N-CSRS 1 c36938_ncsrs.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number File No. 811-9301

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

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

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

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

Date of fiscal year end: September 30, 2005

Date of reporting period: March 31, 2005

Item 1. Reports to Stockholders.

2005 SEMIANNUAL REPORT

TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS


INSTITUTIONAL CLASS


MARCH 31, 2005
Financial statements (unaudited) including summary portfolios of investments

Growth Equity    Mid-Cap Value Index 
Growth & Income    Mid-Cap Blend Index 
International Equity    Small-Cap Growth Index 
Large-Cap Value    Small-Cap Value Index 
Mid-Cap Growth    Small-Cap Blend Index 
Mid-Cap Value    International Equity Index 
Small-Cap Equity    Real Estate Securities 
Large-Cap Growth Index    Social Choice Equity 
Large-Cap Value Index    Bond 
Equity Index    Inflation-Linked Bond 
S&P 500 Index    Money Market 
Mid-Cap Growth Index     
    Sign up for electronic delivery at
www.tiaa-cref.org/howto/edelivery.html
     

 



PERFORMANCE OVERVIEW AS OF MARCH 31, 2005

       
Average annual compound rates
       
of total return
    Inception       
Since
Institutional Class    date    1 year 5 years
inception
 
EQUITIES             
Growth Equity Fund    7/1/1999    –0.04 %  –12.53 %  –6.81 % 
Growth & Income Fund    7/1/1999    6.13   –4.24   –1.80  
International Equity Fund    7/1/1999    12.84   –3.62   4.84  
Large-Cap Value Fund    10/1/2002    14.25   —   24.68  
Mid-Cap Growth Fund    10/1/2002    9.84   —   27.37  
Mid-Cap Value Fund    10/1/2002    19.56   —   30.98  
Small-Cap Equity Fund    10/1/2002    6.29   —   26.22  
Large-Cap Growth Index Fund    10/1/2002    0.96   —   14.77  
Large-Cap Value Index Fund    10/1/2002    12.99   —   22.13  
Equity Index Fund    7/1/1999    7.02   –2.48   –0.13  
S&P 500 Index Fund    10/1/2002    6.53   —   17.86  
Mid-Cap Growth Index Fund    10/1/2002    8.23   —   25.44  
Mid-Cap Value Index Fund    10/1/2002    18.15   —   27.54  
Mid-Cap Blend Index Fund    10/1/2002    13.93   —   26.61  
Small-Cap Growth Index Fund    10/1/2002    0.68   —   23.50  
Small-Cap Value Index Fund    10/1/2002    9.70   —   26.32  
Small-Cap Blend Index Fund    10/1/2002    5.26   —   24.87  
International Equity Index Fund    10/1/2002    15.00   —   25.51  
Real Estate Securities Fund    10/1/2002    10.92   —   26.66  
Social Choice Equity Fund    7/1/1999    5.90   –2.33   –0.37  
 
FIXED INCOME             
Bond Fund    7/1/1999    1.15   7.22   6.75  
Inflation-Linked Bond Fund    10/1/2002    2.77   —   6.56  
Money Market Fund    7/1/1999    1.67   2.73   3.11  
NET ANNUALIZED YIELD      NET ANNUALIZED YIELD 
(30-day period ended 3/31/2005)     (7-day period ended 3/29/2005) 
 
Effective
  Current Effective 
Bond Fund  4.32 %    Money Market Fund* 2.63% 2.66% 

 

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

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

A better way to keep track of your investments

Many of our investors received this report electronically. That is the fastest way we can get information to you—because it avoids the time required to print the reports, bind them and deliver them by mail.

     Electronic delivery also enables you to save the report on your computer for easy reference tomorrow or a year from now. You can sign up for e-delivery at TIAA-CREF’s Web Center at www.tiaa-cref.org/howto/edelivery.html.

     We want to remind you that, beginning with the 2004 Annual Report, which was published at the end of November, the financial reports for the TIAA-CREF Institutional Mutual Funds list each fund’s 50 largest holdings or any holding that constitutes more than 1% of a fund’s portfolio. A complete list of each fund’s holdings is on file with the Securities and Exchange Commission. For details on how to obtain this information, please see page four.

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

Contents

Report to investors  2    Small-Cap Value Index Fund  69 
      Small-Cap Blend Index Fund  73 
More information for investors  4       
         International Equity Index Fund  77 
Special terms  5       Real Estate Securities Fund  81 
Understanding investment risk  6       Social Choice Equity Fund  85 
         Bond Fund  89 
Important information about expenses  8       Inflation-Linked Bond Fund  93 
Fund performance         Money Market Fund  97 
   Growth Equity Fund  9       
      Summary portfolios of investments  101 
   Growth & Income Fund  13       
   International Equity Fund  17    Financial statements   
   Large-Cap Value Fund  21       Statements of assets and liabilities  194 
   Mid-Cap Growth Fund  25       Statements of operations  202 
   Mid-Cap Value Fund  29       Statement of cash flows  210 
   Small-Cap Equity Fund  33       Statements of changes in net assets  212 
   Large-Cap Growth Index Fund  37       Financial highlights  228 
   Large-Cap Value Index Fund  41       Notes to financial statements  274 
   Equity Index Fund  45       
      How to reach us  Inside back cover 
   S&P 500 Index Fund  49       
   Mid-Cap Growth Index Fund  53       
   Mid-Cap Value Index Fund  57       
   Mid-Cap Blend Index Fund  61       
   Small-Cap Growth Index Fund  65       

Report to investors

The following report contains the performance and financial statements for the Institutional Share Class of the TIAA-CREF Institutional Mutual Funds for the six-month period that ended on March 31, 2005. The financial statements include information about other share classes, which are not the subject of this report.

In our continuing efforts to provide the best possible investment performance for our clients, TIAA-CREF has developed an approach to investing that is grounded in three key principles.

     Because we believe that the most important element of a successful investment plan is a well-crafted and consistently executed asset allocation plan, TIAA-CREF Institutional Mutual Funds offer funds that remain true to their stated investment objectives; each one maintains pure exposure to the asset class it invests in.

     We also believe that funds achieve better results by remaining fully invested in the market at all times rather than by moving into and out of the market in response to its ups and downs. The fourth quarter of 2004, which produced the lion’s share of the last year’s advance in the U.S. stock market, shows how gains can be concentrated in fleeting periods.

     Finally, we believe that close attention to expenses is crucial to achieving favorable long-term investment performance.

     Periods of changing market conditions, such as the six-month period

that ended March 31, 2005, represent an opportunity to evaluate the effectiveness of our strategies in comparison to alternative approaches. During this period, both equity and bond markets experienced reversals caused by wide swings in investor sentiment.

     In the fourth quarter of 2004, stock markets rose sharply. The Russell 3000® Index, which measures a broad range of U.S. stocks, was up 10.16%, and the Morgan Stanley EAFE® Index, which tracks many foreign markets, rose 15.21%. The investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index, returned 0.95%.

     During the first quarter of 2005, prospects for economic growth weakened, and the Russell 3000 gave back 2.20%. Foreign stocks lost 0.17%. Higher bond yields pushed bond prices down, and the Lehman index posted a 0.48% drop.

     Over this six-month period, our funds delivered competitive returns in nearly every category. Of the 20 equity funds offered by TIAA-CREF Institutional Mutual Funds, nine posted double-digit returns, while the Russell 3000 returned 7.73%.

     TIAA-CREF Institutional Mutual Funds provide investors with a choice of active, indexed and socially screened investment strategies. Many of our actively managed equity funds utilize an integrated approach to portfolio construction that combines research-based stock selection with quantitative risk-management methods, seeking to outperform

2   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 


Scott C. Evans
Executive Vice President and
Chief Investment Officer

their benchmarks within carefully managed risk levels.

     Of the six funds that use this integrated approach, the Mid-Cap Value Fund provided the highest degree of outperformance, returning 17.24%, versus 14.34% for its benchmark, the Russell Midcap® Value Index, and 10.81% for the fund’s peers in the Morningstar Mid-Cap Value category. Three of the other five funds using this approach beat their benchmarks, and four outperformed their Morningstar peers.

     Some investors prefer to invest in funds that utilize passive investment strategies that seek to match the performance of their benchmarks as closely as possible while maintaining the lowest possible costs. All eleven of our index funds closely tracked their benchmarks’ returns, minus the effects of expenses. The Social Choice Equity Fund underperformed its benchmark,

the Russell 3000 Index, primarily because its social screens prevented the fund from owning a number of oil and energy sector stocks that performed exceptionally well over the previous six months.

     During the six-month period, returns in the bond market were positive but well below historical norms. Our two-fixed income funds posted returns in line with their benchmarks. The Money Market Fund outpaced the overall money market and benefited from rising short-term interest rates. The following pages provide a detailed explanation of all the funds’ performance.

     As their returns during this recent period show, our funds can deliver solid performance under a variety of market conditions. While this is no guarantee of future results, our funds will always provide well-focused components for a wide range of allocation strategies. By ensuring that each of our funds stays true to its objective, we enable your allocation strategies to stay on track.


Scott C. Evans
Executive Vice President and
Chief Investment Officer


2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   3

 

More information for investors

Portfolio listings

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

     You can obtain a complete list of the TIAA-CREF Institutional Mutual Funds’ holdings (called “TIAA-CREF Institutional Mutual Funds Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended March 31, 2005) in the following ways:

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

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TIAA-CREF Institutional Mutual Funds • Institutional Class

 

Special terms

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

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

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

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

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

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

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

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

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

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

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

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

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

Underweight holding refers to a security whose percentage of a fund is smaller, in terms of market capitalization, than the security’s percentage of that fund’s benchmark, in terms of market capitalization. Fund managers may underweight those securities they think will produce lower returns than the benchmark. See also “Overweight holding.”
*      Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   5


Understanding investment risk

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

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

     The glossary below describes the general risks outlined above, as well as the special risks described in the discussions of each fund.

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

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

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

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

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

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

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

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

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

 

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TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

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

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

Prepayment and extension risk is the risk of a decline in value arising from changes in duration for certain fixed-income securities that allow for prepayment or extension.

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

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

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

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

Risks of inflation-indexed bonds include the risk that market values of inflation-indexed bonds can be affected by changes in investors’ inflation expectations or changes in “real” rates of interest (i.e., a security’s return above the inflation rate). Also, the infla-tion index that a bond is intended to track may not accurately reflect the true rate of inflation. If the market perceives that an index does not accurately reflect inflation, the market value of inflation-indexed bonds could be adversely affected. In addition, an investment in a fund that invests in inflation-indexed bonds is subject to certain special tax considerations.

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

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

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

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   7

 

Important information about expenses    
  DISCLOSURE

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

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

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

 

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TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

Growth Equity Fund | Large-cap growth stocks  
  DISCUSSION

Performance in the six months ended March 31, 2005

The Growth Equity Fund returned 3.76% for the Institutional Share Class, lagging the fund’s benchmark, the Russell 1000® Growth Index, which returned 4.71%, and the 5.42% average return of similar funds, as measured by the Morningstar Large Growth category.

Growth continues to trail value

The Growth Equity Fund invests primarily in large-cap growth stocks. During the six months ended March 31, 2005, investors demonstrated a strong preference for large-cap value stocks over large-cap growth issues. Large-cap value stocks, as measured by the Russell 1000 Value Index, returned 10.48% for period.

     Within the growth category, the Russell 1000 Growth Index was outpaced by both the 7.23% return of the Russell 2000® Growth Index, which measures small-cap growth stocks, and the 12.04% return of the Russell Midcap® Growth Index.

     A fourth-quarter stock market rally lifted large-cap growth stocks to a 9.17% gain, but that was reduced by a 4.09% drop in the first quarter of 2005, driven by large declines in the financial, technology, and auto and transportation sectors.

Effects of stock selections

The fund’s return underperformed the benchmark’s because of individual stock selections. The largest detractors from relative performance included positions in pharmaceuticals company Biogen and security software maker Symantec. The fund held larger amounts of these stocks than their benchmark weightings, but they did not perform as anticipated. Relative performance was also reduced by an out-of-benchmark position in Accenture, the consulting firm, and by not owning United-Health Group, which produced strong returns.

     These detractors were partially offset by successful positions in many stocks that outperformed the benchmark, including Starwood Hotels & Resorts, online medical prescription provider Express Scripts and Gillette. A holding in agricultural-supply giant Monsanto was the largest single contributor to fund returns. The stock returned 53.0% in the fourth quarter of 2004 and 16.5% in the first quarter of 2005, but is not included in the index.

     The fund invested 2.53% of its total invested assets in foreign securities as of March 31, 2005.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   9

 

Growth Equity Fund | Large-cap growth stocks  

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005        Ticker symbol: TIEQX 
  Average annual compound   Cumulative rates 
  rates of total return*   of total return* 
      since       since 
  1 year 5 years inception1 6 months 5 years  inception1 
 Growth Equity Fund                 
     Institutional Class  –0.04 %  –12.53 %  –6.81 %  3.76 %  –48.81 % –33.35 % 
 Benchmark:                 
     Russell 1000 Growth Index2  1.16   –11.27   –5.78   4.71   –45.02   –29.00  
 Peer group:                 
     Morningstar Large Growth  1.59   –9.71   –4.03   5.42   –39.99   –19.19  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: July 1, 1999
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

10   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

   PERFORMANCE

 

$10,000 invested at fund’s inception
Institutional Class (inception July 1, 1999)

An investment of $10,000 in this fund on July 1, 1999, would be worth $6,665 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†
Institutional Class

Best quarter: 22.43%, for the quarter ended December 31, 1999
Worst quarter: –22.50%, for the quarter ended March 31, 2001
†    Does not include returns from July 1, 1999 through September 30, 1999. 
*    Partial fiscal year 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   11

 

 

Growth Equity Fund | Large-cap growth stocks   
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
  Growth Equity Fund (Institutional Class)—expense example
 
Starting fund value
Ending fund value   Expenses paid†
 
(10/1/04)
(3/31/05)   (10/1/04–3/31/05)
Actual return    $1,000.00     $1,037.60     $0.71  
5% annual hypothetical return  1,000.00   1,024.29 ‡  0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts   
 
  Percent of     Inception date   
 Capitalization as of 3/31/2005  net assets         Institutional Class  7/1/1999 
 Net assets (3/31/2005)  $104.68 million 
 Large: over $5 billion  93.94   
 Middle: $1 billion–$5 billion  6.05     
 Small: under $1 billion  0.01       
 Total  100.00       

 

12   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

Growth & Income Fund | Dividend-paying stocks  
  DISCUSSION


Performance in the six months
ended March 31, 2005

The Growth & Income Fund returned 7.52% for the Institutional Share Class, topping the fund’s benchmark, the S&P 500® Index, which returned 6.88%, and the 7.14% average return of similar funds, as measured by the Morningstar Large Blend category.

Large caps trail the broader market

In the six months ended March 31, 2005, the large-cap stocks of the S&P 500 lagged the overall U.S. stock market. The Russell 3000® Index, which includes stocks of all sizes, rose 7.73%. The Russell’s slightly higher return was made possible by the superior performance of small-and mid-cap stocks, compared with that of large caps. Most of the gains of large-cap stocks and of the broader market occurred in the fourth quarter of 2004, when U.S. equities surged.

Stock selections lift the fund above the benchmark

The fund’s return outpaced the benchmark on the strength of individual stock selections. Relative performance was helped primarily by overweight positions in a number of stocks that outperformed the benchmark index, including ExxonMobil and agricultural-supply giant Monsanto, which was the fund’s best-performing stock. The fund also benefited from positions in network storage products maker Emulex and semiconductor/ communications equipment manufacturer Marvell Technology, two stocks not included in the benchmark.

     The biggest detractors from relative performance included an underweight in ConocoPhillips—an energy company that advanced amid soaring oil prices—and overweights in two technology companies, Sun Microsystems and Computer Sciences, that did not perform as anticipated.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   13

 

Growth & Income Fund |  Dividend-paying stocks 
  DISCUSSION

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005        Ticker symbol: TIGRX  
  Average annual compound   Cumulative rates
  rates of total return*   of total return*
      since     since
  1 year 5 years inception1 6 months 5 years inception1
 Growth & Income Fund             
     Institutional Class  6.13 %  –4.24 %  –1.80 %  7.52 %  –19.49 %  –9.94 % 
 Benchmark:             
     S&P 500 Index2  6.69   –3.16   –1.10   6.88   –14.84   –6.18  
 Peer group:             
     Morningstar Large Blend  5.79   –2.78   –0.57   7.14   –13.13   –2.07  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
1      Inception date: July 1, 1999
 
2      S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.
 

 

14   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

   PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception July 1, 1999)


An investment of $10,000 in this fund on July 1, 1999, would be worth $9,006 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†

Institutional Class


Best quarter: 15.98%, for the quarter ended December 31, 1999
Worst quarter: –16.46%, for the quarter ended September 30, 2002
†    Does not include returns from July 1, 1999 through September 30, 1999. 
*    Partial fiscal year 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   15

 

 

Growth & Income Fund | Dividend-paying stocks  
  DISCUSSION

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
 
Growth & Income Fund (Institutional Class)—expense example
  Starting fund value Ending fund value Expenses paid†
  (10/1/04)  (3/31/05)  (10/1/04–3/31/05) 
Actual return  $1,000.00   $1,075.20   $0.73  
5% annual hypothetical return  1,000.00   1,024.29 ‡  0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts   
 
  Percent of     Inception date   
 Capitalization as of 3/31/2005  net assets         Institutional Class  7/1/1999 
 Net assets (3/31/2005)  $276.35 million 
 Large: over $5 billion  88.13   
 Middle: $1 billion–$5 billion  9.30     
 Small: under $1 billion  2.57   
     
 Total  100.00       

 

16   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

International Equity Fund | Foreign stocks  
  DISCUSSION

Performance in the six months ended March 31, 2005

The International Equity Fund returned 14.81% for the Institutional Share Class, compared with 15.13% for the fund’s benchmark, the Morgan Stanley EAFE® Index, and the 13.70% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign stocks extend winning streak

Foreign stocks again outperformed domestic issues, as they did in the previous reporting period. The 15.13% rise in the EAFE index was nearly double the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market.

     Most of the EAFE’s gains occurred in the fourth quarter of 2004, when the index climbed 15.32% in dollar terms. In the first quarter of 2005, both foreign and domestic markets lost their positive momentum, as investors reacted to higher oil prices, rising interest rates and the threat of inflation. The EAFE declined 0.17% in the quarter, while the Russell 3000 fell 2.20%.

     Currency factors again had a sig-nificant impact on the performance of foreign stocks. In the fourth quarter of 2004, the dollar’s weakness versus the pound, yen and euro boosted the EAFE’s returns in dollar

terms. In the first quarter of 2005, the dollar rebounded sharply, converting the 3.36% gain the index made in local currency terms to a loss of 0.17% in dollars.

Effects of individual stock selections

The net result of the fund’s individual stock selections was to reduce performance, relative to the benchmark. These included overweight holdings in several stocks that did not perform as anticipated, such as Swiss semiconductor maker STMicroelectronics, Italian automobile manufacturer Fiat and Swiss conglomerate ABB Ltd. Smaller-than-benchmark weightings in Credit Suisse Group and British oil giant Shell also reduced the fund’s return.

     These negative effects were partly offset by positive contributions from overweight holdings in several well-performing companies, including German stock exchange operator Deutsche Börse, French construction and engineering firm Vinci, and French hotel operator Accor. The fund also benefited from not holding Irish biotechnology firm Elan and Swiss pharmaceutical company Roche, both of which underperformed the benchmark.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   17

 

 

International Equity Fund | Foreign stocks  


Investment objective

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

Special investment risks

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

The fund’s benchmark

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


Performance as of March 31, 2005    Ticker symbol: TIIEX 
  Average annual compound Cumulative rates
  rates of total return* of total return*
      since     since
  1 year 5 years inception1 6 months 5 years inception1
 
International Equity Fund             
 Institutional Class  12.84 %  –3.62 %  4.84 %  14.81 %  –16.84 %  31.24 % 
Benchmark:             
 Morgan Stanley EAFE Index2  15.06   –1.10   2.52   15.13   –5.40   15.40  
Peer group:             
 Morningstar Foreign Large Blend  12.48   –3.24   1.71   13.70   –15.18   11.53  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
1      Inception date: July 1, 1999
 
2      From May 31, 2001, through May 31, 2002, MSCI published two versions of this index, a “standard” and a “provisional,” in order to provide a transition to a new way of calculating the index. The fund adopted the “provisional” version on July 1, 2001, and the returns shown above include “provisional” data from July 1, 2001, through May 31, 2002. As of June 1, 2002, the index was once again available in only one version. EAFE is a trademark of Morgan Stanley Capital International, Inc.
 

 

18   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

   PERFORMANCE

 

$10,000 invested at fund’s inception

Institutional Class (inception July 1, 1999)


An investment of $10,000 in this fund on July 1, 1999, would have grown to $13,124 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†

Institutional Class


Best quarter: 37.68%, for the quarter ended December 31, 1999
Worst quarter: –19.39%, for the quarter ended September 30, 2002
†    Does not include returns from July 1, 1999 through September 30, 1999. 
*    Partial fiscal year 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   19

 

International Equity Fund | Foreign stocks  
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
  International Equity Fund (Institutional Class)—expense example
  Starting fund value Ending fund value Expenses paid†
  (10/1/04)  (3/31/05)  (10/1/04–3/31/05) 
Actual return  $1,000.00   $1,148.10   $1.07  
5% annual hypothetical return  1,000.00   1,023.99 ‡  1.01  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year.The fund’s annualized six-month expense ratio for that period is 0.20%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Diversification among world markets    Portfolio breakdown by company size 
 
  Percent of      Percent of 
 Country  invested assets     Capitalization as of 3/31/2005  net assets 
 
 Japan  22.3     Large: over $5 billion  74.38 
 United Kingdom  19.0     Middle: $1 billion–$5 billion  18.77 
 Switzerland  14.7     Small: under $1 billion  6.85 
 France  10.2 
 Germany  6.9     Total  100.00 
 Italy  5.5       
 Australia  5.3    Fund facts   
 Spain  4.0   
 18 other nations  12.3     Inception date   
 Short-term investments  –0.2         Institutional Class  7/1/1999 
   Net assets (3/31/2005)  $573.09 million 
 Total  100.0   

 

20   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

Large-Cap Value Fund | Value stocks of larger companies  
  DISCUSSION

Performance in the six months ended March 31, 2005

The Large-Cap Value Fund returned 12.11% for the Institutional Share Class, outpacing both the 10.48% return of its benchmark, the Russell 1000® Value Index, and the 8.39% average return of similar funds, as measured by the Morningstar Large Value category.

Value maintains its lead

During the six-month period, value stocks continued to outperform growth issues, as they had during the twelve months ended September 30, 2004. The Russell 3000® Value Index, which tracks value stocks of all sizes, advanced 10.32%, more than double the 4.92% return of its growth counterpart, the Russell 3000 Growth Index. These two indexes are subsets of the Russell 3000, a broad measure of the domestic stock market.

     Among value stocks, the 10.48% return of the Russell 1000 Value Index trailed the 14.34% return of the Russell Midcap® Value Index but outpaced the 8.70% gain of the small-cap Russell 2000® Value Index.

Stock selections propel returns

For the period, the fund topped the benchmark, primarily because of overweight holdings in well-performing stocks that included Altria, the parent company of Philip Morris; Sears, Roebuck and Co.; agricultural-supply giant Monsanto; and WellPoint, a provider of health-care benefits. Also boosting returns were stocks that were not included in the benchmark as of March 31, 2005, such as Great Wolf Resorts and building materials manufacturer USG. Underweight holdings did not significantly improve performance.

     The positive effect of these holdings on performance more than offset lower-than-expected returns from other selections that included home mortgage provider Fannie Mae and PMC-Sierra, a provider of high-speed broadband communications semiconductors. These stocks were not listed in the benchmark as of March 31, 2005. Other detractors included overweight holdings in companies such as Fifth Third Bancorp, General Motors and insurer American International Group. Underweight positions, including Valero Energy, also reduced returns.

     The fund invested 1.02% of its total invested assets in foreign securities as of March 31, 2005.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   21

 

 

Large-Cap Value Fund | Value stocks of larger companies  
  DISCUSSION

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 1000® Value Index is a subset of the Russell 1000 Index, which measures the performance of the top 1,000 U.S. equity securities based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TRLIX  
  Average annual compound Cumulative rates
  rates of total return* of total return*
    since   since
  1 year inception1 6 months inception1
 Large-Cap Value Fund         
     Institutional Class  14.25 %  24.68 %  12.11 %  73.63 % 
 Benchmark:         
     Russell 1000 Value Index2  13.17   22.34   10.48   65.58  
 Peer group:         
     Morningstar Large Value  9.41   19.35   8.39   55.85  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

22   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

   PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,363 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

  
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   23

 

 

Large-Cap Value Fund | Value stocks of larger companies  
PERFORMANCE

 

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
 
Large-Cap Value Fund (Institutional Class)—expense example
  Starting fund value Ending fund value Expenses paid†
  (10/1/04)  (3/31/05)  (10/1/04–3/31/05) 
Actual return  $1,000.00   $1,121.10   $0.74  
5% annual hypothetical return  1,000.00   1,024.29 ‡  0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts   
  Percent of     Inception date   
 Capitalization as of 3/31/2005  net assets         Institutional Class  10/1/2002 
 Net assets (3/31/2005)  $148.87 million 
 Large: over $5 billion  80.72   
 Middle: $1 billion–$5 billion  15.51       
 Small: under $1 billion  3.77       
 Total  100.00       

 

24   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

 

Mid-Cap Growth Fund | Growth stocks of medium-sized companies   
  DISCUSSION


Performance in the six months
ended March 31, 2005

The Mid-Cap Growth Fund returned 13.76% for the Institutional Share Class, topping the fund’s benchmark, the Russell Midcap® Growth Index, which returned 12.04%, and the 9.60% average return of similar funds, as measured by the Morningstar Mid-Cap Growth category.

Mid-cap stocks lead the market

Mid-cap stocks strongly outperformed other cap sizes during the period. The Russell Midcap Index, which measures mid-cap stocks in both the growth and value categories, returned 13.37%, versus 8.00% for small caps, as measured by the Russell 2000® Index, and 7.71% for large caps, as measured by the Russell 1000® Index.

     Among mid caps, the 12.04% gain of growth stocks lagged the 14.34% rise of value stocks. Both of these returns were ahead of the 7.73% advance of the broader U.S. stock market, as measured by the Russell 3000® Index.

Stock selections top the benchmark

The fund added value beyond the benchmark’s strong return because of numerous successful stock choices. The largest positive contributions to relative performance came from positions in several stocks not included in the benchmark, including agricultural-supply giant Monsanto, the fund’s top-performing stock; energy company EOG Resources; and investment bank Greenhill & Co. Also adding value were overweight positions in several stocks that outperformed the benchmark, including Triad Hospitals and financial services firm Legg Mason.

     These successful stock selections more than offset several detractors from relative performance that included holdings in pharmaceutical company Gilead Sciences and St. Jude Medical, two stocks not listed in the benchmark, and an overweight position in medical-implant-maker Biomet. A smaller-than-benchmark weighting in Apple Computer, which performed well during the period, also detracted slightly from returns.

     The fund invested 0.18% of its total invested assets in foreign securities as of March 31, 2005.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   25

 

 

Mid-Cap Growth Fund | Growth stocks of medium-sized companies   

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the 800 smallest U.S. equity securities in the Russell 1000® Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TRPWX  
  Average annual compound Cumulative rates
  rates of total return* of total return*
    since since
  1 year inception1 6 months inception1
 Mid-Cap Growth Fund         
     Institutional Class  9.84 %  27.37 %  13.76 %  83.15 % 
 Benchmark:         
     Russell Midcap Growth Index2  8.31   25.61   12.04   76.89  
 Peer group:         
     Morningstar Mid-Cap Growth  5.20   19.48   9.60   56.56  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

26   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

   PERFORMANCE

 

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,315 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   27

 

Mid-Cap Growth Fund |  Growth stocks of medium-sized companies  
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Growth Fund (Institutional Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,137.60       $0.75  
5% annual hypothetical return      1,000.00       1,024.29 ‡      0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $18.47 million 
 Large: over $5 billion  62.52   
 Middle: $1 billion–$5 billion  31.13         
 Small: under $1 billion  6.35         
 Total  100.00         

 

28   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Value Fund |  Value stocks of medium-sized companies   
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Value Fund returned 17.24% for the Institutional Share Class, outpacing the fund’s benchmark, the Russell Midcap® Value Index, which returned 14.34%, and the 10.81% average return of similar funds, as measured by the Morn-ingstar Mid-Cap Value category.

Value stocks continue to shine

In the six-month period ended March 31, 2005, investors demonstrated a strong preference for value stocks over growth issues. The Russell 3000® Value Index, which measures the performance of value stocks of all sizes, surged 10.32%, versus a 4.92% return for the Russell 3000 Growth Index. The difference was less pronounced among mid-cap stocks; the return of the Russell Midcap Value Index was less than three percentage points above the 12.04% advance of its growth counterpart, the Russell Midcap Growth Index.

     Within the value category, mid-cap stocks fared best, outpacing both the small-cap Russell 2000® Value Index and the predominantly large-cap Russell 1000® Value Index, which returned 8.70% and 10.48%, respectively. Virtually all of the gains of mid-cap value stocks and of the broader market occurred in the fourth quarter of 2004, when a global stock market rally sent the Russell 3000 Index, which measures the U.S. market, climbing 10.16%.

Stock selections fuel returns

The fund’s return for the six-month period topped the benchmark’s because of numerous successful stock choices. Significant contributions to relative performance came from building materials maker USG and Great Wolf Resorts, two stocks not in the benchmark. Both enjoyed strong advances during the period. Overweight positions in a number of stocks included in the benchmark also boosted performance. Among these were WellPoint, a health care conglomerate; Nalco Holding Co., a wastewater chemicals treatment manufacturer; and Kerr-McGee, an energy company.

     The positive effect of these holdings on results more than offset lower relative returns from the lack of any holdings in Apple Computer, which posted strong gains during the period. Also hindering fund performance were larger-than-benchmark positions in several underperforming companies that included Lear Corp., an auto-parts maker, and Sanmina SCI, an electronics manufacturer.

     The fund invested 6.14% of its total invested assets in foreign securities as of March 31, 2005.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   29

Mid-Cap Value Fund |  Value stocks of medium-sized companies  

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TIMVX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 
 Mid-Cap Value Fund                 
     Institutional Class    19.56 %    30.98 %    17.24 %    96.41 % 
 Benchmark:                 
     Russell Midcap Value Index2    18.34     27.68     14.34     84.29  
 Peer group:                 
     Morningstar Mid-Cap Value    12.39     23.46     10.81     69.92  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

30   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $19,641 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   31

Mid-Cap Value Fund | Value stocks of medium-sized companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Value Fund (Institutional Class)—expense example
                         
Starting fund value
   
Ending fund value
Expenses paid†
(10/1/04) 
   
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,172.40       $0.76  
5% annual hypothetical return      1,000.00       1,024.29 ‡      0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $23.60 million 
 Large: over $5 billion  57.26   
 Middle: $1 billion–$5 billion  35.61         
 Small: under $1 billion  7.13         
 Total  100.00         

 

32   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Equity Fund |  Stocks of smaller companies  
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Equity Fund returned 7.92% for the Institutional Share Class, closely tracking the 8.00% return of its benchmark, the Russell 2000® Index. The average return of similar funds was 9.67%, as measured by the Morningstar Small Blend category.

Small caps surrender their lead

After outpacing large- and mid-cap stocks during the fourth quarter of 2004, small-cap stocks trailed both cap sizes during the first quarter of 2005. For the six-month period, small caps maintained an edge over the 7.71% return of large-cap stocks but trailed the 13.37% gain of mid caps.

     During the fourth quarter of 2004, the markets shook off domestic and geopolitical worries, and investor confidence pushed the small-cap Russell 2000 to a 14.09% gain. Growth stocks topped value issues in the small-cap category, 15.08% to 13.20%, reversing the trend for the year ended September 30, 2004, when value beat growth, 25.66% to 11.92%.

     In the first quarter of 2005, small caps dropped 5.34% —their worst three-month return since the 21.40% plunge during the third quarter of 2002. Mid caps, down only 0.25%, and large caps, which dipped 1.91%, fared better.

Effects of individual stock selections

The fund continued its use of proprietary mathematical models to evaluate and choose small-cap stocks that appeared to be attractively priced. Performance relative to that of the benchmark was reduced by several overweight stocks that failed to perform as anticipated.

     These included DHB Industries, a manufacturer of flak jackets and body armor; mortgage finance company New Century Financial Corporation; Krispy Kreme; and holding company R&G Financial.

     Underweight holdings in several stocks that outpaced the benchmark, including casino entertainment company Boyd Gaming and chemical production company Crompton, also hurt performance.

     These detractors were partly offset by overweight holdings in many stocks that outperformed the benchmark, including Goodyear Tire & Rubber; packaging product manufacturer Crown Holdings; network storage producer Emulex; and Cal Dive International, a provider of subsea construction and maintenance services. Underweight holdings did not meaningfully improve performance relative to the benchmark’s.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   33

Small-Cap Equity Fund |  Stocks of smaller companies  

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to small-cap risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Russell 2000® Index measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. You cannot invest directly in this index.

Performance as of March 31, 2005      Ticker symbol: TISEX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 Small-Cap Equity Fund                 
     Institutional Class    6.29 %    26.22 %    7.92 %    79.03 % 
 Benchmark:                 
     Russell 2000 Index2    5.41     25.10     8.00     75.10  
 Peer group:                 
     Morningstar Small Blend    9.02     24.20     9.67     72.69  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

34   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,903 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


Best quarter: 23.52%, for the quarter ended June 30, 2003
Worst quarter: –5.54%, for the quarter ended March 31, 2005

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   35

Small-Cap Equity Fund | Stocks of smaller companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Equity Fund (Institutional Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,079.20       $0.73  
5% annual hypothetical return      1,000.00       1,024.29 ‡      0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $92.43 million 
 Large: over $5 billion  0.18   
 Middle: $1 billion–$5 billion  48.51         
 Small: under $1 billion  51.31         
 Total  100.00         

 

36   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Large-Cap Growth Index Fund | Growth stocks of larger U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Large-Cap Growth Index Fund returned 4.62% for the Institutional Share Class, while the fund’s benchmark, the Russell 1000® Growth Index, gained 4.71%. The average return of similar funds, as measured by the Morningstar Large Growth category, was 5.42%.

Growth gains, but trails the market

During the six-month period, the 4.71% return of large-cap growth stocks lagged the 7.73% increase of the broad-market Russell 3000® Index. Large-cap growth stocks also failed to keep pace with the 7.23% rise of the small-cap Russell 2000® Growth Index, and with the 12.04% surge of the Russell Midcap® Growth Index. As a group, growth stocks of all sizes added only 4.92%, while value stocks gained 10.32%. These figures continued the trend from the previous twelve months: For the year ended September 30, 2004, growth trailed value, 7.82% to 20.89%. Gains for most stocks were concentrated in the fourth quarter of 2004. During that period, the fund’s benchmark rose 9.17%. This solid increase came partly from sizable weightings in several well-performing sectors, including technology, health care and consumer discretionary goods. Stocks that helped propel the benchmark included Intel, which increased 16.8%; IBM, which rose 15.2%; and Johnson & Johnson, up 13.1%.

Large-cap growth drops in first-quarter sell-off

In the first three months of 2005, large-cap growth stocks fared worse than the broad market, losing 4.09%; the Russell 3000 declined 2.20%. Six of the eleven industry sectors posted losses, with technology, financials and consumer discretionary goods exerting the greatest drag on performance. Among the largest stocks in the Russell 1000 Growth Index, Microsoft lost 9.3%, Dell dropped 8.8% and Cisco fell 7.4%. However, Johnson & Johnson, also a large holding, gained 6.4%.

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

     As of March 31, 2005, the Russell 1000 Growth Index had an average return of –11.28% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   37

Large-Cap Growth Index Fund | Growth stocks of larger U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TILIX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 Large-Cap Growth Index Fund                 
     Institutional Class    0.96 %    14.77 %    4.62 %    41.15 % 
 Benchmark:                 
     Russell 1000 Growth Index2    1.16     14.97     4.71     41.75  
 Peer group:                 
     Morningstar Large Growth    1.59     14.30     5.42     40.06  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

38   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $14,115 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   39

Large-Cap Growth Index Fund | Growth stocks of larger U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Large-Cap Growth Index Fund (Institutional Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,046.20       $0.41  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $349.74 million 
 Large: over $5 billion  88.02   
 Middle: $1 billion–$5 billion  11.91         
 Small: under $1 billion  0.07         
 Total  100.00         

 

40   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Large-Cap Value Index Fund | Value stocks of larger U.S. companies

   DISCUSSION

Performance in the six months ended March 31, 2005

The Large-Cap Value Index Fund returned 10.40% for the Institutional Share Class, while the fund’s benchmark, the Russell 1000® Value Index, gained 10.48%. The average return of similar funds, as measured by the Morningstar Large Value category, was 8.39%.

Value continues to lead growth

During the six-month period, the 10.48% return of large-cap value stocks topped the 7.73% gain of the Russell 3000® Index, which measures the broad U.S. stock market. Large-cap value stocks also outpaced the 8.70% gain of the small-cap Russell 2000® Value Index, but they trailed the stellar 14.34% performance of the Russell Midcap® Value Index. As a group, value outpaced growth, 10.32% to 4.92%. These figures continued the trend from the previous twelve months. For the year ended September 30, 2004, value surpassed growth, 20.89% to 7.82%.

      Gains for most stocks were concentrated in the fourth quarter of 2004. During that period, the benchmark rose 10.38%. This solid increase came partly from sizable weightings in several well-performing sectors, including financials, utilities and consumer discretionary goods. These three sectors make up more than half of the benchmark in terms of market capitalization. Stocks that helped propel the benchmark included ExxonMobil, which rose 6.6%; Citi-group, which increased 10.2%; and General Electric, up 9.4%.

Despite a sell-off, large-cap value stocks eke out a gain

U.S. stocks slumped in the first quarter of 2005; the Russell 3000 dropped 2.20%. Large-cap value stocks, however, eked out a 0.09% gain. The financial, utilities and consumer discretionary goods sectors all lost ground, while integrated oils and “other energy” generated double-digit returns. Stocks leading the way included ExxonMobil, which followed up its strong fourth-quarter performance with a 16.8% advance, and ChevronTexaco, which rose 11.8%.

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

     As of March 31, 2005, the Russell 1000 Value Index had an average return of 5.19% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   41

Large-Cap Value Index Fund | Value stocks of larger U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 1000® Value Index is a subset of the Russell 1000 Index, which measures the performance of the top 1,000 U.S. equity securities based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TILVX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 
 Large-Cap Value Index Fund                 
     Institutional Class    12.99 %    22.13 %    10.40 %    64.88 % 
 Benchmark:                 
     Russell 1000 Value Index2    13.17     22.34     10.48     65.58  
 Peer group:                 
     Morningstar Large Value    9.41     19.35     8.39     55.85  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

42   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,488 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   43

Large-Cap Value Index Fund | Value stocks of larger U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Large-Cap Value Index Fund (Institutional Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return      $1,000.00         $1,104.00       $0.42  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $339.91 million 
 Large: over $5 billion  87.19   
 Middle: $1 billion–$5 billion  12.55         
 Small: under $1 billion  0.26         
 Total  100.00         

 

44   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Equity Index Fund | U.S. stocks

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Equity Index Fund returned 7.63% for the Institutional Share Class, closely tracking the 7.73% return of the fund’s benchmark, the Russell 3000® Index, and outperforming the 7.14% average return of similar funds, as measured by the Morningstar Large Blend category.

A global rally lifts U.S. stocks

During the fourth quarter of 2004, plunging oil prices helped trigger a global stock market rally. All twelve industry sectors of the Russell 3000 advanced strongly, with technology, autos and transportation, and consumer discretionary goods scoring the highest gains.

     Among the largest stocks in the index, in terms of market capitalization, the leading performers were Intel, IBM and Microsoft, with returns of 16.8%, 15.2% and 7.7%, respectively. The Russell 3000 returned 10.16% for the quarter. In general, small- and mid-cap stocks outperformed large caps.

Inflation fears cool the market

In the first quarter of 2005, stock markets reversed course, as investors reacted to a resurgence in oil prices and the threat of inflation. The Russell 3000 lost 2.20% in the quarter, with seven of its sectors registering negative returns. Technology and financial services declined sharply. Microsoft’s return was down 9.3%; Bank of America’s dropped 5.2%. Mid-cap stocks held up best, while small caps did worse, posting a 5.34% decline.

     Booming energy stocks tempered the broad-based decline. The integrated oils and “other energy” sectors of the Russell 3000 climbed 17.7% and 17.9%, respectively. Valero Energy (up 61.6%) and Unocal (up 43.3%) were among the star performers.

     Returns for U.S. stocks lagged those for foreign stocks over the six months. The 15.13% rise in the Mor-gan Stanley EAFE® Index, which tracks stocks in 21 developed nations excluding the United States and Canada, was nearly double the 7.73% return of the Russell 3000.

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

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   45

Equity Index Fund | U.S. stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005          Ticker symbol: TIEIX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
            since           since
    1 year  
5 years
  inception1   6 months   5 years   inception1
 Equity Index Fund                         
     Institutional Class    7.02 %    –2.48 %    –0.13 %    7.63 %    –11.79 %    –0.74 % 
 Benchmark:                         
     Russell 3000 Index2    7.09     –2.48     0.02     7.73     –11.79     0.14  
 Peer group:                         
     Morningstar Large Blend    5.79     –2.78     –0.57     7.14     –13.13     –2.07  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: July 1, 1999
 
2      Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

46   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception July 1, 1999)


An investment of $10,000 in this fund on July 1, 1999, would be worth $9,926 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†

Institutional Class


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

   
†    Does not include returns from July 1, 1999 through September 30, 1999. 
*    Partial fiscal year 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   47

Equity Index Fund | U.S. stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Equity Index Fund (Institutional Class)—expense example
                   
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,076.30       $0.42  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    7/1/1999 
 Net assets (3/31/2005)    $630.79 million 
 Large: over $5 billion  80.80   
 Middle: $1 billion–$5 billion  14.62         
 Small: under $1 billion  4.58         
 Total  100.00         

 

48   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

S&P 500 Index Fund | Stocks of larger U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The S&P 500 Index Fund returned 6.86% for the Institutional Share Class, while the fund’s benchmark, the S&P 500® Index, returned 6.88%. The average return of similar funds, as measured by the Morningstar Large Blend category, was 7.14%. The broader U.S. stock market, as measured by the Russell 3000® Index, outpaced those returns with a rise of 7.73%.

2004 closes with a broad-based advance

Gains for the six-month period came from a furious fourth-quarter rally, as investors shook off worries about terrorism, Iraq, the presidential election and interest rates. The S&P 500 Index rose 9.23%, with all of its ten sectors advancing. Information technology led the way with a 13.39% gain, followed closely by a 13.11% rise in consumer discretionary goods. The weakest performance came from the energy sector, which returned 4.22%.

     During the fourth quarter, the return of the large-cap S&P 500 Index trailed the 10.16% return of the Russell 3000 Index. The Russell’s superior performance was boosted by the 14.09% advance of the small-cap Russell 2000® Index and the 13.66% increase in the Russell Mid-cap® Index. As of March 31, 2005, these two categories made up about one-third of the Russell 3000 in terms of market capitalization.

Stocks give up ground in the first quarter

During the first quarter of 2005, U.S. stocks retreated on worries about inflation and rising interest rates. The S&P 500 Index declined 2.15%, with only four of its sectors advancing. Energy, up 17.07%, performed best. Telecommunications services, down 8.61%, posted the largest decline. The S&P 500 narrowly outperformed the Russell 3000, which dropped 2.20%. Mid caps fell just 0.25%, softening the fall of the Russell index, while small caps intensified its decline—the Russell 2000 lost 5.34%, its worst three-month return since small caps plunged 21.40% in the third quarter of 2002.

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

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   49

S&P 500 Index Fund | Stocks of larger U.S. companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including large-cap risk and index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TISPX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 S&P 500 Index Fund                 
     Institutional Class    6.53 %    17.86 %    6.86 %    50.85 % 
 Benchmark:                 
     S&P 500 Index2    6.69     18.04     6.88     51.40  
 Peer group:                 
     Morningstar Large Blend    5.79     16.47     7.14     46.62  

* The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.
 

 

50   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,085 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   51

S&P 500 Index Fund | Stocks of larger U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

      S&P 500 Index Fund (Institutional Class)—expense example
                     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,068.60       $0.41  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.


Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $370.48 million 
 Large: over $5 billion  96.66   
 Middle: $1 billion–$5 billion  3.15         
 Small: under $1 billion  0.19         
 Total  100.00         

 

52   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Growth Index Fund | Growth stocks of medium-sized U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Growth Index Fund returned 12.02% for the Institutional Share Class, closely tracking the 12.04% return of its benchmark, the Russell Midcap® Growth Index, and outperforming the 9.60% average return of similar funds, as measured by the Morningstar Mid-Cap Growth category.

Mid-cap growth stocks top the broad market

During the six-month period, mid-cap growth stocks solidly outpaced the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market. Similarly, the Russell Midcap Index, which measures mid-cap stocks in both the growth and value categories, rose 13.37%, far surpassing most other stock categories. The Russell 1000® Index, which measures large-cap stocks, returned 7.71%, while small-cap issues, as measured by the Russell 2000® Index, were up 8.00%.

     Gains for most stocks were concentrated in the fourth quarter of 2004, when global stock markets rallied and the Russell Midcap Growth Index posted a 13.94% gain. The consumer discretionary goods sector, which makes up nearly a quarter of the index, was up 14.6%; technology, nearly a fifth of the index, rose 22.3%.

Gains hold up well despite sell-off

U.S. stocks slumped in the first quarter of 2005; the Russell 3000 lost 2.20%. Mid-cap growth stocks gave some ground, dropping 1.67%. Within the benchmark index, technology (–7.7%) and financial (–6.0%) stocks suffered the largest reversals; consumer discretionary stocks also slipped into negative territory, returning –2.4%.

     Amid soaring oil prices, the “other energy” sector (which excludes integrated oils) easily posted the strongest returns within the benchmark, with a 15.1% surge. Several stocks in the sector posted double-digit returns, including Frontier Oil, up 36.2%, Quicksilver Resources, up 32.5%, and Hydril, up 28.4%.

     As of March 31, 2005, the Russell Midcap Growth Index had an average annual return of –7.30% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   53

Mid-Cap Growth Index Fund | Growth stocks of medium-sized U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the 800 smallest U.S. equity securities in the Russell 1000® Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TIMGX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 Mid-Cap Growth Index Fund                 
     Institutional Class    8.23 %    25.44 %    12.02 %    76.28 % 
 Benchmark:                 
     Russell Midcap Growth Index2    8.31     25.61     12.04     76.89  
 Peer group:                 
     Morningstar Mid-Cap Growth    5.20     19.48     9.60     56.56  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

54   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

   PERFORMANCE

 

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,628 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

* Partial fiscal year

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   55

Mid-Cap Growth Index Fund | Growth stocks of medium-sized U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Growth Index Fund (Institutional Class)—expense example
                         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,120.20       $0.42  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $26.44 million 
 Large: over $5 billion  55.47   
 Middle: $1 billion–$5 billion  44.12         
 Small: under $1 billion  0.41         
 
 Total 
100.00         

 

56   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Value Index Fund |  Value stocks of medium-sized U.S. companies
  DISCUSSION

 

Performance in the six months
ended March 31, 2005

The Mid-Cap Value Index Fund returned 14.33% for the Institutional Share Class, closely tracking the 14.34% return of its benchmark, the Russell Midcap® Value Index, and outperforming the average similar fund, as measured by the Morningstar Mid-Cap Value category, which returned 10.81% .

Value leads the market

During the six-month period, mid-cap value stocks posted gains nearly twice the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market. Value stocks as a group outperformed growth issues, and mid-cap value stocks outpaced other value stocks: The Russell 1000® Value Index, which measures large-cap value issues, was up 10.48% for the period, while small-cap value issues, as measured by the Russell 2000® Index, returned 8.00% .

     Gains for most stocks were concentrated in the fourth quarter of 2004, when a global stock market rally helped lift the Russell Midcap Value Index to a 13.46% gain. Mid-cap value stocks benefited from sizable weightings in three well-performing sectors: financials, utilities and consumer discretionary goods.

Gains hold up despite sell-off

U.S. stocks slumped in the first quarter of 2005; the Russell 3000 dropped 2.20%. Mid-cap value stocks, however, continued to make small gains, adding 0.78% in the quarter. The financial sector suffered a reversal during the quarter, but utilities and consumer discretionary goods continued to outperform the overall market.

     Booming energy stocks also boosted the mid-cap value category. Two prime examples were Valero Energy, up 61.6% during the quarter, and Unocal, up 43.3%. All twelve sectors of the index had positive returns for the six months ended March 31.

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

     As of March 31, 2005, the Russell Midcap Value Index had an average return of 13.43% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   57

Mid-Cap Value Index Fund |  Value stocks of medium-sized U.S. companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including mid-cap risk, value investing risks, style risk and index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TMVIX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 
 Mid-Cap Value Index Fund                 
     Institutional Class    18.15 %    27.54 %    14.33 %    83.75 % 
 Benchmark:                 
     Russell Midcap Value Index2    18.34     27.68     14.34     84.29  
 Peer group:                 
     Morningstar Mid-Cap Value    12.39     23.46     10.81     69.92  

* The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

58   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 
  PERFORMANCE

 

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,375 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   59

Mid-Cap Value Index Fund | Value stocks of medium-sized U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Value Index Fund (Institutional Class)—expense example
                   
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $ 1,000.00       $ 1,143.30       $ 0.43  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size      Fund facts     
 
 
Percent of 
   Inception date     
 Capitalization as of 3/31/2005 
net assets 
       Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $41.89 million 
 Large: over $5 billion  62.86     
 Middle: $1 billion–$5 billion  36.32           
 Small: under $1 billion  0.82           
 Total  100.00           

 

60   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Blend Index Fund |  Growth and value stocks 
of medium-sized U.S. companies		  
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Blend Index Fund returned 13.29% for the Institutional Share Class. The fund’s benchmark, the Russell Midcap® Index, returned 13.37%, versus the 10.56% average return of similar funds, as measured by the Morningstar Mid-Cap Blend category.

Mid caps lead the pack

During the six-month period, mid-cap stocks as a group outperformed the broad U.S. stock market, which returned 7.73%, as measured by the Russell 3000® Index. Mid caps also topped the small-cap Russell 2000® Index, which rose 8.00%, and the predominantly large-cap Russell 1000® Index, which gained 7.71%.

     All of the gains for the Russell Midcap Index came during the global stock market rally in the fourth quarter of 2004. The 13.66% rise in the index was driven by significant weightings in three well-performing sectors: financials, consumer discretionary goods and technology, all of which recorded double-digit gains in the quarter.

Gains trimmed in down market

In the first quarter of 2005, stock markets reversed their course as investors reacted to a resurgence in oil prices and the renewed threat of inflation. Although the Russell Mid-cap Index fell slightly in the quarter, its –0.25% return was still well ahead of the –2.20% return of the Russell 3000 Index, the –5.34% return of the Russell 2000 Index and the –1.91% return of the Russell 1000 Index.

     Half of the twelve sectors in the Russell Midcap Index declined in the first quarter. Technology and financials were the worst performers; their losses were partially offset by moderate gains in health care, materials and processing, and utilities. Booming energy stocks such as Valero Energy (up 61.6%) and Unocal (up 43.3%) also boosted the mid-cap category.

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

     As of March 31, 2005, the Russell Midcap Index had an average annual return of 5.49% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   61

Mid-Cap Blend Index Fund |  Growth and value stocks 
of medium-sized U.S. companies		  

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005     
Ticker symbol: TRBDX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 Mid-Cap Blend Index Fund                 
     Institutional Class    13.93 %    26.61 %    13.29 %    80.44 % 
 Benchmark:                 
     Russell Midcap Index2    14.05     26.84     13.37     81.25  
 Peer group:                 
     Morningstar Mid-Cap Blend    9.88     22.63     10.56     67.43  

*        The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

62   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 
  PERFORMANCE

 

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,044 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   63

Mid-Cap Blend Index Fund |  Growth and value stocks 
of medium-sized U.S. companies		  
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Blend Index Fund (Institutional Class)—expense example
                   
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,132.90       $0.43  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $56.11 million 
 Large: over $5 billion  59.02   
 Middle: $1 billion–$5 billion  40.42         
 Small: under $1 billion  0.56         
 Total  100.00         

 

64   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Growth Index Fund | Growth stocks of smaller U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Growth Index Fund returned 7.05% for the Institutional Share Class, compared with 7.23% for its benchmark, the Russell 2000® Growth Index, and the 8.23% average return of similar funds, as measured by the Morningstar Small Growth category.

Small-cap growth stocks lag the market

During the period, small-cap growth stocks trailed the 7.73% return of the Russell 3000® Index, which measures the broad U.S. equity market. They also lagged large- and mid-cap stocks, underperforming the 7.71% return of the Russell 1000® Index and the 13.37% return of the Russell Midcap® Index. In all three cap sizes, growth stocks did not do as well as value issues. Within the small-cap category, the Russell 2000 Growth Index returned 7.23%, versus 8.70% for the Russell 2000 Value Index.

Sector returns drive the benchmark

In the fourth quarter of 2004, the 15.08% gain of small-cap growth stocks led the broad stock market advance, triggered by oil prices that fell from $55 a barrel in October to just over $40 a barrel in December.

     Soaring 18.4%, technology was the second-best-performing sector within the benchmark, after utilities, and had the greatest effect on performance because it composed nearly one-fifth of the benchmark, in terms of market capitalization. The consumer discretionary goods and health-care sectors also contributed greatly to the benchmark’s stellar performance.

     In the first quarter of 2005, oil prices again spiked, interest rates and inflation accelerated, and investors became more risk averse. Though losses were widespread throughout the equity market, small-cap growth stock declines were the steepest: 6.83%—more than triple the 2.20% loss of the overall market. Technology experienced the sharpest drop of all sectors within the Russell 2000 Growth Index, falling 11.5%. The “other energy” sector gained 14.7% during the first quarter, but as a smaller component of the index, it did not appreciably affect returns.

