34	Baa2		439,651
410,000		Equitable Resources, Inc Bond	5.150	11/15/12	A2		425,067
500,000		Nexen, Inc Note	5.050	11/20/13	Baa2		494,750
280,000		Occidental Petroleum Corp (Sr Note)	7.650	02/15/06	Baa1		293,487
1,100,000		Ocean Energy, Inc (Guarantee Note)	4.375	10/01/07	Baa3		1,109,926
550,000		Panhandle Eastern Pipe Line (Sr Note)	4.800	08/15/08	Baa3		557,684
500,000		PC Financial Partnership Note	5.000	11/15/14	Baa2		498,882
830,000		Pemex Project Funding Master Trust (Guarantee Note)	9.125	10/13/10	Baa1		995,170
1,000,000		Plains All American Pipeline LP/PAA Finance Corp Note	4.750	08/15/09	Baa3		1,013,577
		TOTAL OIL AND GAS EXTRACTION					8,925,002
OTHER MORTGAGE BACKED SECURITIES - 3.24%
1,561,915	v	AQ Finance NIM Trust Series 2004-RN2 (Class A)	2.598	05/25/09	Aaae		1,561,915
1,481,502	v	AQ Finance NIM Trust Series 2004-RN3 (Class A)	2.618	04/25/09	Aaa		1,481,503
3,310,000		Banc of America Commercial Mortgage, Inc Series 2004-PWR5 (Class A5)	5.118	07/11/43	NR		3,425,469
6,000,000		Bear Stearns Commercial Mortgage Securities Series 2004 PWR5 (Class A5)	4.978	07/11/42	Aaa		6,066,348
600,000		Centex Home Equity 2004 -C (Class AF5)	5.980	06/25/34	Aaa		611,339
1,660,000		General Electric Commercial Mortgage Securities Corp Series 2003-C2 (Class A4)	5.145	07/10/37	Aaa		1,714,151
2,000,000		Greenwich Capital Commercial Funding Corp Series 2004 GG1 (Class A7)	5.317	06/10/36	Aaa		2,078,380
2,210,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		2,299,233
10,000,000		LB-UBS Commercial Mortgage Trust Series 2004-C7 (Class A6)	4.786	10/15/29	Aaa		9,978,990
935,286	v	Option One Mortgage Securities Corp NIM Trust Series 2004 -1A (Class A)	2.608	04/26/09	Aaa		935,286
1,100,000		Wachovia Bank Commercial Mortgage Trust Series 2002 -C2 (Class A4)	4.980	11/15/34	Aaa		1,125,372
2,000,000		Wachovia Bank Commercial Mortgage Trust Series 2004 -C15 (Class A4)	4.803	10/15/41	Aaae		1,991,806
		TOTAL OTHER MORTGAGE BACKED SECURITIES					33,269,792
PAPER AND ALLIED PRODUCTS - 0.60%
550,000		International Paper Co Note	3.800	04/01/08	Baa2		547,360
2,020,000		International Paper Co Note	5.850	10/30/12	Baa2		2,151,748
1,660,000		Kimberly-Clark Corp Note	7.100	08/01/07	Aa2		1,802,760
1,500,000		Sappi Papier Holding AG (Guarantee Note)	6.750	06/15/12	Baa3		1,666,664
		TOTAL PAPER AND ALLIED PRODUCTS					6,168,532

382

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
PETROLEUM AND COAL PRODUCTS - 0.25%
$   550,000		Conoco, Inc (Sr Note)	6.950	04/15/29	A3	$	647,432
550,000		ConocoPhillips (Guarantee Note)	5.900	10/15/32	A3		575,035
400,000		Enterprise Products Operating LP (Sr Note)	4.000	10/15/07	Baa3		399,024
500,000		Enterprise Products Operating LP (Sr Note)	4.625	10/15/09	Baa3		499,217
400,000		Enterprise Products Operating LP (Sr Note)	6.650	10/15/34	Baa3		413,708
		TOTAL PETROLEUM AND COAL PRODUCTS					2,534,416
PIPELINES, EXCEPT NATURAL GAS - 0.15%
1,000,000		Enbridge Energy Partners LP Note	4.000	01/15/09	Baa2		985,117
550,000		TransCanada Pipelines Ltd Note	4.000	06/15/13	A2		519,036
		TOTAL PIPELINES, EXCEPT NATURAL GAS					1,504,153
PRIMARY METAL INDUSTRIES - 0.11%
500,000		Alcan, Inc	6.125	12/15/33	Baa1		531,771
500,000		Alcoa, Inc Note	6.500	06/01/11	A2		559,657
		TOTAL PRIMARY METAL INDUSTRIES					1,091,428
PRINTING AND PUBLISHING - 0.25%
410,000		Belo (A.H.) Corp Series B Deb Note	7.250	09/15/27	Baa3		465,006
1,700,000		Viacom, Inc (Guarantee Note)	7.700	07/30/10	A3		1,981,486
140,000		Viacom, Inc (Guarantee Note)	6.625	05/15/11	A3		156,987
		TOTAL PRINTING AND PUBLISHING					2,603,479
RAILROAD TRANSPORTATION - 0.28%
1,000,000		Burlington North Santa Fe Note	5.900	07/01/12	Baa2		1,080,476
550,000		Canadian National Railway Co Note	4.400	03/15/13	Baa1		539,270
550,000		Norfolk Southern Corp (Sr Note)	7.250	02/15/31	Baa1		660,350
500,000		Union Pacific Corp Note	6.500	04/15/12	Baa2		556,319
		TOTAL RAILROAD TRANSPORTATION					2,836,415
SECURITY AND COMMODITY BROKERS - 1.91%
410,000		Bear Stearns Cos, Inc Note	5.700	11/15/14	A1		433,489
500,000		Goldman Sachs Group Inc Note	5.250	10/15/13	Aa3		511,683
750,000		Goldman Sachs Group, Inc (Sub Note)	6.345	02/15/34	A1		776,365
750,000		Goldman Sachs Group, Inc Note	6.125	02/15/33	Aa3		773,467
1,100,000		Lehman Brothers Holdings, Inc Note	6.250	05/15/06	A1		1,143,894
3,200,000		Lehman Brothers Holdings, Inc Note	4.000	01/22/08	A1		3,224,023
650,000		Lehman Brothers Holdings, Inc Note	4.800	03/13/14	A1		642,429
1,000,000	d	Merrill Lynch & Co, Inc Note	5.000	01/15/15	Aa3		995,471
830,000		Morgan Stanley Note	3.625	04/01/08	Aa3		824,628
1,500,000		Morgan Stanley Note	4.000	01/15/10	Aa3e		1,483,123
3,160,000		Morgan Stanley Note	5.300	03/01/13	Aa3		3,255,110
4,994,000		Morgan Stanley Tracers	6.787	06/15/12	Baa2		5,572,355
		TOTAL SECURITY AND COMMODITY BROKERS					19,636,037
STONE, CLAY, AND GLASS PRODUCTS - 0.03%
280,000		CRH America Inc (Guarantee Note)	6.400	10/15/33			303,134
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					303,134

383

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
TRANSPORTATION EQUIPMENT - 1.18%
$   830,000		DaimlerChrysler NA Holding Corp (Guarantee Note)	8.500	01/18/31	A3	$	1,030,304
410,000		DaimlerChrysler NA Holding Corp Note	6.500	11/15/13	A3		443,283
1,000,000		Ford Motor Co Note	7.450	07/16/31	Baa1		995,913
500,000		General Dynamics Corp Note	3.000	05/15/08	A2		488,098
3,000,000		General Motors Acceptance Corp	5.625	05/15/09	Baa1		2,990,341
1,000,000		General Motors Acceptance Corp Note	6.750	12/01/14	Baa1		995,736
1,250,000		General Motors Corp Deb	8.375	07/15/33	Baa2		1,285,808
830,000		Harsco Corp Note	5.125	09/15/13	A3		838,929
550,000		Lockheed Martin Corp Bond	8.500	12/01/29	Baa2		751,210
410,000		Northrop Grumman Corp (Guarantee Note)	7.750	02/15/31	Baa2		518,471
550,000		United Technologies Corp Note	4.875	11/01/06	A2		563,591
1,100,000		United Technologies Corp Note	6.350	03/01/11	A2		1,214,710
		TOTAL TRANSPORTATION EQUIPMENT					12,116,394
WHOLESALE TRADE-DURABLE GOODS - 0.04%
410,000		Johnson & Johnson Deb	3.800	05/15/13	Aaa		390,746
		TOTAL WHOLESALE TRADE-DURABLE GOODS					390,746
WHOLESALE TRADE-NONDURABLE GOODS - 0.10%
1,000,000		GlaxoSmithKline Capital Inc (Guarantee Note)	5.375	04/15/34	Aa2		988,248
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					988,248
		TOTAL CORPORATE BONDS					285,839,131
		(Cost$279,188,204)
GOVERNMENT BONDS - 68.79%
AGENCY SECURITIES - 15.80%
$   16,020,000	d	Federal Farm Credit Bank (FFCB)	2.250	09/01/06	Aaa		15,781,094
5,000,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		4,958,190
6,550,000		Federal Farm Credit Bank (FFCB)	3.300	11/05/08	Aaa		6,454,547
6,000,000		Federal Home Loan Bank (FHLB)	3.125	09/15/06	Aaa		5,993,742
1,820,000		Federal Home Loan Mortgage Corp (FHLMC)	5.750	04/15/08	Aaa		1,941,728
3,870,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	05/12/09	Aaa		3,866,854
15,000,000	d	Federal Home Loan Mortgage Corp (FHLMC)	4.250	07/15/09	Aaa		15,260,715
15,000,000		Federal Home Loan Mortgage Corp (FHLMC)	7.000	03/15/10	Aaa		17,119,136
20,248,000		Federal Home Loan Mortgage Corp (FHLMC)	5.875	03/21/11	Aa2		21,860,733
3,870,000		Federal Home Loan Mortgage Corp (FHLMC)	6.375	08/01/11	Aa2		4,011,693
4,400,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000	07/15/14	Aaa		4,543,719
2,430,000		Federal National Mortgage Association (FNMA)	5.250	06/15/06	Aaa		2,501,556
6,000,000		Federal National Mortgage Association (FNMA)	2.625	11/15/06	Aaa		5,934,780
8,290,000	d	Federal National Mortgage Association (FNMA)	5.000	01/15/07	Aaa		8,563,198
4,000,000		Federal National Mortgage Association (FNMA)	3.410	08/30/07	Aaa		3,986,504
3,000,000		Federal National Mortgage Association (FNMA)	3.375	12/15/08	Aaa		2,961,351
18,000,000	d	Federal National Mortgage Association (FNMA)	7.125	06/15/10	Aaa		20,689,596
16,000,000		Federal National Mortgage Association (FNMA)	4.625	10/15/14	Aaa		16,012,016
		TOTAL AGENCY SECURITIES					162,441,152
FOREIGN GOVERNMENT BONDS - 0.89%
280,000		Canada Government Bond	6.750	08/28/06	Aaa		296,336
410,000		Chile Government International Bond	5.500	01/15/13	Baa1		430,787
410,000		Korea Development Bank Note	5.750	09/10/13	A3		432,960