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

     As of March 31, 2005, the Russell 2000 Growth Index posted an average annual return of –6.60% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   65

Small-Cap Growth Index Fund | Growth stocks of smaller U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 2000® Growth Index is a subset of the Russell 2000 Index, which measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. The Russell 2000 Growth Index measures the performance of those stocks of the Russell 2000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TISGX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 Small-Cap Growth Index Fund                 
     Institutional Class    0.68 %    23.50 %    7.05 %    69.54 % 
 Benchmark:                 
     Russell 2000 Growth Index2    0.87     23.66     7.23     70.09  
 Peer group:                 
     Morningstar Small Growth    2.06     21.22     8.23     62.58  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1    Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

66   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,954 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


Best quarter: 24.06%, for the quarter ended June 30, 2003
Worst quarter: –6.89%, for the quarter ended March 31, 2005

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   67

Small-Cap Growth Index Fund | Growth stocks of smaller U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Growth Index Fund (Institutional Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,070.50       $0.41  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $69.78 million 
 Large: over $5 billion  0.42   
 Middle: $1 billion–$5 billion  46.31         
 Small: under $1 billion  53.27         
 Total  100.00         

 

68   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Value Index Fund |  Value stocks of smaller U.S. companies

   DISCUSSION

Performance in the six months ended March 31, 2005

The Small-Cap Value Index Fund returned 8.61% for the Institutional Share Class, closely tracking the 8.70% return of its benchmark, the Russell 2000® Value Index. The fund lagged the 10.39% average return of similar funds, as measured by the Morningstar Small Value category.

Small-cap value stocks top the market

For the period, small-cap value stocks outpaced the 7.73% return of the Russell 3000® Index, which measures the broad U.S. equity market. They also surpassed the 7.71% gain of the large-cap Russell 1000® Index. However, both small- and large-cap stocks underperformed the 13.37% return of the Russell Midcap® Index. In all three cap sizes, value stocks surpassed growth issues. Within the small-cap category, the Russell 2000 Value Index returned 8.70%, versus 7.23% for the Russell 2000 Growth Index.

The financial sector drives the benchmark

In the fourth quarter of 2004, falling oil prices triggered a broad U.S. stock market advance of 10.16%. The 13.20% gain in small-cap value stocks, while larger than that of the overall market, fell short of the 15.08% surge in small-cap growth stocks during the quarter. Within the Russell 2000 Value Index, the financial sector, up 11.3%, had the greatest effect on performance. Representing one-third of the benchmark in terms of market capitalization, the financial sector is the largest component of the index.

     In the first quarter of 2005, oil prices again spiked, interest rates and inflation rose, and investors became more risk averse. Though losses were widespread throughout the market, the 3.98% decline in small-cap value stocks was far less than the 6.83% drop in small-cap growth issues. Nearly every sector within the benchmark fell, including the financial sector, which declined 7.5%. Only “other energy” posted any significant gains, but since this sector is a small part of the benchmark, its 11.5% rise did not appreciably affect the benchmark’s returns.

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

     As of March 31, 2005, the Russell 2000 Value Index posted an average annual return of 15.42% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   69

Small-Cap Value Index Fund |  Value stocks of smaller U.S. companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including small-cap risk, value investing risks, style risk and index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Russell 2000® Value Index is a subset of the Russell 2000 Index, which measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. The Russell 2000 Value Index measures the performance of those stocks of the Russell 2000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TISVX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
 Small-Cap Value Index Fund                 
     Institutional Class    9.70 %    26.32 %    8.61 %    79.41 % 
 Benchmark:                 
     Russell 2000 Value Index2    9.79     26.45     8.70     79.85  
 Peer group:                 
     Morningstar Small Value    11.67     25.91     10.39     78.37  

*         The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

70   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,941 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   71

Small-Cap Value Index Fund |  Value stocks of smaller U.S. companies

    PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Value Index Fund (Institutional Class)—expense example
                         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,086.10       $0.42  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $66.53 million 
 Middle: $1 billion–$5 billion  49.72   
 Small: under $1 billion  50.28         
 Total  100.00         

 

72   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Small-Cap Blend Index Fund |  Growth and value stocks
of smaller U.S. companies		  
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Blend Index Fund returned 7.83% for the Institutional Share Class, compared with the 8.00% return of its benchmark, the Russell 2000® Index, and the 9.67% average return of similar funds, as measured by the Morningstar Small Blend category.

Small caps edge ahead of the market

During the period, small-cap stocks outperformed the 7.73% return of the Russell 3000® Index, which measures the broad U.S. equity market. They also topped large-cap stocks, outpacing the 7.71% return of the Russell 1000® Index. Both cap sizes, however, lagged the 13.37% return of the Russell Midcap® Index. In all three cap sizes, value stocks outpaced growth issues. Within the small-cap category, the Russell 2000 Value Index returned 8.70%, versus 7.23% for the Russell 2000 Growth Index.

Tech stocks drive small-cap returns

Oil prices, which topped $55 a barrel in late October, fell to just over $40 a barrel in December, triggering a broad stock market advance. Small caps soared 14.09% in the fourth quarter of 2004, outpacing the gains of both mid and large caps. The technology sector of the Russell 2000 Index, up 17.9%, contributed significantly to small-cap gains, as did the financials and consumer discretionary goods sectors.

     In the first quarter of 2005, oil prices again spiked, interest rates and inflation accelerated, and jittery investors sat on the sidelines. The resulting 5.34% drop in small caps—more than double the 2.20% loss in the broader market—offset much of the previous quarter’s gains. Technology experienced the sharpest decline of all sectors within the index, falling 12%. Only the “other energy” sector gained significantly during the first quarter, but as a smaller component of the benchmark, it did not appreciably affect returns.

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

     As of March 31, 2005, the Russell 2000 Index posted an average annual return of 4.01% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   73

Small-Cap Blend Index Fund |  Growth and value stocks
of smaller U.S. companies		  

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 2000® Index measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TISBX
   
Average annual compound
 
Cumulative rates
    rates of total return*  
of total return*
        since       since
    1 year   inception1   6 months   inception1
 Small-Cap Blend Index Fund                 
     Institutional Class    5.26 %    24.87 %    7.83 %    74.28 % 
 Benchmark:                 
     Russell 2000 Index2    5.41     25.10     8.00     75.10  
 Peer group:                 
     Morningstar Small Blend    9.02     24.20     9.67     72.69  

*         The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

74   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,428 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


Best quarter: 23.22%, for the quarter ended June 30, 2003
Worst quarter: –5.40%, for the quarter ended March 31, 2005

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   75

Small-Cap Blend Index Fund |  Growth and value stocks
of smaller U.S. companies		  
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Blend Index Fund (Institutional Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,078.30       $0.42  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $139.23 million 
 Large: over $5 billion  0.80   
 Middle: $1 billion–$5 billion  47.46         
 Small: under $1 billion  51.74         
 Total  100.00         

 

76   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

International Equity Index Fund | Foreign stocks

   DISCUSSION

Performance in the six months
ended March 31, 2005

The International Equity Index Fund returned 14.91% for the Institutional Share Class, compared with 15.13% for the fund’s benchmark, the Morgan Stanley EAFE® Index, and the 13.70% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign stocks extend winning streak

Foreign stocks again outperformed domestic issues, as they had in the previous reporting period. The 15.13% rise in the EAFE index, which tracks stocks in 21 developed nations excluding the United States and Canada, was nearly double the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market.

     Most of the EAFE’s gains occurred in the fourth quarter of 2004, when the index climbed 15.32%. Both European and Pacific stocks posted robust returns, with the German component of the EAFE up 19.34% and the Japanese component up 13.08%, in dollar terms.

     In the first quarter of 2005, both foreign and domestic markets lost their positive momentum, as investors reacted to higher oil prices, rising interest rates and the threat of inflation. The EAFE index declined 0.17% in dollar terms, while the Russell 3000 fell 2.20%. Pacific stocks were down, with Japanese stocks registering a 2.37% drop, while European stocks posted a 0.46% gain. German stocks gave back 2.27%; the United Kingdom and France were up 1.35% and 1.84%, respectively.

Currency shifts affect performance

Currency factors again had a significant impact on the performance of foreign stocks. In the fourth quarter of 2004, the EAFE returned 6.83% in terms of local currencies. The weakness of the dollar boosted this return to 15.32% in dollar terms. In the first quarter of 2005, however, the dollar rebounded sharply versus the pound, yen and euro, converting the 3.36% gain the index made in local currency terms to a loss of 0.17% in dollars.

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

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   77

International Equity Index Fund |  Foreign stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TCIEX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
    1 year   inception1   6 months   inception1
 International Equity Index Fund                 
     Institutional Class    15.00 %    25.51 %    14.91 %    76.54 % 
 Benchmark:                 
     Morgan Stanley EAFE Index2    15.06     25.67     15.13     77.11  
 Peer group:                 
     Morningstar Foreign Large Blend    12.48     22.20     13.70     65.28  

*         The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 
2      EAFE is a trademark of Morgan Stanley Capital International, Inc.
 

 

78   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,654 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   79

International Equity Index Fund | Foreign stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
International Equity Index Fund (Institutional Class)—expense example
                   
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,149.10       $0.75  
5% annual hypothetical return      1,000.00       1,024.29 ‡      0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.15%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Diversification among world markets    Portfolio breakdown by company size 
 
    Percent of             Percent of 
 Country   
invested assets 
   Capitalization as of 3/31/2005    net assets 
 
 United Kingdom    24.9     Large: over $5 billion    88.84 
 Japan    21.5     Middle: $1 billion–$5 billion    10.16 
 France    9.7     Small: under $1 billion    1.00 
 Switzerland    6.9 
 Germany    6.9     Total    100.00 
 Australia    5.2         
 Netherlands    5.0    Fund facts     
 Italy    4.2   
 Spain    4.0     Inception date     
 16 other nations    11.4         Institutional Class   
10/1/2002 
 Short-term investments    0.3     Net assets (3/31/2005)   
$146.64 million 
 Total    100.0         

 

80   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Real Estate Securities Fund |  Real estate securities

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Real Estate Securities Fund returned 9.22% for the Institutional Share Class, topping the 8.98% return of the fund’s benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the 8.18% average return of similar funds, as measured by the Morningstar Specialty Real Estate category.

First-quarter correction tames REITs

Most of the gains for real estate investment trusts (REITs) occurred in the fourth quarter of 2004. Demand for REITs was coming largely from yield-oriented investors seeking alternatives to lower-yielding bonds. During the quarter, the Dow Jones Wilshire Real Estate Securities Index surged 16.46% —well ahead of the 10.16% return of the broad domestic stock market, as measured by the Russell 3000® Index.

     REITs stumbled in the first quarter of 2005. The benchmark lost 6.43%, versus a 2.20% drop in the Russell 3000. The REIT market was ripe for a correction after two years of returns that were far above their historical average. Weaker demand for REITs contributed to the downturn, with many yield-oriented investors rotating back to bonds as long-term interest rates rose.

Sector weights boost fund’s return

For the six-month period, the fund beat the benchmark by overweighting hotels and underweighting the apartment, office and retail sectors.

     The hotel sector benefited from increased travel combined with a limited new supply of hotel rooms. Apartments lagged because employment growth—a key driver of demand in this sector—was tepid, and because low mortgage rates prompted many renters to become homeowners. The office sector was hurt by diminished cash flows as five-year leases expired in a rental market that was less robust than it had been when the expiring leases were written.

     The retail sector boasted strong fundamentals but appeared overvalued. During the period, the fund sold select retail holdings that had reached the price thresholds we had set for them. Trimming the portfolio’s exposure to retail proved beneficial as the sector sold off.

     Throughout the period, the fund’s portfolio remained broadly diversified among ten real estate sectors and across three cap sizes. As of March 31, 2005, the fund was positioned somewhat less defensively than it had been six months earlier, reflecting our view that valuations had become more realistic, while fundamentals in real estate remained sound.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   81

Real Estate Securities Fund |  Real estate securities

Investment objective

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

Special investment risks

In addition to the risks of any equity or fixed-income investment, the fund is subject to special risks including real estate investing risks, real estate securities risk, small-cap risk and foreign investment risks. For a further discussion of risk, please see page six.

The fund’s benchmark

The Dow Jones Wilshire Real Estate Securities Index measures the performance of publicly traded real estate securities, such as real estate investment trusts and real estate operating companies. You cannot invest directly in this index.

Performance as of March 31, 2005 
          Ticker symbol: TIREX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
Real Estate Securities Fund 
               
     Institutional Class 
  10.92 %    26.66 %    9.22 %    80.62 % 
Benchmark: 
               
     Dow Jones Wilshire 
               
          Real Estate Securities Index 
  12.51     25.06     8.98     74.97  
Peer group: 
               
     Morningstar Specialty Real Estate 
  10.14     23.75     8.18     70.88  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 

 

82   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)

An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,062 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


Best quarter: 17.20%, for the quarter ended December 31, 2004
Worst quarter: –6.81%, for the quarter ended March 31, 2005

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   83

Real Estate Securities Fund |  Real estate securities

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Real Estate Securities Fund (Institutional Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,092.20       $0.84  
5% annual hypothetical return      1,000.00       1,024.19 ‡      0.81  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.16%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    10/1/2002 
 Net assets (3/31/2005)    $203.16 million 
 Large: over $5 billion  27.17   
 Middle: $1 billion–$5 billion  32.25         
 Small: under $1 billion  40.58         
 Total  100.00         

 

84   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Social Choice Equity Fund |  Socially screened stocks

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Social Choice Equity Fund returned 6.97% for the Institutional Share Class, compared with 7.73% for the fund’s benchmark, the Russell 3000® Index, and the 7.14% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments for social criteria, as the fund does.

Excluded stocks reduce performance

Because of its social screens, the fund did not invest in several stocks that are large components of the benchmark in terms of market capitalization. While the exclusion of these stocks produced both positive and negative effects on the fund’s return, the detractors outweighed the positive contributors during the period.

     The largest detraction from performance came from the exclusion of ExxonMobil, which is the largest holding in the Russell 3000. This stock returned 6.6% for the fourth quarter of 2004 and 16.8% for the first quarter of 2005—posting a return for the six-month period that was roughly three times that of the benchmark. The fund’s relative return was also reduced by the exclusion of several other stocks that outperformed the index, including ConocoPhillips and Altria, the parent company of Philip Morris.

     Conversely, the fund’s social screens helped relative performance by excluding a number of stocks that underperformed the benchmark, including Pfizer, Wal-Mart, Eli Lilly and Citigroup.

Stock weightings help manage risk

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

     During the period, the fund had overweight holdings, compared with the benchmark, in several stocks that outperformed the benchmark, including Johnson & Johnson and Valero Energy. The positive effects of these holdings were partly offset by larger-than-benchmark weightings in such stocks as insurer American International Group and JPMorgan Chase, both of which underperformed the Russell 3000 Index.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   85

Social Choice Equity Fund |  Socially screened stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005          Ticker symbol: TISCX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
            since           since
    1 year   5 years   inception1   6 months   5 years   inception1
 Social Choice Equity Fund                         
     Institutional Class    5.90 %    –2.33 %    –0.37 %    6.97 %    –11.12 %    –2.11 % 
 Benchmark:                         
     Russell 3000 Index2    7.09     –2.48     0.02     7.73     –11.79     0.14  
 Peer group:                         
     Morningstar Large Blend    5.79     –2.78     –0.57     7.14     –13.13     –2.07  

*        The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: July 1, 1999
 
2      Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

86   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception July 1, 1999)


An investment of $10,000 in this fund on July 1, 1999, would be worth $9,789 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†

Institutional Class


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

   
†    Does not include returns from July 1, 1999 through September 30, 1999. 
*    Partial fiscal year 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   87

Social Choice Equity Fund | Socially screened stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Social Choice Equity Fund (Institutional Class)—expense example
                         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,069.70       $0.41  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.08%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Institutional Class    7/1/1999 
 Net assets (3/31/2005)    $106.28 million 
 Large: over $5 billion  84.55   
 Middle: $1 billion–$5 billion  11.33         
 Small: under $1 billion  4.12         
 Total  100.00         

 

88   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Bond Fund |  Intermediate-term bonds

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Bond Fund returned 0.46% for the Institutional Share Class, virtually matching the 0.47% return of its benchmark, the Lehman Brothers U.S. Aggregate Index, and well ahead of the 0.40% average return of similar funds, as measured by the Morningstar Intermediate-Term Bond category.

Bonds slide on rising inflation and rate hikes

The bond market’s positive performance during 2004 stalled in the year’s fourth quarter. Bond returns turned negative in the first quarter of 2005, as stronger economic growth, accelerating inflation and rising interest rates unnerved investors. (Bond prices normally fall when interest rates rise.) The Lehman Brothers U.S. Aggregate Index returned just 0.95% in the last three months of 2004 and declined 0.48% in the first quarter of 2005.

     Fueled by sharply higher energy prices, inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), jumped a seasonally adjusted 0.4% in February. In March, the increase was 0.6% —the largest gain in five months. In response, the Federal Reserve followed its three increases in short-term interest rates in mid-2004 with another four during the period, bringing the federal funds rate to 2.75%.

     Among domestic bonds, U.S. agency securities provided the best returns, the result of a decline in new issues that drove up prices. Lower-quality (triple-B-rated) corporate issues also performed well, as did U.S. Treasury Inflation-Protected Securities (TIPS). As bond prices slid, the yield of the 10-year U.S. Treasury note climbed from 4.13% at the beginning of the period to 4.49% at its end.

Portfolio strategies pay off

At the beginning of the period, the fund benefited from a position in corporate bonds that was larger than their share of the benchmark. These holdings were gradually reduced over the six months. Therefore, there was a reduced exposure to the sell off that occured in March when General Motors lowered earnings projections. An overweight position in U.S agency securities late in the period also boosted relative returns.

     As of March 31, 2005, the fund’s overall option-adjusted duration was 4.51 years, compared with 4.50 years for the benchmark. Keeping duration—a measure of the portfolio’s sensitivity to interest-rate changes—close to the benchmark’s helps mitigate the risk that the fund will underperform the benchmark.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   89

Bond Fund |  Intermediate-term bonds

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005 
        Ticker symbol: TIBDX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
            since           since
    1 year   5 years   inception1   6 months   5 years   inception1
Bond Fund 
                       
     Institutional Class 
  1.15 %    7.22 %    6.75 %    0.46 %    41.73 %    45.67 % 
Benchmark: 
                       
     Lehman Brothers U.S. Aggregate Index 
  1.15     7.13     6.68     0.47     41.16     45.08  
Peer group: 
                       
     Morningstar Intermediate-Term Bond 
  0.79     6.35     5.91     0.40     36.03     39.26  

*         The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: July 1, 1999
 

 

90   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception July 1, 1999)


An investment of $10,000 in this fund on July 1, 1999, would have grown to $14,567 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†

Institutional Class


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

   
†    Does not include returns from July 1, 1999 through September 30, 1999. 
*    Partial fiscal year 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   91

Bond Fund |  Intermediate-term bonds

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

      Bond Fund (Institutional Class)—expense example  
                         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,004.60       $0.70  
5% annual hypothetical return      1,000.00       1,024.29 ‡      0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Fund facts         
 Inception date         
     Institutional Class    7/1/1999  
 Net assets (3/31/2005)    $1.19 billion  
 
 
Holdings by market sector (as of 3/31/2005)  
 Government         
     mortgage-backed securities        36.0 % 
 Corporate bonds        20.7  
 U.S. Treasury securities        18.7  
 U.S. agency securities        14.8  
 Short-term investments        3.5  
 Other mortgage-backed securities    2.7  
 Asset-backed securities        2.3  
 Yankees*        1.3  
 Total        100.0  
   
*      Foreign government and corporate bonds denominated in U.S. dollars
 

Risk characteristics*       
Bond Fund vs. Benchmark (as of 3/31/2005) 
    Average   
Option-adjusted 
    maturity   
duration 
    (in years)   
(in years) 
 
Bond Fund 
  6.97    4.51   
Lehman Brothers 
         
     U.S. Aggregate 
         
     Index 
  7.09    4.50   
*      As calculated using an analytical model developed by Lehman Brothers POINT, a widely recognized risk analytic software package
 

About maturity and duration

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

92   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Inflation-Linked Bond Fund |  Inflation-protected bonds

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Inflation-Linked Bond Fund returned 2.20% for the Institutional Share Class, topping the 2.18% return of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index.

TIPS continue to outperform

During the period, returns on an annualized basis for inflation-linked bonds declined from 7.52% for the year ended September 30, 2004. Nevertheless, the real (above-inflation) returns provided by TIPS attracted investors seeking to counter the effects of falling bond prices on returns. The TIPS index far surpassed the 0.47% gain of the Lehman Brothers U.S. Aggregate Index, which tracks a broad range of government, corporate and mortgage-backed securities.

     The six-month period saw the economy strengthen from growth in retail sales, industrial production and employment. However, inflation rose as oil prices reached a high of $58.72 a barrel in mid-March. The Consumer Price Index for All Urban Consumers (CPI-U) jumped a seasonally adjusted 0.4% in February. In March, the increase was 0.6% —the largest gain in five months.

     Having raised short-term interest rates by 0.25% three times in mid-2004, the Federal Reserve increased them by the same amount another four times during the period, to 2.75%. Moreover, the Fed expressed concern that higher inflation, although not an immediate threat, could require near-term action. This announcement raised the possibility of larger rate hikes. Concerned that bond prices (which normally move in inverse relation to interest rates) would fall more precipitously, investors began moving from bonds to cash. For the week ended March 30, AMG Data Services reported net outflows of $1.1 billion from taxable bond funds.

In pursuit of relative value

We sought relative value among inflation-linked securities in an environment of volatile energy prices, rising short-term rates and uncertainty about inflation. In some instances, the fund was able to improve relative performance by buying bonds in the marketplace, rather than at auction. During part of the period, the fund benefited from a duration slightly above that of the benchmark.

     As of March 31, 2005, however, the fund’s and the benchmark’s duration was 8.7 years. At most times, we kept the fund’s duration—a measure of sensitivity to interest-rate changes—similar to the benchmark’s to reduce the risk that the fund would underperform its benchmark.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   93

Inflation-Linked Bond Fund | Inflation-protected bonds

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Lehman Brothers U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index.

Performance as of March 31, 2005 
    Ticker symbol: TIILX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
        since       since
    1 year   inception1   6 months   inception1
Inflation-Linked Bond Fund 
               
     Institutional Class 
  2.77 %    6.56 %    2.20 %    17.22 % 
Benchmark: 
               
     Lehman Brothers U.S. Treasury 
               
          Inflation-Protected Securities Index 
  2.81     6.77     2.18     17.80  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
 
1      Inception date: October 1, 2002
 

 

94   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $11,722 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Institutional Class


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

 
*      Partial fiscal year
 

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   95

Inflation-Linked Bond Fund | Inflation-protected bonds

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Inflation-Linked Bond Fund (Institutional Class)—expense example
                         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,022.00       $0.71  
5% annual hypothetical return      1,000.00       1,024.29 ‡      0.71  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.14%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio composition by maturity      Fund facts     
(as of 3/31/2005) 
 Inception date     
Percent of         Institutional Class    10/1/2002 
net assets     Net assets (3/31/2005)    $385.21 million 
 
 1–10-Year Bonds 
70.4 
       
 Over-20-Year Bonds 
29.1 
       
 Cash or Cash Equivalents 
0.5 
       
 Total 
100.00 
       

 

96   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Money Market Fund |  Cash equivalents

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Money Market Fund returned 1.07% for the Institutional Share Class, topping the 0.80% return of the iMoneyNet Money Fund Report Averages™—All Taxable, a simple average of over 1,000 taxable money market funds.

     At the outset of the period, the Federal Reserve Board was in the midst of implementing a tighter monetary policy in response to an accelerating expansion of the economy and consequent fears of inflation. Through a series of quarter-percent increases, the Fed sought to reduce liquidity without derailing economic growth, which was vulnerable due to the unprecedented levels of debt in the economy.

     The Fed raised short-term interest rates four times during the period, bringing the federal funds rate to 2.75% at the end of March.

LIBOR curve slightly steepens

During the six-month period, the LIBOR (London Interbank Offered Rate) curve steepened somewhat. (LIBOR is the rate of interest that banks pay to borrow money from one another on the London market. The prices of many money market securities are based on the LIBOR curve.) Short-term rates climbed in tandem with the rising federal funds rate, and the spread between short- and longer-term rates, which had been unusually narrow, began to widen.

     Amid these conditions, commercial paper accounted for 81.9% of the fund’s invested holdings, with an additional 10.8% in government and agency securities. The remainder was invested in certificates of deposit and domestic and foreign variable rate notes.

     In order to produce additional value, the fund had 9.5% of its assets invested in foreign holdings as of March 31, 2005.

     During the period, the weighted average maturity of the fund fluctuated between 32 and 48 days. At the end of March, it stood at 34 days, compared with 38 days for the average iMoneyNet fund.

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   97

Money Market Fund |  Cash equivalents

Investment objective

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

Special investment risks

The fund is subject to special risks including income volatility risk, market risk, credit risk, interest-rate risk, prepayment and extension risk, and foreign investment risks. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. We will attempt to maintain a stable net asset value of $1.00 per share for this fund, but it is possible to lose money by investing in the fund. For a further discussion of risk, please see page six.

Yield and average maturity       
   
Net annualized yield
  Average maturity 
   
(for the 7 days ended 3/29/2005)
  (as of 3/29/2005) 
    Current yield Effective yield   Days 
 Money Market Fund    2.63 %    2.66 %    34 
 iMoneyNet Money Fund             
     Report AveragesTM—All Taxable 
  2.11 %    2.13 %    38 
 
 
Performance as of March 31, 2005        
Ticker symbol: TCIXX 
   
Average annual compound
  Cumulative rates
   
rates of total return*
  of total return*
            since           since
    1 year   5 years   inception1   6 months   5 years   inception1
Money Market Fund 
                       
     Institutional Class 
  1.67 %    2.73 %    3.11 %    1.07 %    14.45 %    19.25 % 
iMoneyNet Money Fund Report 
                       
     Averages—All Taxable 
  1.15     2.28     2.64     0.80     11.83     16.03  

*         The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/charts/imf-performance.html.
1 Inception date: July 1, 1999

 

98   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

  PERFORMANCE

$10,000 invested at fund’s inception

Institutional Class (inception July 1, 1999)


An investment of $10,000 in this fund on July 1, 1999, would have grown to $11,925 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns†

Institutional Class


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

† Does not include returns from July 1, 1999 through September 30, 1999.
* Partial fiscal year

 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   99

Money Market Fund | Cash equivalents

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

The examples that appear below are intended to help you understand your ongoing costs (in dollars) of investing in the fund. They are also designed to help you compare these costs with the ongoing costs of investing in other mutual funds. The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

      Money Market Fund (Institutional Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,010.70       $0.40  
5% annual hypothetical return      1,000.00       1,024.59 ‡      0.41  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.09%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Asset allocation (as of 3/31/2005)      Fund facts     
 
Percent of     Inception date     
net assets         Institutional Class    7/1/1999 
 Net assets (3/31/2005)    $179.41 million 
 Commercial paper  81.9   
 U.S. government and agency securities  10.8         
 Certificates of deposit  4.5         
 Floating-rate securities  2.8         
 Total  100.0         

 

100   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Growth Equity Fund   |  Summary portfolio of investments (unaudited) 
March 31, 2005		  

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    APPAREL AND OTHER TEXTILE PRODUCTS      $ 697,934    0.67 % 
    BUILDING MATERIALS AND GARDEN SUPPLIES        730,409    0.70  
 
    BUSINESS SERVICES             
    Adobe Systems, Inc    15,625    1,049,531    1.00  
    Automatic Data Processing, Inc    33,584    1,509,601    1.44  
*    Google, Inc (Class A)    6,646    1,199,669    1.15  
    Microsoft Corp    75,858    1,833,488    1.75  
    SAP AG. (Spon ADR)    24,986    1,001,439    0.96  
*    Yahoo!, Inc    40,903    1,386,612    1.32  
    Other        2,597,691    2.48  
            10,578,031    10.10  
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Amgen, Inc    17,349    1,009,885    0.97  
*    Genentech, Inc    16,779    949,859    0.91  
    Gillette Co    56,057    2,829,757    2.70  
    Lilly (Eli) & Co    21,874    1,139,635    1.09  
    Pfizer, Inc    98,725    2,593,506    2.48  
    Procter & Gamble Co    45,640    2,418,920    2.31  
    Schering-Plough Corp    84,825    1,539,574    1.47  
*    Sepracor, Inc    21,555    1,237,473    1.18  
    Other        3,049,117    2.91  
            16,767,726    16.02  
 
    COMMUNICATIONS             
    Sprint Corp    46,388    1,055,327    1.01  
    Other        235,577    0.22  
            1,290,904    1.23  
 
    DEPOSITORY INSTITUTIONS        81,694    0.08  
    EATING AND DRINKING PLACES        412,221    0.39  
 
    EDUCATIONAL SERVICES             
*    Career Education Corp    30,481    1,044,279    1.00  
            1,044,279    1.00  
 
    ELECTRIC, GAS, AND SANITARY SERVICES        829,121    0.79  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
    Intel Corp    88,094    2,046,424    1.95  
    Motorola, Inc    103,261    1,545,817    1.48  
    National Semiconductor Corp    63,128    1,301,068    1.24  
    Qualcomm, Inc    67,925    2,489,451    2.38  
    Xilinx, Inc    33,988    993,469    0.95  
    Other        2,660,881    2.54  
            11,037,110    10.54  
 
    ENGINEERING AND MANAGEMENT SERVICES        1,308,090    1.25  
    FABRICATED METAL PRODUCTS        640,587    0.61  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   101

Growth Equity Fund   |  Summary portfolio of investments (unaudited) 
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
    FOOD AND KINDRED PRODUCTS             
    PepsiCo, Inc    44,254 
$
2,346,789    2.24 % 
    Other        1,805,574    1.73  
            4,152,363    3.97  
 
    FURNITURE AND FIXTURES        67,063    0.06  
 
    FURNITURE AND HOMEFURNISHINGS STORES             
*    Bed Bath & Beyond, Inc    40,013    1,462,075    1.40  
            1,462,075    1.40  
 
    GENERAL MERCHANDISE STORES             
*    Kohl’s Corp    31,761    1,639,820    1.57  
    Target Corp    37,384    1,869,948    1.79  
    Wal-Mart Stores, Inc    23,796    1,192,418    1.14  
    Other        4,418    0.00  
            4,706,604    4.50  
 
    HEALTH SERVICES             
*    Express Scripts, Inc    16,329    1,423,726    1.36  
    Health Management Associates, Inc (Class A)    37,578    1,482,169    1.42  
            2,905,895    2.78  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    iShares Russell 1000 Growth Index Fund    20,338    953,242    0.91  
    Other        7,259    0.01  
            960,501    0.92  
 
    HOTELS AND OTHER LODGING PLACES             
    Starwood Hotels & Resorts Worldwide, Inc    28,972    1,739,189    1.66  
    Other        197,595    0.19  
            1,936,784    1.85  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    3M Co    30,718    2,632,225    2.51  
    Applied Materials, Inc    66,765    1,084,931    1.04  
*    Cisco Systems, Inc    219,817    3,932,526    3.76  
*    Dell, Inc    77,887    2,992,419    2.86  
    Other        2,628,256    2.51  
            13,270,357    12.68  
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Guidant Corp    12,393    915,843    0.87  
    Medtronic, Inc    39,624    2,018,843    1.93  
*    St. Jude Medical, Inc    51,194    1,842,984    1.76  
*    Zimmer Holdings, Inc    17,468    1,359,185    1.30  
    Other        407,238    0.39  
            6,544,093    6.25  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        736,985    0.70  

102   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth Equity Fund   |  Summary portfolio of investments (unaudited) 
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
    INSURANCE CARRIERS             
    Aetna, Inc    12,088 
$
905,996    0.87 % 
    American International Group, Inc    15,756    873,040    0.83  
    Progressive Corp    9,558    877,042    0.84  
            2,656,078    2.54  
    MISCELLANEOUS RETAIL             
*    eBay, Inc    28,052    1,045,218    1.00  
    Staples, Inc    29,975    942,114    0.90  
    Other        396    0.00  
            1,987,728    1.90  
 
    MOTION PICTURES             
    News Corp (Class A)    73,494    1,243,519    1.19  
*    Time Warner, Inc    51,507    903,948    0.86  
    Other        643,039    0.62  
            2,790,506    2.67  
 
    NONDEPOSITORY INSTITUTIONS             
    American Express Co    40,283    2,069,338    1.98  
    MBNA Corp    47,014    1,154,194    1.10  
    Other        1,077,493    1.03  
            4,301,025    4.11  
    OIL AND GAS EXTRACTION        453,046    0.43  
    PETROLEUM AND COAL PRODUCTS        151,324    0.14  
    PRINTING AND PUBLISHING        18,770    0.02  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        2    0.00  
 
    SECURITY AND COMMODITY BROKERS             
    Goldman Sachs Group, Inc    9,515    1,046,555    1.00  
    Other        559,390    0.53  
            1,605,945    1.53  
    TRANSPORTATION BY AIR        458,884    0.44  
 
    TRANSPORTATION EQUIPMENT             
    United Technologies Corp    8,599    874,174    0.83  
    Other        906,696    0.87  
            1,780,870    1.70  
    TRUCKING AND WAREHOUSING        482,994    0.46  
    WATER TRANSPORTATION        1,547,218    1.48  
 
    WHOLESALE TRADE-DURABLE GOODS             
    Johnson & Johnson    59,924    4,024,496    3.84  
            4,024,496    3.84  
    WHOLESALE TRADE-NONDURABLE GOODS        134,749    0.13  
    TOTAL COMMON STOCKS    (Cost $106,430,386)    104,554,461    99.88  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   103

Growth Equity Fund   |  Summary portfolio of investments (unaudited) 
March 31, 2005
continued

                   
            % OF NET  
    ISSUER     
VALUE
  ASSETS  
   
 
 
    SHORT-TERM INVESTMENTS         
    TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES      $ 409,970   0.39 % 
    TOTAL SHORT-TERM INVESTMENTS    (Cost $410,000)  409,970   0.39  
 
    TOTAL PORTFOLIO    (Cost $106,840,386)  104,964,431   100.27 % 
    OTHER ASSETS AND LIABILITIES, NET      (284,663 )  (0.27 ) 
    NET ASSETS      $ 104,679,768   100.00 % 

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

104   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005		  

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    APPAREL AND ACCESSORY STORES     
$
2,738,076    0.85 % 
    APPAREL AND OTHER TEXTILE PRODUCTS        354,840    0.11  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    70,620    2,700,509    0.83  
    Other        50,280    0.02  
            2,750,789    0.85  
 
    BUSINESS SERVICES             
    Microsoft Corp    298,200    7,207,494    2.23  
*    Pixar    17,592    1,716,100    0.53  
    Other        13,353,056    4.13  
            22,276,650    6.89  
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Amgen, Inc    55,780    3,246,954    1.00  
    Merck & Co, Inc    96,800    3,133,416    0.97  
    Pfizer, Inc    236,700    6,218,109    1.92  
    Procter & Gamble Co    85,900    4,552,700    1.41  
    Other        9,723,112    3.01  
            26,874,291    8.31  
 
    COMMUNICATIONS             
    SBC Communications, Inc    95,018    2,250,976    0.70  
    Verizon Communications, Inc    81,931    2,908,551    0.90  
    Viacom, Inc (Class B)    61,582    2,144,901    0.66  
    Other        6,657,296    2.06  
            13,961,724    4.32  
 
    DEPOSITORY INSTITUTIONS             
    Bank of America Corp    155,086    6,839,293    2.12  
    Citigroup, Inc    187,443    8,423,688    2.61  
    JPMorgan Chase & Co    114,311    3,955,161    1.22  
    U.S. Bancorp    62,229    1,793,440    0.55  
    Wachovia Corp    50,600    2,576,046    0.80  
    Wells Fargo & Co    70,143    4,194,551    1.30  
    Other        3,341,736    1.03  
            31,123,915    9.63  
 
    EATING AND DRINKING PLACES        1,709,603    0.53  
    EDUCATIONAL SERVICES        181,578    0.06  
    ELECTRIC, GAS, AND SANITARY SERVICES        8,420,236    2.60  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
    Emerson Electric Co    27,336    1,774,926    0.55  
    General Electric Co    320,400    11,553,624    3.57  
    Intel Corp    254,808    5,919,190    1.83  
    Other        5,851,467    1.81  
            25,099,207    7.76  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   105

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005		  

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    ENGINEERING AND MANAGEMENT SERVICES     
$
850,169    0.26 % 
 
    FABRICATED METAL PRODUCTS             
    Illinois Tool Works, Inc    22,552    2,019,081    0.62  
    Other        868,810    0.27  
            2,887,891    0.89  
 
    FOOD AND KINDRED PRODUCTS             
    Anheuser-Busch Cos, Inc    37,977    1,799,730    0.56  
    Pepsi Bottling Group, Inc    66,400    1,849,240    0.57  
    PepsiCo, Inc    62,859    3,333,413    1.03  
    Other        4,666,187    1.44  
            11,648,570    3.60  
 
    FOOD STORES        1,462,719    0.45  
    FURNITURE AND FIXTURES        121,365    0.04  
    FURNITURE AND HOMEFURNISHINGS STORES        1,314,394    0.41  
    GENERAL BUILDING CONTRACTORS        1,050,544    0.33  
 
    GENERAL MERCHANDISE STORES             
    Wal-Mart Stores, Inc    97,899    4,905,719    1.52  
    Other        2,083,192    0.64  
            6,988,911    2.16  
 
    HEALTH SERVICES        772,722    0.24  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    SPDR Trust Series 1    14,640    1,726,935    0.54  
    Other        2,144,272    0.66  
            3,871,207    1.20  
 
    HOTELS AND OTHER LODGING PLACES        964,589    0.30  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    3M Co    23,511    2,014,658    0.62  
*    Apple Computer, Inc    42,964    1,790,310    0.56  
    Baker Hughes, Inc    46,510    2,069,230    0.64  
*    Cisco Systems, Inc    210,217    3,760,782    1.16  
*    Dell, Inc    97,295    3,738,074    1.16  
    International Business Machines Corp    65,220    5,959,804    1.84  
    Tyco International Ltd    50,000    1,690,000    0.52  
    Other        7,993,119    2.47  
            29,015,977    8.97  
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Becton Dickinson & Co    35,100    2,050,542    0.63  
    Medtronic, Inc    42,742    2,177,705    0.67  
    Other        4,319,333    1.34  
            8,547,580    2.64  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        15,988    0.00  


106   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INSURANCE CARRIERS           
    Aetna, Inc    29,200
$
2,188,540    0.68 % 
    American International Group, Inc    54,245   3,005,716    0.93  
    Chubb Corp    26,526   2,102,716    0.65  
    Principal Financial Group    50,100   1,928,349    0.59  
    UnitedHealth Group, Inc    26,000   2,479,880    0.77  
    Other      11,935,001    3.69  
          23,640,202    7.31  
 
    METAL MINING           
    Phelps Dodge Corp    20,700   2,105,811    0.65  
    Other      632,451    0.20  
          2,738,262    0.85  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      813,399    0.25  
    MISCELLANEOUS RETAIL      5,789,659    1.79  
 
    MOTION PICTURES           
*    Time Warner, Inc    135,577   2,379,376    0.74  
    Walt Disney Co    114,121   3,278,696    1.01  
    Other      1,653,942    0.51  
          7,312,014    2.26  
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    60,958   3,131,413    0.97  
    Fannie Mae    34,813   1,895,568    0.59  
    Other      3,933,777    1.21  
          8,960,758    2.77  
    NONMETALLIC MINERALS, EXCEPT FUELS      954,744    0.30  
    OIL AND GAS EXTRACTION      3,708,801    1.15  
    PAPER AND ALLIED PRODUCTS      2,720,278    0.84  
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    59,618   3,476,325    1.08  
    ExxonMobil Corp    206,720   12,320,512    3.81  
    Other      4,464,540    1.38  
          20,261,377    6.27  
    PRIMARY METAL INDUSTRIES      881,025    0.27  
    PRINTING AND PUBLISHING      1,207,518    0.37  
    RAILROAD TRANSPORTATION      1,713,627    0.53  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      76,372    0.02  
    SECURITY AND COMMODITY BROKERS      4,886,275    1.51  
    SPECIAL TRADE CONTRACTORS      524,384    0.16  
    STONE, CLAY, AND GLASS PRODUCTS      626,619    0.19  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   107

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
   
 
 
 
    TOBACCO PRODUCTS           
    Altria Group, Inc    51,800
$
3,387,202    1.05 % 
    Other      369,500    0.11  
          3,756,702    1.16  
 
    TRANSPORTATION BY AIR           
    FedEx Corp    22,587   2,122,049    0.66  
    Other      1,928,255    0.59  
          4,050,304    1.25  
    TRANSPORTATION EQUIPMENT      5,403,280    1.67  
    TRANSPORTATION SERVICES      396,028    0.12  
    TRUCKING AND WAREHOUSING      2,069,402    0.64  
    WATER TRANSPORTATION      800,088    0.25  
 
    WHOLESALE TRADE-DURABLE GOODS           
    Johnson & Johnson    111,946   7,518,293    2.33  
    Other      1,196,854    0.37  
          8,715,147    2.70  
 
    WHOLESALE TRADE-NONDURABLE GOODS           
    AmerisourceBergen Corp    29,530   1,691,774    0.52  
    Other      3,365,280    1.04  
          5,057,054    1.56  
    TOTAL COMMON STOCKS    (Cost $326,861,364)   322,066,854    99.59  
 
    TOTAL PORTFOLIO    (Cost $326,861,364)   322,066,854    99.59 % 
    OTHER ASSETS AND LIABILITIES, NET      1,328,139    0.41  
 
    NET ASSETS    323,394,993    100.00 % 

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

108   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005		  

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    INDUSTRIAL MACHINERY AND EQUIPMENT     
$
133,534    0.02 % 
    INSTRUMENTS AND RELATED PRODUCTS        125,764    0.02  
    TOTAL PREFERRED STOCKS    (Cost $249,561)    259,298    0.04  
 
    COMMON STOCKS             
    APPAREL AND ACCESSORY STORES        77,697    0.01  
    APPAREL AND OTHER TEXTILE PRODUCTS        1,754,478    0.23  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        3,279,675    0.43  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Wolseley plc    598,242    12,525,243    1.66  
    Other        32,259    0.00  
            12,557,502    1.66  
 
    BUSINESS SERVICES             
    Cintra Concesiones de Infraestructuras de Transporte S.A.    678,647    7,320,629    0.97  
    Other        21,596,421    2.86  
            28,917,050    3.83  
 
    CHEMICALS AND ALLIED PRODUCTS             
    GlaxoSmithKline plc    341,497    7,827,394    1.04  
    Merck KGaA    140,790    10,063,774    1.33  
    Novartis AG. (Regd)    169,022    7,912,935    1.05  
    Reckitt Benckiser plc    365,998    11,632,530    1.54  
    Sanofi-Aventis    222,863    18,841,334    2.50  
    Takeda Pharmaceutical Co Ltd    104,100    4,973,364    0.66  
    Other        16,438,609    2.18  
            77,689,940    10.30  
 
    COMMUNICATIONS             
    KDDI Corp    1,341    6,657,358    0.88  
    Vodafone Group plc    3,376,313    8,963,725    1.19  
    Other        22,002,745    2.92  
            37,623,828    4.99  
 
    DEPOSITORY INSTITUTIONS             
    Banca Intesa S.p.A.    2,046,850    10,427,938    1.38  
*    Bayerische Hypo-und Vereinsbank AG.    236,656    5,803,845    0.77  
    Depfa Bank plc    711,017    11,273,692    1.49  
    Deutsche Bank AG. (Regd)    104,067    9,000,932    1.19  
    HSBC Holdings plc (United Kingdom)    590,480    9,338,995    1.24  
    Mitsubishi Tokyo Financial Group, Inc    639    5,556,002    0.74  
    Royal Bank of Scotland Group plc    583,119    18,555,334    2.46  
    Shinsei Bank Ltd    1,015,000    5,788,613    0.77  
    UBS AG. (Regd)    273,079    23,140,346    3.07  
    Other        18,210,691    2.41  
            117,096,388    15.52  
 
    EATING AND DRINKING PLACES        221,159    0.03  
    EDUCATIONAL SERVICES        918,848    0.12  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   109

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
   
 
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
    Nissin Co Ltd    2,160,480
$
 5,049,738    0.67 % 
    Other      12,934,477    1.71  
          17,984,215    2.38  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    Kyocera Corp    69,700   4,985,088    0.66  
    Nokia Oyj    378,323   5,880,582    0.78  
    STMicroelectronics NV    337,179   5,626,676    0.75  
    Other      12,396,515    1.64  
          28,888,861    3.83  
    FABRICATED METAL PRODUCTS      1,672,610    0.22  
 
    FOOD AND KINDRED PRODUCTS           
    Groupe Danone    98,036   9,778,907    1.30  
    Nisshin Oillio Group Ltd    1,108,000   6,215,408    0.82  
    Other      8,358,936    1.11  
          24,353,251    3.23  
 
    FOOD STORES           
    Tesco plc    3,026,657   18,101,160    2.40  
    Other      286,961    0.04  
          18,388,121    2.44  
    FURNITURE AND FIXTURES      45,727    0.01  
    FURNITURE AND HOMEFURNISHINGS STORES      1,726,101    0.23  
 
    GENERAL BUILDING CONTRACTORS           
    Titan Cement Co S.A.    153,752   5,111,492    0.68  
    Other      6,706,537    0.89  
          11,818,029    1.57  
    GENERAL MERCHANDISE STORES      127,147    0.02  
    HEALTH SERVICES      664,812    0.09  
 
    HEAVY CONSTRUCTION, EXCEPT BUILDING           
    Vinci S.A.    104,120   15,047,534    1.99  
    Other      200,126    0.03  
          15,247,660    2.02  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    Nobel Biocare Holding AG.    44,346   9,366,646    1.24  
    Orient Corp    2,234,000   7,915,913    1.05  
    Other      9,263,545    1.23  
          26,546,104    3.52  
 
    HOTELS AND OTHER LODGING PLACES           
    Accor S.A.    378,655   18,582,411    2.46  
          18,582,411    2.46  


110   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
   
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Futuris Corp Ltd    3,415,157
$
5,494,934    0.73 % 
    Rheinmetall AG.    193,374   10,304,058    1.37  
    Other      7,984,859    1.05  
          23,783,851    3.15  
    INSTRUMENTS AND RELATED PRODUCTS      4,852,154    0.64  
    INSURANCE AGENTS, BROKERS AND SERVICE      78,804    0.01  
 
    INSURANCE CARRIERS           
    Schindler Holding AG. (Pt Cert)    15,837   5,886,224    0.78  
    Zurich Financial Services AG.    95,532   16,823,699    2.23  
    Other      18,071,301    2.39  
          40,781,224    5.40  
    LOCAL AND INTERURBAN PASSENGER TRANSIT      613,881    0.08  
    LUMBER AND WOOD PRODUCTS      124,215    0.02  
    METAL MINING      7,837,820    1.04  
    MISCELLANEOUS RETAIL      3,637,072    0.48  
    MOTION PICTURES      933,368    0.12  
 
    NONDEPOSITORY INSTITUTIONS           
    Hypo Real Estate Holding    222,202   9,284,431    1.23  
    Other      1,961,336    0.26  
          11,245,767    1.49  
 
    OIL AND GAS EXTRACTION           
    Total S.A.    21,427   5,026,491    0.67  
    Other      6,155,576    0.81  
          11,182,067    1.48  
    PAPER AND ALLIED PRODUCTS      4,127,774    0.55  
    PERSONAL SERVICES      134,953    0.02  
 
    PETROLEUM AND COAL PRODUCTS           
    BHP Billiton Ltd    409,983   5,667,335    0.75  
    BP plc    753,304   7,807,579    1.03  
    ENI S.p.A.    471,641   12,277,752    1.63  
    Royal Dutch Petroleum Co    136,263   8,167,584    1.08  
    Other      9,096,924    1.21  
          43,017,174    5.70  
    PRIMARY METAL INDUSTRIES           
    NEOMAX Co Ltd    262,000   6,197,270    0.82  
    Other      3,241,522    0.43  
          9,438,792    1.25  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   111

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded 

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    PRINTING AND PUBLISHING           
    Reed Elsevier NV    433,710
$
6,555,495    0.87 % 
    Reed Elsevier plc    1,010,847   10,476,870    1.39  
    Other      1,494,892    0.20  
          18,527,257    2.46  
    RAILROAD TRANSPORTATION      2,416,309    0.32  
    REAL ESTATE      7,025,932    0.93  
    SECURITY AND COMMODITY BROKERS      2,862,627    0.38  
    STONE, CLAY, AND GLASS PRODUCTS           
    Holcim Ltd (Regd)    392,089   24,195,105    3.21  
    Other      5,677,320    0.75  
          29,872,425    3.96  
    TRANSPORTATION BY AIR      3,357,644    0.44  
    TRANSPORTATION EQUIPMENT           
*    Fiat S.p.A.    2,548,921   18,584,274    2.46  
    Toyota Motor Corp    275,700   10,284,620    1.36  
    Other      6,519,920    0.87  
          35,388,814    4.69  
    TRANSPORTATION SERVICES      507,953    0.07  
    TRUCKING AND WAREHOUSING      2,550,355    0.34  
    WATER TRANSPORTATION      1,458,638    0.19  
 
    WHOLESALE TRADE-DURABLE GOODS           
    Terumo Corp    167,500   5,058,199    0.67  
    Other      1,288,909    0.17  
          6,347,108    0.84  
 
    WHOLESALE TRADE-NONDURABLE GOODS           
    Clariant AG.    1,149,451   19,914,559    2.64  
    Inditex S.A.    456,374   13,683,426    1.82  
    Other      1,980,040    0.26  
          35,578,025    4.72  
    TOTAL COMMON STOCKS    (Cost $677,672,050)   753,863,617    99.91  
 
    TOTAL PORTFOLIO    (Cost $677,921,611)   754,122,915    99.95 % 
    OTHER ASSETS AND LIABILITIES, NET      413,821    0.05  
 
    NET ASSETS    754,536,736    100.00 % 

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

112   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS       
   
    AMUSEMENT AND RECREATION SERVICES     
$
2,559,631 
  0.57 % 
    APPAREL AND ACCESSORY STORES       
1,105,104 
  0.25  
    APPAREL AND OTHER TEXTILE PRODUCTS       
3,079,544 
  0.68  
    AUTO REPAIR, SERVICES, AND PARKING       
1,752,885 
  0.39  
 
    BUSINESS SERVICES       
   
    Microsoft Corp    132,605   
3,205,063 
  0.71  
    Waste Management, Inc    147,192   
4,246,489 
  0.94  
    Other       
5,709,272 
  1.27  
           
13,160,824 
  2.92  
 
    CHEMICALS AND ALLIED PRODUCTS       
   
    Du Pont (E.I.) de Nemours & Co    131,846   
6,755,789 
  1.50  
    Merck & Co, Inc    150,555   
4,873,465 
  1.08  
    Wyeth    154,696   
6,525,077 
  1.45  
    Other       
8,824,896 
  1.96  
           
26,979,227 
  5.99  
 
    COAL MINING       
1,285,993 
  0.29  
 
    COMMUNICATIONS       
   
    BellSouth Corp    337,885   
8,882,997 
  1.97  
    SBC Communications, Inc    139,112   
3,295,563 
  0.73  
    Verizon Communications, Inc    179,917   
6,387,054 
  1.42  
    Viacom, Inc (Class B)    262,821   
9,154,055 
  2.03  
    Other       
5,533,668 
  1.23  
           
33,253,337 
  7.38  
 
    DEPOSITORY INSTITUTIONS       
   
    Bank of America Corp    323,532   
14,267,761 
  3.17  
    Citigroup, Inc    463,906   
20,847,936 
  4.63  
    Fifth Third Bancorp    127,900   
5,497,142 
  1.22  
    JPMorgan Chase & Co    317,737   
10,993,700 
  2.44  
    North Fork Bancorp, Inc    144,265   
4,001,911 
  0.89  
    Northern Trust Corp    144,259   
6,266,611 
  1.39  
    SunTrust Banks, Inc    56,043   
4,039,019 
  0.89  
    Wachovia Corp    81,609   
4,154,714 
  0.92  
    Wells Fargo & Co    51,713   
3,092,437 
  0.69  
    Other       
5,522,889 
  1.23  
           
78,684,120 
  17.47  
 
    EATING AND DRINKING PLACES       
   
*    Brinker International, Inc    159,724   
5,785,203 
  1.28  
           
5,785,203 
  1.28  
 
    ELECTRIC, GAS, AND SANITARY SERVICES       
   
*    CMS Energy Corp    256,296   
3,342,100 
  0.74  
    Dominion Resources, Inc    79,459   
5,914,133 
  1.32  
    PG&E Corp    128,349   
4,376,701 
  0.97  
    Other       
12,300,446 
  2.73  
           
25,933,380 
  5.76  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   113

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
*    Alstom    3,711,710
$
3,183,789    0.71 % 
    General Electric Co    622,219   22,437,217    4.98  
    Other      9,828,134    2.18  
          35,449,140    7.87  
    ENGINEERING AND MANAGEMENT SERVICES      674,993    0.15  
 
    FABRICATED METAL PRODUCTS           
    Illinois Tool Works, Inc    50,504   4,521,623    1.00  
          4,521,623    1.00  
 
    FOOD AND KINDRED PRODUCTS           
    Coca-Cola Enterprises, Inc    206,922   4,246,039    0.94  
    Molson Coors Brewing Co (Class B)    40,504   3,125,694    0.70  
          7,371,733    1.64  
 
    FOOD STORES           
*    Kroger Co    254,532   4,080,148    0.90  
    Other      74,120    0.02  
          4,154,268    0.92  
    GENERAL MERCHANDISE STORES      1,296,728    0.29  
    HEALTH SERVICES      2,148,338    0.48  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    iShares Russell 1000 Value Index Fund    52,396   3,448,181    0.76  
    Other      5,984,386    1.33  
          9,432,567    2.09  
    HOTELS AND OTHER LODGING PLACES      3,218,124    0.71  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Hewlett-Packard Co    411,884   9,036,735    2.01  
    Other      3,606,481    0.80  
          12,643,216    2.81  
 
    INSTRUMENTS AND RELATED PRODUCTS           
*    Boston Scientific Corp    119,386   3,496,816    0.78  
    Raytheon Co    94,958   3,674,875    0.81  
          7,171,691    1.59  
 
    INSURANCE AGENTS, BROKERS AND SERVICE           
    Marsh & McLennan Cos, Inc    178,303   5,423,977    1.20  
          5,423,977    1.20  
 
    INSURANCE CARRIERS           
    American International Group, Inc    74,696   4,138,905    0.92  
    St. Paul Travelers Cos, Inc    205,113   7,533,801    1.67  
    Other      5,152,358    1.14  
          16,825,064    3.73  


114   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    LUMBER AND WOOD PRODUCTS           
    Georgia-Pacific Corp    99,842
$
3,543,393    0.79 % 
          3,543,393    0.79  
    METAL MINING      247,458    0.05  
 
    MISCELLANEOUS RETAIL           
*    Sears Holdings Corp    51,002   6,791,936    1.51  
    Other      1,369,482    0.30  
          8,161,418    1.81  
 
    MOTION PICTURES           
*    Time Warner, Inc    553,584   9,715,399    2.16  
    Other      2,903,949    0.64  
          12,619,348    2.80  
 
    NONDEPOSITORY INSTITUTIONS           
    Fannie Mae    92,577   5,040,818    1.12  
    Other      2,902,081    0.64  
          7,942,899    1.76  
 
    OIL AND GAS EXTRACTION           
    Devon Energy Corp    78,400   3,743,600    0.83  
    Other      10,364,547    2.30  
          14,108,147    3.13  
 
    PAPER AND ALLIED PRODUCTS           
    International Paper Co    102,594   3,774,433    0.84  
    Other      1,457,274    0.32  
          5,231,707    1.16  
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    105,576   6,156,136    1.37  
    ConocoPhillips    45,675   4,925,592    1.09  
    ExxonMobil Corp    475,443   28,336,403    6.29  
          39,418,131    8.75  
    PRINTING AND PUBLISHING      1,429,579    0.32  
    RAILROAD TRANSPORTATION      1,886,578    0.42  
    REAL ESTATE      80,197    0.02  
 
    SECURITY AND COMMODITY BROKERS           
    Morgan Stanley    161,456   9,243,356    2.05  
    Other      2,893,402    0.64  
          12,136,758    2.69  
    STONE, CLAY, AND GLASS PRODUCTS      77,388    0.02  
 
    TOBACCO PRODUCTS           
    Altria Group, Inc    244,018   15,956,337    3.54  
          15,956,337    3.54  
    TRANSPORTATION BY AIR      1,919,194    0.43  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   115

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                 
            % OF NET  
    COMPANY   
SHARES
VALUE
  ASSETS  
   
 
 
    TRANSPORTATION EQUIPMENT         
    Honeywell International, Inc    173,470
$
6,454,819   1.44 % 
    Northrop Grumman Corp    66,158   3,571,209   0.79  
    Other      6,581,527   1.46  
          16,607,555   3.69  
 
    WHOLESALE TRADE-NONDURABLE GOODS         
    AmerisourceBergen Corp    69,972   4,008,696   0.89  
          4,008,696   0.89  
   
TOTAL COMMON STOCKS 
(Cost $426,748,761)   449,285,493   99.73  
 
    ISSUER   
PRINCIPAL
     
   
 
    SHORT-TERM INVESTMENTS         
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
    Federal Home Loan Bank (FHLB)
2.400%, 04/01/05 
$3,260,000   3,259,759   0.72  
     
  3,259,759   0.72  
 
TOTAL SHORT-TERM INVESTMENTS 
(Cost $3,260,000)   3,259,759   0.72  
 
   
TOTAL PORTFOLIO 
(Cost $430,008,761)   452,545,252   100.45 % 
   
OTHER ASSETS AND LIABILITIES, NET 
  (2,022,470 )  (0.45 ) 
 
   
NET ASSETS 
  $ 450,522,782   100.00 % 

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

116   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS     
   
    AMUSEMENT AND RECREATION SERVICES     
   
    Station Casinos, Inc    19,750
$
1,334,113 
  0.79 % 
    Other     
1,044,323 
  0.61  
         
2,378,436 
  1.40  
 
    APPAREL AND ACCESSORY STORES     
2,890,398 
  1.71  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS     
368,285 
  0.22  
    AUTO REPAIR, SERVICES, AND PARKING     
838,449 
  0.50  
    BUILDING MATERIALS AND GARDEN SUPPLIES     
680,313 
  0.40  
 
    BUSINESS SERVICES     
   
    Adobe Systems, Inc    37,837  
2,541,511 
  1.50  
*    Juniper Networks, Inc    63,171  
1,393,552 
  0.82  
*    Mercury Interactive Corp    30,401  
1,440,399 
  0.85  
*    VeriSign, Inc    46,968  
1,347,982 
  0.80  
    Other     
13,009,932 
  7.68  
         
19,733,376 
  11.65  
 
    CHEMICALS AND ALLIED PRODUCTS     
   
    Clorox Co    24,046  
1,514,658 
  0.89  
    Estee Lauder Cos (Class A)    34,917  
1,570,567 
  0.93  
*    Genzyme Corp    44,660  
2,556,338 
  1.51  
*    Sepracor, Inc    40,985  
2,352,949 
  1.39  
    Other     
9,566,580 
  5.64  
         
17,561,092 
  10.36  
 
    COAL MINING     
   
    Consol Energy, Inc    30,268  
1,423,201 
  0.84  
         
1,423,201 
  0.84  
 
    COMMUNICATIONS     
   
*    Avaya, Inc    128,888  
1,505,412 
  0.89  
    Global Payments, Inc    26,982  
1,740,069 
  1.03  
*    Nextel Partners, Inc (Class A)    59,551  
1,307,740 
  0.77  
*    NII Holdings, Inc (Class B)    24,677  
1,418,927 
  0.84  
*    Univision Communications, Inc (Class A)    52,293  
1,447,993 
  0.86  
*    XM Satellite Radio Holdings, Inc    42,074  
1,325,331 
  0.78  
    Other     
497,916 
  0.29  
         
9,243,388 
  5.46  
 
    DEPOSITORY INSTITUTIONS     
   
    North Fork Bancorp, Inc    54,727  
1,518,127 
  0.90  
    Northern Trust Corp    37,635  
1,634,864 
  0.96  
    Other     
531,318 
  0.31  
         
3,684,309 
  2.17  
 
    EATING AND DRINKING PLACES     
   
*    The Cheesecake Factory, Inc    40,737  
1,444,127 
  0.85  
    Other     
2,495,018 
  1.48  
         
3,939,145 
  2.33  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   117

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    EDUCATIONAL SERVICES     
$
1,254,804 
  0.74 % 
    ELECTRIC, GAS, AND SANITARY SERVICES       
1,202,570 
  0.71  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT       
   
    Amphenol Corp (Class A)    40,079   
1,484,526 
  0.88  
*    Comverse Technology, Inc    70,033   
1,766,232 
  1.04  
    National Semiconductor Corp    123,317   
2,541,563 
  1.50  
*    Novellus Systems, Inc    53,793   
1,437,887 
  0.85  
    Other       
10,053,950 
  5.93  
           
17,284,158 
  10.20  
 
    ENGINEERING AND MANAGEMENT SERVICES       
   
*    Jacobs Engineering Group, Inc    27,732   
1,439,845 
  0.85  
    Moody’s Corp    26,150   
2,114,489 
  1.25  
    Quest Diagnostics, Inc    22,738   
2,390,446 
  1.41  
    Other       
2,159,335 
  1.27  
           
8,104,115 
  4.78  
    FABRICATED METAL PRODUCTS       
183,698 
  0.11  
    FOOD AND KINDRED PRODUCTS       
1,767,674 
  1.04  
    FOOD STORES       
526,787 
  0.31  
 
    FURNITURE AND FIXTURES       
1,382,056 
  0.82  
 
    FURNITURE AND HOMEFURNISHINGS STORES       
   
*    Bed Bath & Beyond, Inc    91,423   
3,340,596 
  1.97  
    Other       
1,843,657 
  1.09  
           
5,184,253 
  3.06  
 
    GENERAL BUILDING CONTRACTORS       
   
*    NVR, Inc    1,682   
1,320,370 
  0.78  
    Other       
475,797 
  0.28  
           
1,796,167 
  1.06  
 
    GENERAL MERCHANDISE STORES       
   
    Dollar General Corp    64,974   
1,423,580 
  0.84  
           
1,423,580 
  0.84  
 
    HEALTH SERVICES       
   
*    Express Scripts, Inc    26,343   
2,296,846 
  1.36  
*    Triad Hospitals, Inc    42,749   
2,141,725 
  1.26  
    Other       
2,035,494 
  1.20  
           
6,474,065 
  3.82  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    iShares Russell Midcap Growth Index Fund    45,400   
3,764,114 
  2.22  
           
3,764,114 
  2.22  
 
    HOTELS AND OTHER LODGING PLACES       
   
    Hilton Hotels Corp    121,476   
2,714,989 
  1.60  
    Other       
1,742,469 
  1.03  
           
4,457,458 
  2.63  


118   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT     
   
    American Standard Cos, Inc    60,767
$
2,824,450 
  1.67 % 
*    Apple Computer, Inc    38,181  
1,591,002 
  0.94  
    Baker Hughes, Inc    65,122  
2,897,278 
  1.71  
    ITT Industries, Inc    22,045  
1,989,341 
  1.17  
*    Lexmark International, Inc    27,481  
2,197,655 
  1.30  
*    Network Appliance, Inc    54,701  
1,513,030 
  0.89  
    Other     
4,321,830 
  2.55  
         
17,334,586 
  10.23  
 
    INSTRUMENTS AND RELATED PRODUCTS     
   
    Bard (C.R.), Inc    34,977  
2,381,234 
  1.41  
    Biomet, Inc    52,729  
1,914,063 
  1.13  
*    Fisher Scientific International, Inc    26,598  
1,513,958 
  0.89  
*    St. Jude Medical, Inc    52,700  
1,897,200 
  1.12  
    Other     
1,463,502 
  0.86  
         
9,169,957 
  5.41  
    INSURANCE AGENTS, BROKERS AND SERVICE     
664,616 
  0.39  
 
    INSURANCE CARRIERS     
   
*    WellPoint, Inc    18,950  
2,375,382 
  1.40  
    Other     
613,385 
  0.36  
         
2,988,767 
  1.76  
    LEATHER AND LEATHER PRODUCTS     
1,009,770 
  0.60  
    METAL MINING     
484,589 
  0.29  
    MISCELLANEOUS MANUFACTURING INDUSTRIES     
1,124,466 
  0.66  
 
    MISCELLANEOUS RETAIL     
   
*    Petco Animal Supplies, Inc    42,603  
1,568,216 
  0.93  
         
1,568,216 
  0.93  
    MOTION PICTURES     
1,101,002 
  0.65  
 
    OIL AND GAS EXTRACTION     
   
    ENSCO International, Inc    38,959  
1,467,196 
  0.87  
    Other     
2,481,160 
  1.46  
         
3,948,356 
  2.33  
    PERSONAL SERVICES     
1,090,006 
  0.64  
    PRINTING AND PUBLISHING     
605,238 
  0.36  
    SECURITY AND COMMODITY BROKERS     
3,839,768 
  2.27  
 
    TRANSPORTATION BY AIR     
   
    Southwest Airlines Co    98,747  
1,406,157 
  0.83  
         
1,406,157 
  0.83  
    TRANSPORTATION SERVICES     
1,489,028 
  0.88  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   119

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

        % OF NET  
COMPANY     
SHARES
 
VALUE
  ASSETS  
 
 
 
WATER TRANSPORTATION         
Royal Caribbean Cruises Ltd      47,193
     $
 2,109,055   1.24 % 
      2,109,055   1.24  
WHOLESALE TRADE-DURABLE GOODS    499,500   0.29  
  TOTAL COMMON STOCKS    (Cost $149,992,754)   167,978,968   99.14  
 
ISSUER     
PRINCIPAL
     
 
 
SHORT-TERM INVESTMENTS         
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES       
Federal Home Loan Bank (FHLB)  2.400%, 04/01/05    $11,910,000   11,909,120   7.03  
      11,909,120   7.03  
TOTAL SHORT-TERM INVESTMENTS  (Cost $11,910,000)     11,909,120   7.03  
 
  TOTAL PORTFOLIO  (Cost $161,902,754)     179,888,088   106.17 % 
  OTHER ASSETS AND LIABILITIES, NET    (10,452,616 )  (6.17 ) 
 
 
  NET ASSETS      $ 169,435,472   100.00 % 
 

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

120   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS     
   
    AMUSEMENT AND RECREATION SERVICES     
   
*    Caesars Entertainment, Inc    84,000
$
1,662,360 
  0.58 % 
    Other     
704,000 
  0.25  
         
2,366,360 
  0.83  
 
    APPAREL AND ACCESSORY STORES     
1,312,770 
  0.46  
    APPAREL AND OTHER TEXTILE PRODUCTS     
1,440,070 
  0.50  
 
    AUTO REPAIR, SERVICES AND PARKING     
   
    Lear Corp    50,000  
2,218,000 
  0.77  
    BUILDING MATERIALS AND GARDEN SUPPLIES     
1,005,600 
  0.35  
    BUSINESS SERVICES     
3,210,620 
  1.12  
 
    CHEMICALS AND ALLIED PRODUCTS     
   
    Akzo Nobel NV (Spon ADR)    43,500  
2,000,130 
  0.70  
    Monsanto Co    30,000  
1,935,000 
  0.67  
    Waste Management, Inc    75,000  
2,163,750 
  0.76  
    Other     
14,970,243 
  5.22  
         
21,069,123 
  7.35  
 
    COAL MINING     
2,412,104 
  0.84  
    COMMUNICATIONS     
   
    Clear Channel Communications, Inc    55,000  
1,895,850 
  0.66  
*    Entercom Communications Corp    54,000  
1,918,080 
  0.67  
*    UnitedGlobalcom, Inc (Class A)    175,000  
1,655,500 
  0.58  
    Other     
4,026,415 
  1.40  
         
9,495,845 
  3.31  
 
    DEPOSITORY INSTITUTIONS     
   
    Hibernia Corp (Class A)    65,000  
2,080,650 
  0.73  
    Marshall & Ilsley Corp    60,000  
2,505,000 
  0.87  
    North Fork Bancorp, Inc    115,000  
3,190,100 
  1.11  
    Northern Trust Corp    40,000  
1,737,600 
  0.61  
    Other     
11,600,373 
  4.05  
         
21,113,723 
  7.37  
 
    EATING AND DRINKING PLACES     
   
*    Brinker International, Inc    55,000  
1,992,100 
  0.70  
    Other     
779,900 
  0.27  
         
2,772,000 
  0.97  
 
    ELECTRIC, GAS, AND SANITARY SERVICES     
   
*    Allegheny Energy, Inc    90,000  
1,859,400 
  0.65  
    FirstEnergy Corp    55,000  
2,307,250 
  0.81  
    FPL Group, Inc    45,000  
1,806,750 
  0.63  
    PG&E Corp    60,000  
2,046,000 
  0.71  
    PPL Corp    40,000  
2,159,600 
  0.75  
    Public Service Enterprise Group, Inc    45,000  
2,447,550 
  0.86  
    TXU Corp    23,000  
1,831,490 
  0.64  
    Other     
16,714,470 
  5.83  
         
31,172,510 
  10.88  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   121

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT     
   
*    Nortel Networks Corp (U.S.)    800,000
$
2,184,000 
  0.76 % 
    Other     
7,595,340 
  2.65  
         
9,779,340 
  3.41  
 
    ENGINEERING AND MANAGEMENT SERVICES     
   
*    Accenture Ltd (Class A)    70,000  
1,690,500 
  0.59  
    Other     
438,500 
  0.15  
         
2,129,000 
  0.74  
 
    FOOD AND KINDRED PRODUCTS     
   
*    Constellation Brands, Inc (Class A)    40,000  
2,114,800 
  0.74  
    Other     
6,255,460 
  2.18  
         
8,370,260 
  2.92  
    FOOD STORES     
2,440,300 
  0.85  
 
    FURNITURE AND FIXTURES     
438,800 
  0.15  
    FURNITURE AND HOMEFURNISHINGS STORES     
1,786,320 
  0.62  
    GENERAL BUILDING CONTRACTORS     
957,190 
  0.33  
 
    GENERAL MERCHANDISE STORES     
   
    J.C. Penney Co, Inc    33,000  
1,713,360 
  0.60  
    Other     
1,774,076 
  0.62  
         
3,487,436 
  1.22  
    HEALTH SERVICES     
1,254,320 
  0.44  
    HEAVY CONSTRUCTION, EXCEPT BUILDING     
1,260,756 
  0.44  
 
    HOLDING AND OTHER INVESTMENT OFFICES     
   
    iShares Russell Midcap Value Index Fund    118,056  
13,324,981 
  4.65  
    iStar Financial, Inc    37,600  
1,548,368 
  0.54  
    Other     
20,515,119 
  7.16  
         
35,388,468 
  12.35  
 
    HOTELS AND OTHER LODGING PLACES     
   
    Accor S.A.    35,000  
1,717,617 
  0.60  
    Other     
2,847,943 
  0.99  
         
4,565,560 
  1.59  


122   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT     
   
    American Standard Cos, Inc    45,000
$
2,091,600 
  0.73 % 
    Deere & Co    35,000  
2,349,550 
  0.82  
    Eaton Corp    50,000  
3,270,000 
  1.14  
*    Xerox Corp    110,000  
1,666,500 
  0.58  
    Other     
3,650,727 
  1.28  
         
13,028,377 
  4.55  
 
    INSTRUMENTS AND RELATED PRODUCTS     
   
    Raytheon Co    40,000  
1,548,000 
  0.54  
    Other     
1,302,000 
  0.45  
         
2,850,000 
  0.99  
 
    INSURANCE AGENTS, BROKERS AND SERVICE     
   
    Marsh & McLennan Cos, Inc    55,000  
1,673,100 
  0.58  
    Other     
1,142,000 
  0.40  
         
2,815,100 
  0.98  
 
    INSURANCE CARRIERS     
   
    Aspen Insurance Holdings Ltd    68,900  
1,736,969 
  0.61  
    Genworth Financial, Inc    126,600  
3,484,032 
  1.22  
*    Pacificare Health Systems, Inc    50,000  
2,846,000 
  0.99  
    Safeco Corp    35,000  
1,704,850 
  0.59  
    St. Paul Travelers Cos, Inc    60,000  
2,203,800 
  0.77  
*    WellPoint, Inc    24,500  
3,071,075 
  1.07  
    Other     
10,366,905 
  3.62  
         
25,413,631 
  8.87  
 
    LUMBER AND WOOD PRODUCTS     
   
    Georgia-Pacific Corp    100,000  
3,549,000 
  1.24  
         
3,549,000 
  1.24  
 
    METAL MINING     
2,430,794 
  0.85  
    MISCELLANEOUS MANUFACTURING INDUSTRIES     
1,992,600 
  0.70  
 
    MISCELLANEOUS RETAIL     
   
*    Marvel Enterprises, Inc    80,000  
1,600,000 
  0.56  
*    Sears Holdings Corp    12,312  
1,639,589 
  0.57  
    Other     
1,600,620 
  0.56  
         
4,840,209 
  1.69  
 
    MOTION PICTURES     
607,750 
  0.21  
    NONMETALLIC MINERALS, EXCEPT FUELS     
397,810 
  0.14  
 
    OIL AND GAS EXTRACTION     
   
    Kerr-McGee Corp    35,000  
2,741,550 
  0.96  
    Marathon Oil Corp    35,000  
1,642,200 
  0.57  
    Noble Energy, Inc    38,000  
2,584,760 
  0.90  
    Other     
2,059,112 
  0.72  
         
9,027,622 
  3.15  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   123

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

            % OF NET  
COMPANY     
SHARES 
VALUE 
  ASSETS  
 
 
PAPER AND ALLIED PRODUCTS             $ 3,199,180    1.12 % 
PERSONAL SERVICES        598,400    0.21  
 
PETROLEUM AND COAL PRODUCTS             
Valero Energy Corp      25,000  1,831,750    0.64  
Other        933,975    0.33  
        2,765,725    0.97  
PRIMARY METAL INDUSTRIES        3,209,230    1.12  
PRINTING AND PUBLISHING        2,332,660    0.81  
 
RAILROAD TRANSPORTATION             
Norfolk Southern Corp      45,000  1,667,250    0.58  
Other        1,041,250    0.37  
        2,708,500    0.95  
SECURITY AND COMMODITY BROKERS        3,801,050    1.33  
STONE, CLAY, AND GLASS PRODUCTS        1,857,210    0.65  
 
TOBACCO PRODUCTS             
Reynolds American, Inc      32,000  2,578,880    0.90  
Other        1,489,500    0.52  
        4,068,380    1.42  
TRANSPORTATION BY AIR        982,280    0.34  
TRANSPORTATION EQUIPMENT        8,126,540    2.84  
TRANSPORTATION SERVICES        939,000    0.33  
WATER TRANSPORTATION        2,226,156    0.78  
 
WHOLESALE TRADE-NONDURABLE GOODS             
AmerisourceBergen Corp      32,000  1,833,280    0.64  
Other        833,750    0.29  
        2,667,030    0.93  
  TOTAL COMMON STOCKS 
(Cost $251,889,589) 
  277,880,709    96.98  
           
ISSUER     
PRINCIPAL 
   
SHORT-TERM INVESTMENTS           
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)  2.400%, 04/01/05    $19,130,000  19,128,586   6.68  
        19,128,586   6.68  
TOTAL SHORT-TERM INVESTMENTS 
(Cost $19,130,000) 
  19,128,586   6.68  
 
  TOTAL PORTFOLIO 
(Cost $271,019,589) 
  297,009,295   103.66 % 
  OTHER ASSETS AND LIABILITIES, NET      (10,481,408 )  (3.66 ) 
 
  NET ASSETS      $ 286,527,887   100.00 % 


124   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   125

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS     
$
47,430    0.02 % 
    AGRICULTURAL PRODUCTION-LIVESTOCK        193,140    0.06  
 
    AMUSEMENT AND RECREATION SERVICES             
*    Argosy Gaming Co    22,700    1,042,384    0.34  
    Other        1,967,672    0.64  
            3,010,056    0.98  
 
    APPAREL AND ACCESSORY STORES        4,345,631    1.41  
 
    APPAREL AND OTHER TEXTILE PRODUCTS             
    Kellwood Co    40,100    1,154,479    0.38  
    Oxford Industries, Inc    25,500    933,045    0.30  
    Other        1,176,503    0.38  
            3,264,027    1.06  
 
    AUTO REPAIR, SERVICES AND PARKING        540,662    0.18  
 
    AUTOMOTIVE DEALERS AND SERVICE STATIONS             
    Sonic Automotive, Inc    46,700    1,060,557    0.34  
    Other        1,032,894    0.34  
            2,093,451    0.68  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES        750,425    0.24  
 
    BUSINESS SERVICES             
*    Earthlink, Inc    109,896    989,064    0.32  
*    Korn/Ferry International    60,300    1,147,509    0.37  
*    MPS Group, Inc    112,200    1,179,222    0.38  
*    United Online, Inc    88,498    926,574    0.30  
    Other        25,837,745    8.39  
            30,080,114    9.76  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Cytec Industries, Inc    25,700    1,394,225    0.45  
*    FMC Corp    29,005    1,550,317    0.50  
    Georgia Gulf Corp    25,534    1,174,053    0.38  
    Other        14,871,884    4.83  
            18,990,479    6.16  
 
    COMMUNICATIONS        4,759,381    1.54  
 
    DEPOSITORY INSTITUTIONS             
    Downey Financial Corp    16,700    1,027,551    0.33  
    First Bancorp (Puerto Rico)    22,700    959,075    0.31  
    First Midwest Bancorp, Inc    31,290    1,016,299    0.33  
    R & G Financial Corp (Class B)    40,000    1,246,800    0.41  
    Trustmark Corp    34,981    1,014,449    0.33  
    Other        22,944,840    7.45  
            28,209,014    9.16  


126   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    EATING AND DRINKING PLACES     
   
*    Jack In The Box, Inc    27,300
$
1,012,830 
  0.33 % 
*    Krispy Kreme Doughnuts, Inc    121,215  
924,871 
  0.30  
    Other     
4,556,530 
  1.48  
         
6,494,231 
  2.11  
    EDUCATIONAL SERVICES     
488,752 
  0.16  
 
    ELECTRIC, GAS, AND SANITARY SERVICES     
   
*    CMS Energy Corp    87,305  
1,138,457 
  0.37  
    Energen Corp    22,853  
1,522,010 
  0.49  
    Other     
9,050,942 
  2.94  
         
11,711,409 
  3.80  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT     
   
*    Varian Semiconductor Equipment Associates, Inc    27,100  
1,030,071 
  0.34  
    Other     
16,796,718 
  5.45  
         
17,826,789 
  5.79  
    ENGINEERING AND MANAGEMENT SERVICES     
5,516,545 
  1.79  
 
    FABRICATED METAL PRODUCTS     
   
    Commercial Metals Co    28,108  
952,580 
  0.31  
    Other     
2,602,587 
  0.84  
         
3,555,167 
  1.15  
    FOOD AND KINDRED PRODUCTS     
3,009,593 
  0.98  
    FOOD STORES     
461,835 
  0.15  
    FURNITURE AND FIXTURES     
1,408,857 
  0.46  
    FURNITURE AND HOMEFURNISHINGS STORES     
1,844,888 
  0.60  
    GENERAL BUILDING CONTRACTORS     
2,668,312 
  0.87  
    GENERAL MERCHANDISE STORES     
745,168 
  0.24  
 
    HEALTH SERVICES     
   
*    Pediatrix Medical Group, Inc    14,550  
997,984 
  0.32  
    Other     
5,592,796 
  1.82  
         
6,590,780 
  2.14  
    HEAVY CONSTRUCTION, EXCEPT BUILDING     
339,992 
  0.11  
 
    HOLDING AND OTHER INVESTMENT OFFICES     
   
    American Home Mortgage Investment Corp    47,037  
1,347,140 
  0.44  
    Cousins Properties, Inc    47,900  
1,239,173 
  0.40  
    IMPAC Mortgage Holdings, Inc    74,625  
1,431,308 
  0.46  
    New Century Financial Corp    31,311  
1,465,981 
  0.48  
    Newcastle Investment Corp    35,400  
1,047,840 
  0.34  
    Oriental Financial Group, Inc    48,665  
1,139,734 
  0.37  
    Saxon Capital, Inc    75,302  
1,295,194 
  0.42  
    Other     
14,913,636 
  4.84  
         
23,880,006 
  7.75  
    HOTELS AND OTHER LODGING PLACES     
1,511,321 
  0.49  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   127

Small-Cap Equity |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Kennametal, Inc    26,400
$
1,253,736    0.41 % 
*    Terex Corp    32,800   1,420,240    0.46  
    York International Corp    27,100   1,061,778    0.34  
    Other      11,583,989    3.76  
          15,319,743    4.97  
    INSTRUMENTS AND RELATED PRODUCTS      18,551,334    6.02  
    INSURANCE AGENTS, BROKERS AND SERVICE      401,768    0.13  
    INSURANCE CARRIERS      10,116,356    3.28  
    JUSTICE, PUBLIC ORDER AND SAFETY      60,018    0.02  
    LEATHER AND LEATHER PRODUCTS      789,676    0.26  
    LEGAL SERVICES      84,600    0.03  
    LOCAL AND INTERURBAN PASSENGER TRANSIT      582,400    0.19  
    LUMBER AND WOOD PRODUCTS      159,146    0.05  
    METAL MINING      476,855    0.15  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      2,560,121    0.83  
 
    MISCELLANEOUS RETAIL           
*    Zale Corp    36,740   1,091,913    0.36  
    Other      1,891,425    0.61  
          2,983,338    0.97  
    MOTION PICTURES      1,054,409    0.34  
    NONDEPOSITORY INSTITUTIONS      2,270,279    0.74  
    NONMETALLIC MINERALS, EXCEPT FUELS      96,710    0.03  
 
    OIL AND GAS EXTRACTION           
*    Houston Exploration Co    25,500   1,452,225    0.47  
    Other      11,087,239    3.60  
          12,539,464    4.07  
    PAPER AND ALLIED PRODUCTS      1,106,162    0.36  
    PERSONAL SERVICES      1,113,925    0.36  
 
    PETROLEUM AND COAL PRODUCTS           
*    Tesoro Corp    57,900   2,143,458    0.69  
    Other      732,774    0.24  
          2,876,232    0.93  
 
    PRIMARY METAL INDUSTRIES           
*    Maverick Tube Corp    34,100   1,108,591    0.36  
    Mueller Industries, Inc    35,300   993,695    0.32  
*    Oregon Steel Mills, Inc    50,330   1,157,590    0.38  
    Steel Dynamics, Inc    32,594   1,122,863    0.36  
    Steel Technologies, Inc    43,546   1,044,669    0.34  


128   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    PRIMARY METAL INDUSTRIES—(continued)     
   
    Texas Industries, Inc    19,000
$
1,021,250 
  0.33 % 
    Other     
4,339,663 
  1.41  
         
10,788,321 
  3.50  
    PRINTING AND PUBLISHING     
4,632,821 
  1.50  
    RAILROAD TRANSPORTATION     
350,235 
  0.11  
 
    REAL ESTATE     
   
*    Jones Lang LaSalle, Inc    29,400  
1,371,510 
  0.45  
    Other     
1,053,919 
  0.34  
         
2,425,429 
  0.79  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS     
2,413,399 
  0.78  
    SECURITY AND COMMODITY BROKERS     
1,231,431 
  0.40  
    SOCIAL SERVICES     
430,130 
  0.14  
    SPECIAL TRADE CONTRACTORS     
1,218,691 
  0.40  
    STONE, CLAY, AND GLASS PRODUCTS     
871,408 
  0.28  
    TOBACCO PRODUCTS     
279,197 
  0.09  
    TRANSPORTATION BY AIR     
1,663,678 
  0.54  
 
    TRANSPORTATION EQUIPMENT     
   
    ArvinMeritor, Inc    85,200  
1,318,044 
  0.43  
    Monaco Coach Corp    68,700  
1,109,505 
  0.36  
    Other     
3,042,344 
  0.99  
         
5,469,893 
  1.78  
    TRANSPORTATION SERVICES     
1,044,421 
  0.34  
 
    TRUCKING AND WAREHOUSING     
   
    Arkansas Best Corp    24,261  
916,581 
  0.30  
    Overnite Corp    34,464  
1,102,503 
  0.36  
    Other     
1,838,821 
  0.59  
         
3,857,905 
  1.25  
 
    WATER TRANSPORTATION     
   
    Overseas Shipholding Group, Inc    23,100  
1,453,221 
  0.47  
    Other     
235,368 
  0.08  
         
1,688,589 
  0.55  
 
    WHOLESALE TRADE-DURABLE GOODS     
   
*    Brightpoint, Inc    50,784  
951,184 
  0.31  
    Other     
6,476,938 
  2.10  
         
7,428,122 
  2.41  
    WHOLESALE TRADE-NONDURABLE GOODS     
4,163,339 
  1.35  
    TOTAL COMMON STOCKS 
(Cost $301,568,388)
   
307,437,000 
  99.78  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   129

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
ISSUER       
PRINCIPAL 
VALUE   ASSETS  
 
 
SHORT-TERM INVESTMENTS             
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $11,820,000       $ 11,819,127   3.83 % 
          11,819,127   3.83  
TOTAL SHORT-TERM INVESTMENTS 
(Cost $11,820,000) 
  11,819,127   3.83  
 
    TOTAL PORTFOLIO 
(Cost $313,388,388) 
  319,256,127   103.61 % 
    OTHER ASSETS AND LIABILITIES, NET      (11,126,428 )  (3.61 ) 
 
    NET ASSETS      $ 308,129,699   100.00 % 

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

130   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
    PREFERRED STOCKS             
    HOLDING AND OTHER INVESTMENT OFFICES     
$
1,663    0.00 % 
    TOTAL PREFERRED STOCKS    (Cost $957)     1,663    0.00  
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES        569,173    0.15  
    APPAREL AND ACCESSORY STORES        3,848,151    1.04  
    APPAREL AND OTHER TEXTILE PRODUCTS        68,750    0.02  
    AUTO REPAIR, SERVICES AND PARKING        105,677    0.03  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        1,055,631    0.28  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    137,730    5,266,795    1.43  
    Lowe‘s Cos    52,600    3,002,934    0.81  
    Other        226,771    0.06  
            8,496,500    2.30  
 
    BUSINESS SERVICES             
    First Data Corp    53,766    2,113,541    0.57  
    Microsoft Corp    490,442    11,853,983    3.21  
*    Oracle Corp    226,435    2,825,909    0.77  
*    Yahoo!, Inc    76,690    2,599,791    0.70  
    Other        20,198,085    5.46  
            39,591,309    10.71  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Abbott Laboratories    104,423    4,868,200    1.32  
*    Amgen, Inc    86,799    5,052,570    1.37  
    Colgate-Palmolive Co    29,628    1,545,693    0.42  
*    Genentech, Inc    29,634    1,677,581    0.45  
    Gillette Co    62,160    3,137,837    0.85  
    Lilly (Eli) & Co    65,300    3,402,130    0.92  
    Merck & Co, Inc    66,305    2,146,293    0.58  
    Pfizer, Inc    510,481    13,410,336    3.63  
    Procter & Gamble Co    156,868    8,314,004    2.25  
    Schering-Plough Corp    98,529    1,788,301    0.48  
    Wyeth    47,514    2,004,141    0.54  
    Other        13,551,956    3.66  
            60,899,042    16.47  
 
    COAL MINING        254,164    0.07  
 
    COMMUNICATIONS             
*    Nextel Communications, Inc (Class A)    68,755    1,954,017    0.53  
    Other        6,295,296    1.70  
            8,249,313    2.23  
 
    DEPOSITORY INSTITUTIONS        4,424,349    1.20  
    EATING AND DRINKING PLACES        2,169,999    0.59  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   131

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    EDUCATIONAL SERVICES     
$
1,510,946 
  0.41 % 
    ELECTRIC, GAS, AND SANITARY SERVICES       
993,509 
  0.27  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT       
   
    General Electric Co    81,952   
2,955,189 
  0.80  
    Intel Corp    432,729   
10,052,295 
  2.72  
    Motorola, Inc    156,967   
2,349,796 
  0.63  
    Qualcomm, Inc    108,500   
3,976,525 
  1.08  
    Texas Instruments, Inc    115,900   
2,954,291 
  0.80  
    Other       
11,835,962 
  3.20  
           
34,124,058 
  9.23  
 
    ENGINEERING AND MANAGEMENT SERVICES       
5,010,621 
  1.35  
    FABRICATED METAL PRODUCTS       
2,597,112 
  0.70  
 
    FOOD AND KINDRED PRODUCTS       
   
    Anheuser-Busch Cos, Inc    48,967   
2,320,546 
  0.63  
    Coca-Cola Co    126,152   
5,256,754 
  1.42  
    PepsiCo, Inc    108,304   
5,743,361 
  1.55  
    Other       
3,347,674 
  0.91  
           
16,668,335 
  4.51  
 
    FOOD STORES       
1,836,368 
  0.50  
    FURNITURE AND FIXTURES       
710,727 
  0.19  
    FURNITURE AND HOMEFURNISHINGS STORES       
2,415,894 
  0.65  
    GENERAL BUILDING CONTRACTORS       
1,663,064 
  0.45  
 
    GENERAL MERCHANDISE STORES       
   
    Target Corp    61,087   
3,055,572 
  0.83  
    Wal-Mart Stores, Inc    171,626   
8,600,179 
  2.33  
    Other       
2,125,076 
  0.57  
           
13,780,827 
  3.73  
 
    HEALTH SERVICES       
4,681,763 
  1.27  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    iShares Russell 1000 Growth Index Fund    50,540   
2,368,810 
  0.64  
    Other       
851,237 
  0.23  
           
3,220,047 
  0.87  
 
    HOTELS AND OTHER LODGING PLACES       
2,181,152 
  0.59  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT       
   
    3M Co    52,327   
4,483,901 
  1.21  
    Applied Materials, Inc    112,900   
1,834,625 
  0.50  
    Caterpillar, Inc    17,446   
1,595,262 
  0.43  
*    Cisco Systems, Inc    452,335   
8,092,273 
  2.19  
*    Dell, Inc    169,592   
6,515,725 
  1.76  
*    EMC Corp    129,373   
1,593,875 
  0.43  
    International Business Machines Corp    75,046   
6,857,703 
  1.85  
    Other       
9,938,143 
  2.69  
           
40,911,507 
  11.06  


132   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Guidant Corp    21,000
$
1,551,900    0.42 % 
    Medtronic, Inc    81,167   4,135,459    1.12  
    Other      12,759,523    3.45  
          18,446,882    4.99  
    INSURANCE AGENTS, BROKERS AND SERVICE      1,394,754    0.38  
 
    INSURANCE CARRIERS           
    American International Group, Inc    102,749   5,693,322    1.54  
    UnitedHealth Group, Inc    44,633   4,257,096    1.15  
*    WellPoint, Inc    12,900   1,617,015    0.44  
    Other      2,748,723    0.74  
          14,316,156    3.87  
    LEATHER AND LEATHER PRODUCTS      805,747    0.22  
    METAL MINING      1,166,638    0.31  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      1,010,356    0.27  
 
    MISCELLANEOUS RETAIL           
*    eBay, Inc    69,540   2,591,060    0.70  
    Walgreen Co    68,557   3,045,302    0.82  
    Other      3,427,341    0.93  
          9,063,703    2.45  
    MOTION PICTURES      3,275,068    0.88  
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    75,575   3,882,288    1.05  
    Fannie Mae    64,849   3,531,028    0.96  
    Other      4,412,720    1.19  
          11,826,036    3.20  
    OIL AND GAS EXTRACTION      2,781,773    0.75  
    PAPER AND ALLIED PRODUCTS      1,106,047    0.30  
    PERSONAL SERVICES      1,072,601    0.29  
    PRIMARY METAL INDUSTRIES      1,748,903    0.47  
    PRINTING AND PUBLISHING      2,749,808    0.74  
    RAILROAD TRANSPORTATION      75,652    0.02  
    REAL ESTATE      248,337    0.07  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      1,187,108    0.32  
    SECURITY AND COMMODITY BROKERS      4,096,868    1.11  
    STONE, CLAY, AND GLASS PRODUCTS      893,981    0.24  
    TRANSPORTATION BY AIR      2,203,506    0.60  
 
    TRANSPORTATION EQUIPMENT           
    Boeing Co    49,414   2,888,742    0.78  
    Other      3,198,558    0.87  
          6,087,300    1.65  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   133

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

             
  % OF NET  
    COMPANY      SHARES   
VALUE 
  ASSETS  
   
    TRANSPORTATION SERVICES        $
668,777 
  0.18 % 
 
    TRUCKING AND WAREHOUSING         
   
    United Parcel Service, Inc (Class B)      38,208   
2,779,250 
  0.75  
    Other         
227,249 
  0.06  
             
3,006,499 
  0.81  
 
    WHOLESALE TRADE-DURABLE GOODS         
   
    Johnson & Johnson      198,580   
13,336,633 
  3.61  
    Other         
817,549 
  0.22  
             
14,154,182 
  3.83  
 
    WHOLESALE TRADE-NONDURABLE GOODS         
   
    Cardinal Health, Inc      28,779   
1,605,868 
  0.43  
    Other         
2,345,021 
  0.64  
             
3,950,889 
  1.07  
    TOTAL COMMON STOCKS       (Cost $366,465,982)  
369,375,559 
  99.89  
    ISSUER      PRINCIPAL       
   
    SHORT-TERM INVESTMENTS             
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES            
    Federal Home Loan Bank (FHLB)  2.400%, 04/01/05    $11,050,000    11,049,184   2.99  
              11,049,184   2.99  
TOTAL SHORT-TERM INVESTMENTS       (Cost $11,050,000)    11,049,184   2.99  
 
      TOTAL PORTFOLIO       (Cost $377,516,939)   380,426,406   102.88 % 
      OTHER ASSETS AND LIABILITIES, NET        (10,640,813 )  (2.88 ) 
 
 
      NET ASSETS        369,785,593   100.00 % 
     

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

134   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                  % OF NET  
    COMPANY      SHARES    VALUE    ASSETS  
   
 
 
    PREFERRED STOCKS               
    HOLDING AND OTHER INVESTMENT OFFICES        $ 9,423    0.00 % 
    TOTAL PREFERRED STOCKS  (Cost $5,932)        9,423    0.00  
 
    COMMON STOCKS               
    AMUSEMENT AND RECREATION SERVICES          516,240    0.15  
    APPAREL AND ACCESSORY STORES          742,053    0.22  
    APPAREL AND OTHER TEXTILE PRODUCTS          821,534    0.24  
    AUTO REPAIR, SERVICES AND PARKING          306,558    0.09  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS          178,756    0.05  
    BUILDING MATERIALS AND GARDEN SUPPLIES          536,695    0.16  
 
    BUSINESS SERVICES               
    Microsoft Corp      99,569    2,406,583    0.71  
    Other          5,536,954    1.62  
              7,943,537    2.33  
 
    CHEMICALS AND ALLIED PRODUCTS               
    Bristol-Myers Squibb Co      74,076    1,885,975    0.56  
    Dow Chemical Co      47,140    2,349,929    0.69  
    Du Pont (E.I.) de Nemours & Co      53,986    2,766,243    0.81  
    Merck & Co, Inc      66,438    2,150,598    0.63  
    Wyeth      33,569    1,415,940    0.42  
    Other          7,202,407    2.11  
              17,771,092    5.22  
 
    COAL MINING          662,201    0.19  
 
    COMMUNICATIONS               
    BellSouth Corp      99,028    2,603,446    0.76  
*    Comcast Corp (Class A)      102,624    3,466,639    1.02  
    SBC Communications, Inc      178,801    4,235,796    1.24  
    Sprint Corp      59,785    1,360,109    0.40  
    Verizon Communications, Inc      149,538    5,308,599    1.56  
    Viacom, Inc (Class B)      60,378    2,102,966    0.62  
    Other          5,301,268    1.56  
              24,378,823    7.16  
 
    DEPOSITORY INSTITUTIONS               
    Bank of America Corp      220,080    9,705,528    2.85  
    Citigroup, Inc      279,150    12,545,001    3.69  
    JPMorgan Chase & Co      192,341    6,654,999    1.96  
    SunTrust Banks, Inc      17,689    1,274,846    0.37  
    U.S. Bancorp      93,287    2,688,531    0.79  
    Wachovia Corp      86,788    4,418,377    1.30  
    Wells Fargo & Co      91,112    5,448,498    1.60  
    Other          15,606,087    4.58  
              58,341,867    17.14  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   135


Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    EATING AND DRINKING PLACES           
    McDonald’s Corp    67,949 $  2,115,932    0.62 % 
    Other      381,816    0.11  
   
          2,497,748    0.73  
   
    EDUCATIONAL SERVICES      21,395    0.01  
   
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
    Dominion Resources, Inc    18,454   1,373,531    0.40  
    Duke Energy Corp    49,384   1,383,246    0.41  
    Exelon Corp    35,558   1,631,757    0.48  
    Southern Co    39,634   1,261,550    0.37  
    Other      17,751,845    5.22  
   
          23,401,929    6.88  
   
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    General Electric Co    503,681   18,162,737    5.33  
    Other      4,080,809    1.20  
   
          22,243,546    6.53  
   
    ENGINEERING AND MANAGEMENT SERVICES      245,642    0.07  
   
    FABRICATED METAL PRODUCTS      1,490,111    0.44  
   
    FOOD AND KINDRED PRODUCTS      7,077,250    2.08  
   
    FOOD STORES      1,490,450    0.44  
   
    FORESTRY      882,965    0.26  
   
    FURNITURE AND FIXTURES      1,037,959    0.31  
   
    FURNITURE AND HOMEFURNISHINGS STORES      345,168    0.10  
   
    GENERAL BUILDING CONTRACTORS      1,554,320    0.46  
   
    GENERAL MERCHANDISE STORES      3,444,379    1.01  
   
    HEALTH SERVICES      2,226,021    0.65  
   
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    iShares Russell 1000 Value Index Fund    64,801   4,264,554    1.25  
    Washington Mutual, Inc    46,880   1,851,760    0.55  
    Other      9,537,714    2.80  
   
          15,654,028    4.60  
   
    HOTELS AND OTHER LODGING PLACES      777,085    0.23  
   
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Hewlett-Packard Co    156,568   3,435,102    1.01  
    International Business Machines Corp    30,460   2,783,435    0.82  
    Other      6,400,691    1.88  
   
          12,619,228    3.71  
   
    INSTRUMENTS AND RELATED PRODUCTS      2,220,795    0.65  
   
    INSURANCE AGENTS, BROKERS AND SERVICE      390,957    0.11  
   

136   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INSURANCE CARRIERS           
    Allstate Corp    37,839 $  2,045,576    0.60 % 
    American International Group, Inc    41,105   2,277,628    0.67  
    Prudential Financial, Inc    23,628   1,356,247    0.40  
    St. Paul Travelers Cos, Inc    35,868   1,317,432    0.39  
    Other      14,073,064    4.13  
   
          21,069,947    6.19  
   
    LUMBER AND WOOD PRODUCTS      614,844    0.18  
   
    METAL MINING      869,281    0.26  
   
    MISCELLANEOUS MANUFACTURING INDUSTRIES      479,421    0.14  
   
    MISCELLANEOUS RETAIL      2,568,846    0.76  
   
 
    MOTION PICTURES           
*    Time Warner, Inc    192,278   3,374,479    0.99  
    Walt Disney Co    77,832   2,236,113    0.66  
    Other      935,730    0.27  
   
          6,546,322    1.92  
   
 
    NONDEPOSITORY INSTITUTIONS           
    Freddie Mac    34,169   2,159,481    0.64  
    Other      2,665,569    0.78  
   
          4,825,050    1.42  
   
    NONMETALLIC MINERALS, EXCEPT FUELS      310,746    0.09  
   
 
    OIL AND GAS EXTRACTION           
    Devon Energy Corp    25,782   1,231,091    0.36  
    Occidental Petroleum Corp    21,052   1,498,271    0.44  
    Other      7,534,766    2.22  
   
          10,264,128    3.02  
   
    PAPER AND ALLIED PRODUCTS      3,523,978    1.04  
   
    PERSONAL SERVICES      198,963    0.06  
   
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    115,452   6,732,006    1.98  
    ConocoPhillips    36,939   3,983,502    1.17  
    ExxonMobil Corp    353,091   21,044,224    6.18  
    Other      2,760,277    0.81  
   
          34,520,009    10.14  
   
    PRIMARY METAL INDUSTRIES      1,289,596    0.38  
   
    PRINTING AND PUBLISHING      2,549,190    0.75  
   
    RAILROAD TRANSPORTATION      3,340,919    0.98  
   
    REAL ESTATE      111,203    0.03  
   
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      145,059    0.04  
   

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   137

 

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
    COMPANY      SHARES   VALUE   ASSETS  
   
 
    SECURITY AND COMMODITY BROKERS           
    Goldman Sachs Group, Inc      16,519 $  1,816,925   0.54 % 
    Lehman Brothers Holdings, Inc      14,932   1,405,997   0.41  
    Merrill Lynch & Co, Inc      51,671   2,924,579   0.86  
    Morgan Stanley      51,766   2,963,603   0.87  
    Other        1,935,299   0.57  
            11,046,403   3.25  
    STONE, CLAY, AND GLASS PRODUCTS        438,718   0.13  
 
    TOBACCO PRODUCTS           
    Altria Group, Inc      110,679   7,237,300   2.13  
    Other        1,218,088   0.35  
            8,455,388   2.48  
    TRANSPORTATION BY AIR        538,308   0.16  
 
    TRANSPORTATION EQUIPMENT           
    Honeywell International, Inc      46,242   1,720,665   0.50  
    Lockheed Martin Corp      20,227   1,235,061   0.36  
    United Technologies Corp      21,043   2,139,231   0.63  
    Other        6,691,956   1.97  
            11,786,913   3.46  
    TRANSPORTATION SERVICES        161,277   0.05  
    TRUCKING AND WAREHOUSING        246,252   0.07  
    WHOLESALE TRADE-DURABLE GOODS        1,333,077   0.39  
    WHOLESALE TRADE-NONDURABLE GOODS        916,930   0.27  
      TOTAL COMMON STOCKS       (Cost $301,656,566)   339,971,100   99.88  
 
    ISSUER      PRINCIPAL      
   
 
    SHORT-TERM INVESTMENTS           
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES           
    Federal Home Loan Bank (FHLB)  2.400%, 04/01/05    $9,680,000   9,679,285   2.84  
            9,679,285   2.84  
TOTAL SHORT-TERM INVESTMENTS       (Cost $9,680,000)   9,679,285   2.84  
 
      TOTAL PORTFOLIO       (Cost $311,342,498)   349,659,808   102.72 % 
OTHER ASSETS AND LIABILITIES, NET      (9,268,810 )  (2.72 ) 
 
      NET ASSETS      $ 340,390,998   100.00 % 

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

138   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS      $ 64,724    0.01 % 
    AMUSEMENT AND RECREATION SERVICES        1,391,119    0.22  
    APPAREL AND ACCESSORY STORES        4,165,946    0.66  
    APPAREL AND OTHER TEXTILE PRODUCTS        1,065,388    0.17  
    AUTO REPAIR, SERVICES AND PARKING        450,817    0.07  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        1,079,375    0.17  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    109,001    4,168,198    0.66  
    Other        2,550,888    0.41  
            6,719,086    1.07  
 
    BUSINESS SERVICES             
    Microsoft Corp    448,197    10,832,921    1.72  
    Other        30,915,887    4.90  
            41,748,808    6.62  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Abbott Laboratories    75,519    3,520,696    0.56  
*    Amgen, Inc    62,820    3,656,752    0.58  
    Bristol-Myers Squibb Co    94,174    2,397,670    0.38  
    Du Pont (E.I.) de Nemours & Co    48,505    2,485,396    0.40  
    Gillette Co    48,710    2,458,881    0.39  
    Lilly (Eli) & Co    47,186    2,458,391    0.39  
    Merck & Co, Inc    108,552    3,513,828    0.56  
    Pfizer, Inc    372,744    9,791,985    1.55  
    Procter & Gamble Co    125,133    6,632,049    1.05  
    Wyeth    64,671    2,727,823    0.43  
    Other        24,262,788    3.84  
            63,906,259    10.13  
 
    COAL MINING        831,748    0.13  
 
    COMMUNICATIONS             
*    Comcast Corp (Class A)    103,718    3,503,594    0.56  
    SBC Communications, Inc    161,753    3,831,929    0.61  
    Verizon Communications, Inc    135,259    4,801,694    0.76  
    Viacom, Inc (Class B)    72,819    2,536,320    0.40  
    Other        14,305,250    2.27  
            28,978,787    4.60  
 
    DEPOSITORY INSTITUTIONS             
    Bank of America Corp    199,194    8,784,455    1.39  
    Citigroup, Inc    252,651    11,354,136    1.80  
    JPMorgan Chase & Co    173,996    6,020,262    0.96  
    U.S. Bancorp    91,788    2,645,330    0.42  
    Wachovia Corp    78,562    3,999,591    0.63  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   139

Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                 % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    DEPOSITORY INSTITUTIONS—(continued)           
    Wells Fargo & Co    82,492 $  4,933,081    0.78 % 
    Other      23,312,233    3.70  
          61,049,088    9.68  
    EATING AND DRINKING PLACES      4,847,613    0.77  
    EDUCATIONAL SERVICES      1,277,006    0.20  
    ELECTRIC, GAS, AND SANITARY SERVICES      24,060,133    3.81  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    General Electric Co    515,621   18,593,293    2.95  
    Intel Corp    315,916   7,338,729    1.16  
    Qualcomm, Inc    78,490   2,876,658    0.46  
    Other      19,342,482    3.06  
          48,151,162    7.63  
    ENGINEERING AND MANAGEMENT SERVICES      5,316,428    0.84  
    FABRICATED METAL PRODUCTS      4,044,252    0.64  
 
    FOOD AND KINDRED PRODUCTS           
    Coca-Cola Co    103,133   4,297,552    0.68  
    PepsiCo, Inc    83,305   4,417,664    0.70  
    Other      10,448,226    1.66  
          19,163,442    3.04  
    FOOD STORES      2,920,859    0.46  
    FORESTRY      797,820    0.13  
    FURNITURE AND FIXTURES      1,680,157    0.27  
    FURNITURE AND HOMEFURNISHINGS STORES      2,371,441    0.38  
    GENERAL BUILDING CONTRACTORS      2,986,380    0.47  
 
    GENERAL MERCHANDISE STORES           
    Wal-Mart Stores, Inc    125,165   6,272,018    0.99  
    Other      7,161,032    1.14  
          13,433,050    2.13  
    HEALTH SERVICES      6,478,506    1.03  
    HEAVY CONSTRUCTION, EXCEPT BUILDING      67,843    0.01  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    SPDR Trust Series 1    30,000   3,538,800    0.56  
    Other      15,766,478    2.50  
          19,305,278    3.06  
    HOTELS AND OTHER LODGING PLACES      2,543,391    0.40  

140   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    3M Co    37,945 $  3,251,507    0.52 % 
*    Cisco Systems, Inc    330,275   5,908,620    0.94  
*    Dell, Inc    123,593   4,748,443    0.75  
    Hewlett-Packard Co    141,821   3,111,553    0.49  
    International Business Machines Corp    82,273   7,518,107    1.19  
    Other      19,492,361    3.09  
          44,030,591    6.98  
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Medtronic, Inc    58,775   2,994,586    0.47  
    Other      15,234,397    2.42  
          18,228,983    2.89  
    INSURANCE AGENTS, BROKERS AND SERVICE      1,568,103    0.25  
 
    INSURANCE CARRIERS           
    American International Group, Inc    112,263   6,220,548    0.99  
    UnitedHealth Group, Inc    32,410   3,091,266    0.49  
    Other      21,826,111    3.46  
          31,137,925    4.94  
    JUSTICE, PUBLIC ORDER AND SAFETY      17,805    0.00  
    LEATHER AND LEATHER PRODUCTS      755,618    0.12  
    LEGAL SERVICES      18,917    0.00  
    LOCAL AND INTERURBAN PASSENGER TRANSIT      105,206    0.02  
    LUMBER AND WOOD PRODUCTS      696,613    0.11  
    METAL MINING      1,808,811    0.29  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      1,596,641    0.25  
    MISCELLANEOUS RETAIL      9,465,212    1.50  
 
    MOTION PICTURES           
*    Time Warner, Inc    214,236   3,759,842    0.60  
    Walt Disney Co    99,484   2,858,204    0.45  
    Other      1,754,346    0.28  
          8,372,392    1.33  
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    54,750   2,812,508    0.44  
    Fannie Mae    47,101   2,564,649    0.41  
    Other      7,934,295    1.26  
          13,311,452    2.11  
    NONMETALLIC MINERALS, EXCEPT FUELS      328,197    0.05  
    OIL AND GAS EXTRACTION      13,809,648    2.19  
    PAPER AND ALLIED PRODUCTS      4,346,259    0.69  
    PERSONAL SERVICES      1,153,103    0.18  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   141

 

Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    104,550 $  6,096,311    0.97 % 
    ConocoPhillips    33,469   3,609,297    0.57  
    ExxonMobil Corp    319,498   19,042,081    3.02  
    Other      2,927,004    0.46  
          31,674,693    5.02  
    PRIMARY METAL INDUSTRIES      3,612,217    0.57  
    PRINTING AND PUBLISHING      4,983,963    0.79  
    RAILROAD TRANSPORTATION      3,204,174    0.51  
    REAL ESTATE      538,610    0.09  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      1,575,595    0.25  
 
    SECURITY AND COMMODITY BROKERS           
    Merrill Lynch & Co, Inc    46,470   2,630,202    0.42  
    Morgan Stanley    53,343   3,053,887    0.48  
    Other      7,663,034    1.22  
          13,347,123    2.12  
    SOCIAL SERVICES      44,093    0.01  
    SPECIAL TRADE CONTRACTORS      182,317    0.03  
    STONE, CLAY, AND GLASS PRODUCTS      1,344,464    0.21  
 
    TOBACCO PRODUCTS           
    Altria Group, Inc    100,194   6,551,686    1.04  
    Other      1,147,917    0.18  
          7,699,603    1.22  
    TRANSPORTATION BY AIR      2,423,540    0.38  
 
    TRANSPORTATION EQUIPMENT           
    Boeing Co    40,803   2,385,343    0.38  
    United Technologies Corp    24,963   2,537,739    0.40  
    Other      11,121,218    1.76  
          16,044,300    2.54  
    TRANSPORTATION SERVICES      850,314    0.13  
    TRUCKING AND WAREHOUSING      2,894,861    0.46  
    WATER TRANSPORTATION      254,822    0.04  
 
    WHOLESALE TRADE-DURABLE GOODS           
    Johnson & Johnson    144,995   9,737,931    1.54  
    Other      2,892,239    0.46  
          12,630,170    2.00  
    WHOLESALE TRADE-NONDURABLE GOODS      4,721,846    0.75  
    TOTAL COMMON STOCKS    (Cost $491,981,242)   629,674,087    99.82  

142   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

 

Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
            VALUE    ASSETS  
    TOTAL PORTFOLIO    (Cost $491,981,242)  $ 629,674,087    99.82 % 
    OTHER ASSETS AND LIABILITIES, NET        1,118,057    0.18  
 
    NET ASSETS        $ 630,792,144    100.00 % 

* Non-income producing 
  For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio 
  of investments. Note that the Funds use more specific industry categories in following their investments limitations on 
  industry concentration. 
   