384

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY	MOODYS
PRINCIPAL			RATE	DATE	RATING	VALUE
$   966,000		Mexico Government International Bond	5.875	01/15/14	Baa2	$	989,667
550,000		Mexico Government International Bond	8.300	08/15/31	Baa2		642,813
1,500,000		Mexico Government International Bond Note	6.750	09/27/34	Baa2		1,481,250
410,000		Mexico Government International Note	6.375	01/16/13	Baa2		434,600
550,000		Province of Ontario, Canada (Sr Unsub Note)	5.500	10/01/08	Aa2		584,785
550,000		Province of Ontario, Canada Note	5.125	07/17/12	Aa2		579,386
1,380,000		Province of Quebec Deb	7.500	09/15/29	A1		1,791,868
1,380,000		Province of Quebec Note	5.000	07/17/09	A1		1,440,455
		TOTAL FOREIGN GOVERNMENT BONDS					9,104,907
MORTGAGE BACKED SECURITIES - 30.99%
214,567		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500	01/01/16			227,595
14,534		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500	05/01/16			15,417
16,720		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500	06/01/16			17,734
2,776,547		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	05/01/18			2,821,922
2,809,058		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	06/01/18			2,854,964
6,009,938		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500	09/01/18			6,004,175
6,280,163		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500	01/01/19			6,263,075
2,758,566		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500	01/01/19			2,755,921
186,783		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	10/01/20			198,969
20,943		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	10/01/28			22,018
245,730	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	01/01/29			258,340
40,965		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	03/01/29			43,068
193,244		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	07/01/29			203,070
78,192		Federal Home Loan Mortgage Corp Gold (FGLMC)	8.000	01/01/31			84,735
312,250	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	09/01/31			327,954
338,456		Federal Home Loan Mortgage Corp Gold (FGLMC)	8.000	09/01/31			366,640
176,214		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	10/01/31			186,758
1,899,451		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.000	12/01/31			2,013,749
1,149,512		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.500	08/01/32			1,207,036
8,024,942	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	09/01/33			7,985,965
3,201,275		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	09/01/33			3,255,108
4,153,798		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	09/01/33			4,223,649
4,285,835		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	09/01/33			4,357,906
5,263,843		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	09/01/33			5,440,009
5,146,127		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	10/01/33			5,232,665
4,152,910		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.500	10/01/33			4,222,745
8,838,274	d	Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	11/01/33			8,795,347
5,720,112		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	11/01/33			5,692,330
2,861,500		Federal Home Loan Mortgage Corp Gold (FGLMC)	5.000	11/01/33			2,847,602
1,571,202		Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	11/01/33			1,623,786
3,000,000	h	Federal Home Loan Mortgage Corp Gold (FGLMC)	6.000	01/15/34			3,098,436
116,329		Federal National Mortgage Association (FNMA)	6.000	09/01/13			122,159
3,781,459		Federal National Mortgage Association (FNMA)	4.741	10/01/13			3,836,900
94,323		Federal National Mortgage Association (FNMA)	6.500	12/01/13			100,111
3,952,579		Federal National Mortgage Association (FNMA)	4.760	02/01/14			4,007,912
49,584		Federal National Mortgage Association (FNMA)	6.000	06/01/14			52,052
19,036		Federal National Mortgage Association (FNMA)	6.500	07/01/14			20,202
6,991,880		Federal National Mortgage Association (FNMA)	4.640	11/01/14			6,967,961
188,405		Federal National Mortgage Association (FNMA)	6.500	10/01/16			199,824
1,557,801	d	Federal National Mortgage Association (FNMA)	6.500	11/01/16			1,652,209
1,111,049	d	Federal National Mortgage Association (FNMA)	6.500	04/01/17			1,178,380
1,352,600		Federal National Mortgage Association (FNMA)	6.000	11/01/17			1,418,165
1,123,476		Federal National Mortgage Association (FNMA)	6.000	02/01/18			1,177,879
3,000,000	h	Federal National Mortgage Association (FNMA)	4.500	02/25/35			2,892,186
8,000,000	h	Federal National Mortgage Association (FNMA)	5.000	01/25/19			8,125,000
10,000,000	h	Federal National Mortgage Association (FNMA)	5.000	02/25/35			9,893,750
5,000,000	h	Federal National Mortgage Association (FNMA)	5.500	01/25/19			5,165,625