  Restricted security held by the Fund is as follows: 

  ACQUISITION    ACQUISITION     
SECURITY  DATE    COST    VALUE 
McLeod (Escrow)  05/14/02    $             —    $             — 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   143

 

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES      $ 303,526    0.07 % 
    APPAREL AND ACCESSORY STORES        1,767,697    0.39  
    APPAREL AND OTHER TEXTILE PRODUCTS        585,259    0.13  
    AUTO REPAIR, SERVICES AND PARKING        116,760    0.03  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        401,850    0.09  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    88,100    3,368,944    0.75  
    Other        1,890,462    0.42  
            5,259,406    1.17  
 
    BUSINESS SERVICES             
d    Microsoft Corp    406,291    9,820,054    2.18  
*    Oracle Corp    180,410    2,251,517    0.50  
    Other        14,297,796    3.18  
            26,369,367    5.86  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Abbott Laboratories    62,600    2,918,412    0.65  
*    Amgen, Inc    50,300    2,927,963    0.65  
    Lilly (Eli) & Co    45,400    2,365,340    0.53  
    Merck & Co, Inc    88,600    2,867,982    0.64  
d    Pfizer, Inc    299,620    7,871,018    1.75  
    Procter & Gamble Co    101,300    5,368,900    1.19  
    Wyeth    53,600    2,260,848    0.50  
    Other        19,329,319    4.29  
            45,909,782    10.20  
 
    COMMUNICATIONS             
*    Comcast Corp (Class A)    82,416    2,784,012    0.62  
    SBC Communications, Inc    132,600    3,141,294    0.70  
    Verizon Communications, Inc    111,200    3,947,600    0.87  
    Viacom, Inc (Class B)    68,400    2,382,372    0.53  
    Other        8,249,449    1.83  
            20,504,727    4.55  
 
    DEPOSITORY INSTITUTIONS             
    Bank of America Corp    162,704    7,175,246    1.59  
    Citigroup, Inc    209,800    9,428,412    2.09  
    JPMorgan Chase & Co    142,636    4,935,206    1.10  
    U.S. Bancorp    74,400    2,144,208    0.48  
    Wachovia Corp    63,664    3,241,134    0.72  
    Wells Fargo & Co    68,100    4,072,380    0.91  
    Other        11,858,440    2.63  
            42,855,026    9.52  
 
    EATING AND DRINKING PLACES        2,551,009    0.57  
    EDUCATIONAL SERVICES        488,796    0.11  

144   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES      $ 15,165,884    3.37 % 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
d    General Electric Co    425,600  15,347,136    3.41  
    Intel Corp    250,000  5,807,500    1.29  
    Qualcomm, Inc    66,000  2,418,900    0.53  
    Other      11,155,959    2.48  
          34,729,495    7.71  
    ENGINEERING AND MANAGEMENT SERVICES      2,361,867    0.52  
    FABRICATED METAL PRODUCTS      2,584,372    0.57  
 
    FOOD AND KINDRED PRODUCTS           
    Coca-Cola Co    90,900  3,787,803    0.84  
    PepsiCo, Inc    67,300  3,568,919    0.80  
    Other      7,664,626    1.70  
          15,021,348    3.34  
    FOOD STORES      1,935,047    0.43  
    FORESTRY      664,450    0.15  
    FURNITURE AND FIXTURES      884,604    0.20  
    FURNITURE AND HOMEFURNISHINGS STORES      1,371,985    0.30  
    GENERAL BUILDING CONTRACTORS      843,547    0.19  
 
    GENERAL MERCHANDISE STORES           
    Wal-Mart Stores, Inc    136,000  6,814,960    1.51  
    Other      5,361,129    1.19  
          12,176,089    2.70  
    HEALTH SERVICES      3,304,694    0.73  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    SPDR Trust Series 1    93,283  11,003,663    2.44  
    Other      3,721,060    0.83  
          14,724,723    3.27  
    HOTELS AND OTHER LODGING PLACES      1,389,325    0.31  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    3M Co    31,000  2,656,390    0.59  
*    Cisco Systems, Inc    259,600  4,644,244    1.03  
*    Dell, Inc    98,700  3,792,054    0.84  
    Hewlett-Packard Co    116,200  2,549,428    0.57  
    International Business Machines Corp    65,500  5,985,390    1.33  
    Tyco International Ltd    80,800  2,731,040    0.61  
    Other      12,121,649    2.69  
          34,480,195    7.66  
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Medtronic, Inc    48,500  2,471,075    0.55  
    Other      9,023,654    2.00  
          11,494,729    2.55  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   145

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INSURANCE AGENTS, BROKERS AND SERVICE      $ 934,972    0.21 % 
 
    INSURANCE CARRIERS             
    American International Group, Inc    104,600    5,795,886    1.29  
    UnitedHealth Group, Inc    25,700    2,451,266    0.54  
    Other        15,032,874    3.34  
            23,280,026    5.17  
    LEATHER AND LEATHER PRODUCTS        441,714    0.10  
    LUMBER AND WOOD PRODUCTS        369,096    0.08  
    METAL MINING        1,419,855    0.31  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        961,214    0.21  
    MISCELLANEOUS RETAIL        6,567,081    1.46  
 
    MOTION PICTURES             
*    Time Warner, Inc    184,500    3,237,975    0.72  
    Walt Disney Co    82,200    2,361,606    0.52  
    Other        1,957,644    0.44  
            7,557,225    1.68  
 
    NONDEPOSITORY INSTITUTIONS             
    American Express Co    47,100    2,419,527    0.54  
    Fannie Mae    38,800    2,112,660    0.47  
    Other        5,877,496    1.30  
            10,409,683    2.31  
    NONMETALLIC MINERALS, EXCEPT FUELS        233,003    0.05  
    OIL AND GAS EXTRACTION        10,550,901    2.34  
    PAPER AND ALLIED PRODUCTS        2,813,954    0.62  
    PERSONAL SERVICES        581,688    0.13  
 
    PETROLEUM AND COAL PRODUCTS             
    ChevronTexaco Corp    84,500    4,927,195    1.10  
    ConocoPhillips    27,900    3,008,736    0.67  
d    ExxonMobil Corp    256,400    15,281,440    3.39  
    Other        1,547,073    0.34  
            24,764,444    5.50  
    PRIMARY METAL INDUSTRIES        1,842,975    0.41  
    PRINTING AND PUBLISHING        2,818,801    0.63  
    RAILROAD TRANSPORTATION        2,568,828    0.57  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        1,200,806    0.27  
 
    SECURITY AND COMMODITY BROKERS             
    Merrill Lynch & Co, Inc    37,300    2,111,180    0.47  
    Morgan Stanley    44,600    2,553,350    0.57  
    Other        5,208,227    1.15  
            9,872,757    2.19  

146   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                  % OF NET  
    COMPANY        SHARES    VALUE   ASSETS  
   
 
    STONE, CLAY, AND GLASS PRODUCTS          $ 629,958   0.14 % 
 
    TOBACCO PRODUCTS               
    Altria Group, Inc        83,000    5,427,370   1.21  
    Other            728,052   0.16  
                6,155,422   1.37  
    TRANSPORTATION BY AIR            1,587,655   0.35  
 
    TRANSPORTATION EQUIPMENT               
    United Technologies Corp        20,500    2,084,030   0.46  
    Other            9,890,300   2.20  
                11,974,330   2.66  
    TRANSPORTATION SERVICES            113,776   0.02  
 
    TRUCKING AND WAREHOUSING               
    United Parcel Service, Inc (Class B)        44,900    3,266,026   0.73  
                3,266,026   0.73  
    WATER TRANSPORTATION            1,093,191   0.24  
 
    WHOLESALE TRADE-DURABLE GOODS               
    Johnson & Johnson        119,400    8,018,904   1.78  
    Other            205,491   0.05  
                8,224,395   1.83  
    WHOLESALE TRADE-NONDURABLE GOODS            2,958,536   0.66  
    TOTAL COMMON STOCKS    (Cost $414,345,612)    445,437,871   98.93  
 
    ISSUER        PRINCIPAL       
   
    SHORT-TERM INVESTMENTS               
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES              
    Federal Home Loan Bank (FHLB)  2.400%, 04/01/05      $50,000,000    49,996,306   11.11  
                49,996,306   11.11  
TOTAL SHORT-TERM INVESTMENTS    (Cost $50,000,000)    49,996,306   11.11  
 
      TOTAL PORTFOLIO    (Cost $464,345,612)    495,434,177   110.04 % 
OTHER ASSETS AND LIABILITIES, NET          (45,185,994 )  (10.04 ) 
 
 
      NET ASSETS        $ 450,248,183   100.00 % 

*    Non-income producing 
d    All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open 
    futures contracts. 
    For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio 
    of investments. Note that the Funds use more specific industry categories in following their investments limitations on 
    industry concentration. 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   147

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES      $  164,409    0.61 % 
    APPAREL AND ACCESSORY STORES        603,630    2.25  
    APPAREL AND OTHER TEXTILE PRODUCTS        19,849    0.07  
    AUTO REPAIR, SERVICES AND PARKING        24,311    0.09  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        300,913    1.12  
    BUILDING MATERIALS AND GARDEN SUPPLIES        65,432    0.24  
 
    BUSINESS SERVICES             
    Adobe Systems, Inc    4,435    297,899    1.11  
*    Autodesk, Inc    4,362    129,813    0.48  
*    Fiserv, Inc    3,684    146,623    0.55  
*    Intuit, Inc    3,124    136,738    0.51  
*    Juniper Networks, Inc    9,987    220,313    0.82  
*    SunGard Data Systems, Inc    4,828    166,566    0.62  
*    Veritas Software Corp    7,993    185,598    0.69  
    Other        2,509,941    9.36  
            3,793,491    14.14  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Allergan, Inc    2,450    170,202    0.63  
    Avery Dennison Corp    2,100    130,053    0.49  
    Ecolab, Inc    3,480    115,014    0.43  
*    Genzyme Corp    4,565    261,301    0.97  
    Other        1,644,757    6.13  
            2,321,327    8.65  
 
    COAL MINING        68,765    0.26  
    COMMUNICATIONS        893,264    3.33  
    DEPOSITORY INSTITUTIONS        498,070    1.86  
 
    EATING AND DRINKING PLACES             
    Yum! Brands, Inc    5,418    280,707    1.05  
    Other        336,261    1.25  
            616,968    2.30  
 
    EDUCATIONAL SERVICES        224,079    0.84  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
*    AES Corp    11,968    196,036    0.73  
    Other        87,471    0.33  
            283,507    1.06  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Altera Corp    7,067    139,785    0.52  
    Linear Technology Corp    5,863    224,611    0.84  
    National Semiconductor Corp    6,800    140,148    0.52  
    Rockwell Collins, Inc    3,320    157,999    0.59  
    Other        1,741,116    6.49  
            2,403,659    8.96  

148   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
   
 
 
    ENGINEERING AND MANAGEMENT SERVICES       
   
    Moody’s Corp    2,338  $ 
189,051 
  0.70 % 
    Quest Diagnostics, Inc    1,500   
157,695 
  0.59  
    Other       
449,524 
  1.68  
             
796,270 
  2.97  
    FABRICATED METAL PRODUCTS         
97,654 
  0.36  
    FOOD AND KINDRED PRODUCTS       
   
    Hershey Foods Corp    2,505   
151,452 
  0.56  
    Other       
203,744 
  0.76  
             
355,196 
  1.32  
    FOOD STORES       
   
    Whole Foods Market, Inc    1,190   
121,535 
  0.45  
    Other         
10,641 
  0.04  
             
132,176 
  0.49  
 
    FURNITURE AND FIXTURES       
202,750 
  0.76  
 
    FURNITURE AND HOMEFURNISHINGS STORES       
   
*    Bed Bath & Beyond, Inc    5,599   
204,587 
  0.76  
    Other       
210,456 
  0.79  
             
415,043 
  1.55  
 
    GENERAL BUILDING CONTRACTORS       
450,720 
  1.68  
 
    GENERAL MERCHANDISE STORES       
   
    Dollar General Corp    5,528   
121,118 
  0.45  
    Other       
157,895 
  0.59  
             
279,013 
  1.04  
 
    HEALTH SERVICES       
   
*    Coventry Health Care, Inc    1,990   
135,599 
  0.50  
*    Laboratory Corp of America Holdings    2,499   
120,452 
  0.45  
    Other       
693,719 
  2.59  
             
949,770 
  3.54  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
284,470 
  1.06  
 
    HOTELS AND OTHER LODGING PLACES       
   
    Hilton Hotels Corp    6,121   
136,804 
  0.51  
    Marriott International, Inc (Class A)    3,174   
212,214 
  0.79  
    Other       
260,699 
  0.97  
             
609,717 
  2.27  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT       
   
    American Standard Cos, Inc    3,528   
163,981 
  0.61  
*    Apple Computer, Inc    7,622   
317,609 
  1.19  
    Baker Hughes, Inc    6,226   
276,995 
  1.03  
    Dover Corp    3,080   
116,393 
  0.43  
*    Lexmark International, Inc    2,432   
194,487 
  0.73  
*    Network Appliance, Inc    6,040   
167,066 
  0.62  
    Rockwell Automation, Inc    2,252   
127,553 
  0.48  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   149

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT—(continued)             
    Smith International, Inc    2,026  $  127,091    0.47 % 
    Other        1,003,108    3.74  
            2,494,283    9.30  
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Bard (C.R.), Inc    2,000    136,160    0.51  
    Biomet, Inc    4,739    172,026    0.64  
*    Fisher Scientific International, Inc    2,091    119,020    0.44  
    KLA-Tencor Corp    3,716    170,973    0.64  
    Other        987,082    3.68  
            1,585,261    5.91  
    INSURANCE AGENTS, BROKERS AND SERVICE        98,939    0.37  
 
    INSURANCE CARRIERS             
*    WellPoint, Inc    3,645    456,901    1.70  
    Other        168,626    0.63  
            625,527    2.33  
 
    LEATHER AND LEATHER PRODUCTS             
*    Coach, Inc    3,573    202,339    0.75  
    Other        28,372    0.11  
            230,711    0.86  
 
    METAL MINING             
    Freeport-McMoRan Copper & Gold, Inc (Class A)    2,939    116,414    0.44  
    Other        5,546    0.02  
            121,960    0.46  
    MISCELLANEOUS MANUFACTURING INDUSTRIES             
    Fortune Brands, Inc    2,569    207,138    0.77  
    Other        76,732    0.29  
            283,870    1.06  
    MISCELLANEOUS RETAIL        430,292    1.60  
    MOTION PICTURES        64,552    0.24  
    NONDEPOSITORY INSTITUTIONS        133,280    0.50  
 
    OIL AND GAS EXTRACTION             
    BJ Services Co    3,000    155,640    0.58  
    XTO Energy, Inc    6,352    208,600    0.78  
    Other        369,353    1.38  
            733,593    2.74  
    PAPER AND ALLIED PRODUCTS        44,365    0.17  
 
    PERSONAL SERVICES             
    H & R Block, Inc    3,103    156,950    0.59  
    Other        145,122    0.54  
            302,072    1.13  
    PRIMARY METAL INDUSTRIES        175,143    0.65  

150   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    COMPANY      SHARES  VALUE    ASSETS  
   
   
 
    PRINTING AND PUBLISHING        $ 452,494    1.69 % 
    RAILROAD TRANSPORTATION        21,699    0.08  
    REAL ESTATE        72,213    0.27  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        80,797    0.30  
    SECURITY AND COMMODITY BROKERS             
    Chicago Mercantile Exchange      641  124,373    0.46  
    Legg Mason, Inc      1,987  155,264    0.58  
    T Rowe Price Group, Inc      2,081  123,570    0.46  
    Other        372,660    1.39  
            775,867    2.89  
    STONE, CLAY, AND GLASS PRODUCTS        8,823    0.03  
    TRANSPORTATION BY AIR             
    Southwest Airlines Co      11,643  165,796    0.62  
    Other        48,247    0.18  
            214,043    0.80  
    TRANSPORTATION EQUIPMENT        281,102    1.05  
    TRANSPORTATION SERVICES        190,836    0.71  
    TRUCKING AND WAREHOUSING        64,076    0.24  
    WHOLESALE TRADE-DURABLE GOODS        220,099    0.82  
    WHOLESALE TRADE-NONDURABLE GOODS        230,990    0.86  
    TOTAL COMMON STOCKS    (Cost $19,707,119)  26,791,340    99.88  
    TOTAL PORTFOLIO    (Cost $19,707,119)  26,791,340    99.88 % 
    OTHER ASSETS AND LIABILITIES, NET        32,235    0.12  
 
    NET ASSETS        $  26,823,575   100.00 % 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   151

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                  % OF NET  
    COMPANY      SHARES    VALUE    ASSETS  
   
 
    PREFERRED STOCKS               
    HOLDING AND OTHER INVESTMENT OFFICES        $  7,871    0.02 % 
    TOTAL PREFERRED STOCKS    (Cost $4,545)    7,871    0.02  
 
    COMMON STOCKS               
    AMUSEMENT AND RECREATION SERVICES          205,665    0.49  
    APPAREL AND ACCESSORY STORES          291,157    0.69  
    APPAREL AND OTHER TEXTILE PRODUCTS          316,035    0.75  
    AUTO REPAIR, SERVICES AND PARKING          93,466    0.22  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS          68,184    0.16  
    BUILDING MATERIALS AND GARDEN SUPPLIES          56,138    0.13  
 
    BUSINESS SERVICES               
    Electronic Data Systems Corp      10,584    218,771    0.52  
    Other          995,936    2.36  
              1,214,707    2.88  
 
    CHEMICALS AND ALLIED PRODUCTS               
    Air Products & Chemicals, Inc      4,780    302,526    0.72  
    Monsanto Co      5,600    361,200    0.86  
    PPG Industries, Inc      3,633    259,832    0.62  
    Praxair, Inc      4,861    232,648    0.55  
    Other          1,207,108    2.86  
              2,363,314    5.61  
 
    COAL MINING          254,896    0.60  
    COMMUNICATIONS          679,206    1.61  
 
    DEPOSITORY INSTITUTIONS               
    AmSouth Bancorp      7,396    191,926    0.45  
    Comerica, Inc      3,611    198,894    0.47  
    Marshall & Ilsley Corp      4,600    192,050    0.46  
    North Fork Bancorp, Inc      7,261    201,420    0.48  
    Regions Financial Corp      9,677    313,535    0.74  
    Other          2,501,720    5.94  
              3,599,545    8.54  
 
    EATING AND DRINKING PLACES          148,948    0.35  
    EDUCATIONAL SERVICES          5,734    0.01  
 
    ELECTRIC, GAS, AND SANITARY SERVICES               
    Ameren Corp      4,058    198,883    0.47  
    Consolidated Edison, Inc      5,065    213,642    0.51  
    Edison International      6,909    239,880    0.57  
    FPL Group, Inc      7,818    313,893    0.74  
    PG&E Corp      8,400    286,440    0.68  
    PPL Corp      3,965    214,070    0.51  
    Progress Energy, Inc      5,184    217,469    0.52  
    Public Service Enterprise Group, Inc      4,978    270,753    0.64  
    TXU Corp      5,152    410,254    0.97  

152   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES—(continued)             
    Williams Cos, Inc    11,686  $  219,814    0.52 % 
    Other        3,462,239    8.22  
            6,047,337    14.35  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT        1,141,042    2.71  
 
    ENGINEERING AND MANAGEMENT SERVICES        96,730    0.23  
    FABRICATED METAL PRODUCTS        235,400    0.56  
 
    FOOD AND KINDRED PRODUCTS             
    Archer Daniels Midland Co    12,183    299,458    0.71  
    Other        762,237    1.81  
            1,061,695    2.52  
 
    FOOD STORES             
*    Kroger Co    15,503    248,513    0.59  
    Other        334,662    0.79  
            583,175    1.38  
 
    FURNITURE AND FIXTURES        403,123    0.96  
    FURNITURE AND HOMEFURNISHINGS STORES        133,596    0.32  
    GENERAL BUILDING CONTRACTORS        604,566    1.43  
 
    GENERAL MERCHANDISE STORES             
    Federated Department Stores, Inc    3,624    230,632    0.55  
    J.C. Penney Co, Inc    5,136    266,661    0.63  
    May Department Stores Co    6,130    226,933    0.54  
    Other        220,011    0.52  
            944,237    2.24  
 
    HEALTH SERVICES        412,098    0.98  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    Equity Office Properties Trust    8,515    256,557    0.61  
    Equity Residential    5,868    189,008    0.45  
    Simon Property Group, Inc    3,353    203,125    0.48  
    iShares Russell Midcap Value Index Fund    2,620    295,719    0.70  
    Other        3,062,198    7.27  
            4,006,607    9.51  
 
    HOTELS AND OTHER LODGING PLACES        299,689    0.71  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
*    Apple Computer, Inc    8,418    350,778    0.83  
    Eaton Corp    3,199    209,215    0.50  
*    Xerox Corp    18,185    275,503    0.66  
    Other        1,176,815    2.79  
            2,012,311    4.78  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   153

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Eastman Kodak Co    6,041  $  196,634    0.47 % 
    Other        248,541    0.59  
            445,175    1.06  
    INSURANCE AGENTS, BROKERS AND SERVICE        155,771    0.37  
 
    INSURANCE CARRIERS             
    Cigna Corp    2,804    250,397    0.60  
    Loews Corp    3,158    232,239    0.55  
    Principal Financial Group    6,369    245,143    0.58  
*    WellPoint, Inc    2,150    269,503    0.64  
    Other        2,709,270    6.43  
            3,706,552    8.80  
    LUMBER AND WOOD PRODUCTS        240,995    0.57  
 
    METAL MINING             
    Phelps Dodge Corp    2,024    205,901    0.49  
    Other        11,092    0.03  
            216,993    0.52  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        184,585    0.44  
 
    MISCELLANEOUS RETAIL             
*    Sears Holdings Corp    1,962    261,279    0.62  
    Other        359,240    0.85  
            620,519    1.47  
    MOTION PICTURES        62,004    0.15  
    NONDEPOSITORY INSTITUTIONS        396,765    0.94  
    NONMETALLIC MINERALS, EXCEPT FUELS        119,116    0.28  
 
    OIL AND GAS EXTRACTION             
    EOG Resources, Inc    5,004    243,895    0.58  
    Kerr-McGee Corp    3,035    237,732    0.56  
    Marathon Oil Corp    7,263    340,780    0.81  
    Unocal Corp    5,566    343,366    0.81  
    Other        613,121    1.46  
            1,778,894    4.22  
    PAPER AND ALLIED PRODUCTS        588,231    1.40  
    PERSONAL SERVICES        72,884    0.17  
 
    PETROLEUM AND COAL PRODUCTS             
    Valero Energy Corp    5,400    395,658    0.94  
    Other        690,753    1.64  
            1,086,411    2.58  
    PRIMARY METAL INDUSTRIES        305,159    0.72  
    PRINTING AND PUBLISHING        372,020    0.88  

154   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    COMPANY      SHARES  VALUE    ASSETS  
   
    RAILROAD TRANSPORTATION             
    Burlington Northern Santa Fe Corp      7,746  $ 417,742    0.99 % 
    Norfolk Southern Corp      8,278  306,700    0.73  
    Other        198,403    0.47  
            922,845    2.19  
    REAL ESTATE        44,660    0.11  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        54,361    0.13  
 
    SECURITY AND COMMODITY BROKERS             
    Bear Stearns Cos, Inc      2,373  237,063    0.56  
    Other        289,374    0.69  
            526,437    1.25  
    STONE, CLAY, AND GLASS PRODUCTS        127,426    0.30  
 
    TOBACCO PRODUCTS             
    Reynolds American, Inc      3,100  249,829    0.60  
    Other        220,249    0.52  
            470,078    1.12  
    TRANSPORTATION BY AIR        66,980    0.16  
 
    TRANSPORTATION EQUIPMENT             
    Paccar, Inc      3,712  268,712    0.64  
    Textron, Inc      2,538  189,386    0.45  
    Other        541,673    1.28  
            999,771    2.37  
    TRANSPORTATION SERVICES        62,599    0.15  
    TRUCKING AND WAREHOUSING        92,871    0.22  
    WHOLESALE TRADE-DURABLE GOODS        520,374    1.23  
    WHOLESALE TRADE-NONDURABLE GOODS        355,681    0.85  
    TOTAL COMMON STOCKS    (Cost $29,826,951)  41,874,758    99.37  
 
    TOTAL PORTFOLIO    (Cost $29,831,496)  41,882,629    99.39 % 
    OTHER ASSETS AND LIABILITIES, NET        256,682    0.61  
 
    NET ASSETS        $ 42,139,311    100.00 % 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   155

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                  % OF NET  
    COMPANY      SHARES    VALUE    ASSETS  
   
 
    PREFERRED STOCKS               
    HOLDING AND OTHER INVESTMENT OFFICES        $  9,534    0.01 % 
    TOTAL PREFERRED STOCKS    (Cost $5,511)    9,534    0.01  
 
    COMMON STOCKS               
    AMUSEMENT AND RECREATION SERVICES          316,787    0.53  
    APPAREL AND ACCESSORY STORES          804,307    1.33  
    APPAREL AND OTHER TEXTILE PRODUCTS          280,484    0.47  
    AUTO REPAIR, SERVICES AND PARKING          98,518    0.16  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS          334,563    0.55  
    BUILDING MATERIALS AND GARDEN SUPPLIES          111,297    0.18  
 
    BUSINESS SERVICES               
    Adobe Systems, Inc      4,200    282,114    0.47  
*    Juniper Networks, Inc      9,102    200,790    0.33  
    Other          4,026,220    6.68  
              4,509,124    7.48  
 
    CHEMICALS AND ALLIED PRODUCTS               
    Air Products & Chemicals, Inc      3,973    251,451    0.42  
*    Genzyme Corp      4,277    244,815    0.41  
    Monsanto Co      4,600    296,700    0.49  
    PPG Industries, Inc      3,000    214,560    0.36  
    Praxair, Inc      5,698    272,706    0.45  
    Other          2,841,428    4.71  
              4,121,660    6.84  
    COAL MINING          284,804    0.47  
    COMMUNICATIONS          1,406,802    2.33  
    DEPOSITORY INSTITUTIONS               
    North Fork Bancorp, Inc      7,467    207,135    0.34  
    Regions Financial Corp      8,058    261,079    0.43  
    Other          2,987,769    4.96  
              3,455,983    5.73  
    EATING AND DRINKING PLACES               
    Yum! Brands, Inc      5,008    259,464    0.43  
    Other          432,433    0.72  
              691,897    1.15  
    EDUCATIONAL SERVICES          208,661    0.35  
    ELECTRIC, GAS, AND SANITARY SERVICES               
    Edison International      5,709    198,217    0.33  
    FPL Group, Inc      6,434    258,325    0.43  
    PG&E Corp      6,924    236,108    0.39  
    Public Service Enterprise Group, Inc      4,100    222,999    0.37  
    TXU Corp      4,150    330,465    0.55  
    Other          4,039,380    6.70  
              5,285,494    8.77  

156   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
    Linear Technology Corp    5,338  $  204,499    0.34 % 
    Other        2,980,465    4.94  
            3,184,964    5.28  
 
    ENGINEERING AND MANAGEMENT SERVICES        827,914    1.37  
 
    FABRICATED METAL PRODUCTS        287,071    0.48  
 
    FOOD AND KINDRED PRODUCTS             
    Archer Daniels Midland Co    10,069    247,496    0.41  
    Hershey Foods Corp    3,074    185,854    0.31  
    Other        791,713    1.31  
            1,225,063    2.03  
 
    FOOD STORES             
*    Kroger Co    12,744    204,286    0.34  
    Other        398,110    0.66  
            602,396    1.00  
 
    FURNITURE AND FIXTURES        526,320    0.87  
 
    FURNITURE AND HOMEFURNISHINGS STORES             
*    Bed Bath & Beyond, Inc    5,190    189,643    0.31  
    Other        304,863    0.51  
            494,506    0.82  
 
    GENERAL BUILDING CONTRACTORS        933,324    1.55  
 
    GENERAL MERCHANDISE STORES             
    Federated Department Stores, Inc    3,001    190,984    0.32  
    J.C. Penney Co, Inc    4,247    220,504    0.37  
    Other        629,714    1.04  
            1,041,202    1.73  
 
    HEALTH SERVICES             
*    Medco Health Solutions, Inc    4,701    233,028    0.39  
    Other        986,087    1.63  
            1,219,115    2.02  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    Equity Office Properties Trust    7,099    213,893    0.35  
    iShares Russell Midcap Index Fund    11,450    901,573    1.50  
    Other        3,107,208    5.15  
            4,222,674    7.00  
 
    HOTELS AND OTHER LODGING PLACES             
    Marriott International, Inc (Class A)    3,398    227,190    0.38  
    Starwood Hotels & Resorts Worldwide, Inc    3,537    212,326    0.35  
    Other        372,711    0.62  
            812,227    1.35  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   157

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
*    Apple Computer, Inc    14,000  $  583,380    0.97 % 
    Baker Hughes, Inc    5,830    259,377    0.43  
*    Xerox Corp    16,690    252,853    0.42  
    Other        2,894,054    4.80  
            3,989,664    6.62  
 
    INSTRUMENTS AND RELATED PRODUCTS        1,831,216    3.04  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        214,508    0.36  
 
    INSURANCE CARRIERS             
    Cigna Corp    2,300    205,390    0.34  
    Loews Corp    2,567    188,777    0.32  
    Principal Financial Group    5,199    200,109    0.33  
*    WellPoint, Inc    5,102    639,536    1.06  
    Other        2,405,099    3.99  
            3,638,911    6.04  
 
    LEATHER AND LEATHER PRODUCTS             
*    Coach, Inc    3,300    186,879    0.31  
    Other        28,372    0.05  
            215,251    0.36  
 
    LUMBER AND WOOD PRODUCTS        197,266    0.33  
    METAL MINING        286,353    0.47  
    MISCELLANEOUS MANUFACTURING INDUSTRIES             
    Fortune Brands, Inc    2,529    203,913    0.34  
    Other        211,433    0.35  
            415,346    0.69  
 
    MISCELLANEOUS RETAIL             
*    Sears Holdings Corp    1,414    188,302    0.31  
    Other        693,400    1.15  
            881,702    1.46  
 
    MOTION PICTURES        113,637    0.19  
    NONDEPOSITORY INSTITUTIONS        457,716    0.76  
    NONMETALLIC MINERALS, EXCEPT FUELS        102,294    0.17  
 
    OIL AND GAS EXTRACTION             
    EOG Resources, Inc    4,000    194,960    0.32  
    Kerr-McGee Corp    2,526    197,862    0.33  
    Marathon Oil Corp    6,038    283,303    0.47  
    Unocal Corp    4,565    281,615    0.47  
    XTO Energy, Inc    5,894    193,559    0.32  
    Other        1,004,738    1.66  
            2,156,037    3.57  
 
    PAPER AND ALLIED PRODUCTS        542,386    0.90  
    PERSONAL SERVICES        344,417    0.57  

158   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY      SHARES  VALUE    ASSETS  
   
    PETROLEUM AND COAL PRODUCTS             
    Valero Energy Corp      4,476  $ 327,956    0.54 % 
    Other        578,083    0.96  
            906,039    1.50  
    PRIMARY METAL INDUSTRIES        411,960    0.68  
    PRINTING AND PUBLISHING        708,466    1.17  
 
    RAILROAD TRANSPORTATION             
    Burlington Northern Santa Fe Corp      6,456  348,172    0.58  
    Norfolk Southern Corp      6,800  251,940    0.42  
    Other        183,766    0.30  
            783,878    1.30  
    REAL ESTATE        100,763    0.17  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        117,780    0.19  
 
    SECURITY AND COMMODITY BROKERS             
    Bear Stearns Cos, Inc      2,000  199,800    0.33  
    Other        938,051    1.56  
            1,137,851    1.89  
    STONE, CLAY, AND GLASS PRODUCTS        119,892    0.20  
 
    TOBACCO PRODUCTS             
    Reynolds American, Inc      2,630  211,952    0.35  
    Other        181,703    0.30  
            393,655    0.65  
 
    TRANSPORTATION BY AIR             
    Southwest Airlines Co      13,621  193,963    0.32  
    Other        64,804    0.11  
            258,767    0.43  
 
    TRANSPORTATION EQUIPMENT             
    Paccar, Inc      3,050  220,790    0.37  
    Other        876,763    1.45  
            1,097,553    1.82  
    TRANSPORTATION SERVICES        229,531    0.38  
    TRUCKING AND WAREHOUSING        144,241    0.24  
    WHOLESALE TRADE-DURABLE GOODS        642,746    1.07  
 
    WHOLESALE TRADE-NONDURABLE GOODS             
    McKesson Corp      5,100  192,525    0.32  
    Other        321,167    0.53  
            513,692    0.85  
    TOTAL COMMON STOCKS    (Cost $43,402,939)  60,240,675    99.91  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   159

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
            VALUE    ASSETS  
    TOTAL PORTFOLIO    (Cost $43,408,450)  $ 60,250,209    99.92 % 
    OTHER ASSETS AND LIABILITIES, NET        45,526    0.08  
 
    NET ASSETS        $ 60,295,735    100.00 % 

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

160   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS      $  83,754    0.12 % 
 
    AMUSEMENT AND RECREATION SERVICES             
*    Penn National Gaming, Inc    8,800    258,544    0.36  
    Other        404,986    0.57  
            663,530    0.93  
 
    APPAREL AND ACCESSORY STORES             
*    Aeropostale, Inc    7,690    251,847    0.35  
    Other        771,571    1.09  
            1,023,418    1.44  
 
    APPAREL AND OTHER TEXTILE PRODUCTS             
*    Quiksilver, Inc    8,099    235,114    0.33  
    Other        224,172    0.32  
            459,286    0.65  
 
    AUTO REPAIR, SERVICES AND PARKING        151,238    0.21  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        181,710    0.26  
 
    BUSINESS SERVICES             
*    CACI International, Inc (Class A)    4,069    224,731    0.32  
*    Cerner Corp    3,903    204,946    0.29  
*    F5 Networks, Inc    5,066    255,782    0.36  
*    Hyperion Solutions Corp    5,399    238,150    0.34  
*    Kronos, Inc    4,345    222,073    0.31  
*    Take-Two Interactive Software, Inc    5,092    199,097    0.28  
*    Titan Corp    11,543    209,621    0.29  
    Other        10,082,519    14.21  
            11,636,919    16.40  
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Mosaic Co    17,600    300,256    0.42  
    Valeant Pharmaceuticals International    9,699    218,421    0.31  
    Other        5,271,259    7.43  
            5,789,936    8.16  
 
    COAL MINING        57,340    0.08  
    COMMUNICATIONS        1,330,757    1.87  
 
    DEPOSITORY INSTITUTIONS             
    East West Bancorp, Inc    6,997    258,329    0.36  
    First Bancorp (Puerto Rico)    4,438    187,506    0.26  
    Other        3,326,128    4.69  
            3,771,963    5.31  
 
    EATING AND DRINKING PLACES             
*    CEC Entertainment, Inc    5,185    189,771    0.27  
*    P.F. Chang’s China Bistro, Inc    3,500    209,300    0.29  
*    Sonic Corp    8,275    276,385    0.39  
    Other        788,931    1.11  
            1,464,387    2.06  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   161

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    EDUCATIONAL SERVICES             
    Strayer Education, Inc    2,014  $  228,226    0.32 % 
    Other        136,766    0.19  
            364,992    0.51  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
*    Waste Connections, Inc    6,700    232,825    0.33  
    Other        143,945    0.20  
            376,770    0.53  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Rayovac Corp    6,513    270,941    0.38  
*    Varian Semiconductor Equipment Associates, Inc    5,080    193,091    0.27  
    Other        5,845,106    8.24  
            6,309,138    8.89  
    ENGINEERING AND MANAGEMENT SERVICES        2,602,264    3.67  
 
    FABRICATED METAL PRODUCTS             
*    Crown Holdings, Inc    12,501    194,516    0.27  
    Other        613,761    0.87  
            808,277    1.14  
    FOOD AND KINDRED PRODUCTS        362,199    0.51  
 
    FOOD STORES             
*    Panera Bread Co (Class A)    3,976    224,763    0.32  
    Other        80,896    0.11  
            305,659    0.43  
    FURNITURE AND FIXTURES        266,523    0.38  
 
    FURNITURE AND HOMEFURNISHINGS STORES             
*    Guitar Center, Inc    3,585    196,565    0.28  
    Other        256,738    0.36  
            453,303    0.64  
    GENERAL BUILDING CONTRACTORS        331,759    0.47  
    GENERAL MERCHANDISE STORES        503,496    0.71  
 
    HEALTH SERVICES             
*    Apria Healthcare Group, Inc    6,924    222,261    0.31  
*    LifePoint Hospitals, Inc    5,332    233,755    0.33  
*    Pediatrix Medical Group, Inc    2,921    200,351    0.28  
    Other        1,514,381    2.14  
            2,170,748    3.06  
    HEAVY CONSTRUCTION, EXCEPT BUILDING        17,035    0.02  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    iShares Russell 2000 Growth Index Fund    8,856    554,208    0.78  
    New Century Financial Corp    5,145    240,889    0.34  
    Other        1,069,831    1.51  
            1,864,928    2.63  

162   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    HOTELS AND OTHER LODGING PLACES             
    Boyd Gaming Corp    6,299  $  328,493    0.46 % 
    Other        103,643    0.15  
            432,136    0.61  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    Joy Global, Inc    5,628    197,318    0.28  
*    Scientific Games Corp (Class A)    10,600    242,210    0.34  
    Toro Co    2,978    263,553    0.37  
    Other        3,082,111    4.34  
            3,785,192    5.33  
 
    INSTRUMENTS AND RELATED PRODUCTS             
*    Intuitive Surgical, Inc    4,100    186,427    0.26  
*    Steris Corp    8,229    207,782    0.29  
*    Trimble Navigation Ltd    7,007    236,907    0.34  
    Other        5,371,327    7.57  
            6,002,443    8.46  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        357,592    0.50  
 
    INSURANCE CARRIERS             
*    AMERIGROUP Corp    5,620    205,467    0.29  
*    Sierra Health Services, Inc    3,163    201,926    0.29  
    Other        669,552    0.94  
            1,076,945    1.52  
 
    LEATHER AND LEATHER PRODUCTS        156,218    0.22  
    LEGAL SERVICES        45,752    0.06  
    LUMBER AND WOOD PRODUCTS        121,229    0.17  
    METAL MINING        341,935    0.48  
 
    MISCELLANEOUS MANUFACTURING INDUSTRIES             
    Yankee Candle Co, Inc    6,432    203,894    0.29  
    Other        382,234    0.54  
            586,128    0.83  
 
    MISCELLANEOUS RETAIL        1,026,260    1.45  
    MOTION PICTURES        46,884    0.07  
    NONDEPOSITORY INSTITUTIONS        343,976    0.48  
    NONMETALLIC MINERALS, EXCEPT FUELS        7,842    0.01  
 
    OIL AND GAS EXTRACTION             
*    Cal Dive International, Inc    5,277    239,048    0.34  
*    Cheniere Energy, Inc    3,755    242,235    0.34  
*    Denbury Resources, Inc    7,601    267,783    0.38  
*    Quicksilver Resources, Inc    4,100    199,793    0.28  
*    Unit Corp    5,257    237,459    0.33  
    Other        2,237,463    3.15  
            3,423,781    4.82  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   163

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                  % OF NET  
    COMPANY      SHARES    VALUE    ASSETS  
   
 
    PAPER AND ALLIED PRODUCTS        $  73,675    0.10 % 
    PERSONAL SERVICES          138,946    0.20  
    PETROLEUM AND COAL PRODUCTS          453,817    0.64  
    PRIMARY METAL INDUSTRIES               
    Allegheny Technologies, Inc      13,205    318,372    0.45  
*    Maverick Tube Corp      5,858    190,444    0.27  
    Other          925,975    1.30  
              1,434,791    2.02  
    PRINTING AND PUBLISHING          874,553    1.23  
    RAILROAD TRANSPORTATION          96,624    0.14  
    REAL ESTATE          168,260    0.24  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS          435,124    0.61  
    SECURITY AND COMMODITY BROKERS               
*    Affiliated Managers Group, Inc      3,332    206,684    0.29  
    Other          111,492    0.16  
              318,176    0.45  
    SOCIAL SERVICES          124,838    0.18  
    SPECIAL TRADE CONTRACTORS          178,561    0.25  
    STONE, CLAY, AND GLASS PRODUCTS          255,682    0.36  
    TOBACCO PRODUCTS          50,093    0.07  
    TRANSPORTATION BY AIR          405,533    0.57  
    TRANSPORTATION EQUIPMENT          1,069,895    1.51  
    TRANSPORTATION SERVICES          273,256    0.39  
    TRUCKING AND WAREHOUSING               
*    Landstar System, Inc      7,742    253,551    0.36  
    Other          379,756    0.53  
              633,307    0.89  
    WATER TRANSPORTATION          97,527    0.14  
    WHOLESALE TRADE-DURABLE GOODS               
    SCP Pool Corp      7,348    234,107    0.33  
    Other          1,279,654    1.80  
              1,513,761    2.13  
    WHOLESALE TRADE-NONDURABLE GOODS               
*    Tractor Supply Co      4,300    187,695    0.26  
    Other          990,358    1.40  
              1,178,053    1.66  
    TOTAL COMMON STOCKS    (Cost $56,696,574)  $ 70,880,114    99.87  

164   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
          VALUE    ASSETS  
TOTAL PORTFOLIO    (Cost $56,696,574)    $ 70,880,114    99.87 % 
OTHER ASSETS AND LIABILITIES, NET          91,312    0.13  
 
NET ASSETS          $ 70,971,426    100.00 % 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   165

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS      $  84,186    0.12 % 
    AGRICULTURAL PRODUCTION-LIVESTOCK        38,628    0.06  
    AMUSEMENT AND RECREATION SERVICES        601,943    0.89  
    APPAREL AND ACCESSORY STORES        806,610    1.20  
    APPAREL AND OTHER TEXTILE PRODUCTS        239,064    0.35  
    AUTO REPAIR, SERVICES AND PARKING        232,434    0.34  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        322,797    0.48  
    BUILDING MATERIALS AND GARDEN SUPPLIES        158,888    0.24  
 
    BUSINESS SERVICES             
*    Bisys Group, Inc    14,418    226,074    0.33  
    Other        2,948,715    4.37  
            3,174,789    4.70  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Crompton Corp    13,700    200,020    0.29  
    Cytec Industries, Inc    4,593    249,170    0.37  
*    FMC Corp    4,254    227,376    0.34  
    Great Lakes Chemical Corp    5,949    191,082    0.28  
    Other        2,327,467    3.45  
            3,195,115    4.73  
 
    COAL MINING        51,606    0.08  
    COMMUNICATIONS        1,194,552    1.77  
 
    DEPOSITORY INSTITUTIONS             
    Bancorpsouth, Inc    9,069    187,184    0.28  
    Other        8,005,411    11.86  
            8,192,595    12.14  
 
    EATING AND DRINKING PLACES             
    CBRL Group, Inc    4,967    205,137    0.30  
    Other        720,489    1.07  
            925,626    1.37  
 
    EDUCATIONAL SERVICES        3,857    0.01  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
    Atmos Energy Corp    9,048    244,296    0.36  
*    CMS Energy Corp    23,070    300,833    0.45  
    Energen Corp    4,307    286,846    0.42  
    Nicor, Inc    5,243    194,463    0.29  
    Peoples Energy Corp    4,458    186,879    0.28  
    Piedmont Natural Gas Co, Inc    8,699    200,425    0.30  
    PNM Resources, Inc    7,074    188,734    0.28  
*    Southern Union Co    10,085    253,234    0.37  
    WGL Holdings, Inc    5,725    177,246    0.26  
    Other        2,525,024    3.74  
            4,557,980    6.75  

166   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Thomas & Betts Corp    6,889  $  222,515    0.33 % 
    Other        2,146,171    3.18  
            2,368,686    3.51  
 
    ENGINEERING AND MANAGEMENT SERVICES        921,528    1.37  
 
    FABRICATED METAL PRODUCTS             
    Commercial Metals Co    6,918    234,451    0.35  
    Other        758,483    1.12  
            992,934    1.47  
 
    FISHING, HUNTING, AND TRAPPING        6,138    0.01  
 
    FOOD AND KINDRED PRODUCTS             
    Corn Products International, Inc    8,584    223,098    0.33  
    Other        874,670    1.30  
            1,097,768    1.63  
 
    FOOD STORES        223,759    0.33  
    FURNITURE AND FIXTURES        373,680    0.55  
    FURNITURE AND HOMEFURNISHINGS STORES        293,836    0.44  
 
    GENERAL BUILDING CONTRACTORS             
    Beazer Homes U.S.A., Inc    4,827    240,674    0.36  
    Other        407,813    0.60  
            648,487    0.96  
 
    GENERAL MERCHANDISE STORES        152,135    0.23  
    HEALTH SERVICES        735,878    1.09  
    HEAVY CONSTRUCTION, EXCEPT BUILDING        135,241    0.20  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    American Financial Realty Trust    13,062    191,097    0.28  
    CarrAmerica Realty Corp    6,367    200,879    0.30  
    First Industrial Realty Trust, Inc    4,907    185,632    0.28  
    First Niagara Financial Group, Inc    13,834    182,747    0.27  
    Healthcare Realty Trust, Inc    5,506    200,639    0.30  
    IMPAC Mortgage Holdings, Inc    8,831    169,379    0.25  
*    La Quinta Corp    22,400    190,400    0.28  
    Prentiss Properties Trust    5,234    178,793    0.26  
    Realty Income Corp    9,442    216,033    0.32  
    Other        7,610,995    11.28  
            9,326,594    13.82  
 
    HOTELS AND OTHER LODGING PLACES        254,516    0.38  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    Kennametal, Inc    4,300    204,207    0.30  
*    Terex Corp    4,245    183,809    0.27  
    York International Corp    4,900    191,982    0.29  
    Other        2,898,006    4.29  
            3,478,004    5.15  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   167

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INSTRUMENTS AND RELATED PRODUCTS      $  1,344,894    1.99 % 
    INSURANCE AGENTS, BROKERS AND SERVICE        75,727    0.11  
 
    INSURANCE CARRIERS             
    AmerUs Group Co    4,680    221,130    0.33  
    Commerce Group, Inc    2,900    179,742    0.27  
    Other        2,379,851    3.52  
            2,780,723    4.12  
    JUSTICE, PUBLIC ORDER AND SAFETY        28,666    0.04  
    LEATHER AND LEATHER PRODUCTS        229,867    0.34  
 
    LOCAL AND INTERURBAN PASSENGER TRANSIT             
*    Laidlaw International, Inc    12,284    255,507    0.38  
            255,507    0.38  
    LUMBER AND WOOD PRODUCTS        169,290    0.25  
    METAL MINING        151,774    0.22  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        487,901    0.72  
    MISCELLANEOUS RETAIL        488,798    0.72  
    MOTION PICTURES        160,530    0.24  
    NONDEPOSITORY INSTITUTIONS        581,142    0.86  
    NONMETALLIC MINERALS, EXCEPT FUELS        85,493    0.13  
 
    OIL AND GAS EXTRACTION             
*    Cimarex Energy Co    4,887    190,593    0.28  
*    Forest Oil Corp    5,968    241,704    0.36  
*    Key Energy Services, Inc    15,652    179,528    0.27  
*    Plains Exploration & Production Co    7,309    255,084    0.38  
*    Southwestern Energy Co    3,275    185,889    0.27  
    St. Mary Land & Exploration Co    3,381    169,219    0.25  
    Vintage Petroleum, Inc    5,922    186,306    0.28  
    Other        2,091,163    3.10  
            3,499,486    5.19  
    PAPER AND ALLIED PRODUCTS        783,537    1.16  
    PERSONAL SERVICES        249,877    0.37  
 
    PETROLEUM AND COAL PRODUCTS             
*    Tesoro Corp    7,607    281,611    0.42  
    Other        157,581    0.23  
            439,192    0.65  
    PRIMARY METAL INDUSTRIES        1,514,188    2.24  
 
    PRINTING AND PUBLISHING             
    American Greetings Corp (Class A)    7,425    189,189    0.28  
    Other        727,243    1.08  
            916,432    1.36  

168   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    COMPANY      SHARES  VALUE    ASSETS  
   
 
    RAILROAD TRANSPORTATION        $ 225,806    0.33 % 
    REAL ESTATE        369,621    0.55  
 
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS             
    Aptargroup, Inc      4,320  224,554    0.33  
*    Goodyear Tire & Rubber Co      18,071  241,248    0.36  
    Other        455,400    0.67  
            921,202    1.36  
    SECURITY AND COMMODITY BROKERS        554,839    0.82  
    SOCIAL SERVICES        24,707    0.04  
    SPECIAL TRADE CONTRACTORS        303,874    0.45  
    STONE, CLAY, AND GLASS PRODUCTS        416,179    0.62  
    TOBACCO PRODUCTS        134,243    0.20  
    TRANSPORTATION BY AIR        538,619    0.80  
    TRANSPORTATION EQUIPMENT        1,095,928    1.62  
 
    TRANSPORTATION SERVICES             
    GATX Corp      5,862  194,560    0.29  
    Other        97,698    0.14  
            292,258    0.43  
    TRUCKING AND WAREHOUSING        544,756    0.81  
 
    WATER TRANSPORTATION             
    Alexander & Baldwin, Inc      5,066  208,719    0.31  
    Overseas Shipholding Group, Inc      3,193  200,872    0.30  
    Other        102,101    0.15  
            511,692    0.76  
    WHOLESALE TRADE-DURABLE GOODS        1,069,956    1.59  
 
    WHOLESALE TRADE-NONDURABLE GOODS             
*    United Stationers, Inc      3,756  169,959    0.25  
    Other        1,121,216    1.66  
            1,291,175    1.91  
    TOTAL COMMON STOCKS    (Cost $53,876,874)  67,327,733    99.75  
 
    TOTAL PORTFOLIO    (Cost $53,876,874)  67,327,733    99.75 % 
    OTHER ASSETS AND LIABILITIES, NET        170,735    0.25  
 
    NET ASSETS        $ 67,498,468    100.00 % 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   169

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS      $ 177,180    0.13 % 
           
    AGRICULTURAL PRODUCTION-LIVESTOCK        40,774    0.03  
           
    AGRICULTURAL SERVICES        15    0.00  
           
 
    AMUSEMENT AND RECREATION SERVICES             
*    Penn National Gaming, Inc    8,064    236,920    0.17  
    Other        1,031,873    0.74  
           
            1,268,793    0.91  
           
 
    APPAREL AND ACCESSORY STORES             
*    Aeropostale, Inc    6,957    227,842    0.16  
    Other        1,582,211    1.14  
           
            1,810,053    1.30  
           
    APPAREL AND OTHER TEXTILE PRODUCTS        696,112    0.50  
           
    AUTO REPAIR, SERVICES AND PARKING        402,254    0.29  
           
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        521,351    0.37  
           
    BUILDING MATERIALS AND GARDEN SUPPLIES        176,556    0.13  
           
 
    BUSINESS SERVICES             
*    Bisys Group, Inc    15,454    242,319    0.17  
*    F5 Networks, Inc    4,702    237,404    0.17  
*    Take-Two Interactive Software, Inc    5,716    223,496    0.16  
    Other        13,523,692    9.69  
           
            14,226,911    10.19  
           
 
    CHEMICALS AND ALLIED PRODUCTS             
    Cytec Industries, Inc    4,964    269,297    0.19  
*    FMC Corp    4,669    249,558    0.18  
*    Mosaic Co    16,212    276,577    0.20  
    Valeant Pharmaceuticals International    11,830    266,412    0.19  
    Other        7,823,549    5.60  
           
            8,885,393    6.36  
           
    COAL MINING        108,946    0.08  
           
    COMMUNICATIONS        2,545,303    1.82  
           
 
    DEPOSITORY INSTITUTIONS             
    East West Bancorp, Inc    6,300    232,596    0.16  
    Other        12,171,274    8.72  
           
            12,403,870    8.88  
           
 
    EATING AND DRINKING PLACES             
    CBRL Group, Inc    6,379    263,453    0.19  
*    Sonic Corp    7,646    255,376    0.18  
    Other        1,853,806    1.33  
           
            2,372,635    1.70  
           
    EDUCATIONAL SERVICES        349,331    0.25  
           

170   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
    Atmos Energy Corp    9,847  $  265,869    0.19 % 
*    CMS Energy Corp    24,944    325,270    0.23  
    Energen Corp    4,700    313,020    0.22  
    Piedmont Natural Gas Co, Inc    9,730    224,179    0.16  
*    Southern Union Co    10,927    274,377    0.20  
    Other        3,875,686    2.78  
            5,278,401    3.78  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Rayovac Corp    6,350    264,160    0.19  
*    Thomas & Betts Corp    7,535    243,381    0.17  
    Other        7,896,348    5.66  
            8,403,889    6.02  
 
    ENGINEERING AND MANAGEMENT SERVICES        3,409,305    2.44  
 
    FABRICATED METAL PRODUCTS             
    Commercial Metals Co    7,400    250,786    0.18  
*    Crown Holdings, Inc    21,216    330,121    0.24  
    Other        1,278,048    0.91  
            1,858,955    1.33  
 