385

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	VALUE
$  27,000,000	h	Federal National Mortgage Association (FNMA)	5.500	01/25/34	$	27,405,000
1,056,244		Federal National Mortgage Association (FNMA)	5.500	04/01/18		1,092,525
290,890		Federal National Mortgage Association (FNMA)	5.500	05/01/18		300,883
3,760,899		Federal National Mortgage Association (FNMA)	4.500	10/01/18		3,757,394
8,326,764	d	Federal National Mortgage Association (FNMA)	5.000	11/01/18		8,468,003
670,960		Federal National Mortgage Association (FNMA)	6.000	01/01/19		699,954
1,822,246		Federal National Mortgage Association (FNMA)	5.000	11/01/23		1,831,322
1,751,129		Federal National Mortgage Association (FNMA)	5.500	02/01/24		1,791,344
953,382		Federal National Mortgage Association (FNMA)	5.500	07/01/24		975,030
10,228		Federal National Mortgage Association (FNMA)	8.000	07/01/24		11,133
6,584		Federal National Mortgage Association (FNMA)	7.500	01/01/29		7,070
18,252		Federal National Mortgage Association (FNMA)	6.500	04/01/29		19,174
18,371		Federal National Mortgage Association (FNMA)	7.500	07/01/29		19,691
3,956		Federal National Mortgage Association (FNMA)	7.500	07/01/29		4,241
10,624		Federal National Mortgage Association (FNMA)	7.500	02/01/31		11,384
48,738		Federal National Mortgage Association (FNMA)	7.500	03/01/31		52,223
20,643		Federal National Mortgage Association (FNMA)	7.500	05/01/31		22,120
395,426		Federal National Mortgage Association (FNMA)	6.500	06/01/31		415,109
52,318		Federal National Mortgage Association (FNMA)	6.500	09/01/31		54,923
43,828		Federal National Mortgage Association (FNMA)	6.500	10/01/31		46,010
262,699		Federal National Mortgage Association (FNMA)	6.500	11/01/31		275,775
674,861		Federal National Mortgage Association (FNMA)	6.000	01/01/32		698,768
38,000,000	h	Federal National Mortgage Association (FNMA)	6.000	01/25/32		39,282,500
26,000,000	h	Federal National Mortgage Association (FNMA)	6.500	01/25/32		27,259,388
1,541,408		Federal National Mortgage Association (FNMA)	5.500	07/01/33		1,566,196
1,762,090		Federal National Mortgage Association (FNMA)	5.500	07/01/33		1,791,582
2,741,136		Federal National Mortgage Association (FNMA)	4.500	08/01/33		2,654,204
2,802,167		Federal National Mortgage Association (FNMA)	5.500	09/01/33		2,847,229
2,259,148		Federal National Mortgage Association (FNMA)	5.500	09/01/33		2,295,478
4,624,371		Federal National Mortgage Association (FNMA)	4.500	10/01/33		4,477,714
7,067,369		Federal National Mortgage Association (FNMA)	5.500	10/01/33		7,181,019
5,412,858		Federal National Mortgage Association (FNMA)	5.500	10/01/33		5,499,903
9,850,900	d	Federal National Mortgage Association (FNMA)	5.500	10/01/33		10,009,313
6,301,879		Federal National Mortgage Association (FNMA)	5.000	12/01/33		6,264,913
7,916,235	d	Federal National Mortgage Association (FNMA)	5.500	12/01/33		8,043,536
2,709,668		Federal National Mortgage Association (FNMA)	6.000	01/01/34		2,803,119
1,801,652		Federal National Mortgage Association (FNMA)	5.000	03/01/34		1,791,084
5,420,588		Federal National Mortgage Association (FNMA)	5.000	03/01/34		5,388,791
2,775,175		Federal National Mortgage Association (FNMA)	5.000	04/01/34		2,758,896
1,624		Government National Mortgage Association (GNMA)	7.000	01/15/28		1,730
5,288		Government National Mortgage Association (GNMA)	7.000	02/15/28		5,630
82,303		Government National Mortgage Association (GNMA)	6.500	05/15/28		86,803
6,119		Government National Mortgage Association (GNMA)	7.000	06/15/28		6,514
11,027		Government National Mortgage Association (GNMA)	7.000	06/15/28		11,739
191,812		Government National Mortgage Association (GNMA)	6.500	09/15/28		202,300
33,003		Government National Mortgage Association (GNMA)	6.500	09/15/28		34,808
14,593		Government National Mortgage Association (GNMA)	7.500	11/15/28		15,682
86,731		Government National Mortgage Association (GNMA)	6.500	11/15/28		91,473
35,495		Government National Mortgage Association (GNMA)	7.500	07/15/29		38,131
5,884		Government National Mortgage Association (GNMA)	8.500	07/15/30		6,424
4,035		Government National Mortgage Association (GNMA)	8.500	07/15/30		4,405
52,207		Government National Mortgage Association (GNMA)	8.500	10/15/30		56,994
127,988		Government National Mortgage Association (GNMA)	8.500	10/20/30		139,211
23,153		Government National Mortgage Association (GNMA)	8.500	11/15/30		25,276
15,687		Government National Mortgage Association (GNMA)	8.500	12/15/30		17,126
26,189		Government National Mortgage Association (GNMA)	7.000	06/20/31		27,747
71,976		Government National Mortgage Association (GNMA)	7.000	07/15/31		76,502
120,142		Government National Mortgage Association (GNMA)	7.000	07/15/31		127,697

386

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	VALUE
$       67,032		Government National Mortgage Association (GNMA)	6.500	07/15/31	$	70,625
427,924		Government National Mortgage Association (GNMA)	7.500	02/15/32		459,574
11,467		Government National Mortgage Association (GNMA)	6.500	03/15/33		12,075
5,715,204		Government National Mortgage Association (GNMA)	5.500	09/15/33		5,842,687
1,901,033		Government National Mortgage Association (GNMA)	6.000	07/20/34		1,969,256
		TOTAL MORTGAGE BACKED SECURITIES				318,663,353
U.S. TREASURY SECURITIES - 21.10%
20,440,000		U.S. Treasury Bond	11.750	02/15/10		20,664,635
14,090,000	d	U.S. Treasury Bond	10.000	05/15/10		14,474,939
47,000,000		U.S. Treasury Bond	8.000	11/15/21		64,532,880
3,360,000		U.S. Treasury Bond	5.375	02/15/31		3,632,462
580,000		U.S. Treasury Note	2.000	08/31/05		577,703
425,000		U.S. Treasury Note	4.625	05/15/06		434,852
1,200,000	d	U.S. Treasury Note	2.750	06/30/06		1,196,808
24,390,000		U.S. Treasury Note	2.375	08/15/06		24,159,515
450,000		U.S. Treasury Note	2.500	09/30/06		446,135
21,925,000		U.S. Treasury Note	2.625	11/15/06		21,764,070
1,650,000		U.S. Treasury Note	2.250	02/15/07		1,622,214
1,900,000		U.S. Treasury Note	2.750	08/15/07		1,879,347
2,550,000		U.S. Treasury Note	3.000	11/15/07		2,534,470
8,140,000		U.S. Treasury Note	3.250	08/15/08		8,103,452
2,125,000		U.S. Treasury Note	3.125	04/15/09		2,092,743
1,600,000		U.S. Treasury Note	3.375	09/15/09		1,585,360
50,000		U.S. Treasury Note	3.500	11/15/09		49,768
20,650,000	d,h	U.S. Treasury Note	3.500	12/15/09		20,550,054
200,000		U.S. Treasury Note	4.750	05/15/14		208,408
200,000		U.S. Treasury Note	4.250	11/15/14		200,500
18,621,280	d,k	U.S. Treasury Inflation Indexed	3.875	01/15/09		20,883,203
5,164,892	d,k	U.S. Treasury Inflation Indexed	2.000	01/15/14		5,347,050
		TOTAL U.S. TREASURY SECURITIES				216,940,568
		TOTAL GOVERNMENT BONDS				707,149,980
		(Cost $706,980,416)
		TOTAL BONDS				992,989,111
		(Cost $986,186,695)
SHORT TERM INVESTMENTS - 15.58%
COMMERCIAL PAPER -4.96%
5,000,000	c,d	BMW US Capital LLC	2.150	01/03/05		4,999,050
5,000,000		Caterpillar Financial Services Corp	2.070	01/03/05		4,999,050
4,000,000		Citicorp	2.190	02/08/05		3,989,860
5,000,000	c	Corporate Asset Funding Corp, Inc	2.050	01/05/05		4,998,417
1,120,000	c	Edison Asset Securitization, LLC	2.230	01/25/05		1,118,227
5,000,000	c,d	Govco Incorporated	2.170	01/03/05		4,999,050
5,000,000	c	Kimberly-Clark Worldwide, Inc	2.220	01/07/05		4,997,783
5,000,000	c	Preferred Receivables Funding Corp	2.350	01/31/05		4,989,925
3,040,000		Rabobank Usa Financial Corp	2.290	02/02/05		3,033,479
2,850,000	c	Ranger Funding Company LLC	2.340	01/06/05		2,848,917
5,000,000		UBS Finance Delaware LLC	2.300	01/06/05		4,998,100
5,000,000	c	Unilever Capital Corp	2.220	01/03/05		4,999,050
		TOTAL COMMERCIAL PAPER				50,970,908

387

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	VALUE
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 10.62%
$   10,000,000		Federal Home Loan Bank (FHLB)	2.230	01/05/05	$	9,997,014
14,200,000		Federal Home Loan Bank (FHLB)	2.260	01/19/05		14,183,587
27,875,000		Federal Home Loan Bank (FHLB)	2.240	01/26/05		27,830,911
12,000,000		Federal National Mortgage Association (FNMA)	2.180	01/04/05		11,997,133
11,550,000		Federal National Mortgage Association (FNMA)	2.270	01/10/05		11,543,102
17,420,000		Federal National Mortgage Association (FNMA)	2.170	01/18/05		17,400,925
16,425,000	d	Federal National Mortgage Association (FNMA)	2.480	04/29/05		16,288,181
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				109,240,853
		TOTAL SHORT TERM INVESTMENTS				160,211,761
		(Cost $160,222,511)
		TOTAL PORTFOLIO - 112.14%				1,153,200,872
		(Cost $1,146,409,206)
		OTHER ASSETS AND LIABILITIES, NET - (12.14%)				(124,808,001	)
		NET ASSETS - 100.00%			$	1,028,392,871

c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt from registration to qualified institutional buyers
	At December 31, 2004, the value of these securities amounted to $498,946 or 0.05% of net assets.
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.
v	Security valued at fair value.
	For ease of presentation, we have grouped a number of industry classification categories together in the Statement of Investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

388

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Inflation-Linked Bond Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INFLATION-LINKED BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

				MATURITY
PRINCIPAL			RATE	DATE	VALUE
GOVERNMENT BONDS - 99.15%
U.S. TREASURY SECURITIES - 99.15%
$22,887,856	k	U.S.Treasury Inflation Indexed Bond	4.250	01/15/10	$	26,549,914
21,409,696	k	U.S.Treasury Inflation Indexed Bond	0.875	04/15/10		21,199,025
22,097,626	k	U.S.Treasury Inflation Indexed Bond	3.500	01/15/11		25,098,042
12,146,601	k	U.S.Treasury Inflation Indexed Bond	3.375	01/15/12		13,831,942
43,136,723	k	U.S.Treasury Inflation Indexed Bond	3.000	07/15/12		48,137,995
36,294,739	k	U.S.Treasury Inflation Indexed Bond	1.875	07/15/13		37,326,598
38,938,119	k	U.S.Treasury Inflation Indexed Bond	2.000	01/15/14		40,311,467
34,366,907	k	U.S.Treasury Inflation Indexed Bond	2.000	07/15/14		35,462,525
19,816,157	k	U.S.Treasury Inflation Indexed Bond	2.375	01/15/25		21,169,205
34,706,443	k	U.S.Treasury Inflation Indexed Bond	3.625	04/15/28		45,521,319
39,510,295	k	U.S.Treasury Inflation Indexed Bond	3.875	04/15/29		54,162,689
9,747,696	k	U.S.Treasury Inflation Indexed Bond	3.375	04/15/32		12,890,548
35,195,405	k	U.S.Treasury Inflation Indexed Note	3.375	01/15/07		37,284,956
35,691,375	k	U.S.Treasury Inflation Indexed Note	3.625	01/15/08		38,892,535
32,831,580	k	U.S.Treasury Inflation Indexed Note	3.875	01/15/09		36,819,632
		TOTAL U.S. TREASURY SECURITIES				494,658,392
		TOTAL GOVERNMENT BONDS
		(Cost 480,370,191)				494,658,392
SHORT TERM INVESTMENTS - 0.45%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.45%
2,250,000		Federal Home Loan Banks (FHLB)	1.000	01/03/05		2,249,597
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				2,249,597
		TOTAL SHORT TERM INVESTMENTS
		(Cost $2,249,844)				2,249,597
		TOTAL PORTFOLIO - 99.60%
		(Cost $482,620,035)				496,907,989
		OTHER ASSETS & LIABILITIES, NET- 0.40%				2,008,539
		NET ASSETS - 100.00%			$	498,916,528

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 Statement of Investments. Note that the Funds use more specific industry categories in following their investment limitations on industry concentration.