    FISHING, HUNTING, AND TRAPPING        5,456    0.00  
 
    FOOD AND KINDRED PRODUCTS             
    Corn Products International, Inc    9,352    243,058    0.17  
    Other        1,303,180    0.94  
            1,546,238    1.11  
 
    FOOD STORES        526,000    0.38  
    FURNITURE AND FIXTURES        646,540    0.46  
    FURNITURE AND HOMEFURNISHINGS STORES        747,783    0.54  
 
    GENERAL BUILDING CONTRACTORS             
    Beazer Homes U.S.A., Inc    5,245    261,516    0.19  
    Other        755,569    0.54  
            1,017,085    0.73  
 
    GENERAL MERCHANDISE STORES        630,229    0.45  
    HEALTH SERVICES        2,810,249    2.01  
    HEAVY CONSTRUCTION, EXCEPT BUILDING        158,827    0.11  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    iShares Russell 2000 Index Fund    6,918    845,034    0.60  
    New Century Financial Corp    5,950    278,579    0.20  
    Realty Income Corp    10,116    231,454    0.17  
    Other        10,720,530    7.68  
            12,075,597    8.65  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   171

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    HOTELS AND OTHER LODGING PLACES             
    Boyd Gaming Corp    5,800  $  302,470    0.22 % 
    Other        381,405    0.27  
            683,875    0.49  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    IDEX Corp    6,464    260,822    0.19  
    Joy Global, Inc    10,346    362,731    0.26  
*    Terex Corp    6,300    272,790    0.20  
    Toro Co    2,767    244,880    0.17  
    Other        6,115,705    4.38  
            7,256,928    5.20  
    INSTRUMENTS AND RELATED PRODUCTS        7,016,432    5.03  
    INSURANCE AGENTS, BROKERS AND SERVICE        412,971    0.30  
 
    INSURANCE CARRIERS             
*    AMERIGROUP Corp    6,264    229,012    0.16  
    AmerUs Group Co    5,003    236,392    0.17  
    Other        3,553,630    2.55  
            4,019,034    2.88  
    JUSTICE, PUBLIC ORDER AND SAFETY        30,666    0.02  
    LEATHER AND LEATHER PRODUCTS        397,524    0.29  
    LEGAL SERVICES        41,149    0.03  
 
    LOCAL AND INTERURBAN PASSENGER TRANSIT             
*    Laidlaw International, Inc    13,312    276,890    0.20  
            276,890    0.20  
    LUMBER AND WOOD PRODUCTS        295,617    0.21  
    METAL MINING        486,318    0.35  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        1,079,231    0.77  
    MISCELLANEOUS RETAIL        1,456,511    1.04  
    MOTION PICTURES        236,532    0.17  
    NONDEPOSITORY INSTITUTIONS        942,767    0.68  
    NONMETALLIC MINERALS, EXCEPT FUELS        104,067    0.07  
 
    OIL AND GAS EXTRACTION             
    Cabot Oil & Gas Corp (Class A)    4,222    232,843    0.17  
*    Cheniere Energy, Inc    3,477    224,301    0.16  
*    Denbury Resources, Inc    7,044    248,160    0.18  
*    Forest Oil Corp    6,476    262,278    0.19  
    Helmerich & Payne, Inc    6,358    252,349    0.18  
*    Plains Exploration & Production Co    9,914    345,999    0.25  
    Range Resources Corp    10,441    243,902    0.17  
*    Southwestern Energy Co    4,622    262,345    0.19  
    Other        4,876,095    3.49  
            6,948,272    4.98  

172   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
   
 
 
    PAPER AND ALLIED PRODUCTS      $
925,974 
  0.66 % 
           
    PERSONAL SERVICES       
405,614 
  0.29  
           
 
    PETROLEUM AND COAL PRODUCTS       
   
*    Tesoro Corp    8,300   
307,266 
  0.22  
    Other       
595,211 
  0.43  
           
           
902,477 
  0.65  
           
 
    PRIMARY METAL INDUSTRIES       
   
    Allegheny Technologies, Inc    12,250   
295,348 
  0.21  
    Other       
2,678,314 
  1.92  
           
           
2,973,662 
  2.13  
           
 
    PRINTING AND PUBLISHING       
   
*    Valassis Communications, Inc    6,711   
234,617 
  0.17  
    Other       
1,579,622 
  1.13  
           
           
1,814,239 
  1.30  
           
    RAILROAD TRANSPORTATION       
332,667 
  0.24  
           
    REAL ESTATE       
559,768 
  0.40  
           
 
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS       
   
    Aptargroup, Inc    4,715   
245,086 
  0.18  
*    Goodyear Tire & Rubber Co    19,538   
260,832 
  0.19  
    Other       
914,137 
  0.65  
           
           
1,420,055 
  1.02  
           
    SECURITY AND COMMODITY BROKERS       
908,696 
  0.65  
           
    SOCIAL SERVICES       
137,125 
  0.10  
           
    SPECIAL TRADE CONTRACTORS       
507,945 
  0.36  
           
    STONE, CLAY, AND GLASS PRODUCTS       
690,976 
  0.50  
           
    TOBACCO PRODUCTS       
205,605 
  0.15  
           
    TRANSPORTATION BY AIR       
959,946 
  0.69  
           
    TRANSPORTATION EQUIPMENT       
2,183,962 
  1.56  
           
    TRANSPORTATION SERVICES       
589,118 
  0.42  
           
 
    TRUCKING AND WAREHOUSING       
   
*    Landstar System, Inc    7,500   
245,625 
  0.18  
    Other       
939,980 
  0.67  
           
           
1,185,605 
  0.85  
           
 
    WATER TRANSPORTATION       
   
    Alexander & Baldwin, Inc    5,425   
223,510 
  0.16  
    Other       
422,500 
  0.30  
           
           
646,010 
  0.46  
           

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   173

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    COMPANY      SHARES   VALUE    ASSETS  
   
 
    WHOLESALE TRADE-DURABLE GOODS             
    SCP Pool Corp      7,065   $ 225,091    0.16 % 
    Other        2,349,798    1.68  
     
            2,574,889    1.84  
     
    WHOLESALE TRADE-NONDURABLE GOODS        2,546,202    1.82  
     
    TOTAL COMMON STOCKS    (Cost $108,991,100)   139,255,350    99.75  
 
    TOTAL PORTFOLIO    (Cost $108,991,100)   139,255,350    99.75 % 
    OTHER ASSETS AND LIABILITIES, NET        352,294    0.25  
     
 
    NET ASSETS          $ 139,607,644    100.00 % 
     

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

174   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   % OF NET  
    COMPANY      SHARES    VALUE    ASSETS  
   
 
    PREFERRED STOCKS               
    CHEMICALS AND ALLIED PRODUCTS        $ 89,744    0.06 % 
    INSTRUMENTS AND RELATED PRODUCTS          11,381    0.01  
    MOTION PICTURES          15,617    0.01  
    TRANSPORTATION EQUIPMENT          95,342    0.07  
    TOTAL PREFERRED STOCKS    (Cost $166,664)    212,084    0.15  
 
    COMMON STOCKS               
    AGRICULTURAL SERVICES          239,478    0.16  
    AMUSEMENT AND RECREATION SERVICES          499,286    0.34  
    APPAREL AND ACCESSORY STORES          361,366    0.25  
    APPAREL AND OTHER TEXTILE PRODUCTS          378,933    0.26  
    AUTO REPAIR, SERVICES AND PARKING          132,363    0.09  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS          6,470    0.00  
    BUILDING MATERIALS AND GARDEN SUPPLIES          215,914    0.15  
    BUSINESS SERVICES          3,714,972    2.52  
 
    CHEMICALS AND ALLIED PRODUCTS               
    AstraZeneca plc (United Kingdom)      27,515    1,084,559    0.74  
    BASF AG.      8,631    613,473    0.42  
    GlaxoSmithKline plc      97,107    2,225,773    1.51  
    Novartis AG. (Regd)      39,343    1,841,882    1.25  
    Roche Holding AG. (Genusscheine)      11,709    1,259,413    0.86  
    Sanofi-Aventis      16,243    1,373,219    0.93  
    Takeda Pharmaceutical Co Ltd      14,800    707,068    0.48  
    Other          5,876,244    3.99  
              14,981,631    10.18  
 
    COMMUNICATIONS               
    Deutsche Telekom AG. (Regd)      45,474    910,144    0.62  
    Ericsson (LM) (B Shs)      247,050    698,020    0.48  
    France Telecom S.A.      24,670    740,641    0.50  
    Telecom Italia S.p.A.      217,848    828,144    0.56  
    Telefonica S.A.      74,336    1,298,449    0.88  
    Vodafone Group plc      620,000    1,646,029    1.12  
    Vodafone Group plc (Spon ADR)      44,829    1,190,658    0.81  
    Other          4,446,753    3.02  
              11,758,838    7.99  
 
    DEPOSITORY INSTITUTIONS               
    ABN Amro Holding NV      26,962    670,688    0.46  
    Banco Bilbao Vizcaya Argentaria S.A.      53,687    876,365    0.60  
    Banco Santander Central Hispano S.A.      99,024    1,208,460    0.82  
    Barclays plc      107,154    1,095,406    0.74  
    BNP Paribas      13,270    942,513    0.64  
    Credit Suisse Group      18,951    816,456    0.55  
    Deutsche Bank AG. (Regd)      8,158    705,599    0.48  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   175

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    DEPOSITORY INSTITUTIONS—(continued)           
    HSBC Holdings plc (United Kingdom)    184,223 $  2,913,660    1.98 % 
    Lloyds TSB Group plc    93,214   841,935    0.57  
    Mitsubishi Tokyo Financial Group, Inc    78   678,197    0.46  
    Mizuho Financial Group, Inc    129   611,472    0.41  
    Royal Bank of Scotland Group plc    52,847   1,681,636    1.14  
    UBS AG. (Regd)    17,818   1,509,873    1.03  
    Other      11,862,499    8.06  
           
          26,414,759    17.94  
           
    EATING AND DRINKING PLACES      551,669    0.37  
           
    EDUCATIONAL SERVICES      40,838    0.03  
           
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
    E.ON AG.    10,380   892,927    0.61  
    Other      7,700,099    5.23  
           
          8,593,026    5.84  
           
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    Nokia Oyj    77,727   1,208,174    0.82  
    Sony Corp    15,400   614,791    0.42  
    Other      5,667,353    3.85  
           
          7,490,318    5.09  
           
    ENGINEERING AND MANAGEMENT SERVICES      95,661    0.06  
           
    FABRICATED METAL PRODUCTS      617,637    0.42  
           
 
    FOOD AND KINDRED PRODUCTS           
    Diageo plc    50,196   707,583    0.48  
    Nestle S.A. (Regd)    6,725   1,846,427    1.25  
    Other      3,646,457    2.48  
           
          6,200,467    4.21  
           
 
    FOOD STORES           
    Tesco plc    129,076   771,949    0.52  
    Other      1,782,090    1.21  
           
          2,554,039    1.73  
           
    FURNITURE AND FIXTURES      13,687    0.01  
           
    FURNITURE AND HOMEFURNISHINGS STORES      379,151    0.26  
           
    GENERAL BUILDING CONTRACTORS      1,055,478    0.72  
           
    GENERAL MERCHANDISE STORES      1,101,717    0.75  
           
    HEALTH SERVICES      172,985    0.12  
           
    HEAVY CONSTRUCTION, EXCEPT BUILDING      771,138    0.52  
           
    HOLDING AND OTHER INVESTMENT OFFICES      1,940,832    1.32  
           
    HOTELS AND OTHER LODGING PLACES      517,153    0.35  
           
    INDUSTRIAL MACHINERY AND EQUIPMENT      1,931,939    1.31  
           

176   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Canon, Inc    14,200  $  763,369    0.52 % 
    Other        1,936,467    1.31  
            2,699,836    1.83  
    INSURANCE AGENTS, BROKERS AND SERVICE        7,722    0.00  
 
    INSURANCE CARRIERS             
    Allianz AG. (Regd)    5,129    652,925    0.45  
    AXA    23,637    631,292    0.43  
    ING Groep NV    31,232    945,763    0.64  
    Other        5,155,569    3.50  
            7,385,549    5.02  
    LEATHER AND LEATHER PRODUCTS        14,232    0.01  
    LOCAL AND INTERURBAN PASSENGER TRANSIT        753,204    0.51  
    LUMBER AND WOOD PRODUCTS        125,136    0.08  
    METAL MINING        1,335,601    0.91  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        855,641    0.58  
    MISCELLANEOUS RETAIL        626,321    0.43  
    MOTION PICTURES        87,846    0.06  
 
    NONDEPOSITORY INSTITUTIONS             
    HBOS plc    65,372    1,019,096    0.69  
    Other        1,088,164    0.74  
            2,107,260    1.43  
    NONMETALLIC MINERALS, EXCEPT FUELS        20,279    0.01  
 
    OIL AND GAS EXTRACTION             
    Shell Transport & Trading Co plc    159,899    1,435,188    0.98  
    Total S.A.    9,490    2,226,229    1.51  
    Other        614,983    0.42  
            4,276,400    2.91  
    PAPER AND ALLIED PRODUCTS        1,029,602    0.70  
    PERSONAL SERVICES        17,027    0.01  
 
    PETROLEUM AND COAL PRODUCTS             
    BHP Billiton Ltd    59,677    824,936    0.56  
    BP plc    204,586    2,120,421    1.44  
    BP plc (Spon ADR)    24,382    1,521,437    1.03  
    ENI S.p.A.    43,380    1,129,268    0.77  
    Royal Dutch Petroleum Co    34,724    2,081,351    1.42  
    Other        1,209,593    0.82  
            8,887,006    6.04  
    PRIMARY METAL INDUSTRIES        1,753,076    1.19  
    PRINTING AND PUBLISHING        1,875,602    1.27  
    RAILROAD TRANSPORTATION        526,573    0.36  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   177

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    COMPANY      SHARES  VALUE    ASSETS  
   
 
    REAL ESTATE        $ 2,343,883    1.59 % 
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        765,174    0.52  
    SECURITY AND COMMODITY BROKERS        1,969,987    1.34  
    SPECIAL TRADE CONTRACTORS        50,822    0.03  
    STONE, CLAY, AND GLASS PRODUCTS        2,023,308    1.37  
    TOBACCO PRODUCTS        361,872    0.25  
    TRANSPORTATION BY AIR        952,616    0.65  
    TRANSPORTATION EQUIPMENT             
    Honda Motor Co Ltd      12,500  627,571    0.43  
    Siemens AG.      13,289  1,054,397    0.71  
    Toyota Motor Corp      48,100  1,794,306    1.22  
    Other        3,652,956    2.48  
            7,129,230    4.84  
    TRANSPORTATION SERVICES        178,450    0.12  
    TRUCKING AND WAREHOUSING        305,972    0.21  
    WATER TRANSPORTATION        828,129    0.56  
    WHOLESALE TRADE-DURABLE GOODS        318,316    0.22  
    WHOLESALE TRADE-NONDURABLE GOODS             
    Unilever NV (Cert)      9,526  649,974    0.44  
    Other        1,426,164    0.97  
            2,076,138    1.41  
    TOTAL COMMON STOCKS    (Cost $118,170,072)  $ 146,419,555    99.45  

    ISSUER        PRINCIPAL     
   
 
    SHORT-TERM INVESTMENTS             
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES             
    Federal Home Loan Bank (FHLB)  2.400%, 04/01/05      $54,600,000  54,595,966   37.08  
              54,595,966   37.08  
TOTAL SHORT-TERM INVESTMENTS    (Cost $54,600,000)  54,595,966   37.08  
 
      TOTAL PORTFOLIO    (Cost $172,936,736)  201,227,605   136.68 % 
    OTHER ASSETS AND LIABILITIES, NET        (54,004,222 )  (36.68 ) 
 
      NET ASSETS        $ 147,223,383   100.00 % 
     

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

178   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

         
  % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
   
 
 
    COMMON STOCKS       
   
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    Affordable Residential Communities    640,000  $ 
8,096,000 
  1.79 % 
    Alexandria Real Estate Equities, Inc    127,973   
8,238,902 
  1.82  
    Archstone-Smith Trust    325,000   
11,085,750 
  2.45  
    Ashford Hospitality Trust, Inc    500,000   
5,100,000 
  1.12  
    AvalonBay Communities, Inc    75,000   
5,016,750 
  1.11  
    Bimini Mortgage Management, Inc (Class A)    725,000   
10,041,250 
  2.22  
    Boston Properties, Inc    172,000   
10,359,560 
  2.29  
    Catellus Development Corp    250,000   
6,662,500 
  1.47  
    Centerpoint Properties Trust    115,000   
4,715,000 
  1.04  
    Developers Diversified Realty Corp    150,000   
5,962,500 
  1.32  
    Duke Realty Corp    275,000   
8,208,750 
  1.81  
    ECC Capital Corp    1,400,000   
8,400,000 
  1.85  
    Equity Residential    290,631   
9,361,225 
  2.07  
    Feldman Mall Properties, Inc    400,000   
4,844,000 
  1.07  
    General Growth Properties, Inc    330,000   
11,253,000 
  2.48  
    GMH Communities Trust    539,519   
6,317,767 
  1.39  
    Gramercy Capital    400,000   
7,800,000 
  1.72  
    HomeBanc Corp    550,000   
4,862,000 
  1.07  
    Host Marriott Corp    455,000   
7,534,800 
  1.66  
    Innkeepers U.S.A. Trust    328,000   
4,234,480 
  0.93  
    iStar Financial, Inc    100,000   
4,118,000 
  0.91  
    Kimco Realty Corp    150,000   
8,085,000 
  1.78  
    LaSalle Hotel Properties    289,000   
8,395,450 
  1.85  
    Macerich Co    105,000   
5,594,400 
  1.23  
    Mills Corp    125,000   
6,612,500 
  1.46  
    Monmouth REIT (Class A)    820,000   
6,921,620 
  1.53  
    Newcastle Investment Corp    255,000   
7,548,000 
  1.67  
    Novastar Financial, Inc    233,312   
8,401,565 
  1.85  
    Omega Healthcare Investors, Inc    400,000   
4,392,000 
  0.97  
    Pan Pacific Retail Properties, Inc    75,000   
4,256,250 
  0.94  
    Parkway Properties, Inc    100,000   
4,670,000 
  1.03  
    Prologis    290,000   
10,759,000 
  2.37  
    Reckson Associates Realty Corp    270,000   
8,289,000 
  1.83  
    Regency Centers Corp    202,000   
9,621,260 
  2.12  
    Simon Property Group, Inc    272,000   
16,477,760 
  3.64  
    Sizeler Property Investors    715,000   
8,479,900 
  1.87  
    Spirit Finance Corp    400,000   
4,344,000 
  0.96  
    Strategic Hotel Capital, Inc    325,375   
4,783,013 
  1.06  
    United Dominion Realty Trust, Inc    239,000   
4,987,930 
  1.10  
    U-Store-It Trust    225,000   
3,915,000 
  0.86  
    Ventas, Inc    180,000   
4,492,800 
  0.99  
    Vornado Realty Trust    160,000   
11,083,200 
  2.45  
    Other       
87,306,407 
  19.26  
           
391,628,289 
  86.41  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   179

Real Estate Securities Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              
  % OF NET  
    COMPANY      SHARES   
VALUE 
  ASSETS  
   
 
    HOTELS AND OTHER LODGING PLACES       
   
*    Fairmont Hotels & Resorts      155,000  $
5,136,700 
  1.13 % 
    Hilton Hotels Corp      187,000 
4,179,450 
  0.92  
*    Jameson Inns, Inc      2,950,000 
4,336,500 
  0.96  
*    Lodgian, Inc      709,923 
7,276,711 
  1.61  
    Starwood Hotels & Resorts Worldwide, Inc      296,858 
17,820,385 
  3.93  
    Other       
2,826,176 
  0.62  
           
41,575,922 
  9.17  
 
    REAL ESTATE       
   
*    Brookfield Properties Corp      100,000 
3,850,000 
  0.85  
*    CB Richard Ellis Group, Inc      165,000 
5,773,350 
  1.28  
    Thomas Properties Group, Inc      395,902 
4,901,267 
  1.08  
           
14,524,617 
  3.21  
    TOTAL COMMON STOCKS    (Cost $448,773,995) 
447,728,828 
  98.79  
 
    TOTAL PORTFOLIO    (Cost $448,773,995) 
447,728,828 
  98.79 % 
    OTHER ASSETS AND LIABILITIES, NET       
5,479,262 
  1.21  
 
    NET ASSETS        $
453,208,090 
  100.00 % 
 

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

180   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES      $  157,669    0.11 % 
         
 
    APPAREL AND ACCESSORY STORES        850,539    0.59  
         
 
    APPAREL AND OTHER TEXTILE PRODUCTS        112,984    0.08  
         
 
    AUTO REPAIR, SERVICES AND PARKING        14,764    0.01  
         
 
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        96,087    0.07  
         
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    36,200    1,384,288    0.96  
    Lowe’s Cos    13,800    787,842    0.54  
    Other        11,062    0.01  
         
            2,183,192    1.51  
         
 
    BUSINESS SERVICES             
    Microsoft Corp    128,177    3,098,038    2.14  
    Other        5,520,203    3.82  
         
            8,618,241    5.96  
         
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Amgen, Inc    22,624    1,316,943    0.91  
    Gillette Co    18,700    943,976    0.65  
    Merck & Co, Inc    36,342    1,176,390    0.82  
    Procter & Gamble Co    45,302    2,401,006    1.66  
    Other        6,561,774    4.54  
         
            12,400,089    8.58  
         
 
    COMMUNICATIONS             
    BellSouth Corp    32,500    854,425    0.59  
*    Comcast Corp (Class A)    29,972    1,012,454    0.70  
    SBC Communications, Inc    70,100    1,660,669    1.15  
    Verizon Communications, Inc    47,231    1,676,700    1.16  
    Other        1,703,650    1.18  
         
            6,907,898    4.78  
         
    DEPOSITORY INSTITUTIONS             
    JPMorgan Chase & Co    68,920    2,384,632    1.65  
    U.S. Bancorp    47,700    1,374,714    0.95  
    Wachovia Corp    35,029    1,783,326    1.23  
    Wells Fargo & Co    33,000    1,973,400    1.37  
    Other        6,403,657    4.43  
         
            13,919,729    9.63  
         
    EATING AND DRINKING PLACES             
    McDonald’s Corp    41,874    1,303,956    0.90  
    Other        230,359    0.16  
         
            1,534,315    1.06  
         
 
    EDUCATIONAL SERVICES        212,082    0.15  
         

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   181

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
   
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES     
   
    Kinder Morgan, Inc    10,300 $ 
779,710 
  0.54 % 
    Other     
7,294,744 
  5.05  
     
         
8,074,454 
  5.59  
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT     
   
    Emerson Electric Co    15,800  
1,025,894 
  0.71  
    Intel Corp    95,900  
2,227,757 
  1.54  
    Qualcomm, Inc    24,424  
895,140 
  0.62  
    Other     
3,222,701 
  2.23  
     
         
7,371,492 
  5.10  
     
    ENGINEERING AND MANAGEMENT SERVICES     
813,829 
  0.56  
     
 
    FABRICATED METAL PRODUCTS     
   
    Illinois Tool Works, Inc    10,200  
913,206 
  0.63  
    Other     
984,382 
  0.68  
     
         
1,897,588 
  1.31  
     
 
    FOOD AND KINDRED PRODUCTS     
   
    Coca-Cola Co    41,700  
1,737,639 
  1.20  
    PepsiCo, Inc    32,400  
1,718,172 
  1.19  
    Other     
1,535,085 
  1.06  
     
         
4,990,896 
  3.45  
     
 
    FOOD STORES     
1,087,136 
  0.75  
     
    FURNITURE AND FIXTURES     
668,859 
  0.46  
     
    FURNITURE AND HOMEFURNISHINGS STORES     
396,189 
  0.27  
     
    GENERAL BUILDING CONTRACTORS     
779,306 
  0.54  
     
 
    GENERAL MERCHANDISE STORES     
   
    Target Corp    15,600  
780,312 
  0.54  
    Other     
1,040,354 
  0.72  
     
         
1,820,666 
  1.26  
     
 
    HEALTH SERVICES     
1,001,074 
  0.69  
     
 
    HOLDING AND OTHER INVESTMENT OFFICES     
   
    Washington Mutual, Inc    27,800  
1,098,100 
  0.76  
    Other     
3,272,174 
  2.26  
     
         
4,370,274 
  3.02  
     
    HOTELS AND OTHER LODGING PLACES     
133,835 
  0.09  
     
 
    INDUSTRIAL MACHINERY AND EQUIPMENT     
   
    3M Co    18,600  
1,593,834 
  1.10  
*    Cisco Systems, Inc    91,400  
1,635,146 
  1.13  
*    Dell, Inc    37,100  
1,425,382 
  0.99  
    Hewlett-Packard Co    50,888  
1,116,483 
  0.77  
    International Business Machines Corp    29,206  
2,668,844 
  1.85  
    Other     
3,847,746 
  2.66  
     
         
12,287,435 
  8.50  
     

182   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
   
 
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Medtronic, Inc    22,800 $  1,161,660    0.80 % 
    Other      3,582,167    2.48  
     
          4,743,827    3.28  
     
 
    INSURANCE AGENTS, BROKERS AND SERVICE      452,949    0.31  
     
 
    INSURANCE CARRIERS           
    American International Group, Inc    40,000   2,216,400    1.53  
    Prudential Financial, Inc    14,400   826,560    0.57  
    UnitedHealth Group, Inc    12,045   1,148,852    0.80  
    Other      4,366,883    3.02  
     
          8,558,695    5.92  
     
 
    LEATHER AND LEATHER PRODUCTS      191,593    0.13  
     
    LOCAL AND INTERURBAN PASSENGER TRANSIT      22,880    0.02  
     
    LUMBER AND WOOD PRODUCTS      6,580    0.00  
     
    METAL MINING      189,458    0.13  
     
    MISCELLANEOUS MANUFACTURING INDUSTRIES      406,635    0.28  
     
 
    MISCELLANEOUS RETAIL           
    Walgreen Co    18,300   812,886    0.56  
    Other      1,623,648    1.13  
     
          2,436,534    1.69  
     
 
    MOTION PICTURES           
*    Time Warner, Inc    69,729   1,223,744    0.85  
    Walt Disney Co    34,900   1,002,677    0.69  
    Other      632,848    0.44  
     
          2,859,269    1.98  
     
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    26,200   1,345,894    0.93  
    Fannie Mae    18,715   1,019,032    0.70  
    Freddie Mac    16,900   1,068,080    0.74  
    MBNA Corp    29,450   722,998    0.50  
    Other      1,771,616    1.23  
     
          5,927,620    4.10  
     
 
    NONMETALLIC MINERALS, EXCEPT FUELS      204,038    0.14  
     
 
    OIL AND GAS EXTRACTION           
    Anadarko Petroleum Corp    11,500   875,150    0.61  
    Apache Corp    14,194   869,099    0.60  
    Devon Energy Corp    17,986   858,832    0.59  
    Other      4,144,832    2.87  
     
          6,747,913    4.67  
     

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   183

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   % OF NET  
    COMPANY      SHARES    VALUE    ASSETS  
   
 
    PAPER AND ALLIED PRODUCTS             
    Kimberly-Clark Corp      11,700 $  769,041    0.53 % 
    Other        438,958    0.31  
            1,207,999    0.84  
    PERSONAL SERVICES        17,192    0.01  
    PETROLEUM AND COAL PRODUCTS        1,057,446    0.73  
    PRIMARY METAL INDUSTRIES        1,329,886    0.92  
    PRINTING AND PUBLISHING        1,176,281    0.81  
    RAILROAD TRANSPORTATION        651,362    0.45  
    REAL ESTATE        17,195    0.01  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        111,032    0.08  
    SECURITY AND COMMODITY BROKERS             
    Goldman Sachs Group, Inc      8,163   897,848    0.62  
    Merrill Lynch & Co, Inc      20,000   1,132,000    0.78  
    Other        849,960    0.59  
            2,879,808    1.99  
    SPECIAL TRADE CONTRACTORS        32,424    0.02  
    STONE, CLAY, AND GLASS PRODUCTS        289,335    0.20  
    TRANSPORTATION BY AIR        1,052,903    0.73  
    TRANSPORTATION EQUIPMENT        1,846,955    1.28  
    TRANSPORTATION SERVICES        154,006    0.11  
    TRUCKING AND WAREHOUSING             
    United Parcel Service, Inc (Class B)      12,729   925,907    0.64  
            925,907    0.64  
    WATER TRANSPORTATION        81,552    0.06  
    WHOLESALE TRADE-DURABLE GOODS             
    Johnson & Johnson      56,939   3,824,023    2.64  
    Other        763,332    0.53  
            4,587,355    3.17  
    WHOLESALE TRADE-NONDURABLE GOODS        1,520,478    1.05  
    TOTAL COMMON STOCKS    (Cost $135,871,219)   144,387,729    99.87  

184   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    ISSUER        PRINCIPAL   VALUE   ASSETS  
   
 
    SHORT-TERM INVESTMENTS             
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES           
    Federal Home Loan Bank (FHLB)  2.400%, 04/01/05      $750,000 $  749,945   0.52 % 
             
              749,945   0.52  
             
TOTAL SHORT-TERM INVESTMENTS    (Cost $750,000)   749,945   0.52  
             
 
      TOTAL PORTFOLIO    (Cost $136,621,219)   145,137,674   100.39 % 
    OTHER ASSETS AND LIABILITIES, NET        (555,680 )  (0.39 ) 
             
 
      NET ASSETS      $ 144,581,994   100.00 % 
             

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   185

Bond Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                    % OF NET  
    ISSUER      RATING+  PRINCIPAL    VALUE    ASSETS  
   
 
 
 
 
    BONDS                 
    CORPORATE BONDS                 
    AGRICULTURAL SERVICES          $  986,783    0.08 % 
             
    ASSET BACKED                 
    Residential Asset Mortgage Products, Inc                 
       Series 2004-RS11 (Class M1)  3.470%, 11/25/34    Aa1  $ 8,000,000    8,023,336    0.67  
    Other            19,101,635    1.61  
             
                27,124,971    2.28  
             
    BUSINESS SERVICES            1,217,794    0.10  
             
    CHEMICALS AND ALLIED PRODUCTS            8,516,748    0.72  
             
    COMMUNICATIONS            27,764,751    2.33  
             
    DEPOSITORY INSTITUTIONS            34,565,229    2.90  
             
    ELECTRIC, GAS, AND SANITARY SERVICES            21,139,223    1.78  
             
  ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           2,650,756    0.22  
             
    FABRICATED METAL PRODUCTS            2,076,371    0.17  
             
    FOOD AND KINDRED PRODUCTS            4,264,087    0.36  
             
    FOOD STORES            1,799,037    0.15  
             
    FORESTRY            563,572    0.05  
             
    FURNITURE AND FIXTURES            1,962,817    0.17  
             
    GENERAL BUILDING CONTRACTORS            3,619,203    0.30  
             
    GENERAL MERCHANDISE STORES            5,221,663    0.44  
             
    HEALTH SERVICES            411,426    0.04  
             
    HOLDING AND OTHER INVESTMENT OFFICES            4,531,742    0.38  
             
    INDUSTRIAL MACHINERY AND EQUIPMENT            2,170,847    0.18  
             
    INSURANCE CARRIERS            7,712,376    0.65  
             
    METAL MINING            2,821,003    0.24  
             
  MISCELLANEOUS MANUFACTURING INDUSTRIES           939,890    0.08  
             
    MISCELLANEOUS RETAIL            983,735    0.08  
             
    MOTION PICTURES            7,075,407    0.59  
             
  NATIONAL SECURITY AND INTERNATIONAL AFFAIRS           781,142    0.07  
             
    NONDEPOSITORY INSTITUTIONS            40,054,902    3.36  
             
    OIL AND GAS EXTRACTION            11,753,246    0.99  
             
    OTHER MORTGAGE BACKED SECURITIES                 
d   Bear Stearns Commercial Mortgage Securities                 
       Series 2004-PWR5 (Class A5)  4.978%, 07/11/42    Aaa  6,000,000    5,946,642    0.50  
d   LB-UBS Commercial Mortgage Trust Series 2004-C7                
       (Class A6)  4.786%, 10/15/29    Aaa  10,000,000    9,759,640    0.82  

186   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                    % OF NET  
    ISSUER      RATING+  PRINCIPAL    VALUE    ASSETS  
   
 
 
 
 
    OTHER MORTGAGE BACKED SECURITIES—(continued)               
       Other          $ 15,906,710    1.34 % 
              31,612,992    2.66  
    PAPER AND ALLIED PRODUCTS          7,001,355    0.59  
    PETROLEUM AND COAL PRODUCTS          2,318,031    0.19  
    PIPELINES, EXCEPT NATURAL GAS          1,480,690    0.12  
    PRIMARY METAL INDUSTRIES          1,073,987    0.09  
    PRINTING AND PUBLISHING          4,985,125    0.42  
    RAILROAD TRANSPORTATION          2,784,418    0.23  
    SECURITY AND COMMODITY BROKERS               
g    Morgan Stanley Tracers  6.787%, 06/15/12    Baa2  $ 4,994,000  5,383,282    0.45  
       Other          16,246,303    1.37  
              21,629,585    1.82  
    STONE, CLAY, AND GLASS PRODUCTS          301,575    0.03  
    TRANSPORTATION EQUIPMENT          7,269,932    0.61  
    WHOLESALE TRADE-DURABLE GOODS          382,842    0.03  
    WHOLESALE TRADE-NONDURABLE GOODS         987,414    0.08  
    TOTAL CORPORATE BONDS    (Cost $305,275,685)  304,536,667    25.58  
    GOVERNMENT BONDS                     
    AGENCY SECURITIES                     
d    Federal Farm Credit Bank (FFCB)  2.250%, 09/01/06    Aaa    16,020,000    15,665,122    1.32   
    FFCB  3.875%, 01/12/09    Aaa    6,550,000    6,440,012    0.54   
d    Federal Home Loan Mortgage Corp (FHLMC)  7.000%, 03/15/10    Aaa    30,000,000    33,296,748    2.80   
    FHLMC  5.875%, 03/21/11    Aa2    20,248,000    21,301,398    1.79   
d    Federal National Mortgage Association (FNMA) 2.625%, 11/15/06    Aaa    6,000,000    5,879,025    0.49   
d    FNMA  5.000%, 01/15/07    Aaa    14,290,000    14,542,534    1.22   
d    FNMA  7.125%, 06/15/10    Aaa    35,000,000    39,131,470    3.29   
d    FNMA  4.625%, 10/15/14    Aaa    14,000,000    13,736,706    1.15   
    Other              24,954,236    2.10   
                  174,947,251    14.70   
 
    FOREIGN GOVERNMENT BONDS              14,681,857    1.23   
 
 
    MORTGAGE BACKED SECURITIES                     
    Federal Home Loan Mortgage                     
     Corp Gold (FGLMC)  4.500%, 09/01/18        5,868,455    5,756,844    0.48   
    FGLMC  4.500%, 01/01/19        6,064,357    5,942,798    0.50   
h    FGLMC  4.500%, 05/01/19        10,947,000    10,727,567    0.90   
d    FGLMC  5.000%, 09/01/33        7,804,657    7,658,039    0.64   
    FGLMC  5.500%–6.000%, 09/01/33        12,141,288    12,289,936    1.03   
d    FGLMC  5.000%, 11/01/33        8,801,565    8,636,220    0.73   
    FGLMC  5.000%, 11/01/33        5,629,552    5,523,796    0.46   
h    FGLMC  5.500%, 12/01/33        16,000,000    16,082,096    1.35   


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   187

Bond Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    ISSUER      PRINCIPAL  VALUE    ASSETS  
 
 
 
 
    MORTGAGE BACKED SECURITIES—(continued)           
    Federal National Mortgage             
       Association (FNMA)  4.736%–5.000%, 0/01/13–04/01/34    $ 20,703,996  $ 20,377,440    1.71 % 
    FNMA  4.640%, 11/01/14    6,967,326  6,815,878    0.57  
h,v    FNMA  4.804%, 03/01/16    15,653,534  15,582,604    1.31  
h    FNMA  5.000%, 04/25/18    8,000,000  7,992,496    0.67  
h    FNMA  5.500%, 04/25/18    26,000,000  26,487,500    2.23  
d    FNMA  5.000%, 11/01/18    8,081,882  8,086,287    0.68  
h    FNMA  6.000%, 04/25/32    23,000,000  23,503,125    1.98  
d    FNMA  5.500%, 10/01/33    9,659,746  9,691,730    0.81  
    FNMA  5.500%, 10/01/33    6,826,837  6,849,442    0.58  
    FNMA  5.500%, 10/01/33    5,340,084  5,357,765    0.45  
    FNMA  5.000%, 12/01/33    6,118,419  5,999,110    0.50  
d    FNMA  5.500%, 12/01/33    7,557,512  7,582,536    0.64  
h    FNMA  4.500%, 04/25/34    6,000,000  5,692,500    0.48  
h    FNMA  5.500%, 04/25/34    9,000,000  9,011,250    0.76  
h    FNMA  5.000%, 04/25/34    47,000,000  45,942,500    3.86  
    FNMA  5.000%, 12/01/34    7,878,597  7,707,836    0.65  
h    FNMA  6.500%, 04/25/35    26,000,000  26,975,000    2.27  
    Government National Mortgage             
       Association (GNMA)  5.500%, 09/15/33    5,515,937  5,572,537    0.47  
    GNMA  5.000%, 03/15/35    10,129,588  10,002,421    0.84  
    GNMA  5.000%, 03/20/35    15,000,000  14,783,490    1.24  
    Other        84,187,597    7.07  
            426,818,340    35.86  
 
    U.S. TREASURY SECURITIES             
    U.S. Treasury Bond  8.000%, 11/15/21    53,000,000  72,019,581    6.05  
    U.S. Treasury Bond  5.375%, 02/15/31    7,122,000  7,767,395    0.65  
k    U.S. Treasury Inflation Indexed Note  3.875%, 01/15/09    20,929,140  23,087,353    1.94  
    U.S. Treasury Note  2.375%, 08/15/06    24,390,000  23,981,467    2.02  
    U.S. Treasury Note  2.625%, 11/15/06    21,925,000  21,553,152    1.81  
    U.S. Treasury Note  3.375%, 02/28/07    11,400,000  11,316,438    0.95  
    U.S. Treasury Note  3.750%, 03/31/07    20,000,000  19,984,380    1.68  
    U.S. Treasury Note  4.000%, 03/15/10    10,825,000  10,742,946    0.90  
d    U.S. Treasury Note  10.000%, 05/15/10    14,090,000  14,215,541    1.19  
    Other        17,128,610    1.44  
            221,796,863    18.63  
    TOTAL GOVERNMENT BONDS    (Cost $845,962,220)  838,244,311    70.42  
 
      TOTAL BONDS    (Cost $1,151,237,905) 1,142,780,978    96.00  
 
    SHORT-TERM INVESTMENTS             
    COMMERCIAL PAPER        81,430,213    6.84  
 
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES           
    Federal Home Loan Bank (FHLB)  2.650%, 04/08/05    13,920,000  13,911,710    1.17  
d    Federal Home Loan Mortgage             
       Corp (FHLMC)  2.640%–2.830%, 04/05/05–05/25/05    87,688,000  87,452,819    7.35  
    Federal National Mortgage             
       Association (FNMA)  2.480%–3.050%, 04/01/05–07/11/05    79,785,000  79,702,935    6.69  
            181,067,464    15.21  

188   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Bond Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

        % OF NET  
      VALUE   ASSETS  
 
 
 
TOTAL SHORT-TERM INVESTMENTS    (Cost $262,525,981)  $ 262,497,677   22.05 % 
 
TOTAL PORTFOLIO    (Cost $1,413,763,886)  1,405,278,655   118.05 % 
OTHER ASSETS AND LIABILITIES, NET      (214,864,475 )  (18.05 ) 
 
NET ASSETS      $ 1,190,414,180   100.00 % 

d  All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed 
  delivery basis. 
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 March 31, 2005, the value of these securities amounted to $24,444,414 or 2.05% 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. 
+  As provided by Moody’s Investors Service (Unaudited). 
  For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio 
  of investments. Note that the Funds use more specific industry categories in following their investments limitations on 
  industry concentration. 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   189

Inflation-Linked Bond Fund |  Portfolio of investments (unaudited)
March 31, 2005

                    % OF NET  
    ISSUER        PRINCIPAL    VALUE    ASSETS  
   
   
 
 
 
    GOVERNMENT BONDS             
    U.S. TREASURY SECURITIES             
k   U.S.Treasury Inflation Indexed Bond  2.375%, 01/15/25      $ 29,291,456  $  31,508,820    7.02 % 
k   U.S.Treasury Inflation Indexed Bond  3.625%, 04/15/28  30,281,922    39,820,728    8.88  
k   U.S.Treasury Inflation Indexed Bond  3.875%, 04/15/29  34,746,130    47,803,031    10.65  
k   U.S.Treasury Inflation Indexed Bond  3.375%, 04/15/32  8,261,317    10,968,220    2.44  
k   U.S.Treasury Inflation Indexed Note  3.375%, 01/15/07  25,425,319    26,696,586    5.95  
k   U.S.Treasury Inflation Indexed Note  3.625%, 01/15/08  29,667,450    31,918,024    7.11  
k   U.S.Treasury Inflation Indexed Note  3.875%, 01/15/09  28,178,669    31,084,454    6.93  
k   U.S.Treasury Inflation Indexed Note  4.250%, 01/15/10  19,664,287    22,392,707    4.99  
k   U.S.Treasury Inflation Indexed Note  0.875%, 04/15/10  18,470,296    18,072,077    4.03  
k   U.S.Treasury Inflation Indexed Note  3.500%, 01/15/11  18,296,829    20,438,107    4.56  
k   U.S.Treasury Inflation Indexed Note  3.375%, 01/15/12  9,799,366    10,996,751    2.45  
k   U.S.Treasury Inflation Indexed Note  3.000%, 07/15/12  37,182,923    40,912,743    9.12  
k   U.S.Treasury Inflation Indexed Note  1.875%, 07/15/13  31,536,415    32,093,349    7.15  
k   U.S.Treasury Inflation Indexed Note  2.000%, 01/15/14  32,956,943    33,729,454    7.52  
k   U.S.Treasury Inflation Indexed Note  2.000%, 07/15/14  29,175,120    29,799,760    6.64  
k   U.S.Treasury Inflation Indexed Note  1.625%, 01/15/15  15,249,362    15,025,350    3.35  
            443,260,161    98.79  
 
    TOTAL GOVERNMENT BONDS  (Cost $434,860,649)    443,260,161    98.79  
 
    SHORT-TERM INVESTMENTS             
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES            
    Federal Home Loan Bank (FHLB)  2.400%, 04/01/05  1,900,000    1,899,860    0.42  
            1,899,860    0.42  
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $1,900,000)    1,899,860    0.42  
 
      TOTAL PORTFOLIO  (Cost $436,760,649)    445,160,021    99.21 % 
    OTHER ASSETS AND LIABILITIES, NET     3,536,112    0.79  
 
 
 
      NET ASSETS    $  448,696,133    100.00 % 
     

k      Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

190   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

Money Market Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                    % OF NET  
    ISSUER        PRINCIPAL    VALUE    ASSETS  
   
   
 
 
 
    SHORT-TERM INVESTMENTS            
    CERTIFICATES OF DEPOSIT             
    Credit Agricole USA, Inc  1.420%, 04/05/05      $ 2,000,000  $  2,000,002    1.11 % 
       Dexia Bank  2.735%, 05/17/05  5,100,000    5,100,097    2.84  
    Toronto Dominion Bank  2.645%, 04/15/05  1,000,000    1,000,000    0.56  
            8,100,099    4.51  
 
    COMMERCIAL PAPER             
    American Honda Finance Corp 2.740%, 05/06/05  3,000,000    2,992,008    1.67  
c   Anheuser-Busch Co Inc  2.700%, 05/19/05  5,080,000    5,061,712    2.82  
    Barclays U.S. Funding Corp 2.570%–2.700%, 04/05/05–04/27/05 5,330,000    5,323,433    2.97  
c   Beta Finance, Inc  2.980%–3.020%, 6/16/05–06/30/05  6,520,000    6,476,652    3.61  
    Canadian Imperial Holdings, Inc 2.970%, 06/29/05  1,515,000    1,503,876    0.84  
c   CC (USA), Inc  2.600%–2.850%, 04/18/05–05/27/05  6,500,000    6,476,069    3.61  
         Ciesco LP  2.980%, 06/13/05  1,500,000    1,490,936    0.83  
c   Corporate Asset Funding Corp, Inc 2.500%, 04/06/05  5,740,000    5,738,007    3.20  
c   Delaware Funding Co LLC  2.660%, 04/05/05  7,000,000    6,997,944    3.90  
c   Dorada Finance, Inc  2.710%, 05/13/05  5,150,000    5,133,554    2.86  
    Fcar Owner Trust I  2.520%, 05/03/05  1,060,000    1,057,626    0.59  
    General Electric Capital Corp 2.610%, 04/25/05  1,355,000    1,352,642    0.75  
c   Govco, Inc  2.600%–2.650%, 04/19/05–04/21/05  5,700,000    5,692,160    3.17  
c   Greyhawk Funding LLC  2.520%–2.670%, 4/08/05–05/17/05  4,672,000    4,667,859    2.60  
c   Harrier Finance             
         Funding LLC  2.660%–3.000%, 04/21/05–06/21/05  6,260,000    6,235,549    3.48  
    HSBC Finance Corp  3.000%, 06/21/05  6,000,000    5,959,500    3.32  
c   IBM Capital, Inc  2.755%, 04/22/05  6,960,000    6,948,835    3.87  
c   Kimberly Clark Worldwide, Inc 2.740%, 04/26/05  4,000,000    3,992,570    2.23  
c   Links Finance LLC  2.765%, 05/17/05  1,000,000    996,461    0.56  
    Paccar Financial Corp  2.750%, 05/12/05  4,235,000    4,221,736    2.35  
c   Park Avenue Receivables Corp 2.650%, 04/04/05  3,010,000    3,009,353    1.68  
c   Preferred Receivables             
         Funding  2.590%–2.830%, 04/04/05–05/31/05  3,870,000    3,860,163    2.15  
c   Private Export             
         Funding Corp  2.580%–2.700%, 05/10/05–06/07/05  8,035,000    8,006,117    4.46  
c   Proctor & Gamble  2.720%, 05/16/05  4,000,000    3,986,400    2.22  
    Rabobank USA             
         Finance Corp  2.560%–2.770%, 04/01/05–05/20/05  7,425,000    7,418,636    4.13  
c   Ranger Funding Co LLC  3.220%, 09/20/05  2,000,000    1,969,400    1.10  
    Royal Bank of Scotland plc  2.580%, 04/04/05  4,000,000    3,999,140    2.23  
c   Scaldis Capital LLC  2.760%, 06/08/05  3,000,000    2,984,360    1.66  
c   Sherwin-Williams Co  2.780%, 04/27/05  1,000,000    998,061    0.56  
c   Sigma Finance, Inc  2.480%–3.020%, 04/01/05–06/30/05  6,840,000    6,821,103    3.80  
    Societe Generale North America, Inc 2.890%, 07/14/05  810,000    803,237    0.45  
    UBS Finance, (Delaware), Inc 2.395%–2.950%, 04/07/05–06/06/05  6,335,000    6,321,998    3.52  
c   Variable Funding Capital Corp 2.780%, 04/21/05  2,000,000    1,996,911    1.11  
c   Yorktown Capital, LLC  2.790%–2.990%, 04/20/05–06/27/05  6,630,000    6,611,493    3.69  
            147,105,501    81.99  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   191

Money Market Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                    % OF NET  
    ISSUER        PRINCIPAL    VALUE    ASSETS  
   
   
 
 
 
    U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES            
    Federal Home               
       Loan Bank (FHLB)  2.750%–2.970%, 05/25/05–07/11/05        $         3,440,000  $ 3,418,174   1.91 % 
    Federal Home Loan               
    Mortgage Corp (FHLMC) 2.640%–2.980%, 04/05/05–08/23/05        5,755,000  5,731,198   3.19  
    Federal National Mortgage Association               
       (FNMA)  2.600%–3.150%, 04/01/05–08/26/05        12,272,000  12,227,288   6.82  
                21,376,660   11.92  
 
    VARIABLE NOTES               
    Barclays Bank plc  2.770%, 09/29/05        2,000,000  1,999,604   1.12  
    US Bank NA  2.950%, 12/05/05        3,000,000  3,000,950   1.67  
                5,000,554   2.79  
    TOTAL SHORT-TERM INVESTMENTS    (Cost $181,582,814)  181,582,814   101.21  
 
      TOTAL PORTFOLIO    (Cost $181,582,814)  181,582,814   101.21 % 
    OTHER ASSETS AND LIABILITIES, NET          (2,174,609 )  (1.21 ) 
 
      NET ASSETS          $ 179,408,205   100.00 % 
     

c      Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933, as amended.
  For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investments limitations on industry concentration.

192   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

 

 

 

 

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SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   193

Statements of assets and liabilities (unaudited)   |  TIAA-CREF Institutional Mutual Funds
March 31, 2005 		 

   
Growth
Growth &
International 
Large-Cap 
Mid-Cap 
Mid-Cap 
   
Equity Fund
Income Fund
Equity Fund 
Value Fund 
Growth Fund 
Value Fund 
ASSETS                         
Portfolio investments, at cost    $ 106,840,386     $ 326,861,364     $ 677,921,611    $ 430,008,761    $ 161,902,754    $ 271,019,589 
Net unrealized appreciation (depreciation) of                         
   portfolio investments    (1,875,955 )    (4,794,510 )    76,201,304    22,536,491    17,985,334    25,989,706 
Portfolio investments, at value    104,964,431     322,066,854     754,122,915    452,545,252    179,888,088    297,009,295 
Cash    60,292     —     —    1,414,022    583,307    4,787 
Cash—foreign (cost of $—, $2,915, $324,169, $559,214,                         
   $— and $235,802, respectively)    —     3,430     323,765    554,041    —    231,522 
Receivable from securities transactions    77,860     77,293,862     52,861,061    9,139,436    1,902,949    766,135 
Receivable from Fund shares sold    268,262     263,506     4,968,073    2,039,347    610,329    2,717,902 
Dividends and investment receivable    46,568     489,211     2,772,965    680,036    622,195    375,708 
Total assets    105,417,413     400,116,863     815,048,779    466,372,134    183,606,868    301,105,349 
LIABILITIES                         
Accrued expenses    17,891     132,662     440,655    185,577    97,430    150,171 
Due to custodian    —     41,179,164     51,432,094    —    —    — 
Payable for securities transactions    718,035     35,406,553     5,876,616    15,555,835    14,059,966    14,377,914 
Payable for Fund shares redeemed    1,719     2,770     2,762,678    107,940    14,000    49,377 
Income distribution payable    —     721     —    —    —    — 
Total liabilities    737,645     76,721,870     60,512,043    15,849,352    14,171,396    14,577,462 
NET ASSETS    $ 104,679,768     $ 323,394,993     $ 754,536,736    $ 450,522,782    $ 169,435,472    $ 286,527,887 
NET ASSETS CONSIST OF:                         
Paid-in-capital    $ 256,870,894     $ 299,255,933     $ 639,210,595    $ 413,310,193    $ 148,971,474    $ 253,357,777 
Accumulated undistributed net investment income    178,917     450,155     1,982,190    1,615,910    17,994    798,468 
Accumulated net realized gain (loss) on total investments    (150,494,088 )    28,482,695     37,163,584    13,062,462    2,460,670    6,384,105 
Accumulated net unrealized appreciation (depreciation)                         
   on total investments    (1,875,955 )    (4,793,790 )    76,180,367    22,534,217    17,985,334    25,987,537 
NET ASSETS    $ 104,679,768     $ 323,394,993     $ 754,536,736    $ 450,522,782    $ 169,435,472    $ 286,527,887 
RETIREMENT CLASS:                         
Net assets    —     $ 47,046,986     $ 181,449,912    $ 134,757,953    $ 97,463,563    $ 192,012,075 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    —     5,419,616     16,038,567    9,701,263    6,289,338    11,909,660 
Net asset value per share    —     $ 8.68     $ 11.31    $ 13.89    $ 15.50    $ 16.12 
INSTITUTIONAL CLASS:                         
Net assets    $ 104,679,768     $ 276,348,007     $ 573,086,824    $ 148,871,736    $ 18,473,341    $ 23,598,853 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    16,158,620     32,038,961     51,863,936    10,755,242    1,185,000    1,462,437 
Net asset value per share    $ 6.48     $ 8.63     $ 11.05    $ 13.84    $ 15.59    $ 16.14 
RETAIL CLASS:                         
Net assets    —     —     —    $ 166,893,093    $ 53,498,568    $ 70,916,959 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    —     —     —    12,238,311    3,451,523    4,439,809 
Net asset value per share    —     —     —    $ 13.64    $ 15.50    $ 15.97 

194   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   195

 

Statements of assets and liabilities (unaudited)   |  TIAA-CREF Institutional Mutual Funds
March 31, 2005 		continued 

 
Small-Cap 
Large-Cap
Large-Cap 
Equity 
S&P 500
Mid-Cap 
Equity Fund 
Growth Index Fund
Value Index Fund 
Index Fund 
Index Fund
Growth Index Fund 
ASSETS                       
Portfolio investments, at cost    $ 313,388,388    $ 377,516,939     $ 311,342,498    $ 491,981,242    $ 464,345,612   $ 19,707,119 
Net unrealized appreciation of                       
   portfolio investments    5,867,739    2,909,467     38,317,310    137,692,845    31,088,565   7,084,221 
Portfolio investments, at value    319,256,127    380,426,406     349,659,808    629,674,087    495,434,177   26,791,340 
Cash    24,623    6,858     30,375    —    173,096   29,952 
Receivable from securities transactions    12,120,663    5,004,907     2,178,422    28,188,328    —   26,877 
Receivable from Fund shares sold    1,128,578    116,611     117,922    1,253,801    3,518,523   — 
Dividends and investment receivable    243,767    216,333     531,239    937,825    463,227   11,171 
Total assets    332,773,758    385,771,115     352,517,766    660,054,041    499,589,023   26,859,340 
LIABILITIES                       
Accrued expenses    144,886    37,514     40,132    115,084    80,304   5,785 
Due to custodian    —    —     —    26,543,340    —   — 
Payable for securities transactions    24,489,963    15,916,018     12,085,512    2,598,345    49,257,253   29,980 
Payable for Fund shares redeemed    9,210    31,990     1,124    5,128    2,000   — 
Payable for variation margin on open futures contracts    —    —     —    —    1,283   — 
Total liabilities    24,644,059    15,985,522     12,126,768    29,261,897    49,340,840   35,765 
NET ASSETS    $ 308,129,699    $ 369,785,593     $ 340,390,998    $ 630,792,144    $ 450,248,183   $ 26,823,575 
NET ASSETS CONSIST OF:                       
Paid-in-capital    $ 284,344,697    $ 366,549,292     $ 300,061,168    $ 454,678,334    $ 418,382,275   $ 19,514,562 
Accumulated undistributed net investment income    476,693    628,577     1,683,253    3,133,033    1,341,629   31,959 
Accumulated net realized gain (loss) on total investments    17,440,570    (301,743 )    329,267    35,287,932    (568,561 )  192,833 
Accumulated net unrealized appreciation                       
   on total investments    5,867,739    2,909,467     38,317,310    137,692,845    31,092,840   7,084,221 
NET ASSETS    $ 308,129,699    $ 369,785,593     $ 340,390,998    $ 630,792,144    $ 450,248,183   $ 26,823,575 
RETIREMENT CLASS:                       
Net assets    $ 150,161,487    $ 20,044,660     $ 484,327    —    $ 79,769,240   $ 388,065 
Outstanding shares of beneficial interest, unlimited                       
   shares authorized ($.0001 par value)    10,318,748    1,858,867     35,152    —    5,933,479   29,851 
Net asset value per share    $ 14.55    $ 10.78     $ 13.78    —    $ 13.44   $ 13.00 
INSTITUTIONAL CLASS:                       
Net assets    $ 92,432,120    $ 349,740,933     $ 339,906,671    $ 630,792,144    $ 370,478,943   $ 26,435,510 
Outstanding shares of beneficial interest, unlimited                       
   shares authorized ($.0001 par value)    6,310,504    32,881,470     24,734,693    67,243,813    27,621,923   2,027,468 
Net asset value per share    $ 14.65    $ 10.64     $ 13.74    $ 9.38    $ 13.41   $ 13.04 
RETAIL CLASS:                       
Net assets    $ 65,536,092    —     —    —    —   — 
Outstanding shares of beneficial interest, unlimited                       
   shares authorized ($.0001 par value)    4,524,098    —     —    —    —   — 
Net asset value per share    $ 14.49    —     —    —    —   — 

196   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   197

Statements of assets and liabilities (unaudited)   |  TIAA-CREF Institutional Mutual Funds
March 31, 2005 		continued 

 

   
Mid-Cap 
Mid-Cap 
Small-Cap 
Small-Cap 
Small-Cap 
International 
   
Value Index Fund 
Blend Index Fund 
Growth Index Fund 
Value Index Fund 
Blend Index Fund 
Equity Index Fund 
ASSETS                         
Portfolio investments, at cost    $ 29,831,496    $ 43,408,450    $ 56,696,574    $ 53,876,874    $ 108,991,100    $ 172,936,736 
Net unrealized appreciation of                         
   portfolio investments    12,051,133    16,841,759    14,183,540    13,450,859    30,264,250    28,290,869 
Portfolio investments, at value    41,882,629    60,250,209    70,880,114    67,327,733    139,255,350    201,227,605 
Cash    220,268    209,512    490,794    —    —    1,669,219 
Cash-foreign (cost of $—, $—, $—, $—, $— and                         
   $67,873, respectively)    —    —    —    —    —    67,490 
Receivable from securities transactions    568,017    2,115,174    1,532,509    1,101,285    17,156,215    54,302,783 
Receivable from Fund shares sold    —    54,069    4,353    50,865    87,909    524,630 
Dividends and investment receivable    68,374    65,637    23,920    115,039    154,363    404,659 
Total assets    42,739,288    62,694,601    72,931,690    68,594,922    156,653,837    258,196,386 
LIABILITIES                         
Accrued expenses    7,969    11,360    20,872    8,321    23,026    23,461 
Due to custodian    —    —    —    571,524    13,094,751    — 
Payable for securities transactions    592,008    2,386,513    1,939,392    516,609    3,928,416    110,949,542 
Payable for Fund shares redeemed    —    993    —    —    —    — 
Total liabilities    599,977    2,398,866    1,960,264    1,096,454    17,046,193    110,973,003 
NET ASSETS    $ 42,139,311    $ 60,295,735    $ 70,971,426    $ 67,498,468    $ 139,607,644    $ 147,223,383 
NET ASSETS CONSIST OF:                         
Paid-in-capital    $ 29,297,960    $ 42,600,167    $ 55,872,946    $ 53,195,672    $ 102,709,340    $ 117,513,416 
Accumulated undistributed net investment income    221,018    220,942    99,856    279,402    422,605    290,157 
Accumulated net realized gain on total investments    569,200    632,867    815,084    572,535    6,211,449    1,056,986 
Accumulated net unrealized appreciation                         
   on total investments    12,051,133    16,841,759    14,183,540    13,450,859    30,264,250    28,362,824 
NET ASSETS    $ 42,139,311    $ 60,295,735    $ 70,971,426    $ 67,498,468    $ 139,607,644    $ 147,223,383 
RETIREMENT CLASS:                         
Net assets    $ 252,442    $ 4,183,250    $ 1,189,036    $ 966,566    $ 380,353    $ 584,711 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    16,838    272,732    85,479    72,299    26,500    38,062 
Net asset value per share    $ 14.99    $ 15.34    $ 13.91    $ 13.37    $ 14.35    $ 15.36 
INSTITUTIONAL CLASS:                         
Net assets    $ 41,886,869    $ 56,112,485    $ 69,782,390    $ 66,531,902    $ 139,227,291    $ 146,638,672 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    2,791,864    3,674,816    5,270,527    5,016,307    9,692,907    9,633,885 
Net asset value per share    $ 15.00    $ 15.27    $ 13.24    $ 13.26    $ 14.36    $ 15.22 

198   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   199

 

Statements of assets and liabilities (unaudited)   |  TIAA-CREF Institutional Mutual Funds
March 31, 2005
concluded 

 

 
Real Estate
Social Choice 
Bond
Inflation-Linked
Money
 
 
Securities Fund
Equity Fund 
Fund
Bond Fund
Market Fund
 
ASSETS             
Portfolio investments, at cost  $ 448,773,995   $ 136,621,219    $ 1,413,763,886   $ 436,760,649   $ 181,582,814  
Net unrealized appreciation (depreciation) of             
   portfolio investments  (1,045,167 )  8,516,455    (8,485,231 )  8,399,372   —  
Portfolio investments, at value  447,728,828   145,137,674    1,405,278,655   445,160,021   181,582,814  
Cash  —   9,512    2,723,408   36,048   3,995  
Receivable from securities transactions  19,859,451   —    42,309,515   5,948,834   —  
Receivable from Fund shares sold  1,323,300   193,520    974,953   470,502   787,825  
Dividends and investment receivable  2,184,034   147,719    8,735,459   3,163,047   56,687  
Total assets  471,095,613   145,488,425    1,460,021,990   454,778,452   182,431,321  
LIABILITIES             
Accrued expenses  173,250   40,272    318,401   108,819   42,053  
Due to custodian  5,816,937   —    —   —   —  
Payable for securities transactions  11,770,072   862,588    269,255,433   5,947,890   2,981,063  
Payable for Fund shares redeemed  127,264   —    33,976   25,610   —  
Income distribution payable  —   3,571    —   —   —  
Total liabilities  17,887,523   906,431    269,607,810   6,082,319   3,023,116  
NET ASSETS  $ 453,208,090   $ 144,581,994    $ 1,190,414,180   $ 448,696,133   $ 179,408,205  
NET ASSETS CONSIST OF:             
Paid-in-capital  $ 425,853,704   $ 135,447,888    $ 1,199,073,193   $ 438,035,338   $ 179,409,937  
Accumulated undistributed (distributions in excess of) net investment income  2,162,032   533,724    307,930   (42,718 )  (1 ) 
Accumulated net realized gain (loss) on total investments  26,237,521   83,927    (481,712 )  2,304,141   (1,731 ) 
Accumulated net unrealized appreciation (depreciation)             
   on total investments  (1,045,167 )  8,516,455    (8,485,231 )  8,399,372   —  
NET ASSETS  $ 453,208,090   $ 144,581,994    $ 1,190,414,180   $ 448,696,133   $ 179,408,205  
RETIREMENT CLASS:             
Net assets  $ 116,493,446   $ 38,306,387    —   —   —  
Outstanding shares of beneficial interest, unlimited             
   shares authorized ($.0001 par value)  8,787,016   4,013,154    —   —   —  
Net asset value per share  $ 13.26   $ 9.55    —   —   —  
INSTITUTIONAL CLASS:             
Net assets  $ 203,159,287   $ 106,275,607    $ 1,190,414,180   $ 385,206,418   $ 179,408,205  
Outstanding shares of beneficial interest, unlimited             
   shares authorized ($.0001 par value)  15,491,489   11,275,966    118,070,694   35,999,859   179,409,937  
Net asset value per share  $ 13.11   $ 9.42    $ 10.08   $ 10.70   $ 1.00  
RETAIL CLASS:             
Net assets  $ 133,555,357   —    —   $ 63,489,715   —  
Outstanding shares of beneficial interest, unlimited             
   shares authorized ($.0001 par value)  10,289,353   —    —   6,026,192   —  
Net asset value per share  $ 12.98   —    —   $ 10.54   —  

200   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   201

 

Statements of operations (unaudited)   |  TIAA-CREF Institutional Mutual Funds
For the Six Months Ended March 31, 2005 		 

 

 
Growth
Growth &
International
Large-Cap
Mid-Cap 
Mid-Cap
 
Equity Fund
Income Fund
Equity Fund
Value Fund
Growth Fund 
Value Fund
INVESTMENT INCOME             
Interest  $ 19,444   $ 79,896   $ 46,585   $ 34,044   $ 7,893  $ 47,724  
Dividends  665,407   7,603,273   5,654,631   3,791,459   355,919  2,064,328  
Foreign taxes withheld  —   —   (204,829 )  —   —  (1,766 ) 
   Total income  684,851   7,683,169   5,496,387   3,825,503   363,812  2,110,286  
EXPENSES             
Investment management fees  37,556   260,203   322,543   127,226   56,942  84,495  
Service Agreement Fees—Retirement Class  —   70,880   206,457   176,296   147,462  246,565  
Service Agreement Fees—Institutional Class  18,778   121,762   89,297   12,009   922  1,904  
Service Agreement Fees—Retail Class  —   —   —   254,614   84,151  93,517  
Custody fees  4,694   32,523   250,866   15,903   7,068  10,458  
Audit fees  2,816   19,514   21,502   9,541   4,241  6,274  
Registration fees—Retirement Class  —   625   26,111   22,295   18,649  31,182  
Registration fees—Institutional Class  1,408   9,131   8,930   901   235  484  
Registration fees—Retail Class  —   —   —   10,030   3,315  3,685  
Trustee fees and expenses  470   3,252   3,585   1,591   707  1,046  
Interest  —   6,281   —   —   —  —  
 Net expenses  65,722   524,171   929,291   630,406   323,692  479,610  
Net investment income  619,129   7,158,998   4,567,096   3,195,097   40,120  1,630,676  
NET REALIZED AND UNREALIZED GAIN             
   ON TOTAL INVESTMENTS             
Realized gain (loss) on:             
   Portfolio investments  3,934,702   58,218,132   42,498,553   14,388,287   4,112,420  7,110,910  
   Futures transactions  —   307,467   —   —   —  —  
   Foreign currency transactions  —   —   394,429   (952 )  —  2,710  
Net realized gain on total investments  3,934,702   58,525,599   42,892,982   14,387,335   4,112,420  7,113,620  
Change in unrealized appreciation (depreciation) on:             
   Portfolio investments  (607,012 )  (12,065,749 )  44,735,997   9,972,048   13,193,831  20,146,222  
   Futures transactions  —   79,121   —   —   —  —  
   Translation of assets (other than portfolio investments)             
       and liabilities denominated in foreign currencies  —   1,275   (9,859 )  (2,274 )  —  (2,169 ) 
Net change in unrealized appreciation (depreciation) on             
   total investments  (607,012 )  (11,985,353 )  44,726,138   9,969,774   13,193,831  20,144,053  
Net realized and unrealized gain on             
   total investments  3,327,690   46,540,246   87,619,120   24,357,109   17,306,251  27,257,673  
Net increase in net assets resulting             
   from operations  $ 3,946,819   $ 53,699,244   $ 92,186,216   $ 27,552,206   $ 17,346,371  $ 28,888,349  

202   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   203

 

Statements of assets and liabilities (unaudited)   |  TIAA-CREF Institutional Mutual Funds
For the Six Months Ended March 31, 2005
continued 

 

 
Small-Cap
Large-Cap
Large-Cap
Equity
S&P 500 
Mid-Cap
 
 
Equity Fund
Growth Index Fund
Value Index Fund
Index Fund
Index Fund 
Growth Index Fund
 
INVESTMENT INCOME                   
Interest  $ 97,990      $ 39,291   $ 37,843   $ 82,334   $ 40,619       $ —  
Dividends  1,701,813     1,017,316   2,855,274   8,837,972   3,314,093      80,343  
Foreign taxes withheld  (305 )    (5 )  (3 )  (76 )  —      (2 ) 
Total income  1,799,498     1,056,602   2,893,114   8,920,230   3,354,712      80,341  
EXPENSES                   
Investment management fees  106,321     27,755   43,076   156,234   55,664      5,234  
Service Agreement Fees—Retirement Class  241,949     33,072   518   —   114,609      639  
Service Agreement Fees—Institutional Class  11,508     11,931   21,505   78,110   21,089      2,579  
Service Agreement Fees—Retail Class  62,639     —   —   —   —      —  
Custody fees  21,704     6,938   10,768   39,055   13,915      1,309  
Audit fees  11,623     4,163   6,461   23,433   8,349      785  
Registration fees—Retirement Class  30,599     2,237   66   —   14,495      81  
Registration fees—Institutional Class  2,980     1,790   3,225   11,717   3,163      386  
Registration fees—Retail Class  2,285     —   —   —   —      —  
Trustee fees and expenses  1,271     693   1,077   3,905   1,391      131  
Interest  —     —   —   11,083   —      —  
Total expenses before expense reimbursement  492,879     88,579   86,696   323,537   232,675      11,144  
Less expenses reimbursed by the investment advisor                   
   (see Note 2)  (11,000 )    —   —   —   —      —  
   Net expenses  481,879     88,579   86,696   323,537   232,675      11,144  
Net investment income  1,317,619     968,023   2,806,418   8,596,693   3,122,037      69,197  
NET REALIZED AND UNREALIZED GAIN (LOSS)                   
   ON TOTAL INVESTMENTS                   
Realized gain (loss) on:                   
   Portfolio investments  21,049,532     (97,211 )  1,007,141   51,531,039   717,494      225,147  
   Futures transactions  —     —   —   649,440   82,879      —  
Net realized gain (loss) on total investments  21,049,532     (97,211 )  1,007,141   52,180,479   800,373      225,147  
Change in unrealized appreciation (depreciation) on:                   
   Portfolio investments  (5,559,391 )    (3,324,254 )  14,314,232   (3,222,242 )  12,972,992      2,601,779  
   Futures transactions  —     —   —   (3,141 )  1,444      —  
Net change in unrealized appreciation (depreciation) on                   
   total investments  (5,559,391 )    (3,324,254 )  14,314,232   (3,225,383 )  12,974,436      2,601,779  
Net realized and unrealized gain (loss) on total investments  15,490,141     (3,421,465 )  15,321,373   48,955,096   13,774,809      2,826,926  
Net increase (decrease) in net assets resulting                   
   from operations  $ 16,807,760      $  (2,453,442 )  $ 18,127,791   $ 57,551,789   $ 16,896,846       $  2,896,123  

204   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   205

 

Statements of operations (unaudited)   |  TIAA-CREF Institutional Mutual Funds
For the Six Months Ended March 31, 2005
continued 

 

   
Mid-Cap
Mid-Cap
Small-Cap
Small-Cap
Small-Cap
International
 
   
Value Index Fund
Blend Index Fund
Growth Index Fund
Value Index Fund
Blend Index Fund
Equity Index Fund
 
INVESTMENT INCOME                           
Interest     $ 80      $ 480      $ 15    $ 1,212      $   5,813    $ 3,995  
Dividends    488,619     473,194     210,579     704,501       989,705     915,169  
Foreign taxes withheld    (2 )    (3 )    (86 )    (4 )      (94 )    (40,438 ) 
   Total income    488,697     473,671     210,508     705,709       995,424     878,726  
EXPENSES                           
Investment management fees    8,057     11,119     14,218     13,522       29,000     17,114  
Service Agreement Fees—Retirement Class    393     3,154     988     1,172       634     1,753  
Service Agreement Fees—Institutional Class    4,005     5,374     7,050     6,692       14,461     12,681  
Custody fees    2,015     2,780     11,554     3,381       7,250     29,950  
Audit fees    1,209     1,668     6,133     2,027       4,349     2,567  
Registration fees—Retirement Class    50     399     125     148       80     222  
Registration fees—Institutional Class    600     806     1,058     1,004       2,169     1,268  
Trustee fees and expenses    201     277     355     338       725     428  
Total expenses before expense reimbursement    16,530     25,577     41,481     28,284       58,668     65,983  
Less expenses reimbursed by the investment advisor                           
   (see Note 2)    —     —     (12,000 )    —       —     —  
   Net expenses    16,530     25,577     29,481     28,284       58,668     65,983  
Net investment income    472,167     448,094     181,027     677,425       936,756     812,743  
NET REALIZED AND UNREALIZED GAIN                           
   ON TOTAL INVESTMENTS                           
Realized gain on:                           
   Portfolio investments    615,294     763,963     1,285,682     1,206,936       6,857,416     1,068,723  
   Foreign currency transactions    —     —     —     —       —     4,333  
Net realized gain on total investments    615,294     763,963     1,285,682     1,206,936       6,857,416     1,073,056  
Change in unrealized appreciation on:                           
   Portfolio investments    4,227,699     5,604,678     3,193,634     3,612,451       2,090,964     9,736,732  
   Translation of assets (other than portfolio investments)                           
       and liabilities denominated in foreign currencies    —     —     —     —       —     67,047  
   Net change in unrealized appreciation on                           
       total investments    4,227,699     5,604,678     3,193,634     3,612,451       2,090,964     9,803,779  
Net realized and unrealized gain on total investments    4,842,993     6,368,641     4,479,316     4,819,387       8,948,380     10,876,835  
Net increase in net assets resulting                           
   from operations     $ 5,315,160      $ 6,816,735      $ 4,660,343    $ 5,496,812      $   9,885,136    $ 11,689,578  

206   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   207

 

Statements of operations (unaudited)   |  TIAA-CREF Institutional Mutual Funds
For the Six Months Ended March 31, 2005
concluded 

 

 
Real Estate
Social Choice 
Bond
Inflation-Linked
Money 
 
Securities Fund
Equity Fund 
Fund
Bond Fund
Market Fund 
INVESTMENT INCOME             
Interest  $ 85,729   $ 6,062    $ 22,246,393   $ 6,890,924   $ 2,115,527 
Dividends  9,582,977   1,543,078    —   —   — 
Foreign taxes withheld  (1,395 )  —    —   —   — 
   Total income  9,667,311   1,549,140    22,246,393   6,890,924   2,115,527 
EXPENSES             
Investment management fees  185,608   27,070    407,686   226,623   37,911 
Service Agreement Fees—Retirement Class  180,665   57,914    —   —   — 
Service Agreement Fees—Institutional Class  35,063   10,127    203,843   64,463   28,434 
Service Agreement Fees—Retail Class  215,949   —    —   66,466   — 
Custody fees  18,716   5,099    50,955   25,179   9,477 
Audit fees  11,228   3,058    30,574   15,108   5,686 
Registration fees—Retirement Class  12,222   7,325    —   —   — 
Registration fees—Institutional Class  8,914   7,810    15,287   6,446   2,843 
Registration fees—Retail Class  8,507   —    —   4,800   — 
Trustee fees and expenses  1,871   510    5,096   2,517   948 
Other  —   —    2,040   —   — 
Net expenses  678,743   118,913    715,481   411,602   85,299 
Net investment income  8,988,568   1,430,227    21,530,912   6,479,322   2,030,228 
NET REALIZED AND UNREALIZED GAIN (LOSS)             
   ON TOTAL INVESTMENTS             
Net realized gain on total investments  35,001,010   207,226    1,216,499   7,275,079   — 
Net change in unrealized appreciation (depreciation) on             
   total investments  (13,244,554 )  6,639,940    (18,863,262 )  (4,012,979 )  — 
Net realized and unrealized gain (loss) on total investments  21,756,456   6,847,166    (17,646,763 )  3,262,100   — 
Net increase in net assets resulting from operations  $ 30,745,024   $ 8,277,393    $ 3,884,149   $ 9,741,422   $ 2,030,228 

208   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   209

Statement of cash flows (unaudited)   |  TIAA-CREF Institutional Mutual Funds
For the Six Months Ended March 31, 2005
continued 


    Bond Fund  
 
CASH FLOWS FROM OPERATING ACTIVITIES:     
   Net increase in net assets resulting from operations  $  3,884,149  
       Adjustments to reconcile net increase in net assets resulting from     
       operations to net cash used in operating activities:     
       Purchases of long-term securities    (541,569,369 ) 
       Proceeds from sales of long-term securities    375,915,195  
       Purchases of short-term investments—net    (178,203,519 ) 
       Increase in receivables    (167,394 ) 
       Decrease in payables    (182,492 ) 
       Net realized gain on total investments    (1,216,499 ) 
       Unrealized loss on total investments    18,863,262  
   Net cash used in operating activities    (322,676,667 ) 
CASH FLOWS FROM FINANCING ACTIVITIES:     
       Proceeds from Fund shares sold    508,117,185  
       Payments for Fund shares redeemed    (249,328,885 ) 
       Cash distributions paid    (3,655,680 ) 
       Proceeds from the financing of dollar roll transactions—net    70,261,288  
   Net cash provided by financing activities    325,393,908  
Increase in cash    2,717,241  
CASH     
   Beginning of period    6,167  
   End of period  $  2,723,408  
Supplemental disclosure of cash flow information:     
   Non-cash financing activities not included above:     
       Reinvestment of distributions  $  22,256,948  

 

210   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS

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SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   211

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds  

 

    Growth Equity Fund                  Growth & Income Fund                  International Equity Fund  
   
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
   
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
   
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
   
(Unaudited)
(Unaudited)
(Unaudited)
 
CHANGES IN NET ASSETS                 
OPERATIONS                 
Net investment income   $ 619,129   $ 936,113    $ 7,158,998   $ 9,238,213   $ 4,567,096   $ 10,105,746  
Net realized gain on total investments    3,934,702   704,047     58,525,599   56,962,478   42,892,982   65,784,571  
Net change in unrealized appreciation                 
   (depreciation) on total investments    (607,012 )  6,041,047     (11,985,353 )  (3,209,144 )  44,726,138   13,406,923  
   Net increase from operations    3,946,819   7,681,207     53,699,244   62,991,547   92,186,216   89,297,240  
DISTRIBUTIONS TO SHAREHOLDERS                 
From net investment income:                 
   Retirement Class    —   —     (363,969 )  (258,069 )  (1,122,943 )  (37,317 ) 
   Institutional Class    (1,107,096 )  (956,725 )    (6,674,974 )  (8,775,114 )  (10,359,425 )  (7,294,418 ) 
From realized gains:                 
   Retirement Class    —   —     —   —   (5,791,476 )  —  
   Institutional Class    —   —     —   —   (29,220,492 )  —  
   Total distributions    (1,107,096 )  (956,725 )    (7,038,943 )  (9,033,183 )  (46,494,336 )  (7,331,735 ) 
SHAREHOLDER TRANSACTIONS (Note 5)                 
   Retirement Class    —   —     8,881,595   27,030,545   98,184,058   63,780,783  
   Institutional Class    9,264,270   (8,581,825 )    (393,523,607 )  66,957,645   4,301,029   80,724,349  
   Net increase (decrease) from shareholder transactions    9,264,270   (8,581,825 )    (384,642,012 )  93,988,190   102,485,087   144,505,132  
Net increase (decrease) in net assets    12,103,993   (1,857,343 )    (337,981,711 )  147,946,554   148,176,967   226,470,637  
NET ASSETS                 
   Beginning of period    92,575,775   94,433,118     661,376,704   513,430,150   606,359,769   379,889,132  
   End of period   $ 104,679,768   $ 92,575,775   $ 323,394,993   $ 661,376,704   $ 754,536,736   $ 606,359,769  
Undistributed net investment                 
   income included in net assets   $ 178,917   $ 666,884    $ 450,155   $ 330,100   $ 1,982,190   $ 8,897,462  

212   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   213

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
continued 

 

  Large-Cap Value Fund     Mid-Cap Growth Fund   Mid-Cap Value Fund  
 
 
 
 
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
 
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
  (Unaudited)       (Unaudited)     (Unaudited)    
CHANGES IN NET ASSETS               
OPERATIONS               
Net investment income  $ 3,195,097   $ 3,353,994    $ 40,120   $ 10,955   $ 1,630,676   $ 1,390,310  
Net realized gain on total investments  14,387,335   21,028,960     4,112,420   5,508,129   7,113,620   7,259,993  
Net change in unrealized appreciation               
   on total investments  9,969,774   3,610,107     13,193,831   136,264   20,144,053   3,768,101  
   Net increase from operations  27,552,206   27,993,061     17,346,371   5,655,348   28,888,349   12,418,404  
DISTRIBUTIONS TO SHAREHOLDERS               
From net investment income:               
   Retirement Class  (1,097,233 )  (112,625 )    (11,097 )  —   (1,286,451 )  (144,631 ) 
   Institutional Class  (609,115 )  (225,234 )    (4,045 )  (4,596 )  (131,368 )  (49,959 ) 
   Retail Class  (2,564,264 )  (1,363,084 )    (10,976 )  (2,167 )  (574,234 )  (238,395 ) 
From realized gains:               
   Retirement Class  (6,828,007 )  (993,550 )    (3,711,805 )  (1,648,692 )  (5,210,126 )  (1,065,435 ) 
   Institutional Class  (2,612,883 )  (854,856 )    (200,800 )  (84,429 )  (339,829 )  (168,323 ) 
   Retail Class  (10,253,950 )  (4,261,173 )    (2,178,840 )  (1,246,794 )  (2,013,759 )  (589,346 ) 
   Total distributions  (23,965,452 )  (7,810,522 )    (6,117,563 )  (2,986,678 )  (9,555,767 )  (2,256,089 ) 
SHAREHOLDER TRANSACTIONS (Note 5)               
   Retirement Class  64,149,507   55,984,806     16,313,815   48,185,844   86,991,790   70,476,629  
   Institutional Class  118,935,462   13,588,096     14,236,805   1,611,420   14,294,864   3,060,579  
   Retail Class  26,081,876   37,900,018     863,665   24,916,195   24,892,528   28,162,912  
   Net increase from shareholder transactions  209,166,845   107,472,920     31,414,285   74,713,459   126,179,182   101,700,120  
Net increase in net assets  212,753,599   127,655,459     42,643,093   77,382,129   145,511,764   111,862,435  
NET ASSETS               
   Beginning of period  237,769,183   110,113,724     126,792,379   49,410,250   141,016,123   29,153,688  
   End of period  $ 450,522,782   $ 237,769,183    $ 169,435,472   $ 126,792,379   $ 286,527,887   $ 141,016,123  
Undistributed net investment               
   income included in net assets  $ 1,615,910   $ 2,691,425    $ 17,994   $ 3,992   $ 798,468   $ 1,159,845  

214   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   215

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
continued 

 

  Small-Cap Equity Fund   Large-Cap Growth Index Fund    Large-Cap Value Index Fund  
 
 
 
 
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
 
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
 
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
 
(Unaudited)
(Unaudited)
(Unaudited)
   
CHANGES IN NET ASSETS               
OPERATIONS               
Net investment income  $ 1,317,619   $ 1,393,553    $ 968,023   $ 370,142   $ 2,806,418   $ 2,726,110  
Net realized gain (loss) on total investments  21,049,532   11,660,753     (97,211 )  861,044   1,007,141   4,372,761  
Net change in unrealized appreciation               
   (depreciation) on total investments  (5,559,391 )  4,828,393     (3,324,254 )  1,110,396   14,314,232   11,973,335  
Net increase from payment by investment advisor               
   for investment transaction loss  —   93,506     —   —   —   —  
   Net increase (decrease) from operations  16,807,760   17,976,205     (2,453,442 )  2,341,582   18,127,791   19,072,206  
DISTRIBUTIONS TO SHAREHOLDERS               
From net investment income:               
   Retirement Class  (953,805 )  (159,787 )    (111,688 )  (1,049 )  (4,831 )  (2,995 ) 
   Institutional Class  (427,052 )  (166,706 )    (495,578 )  (609,111 )  (3,214,060 )  (2,382,121 ) 
   Retail Class  (548,919 )  (363,682 )    —   —   —   —  
From realized gains:               
   Retirement Class  (6,744,075 )  (3,629,107 )    (333,292 )  (32,333 )  (7,977 )  (4,781 ) 
   Institutional Class  (2,485,359 )  (2,041,489 )    (618,001 )  (5,425,768 )  (4,612,657 )  (2,588,434 ) 
   Retail Class  (3,005,164 )  (2,565,183 )    —   —   —   —  
   Total distributions  (14,164,374 )  (8,925,954 )    (1,558,559 )  (6,068,261 )  (7,839,525 )  (4,978,331 ) 
SHAREHOLDER TRANSACTIONS (Note 5)               
   Retirement Class  32,658,907   84,839,286     1,288,914   18,396,712   275,730   14,048  
   Institutional Class  46,654,816   23,724,659     318,302,939   4,688,958   187,375,273   39,017,812  
   Retail Class  2,361,012   30,320,089     —   —   —   —  
   Net increase from shareholder transactions  81,674,735   138,884,034     319,591,853   23,085,670   187,651,003   39,031,860  
Net increase in net assets  84,318,121   147,934,285     315,579,852   19,358,991   197,939,269   53,125,735  
NET ASSETS               
   Beginning of period  223,811,578   75,877,293     54,205,741   34,846,750   142,451,729   89,325,994  
   End of period  $ 308,129,699   $ 223,811,578    $ 369,785,593   $ 54,205,741   $ 340,390,998   $ 142,451,729  
Undistributed net investment               
   income included in net assets  $ 476,693   $ 1,088,850    $ 628,577   $ 267,820   $ 1,683,253   $ 2,095,726  

216   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   217

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
continued 

 

  Equity Index Fund   S&P 500 Index Fund   Mid-Cap Growth Index Fund  
 
 
 
 
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
 
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
 
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
 
(Unaudited)
(Unaudited)
(Unaudited)
   
CHANGES IN NET ASSETS                 
OPERATIONS                 
Net investment income  $ 8,596,693   $ 13,228,323   $ 3,122,037   $ 2,353,675   $ 69,197   $ 109,442  
Net realized gain on total investments  52,180,479     47,848,257   800,373   3,045,484     225,147   2,458,150  
Net change in unrealized appreciation                 
   (depreciation) on total investments  (3,225,383 )    71,784,505   12,974,436   8,611,187     2,601,779   388,689  
   Net increase from operations  57,551,789     132,861,085   16,896,846   14,010,346     2,896,123   2,956,281  
DISTRIBUTIONS TO SHAREHOLDERS                 
From net investment income:                 
   Retirement Class  —     —   (856,206 )  (100,604 )    (1,403 )  (143 ) 
   Institutional Class  (13,454,920 )    (20,504,899 )  (2,807,765 )  (1,256,098 )    (119,063 )  (99,800 ) 
From realized gains:                 
   Retirement Class  —     —   (978,521 )  —     (35,368 )  (42,139 ) 
   Institutional Class  —     (4,653,433 )  (2,736,919 )  —     (2,423,070 )  (2,903,110 ) 
   Total distributions  (13,454,920 )    (25,158,332 )  (7,379,411 )  (1,356,702 )    (2,578,904 )  (3,045,192 ) 
SHAREHOLDER TRANSACTIONS (Note 5)                 
   Retirement Class  —     —   22,906,367   39,891,912     40,639   43,082  
   Institutional Class  (180,011,608 )    (696,727,034 )  195,289,648   79,559,508     2,229,397   2,528,612  
   Net increase (decrease) from shareholder transactions  (180,011,608 )    (696,727,034 )  218,196,015   119,451,420     2,270,036   2,571,694  
Net increase (decrease) in net assets  (135,914,739 )    (589,024,281 )  227,713,450   132,105,064     2,587,255   2,482,783  
NET ASSETS                 
   Beginning of period  766,706,883   1,355,731,164   222,534,733   90,429,669     24,236,320   21,753,537  
   End of period  $ 630,792,144   $ 766,706,883   $ 450,248,183   $ 222,534,733   $ 26,823,575   $ 24,236,320  
Undistributed net investment                 
   income included in net assets  $ 3,133,033   $ 7,991,260   $ 1,341,629   $ 1,883,563   $ 31,959   $ 83,228  

218   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   219

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
continued 

 

  Mid-Cap Value Index Fund   Mid-Cap Blend Index Fund   Small-Cap Growth Index Fund  
 
 
 
 
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
 
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
 
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
 
(Unaudited)
(Unaudited)
(Unaudited)
   
CHANGES IN NET ASSETS             
OPERATIONS             
Net investment income  $ 472,167     $ 751,175      $ 448,094      $ 704,180      $ 181,027      $ 272,930  
Net realized gain on total investments  615,294   2,432,989   763,963   2,648,160   1,285,682   8,078,326  
Net change in unrealized appreciation             
   (depreciation) on total investments  4,227,699   4,380,991   5,604,678   4,934,103   3,193,634   (1,111,580 ) 
   Net increase from operations  5,315,160   7,565,155   6,816,735   8,286,443   4,660,343   7,239,676  
DISTRIBUTIONS TO SHAREHOLDERS             
From net investment income:             
   Retirement Class  (3,940 )  (2,372 )  (7,358 )  (2,344 )  (948 )  (448 ) 
   Institutional Class  (780,897 )  (628,185 )  (734,518 )  (544,388 )  (204,126 )  (373,698 ) 
From realized gains:             
   Retirement Class  (14,739 )  (3,611 )  (43,636 )  (11,151 )  (41,105 )  (10,724 ) 
   Institutional Class  (2,467,289 )  (757,923 )  (2,657,921 )  (1,149,022 )  (8,156,193 )  (3,412,075 ) 
   Total distributions  (3,266,865 )  (1,392,091 )  (3,443,433 )  (1,706,905 )  (8,402,372 )  (3,796,945 ) 
SHAREHOLDER TRANSACTIONS (Note 5)             
   Retirement Class  42,166   (137,599 )  3,498,976   254,243   953,111   76,036  
   Institutional Class  2,838,544   1,069,397   3,153,136   3,713,948   8,034,949   1,559,571  
   Net increase from shareholder transactions  2,880,710   931,798   6,652,112   3,968,191   8,988,060   1,635,607  
Net increase in net assets  4,929,005   7,104,862   10,025,414   10,547,729   5,246,031   5,078,338  
NET ASSETS             
   Beginning of period  37,210,306   30,105,444   50,270,321   39,722,592   65,725,395   60,647,057  
   End of period  $ 42,139,311   $ 37,210,306   $ 60,295,735   $ 50,270,321   $ 70,971,426   $ 65,725,395  
Undistributed net investment             
   income included in net assets  $ 221,018   $ 533,688   $ 220,942   $ 514,724   $ 99,856   $ 123,903  

220   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   221

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
continued 


  Small-Cap Value Index Fund     Small-Cap Blend Index Fund     International Equity Index Fund  
 
 
 
  For the Six   For the Year     For the Six   For the Year     For the Six   For the Year  
  Months Ended   Ended     Months Ended   Ended     Months Ended   Ended  
  March 31, 2005   September 30, 2004     March 31, 2005   September 30, 2004     March 31, 2005   September 30, 2004  
  (Unaudited)       (Unaudited)       (Unaudited)    
CHANGES IN NET ASSETS                 
OPERATIONS                 
Net investment income  $ 677,425   $ 1,038,432    $ 936,756   $ 1,318,741    $ 812,743   $ 1,743,328  
Net realized gain on total investments  1,206,936   7,952,456     6,857,416   9,123,876     1,073,056   1,085,580  
Net change in unrealized appreciation                 
   on total investments  3,612,451   4,330,594     2,090,964   9,099,898     9,803,779   11,335,073  
   Net increase from operations  5,496,812   13,321,482     9,885,136   19,542,515     11,689,578   14,163,981  
DISTRIBUTIONS TO SHAREHOLDERS                 
From net investment income:                 
   Retirement Class  (4,224 )  (1,926 )    (3,023 )  (1,604 )    (10,638 )  (2,652 ) 
   Institutional Class  (1,028,959 )  (973,736 )    (1,319,515 )  (1,178,765 )    (1,814,012 )  (1,726,374 ) 
From realized gains:                 
   Retirement Class  (94,617 )  (10,347 )    (25,309 )  (11,154 )    (17,980 )  (534 ) 
   Institutional Class  (8,271,258 )  (3,960,170 )    (9,275,848 )  (4,026,603 )    (1,051,397 )  (295,024 ) 
   Total distributions  (9,399,058 )  (4,946,179 )    (10,623,695 )  (5,218,126 )    (2,894,027 )  (2,024,584 ) 
SHAREHOLDER TRANSACTIONS (Note 5)                 
   Retirement Class  819,998   77,634     53,098   144,550     (300,449 )  644,208  
   Institutional Class  6,985,964   3,061,970     10,699,769   11,565,509     62,371,333   (1,104,828 ) 
   Net increase (decrease) from shareholder transactions  7,805,962   3,139,604     10,752,867   11,710,059     62,070,884   (460,620 ) 
Net increase in net assets  3,903,716   11,514,907     10,014,308   26,034,448     70,866,435   11,678,777  
NET ASSETS                 
   Beginning of period  63,594,752   52,079,845     129,593,336   103,558,888     76,356,948   64,678,171  
   End of period  $ 67,498,468   $ 63,594,752    $ 139,607,644   $ 129,593,336    $ 147,223,383   $ 76,356,948  
Undistributed net investment                 
   income included in net assets  $ 279,402   $ 635,160    $ 422,605   $ 808,387    $ 290,157   $ 1,302,064  

222   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   223

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
continued 


  Real Estate Securities Fund   Social Choice Equity Fund   Bond Fund  
 
 
 
  For the Six   For the Year   For the Six   For the Year   For the Six     For the Year  
  Months Ended   Ended   Months Ended   Ended   Months Ended     Ended  
  March 31, 2005   September 30, 2004   March 31, 2005   September 30, 2004   March 31, 2005     September 30, 2004  
  (Unaudited)     (Unaudited)     (Unaudited)      
CHANGES IN NET ASSETS               
OPERATIONS               
Net investment income  $ 8,988,568   $ 10,174,671   $ 1,430,227   $ 1,261,840   $ 21,530,912   $ 39,066,154  
Net realized gain on total investments  35,001,010   40,031,441   207,226   578,174   1,216,499     9,277,877  
Net change in unrealized appreciation               
   (depreciation) on total investments  (13,244,554 )  3,319,972   6,639,940   7,187,316   (18,863,262 )    (18,068,909 ) 
   Net increase from operations  30,745,024   53,526,084   8,277,393   9,027,330   3,884,149     30,275,122  
DISTRIBUTIONS TO SHAREHOLDERS               
From net investment income:               
   Retirement Class  (1,887,568 )  (1,478,013 )  (410,302 )  (51,990 )  —     —  
   Institutional Class  (3,330,499 )  (4,852,256 )  (1,436,827 )  (870,731 )  (21,507,888 )    (39,068,526 ) 
   Retail Class  (2,331,107 )  (2,601,245 )  —   —   —     —  
From realized gains:               
   Retirement Class  (11,274,581 )  (3,007,192 )  (126,247 )  —   —     —  
   Institutional Class  (16,888,289 )  (12,623,118 )  (387,375 )  —   (4,404,740 )    (35,910,977 ) 
   Retail Class  (13,830,527 )  (6,341,083 )  —   —   —     —  
   Total distributions  (49,542,571 )  (30,902,907 )  (2,360,751 )  (922,721 )  (25,912,628 )    (74,979,503 ) 
SHAREHOLDER TRANSACTIONS (Note 5)               
   Retirement Class  52,953,978   53,597,202   8,018,325   18,569,427   —     —  
   Institutional Class  53,161,064   42,865,145   18,999,930   25,247,411   281,056,544     (453,197,472 ) 
   Retail Class  32,023,226   48,582,970   —   —   —     —  
   Net increase (decrease) from shareholder transactions  138,138,268   145,045,317   27,018,255   43,816,838   281,056,544     (453,197,472 ) 
Net increase (decrease) in net assets  119,340,721   167,668,494   32,934,897   51,921,447   259,028,065     (497,901,853 ) 
 
NET ASSETS               
   Beginning of period  333,867,369   166,198,875   111,647,097   59,725,650   931,386,115     1,429,287,968  
   End of period  $ 453,208,090   $ 333,867,369   $ 144,581,994   $ 111,647,097   $ 1,190,414,180   $ 931,386,115  
Undistributed net investment               
   income included in net assets  $ 2,162,032   $ 722,638   $ 533,724   $ 950,626   $ 307,930   $ 284,906  

224   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   225

 

Statements of changes in net assets (unaudited)   |  TIAA-CREF Institutional Mutual Funds
concluded

 

    Inflation-Linked Bond Fund     Money Market Fund   
 
 
 
    For the Six   For the Year     For the Six   For the Year  
    Months Ended   Ended     Months Ended   Ended  
    March 31, 2005   September 30, 2004     March 31, 2005   September 30, 2004  
    (Unaudited)       (Unaudited)    
CHANGES IN NET ASSETS             
OPERATIONS             
Net investment income   $ 6,479,322   $ 16,003,974    $ 2,030,228   $ 1,798,115  
Net realized gain on total investments    7,275,079   3,071,023     —   176  
Net change in unrealized appreciation             
   (depreciation) on total investments    (4,012,979 )  7,416,879     —   —  
   Net increase from operations    9,741,422   26,491,876     2,030,228   1,798,291  
DISTRIBUTIONS TO SHAREHOLDERS             
From net investment income:             
   Institutional Class    (5,581,276 )  (13,440,343 )    (2,030,228 )  (1,798,115 ) 
   Retail Class    (940,764 )  (2,575,544 )    —   —  
From realized gains:             
   Institutional Class    (5,913,107 )  (2,261,064 )    —   —  
   Retail Class    (763,852 )  (205,964 )    —   —  
   Total distributions    (13,198,999 )  (18,482,915 )    (2,030,228 )  (1,798,115 ) 
SHAREHOLDER TRANSACTIONS (Note 5)             
   Institutional Class    6,348,799   152,023,929     (366,532 )  4,527,099  
   Retail Class    (32,035,952 )  74,477,544     —   —  
   Net increase (decrease) from shareholder transactions    (25,687,153 )  226,501,473     (366,532 )  4,527,099  
Net increase (decrease) in net assets    (29,144,730 )  234,510,434     (366,532 )  4,527,275  
NET ASSETS             
   Beginning of period    477,840,863   243,330,429     179,774,737   175,247,462  
   End of period   $ 448,696,133   $ 477,840,863    $ 179,408,205   $ 179,774,737  
Distributions in excess of net investment income             
   included in net assets   $ (42,718 )  $ —    $ (1 )  $ (1 ) 

226   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   227

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

 

    Growth Equity Fund 
 
    Institutional Class 
 
    For the Six                  
    Months Ended   For the Years Ended September 30,
March 31,
    2005(a)      2004     2003     2002   2001   2000  
    (Unaudited)                  
SELECTED PER SHARE DATA                     
Net asset value, beginning of period   $ 6.31    $ 5.91    $ 4.82   $ 6.40   $ 12.55   $ 10.14  
Gain (loss) from investment operations:                     
   Net investment income    0.04 (b)    0.06 (b)    0.05 (b)    0.04 (b)  0.02   0.03  
   Net realized and unrealized gain (loss) on total investments    0.20     0.40     1.14     (1.60 )  (5.90 )  2.40  
Total gain (loss) from investment operations    0.24     0.46     1.19     (1.56 )  (5.88 )  2.43  
Less distributions from:                     
   Net investment income    (0.07 )    (0.06 )    (0.10 )    (0.02 )  (0.02 )  (0.02 ) 
   Net realized gains    —     —     —     —   (0.25 )  —  
Total distributions    (0.07 )    (0.06 )    (0.10 )    (0.02 )  (0.27 )  (0.02 ) 
Net asset value, end of period       $ 6.48    $ 6.31    $ 5.91   $ 4.82   $ 6.40   $ 12.55  
TOTAL RETURN    3.76 %    7.72 %    25.10 %    (24.44 )%  (47.57 )%  24.01 % 
RATIOS AND SUPPLEMENTAL DATA                     
Net assets at end of period (in thousands)   $ 104,680   $ 92,576   $ 94,433     487,620   $ 149,981   $ 130,529  
Ratio of expenses to average net assets                     
   before expense waiver and reimbursement    0.07 %    0.15 %    0.18 %    0.32 %  0.41 %  0.56 % 
Ratio of expenses to average net assets                     
   after expense waiver and reimbursement    0.07 %    0.15 %    0.14 %    0.22 %  0.22 %  0.22 % 
Ratio of net investment income to average net assets    0.66 %    0.93 %    0.86 %    0.66 %  0.38 %  0.30 % 
Portfolio turnover rate    73.19 %    75.98 %    105.28 %    61.08 %  34.44 %  56.67 % 
 
(a) The percentages shown for this period are not annualized.                     
(b) Based on average shares outstanding.                     

228   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   229

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

 

  Growth & Income Fund
 
  Retirement Class  Institutional Class
 
 
   For the Six For the Years Ended  For the Six    
  Months Ended September 30, Months Ended    
   March 31,
March 31, For the Years Ended September 30,
  2005 (a)  2004 2003 2005(a)  2004 2003 2002 2001 2000
SELECTED PER SHARE DATA   (Unaudited)        (Unaudited)    
Net asset value, beginning of period  $ 8.16   $ 7.39   $   6.14     $ 8.12   $ 7.36      $ 6.14      $ 7.91   $ 11.24   $ 9.76  
Gain (loss) from investment operations:                               
   Net investment income    0.08 (b)    0.10 (b)  0.07 (b)      0.10 (b)  0.12 (b)    0.10 (b)    0.09 (b)  0.09   0.10  
   Net realized and unrealized gain (loss)                               
 on total investments    0.51     0.75   1.22       0.51   0.76     1.22     (1.78 )  (3.15 )  1.49  
Total gain (loss) from investment operations    0.59     0.85   1.29       0.61   0.88     1.32     (1.69 )  (3.06 )  1.59  
Less distributions from:                               
   Net investment income    (0.07 )    (0.08 )  (0.04 )      (0.10 )  (0.12 )    (0.10 )    (0.08 )  (0.09 )  (0.10 ) 
   Net realized gains    —     —   —       —   —     —     —   (0.18 )  (0.01 ) 
Total distributions    (0.07 )    (0.08 )  (0.04 )      (0.10 )  (0.12 )    (0.10 )    (0.08 )  (0.27 )  (0.11 ) 
Net asset value, end of period  $ 8.68   $ 8.16   $   7.39     $ 8.63   $ 8.12      $  7.36      $  6.14   $ 7.91   $ 11.24  
TOTAL RETURN    7.27 %    11.47 %  21.14 %      7.52 %  11.89 %    21.62 %    (21.51 )%  (27.66 )%  16.18 % 
RATIOS AND SUPPLEMENTAL DATA                               
Net assets at end of period (in thousands)    47,047   $ 35,874   $   8,027     $  276,348   $ 625,503   $  505,404   376,529   $ 169,880   $ 65,334  
Ratio of expenses to average net assets                               
   before expense waiver and reimbursement    0.22 %    0.53 %  0.48 %      0.07 %  0.14 %    0.15 %    0.29 %  0.44 %  0.78 % 
Ratio of expenses to average net assets                               
   after expense waiver and reimbursement    0.22 %    0.44 %  0.47 %      0.07 %  0.14 %    0.14 %    0.22 %  0.22 %  0.22 % 
Ratio of net investment income to average net assets    0.91 %    1.17 %  1.02 %      1.11 %  1.46 %    1.48 %    1.18 %  1.10 %  1.02 % 
Portfolio turnover rate    110.52 %    77.20 %  149.57 %      110.52 %  77.20 %    149.57 %    127.75 %  49.56 %  37.95 % 
 
(a) The percentages shown for this period are not annualized.                               
(b) Based on average shares outstanding.                               

230   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   231

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

 

 
  International Equity Fund
 
  Retirement Class    Institutional Class
 
 
  For the Six For the Years Ended   For the Six              
  Months Ended September 30,   Months Ended For the Years Ended September 30,
  March 31,
  March 31,
  2005(a)  2004   2003   2005(a)  2004     2003     2002   2001   2000  
SELECTED PER SHARE DATA  (Unaudited)     (Unaudited)              
Net asset value, beginning of period  $ 10.49   $ 8.65   $ 6.86   $ 10.29     $ 8.56      $ 6.86   $ 8.08   $ 12.55   $ 10.66  
Gain (loss) from investment operations:                       
   Net investment income  0.06 (b)  0.17 (b)  0.13 (b)  0.07 (b)  0.20 (b)    0.17 (b)    0.15 (b)  0.10   0.07  
   Net realized and unrealized gain (loss)                       
       on total investments  1.43   1.69   1.66   1.45   1.69     1.65     (1.29 )  (4.06 )  1.94  
Total gain (loss) from investment operations  1.49   1.86   1.79   1.52   1.89     1.82     (1.14 )  (3.96 )  2.01  
Less distributions from:                       
   Net investment income  (0.11 )  (0.02 )  —   (0.20 )  (0.16 )    (0.12 )    (0.08 )  (0.04 )  (0.05 ) 
   Net realized gains  (0.56 )  —   —   (0.56 )  —     —     —   (0.47 )  (0.07 ) 
Total distributions  (0.67 )  (0.02 )  —   (0.76 )  (0.16 )    (0.12 )    (0.08 )  (0.51 )  (0.12 ) 
Net asset value, end of period  $ 11.31   $ 10.49   $ 8.65   $ 11.05     $ 10.29      $ 8.56   $ 6.86   $ 8.08   $ 12.55  
TOTAL RETURN  14.23 %  21.45 %  26.15 %  14.81 %  22.17 %    26.90 %  $ (14.28 )%  (32.63 )%  18.58 % 
RATIOS AND SUPPLEMENTAL DATA                       
Net assets at end of period (in thousands)  $ 181,450   $ 77,400   $ 9,863   $ 573,087     $ 528,959   $ 370,026   $ 205,899   $ 120,436   $ 83,841  
Ratio of expenses to average net assets                       
   before expense waiver and reimbursement  0.27 %  0.58 %  0.61 %  0.10 %  0.20 %    0.27 %    0.44 %  0.52 %  0.70 % 
Ratio of expenses to average net assets                       
   after expense waiver and reimbursement  0.27 %  0.55 %  0.54 %  0.10 %  0.20 %    0.20 %    0.29 %  0.29 %  0.29 % 
Ratio of net investment income to average net assets  0.55 %  1.63 %  1.61 %  0.65 %  1.98 %    2.20 %    1.80 %  1.51 %  0.94 % 
Portfolio turnover rate  68.13 %  151.13 %  156.48 %  68.13 %  151.13 %    156.48 %    77.63 %  77.83 %  105.37 % 
 
(a) The percentages shown for this period are not annualized.                      
(b) Based on average shares outstanding.                       