389

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

				MATURITY
PRINCIPAL			RATE	DATE	VALUE
SHORT TERM INVESTMENTS - 100.16%
CERTIFICATES OF DEPOSIT - 5.83%
$ 2,000,000		Credit Agricole USA, Inc	1.420	04/05/05	$	2,000,051
3,170,000		Toronto Dominion Bank	2.270	02/23/05		3,170,000
3,000,000		Toronto Dominion Bank	2.400	02/28/05		3,000,000
3,000,000		Wells Fargo	2.310	01/31/05		3,000,000
		TOTAL CERTIFICATES OF DEPOSIT				11,170,051
COMMERCIAL PAPER - 82.61%
1,600,000		Abbey National North America LLC	2.180	01/04/05		1,599,715
2,530,000		Abbey National North America LLC	2.250	02/02/05		2,524,940
4,311,000		ABN Amro North America Finance, Inc	2.260	01/11/05		4,308,294
3,000,000		ABN Amro North America Finance, Inc	2.310	01/13/05		2,997,767
1,320,000		American Honda Finance Corp	2.190	01/25/05		1,317,950
1,900,000		Barclays U.S. Funding Corp	2.370	02/22/05		1,893,935
2,590,000	c	Beta Finance, Inc	2.050	01/18/05		2,587,493
1,000,000	c	Beta Finance, Inc	1.980	01/20/05		998,955
1,890,000	c	Beta Finance, Inc	2.220	02/03/05		1,886,223
2,000,000	c	Beta Finance, Inc	2.400	03/15/05		1,990,267
5,870,000		Canadian Imperial Bank of Commerce	2.350	02/15/05		5,852,757
810,000		Canadian Imperial Holdings, Inc	2.390	02/28/05		806,881
1,025,000	c	Caterpillar Financial Services Corp	2.290	01/28/05		1,023,296
1,500,000	c	CC (USA), Inc	2.010	01/18/05		1,498,576
3,130,000	c	CC (USA), Inc	2.330	03/01/05		3,118,048
2,735,000	c	CC (USA), Inc	2.350	03/03/05		2,724,109
3,000,000	c	Ciesco Lp	2.030	01/05/05		2,999,323
4,585,000	c	Corporate Asset Funding Corp, Inc	2.050	01/05/05		4,583,956
350,000	c	Corporate Asset Funding Corp, Inc	2.240	01/18/05		349,636
4,000,000	c	Dorada Finance, Inc	2.120	02/08/05		3,991,302
2,000,000	c	Dorada Finance, Inc	2.240	02/15/05		1,994,400
1,550,000	c	Dorada Finance, Inc	2.340	02/25/05		1,544,246
2,500,000	c	Edison Asset Securitization, LLC	2.230	01/25/05		2,496,183
5,000,000	c	Edison Asset Securitization, LLC	2.220	02/18/05		4,985,200
1,060,000	c	Fcar Owner Trust I	2.520	05/03/05		1,050,948
1,880,000		General Electric Capital Corp	2.260	02/16/05		1,874,571
2,000,000	c	Govco, Inc	2.050	01/19/05		1,997,950
1,545,000	c	Govco, Inc	2.110	01/28/05		1,542,543
3,000,000	c	Govco, Inc	2.360	02/16/05		2,990,953
700,000	c	Govco, Inc	2.380	03/08/05		696,946
4,225,000	c	Greyhawk Funding LLC	2.020	01/07/05		4,223,578
3,000,000	c	Greyhawk Funding LLC	2.290	01/19/05		2,996,670
672,000	c	Greyhawk Funding LLC	2.540	05/17/05		665,552
1,975,000		Household Finance Corp	2.260	02/01/05		1,971,156
4,350,000	c	IBM Capital, Inc	1.960	01/06/05		4,348,816
870,000	c	Kitty Hawk Funding Corp	2.060	01/27/05		868,706
3,000,000	c	Kitty Hawk Funding Corp	2.220	02/07/05		2,993,155
1,000,000	c	Kitty Hawk Funding Corp	2.360	02/15/05		997,175
1,900,000	c	Links Finance LLC	1.980	01/12/05		1,898,863
1,500,000	c	Links Finance LLC	2.310	02/23/05		1,494,899
1,000,000	c	Links Finance LLC	2.440	03/10/05		995,445

390 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

				MATURITY
PRINCIPAL			RATE	DATE	VALUE
$  2,000,000		Morgan Stanley Dean Witter	2.200	01/10/05	$	1,998,900
3,000,000		Paccar Financial Corp	1.980	01/12/05		2,998,205
1,000,000		Paccar Financial Corp	1.910	01/24/05		998,785
1,015,000		Paccar Financial Corp	2.100	01/27/05		1,013,461
4,857,000	c	Park Avenue Receivables Corp	2.350	02/04/05		4,846,238
1,890,000	c	Private Export Funding Corp	1.960	01/12/05		1,888,868
5,285,000		Rabobank USA Financial Corp	1.990	01/26/05		5,277,525
1,300,000		Rabobank USA Financial Corp	2.250	01/27/05		1,297,862
880,000	c	Ranger Funding Co LLC	2.330	01/18/05		879,028
2,500,000	c	Ranger Funding Co LLC	2.350	01/21/05		2,497,016
3,000,000	c	Ranger Funding Co LLC	2.430	03/17/05		2,984,813
4,810,000		Royal Bank Of Scotland Plc	2.240	02/03/05		4,800,123
2,000,000	c	Scaldis Capital LLC	2.460	03/15/05		1,990,023
1,000,000	c	Sigma Finance, Inc	2.000	01/07/05		999,667
2,500,000	c	Sigma Finance, Inc	2.260	02/22/05		2,491,923
1,790,000	c	Sigma Finance, Inc	2.300	03/22/05		1,780,851
1,870,000		Societe Generale North America, Inc	2.250	02/22/05		1,863,923
4,000,000		Societe Generale North America, Inc	2.335	03/07/05		3,983,136
1,000,000		Societe Generale North America, Inc	2.450	03/28/05		994,147
3,080,000		UBS Finance, (Delaware), Inc	2.250	01/20/05		3,076,229
1,485,000		UBS Finance, (Delaware), Inc	2.290	01/24/05		1,482,846
3,215,000		UBS Finance, (Delaware), Inc	2.395	04/07/05		3,194,467
4,130,000	c	Variable Funding Capital Corp	2.170	01/03/05		4,129,502
1,760,000		Yorktown Capital, LLC	2.300	01/21/05		1,757,712
3,500,000		Yorktown Capital, LLC	2.350	02/14/05		3,489,947
2,000,000		Yorktown Capital, LLC	2.440	03/17/05		1,989,833
		TOTAL COMMERCIAL PAPER				158,386,408
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 10.69%
920,000		Federal Farm Credit Bank (FFCB)	1.750	01/10/05		919,598
730,000		Federal Farm Credit Bank (FFCB)	1.900	02/28/05		727,765
210,000		Federal Farm Credit Bank (FFCB)	1.100	01/05/05		209,974
106,000		Federal Home Loan Bank (FHLB)	1.950	02/24/05		105,690
2,000,000		Federal Home Loan Bank (FHLB)	1.935	03/11/05		1,992,660
2,005,000		Federal Home Loan Mortgage Corp (FHLMC)	2.450	03/29/05		1,993,166
1,510,000		Federal Home Loan Mortgage Corp (FHLMC)	2.720	08/23/05		1,483,303
967,000		Federal Home Loan Mortgage Corp (FHLMC)	1.870	02/28/05		964,040
829,000		Federal Home Loan Mortgage Corp (FHLMC)	1.510	03/10/05		826,636
180,000		Federal Home Loan Mortgage Corp (FHLMC)	1.585	01/05/05		179,962
3,025,000		Federal National Mortgage Association (FNMA)	2.250	02/01/05		3,019,139
2,390,000		Federal National Mortgage Association (FNMA)	2.270	02/14/05		2,383,281
3,111,000		Federal National Mortgage Association (FNMA)	2.370	03/02/05		3,098,712
2,410,000		Federal National Mortgage Association (FNMA)	2.540	05/04/05		2,389,085
197,000		Federal National Mortgage Association (FNMA)	2.630	06/24/05		194,496
						20,487,507
VARIABLE NOTE - 1.04%
2,000,000		Barclays Bank plc/NY (Dep Note)	2.338	09/29/05		1,999,408
		TOTAL VARIABLE NOTE				1,999,408
		TOTAL SHORT TERM INVESTMENTS				192,043,374
		(Cost $ 192,043,374)