232   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   233

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

 

  Large-Cap Value Fund 
 
  Retirement Class  Institutional Class  Retail Class 
 
  For the Period  For the Period  For the Period 
  September 4, 2002  September 4, 2002  September 4, 2002 
  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement 
  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations) 
  March 31, 
to September 30,  March 31, 
to September 30,  March 31, 
to September 30, 
  2005 (a)  2004 2003 2002 (a)  2005 (a)  2004 2003 2002 (a)  2005 (a)   2004  2003 2002 (a) 
  (Unaudited)  (Unaudited)  (Unaudited) 
SELECTED PER SHARE DATA                           
Net asset value, beginning of period  $ 13.41   $ 11.55   $ 9.16   $ 10.00     $ 13.40   $ 11.59   $ 9.16   $ 10.00     $ 13.25    $ 11.52   $ 9.16   $ 10.00  
Gain (loss) from investment operations:                           
   Net investment income (b)  0.14   0.24   0.21   0.01   0.16   0.28   0.25   0.01   0.14    0.24   0.22   0.01  
Net realized and unrealized gain (loss)                           
       on total investments  1.48   2.23   2.24   (0.85 )  1.49   2.22   2.22   (0.85 )  1.47    2.21   2.20   (0.85 ) 
Total gain (loss) from investment operations  1.62   2.47   2.45   (0.84 )  1.65   2.50   2.47   (0.84 )  1.61    2.45   2.42   (0.84 ) 
Less distributions from:                           
   Net investment income  (0.16 )  (0.06 )  (0.06 )  —   (0.23 )  (0.14 )  (0.04 )  —   (0.24 )  (0.17 )  (0.06 )  —  
   Net realized gains  (0.98 )  (0.55 )  —   —   (0.98 )  (0.55 )  —   —   (0.98 )  (0.55 )  —   —  
Total distributions  (1.14 )  (0.61 )  (0.06 )  —   (1.21 )  (0.69 )  (0.04 )  —   (1.22 )  (0.72 )  (0.06 )  —  
Net asset value, end of period  $ 13.89   $ 13.41   $ 11.55   $ 9.16     $ 13.84   $ 13.40   $ 11.59   $ 9.16     $ 13.64    $ 13.25   $ 11.52   $ 9.16  
TOTAL RETURN  11.88 %  21.59 %  26.94 %  (8.40 )%  12.11 %  21.96 %  26.98 %  (8.40 )%  12.00 %  21.67 %  26.47 %  (8.40 )% 
RATIOS AND SUPPLEMENTAL DATA                           
Net assets at end of period (in thousands)  $ 134,758   $ 69,314   $ 9,943   $ 92     $ 148,872   $ 31,289   $ 14,822   $ 92     $ 166,893   $ 137,166   $ 85,349   $ 18,135  
Ratio of expenses to average net assets                           
   before expense reimbursement  0.24 %  0.51 %  0.54 %  0.03 %  0.07 %  0.17 %  0.21 %  0.01 %  0.22 %  0.49 %  0.51 %  0.03 % 
Ratio of expenses to average net assets                           
   after expense reimbursement  0.24 %  0.48 %  0.47 %  0.03 %  0.07 %  0.14 %  0.14 %  0.01 %  0.22 %  0.44 %  0.44 %  0.03 % 
Ratio of net investment income to                           
   average net assets  0.97 %  1.87 %  1.89 %  0.09 %  1.10 %  2.20 %  2.31 %  0.11 %  0.98 %  1.89 %  1.99 %  0.09 % 
Portfolio turnover rate  60.24 %  153.96 %  184.99 %  25.09 %  60.24 %  153.96 %  184.99 %  25.09 %  60.24 %  153.96 %  184.99 %  25.09 % 

234   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   235

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 


  Mid-Cap Growth Fund 
 
  Retirement Class  Institutional Class  Retail Class 
 
  For the Period  For the Period  For the Period 
  September 4, 2002  September 4, 2002  September 4, 2002 
  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement 
  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations) 
  March 31, 
to September 30,  March 31, 
to September 30,  March 31, 
to September 30, 
  2005 (a)  2004 2003 2002 (a)  2005 (a)  2004 2003 2002 (a)  2005 (a)   2004  2003 2002 (a) 
  (Unaudited)  (Unaudited)  (Unaudited) 
SELECTED PER SHARE DATA                               
Net asset value, beginning of period  $ 14.23   $ 12.97   $ 9.21    $ 10.00     $ 14.30   $ 13.02   $ 9.21   $ 10.00     $ 14.23   $ 12.98   $ 9.21   $ 10.00  
Gain (loss) from investment operations:                               
   Net investment income (loss) (b)  0.00 (c)  (0.00 )(c)  (0.00 )(c)  0.00 (c)  0.03   0.05   0.04     0.00 (c)  0.01   0.00 (c)  0.00 (c)  0.00 (c) 
   Net realized and unrealized gain (loss)                               
       on total investments  1.94   1.76        3.76    (0.79 )  1.94   1.76   3.77     (0.79 )  1.93   1.75        3.77    (0.79 ) 
Total gain (loss) from investment operations  1.94   1.76        3.76    (0.79 )  1.97   1.81   3.81     (0.79 )  1.94   1.75        3.77    (0.79 ) 
Less distributions from:                               
   Net investment income  (0.00 )(c)  —   (0.00 )(c)  —   (0.01 )  (0.03 )  —     —   (0.00 )(c)  (0.00 )(c)  (0.00 )(c)  —  
   Net realized gains  (0.67 )  (0.50 )  (0.00) )(c)  —   (0.67 )  (0.50 )   (0.00 )(c)    —   (0.67 )  (0.50 )  (0.00 )(c)  —  
Total distributions  (0.67 )  (0.50 )  (0.00 )(c)  —   (0.68 )  (0.53 )   (0.00  )(c)    —   (0.67 )  (0.50 )  (0.00 )(c)  —  
Net asset value, end of period  $ 15.50   $ 14.23   $ 12.97    $ 9.21     $ 15.59   $ 14.30   $ 13.02     9.21     $ 15.50   $ 14.23   $ 12.98   $ 9.21  
TOTAL RETURN  13.60 %  13.48 %  40.85 %  (7.90 )%  13.76 %  13.88 %  41.37 %    (7.90 )%  13.61 %  13.48 %  40.96 %  (7.90 )% 
RATIOS AND SUPPLEMENTAL DATA                               
Net assets at end of period (in thousands)  $ 97,463   $ 74,600   $ 25,519   $ 92     $ 18,473   $ 3,684   $ 1,887     92     $ 53,499   $ 48,508   $ 22,004   $ 9,025  
Ratio of expenses to average net assets                               
   before expense reimbursement  0.24 %  0.54 %  0.73 %  0.03 %  0.07 %  0.17 %  0.39 %    0.01 %  0.22 %  0.51 %  0.69 %  0.03 % 
Ratio of expenses to average net assets                               
   after expense reimbursement  0.24 %  0.48 %  0.47 %  0.03 %  0.07 %  0.14 %  0.14 %    0.01 %  0.22 %  0.44 %  0.44 %  0.03 % 
Ratio of net investment income (loss) to                               
   average net assets  0.02 %  (0.01 )%  (0.02 )%  0.02 %  0.18 %  0.32 %  0.31 %    0.04 %  0.03 %  0.02 %  0.01 %  0.02 % 
Portfolio turnover rate  55.83 %  147.58 %  162.02 %  18.61 %  55.83 %  147.58 %  162.02 %    18.61 %  55.83 %  147.58 %  162.02 %  18.61 % 
 
(a) The percentages shown for this period are not annualized.                              
(b) Based on average shares outstanding.                     
(c) Amount represents less than $0.01 per share.                     

236   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   237

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 


  Mid-Cap Value Fund
 
  Retirement Class  Institutional Class  Retail Class
 
  For the Period  For the Period  For the Period
  September 4, 2002  September 4, 2002  September 4, 2002
  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement
  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations)
  March 31, 
to September 30,  March 31, 
to September 30,  March 31, 
to September 30,
  2005 (a)  2004 2003 2002 (a)  2005 (a)  2004 2003 2002 (a)  2005 (a)   2004  2003 2002 (a)
  (Unaudited)  (Unaudited)  (Unaudited) 
                           
SELECTED PER SHARE DATA                           
Net asset value, beginning of period  $ 14.38   $ 11.95   $ 9.03   $ 10.00     $ 14.44   $ 12.02   $ 9.03   $ 10.00     $ 14.27   $ 11.97   $ 9.03   $ 10.00
Gain (loss) from investment operations:                           
   Net investment income (b)  0.12   0.21   0.18   0.01     0.15   0.26   0.22   0.01     0.12   0.22   0.19   0.01
Net realized and unrealized gain (loss)                           
       on total investments  2.33   2.73   2.80   (0.98 )    2.34   2.74   2.81   (0.98 )    2.31   2.71   2.80   (0.98 )
Total gain (loss) from investment operations  2.45   2.94   2.98   (0.97 )    2.49   3.00   3.03   (0.97 )    2.43   2.93   2.99   (0.97 )
 
Less distributions from:                           
   Net investment income  (0.14 )  (0.06 )  (0.06 )  —     (0.22 )  (0.13 )  (0.04 )  —     (0.16 )  (0.18 )  (0.05 )  —
   Net realized gains  (0.57 )  (0.45 )  —   —     (0.57 )  (0.45 )  —   —     (0.57 )  (0.45 )  —   —
Total distributions  (0.71 )  (0.51 )  (0.06 )  —     (0.79 )  (0.58 )  (0.04 )  —     (0.73 )  (0.63 )  (0.05 )  —
Net asset value, end of period  $ 16.12   $ 14.38   $ 11.95   $ 9.03     $ 16.14   $ 14.44   $ 12.02   $ 9.03     $ 15.97   $ 14.27   $ 11.97   $ 9.03
TOTAL RETURN  17.04 %  24.82 %  33.27 %  (9.70 )%    17.24 %  25.36 %  33.63 %  (9.70 )%    17.04 %  24.89 %  33.29 %  (9.70 )%
RATIOS AND SUPPLEMENTAL DATA                           
Net assets at end of period (in thousands)  $ 192,012   $ 92,268   $ 15,669   $ 90     $ 23,599   $ 8,042   $ 4,009   $ 90     $ 70,917   $ 40,706   $ 9,476   $ 8,852
Ratio of expenses to average net assets                           
   before expense reimbursement  0.24 %  0.52 %  0.65 %  0.03 %    0.07 %  0.17 %  0.32 %  0.01 %    0.22 %  0.51 %  0.62 %  0.03 %
Ratio of expenses to average net assets                           
   after expense reimbursement  0.24 %  0.48 %  0.47 %  0.03 %    0.07 %  0.14 %  0.14 %  0.01 %    0.22 %  0.44 %  0.44 %  0.03 %
Ratio of net investment income to                           
   average net assets  0.76 %  1.54 %  1.52 %  0.12 %    0.93 %  1.88 %  2.05 %  0.14 %    0.77 %  1.58 %  1.83 %  0.11 %
Portfolio turnover rate  51.01 %  172.61 %  214.97 %  15.01 %    51.01 %  172.61 %  214.97 %  15.01 %    51.01 %  172.61 %  214.97 %  15.01 %
(a) The percentages shown for this period are not annualized.
(b) Based on average shares outstanding.

 

238   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   239

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

  Small-Cap Equity Fund
 
  Retirement Class  Institutional Class  Retail Class
 
  For the Period  For the Period  For the Period
  September 4, 2002  September 4, 2002  September 4, 2002
  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement  For the Six  For the Years Ended  (commencement
  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations)  Months Ended  September 30,  of operations)
  March 31, 
to September 30,  March 31, 
to September 30,  March 31, 
to September 30,
  2005 (a)  2004 2003 2002 (a)  2005 (a)  2004 2003 2002 (a)  2005 (a)   2004  2003 2002 (a)
  (Unaudited)  (Unaudited)  (Unaudited) 
                               
SELECTED PER SHARE DATA                               
Net asset value, beginning of period  $ 14.20   $ 12.62   $ 9.27   $ 10.00     $ 14.29   $ 12.68   $ 9.27   $ 10.00     $ 14.15   $ 12.64   $ 9.27   $ 10.00  
Gain (loss) from investment operations:                               
   Net investment income (b)  0.06   0.09   0.11   0.01     0.09   0.14   0.14   0.02     0.08   0.12   0.12   0.02  
Net realized and unrealized gain (loss)                               
       on total investments  1.09   2.46   3.28   (0.74 )    1.09   2.48   3.29   (0.75 )    1.09   2.45   3.29   (0.75 ) 
Total gain (loss) from investment operations  1.15   2.55   3.39   (0.73 )    1.18   2.62   3.43   (0.73 )    1.17   2.57   3.41   (0.73 ) 
Less distributions from:                               
   Net investment income  (0.10 )  (0.04 )  (0.04 )  —     (0.12 )  (0.08 )  (0.02 )  —     (0.13 )  (0.13 )  (0.04 )  —  
   Net realized gains  (0.70 )  (0.93 )  —   —     (0.70 )  (0.93 )  —   —     (0.70 )  (0.93 )  —   —  
Total distributions  (0.80 )  (0.97 )  (0.04 )  —     (0.82 )  (1.01 )  (0.02 )  —     (0.83 )  (1.06 )  (0.04 )  —  
Net asset value, end of period  $ 14.55   $ 14.20 (c)  $ 12.62   $ 9.27     $ 14.65   $ 14.29 (c)  $ 12.68   $ 9.27     $ 14.49   $ 14.15 (c)  $ 12.64   $ 9.27  
TOTAL RETURN  7.76 %  20.53 %(c) 36.65 %  (7.30 )%    7.92 %  20.98 %(c) 37.12 %  (7.30 )%    7.91 %  20.70 %(c) 36.90 %  (7.30 )% 
RATIOS AND SUPPLEMENTAL DATA                               
Net assets at end of period (in thousands)  $ 150,162    $ 116,445   $ 29,036   $ 93     $ 92,432   $ 45,429   $ 18,702   $ 93     $ 65,536   $ 61,937   $ 28,139   $ 18,351  
Ratio of expenses to average net assets                               
   before expense reimbursement  0.24 %  0.54 %  0.95 %  0.03 %    0.07 %  0.20 %  0.62 %  0.01 %    0.17 %  0.38 %  0.78 %  0.02 % 
Ratio of expenses to average net assets                               
   after expense reimbursement  0.24 %  0.48 %  0.47 %  0.03 %    0.07 %  0.14 %  0.14 %  0.01 %    0.15 %  0.30 %  0.30 %  0.02 % 
Ratio of net investment income to                               
   average net assets  0.43 %  0.68 %  0.89 %  0.15 %    0.61 %  1.03 %  1.25 %  0.17 %    0.53 %  0.87 %  1.10 %  0.16 % 
Portfolio turnover rate  153.07 %  294.55 %  328.39 %  14.52 %    153.07 %  294.55 %  328.39 %  14.52 %    153.07 %  294.55 %  328.39 %  14.52 % 
 
(a) The percentages shown for this period are not annualized. 
(b) Based on average shares outstanding. 
(c ) During the year ended September 30, 2004, the Small—Cap Equity Fund was reimbursed by the Adviser for an
  investment loss resulting from an overstatement of cash available for investment. Had the Fund not been
  reimbursed, the net asset value and total return for the Retirement Class would have been $14.19 and 20.44%,
  respectively, and the net asset value and total return for the Institutional Class would have been $14.28 and
  20.86%, respectively. There was no change to the net asset value or total return for the Retail Class.


240   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   241

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 


        Large-Cap Growth Index Fund        
  Retirement Class   Institutional Class
 
          For the Period         For the Period
          September 4, 2002         September 4, 2002
  For the Six   For the Years Ended   (commencement For the Six   For the Years Ended   (commencement
  Months Ended   September 30,   of operations) Months Ended   September 30,   of operations)
  March 31,  
  to September 30, March 31,  
  to September 30,
  2005(a)    2004   2003   2002(a)  2005(a)    2004   2003   2002(a) 
  (Unaudited)         (Unaudited)        
SELECTED PER SHARE DATA                 
Net asset value, beginning of period  $ 10.56   $ 11.60   $ 9.29   $ 10.00   $ 10.48   $ 11.63   $ 9.29   $ 10.00  
Gain (loss) from investment operations:                 
   Net investment income (b)  0.08   0.05   0.07   0.01   0.07   0.11   0.11   0.01  
   Net realized and unrealized gain (loss)                 
       on total investments  0.39   0.82   2.27   (0.72 )  0.43   0.80   2.27   (0.72 ) 
Total gain (loss) from investment operations  0.47   0.87   2.34   (0.71 )  0.50   0.91   2.38   (0.71 ) 
Less distributions from:                 
   Net investment income  (0.06 )  (0.06 )  (0.03 )  —   (0.15 )  (0.21 )  (0.04 )  —  
   Net realized gains  (0.19 )  (1.85 )  —   —   (0.19 )  (1.85 )  —   —  
Total distributions  (0.25 )  (1.91 )  (0.03 )  —   (0.34 )  (2.06 )  (0.04 )  —  
Net asset value, end of period  $ 10.78   $ 10.56   $ 11.60   $ 9.29   $ 10.64   $ 10.48   $ 11.63   $ 9.29  
TOTAL RETURN  4.36 %  7.03 %  25.21 %  (7.10 )%  4.62 %  7.35 %  25.68 %  (7.10 )% 
RATIOS AND SUPPLEMENTAL DATA                 
Net assets at end of period (in thousands)  $ 20,045   $ 18,405   $ 200   $ 93   $ 349,741   $ 35,800   $ 34,647   $ 60,298  
Ratio of expenses to average net assets                 
   before expense reimbursement  0.21 %  0.52 %  0.46 %  0.03 %  0.04 %  0.11 %  0.13 %  0.01 % 
Ratio of expenses to average net assets                 
   after expense waiver reimbursement  0.21 %  0.42 %  0.41 %  0.03 %  0.04 %  0.08 %  0.08 %  0.01 % 
Ratio of net investment income to average net assets  0.74 %  0.46 %  0.68 %  0.10 %  0.69 %  0.97 %  1.02 %  0.12 % 
Portfolio turnover rate  25.91 %  18.93 %  18.57 %  0.00 %  25.91 %  18.93 %  18.57 %  0.00 % 
 
(a) The percentages shown for this period are not annualized.                
(b) Based on average shares outstanding.                 

242   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   243

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 


    Large-Cap Value Index Fund
   
    Retirement Class Institutional Class
 
                               
                For the Period             For the Period
                September 4, 2002             September 4, 2002
    For the Six   For the Years Ended   (commencement For the Six   For the Years Ended   (commencement
    Months Ended   September 30,   of operations) Months Ended   September 30,   of operations)
    March 31,  
  to September 30, March 31,  
  to September 30,
    2005 (a)   2004   2003   2002 (a) 2005 (a)   2004   2003   2002 (a)
    (Unaudited)               (Unaudited)              
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $13.07   $11.38   $ 9.26   $10.00   $13.05   $11.41   $ 9.26   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.16   0.25   0.23   0.01   0.18   0.29   0.26   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.18   1.98   1.96   (0.75)   1.17   1.99   1.97   (0.75)  
Total gain (loss) from investment operations   1.34   2.23   2.19   (0.74)   1.35   2.28   2.23   (0.74)  
Less distributions from:                                
      Net investment income   (0.24)   (0.21)   (0.07)   —   (0.27)   (0.31)   (0.08)   —  
      Net realized gains   (0.39)   (0.33)   —   —   (0.39)   (0.33)   —   —  
Total distributions   (0.63)   (0.54)   (0.07)   —   (0.66)   (0.64)   (0.08)   —  
Net asset value, end of period   $13.78   $13.07   $11.38   $ 9.26   $13.74   $13.05   $11.41   $ 9.26  
TOTAL RETURN   10.26%   19.82%   23.77%   (7.40)%   10.40%   20.25%   24.20%   (7.40)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $484   $200   $161   $93   $339,907   $142,252   $89,164   $55,488  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.97%   0.48%   0.03%   0.04%   0.10%   0.16%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   1.14%   1.99%   2.17%   0.12%   1.30%   2.34%   2.49%   0.15%  
Portfolio turnover rate   24.23%   44.28%   62.88%   0.00%   24.23%   44.28%   62.88%   0.00%  
(a)   The percentages shown for this period are not annualized.  
(b)   Based on average shares outstanding.  


244   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   245

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 


  Equity Index Fund
 
  Institutional Class
 
    For the Six                      
    Months Ended   For the Years Ended September 30,
    March 31,  
    2005 (a)   2004   2003   2002   2001   2000  
    (Unaudited)                        
SELECTED PER SHARE DATA                          
Net asset value, beginning of period   $ 8.85     $ 8.07   $ 6.48   $ 8.06   $11.37   $ 9.76  
Gain (loss) from investment operations:                          
      Net investment income   0.10(b)     0.15(b)   0.13(b)   0.11(b)   0.09   0.10  
      Net realized and unrealized gain (loss)
            on total investments		   0.58     0.99   1.53   (1.63)   (3.20)   1.61  
Total gain (loss) from investment operations   0.68     1.14   1.66   (1.52)   (3.11)   1.71  
Less distributions from:                          
      Net investment income   (0.15)     (0.29)   (0.05)   (0.06)   (0.10)   (0.07)  
      Net realized gains   —     (0.07)   (0.02)   —   (0.10)   (0.03)  
Total distributions   (0.15)     (0.36)   (0.07)   (0.06)   (0.20)   (0.10)  
Net asset value, end of period   $ 9.38     $ 8.85   $ 8.07   $ 6.48   $ 8.06   $11.37  
TOTAL RETURN   7.63%     14.17%   25.79%   (19.04)%   (27.71)%   17.49%  
RATIOS AND SUPPLEMENTAL DATA                          
Net assets at end of period (in thousands)   $630,792     $766,707   $1,355,731   $419,771   $101,247   $51,669  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.04%     0.08%   0.09%   0.27%   0.51%   0.71%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.04%     0.08%   0.08%   0.17%   0.17%   0.17%  
Ratio of net investment income to average net assets   1.10%     1.67%   1.71%   1.41%   1.19%   1.04%  
Portfolio turnover rate   13.11%     26.22%   4.65%   13.77%   7.19%   11.58%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.     

 


246   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   247

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

 

  S&P 500 Index Fund
 
  Retirement Class   Institutional Class
 
 
              For the Period               For the Period
              September 4, 2002               September 4, 2002
  For the Six   For the Years Ended   (commencement   For the Six   For the Years Ended   (commencement
  Months Ended   September 30,   of operations)   Months Ended   September 30,   of operations)
  March 31,  
  to September 30,   March 31,  
  to September 30,
  2005 (a)   2004   2003   2002 (a)   2005 (a)   2004   2003   2002 (a)
  (Unaudited)                 (Unaudited)                
SELECTED PER SHARE DATA                                            
Net asset value, beginning of period   $12.95     $11.48   $ 9.32     $10.00     $12.92     $11.52   $ 9.32     $10.00  
Gain (loss) from investment operations:                                          
      Net investment income (b)   0.14     0.17   0.14     0.01     0.16     0.21   0.18     0.01  
      Net realized and unrealized gain (loss)
            on total investments		   0.73     1.36   2.07     (0.69)     0.74     1.36   2.07     (0.69)  
Total gain (loss) from investment operations   0.87     1.53   2.21     (0.68)     0.90     1.57   2.25     (0.68)  
Less distributions from:                                          
      Net investment income   (0.18)     (0.06)   (0.05)     —     (0.21)     (0.17)   (0.05)     —  
      Net realized gains   (0.20)     —   —     —     (0.20)     —   —     —  
Total distributions   (0.38)     (0.06)   (0.05)     —     (0.41)     (0.17)   (0.05)     —  
Net asset value, end of period   $13.44     $12.95   $11.48     $ 9.32     $13.41     $12.92   $11.52     $ 9.32  
TOTAL RETURN   6.61%     13.29%   23.77%     (6.80)%     6.86%     13.63%   24.23%     (6.80)%  
RATIOS AND SUPPLEMENTAL DATA                        
Net assets at end of period (in thousands)   $79,769     $54,914   $12,860     $93     $370,479     $167,621   $77,569     $41,867  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%     0.48%   0.51%     0.03%     0.04%     0.11%   0.17%     0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%     0.44%   0.43%     0.03%     0.04%     0.08%   0.08%     0.01%  
Ratio of net investment income to average net assets   1.00%     1.31%   1.27%     0.11%     1.16%     1.68%   1.68%     0.13%  
Portfolio turnover rate   17.92%     20.76%   19.84%     0.00%     17.92%     20.76%   19.84%     0.00%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.     

248   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   249

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 


  Mid-Cap Growth Index Fund
 
  Retirement Class   Institutional Class
 
 
              For the Period               For the Period
              September 4, 2002               September 4, 2002
  For the Six   For the Years Ended   (commencement   For the Six   For the Years Ended   (commencement
  Months Ended   September 30,   of operations)   Months Ended   September 30,   of operations)
  March 31,  
  to September 30,   March 31,  
  to September 30,
  2005 (a)   2004   2003   2002 (a)   2005 (a)   2004   2003   2002 (a)
  (Unaudited)                   (Unaudited)                
                                             
SELECTED PER SHARE DATA                                          
Net asset value, beginning of period   $12.83     $12.91   $ 9.35     $10.00     $12.85     $12.94   $ 9.35     $10.00  
Gain (loss) from investment operations:                                          
      Net investment income (b)   0.01     0.01   0.01     0.01     0.04     0.06   0.04     0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.52     1.68   3.55     (0.66)     1.52     1.67   3.57     (0.66)  
Total gain (loss) from investment operations   1.53     1.69   3.56     (0.65)     1.56     1.73   3.61     (0.65)  
Less distributions from:                                          
      Net investment income   (0.05)     (0.01)   (0.00)(c)     —     (0.06)     (0.06)   (0.02)     —  
      Net realized gains   (1.31)     (1.76)   (0.00)(c)     —     (1.31)     (1.76)   (0.00)(c)     —  
Total distributions   (1.36)     (1.77)   (0.00)(c)     —     (1.37)     (1.82)   (0.02)     —  
Net asset value, end of period   $13.00     $12.83   $12.91     $ 9.35     $13.04     $12.85   $12.94     $ 9.35  
TOTAL RETURN   11.77%     13.15%   38.14%     (6.50)%     12.02%     13.50%   38.64%     (6.50)%  
RATIOS AND SUPPLEMENTAL DATA                                          
Net assets at end of period (in thousands)   $388     $344   $303     $94     $26,436     $23,893   $21,450     $22,352  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%     0.73%   0.48%     0.03%     0.04%     0.11%   0.15%     0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%     0.44%   0.41%     0.03%     0.04%     0.08%   0.08%     0.01%  
Ratio of net investment income to average net assets   0.09%     0.10%   0.06%     0.05%     0.27%     0.46%   0.38%     0.07%  
Portfolio turnover rate   2.85%     32.02%   34.98%     0.00%     2.85%     32.02%   34.98%     0.00%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.  
(c) Amount represents less than $0.01 per share.     


250   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   251

 

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

 

    Mid-Cap Value Index Fund 
        Retirement Class            Institutional Class     
                For the Period                For the Period 
                September 4, 2002                September 4, 2002 
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement 
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations) 
March 31, 
to September 30,  March 31, 
to September 30, 
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a) 
    (Unaudited)                (Unaudited)             
SELECTED PER SHARE DATA                              
Net asset value, beginning of period   $14.20   $11.80   $ 9.30   $10.00   $14.23   $11.83   $ 9.30   $10.00
Gain (loss) from investment operations:                              
      Net investment income (b)   0.15   0.24   0.21   0.01   0.17   0.29   0.25   0.01
      Net realized and unrealized gain (loss)
            on total investments		   1.85   2.65   2.36   (0.71)   1.85   2.66   2.36   (0.71)
Total gain (loss) from investment operations   2.00   2.89   2.57   (0.70)   2.02   2.95   2.61   (0.70)
Less distributions from:                              
      Net investment income   (0.26)   (0.20)   (0.07)   —   (0.30)   (0.26)   (0.08)   —
      Net realized gains   (0.95)   (0.29)   —   —   (0.95)   (0.29)   —   —
Total distributions   (1.21)   (0.49)   (0.07)   —   (1.25)   (0.55)   (0.08)   —
Net asset value, end of period   $14.99   $14.20   $11.80   $ 9.30   $15.00   $14.23   $11.83   $ 9.30
TOTAL RETURN   14.15%   24.92%   27.78%   (7.00)%   14.33%   25.36%   28.21%   (7.00)%
RATIOS AND SUPPLEMENTAL DATA                              
Net assets at end of period (in thousands)   $252   $200   $308   $93   $41,887   $37,010   $29,797   $22,239
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   1.00%   0.48%   0.03%   0.04%   0.09%   0.16%   0.01%
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%
Ratio of net investment income to average net assets   0.99%   1.81%   2.04%   0.12%   1.17%   2.16%   2.38%   0.14%
Portfolio turnover rate   6.83%   22.58%   23.58%   0.00%   6.83%   22.58%   23.58%   0.00%
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.     


252   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   253

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

                Mid-Cap Blend Index Fund               
        Retirement Class            Institutional Class       
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)               
                                   
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.35   $12.33   $ 9.38   $10.00   $14.34   $12.36   $ 9.39   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.11   0.16   0.13   0.01   0.12   0.20   0.16   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.78   2.28   2.86   (0.63)   1.79   2.29   2.86   (0.62)  
Total gain (loss) from investment operations   1.89   2.44   2.99   (0.62)   1.91   2.49   3.02   (0.61)  
Less distributions from:                                
      Net investment income   (0.13)   (0.08)   (0.04)   —   (0.21)   (0.17)   (0.05)   —  
      Net realized gains   (0.77)   (0.34)   —   —   (0.77)   (0.34)   —   —  
Total distributions   (0.90)   (0.42)   (0.04)   —   (0.98)   (0.51)   (0.05)   —  
Net asset value, end of period   $15.34   $14.35   $12.33   $ 9.38   $15.27   $14.34   $12.36   $ 9.39  
TOTAL RETURN   13.12%   19.94%   32.02%   (6.20)%   13.29%   20.39%   32.31%   (6.10)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $4,183   $563   $254   $94   $56,113   $49,707   $39,469   $25,249  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.66%   0.53%   0.03%   0.04%   0.10%   0.20%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.41%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.74%   1.13%   1.19%   0.09%   0.80%   1.47%   1.52%   0.11%  
Portfolio turnover rate   11.33%   18.70%   34.88%   0.00%   11.33%   18.70%   34.88%   0.00%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

254   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   255

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

                Small-Cap Growth Index Fund               
        Retirement Class            Institutional Class       
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.54   $13.13   $ 9.32   $10.00   $13.91   $13.16   $ 9.32   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.02   0.01   0.04   0.01   0.04   0.06   0.07   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.13   2.17   3.79   (0.69)   1.07   1.51   3.80   (0.69)  
Total gain (loss) from investment operations   1.15   2.18   3.83   (0.68)   1.11   1.57   3.87   (0.68)  
Less distributions from:                                
      Net investment income   (0.04)   (0.03)   (0.02)   —   (0.04)   (0.08)   (0.03)   —  
      Net realized gains   (1.74)   (0.74)   —   —   (1.74)   (0.74)   —   —  
Total distributions   (1.78)   (0.77)   (0.02)   —   (1.78)   (0.82)   (0.03)   —  
Net asset value, end of period   $13.91   $14.54   $13.13   $ 9.32   $13.24   $13.91   $13.16   $ 9.32  
TOTAL RETURN   6.91%   16.86%   41.11%   (6.80)%   7.05%   11.84%   41.59%   (6.80)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $1,189   $279   $177   $93   $69,782   $65,446   $60,470   $45,572  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.67%   0.48%   0.03%   0.06%   0.10%   0.16%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.12%   0.04%   0.32%   0.09%   0.25%   0.41%   0.66%   0.11%  
Portfolio turnover rate   21.60%   45.35%   51.67%   0.04%   21.60%   45.35%   51.67%   0.04%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

256   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   257

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

                Small-Cap Value Index Fund               
        Retirement Class            Institutional Class       
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)               
                                   
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.00   $12.11   $ 9.30   $10.00   $14.03   $12.14   $ 9.30   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.12   0.18   0.17   0.02   0.14   0.23   0.20   0.02  
      Net realized and unrealized gain (loss)
            on total investments		   1.17   2.80   2.70   (0.72)   1.16   2.81   2.71   (0.72)  
Total gain (loss) from investment operations   1.29   2.98   2.87   (0.70)   1.30   3.04   2.91   (0.70)  
Less distributions from:                                
      Net investment income   (0.08)   (0.17)   (0.06)   —   (0.23)   (0.23)   (0.07)   —  
      Net realized gains   (1.84)   (0.92)   —   —   (1.84)   (0.92)   —   —  
Total distributions   (1.92)   (1.09)   (0.06)   —   (2.07)   (1.15)   (0.07)   —  
Net asset value, end of period   $13.37   $14.00   $12.11   $ 9.30   $13.26   $14.03   $12.14   $ 9.30  
TOTAL RETURN   8.62%   25.18%   31.04%   (7.00)%   8.61%   25.63%   31.49%   (7.00)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $966   $237   $135   $93   $66,532   $63,358   $51,945   $40,819  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.91%   0.50%   0.03%   0.04%   0.10%   0.18%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.83%   1.32%   1.63%   0.20%   1.00%   1.71%   1.96%   0.22%  
Portfolio turnover rate   19.60%   42.29%   56.43%   0.00%   19.60%   42.29%   56.43%   0.00%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

258   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   259

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

                Small-Cap Blend Index Fund               
        Retirement Class            Institutional Class       
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.32   $12.59   $ 9.31   $10.00   $14.33   $12.62   $ 9.31   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.07   0.10   0.11   0.01   0.10   0.15   0.14   0.02  
      Net realized and unrealized gain (loss)
            on total investments		   1.09   2.19   3.21   (0.70)   1.09   2.19   3.22   (0.71)  
Total gain (loss) from investment operations   1.16   2.29   3.32   (0.69)   1.19   2.34   3.36   (0.69)  
Less distributions from:                                
      Net investment income   (0.12)   (0.07)   (0.04)   —   (0.15)   (0.14)   (0.05)   —  
      Net realized gains   (1.01)   (0.49)   —   —   (1.01)   (0.49)   —   —  
Total distributions   (1.13)   (0.56)   (0.04)   —   (1.16)   (0.63)   (0.05)   —  
Net asset value, end of period   $14.35   $14.32   $12.59   $ 9.31   $14.36   $14.33   $12.62   $ 9.31  
TOTAL RETURN   7.67%   18.26%   35.76%   (6.90)%   7.83%   18.66%   36.21%   (6.90)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $381   $330   $157   $93   $139,227   $129,263   $103,402   $38,997  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.77%   0.52%   0.03%   0.04%   0.10%   0.19%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.47%   0.71%   0.98%   0.15%   0.64%   1.08%   1.31%   0.17%  
Portfolio turnover rate   27.28%   23.60%   52.39%   0.01%   27.28%   23.60%   52.39%   0.01%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

260   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   261

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

    International Equity Index Fund   
        Retirement Class            Institutional Class       
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)               
                                   
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $13.67   $11.51   $ 9.21   $10.00   $13.70   $11.54   $ 9.21   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.09   0.27   0.20   0.02   0.14   0.31   0.25   0.02  
      Net realized and unrealized gain (loss)
            on total investments		   1.90   2.20   2.14   (0.81)   1.90   2.21   2.12   (0.81)  
Total gain (loss) from investment operations   1.99   2.47   2.34   (0.79)   2.04   2.52   2.37   (0.79)  
Less distributions from:                                
      Net investment income   (0.11)   (0.26)   (0.04)   —   (0.33)   (0.31)   (0.04)   —  
      Net realized gains   (0.19)   (0.05)   —   —   (0.19)   (0.05)   —   —  
Total distributions   (0.30)   (0.31)   (0.04)   —   (0.52)   (0.36)   (0.04)   —  
Net asset value, end of period   $15.36   $13.67   $11.51   $ 9.21   $15.22   $13.70   $11.54   $ 9.21  
TOTAL RETURN   14.59%   21.68%   25.44%   (7.90)%   14.91%   22.06%   25.87%   (7.90)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $585   $789   $116   $92   $146,638   $75,568   $64,563   $45,943  
Ratio of expenses to average net assets
      before expense reimbursement		   0.25%   0.50%   0.65%   0.03%   0.07%   0.15%   0.33%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.25%   0.50%   0.47%   0.03%   0.07%   0.15%   0.15%   0.01%  
Ratio of net investment income to average net assets   0.59%   2.02%   1.94%   0.22%   0.95%   2.34%   2.51%   0.24%  
Portfolio turnover rate   14.37%   6.60%   9.31%   0.44%   14.37%   6.60%   9.31%   0.44%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

262   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   263

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

                    Real Estate Securities Fund                   
        Retirement Class            Institutional Class            Retail Class       
                                                   
                For the Period                For the Period                For the Period   
                September 4, 2002                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,  March 31, 
to September 30, 
    2005 (a)     2004    2003    2002 (a)    2005 (a)     2004    2003    2002 (a)    2005 (a)     2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)                (Unaudited)               
                                                   
SELECTED PER SHARE DATA                                                
Net asset value, beginning of period   $13.62   $12.40   $ 9.72   $10.00   $13.50   $12.32   $ 9.72   $10.00   $13.37   $12.22   $ 9.72   $10.00  
Gain (loss) from investment operations:                                                
      Net investment income (b)   0.30   0.50   0.57   0.05   0.31   0.53   0.59   0.05   0.29   0.49   0.52   0.05  
      Net realized and unrealized gain (loss)
            on total investments		   1.04   2.49   2.39   (0.31)   1.03   2.48   2.37   (0.31)   1.02   2.45   2.39   (0.31)  
Total gain (loss) from investment operations   1.34   2.99   2.96   (0.26)   1.34   3.01   2.96   (0.26)   1.31   2.94   2.91   (0.26)  
Less distributions from:              
      Net investment income   (0.24)   (0.43)   (0.27)   (0.02)   (0.27)   (0.49)   (0.35)   (0.02)   (0.24)   (0.45)   (0.40)   (0.02)  
      Net realized gains   (1.46)   (1.34)   (0.01)   —   (1.46)   (1.34)   (0.01)   —   (1.46)   (1.34)   (0.01)   —  
Total distributions   (1.70)   (1.77)   (0.28)   (0.02)   (1.73)   (1.83)   (0.36)   (0.02)   (1.70)   (1.79)   (0.41)   (0.02)  
Net asset value, end of period   $13.26   $13.62   $12.40   $ 9.72   $13.11   $13.50   $12.32   $ 9.72   $12.98   $13.37   $12.22   $ 9.72  
TOTAL RETURN   9.11%   25.81%   30.92%   (2.58)%   9.22%   26.30%   30.94%   (2.56)%   9.08%   25.84%   30.66%   (2.59)%  
RATIOS AND SUPPLEMENTAL DATA                                                
Net assets at end of period (in thousands)   $116,494   $69,980   $14,207   $97   $203,159   $156,193   $99,389   $97   $133,555   $107,695   $52,603   $19,246  
Ratio of expenses to average net assets
      before expense reimbursement		   0.23%   0.50%   0.51%   0.03%   0.08%   0.16%   0.18%   0.01%   0.22%   0.50%   0.47%   0.03%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.23%   0.47%   0.48%   0.03%   0.08%   0.15%   0.15%   0.01%   0.22%   0.45%   0.45%   0.03%  
Ratio of net investment income to              
average net assets   2.12%   3.88%   4.81%   0.51%   2.26%   4.12%   5.27%   0.53%   2.10%   3.87%   4.80%   0.50%  
Portfolio turnover rate   113.25%   348.86%   317.14%   15.45%   113.25%   348.86%   317.14%   15.45%   113.25%   348.86%   317.14%   15.45%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

264   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   265

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

    Social Choice Equity Fund 
    Retirement Class    Institutional Class 
 
                                       
    For the Six    For the Years Ended    For the Six                       
    Months Ended    September 30,    Months Ended    For the Years Ended September 30, 
March 31, 
March 31, 
    2005 (a)    2004    2003    2005 (a)    2004    2003    2002    2001    2000   
    (Unaudited)            (Unaudited)                       
                                       
SELECTED PER SHARE DATA                                    
Net asset value, beginning of period   $9.08   $8.01   $6.41   $ 8.96   $ 7.96   $ 6.41   $ 8.03   $11.16   $ 9.86  
Gain (loss) from investment operations:                                    
      Net investment income   0.09(b)   0.10(b)   0.09(b)   0.10(b)   0.14(b)   0.12(b)   0.11(b)   0.10   0.11  
      Net realized and unrealized gain (loss)
            on total investments		   0.53   1.00   1.54   0.53   0.99   1.52   (1.64)   (2.94)   1.25  
Total gain (loss) from investment operations   0.62   1.10   1.63   0.63   1.13   1.64   (1.53)   (2.84)   1.36  
Less distributions from:                                    
      Net investment income   (0.11)   (0.03)   (0.03)   (0.13)   (0.13)   (0.09)   (0.09)   (0.11)   (0.06)  
      Net realized gains   (0.04)   —   —   (0.04)   —   —   —   (0.18)   —  
Total distributions   (0.15)   (0.03)   (0.03)   (0.17)   (0.13)   (0.09)   (0.09)   (0.29)   (0.06)  
Net asset value, end of period   $9.55   $9.08   $8.01   $ 9.42   $ 8.96   $ 7.96   $ 6.41   $ 8.03   $11.16  
TOTAL RETURN   6.81%   13.78%   25.42%   6.97%   14.23%   25.89%   (19.34)%   (25.99)%   13.84%  
RATIOS AND SUPPLEMENTAL DATA                                    
Net assets at end of period (in thousands)   $38,306   $28,870   $8,936   $106,276   $82,778   $50,790   $36,180   $26,460   $29,307  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.22%   0.52%   0.48%   0.04%   0.10%   0.13%   0.81%   0.97%   0.90%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.22%   0.44%   0.43%   0.04%   0.08%   0.08%   0.18%   0.18%   0.18%  
Ratio of net investment income to average net assets   0.90%   1.15%   1.16%   1.10%   1.54%   1.65%   1.34%   1.12%   1.00%  
Portfolio turnover rate   3.28%   6.64%   27.53%   3.28%   6.64%   27.53%   21.71%   4.96%   16.22%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

266   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   267

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

    Bond Fund 
    Institutional Class 
         
    For the Six     
    Months Ended    For the Years Ended September 30, 
March 31, 
    2005 (a)    2004    2003    2002    2001    2000   
    (Unaudited)                       
                           
SELECTED PER SHARE DATA                        
Net asset value, beginning of period   $10.29   $10.81   $10.72   $10.58   $10.04   $ 9.97  
Gain (loss) from investment operations:                        
      Net investment income   0.22(b)   0.41(b)   0.44(b)   0.52(b)   0.61   0.61  
      Net realized and unrealized gain (loss)
            on total investments		   (0.18)   (0.06)   0.17   0.33   0.67   0.07  
Total gain from investment operations   0.04   0.35   0.61   0.85   1.28   0.68  
Less distributions from:                        
      Net investment income   (0.21)   (0.42)   (0.44)   (0.52)   (0.61)   (0.61)  
      Net realized gains   (0.04)   (0.45)   (0.08)   (0.19)   (0.13)   —  
Total distributions   (0.25)   (0.87)   (0.52)   (0.71)   (0.74)   (0.61)  
Net asset value, end of period   $10.08   $10.29   $10.81   $10.72   $10.58   $10.04  
TOTAL RETURN   0.46%   3.46%   5.84%   8.52%   13.21%   7.07%  
RATIOS AND SUPPLEMENTAL DATA                        
Net assets at end of period (in thousands)   $1,190,414   $931,386   $1,429,288   $1,170,560   $304,541   $151,697  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.07%   0.14%   0.14%   0.24%   0.30%   0.48%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.07%   0.14%   0.14%   0.19%   0.19%   0.19%  
Ratio of net investment income to average net assets   2.10%   3.94%   4.08%   5.16%   5.99%   6.59%  
Portfolio turnover rate   38.93%   90.09%   168.77%   181.00%   266.50%   301.93%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

268   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   269

Financial highlights |  TIAA-CREF Institutional Mutual Funds
continued 

    Inflation-Linked Bond Fund   
    Institutional Class    Retirement Class   
 
 
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six    For the Years Ended    (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended    September 30,    of operations)   
March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)    2004    2003    2002 (a)    2005 (a)    2004    2003    2002 (a)   
    (Unaudited)                (Unaudited)               
                                   
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $10.75   $10.51   $10.12   $10.00   $10.63   $10.39   $10.12   $10.00  
Gain from investment operations:                                
      Net investment income (b)   0.14   0.45   0.37   0.02   0.13   0.49   0.40   0.02  
      Net realized and unrealized gain
            on total investments		   0.10   0.30   0.31   0.12   0.11   0.24   0.26   0.12  
Total gain from investment operations   0.24   0.75   0.68   0.14   0.24   0.73   0.66   0.14  
Less distributions from:                                
      Net investment income   (0.14)   (0.42)   (0.29)   (0.02)   (0.18)   (0.40)   (0.39)   (0.02)  
      Net realized gains   (0.15)   (0.09)   —   —   (0.15)   (0.09)   —   —  
Total distributions   (0.29)   (0.51)   (0.29)   (0.02)   (0.33)   (0.49)   (0.39)   (0.02)  
Net asset value, end of period   $10.70   $10.75   $10.51   $10.12   $10.54   $10.63   $10.39   $10.12  
TOTAL RETURN   2.20%   7.36%   6.82%   1.37%   2.24%   7.20%   6.64%   1.36%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $385,206   $382,305   $223,138   $101   $63,490   $95,536   $20,193   $22,172  
Ratio of expenses to average net assets
      before expense reimbursement		   0.07%   0.15%   0.15%   0.01%   0.15%   0.33%   0.31%   0.02%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.07%   0.14%   0.14%   0.01%   0.15%   0.30%   0.30%   0.02%  
Ratio of net investment income to average net assets   1.28%   4.27%   3.56%   0.23%   1.26%   4.67%   3.93%   0.22%  
Portfolio turnover rate   160.58%   150.53%   209.51%   0.00%   160.58%   150.53%   209.51%   0.00%  
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.    

270   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   271

Financial highlights |  TIAA-CREF Institutional Mutual Funds
concluded 

    Money Market Fund 
    Institutional Class 
                           
    For the Six                       
    Months Ended    For the Years Ended September 30,
March 31, 
    2005 (a)    2004    2003    2002    2001    2000   
    (Unaudited)                       
                           
SELECTED PER SHARE DATA                        
Net asset value, beginning of period   $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00  
Gain from investment operations:                        
      Net investment income   0.01   0.01   0.01   0.02   0.05   0.06  
Total gain from investment operations   0.01   0.01   0.01   0.02   0.05   0.06  
Less distributions from:                        
      Net investment income   (0.01)   (0.01)   (0.01)   (0.02)   (0.05)   (0.06)  
Total distributions   (0.01)   (0.01)   (0.01)   (0.02)   (0.05)   (0.06)  
Net asset value, end of period   $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00   $ 1.00  
TOTAL RETURN   1.07%   1.10%   1.27%   1.89%   5.16%   6.19%  
RATIOS AND SUPPLEMENTAL DATA                        
Net assets at end of period (in thousands)   $179,408   $179,775   $175,247   $188,394   $35,037   $25,293  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.04%   0.09%   0.10%   0.28%   0.94%   0.91%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.04%   0.09%   0.09%   0.16%   0.16%   0.16%  
Ratio of net investment income to average net assets   1.07%   1.10%   1.27%   1.71%   4.91%   6.00%  
(a) The percentages shown for this period are not annualized. 

272   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   273

Notes to financial statements (unaudited) | TIAA-CREF Institutional Mutual Funds

Note 1—significant accounting policies

TIAA-CREF Institutional Mutual Funds (the “Funds”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. The Funds currently consist of thirty series (each referred to as a “Fund”). The Growth Equity, Growth & Income, International Equity, Equity Index, Social Choice Equity, Bond and Money Market Funds commenced operations on June 14, 1999 with a seed money investment by Teachers Insurance and Annuity Association of America (“TIAA”). Another sixteen Funds commenced operations on September 4, 2002 with a seed money investment by TIAA. In addition, the Growth & Income, International Equity, and Social Choice Equity Funds opened a Retirement Class on October 1, 2002 with a $100,000 seed money investment in each class by TIAA. The remaining seven Funds labeled TIAA-CREF Lifecycle Funds commenced operations on October 4, 2004 with a seed money investment by TIAA. These Lifecycle Funds are reported under separate cover. At March 31, 2005, TIAA had remaining seed money investment in the Funds as follows:

    Value of TIAA’S Seed Money Investment at March 31, 2005 
    Retirement    Institutional    Retail       
    Class    Class    Class    Total 
Large-Cap Growth Index Fund    $ 129,927    $  729,556    $  —    $  859,483 
Large-Cap Value Index Fund    151,414      —      —      151,414 
Mid-Cap Growth Index Fund    163,353      24,786,001      —      24,949,354 
Mid-Cap Value Index Fund    169,458      38,534,379      —      38,703,837 
Mid-Cap Blend Index Fund    168,019      13,433,597      —      13,601,616 
Small-Cap Growth Index Fund    164,311      66,992,769      —      67,157,080 
Small-Cap Value Index Fund    165,707      60,361,478      —      60,527,185 
Small-Cap Blend Index Fund    160,943      16,415,391      —      16,576,334 
International Equity Index Fund    161,087      9,478,179      —      9,639,266 
Real Estate Securities Fund    171,877      172,658    13,763,258      14,107,793 

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned subsidiary of TIAA. The Funds offer up to three share classes although any one Fund may not necessarily offer all three classes. The Retirement Class shares are offered exclusively through accounts established by employers, or the trustees of plans sponsored by employers, with TIAA-CREF Individual and Institutional Services, LLC (“Services”), a broker-dealer affiliate of TIAA, in connection with certain employee benefit plans. The Institutional Class shares are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition saving plans, who have entered into a contract with an affiliate of TIAA. The Retail Class shares are offered directly to the investing public. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers,

274   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

 

Notes to financial statements (unaudited)
continued

Inc. Teachers Advisors Inc. (“Advisors”), a wholly-owned subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds.

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

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

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

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   275

Notes to financial statements (unaudited)
continued

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

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

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

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

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

276   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

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

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

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

Note 2—management agreement

Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund’s net assets, based on the average daily net assets of each Fund. Under the terms of a Service Agreement, each Fund Class pays Advisors a monthly fee based on the average daily net assets of each Fund Class for providing transfer agency, accounting and administration services. Various other expenses (including custody, audit, regulatory and trustee fees) are borne directly by the Funds/Classes. Advisors has voluntarily agreed to partially reimburse the Funds for the various other expenses. The total

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   277

Notes to financial statements (unaudited)
continued

reimbursement to the Funds for the six months ended March 31, 2005 was $23,000. Advisors will receive the following annual percentages of each Fund’s / Classes’ average daily net assets for investment management and service agreement fees:

   
Investment
   
Management
   
Fee
Service Agreement Fee
   
All
Retirement
Institutional
Retail
   
Classes
Class
Class
Class
Growth Equity Fund    0.08 %    —     0.04 %    —  
Growth & Income Fund    0.08 %    0.34 %    0.04 %    —  
International Equity Fund    0.09 %    0.34 %    0.03 %    —  
Large-Cap Value Fund    0.08 %    0.34 %    0.04 %    0.33 % 
Mid-Cap Growth Fund    0.08 %    0.34 %    0.04 %    0.33 % 
Mid-Cap Value Fund    0.08 %    0.34 %    0.04 %    0.33 % 
Small-Cap Equity Fund    0.08 %    0.34 %    0.04 %    0.19 % 
Large-Cap Growth Index Fund    0.04 %    0.34 %    0.02 %    —  
Large-Cap Value Index Fund    0.04 %    0.34 %    0.02 %    —  
Equity Index Fund    0.04 %    —     0.02 %    —  
S&P 500 Index Fund    0.04 %    0.34 %    0.02 %    —  
Mid-Cap Growth Index Fund    0.04 %    0.34 %    0.02 %    —  
Mid-Cap Value Index Fund    0.04 %    0.34 %    0.02 %    —  
Mid-Cap Blend Index Fund    0.04 %    0.34 %    0.02 %    —  
Small-Cap Growth Index Fund    0.04 %    0.34 %    0.02 %    —  
Small-Cap Value Index Fund    0.04 %    0.34 %    0.02 %    —  
Small-Cap Blend Index Fund    0.04 %    0.34 %    0.02 %    —  
International Equity Index Fund    0.04 %    0.34 %    0.03 %    —  
Real Estate Securities Fund    0.09 %    0.34 %    0.04 %    0.33 % 
Social Choice Equity Fund    0.04 %    0.34 %    0.02 %    —  
Bond Fund    0.08 %    —     0.04 %    —  
Inflation-Linked Bond Fund    0.09 %    —     0.03 %    0.18 % 
Money Market Fund    0.04 %    —     0.03 %    —  

278   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

To limit the Funds’/Classes’ expenses, Advisors has agreed to reimburse the Funds if expenses, as described above, exceed the percentages listed below.