391 TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

	VALUE
TOTAL PORTFOLIO - 100.16%
(Cost $ 192,043,374)	$	192,043,374
OTHER ASSETS & LIABILITIES, NET - (0.16%)		(313,429	)
NET ASSETS - 100.00%	$	191,729,945

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

392

The following is information about the holdings of the TIAA-CREF Lifecycle Funds in
the TIAA-CREF Institutional Mutual Funds as of December 31, 2004:
	Lifecycle 2010 Fund:			Lifecycle 2015 Fund:
	Number of Shares	Percent of Total Shares		Number of Shares	Percent of Total Shares
Fund	Held in Fund	Outstanding in the Fund		Held in Fund	Outstanding in the Fund
TIAA-CREF Institutional Mutual Funds:
Bond Fund	47,991	0.05	%	88,527	0.09	%
Growth Equity Fund	54,762	0.35	%	121,577	0.77	%
Inflation-Linked Bond Fund	45,549	0.11	%	85,584	0.21	%
International Equity Fund	11,592	0.02	%	26,706	0.05	%
Large-Cap Value Fund	27,107	0.99	%	62,853	2.30	%
Real Estate Securities Fund	4,624	0.04	%	10,817	0.08	%
Small-Cap Equity Fund	4,041	0.11	%	9,233	0.25	%

Lifecycle 2020 Fund:			Lifecycle 2025 Fund:			Lifecycle 2030 Fund:
Number of Shares	Percent of Total Shares		Number of Shares	Percent of Total Shares		Number of Shares	Percent of Total Shares
Held in Fund	Outstanding in the Fund		Held in Fund	Outstanding in the Fund		Held in Fund	Outstanding in the Fund
27,090	0.03	%	27,487	0.03	%	16,580	0.02	%
45,567	0.29	%	57,235	0.36	%	43,382	0.27	%
26,179	0.06	%	26,565	0.06	%	16,022	0.04	%
10,027	0.02	%	12,596	0.02	%	9,529	0.02	%
23,588	0.86	%	29,647	1.09	%	22,457	0.82	%
4,062	0.03	%	5,109	0.04	%	3,867	0.03	%
3,466	0.09	%	4,353	0.12	%	3,298	0.09	%

Lifecycle 2035 Fund:			Lifecycle 2040 Fund:			All Lifecycle Funds
Number of Shares	Percent of Total Shares		Number of Shares	Percent of Total Shares		Number of Shares	Percent of Total Shares
Held in Fund	Outstanding in the Fund		Held in Fund	Outstanding in the Fund		Held in Fund	Outstanding in the Fund
13,457	0.01	%	10,782	0.01	%	231,914	0.23	%
45,274	0.29	%	48,339	0.31	%	416,136	2.64	%
13,003	0.03	%	10,398	0.03	%	223,300	0.54	%
9,961	0.02	%	10,636	0.02	%	91,047	0.16	%
23,463	0.86	%	25,025	0.92	%	214,140	7.85	%
4,043	0.03	%	4,314	0.03	%	36,836	0.29	%
3,445	0.09	%	3,677	0.10	%	31,513	0.86	%

TIAA-CREF LIFECYCLE FUNDS
2010 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 100.00%
47,991	TIAA-CREF Institutional Bond Fund	$	490,946
54,762	TIAA-CREF Institutional Growth Equity Fund		373,476
45,549	TIAA-CREF Institutional Inflation-Linked Bond Fund		490,106
11,592	TIAA-CREF Institutional International Equity Fund		127,395
27,107	TIAA-CREF Institutional Large-Cap Value Fund		382,212
4,624	TIAA-CREF Institutional Real Estate Securities Fund		65,289
4,041	TIAA-CREF Institutional Small-Cap Equity Fund		62,675
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		1,992,099
	(Cost $1,995,367)
	TOTAL PORTFOLIO - 100.00%
	(Cost $1,995,367)		1,992,099
	OTHER ASSETS & LIABILITIES, NET - (0.00%)		(93	)
	NET ASSETS - 100.00%	$	1,992,006

TIAA-CREF LIFECYCLE FUNDS
2015 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 100.03%
88,527	TIAA-CREF Institutional Bond Fund	$	905,627
121,577	TIAA-CREF Institutional Growth Equity Fund		829,152
85,584	TIAA-CREF Institutional Inflation-Linked Bond Fund		920,882
26,706	TIAA-CREF Institutional International Equity Fund		293,496
62,853	TIAA-CREF Institutional Large-Cap Value Fund		886,230
10,817	TIAA-CREF Institutional Real Estate Securities Fund		152,733
9,233	TIAA-CREF Institutional Small-Cap Equity Fund		143,211
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		4,131,331
	(Cost $4,146,755)
	TOTAL PORTFOLIO - 100.03%
	(Cost $4,146,755)		4,131,331
	OTHER ASSETS & LIABILITIES, NET - (0.03%)		(1,036	)
	NET ASSETS - 100.00%	$	4,130,295

TIAA-CREF LIFECYCLE FUNDS
2020 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 100.01%
27,090	TIAA-CREF Institutional Bond Fund	$	277,128
45,567	TIAA-CREF Institutional Growth Equity Fund		310,770
26,179	TIAA-CREF Institutional Inflation-Linked Bond Fund		281,689
10,027	TIAA-CREF Institutional International Equity Fund		110,193
23,588	TIAA-CREF Institutional Large-Cap Value Fund		332,585
4,062	TIAA-CREF Institutional Real Estate Securities Fund		57,358
3,466	TIAA-CREF Institutional Small-Cap Equity Fund		53,757
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		1,423,480
	(Cost $1,400,966)
	TOTAL PORTFOLIO - 100.01%
	(Cost $1,400,966)		1,423,480
	OTHER ASSETS & LIABILITIES, NET - (0.01%)		(145	)
	NET ASSETS - 100.00%	$	1,423,335

TIAA-CREF LIFECYCLE FUNDS
2025 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.94%
27,487	TIAA-CREF Institutional Bond Fund	$	281,191
57,235	TIAA-CREF Institutional Growth Equity Fund		390,345
26,565	TIAA-CREF Institutional Inflation-Linked Bond Fund		285,838
12,596	TIAA-CREF Institutional International Equity Fund		138,432
29,647	TIAA-CREF Institutional Large-Cap Value Fund		418,030
5,109	TIAA-CREF Institutional Real Estate Securities Fund		72,133
4,353	TIAA-CREF Institutional Small-Cap Equity Fund		67,515
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		1,653,484
	(Cost $1,631,266)
	TOTAL PORTFOLIO - 99.94%
	(Cost $1,631,266)		1,653,484
	OTHER ASSETS & LIABILITIES, NET - 0.06%		947
	NET ASSETS - 100.00%	$	1,654,431

TIAA-CREF LIFECYCLE FUNDS
2030 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.96%
16,580	TIAA-CREF Institutional Bond Fund	$	169,618
43,382	TIAA-CREF Institutional Growth Equity Fund		295,863
16,022	TIAA-CREF Institutional Inflation-Linked Bond Fund		172,397
9,529	TIAA-CREF Institutional International Equity Fund		104,724
22,457	TIAA-CREF Institutional Large-Cap Value Fund		316,645
3,867	TIAA-CREF Institutional Real Estate Securities Fund		54,602
3,298	TIAA-CREF Institutional Small-Cap Equity Fund		51,149
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		1,164,998
	(Cost $1,132,919)
	TOTAL PORTFOLIO - 99.96%
	(Cost $1,132,919)		1,164,998
	OTHER ASSETS & LIABILITIES, NET - 0.04%		426
	NET ASSETS - 100.00%	$	1,165,424

TIAA-CREF LIFECYCLE FUNDS
2035 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.95%
13,457	TIAA-CREF Institutional Bond Fund	$	137,668
45,274	TIAA-CREF Institutional Growth Equity Fund		308,766
13,003	TIAA-CREF Institutional Inflation-Linked Bond Fund		139,917
9,961	TIAA-CREF Institutional International Equity Fund		109,473
23,463	TIAA-CREF Institutional Large-Cap Value Fund		330,833
4,043	TIAA-CREF Institutional Real Estate Securities Fund		57,090
3,445	TIAA-CREF Institutional Small-Cap Equity Fund		53,439
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		1,137,186
	(Cost $1,102,524)
	TOTAL PORTFOLIO - 99.95%
	(Cost $1,102,524)		1,137,186
	OTHER ASSETS & LIABILITIES, NET - 0.05%		575
	NET ASSETS - 100.00%	$	1,137,761

TIAA-CREF LIFECYCLE FUNDS
2040 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2004

Shares		Value
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 100.03%
10,782	TIAA-CREF Institutional Bond Fund	$	110,298
48,339	TIAA-CREF Institutional Growth Equity Fund		329,669
10,398	TIAA-CREF Institutional Inflation-Linked Bond Fund		111,883
10,636	TIAA-CREF Institutional International Equity Fund		116,894
25,025	TIAA-CREF Institutional Large-Cap Value Fund		352,853
4,314	TIAA-CREF Institutional Real Estate Securities Fund		60,921
3,677	TIAA-CREF Institutional Small-Cap Equity Fund		57,026
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		1,139,544
	(Cost $1,102,593)
	TOTAL PORTFOLIO - 100.03%
	(Cost $1,102,593)		1,139,544
	OTHER ASSETS & LIABILITIES, NET - (0.03%)		(367	)
	NET ASSETS - 100.00%	$	1,139,177

Item 2. Controls and Procedures.

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

               (b) Changes in internal controls. During the fourth quarter of 2004, certain policies, procedures and controls were implemented in TIAA-CREF’s information technology areas. These changes involved improved documentation, communication, training, and compliance monitoring over IT general controls and are intended to enhance IT processes, including those that support preparation of the financial statements. Efforts to ensure compliance with these policies are currently underway.

Item 3. Exhibits.

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

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

SIGNATURES

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

		TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
Date:    March 3, 2005	By:	/s/ Bertram L. Scott
		Bertram L. Scott
		Executive Vice President

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date:    March 3, 2005	By:	/s/ Bertram L. Scott
		Bertram L. Scott
		Executive Vice President
		(principal executive officer)
Date:    March 2, 2005	By:	/s/ Elizabeth A. Monrad
		Elizabeth A. Monrad
		Executive Vice President
		(principal financial officer)

EXHIBIT LIST

Item 3. Exhibits.

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

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

EX-99.CERT

EX-99.CERT

CERTIFICATION

I, Bertram L. Scott, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Institutional Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   March __, 2005	/s/ Bertram L. Scott
	Bertram L. Scott
	(principal executive officer)

EX-99.CERT

CERTIFICATION

I, Elizabeth A. Monrad, certify that:

1. I have reviewed this report on Form N-Q of the TIAA-CREF Institutional Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:   March 2, 2005	/s/ Elizabeth A. Monrad
	Elizabeth A. Monrad
	(principal financial officer)