    Retirement   Institutional   Retail
    Class   Class   Class
Growth Equity Fund    —     0.14 %    —  
Growth & Income Fund    0.44 %    0.14 %    —  
International Equity Fund    0.55 %    0.20 %    —  
Large-Cap Value Fund    0.48 %    0.14 %    0.44 % 
Mid-Cap Growth Fund    0.48 %    0.15 %    0.44 % 
Mid-Cap Value Fund    0.48 %    0.15 %    0.44 % 
Small-Cap Equity Fund    0.48 %    0.15 %    0.30 % 
Large-Cap Growth Index Fund    0.42 %    0.08 %    —  
Large-Cap Value Index Fund    0.44 %    0.08 %    —  
Equity Index Fund    —     0.08 %    —  
S&P 500 Index Fund    0.44 %    0.08 %    —  
Mid-Cap Growth Index Fund    0.44 %    0.08 %    —  
Mid-Cap Value Index Fund    0.44 %    0.08 %    —  
Mid-Cap Blend Index Fund    0.44 %    0.08 %    —  
Small-Cap Growth Index Fund    0.44 %    0.08 %    —  
Small-Cap Value Index Fund    0.44 %    0.08 %    —  
Small-Cap Blend Index Fund    0.44 %    0.08 %    —  
International Equity Index Fund    0.50 %    0.15 %    —  
Real Estate Securities Fund    0.47 %    0.16 %    0.45 % 
Social Choice Equity Fund    0.44 %    0.10 %    —  
Bond Fund    —     0.14 %    —  
Inflation-Linked Bond Fund    —     0.14 %    0.30 % 
Money Market Fund    —     0.09 %    —  

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   279

Notes to financial statements (unaudited)
continued

Note 3—investments

At March 31, 2005, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

   
Net Unrealized
 
   
Gross Unrealized 
Gross Unrealized 
Appreciation/
 
   
Appreciation 
Depreciation 
(Depreciation)
 
Growth Equity Fund    $ 4,766,657    $ 6,642,612    $ (1,875,955 ) 
Growth & Income Fund    13,440,363    18,234,873    (4,794,510 ) 
International Equity Fund    83,928,566    7,727,262    76,201,304  
Large-Cap Value Fund    32,714,113    10,177,622    22,536,491  
Mid-Cap Growth Fund    21,713,049    3,727,715    17,985,334  
Mid-Cap Value Fund    31,127,282    5,137,576    25,989,706  
Small-Cap Equity Fund    19,020,035    13,152,296    5,867,739  
Large-Cap Growth Index Fund    11,149,663    8,240,196    2,909,467  
Large-Cap Value Index Fund    40,884,920    2,567,610    38,317,310  
Equity Index Fund    150,469,636    12,776,791    137,692,845  
S&P 500 Index Fund    38,666,470    7,577,905    31,088,565  
Mid-Cap Growth Index Fund    7,778,716    694,495    7,084,221  
Mid-Cap Value Index Fund    12,624,073    572,940    12,051,133  
Mid-Cap Blend Index Fund    17,753,805    912,046    16,841,759  
Small-Cap Growth Index Fund    18,979,933    4,796,393    14,183,540  
Small-Cap Value Index Fund    15,878,284    2,427,425    13,450,859  
Small-Cap Blend Index Fund    36,439,868    6,175,618    30,264,250  
International Equity Index Fund    28,744,833    453,964    28,290,869  
Real Estate Securities Fund    16,312,997    17,358,164    (1,045,167 ) 
Social Choice Equity Fund    18,387,489    9,871,034    8,516,455  
Bond Fund    5,572,178    14,057,409    (8,485,231 ) 
Inflation-Linked Bond Fund    8,569,093    169,721    8,399,372  

At March 31, 2005, the S&P 500 Index Fund held the following open futures contracts:

   
Number of 
Unrealized 
   
Contracts 
Market Value 
Expiration Date 
Gain (Loss) 
 
E-mini S&P 500 Index 
 
19 
$1,124,705 
June 2005 
$4,275 

280   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

At March 31, 2005, the following Funds held open forward foreign currency contracts as follows:

   
Value of
                   
   
Contract When
   
Value of Contract
Market Value
Unrealized
 
   
Local
Opened (Local
   
When Opened
of Contract
Gain/(Loss)
 
   
Currency
Currency)
   
(U.S. Dollars)
(U.S. Dollars)
(U.S. Dollars)
 
International Equity Fund                           
Contracts to Sell                           
Expiring April 5, 2005     GBP    (2,565,496 )    $  (4,844,939 )    $  (4,847,757 )    $  (2,818 ) 
 
 
International Equity Index Fund                       
Contracts to Buy                           
Expiring April 5, 2005     AUD    3,909,464     $  3,015,487     $  3,024,166     $  8,679  
Expiring April 5, 2005     CHF    4,859,096       4,059,734       4,076,765       17,031  
Expiring April 5, 2005     DKK    2,041,794       354,811       356,197       1,386  
Expiring April 5, 2005     DKK    88,110       15,339       15,371       32  
Expiring April 5, 2005     EUR    11,773,163       15,234,238       15,300,990       66,752  
Expiring April 5, 2005     EUR    849,855       1,102,347       1,104,515       2,168  
Expiring April 5, 2005     GBP    6,379,273       11,991,120       12,054,264       63,144  
Expiring April 5, 2005       JPY    1,347,272,112       12,545,017       12,596,037       51,020  
Expiring April 5, 2005     NOK    2,431,882       384,767       385,133       366  
Expiring April 5, 2005     NZD    108,960       77,325       77,683       358  
Expiring April 5, 2005     SEK    9,854,736       1,397,636       1,399,184       1,548  
Expiring April 5, 2005     SGD    697,685       422,637       423,019       382  
 
Net unrealized appreciation:                    $  212,866  
                   
 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   281

Notes to financial statements (unaudited)
continued

Purchases and sales of securities, other than short-term money market instruments, for the Funds, other than the Money Market Fund, for the six months ended March 31, 2005, were as follows:

   
Non-Government 
Government 
Non-Government 
Government 
   
Purchases 
Purchases 
Sales 
Sales 
Growth Equity Fund    $ 77,463,370     $  —     $  68,518,955     $  — 
Growth & Income Fund    675,032,467      —      1,049,139,276      — 
International Equity Fund    542,823,888      —      480,686,171      — 
Large-Cap Value Fund    382,558,825      —      194,716,146      — 
Mid-Cap Growth Fund    103,453,241      —      80,255,960      — 
Mid-Cap Value Fund    218,363,634      —      106,913,361      — 
Small-Cap Equity Fund    480,577,634      —      411,457,689      — 
Large-Cap Growth Index Fund    359,010,754      —      40,162,574      — 
Large-Cap Value Index Fund    235,896,736      —      53,381,871      — 
Equity Index Fund    99,936,910      —      274,772,871      — 
S&P 500 Index Fund    262,085,603      —      52,576,641      — 
Mid-Cap Growth Index Fund    746,072      —      993,743      — 
Mid-Cap Value Index Fund    2,750,424      —      2,865,998      — 
Mid-Cap Blend Index Fund    10,004,489      —      6,313,140      — 
Small-Cap Growth Index Fund    15,601,825      —      15,364,658      — 
Small-Cap Value Index Fund    13,249,419      —      14,231,681      — 
Small-Cap Blend Index Fund    39,809,786      —      39,008,740      — 
International Equity Index Fund    72,974,145      —      13,407,608      — 
Real Estate Securities Fund    559,053,312      —      457,397,915      — 
Social Choice Equity Fund    30,923,280      —      4,393,442      — 
Bond Fund    156,250,971      454,665,960      107,081,838      264,966,102 
Inflation-Linked Bond Fund    —      790,833,775      —      824,804,590 

Note 4—trustee fees

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

282   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

Note 5—shareholder transactions

   
Growth Equity Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
   
 
      Amount     Shares     Amount     Shares  
Institutional Class:                   
Subscriptions     $  44,866,796     6,815,338     $ 40,309,361     6,268,706  
Reinvestment of distributions      903,312     132,255     553,000     85,604  
Exchanges      —     —     (28,092 )    (4,352 ) 
Redemptions      (36,505,838 )    (5,454,011 )    (49,416,094 )    (7,655,640 ) 
Net increase (decrease)     $  9,264,270     1,493,582     $ (8,581,825 )    (1,305,682 ) 
 
   
Growth & Income Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
   
 
      Amount     Shares     Amount     Shares  
Retirement Class:                   
Subscriptions    $  12,073,522     1,391,787     $ 28,381,591     3,475,963  
Reinvestment of distributions      363,969     41,494     258,069     31,374  
Redemptions      (3,555,896 )    (409,993 )    (1,609,115 )    (196,803 ) 
Net increase    $  8,881,595     1,023,288     $ 27,030,545     3,310,534  
 
Institutional Class:                   
Subscriptions    $  82,690,398     9,626,158     $ 220,573,422     27,168,987  
Reinvestment of distributions      6,185,093     707,223     7,852,376     958,729  
Exchanges      —     —     (77,499 )    (9,481 ) 
Redemptions (Note 8)      (482,399,098 )    (55,352,143 )    (161,390,654 )    (19,689,627 ) 
Net increase (decrease)    $  (393,523,607 )    (45,018,762 )    $ 66,957,645     8,428,608  

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   283

Notes to financial statements (unaudited)
continued

 

   
International Equity Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005     September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:                   
Subscriptions    $  137,599,013     12,172,998     $ 108,024,691     10,632,008  
Reinvestment of distributions      6,914,417     618,463     37,317     3,721  
Redemptions      (46,329,372 )    (4,134,479 )    (44,281,225 )    (4,394,421 ) 
Net increase    $  98,184,058     8,656,982     $ 63,780,783     6,241,308  
 
Institutional Class:                   
Subscriptions    $  69,432,959     6,263,910     $ 168,837,193     16,812,059  
Reinvestment of distributions      31,946,874     2,928,208     5,524,078     563,107  
Exchanges      —     —     (70,883 )    (6,903 ) 
Redemptions      (97,078,804 )    (8,732,538 )    (93,566,039 )    (9,168,654 ) 
Net increase    $  4,301,029     459,580     $ 80,724,349     8,199,609  
 
   
Large-Cap Value Fund
     
For the Six Months
For the Year
 
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:                   
Subscriptions    $  67,886,116     4,807,486     $ 68,330,772     5,240,334  
Reinvestment of distributions      7,925,237     560,087     1,106,174     87,514  
Redemptions      (11,661,846 )    (835,175 )    (13,452,140 )    (1,019,498 ) 
Net increase    $  64,149,507     4,532,398     $ 55,984,806     4,308,350  
 
Institutional Class:                   
Subscriptions    $  120,285,033     8,516,253     $ 15,538,789     1,205,912  
Reinvestment of distributions      466,404     33,102     102,938     8,169  
Redemptions      (1,815,975 )    (128,363 )    (2,053,631 )    (159,014 ) 
Net increase    $  118,935,462     8,420,992     $ 13,588,096     1,055,067  
 
Retail Class:                   
Subscriptions    $  15,690,415     1,132,335     $ 17,697,831     1,384,632  
Reinvestment of distributions      12,711,732     915,641     5,581,846     447,090  
Exchanges      4,409,801     321,371     17,068,267     1,298,327  
Redemptions      (6,730,072 )    (480,761 )    (2,447,926 )    (186,815 ) 
Net increase    $  26,081,876     1,888,586     $ 37,900,018     2,943,234  

284   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

 

             Mid-Cap Growth Fund      
     
For the Six Months
For the Year
 
     
Ended
Ended
 
      March 31, 2005    
September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  23,549,427     1,532,236    
$
68,219,765     4,699,551  
Reinvestment of distributions      3,722,900     238,189    
1,648,689     116,350  
Redemptions      (10,958,512 )    (722,846 )   
(21,682,610
)    (1,540,986 ) 
Net increase    $  16,313,815     1,047,579    
$
48,185,844     3,274,915  
 
Institutional Class:             
     
Subscriptions (Note 8)    $  14,372,190     936,395    
2,203,613     153,729  
Reinvestment of distributions      79,187     5,041    
27,672     1,949  
Redemptions      (214,572 )    (14,106 )   
(619,865 )    (42,965 ) 
Net increase    $  14,236,805     927,330    
1,611,420     112,713  
 
Retail Class:             
     
Subscriptions    $  5,675,439     370,198    
$
25,836,844     1,792,547  
Reinvestment of distributions      2,150,315     137,332    
1,221,595     86,257  
Exchanges      (3,232,494 )    (216,655 )   
3,359,516     219,016  
Redemptions      (3,729,595 )    (247,266 )   
(5,501,760 )    (385,710 ) 
Net increase    $  863,665     43,609    
$
24,916,195     1,712,110  
 
   
Mid-Cap Value Fund
     
For the Six Months
For the Year
 
     
Ended
Ended
 
     
March 31, 2005
September 30, 2004
 
 
     
Amount
Shares
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  91,380,040     5,770,958    
$
84,790,753     6,129,080  
Reinvestment of distributions      6,496,574     404,771    
1,210,066     90,506  
Redemptions      (10,884,824 )    (681,744 )   
(15,524,190
)    (1,114,591 ) 
Net increase    $  86,991,790     5,493,985    
$
70,476,629     5,104,995  
 
Institutional Class:             
     
Subscriptions    $  14,907,900     944,951    
$
3,895,131     283,019  
Reinvestment of distributions      144,605     9,004    
76,386     5,705  
Redemptions      (757,641 )    (48,467 )   
(910,938 )    (65,191 ) 
Net increase    $  14,294,864     905,488    
$
3,060,579     223,533  
 
Retail Class:             
     
Subscriptions    $  12,923,492     828,037    
$
17,732,643     1,297,543  
Reinvestment of distributions      2,506,619     157,928    
780,846     58,936  
Exchanges      12,427,076     791,889    
13,250,783     965,460  
Redemptions      (2,964,659 )    (191,014 )   
(3,601,360 )    (260,782 ) 
Net increase    $  24,892,528     1,586,840    
$
28,162,912     2,061,157  

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   285

Notes to financial statements (unaudited)
continued

 

   
Small-Cap Equity Fund
     
For the Six Months
For the Year
 
     
Ended
Ended
 
      March 31, 2005    
September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  61,004,117     4,031,070    
$
121,058,196     8,589,669  
Reinvestment of distributions      7,697,878     497,600    
3,788,891     277,371  
Redemptions      (36,043,088 )    (2,410,671 )   
(40,007,801 )    (2,966,741 ) 
Net increase    $  32,658,907     2,117,999    
$
84,839,286     5,900,299  
 
Institutional Class:             
     
Subscriptions    $  47,993,053     3,221,739    
$
28,588,554     2,055,677  
Reinvestment of distributions      1,789,247     114,990    
1,168,635     85,239  
Redemptions      (3,127,484 )    (206,382 )   
(6,032,530 )    (435,171 ) 
Net increase    $  46,654,816     3,130,347    
$
23,724,659     1,705,745  
 
Retail Class:             
     
Subscriptions    $  7,176,105     479,866    
$
22,421,679     1,608,422  
Reinvestment of distributions      3,493,722     226,920    
2,869,958     211,013  
Exchanges      (2,618,078 )    (178,502 )   
9,837,058     676,736  
Redemptions      (5,690,737 )    (380,082 )   
(4,808,606 )    (346,917 ) 
Net increase    $  2,361,012     148,202    
$
30,320,089     2,149,254  
 
   
Large-Cap Growth Index Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  2,597,440     236,237    
$
19,143,418     1,794,112  
Reinvestment of distributions      444,980     39,484    
33,376     3,070  
Redemptions      (1,753,506 )    (160,147 )   
(780,082 )    (71,150 ) 
Net increase    $  1,288,914     115,574    
$
18,396,712     1,726,032  
 
Institutional Class:             
     
Seed money redemptions    $  (4,881,000 )    (448,092 )   
$
(25,437,000
)    (2,314,112 ) 
Subscriptions (Note 8)      363,019,741     33,693,111    
27,693,155     2,519,403  
Reinvestment of distributions      753,429     67,816    
5,145,089     478,168  
Exchanges      —     —    
24,311     2,274  
Redemptions      (40,589,231 )    (3,846,599 )   
(2,736,597 )    (250,524 ) 
Net increase    $  318,302,939     29,466,236    
$
4,688,958     435,209  

286   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

 

   
Large-Cap Value Index Fund
      For the Six Months    
For the Year  
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004  
      Amount     Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  270,000     19,428    
$
20,330     1,626  
Reinvestment of distributions      12,807     929    
7,756     625  
Redemptions      (7,077 )    (511 )   
(14,038 )    (1,135 ) 
Net increase    $  275,730     19,846    
$
14,048     1,116  
 
Institutional Class:             
     
Seed money redemptions    $  —     —    
$
(20,743,148
)    (1,676,341 ) 
Subscriptions (Note 8)      223,837,695     16,532,020    
76,547,326     6,065,149  
Reinvestment of distributions      6,668,431     485,327    
4,531,554     366,927  
Exchanges      —     —    
4,049     324  
Redemptions      (43,130,853 )    (3,182,421 )   
(21,321,969
)    (1,671,018 ) 
Net increase    $  187,375,273     13,834,926    
$
39,017,812     3,085,041  
 
   
Equity Index Fund
      For the Six Months    
For the Year  
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004  
      Amount     Shares    
Amount
    Shares  
Institutional Class:             
     
Subscriptions    $  196,916,886     20,971,473    
$
331,159,781     37,893,213  
Reinvestment of distributions      11,064,982     1,152,598    
19,868,882     2,283,780  
Exchanges      —     —    
(7,879 )    (886 ) 
Redemptions (Note 8)      (387,993,476 )    (41,544,489 )   
(1,047,747,818
)    (121,467,726 ) 
Net decrease    $  (180,011,608 )   
(19,420,418
)  
$
(696,727,034
)    (81,291,619 ) 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   287

Notes to financial statements (unaudited)
continued

 

   
S&P 500 Index Fund
      For the Six Months  
For the Year
 
     
Ended
 
Ended
 
      March 31, 2005   September 30, 2004  
 
     
Amount
    Shares  
Amount
    Shares  
Retirement Class:                 
Subscriptions    $  57,179,529     4,229,380   $ 52,420,025     4,094,161  
Reinvestment of distributions      1,834,726     133,241   100,603     7,878  
Redemptions      (36,107,888 )    (2,670,694 ) 
(12,628,716
)    (980,532 ) 
Net increase    $  22,906,367     1,691,927   $ 39,891,912     3,121,507  
 
Institutional Class:                 
Seed money redemptions    $  —     —  
(29,559,528
)    (2,352,318 ) 
Subscriptions (Note 8)      206,465,905     15,487,904   $ 139,310,526     10,908,280  
Reinvestment of distributions      4,499,272     327,936   963,580     75,813  
Exchanges      —     —   66,317     5,201  
Redemptions      (15,675,529 )    (1,165,051 ) 
(31,221,387
)    (2,398,074 ) 
Net increase    $  195,289,648     14,650,789   $ 79,559,508     6,238,902  
 
   
Mid-Cap Growth Index Fund
      For the Six Months  
For the Year
 
     
Ended
 
Ended
 
      March 31, 2005   September 30, 2004  
 
     
Amount
    Shares  
Amount
    Shares  
Retirement Class:                 
Subscriptions       $  5,224     391   $ 63,339     4,734  
Reinvestment of distributions      36,767     2,781   42,267     3,325  
Redemptions      (1,352 )    (106 )  (62,524 )    (4,770 ) 
Net increase       $  40,639     3,066   $ 43,082     3,289  
 
Institutional Class:                 
Seed money redemptions       $  (339,000 )    (24,689 )    $
(1,036,000
)    (76,608 ) 
Subscriptions      362,500     26,926   758,554     56,618  
Reinvestment of distributions      2,371,673     179,129   2,855,448     224,837  
Redemptions      (165,776 )    (12,527 )  (49,390 )    (3,683 ) 
Net increase       $  2,229,397     168,839     $ 2,528,612     201,164  

288   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

 

   
Mid-Cap Value Index Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004
 
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  25,186     1,618    
$
(98,292 )    (9,129 ) 
Reinvestment of distributions      18,676     1,257    
5,967     456  
Redemptions      (1,696 )    (114 )   
(45,274 )    (3,381 ) 
Net increase (decrease)    $  42,166     2,761    
$
(137,599 )    (12,054 ) 
 
Institutional Class:             
     
Seed money redemptions    $  (571,000 )    (37,750 )   
$
(1,315,000
)    (100,110 ) 
Subscriptions      660,500     43,680    
1,206,302     91,522  
Reinvestment of distributions      2,974,868     200,328    
1,298,757     99,445  
Redemptions      (225,824 )    (15,065 )   
(120,662 )    (8,049 ) 
Net increase    $  2,838,544     191,193    
$
1,069,397     82,808  
 
   
Mid-Cap Blend Index Fund
     
For the Six Months
For the Year
 
     
Ended
Ended
 
     
March 31, 2005
September 30, 2004
 
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  3,597,830     240,023    
$
318,447     23,241  
Reinvestment of distributions      50,992     3,320    
13,405     985  
Redemptions      (149,846 )    (9,855 )   
(77,609 )    (5,540 ) 
Net increase    $  3,498,976     233,488    
$
254,243     18,686  
 
Institutional Class:             
     
Seed money redemptions    $  (2,371,000 )    (156,279 )   
$
(14,273,000
)    (1,032,462 ) 
Subscriptions      7,371,866     486,320    
19,795,536     1,435,893  
Reinvestment of distributions      845,737     55,349    
893,355     65,882  
Redemptions      (2,693,467 )    (177,742 )   
(2,701,943
)    (194,990 ) 
Net increase    $  3,153,136     207,648    
$
3,713,948     274,323  

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   289

Notes to financial statements (unaudited)
continued

   
Small-Cap Growth Index Fund
    For the Six Months    
For the Year
 
   
Ended
   
Ended
 
    March 31, 2005     September 30, 2004  
 
   
Amount
    Shares    
Amount
    Shares  
Retirement Class:                 
Subscriptions    $ 6,239,301     426,713     $ 7,186,412     502,522  
Reinvestment of distributions    42,048     2,803     11,170     789  
Redemptions    (5,328,238 )    (363,246 )    (7,121,546 )    (497,553 ) 
Net increase    $ 953,111     66,270     $ 76,036     5,758  
 
Institutional Class:                 
Seed money redemptions    $ (50,000 )    (3,294 )    $ (2,289,000 )    (161,180 ) 
Subscriptions    200,350     14,363     416,910     28,879  
Reinvestment of distributions    8,157,474     572,053     3,691,303     260,869  
Redemptions    (272,875 )    (19,247 )    (259,642 )    (17,892 ) 
Net increase    $ 8,034,949     563,875     $ 1,559,571     110,676  
 
   
Small-Cap Value Index Fund
    For the Six Months    
For the Year
 
   
Ended
   
Ended
 
    March 31, 2005     September 30, 2004  
 
   
Amount
    Shares    
Amount
    Shares  
Retirement Class:                 
Subscriptions    $ 4,779,270     338,149     $ 3,374,985     250,877  
Reinvestment of distributions    94,383     6,756     12,267     930  
Redemptions    (4,053,655 )    (289,522 )    (3,309,618 )    (246,032 ) 
Net increase    $ 819,998     55,383     $ 77,634     5,775  
 
Institutional Class:                 
Seed money redemptions    $ (1,310,000 )    (88,630 )    $ (3,356,000 )    (252,152 ) 
Subscriptions    1,643,000     113,192     2,276,098     170,420  
Reinvestment of distributions    8,199,307     592,008     4,487,195     340,455  
Redemptions    (1,546,343 )    (114,826 )    (345,323 )    (21,899 ) 
Net increase    $ 6,985,964     501,744     $ 3,061,970     236,824  

290   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

 

   
Small-Cap Blend Index Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $  48,610     3,197    
$
208,436     15,012  
Reinvestment of distributions      28,329     1,860    
12,757     910  
Redemptions      (23,841 )    (1,619 )   
(76,643 )    (5,313 ) 
Net increase    $  53,098     3,438    
$
144,550     10,609  
 
Institutional Class:             
     
Seed money redemptions    $  (2,827,000 )    (185,699 )   
$
(31,950,000
)    (2,286,420 ) 
Subscriptions      28,902,847     1,973,506    
55,347,872     3,917,081  
Reinvestment of distributions      8,812,379     578,998    
4,628,754     330,862  
Redemptions      (24,188,457 )    (1,695,862 )   
(16,461,117
)    (1,134,666 ) 
Net increase    $  10,699,769     670,943    
$
11,565,509     826,857  
 
   
International Equity Index Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:             
     
Subscriptions    $ 832,825     55,185    
$
641,541     47,432  
Reinvestment of distributions      28,617     1,869    
3,185     246  
Redemptions      (1,161,891 )    (76,677 )   
(518 )    (39 ) 
Net increase (decrease)    $ (300,449 )    (19,623 )   
$
644,208     47,639  
 
Institutional Class:             
     
Seed money redemptions    $  (4,473,000 )    (299,602 )   
$
(55,061,000
)    (4,139,136 ) 
Subscriptions      116,175,754     7,679,767    
54,740,586     4,114,417  
Reinvestment of distributions      1,510,442     99,699    
1,711,167     131,828  
Exchanges      —     —    
82,331     6,099  
Redemptions      (50,841,863 )    (3,360,177 )   
(2,577,912 )    (191,953 ) 
Net increase (decrease)    $  62,371,333     4,119,687    
$
(1,104,828 )    (78,745 ) 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   291

Notes to financial statements (unaudited)
continued

 

   
Real Estate Securities Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005    
September 30, 2004
 
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:                   
Subscriptions    $  53,668,820     3,732,554     $ 87,592,242     6,721,257  
Reinvestment of distributions      13,161,307     930,219     4,495,416     359,738  
Redemptions      (13,876,149 )    (1,011,911 )    (38,490,456 )    (3,090,343 ) 
Net increase    $  52,953,978     3,650,862     $ 53,597,202     3,990,652  
 
Institutional Class:                   
Subscriptions    $  60,474,855     4,516,663     $ 77,062,195     6,076,287  
Reinvestment of distributions      15,564,489     1,113,390     12,251,013     996,688  
Exchanges      —     —     3,067     260  
Redemptions      (22,878,280 )    (1,705,526 )    (46,451,130 )    (3,571,259 ) 
Net increase    $  53,161,064     3,924,527     $ 42,865,145     3,501,976  
 
Retail Class:                   
Seed money redemptions    $  —     —     $ (10,000,000 )    (794,912 ) 
Subscriptions      28,949,846     2,083,232     64,825,462     5,074,740  
Reinvestment of distributions      15,662,272     1,129,720     8,437,757     694,020  
Exchanges      2,886,548     173,299     9,031,534     660,114  
Redemptions      (15,475,440 )    (1,149,925 )    (23,711,783 )    (1,886,188 ) 
Net increase    $  32,023,226     2,236,326     $ 48,582,970     3,747,774  
 
   
Social Choice Equity Fund
      For the Six Months    
For the Year
 
     
Ended
   
Ended
 
      March 31, 2005     September 30, 2004  
 
     
Amount
    Shares    
Amount
    Shares  
Retirement Class:                   
Subscriptions    $  10,256,574     1,068,340     $ 21,466,222     2,385,065  
Reinvestment of distributions      536,549     54,417     51,990     5,822  
Redemptions      (2,774,798 )    (287,518 )    (2,948,785 )    (328,591 ) 
Net increase    $  8,018,325     835,239     $ 18,569,427     2,062,296  
 
Institutional Class:                   
Subscriptions    $  18,962,890     2,041,910     $ 30,118,599     3,405,478  
Reinvestment of distributions      1,508,826     155,070     642,990     73,150  
Redemptions      (1,471,786 )    (154,861 )    (5,514,178 )    (626,290 ) 
Net increase    $  18,999,930     2,042,119     $ 25,247,411     2,852,338  

292   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
continued

 

   
Bond Fund
      For the Six Months     For the Year  
     
Ended
   
Ended
 
      March 31, 2005     September 30, 2004  
 
      Amount     Shares     Amount     Shares  
Institutional Class:                   
Subscriptions    $  508,098,604     50,136,279     $ 407,305,489     39,163,261  
Reinvestment of distributions      22,256,948     2,182,178     58,218,624     5,655,826  
Exchanges      —     —     (393,679 )    (37,637 ) 
Redemptions      (249,299,008 )    (24,746,749 )    (918,327,906 )    (86,487,213 ) 
Net increase (decrease)    $  281,056,544     27,571,708     $ (453,197,472 )    (41,705,763 ) 
 
   
Inflation-Linked Bond Fund
      For the Six Months     For the Year  
     
Ended
   
Ended
 
      March 31, 2005     September 30, 2004  
 
      Amount     Shares     Amount     Shares  
Institutional Class:                   
Seed money redemptions    $  —     —     $ (114,884 )    (10,482 ) 
Subscriptions      152,664,231     14,218,492     250,218,699     23,411,152  
Reinvestment of distributions      10,500,302     982,292     14,582,034     1,381,350  
Exchanges      —     —     10,892     988  
Redemptions      (156,815,734 )    (14,763,425 )    (112,672,812 )    (10,452,289 ) 
Net increase    $  6,348,799     437,359     $ 152,023,929     14,330,719  
 
Retail Class:                   
Subscriptions    $ 12,700,820     1,191,745     $ 68,415,011     6,474,365  
Reinvestment of distributions      1,629,454     154,828     2,688,349     257,864  
Exchanges      4,742,273     445,073     6,862,441     640,348  
Redemptions      (51,108,499 )    (4,749,840 )    (3,488,257 )    (331,590 ) 
Net increase (decrease)    $  (32,035,952 )    (2,958,194 )    $ 74,477,544     7,040,987  
 
   
Money Market Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
 
      Amount     Shares     Amount     Shares  
Institutional Class:                   
Subscriptions    $ 38,972,793     38,972,793     $ 135,606,728     135,606,728  
Reinvestment of distributions      2,014,069     2,014,069     1,788,218     1,788,218  
Exchanges      —     —     377,582     377,582  
Redemptions      (41,353,394 )    (41,353,394 )    (133,245,429 )    (133,245,429 ) 
Net increase (decrease)    $  (366,532 )    (366,532 )    $ 4,527,099     4,527,099  

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   293

Notes to financial statements (unaudited)
continued

Note 6—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended September 30, 2004 were as follows:

   
For the Year Ended September 30, 2004 
   
Ordinary Income 
Long-term Capital Gain 
Total 
Growth Equity Fund   
$ 
956,725   
$ 
—    $    956,725 
Growth & Income Fund      9,033,183      —    9,033,183 
International Equity Fund      7,331,735      —    7,331,735 
Large-Cap Value Fund      7,513,623      296,899    7,810,522 
Mid-Cap Growth Fund      2,443,048      543,630    2,986,678 
Mid-Cap Value Fund      2,230,692      25,397    2,256,089 
Small-Cap Equity Fund      7,773,988    1,151,966    8,925,954 
Large-Cap Growth Index Fund      2,553,295    3,514,966    6,068,261 
Large-Cap Value Index Fund      4,942,569      35,762    4,978,331 
Equity Index Fund      25,158,332      —    25,158,332   
S&P 500 Index Fund      1,356,702      —    1,356,702 
Mid-Cap Growth Index Fund      2,117,660      927,532    3,045,192 
Mid-Cap Value Index Fund      1,361,713      30,378    1,392,091 
Mid-Cap Blend Index Fund      1,680,233      26,672    1,706,905 
Small-Cap Growth Index Fund      3,518,377      278,568    3,796,945 
Small-Cap Value Index Fund      4,881,828      64,351    4,946,179 
Small-Cap Blend Index Fund      5,095,154      122,972    5,218,126 
International Equity Index Fund      2,009,463      15,121    2,024,584 
Real Estate Securities Fund      30,433,252      469,655    30,902,907   
Social Choice Equity Fund      922,721      —       922,721 
Bond Fund      70,421,192    4,558,311    74,979,503   
Inflation-Linked Bond Fund      17,875,397      607,518    18,482,915   
Money Market Fund      1,798,115      —    1,798,115 

The tax character of the fiscal year 2005 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds, except the Bond and Money Market Funds, participate in a $2.25 billion unsecured revolving credit facility that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the six months ended March 31, 2005, the

294   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Institutional Class

Notes to financial statements (unaudited)
concluded

Growth & Income Fund borrowed under this facility. The average daily loan balance during the five day period for which the loan was outstanding amounted to $17 million and the weighted average interest rate was 2.66% . The related interest expense was $6,281. During the six months ended March 31, 2005, the Equity Index Fund borrowed under this facility. The average daily loan balance during the one day for which the loan was outstanding amounted to $150 million and the weighted average interest rate was 2.66% . The related interest expense was $11,083. For the six months ended March 31, 2005, there were no other borrowings under this credit facility by the Funds.

The Bond Fund participates in a letter of credit agreement in the amount of $3 million for the purpose of facilitating the settlement of transactions in the mortgage-backed securities market. For the six months ended March 31, 2005, there were no drawdowns under this agreement.

Note 8—in-kind transactions

For the six months ended March 31, 2005, the Institutional Class of the following Funds had in-kind transactions consisting of marketable securities, which are included in subscriptions and redemptions in shareholder transactions in Note 5:

in-kind redemptions     
Growth & Income Fund    $ 61,468,036 
Equity Index Fund    66,283,983 
     
in-kind subscriptions     
Mid-Cap Growth Fund    $ 1,310,100 
S&P 500 Index Fund    62,764,341 
Large-Cap Value Index Fund    12,211,226 
Large-Cap Growth Index Fund    51,466,352 

2005 Semiannual Report
Institutional Class • TIAA-CREF Institutional Mutual Funds
 |   295

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TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2005 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
New York, NY 10017

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Printed on recycled paper A10844
C33266 05/05

 

 

2005 SEMIANNUAL REPORT
TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS

RETIREMENT CLASS

MARCH 31, 2005
Financial statements (unaudited) including summary portfolios of investments


Growth & Income  Mid-Cap Growth Index 
International Equity  Mid-Cap Value Index 
Large-Cap Value  Mid-Cap Blend Index 
Mid-Cap Growth  Small-Cap Growth Index 
Mid-Cap Value  Small-Cap Value Index 
Small-Cap Equity  Small-Cap Blend Index 
Large-Cap Growth Index  International Equity Index 
Large-Cap Value Index  Real Estate Securities 
S&P 500 Index  Social Choice Equity 
   
   
   
   
  Sign up for electronic delivery at
www.tiaa-cref.org/howto/edelivery.html

 




 

PERFORMANCE OVERVIEW AS OF MARCH 31, 2005

       
Average annual compound rates
       
of total return
 
Retirement Class    Inception date   
1 year
  Since inception
EQUITIES             
Growth & Income Fund    10/1/2002    5.67 %    15.97 % 
International Equity Fund    10/1/2002    12.20     25.08  
Large-Cap Value Fund    10/1/2002    13.92     24.41  
Mid-Cap Growth Fund    10/1/2002    9.52     26.97  
Mid-Cap Value Fund    10/1/2002    19.11     30.52  
Small-Cap Equity Fund    10/1/2002    5.97     25.78  
Large-Cap Growth Index Fund    10/1/2002    0.55     14.35  
Large-Cap Value Index Fund    10/1/2002    12.67     21.72  
S&P 500 Index Fund    10/1/2002    6.20     17.44  
Mid-Cap Growth Index Fund    10/1/2002    7.82     24.99  
Mid-Cap Value Index Fund    10/1/2002    17.80     27.11  
Mid-Cap Blend Index Fund    10/1/2002    13.52     26.24  
Small-Cap Growth Index Fund    10/1/2002    5.25     25.44  
Small-Cap Value Index Fund    10/1/2002    9.56     25.98  
Small-Cap Blend Index Fund    10/1/2002    4.96     24.46  
International Equity Index Fund    10/1/2002    14.59     25.04  
Real Estate Securities Fund    10/1/2002    10.57     26.41  
Social Choice Equity Fund    10/1/2002    5.64     18.35  
                 

The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.

 

A better way to keep track of your investments

Many of our investors received this report electronically. That is the fastest way we can get information to you—because it avoids the time required to print the reports, bind them and deliver them by mail.

     Electronic delivery also enables you to save the report on your computer for easy reference tomorrow or a year from now. You can sign up for e-delivery at TIAA-CREF’s Web Center at www.tiaa-cref.org/howto/edelivery.html.

     We want to remind you that, beginning with the 2004 Annual Report, which was published at the end of November, the financial reports for the TIAA-CREF Institutional Mutual Funds list each fund’s 50 largest holdings or any holding that constitutes more than 1% of a fund’s portfolio. A complete list of each fund’s holdings is on file with the Securities and Exchange Commission. For details on how to obtain this information, please see page four.

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

Contents

Report to investors    2   
   Small-Cap Growth Index Fund 
  57 
       
   Small-Cap Value Index Fund 
  61 
More information for investors    4       Small-Cap Blend Index Fund    65 
           International Equity Index Fund    69 
Special terms    5       Real Estate Securities Fund    73 
           Social Choice Equity Fund        77 
Understanding investment risk    6             
        Summary portfolios of investments    81 
Important information about expenses 
  8             
        Financial statements         
Fund performance           Statements of assets and liabilities    158 
   Growth & Income Fund    9       Statements of operations        164 
   International Equity Fund    13       Statements of changes in net assets    170 
   Large-Cap Value Fund    17           Financial highlights        182 
   Mid-Cap Growth Fund    21       Notes to financial statements    218 
   Mid-Cap Value Fund    25             
   Small-Cap Equity Fund    29    How to reach us    Inside back cover 
   Large-Cap Growth Index Fund    33             
   Large-Cap Value Index Fund    37         
   S&P 500 Index Fund    41             
   Mid-Cap Growth Index Fund    45             
   Mid-Cap Value Index Fund    49             
   Mid-Cap Blend Index Fund    53             
                 

Report to investors

The following report contains the performance and financial statements for the Retirement Share Class of the TIAA-CREF Institutional Mutual Funds for the six-month period that ended on March 31, 2005. The financial statements include information about other share classes, which are not the subject of this report.

In our continuing efforts to provide the best possible investment performance for our clients, TIAA-CREF has developed an approach to investing that is grounded in three key principles.

     Because we believe that the most important element of a successful investment plan is a well-crafted and consistently executed asset allocation plan, TIAA-CREF Institutional Mutual Funds offer funds that remain true to their stated investment objectives; each one maintains pure exposure to the asset class it invests in.

     We also believe that funds achieve better results by remaining fully invested in the market at all times rather than by moving into and out of the market in response to its ups and downs. The fourth quarter of 2004, which produced the lion’s share of the last year’s advance in the U.S. stock market, shows how gains can be concentrated in fleeting periods.

     Finally, we believe that close attention to expenses is crucial to achieving favorable long-term investment performance.

     Periods of changing market conditions, such as the six-month period that ended March 31, 2005, represent an opportunity to evaluate the effectiveness of our strategies in comparison to alternative approaches. During this period, both equity and bond markets experienced reversals caused by wide swings in investor sentiment.

     In the fourth quarter of 2004, stock markets rose sharply. The Russell 3000® Index, which measures a broad range of U.S. stocks, was up 10.16%, and the Morgan Stanley EAFE® Index, which tracks many foreign markets, rose 15.21%. The investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index, returned 0.95%.

     During the first quarter of 2005, prospects for economic growth weakened, and the Russell 3000 gave back 2.20%. Foreign stocks lost 0.17%. Higher bond yields pushed bond prices down, and the Lehman index posted a 0.48% drop.

     Over this six-month period, our funds delivered competitive returns in nearly every category. Of the 18 funds in the TIAA-CREF Institutional Mutual Funds Retirement Share Class, nine posted double-digit returns, while the Russell 3000 returned 7.73%.

     TIAA-CREF Institutional Mutual Funds provide investors with a choice of active, indexed and socially screened investment strategies. Many of our active funds utilize an integrated

2   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class


Scott C. Evans
Executive Vice President and
Chief Investment Officer

approach to portfolio construction that combines research-based stock selection techniques with quantitative risk-management methods, seeking to outperform their benchmarks within carefully managed levels of risk.

     Of the five funds that use this integrated approach, the Mid-Cap Value Fund provided the highest degree of outperformance, returning 17.04%, versus 14.34% for its benchmark, the Russell Midcap® Value Index, and the 10.81% return for the fund’s peers in the Morningstar Mid-Cap Value category. Three of the other four funds using this integrated approach beat their benchmarks, and all four outperformed their Morningstar peers.

     The Small-Cap Equity Fund, which uses a purely quantitative approach to stock selection and portfolio construction, realized returns that were slightly below its benchmark after taking fund expenses into account.

     Some investors prefer to invest in funds that utilize passive investment strategies that seek to match the performance of their benchmarks as closely as possible while maintaining the lowest possible costs. All ten of our index funds closely tracked their benchmarks’ returns, minus the effects of expenses.

     The Social Choice Equity Fund underperformed its benchmark, the Russell 3000 Index, primarily because its social screens prevented the fund from owning a number of oil and energy sector stocks that performed exceptionally well over the previous six months.

     The following pages provide a detailed explanation of how each fund performed. As their returns during this recent period shows, our funds can deliver solid performance under a variety of market conditions. While this is no guarantee of future results, our funds will always provide well-focused components for a wide range of allocation strategies. By ensuring that each of our funds stays true to its objective, we enable your allocation strategies to stay on track.


Scott C. Evans
Executive Vice President and
Chief Investment Officer
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   3

More information for investors

Portfolio listings

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

     You can obtain a complete list of the TIAA-CREF Institutional Mutual Funds’ holdings (called “TIAA-CREF Institutional Mutual Funds Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended March 31, 2005) in the following ways:

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

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

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

4   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Special terms

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

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

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

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

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

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

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

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

Underweight holding refers to a security whose percentage of a fund is smaller, in terms of market capitalization, than the security’s percentage of that fund’s benchmark, in terms of market capitalization. Fund managers may underweight those securities they think will produce lower returns than the benchmark. See also “Overweight holding.”

 
*      Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.
 
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   5

Understanding investment risk

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

     Some risks apply to all investments; others affect only particular types of securities. For example, any publicly traded security, such as a stock or a bond, may be hard to sell in certain market conditions; this is referred to as “market risk.” Credit risk, on the other hand—the risk that a company may be unable to pay interest, or to repay principal, on its bonds—does not apply to stocks.

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

     The glossary below describes the general risks outlined above, as well as the special risks described in the discussions of each fund. We hope this information will help you make the investment choices best suited to your financial situation.

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

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

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

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

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

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

Index risk is the risk that a fund’s performance will not match the performance of its benchmark index for any period of time. Although the fund attempts to closely track the investment performance of the index, it may not duplicate the composition of this

6   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

index. In addition, the fund’s performance, unlike that of its index, is affected by investment and other operating expenses.

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

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

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

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

Prepayment and extension risk is the risk of a decline in value arising from changes in duration for certain fixed-income securities that allow for prepayment or extension.

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

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

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

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

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

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

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   7

Important information about expenses

  DISCLOSURE

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

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

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005.

Actual expenses

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

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

Hypothetical example for
comparison purposes

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

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

8   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Growth & Income Fund | Dividend-paying stocks

    DISCUSSION

Performance in the six months
ended March 31, 2005

The Growth & Income Fund returned 7.27% for the Retirement Share Class, topping the fund’s benchmark, the S&P 500® Index, which returned 6.88%, and the 7.14% average return of similar funds, as measured by the Morningstar Large Blend category.

Large caps trail the broader market

In the six months ended March 31, 2005, the large-cap stocks of the S&P 500 lagged the overall U.S. stock market. The Russell 3000® Index, which includes stocks of all sizes, rose 7.73%. The Russell’s slightly higher return was made possible by the superior performance of small-and mid-cap stocks, compared with that of large caps. Most of the gains of large-cap stocks and of the broader market occurred in the fourth quarter of 2004, when U.S. equities surged.

Stock selections lift the fund above
the benchmark

The fund’s return outpaced the benchmark on the strength of individual stock selections. Relative performance was helped primarily by overweight positions in a number of stocks that outperformed the benchmark index, including ExxonMobil and agricultural-supply giant Monsanto, which was the fund’s best-performing stock. The fund also benefited from positions in network storage products maker Emulex and semiconductor/communications equipment manufacturer Marvell Technology, two stocks not included in the benchmark.

     The biggest detractors from relative performance included an underweight in ConocoPhillips—an energy company that advanced amid soaring oil prices—and overweights in two technology companies, Sun Microsystems and Computer Sciences, that did not perform as anticipated.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   9

Growth & Income Fund | Dividend-paying stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRGIX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
       
since
      since
    1 year   inception1   6 months   inception1
 Growth & Income Fund                 
     Retirement Class    5.67 %    15.97 %    7.27 %    44.86 % 
 Benchmark:                 
     S&P 500 Index2    6.69     18.04     6.88     51.40  
 Peer group:                 
     Morningstar Large Blend    5.79     16.47     7.14     46.62  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.
 
10   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $14,486 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 14.25%, for the quarter ended June 30, 2003
Worst quarter: –3.74%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   11

Growth & Income Fund | Dividend-paying stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Growth & Income Fund (Retirement Class)—expense example
 
         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,072.70       $2.28  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $47.05 million 
 Large: over $5 billion  88.13   
 Middle: $1 billion–$5 billion  9.30         
 Small: under $1 billion  2.57         
 Total  100.00         

12   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

International Equity Fund | Foreign stocks

   DISCUSSION

Performance in the six months
ended March 31, 2005

The International Equity Fund returned 14.23% for the Retirement Share Class, compared with 15.13% for the fund’s benchmark, the Morgan Stanley EAFE® Index, and the 13.70% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign stocks extend winning streak

Foreign stocks again outperformed domestic issues, as they did in the previous reporting period. The 15.13% rise in the EAFE index was nearly double the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market.

     Most of the EAFE’s gains occurred in the fourth quarter of 2004, when the index climbed 15.32% in dollar terms. In the first quarter of 2005, both foreign and domestic markets lost their positive momentum, as investors reacted to higher oil prices, rising interest rates and the threat of inflation. The EAFE declined 0.17% in the quarter, while the Russell 3000 fell 2.20%.

     Currency factors again had a sig-nificant impact on the performance of foreign stocks. In the fourth quarter of 2004, the dollar’s weakness versus the pound, yen and euro boosted the EAFE’s returns in dollar terms. In the first quarter of 2005, the dollar rebounded sharply, converting the 3.36% gain the index made in local currency terms to a loss of 0.17% in dollars.

Effects of individual stock selections

The net result of the fund’s individual stock selections was to reduce performance, relative to the benchmark. These included overweight holdings in several stocks that did not perform as anticipated, such as Swiss semiconductor maker STMicroelectronics, Italian automobile manufacturer Fiat and Swiss conglomerate ABB Ltd. Smaller-than-benchmark weightings in Credit Suisse Group and British oil giant Shell also reduced the fund’s return.

     These negative effects were partly offset by positive contributions from overweight holdings in several well-performing companies, including German stock exchange operator Deutsche Börse, French construction and engineering firm Vinci, and French hotel operator Accor. The fund also benefited from not holding Irish biotechnology firm Elan and Swiss pharmaceutical company Roche, both of which underperformed the benchmark.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   13

International Equity Fund | Foreign stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRERX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
       
since
      since
    1 year   inception1   6 months   inception1
 International Equity Fund                 
     Retirement Class    12.20 %    25.08 %    14.23 %    75.01 % 
 Benchmark:                 
     Morgan Stanley EAFE Index2    15.06     25.67     15.13     77.11  
 Peer group:                 
     Morningstar Foreign Large Blend    12.48     22.20     13.70     65.28  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      EAFE is a trademark of Morgan Stanley Capital International, Inc.
 
14   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,501 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 17.98%, for the quarter ended December 31, 2003
Worst quarter: –7.40%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   15

International Equity Fund | Foreign stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
International Equity Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,142.30       $2.89  
5% annual hypothetical return      1,000.00       1,022.27 ‡      2.73  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.55%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Diversification among world markets 
   
Percent of 
 Country   
invested assets 
 
 Japan    22.3   
 United Kingdom    19.0   
 Switzerland    14.7   
 France    10.2   
 Germany    6.9   
 Italy    5.5   
 Australia    5.3   
 Spain    4.0   
 18 other nations    12.3   
 Short-term investments    –0.2   
 Total    100.0   

Portfolio breakdown by company size 
    Percent of 
 Capitalization as of 3/31/2005    net assets 
 Large: over $5 billion    74.38 
 Middle: $1 billion–$5 billion    18.77 
 Small: under $1 billion    6.85 
 Total    100.00 

Fund facts   
 Inception date   
     Retirement Class  10/1/2002 
 Net assets (3/31/2005)  $181.45 million 

16   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Large-Cap Value Fund | Value stocks of larger companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Large-Cap Value Fund returned 11.88% for the Retirement Share Class, outpacing both the 10.48% return of its benchmark, the Russell 1000® Value Index, and the 8.39% average return of similar funds, as measured by the Morningstar Large Value category.

Value maintains its lead

During the six-month period, value stocks continued to outperform growth issues, as they had during the twelve months ended September 30, 2004. The Russell 3000® Value Index, which tracks value stocks of all sizes, advanced 10.32%, more than double the 4.92% return of its growth counterpart, the Russell 3000 Growth Index. These two indexes are subsets of the Russell 3000, a broad measure of the domestic stock market.

     Among value stocks, the 10.48% return of the Russell 1000 Value Index trailed the 14.34% return of the Russell Midcap® Value Index but outpaced the 8.70% gain of the small-cap Russell 2000® Value Index.

Stock selections propel returns

For the period, the fund topped the benchmark, primarily because of overweight holdings in well-performing stocks that included Altria, the parent company of Philip Morris; Sears, Roebuck and Co.; agricultural-supply giant Monsanto; and WellPoint, a provider of health-care benefits. Also boosting returns were stocks that were not included in the benchmark as of March 31, 2005, such as Great Wolf Resorts and building materials manufacturer USG. Underweight holdings did not significantly improve performance.

     The positive effect of these holdings on performance more than offset lower-than-expected returns from other selections that included home mortgage provider Fannie Mae and PMC-Sierra, a provider of high-speed broadband communications semiconductors. These stocks were not listed in the benchmark as of March 31, 2005. Other detractors included overweight holdings in companies such as Fifth Third Bancorp, General Motors and insurer American International Group. Underweight positions, including Valero Energy, also reduced returns.

     The fund invested 1.02% of its total invested assets in foreign securities as of March 31, 2005.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   17

Large-Cap Value Fund | Value stocks of larger companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 1000® Value Index is a subset of the Russell 1000 Index, which measures the performance of the top 1,000 U.S. equity securities based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TRLCX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 Large-Cap Value Fund                 
     Retirement Class    13.92 %    24.41 %    11.88 %    72.68 % 
 Benchmark:                 
     Russell 1000 Value Index2    13.17     22.34     10.48     65.58  
 Peer group:                 
     Morningstar Large Value    9.41     19.35     8.39     55.85  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
18   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,268 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 18.37%, for the quarter ended June 30, 2003
Worst quarter: –5.23%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   19

Large-Cap Value Fund | Value stocks of larger companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

      Large-Cap Value Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,118.80       $2.54  
5% annual hypothetical return      1,000.00       1,022.57 ‡      2.43  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.48%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $134.76 million 
 Large: over $5 billion  80.72   
 Middle: $1 billion–$5 billion  15.51         
 Small: under $1 billion  3.77         
 Total  100.00         

20   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Mid-Cap Growth Fund | Growth stocks of medium-sized companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Growth Fund returned 13.60% for the Retirement Share Class, topping the fund’s benchmark, the Russell Midcap® Growth Index, which returned 12.04%, and the 9.60% average return of similar funds, as measured by the Morn-ingstar Mid-Cap Growth category.

Mid-cap stocks lead the market

Mid-cap stocks strongly outperformed other cap sizes during the period. The Russell Midcap Index, which measures mid-cap stocks in both the growth and value categories, returned 13.37%, versus 8.00% for small caps, as measured by the Russell 2000® Index, and 7.71% for large caps, as measured by the Russell 1000® Index.

     Among mid caps, the 12.04% gain of growth stocks lagged the 14.34% rise of value stocks. Both of these returns were well ahead of the 7.73% advance of the broader U.S. stock market, as measured by the Russell 3000® Index.

Stock selections top the benchmark

The fund added value beyond the benchmark’s strong return because of numerous successful stock choices. The largest positive contributions to relative performance came from positions in several stocks not included in the benchmark, including agricultural-supply giant Monsanto, the fund’s top-performing stock; energy company EOG Resources; and investment bank Greenhill & Co. Also adding value were overweight positions in several stocks that outperformed the benchmark, including Triad Hospitals and financial services firm Legg Mason.

     These successful stock selections more than offset several detractors from relative performance that included holdings in pharmaceutical company Gilead Sciences and St. Jude Medical, two stocks not listed in the benchmark, and an overweight position in medical-implant-maker Biomet. A smaller-than-benchmark weighting in Apple Computer, which performed well during the period, also detracted slightly from returns.

     The fund invested 0.18% of its total invested assets in foreign securities as of March 31, 2005.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   21

Mid-Cap Growth Fund | Growth stocks of medium-sized companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the 800 smallest U.S. equity securities in the Russell 1000® Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005     
Ticker symbol: TRGMX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 Mid-Cap Growth Fund                 
     Retirement Class    9.52 %    26.97 %    13.60 %    81.71 % 
 Benchmark:                 
     Russell Midcap Growth Index2    8.31     25.61     12.04     76.89  
 Peer group:                 
     Morningstar Mid-Cap Growth    5.20     19.48     9.60     56.56  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
22   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,171 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 18.34%, for the quarter ended June 30, 2003
Worst quarter: –4.30%, for the quarter ended September 30, 2004
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   23

Mid-Cap Growth Fund | Growth stocks of medium-sized companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

      Mid-Cap Growth Fund (Retirement Class)—expense example  
         
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,036.00       $2.56  
5% annual hypothetical return      1,000.00       1,022.57 ‡      2.43  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.48%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $97.46 million 
 Large: over $5 billion  62.52   
 Middle: $1 billion–$5 billion  31.13         
 Small: under $1 billion  6.35         
 Total  100.00         

24   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Mid-Cap Value Fund | Value stocks of medium-sized companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Value Fund returned 17.04% for the Retirement Share Class, outpacing the fund’s benchmark, the Russell Midcap® Value Index, which returned 14.34%, and the 10.81% average return of similar funds, as measured by the Morningstar Mid-Cap Value category.

Value stocks continue to shine

In the six-month period ended March 31, 2005, investors demonstrated a strong preference for value stocks over growth issues. The Russell 3000® Value Index, which measures the performance of value stocks of all sizes, surged 10.32%, versus a 4.92% return for the Russell 3000 Growth Index. The difference was less pronounced among mid-cap stocks; the return of the Russell Midcap Value Index was less than three percentage points above the 12.04% advance of its growth counterpart, the Russell Midcap Growth Index.

     Within the value category, mid-cap stocks fared best, outpacing both the small-cap Russell 2000® Value Index and the predominantly large-cap Russell 1000® Value Index, which returned 8.70% and 10.48%, respectively. Virtually all of the gains of mid-cap value stocks and of the broader market occurred in the fourth quarter of 2004, when a global stock market rally sent the Russell 3000 Index, which measures the U.S. market, climbing 10.16%.

Stock selections fuel returns

The fund’s return for the six-month period topped the benchmark’s because of numerous successful stock choices. Significant contributions to relative performance came from building materials maker USG and Great Wolf Resorts, two stocks not in the benchmark. Both enjoyed strong advances during the period. Overweight positions in a number of stocks included in the benchmark also boosted performance. Among these were WellPoint, a health care conglomerate; Nalco Holding Co., a wastewater chemicals treatment manufacturer; and Kerr-McGee, an energy company.

     The positive effect of these holdings on results more than offset lower relative returns from the lack of any holdings in Apple Computer, which posted strong gains during the period. Also hindering fund performance were larger-than-benchmark positions in several underperforming companies that included Lear Corp., an auto-parts maker, and Sanmina SCI, an electronics manufacturer.

     The fund invested 6.14% of its total invested assets in foreign securities as of March 31, 2005.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   25

Mid-Cap Value Fund | Value stocks of medium-sized companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRVRX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 Mid-Cap Value Fund                 
     Retirement Class    19.11 %    30.52 %    17.04 %    94.70 % 
 Benchmark:                 
     Russell Midcap Value Index2    18.34     27.68     14.34     84.29  
 Peer group:                 
     Morningstar Mid-Cap Value    12.39     23.46     10.81     69.92  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
26   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $19,470 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 18.72%, for the quarter ended June 30, 2003
Worst quarter: –3.98%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   27

Mid-Cap Value Fund | Value stocks of medium-sized companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Value Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,070.40       $2.60  
5% annual hypothetical return      1,000.00       1,022.57 ‡      2.43  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.48%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $192.01 million 
 Large: over $5 billion  57.26   
 Middle: $1 billion–$5 billion  35.61         
 Small: under $1 billion  7.13         
 Total  100.00         

28   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Small-Cap Equity Fund Stocks of smaller companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Equity Fund returned 7.76% for the Retirement Share Class, compared with 8.00% for its benchmark, the Russell 2000® Index. The average return of similar funds was 9.67%, as measured by the Morningstar Small Blend category.

Small caps surrender their lead

After outpacing large- and mid-cap stocks during the fourth quarter of 2004, small-cap stocks trailed both cap sizes during the first quarter of 2005. For the six-month period, small caps maintained an edge over the 7.71% return of large-cap stocks but trailed the 13.37% gain of mid caps.

     During the fourth quarter of 2004, the markets shook off domestic and geopolitical worries, and investor confidence pushed the small-cap Russell 2000 to a 14.09% gain. Growth stocks topped value issues in the small-cap category, 15.08% to 13.20%, reversing the trend for the year ended September 30, 2004, when value beat growth, 25.66% to 11.92%.

     In the first quarter of 2005, small caps dropped 5.34% —their worst three-month return since the 21.40% plunge during the third quarter of 2002. Mid caps, down only 0.25%, and large caps, which dipped 1.91%, fared better.

Effects of individual stock selections

The fund continued its use of proprietary mathematical models to evaluate and choose small-cap stocks that appeared to be attractively priced. Performance relative to that of the benchmark was reduced by several overweight stocks that failed to perform as anticipated.

     These included DHB Industries, a manufacturer of flak jackets and body armor; mortgage finance company New Century Financial Corporation; Krispy Kreme; and holding company R&G Financial.

     Underweight holdings in several stocks that outpaced the benchmark, including casino entertainment company Boyd Gaming and chemical production company Crompton, also hurt performance.

     These detractors were partly offset by overweight holdings in many stocks that outperformed the benchmark, including Goodyear Tire & Rubber; packaging product manufacturer Crown Holdings; network storage producer Emulex; and Cal Dive International, a provider of subsea construction and maintenance services. Underweight holdings did not meaningfully improve performance relative to the benchmark’s.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   29

Small-Cap Equity Fund | Stocks of smaller companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to small-cap risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Russell 2000® Index measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. You cannot invest directly in this index.

Performance as of March 31, 2005      Ticker symbol: TRSEX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
       
since
      since
    1 year   inception1   6 months   inception1
 Small-Cap Equity Fund                 
     Retirement Class    5.97 %    25.78 %    7.76 %    77.47 % 
 Benchmark:                 
     Russell 2000 Index2    5.41     25.10     8.00     75.10  
 Peer group:                 
     Morningstar Small Blend    9.02     24.20     9.67     72.69  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
30   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,747 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 23.38%, for the quarter ended June 30, 2003
Worst quarter: –5.64%, for the quarter ended March 31, 2005
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   31

Small-Cap Equity Fund | Stocks of smaller companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Equity Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,077.60       $2.49  
5% annual hypothetical return      1,000.00       1,022.57 ‡      2.43  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.48%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $150.16 million 
 Large: over $5 billion  0.18   
 Middle: $1 billion–$5 billion  48.51         
 Small: under $1 billion  51.31         
 Total  100.00         

32   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Large-Cap Growth Index Fund | Growth stocks of larger U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Large-Cap Growth Index Fund returned 4.36% for the Retirement Share Class, while the fund’s benchmark, the Russell 1000® Growth Index, gained 4.71%. The average return of similar funds, as measured by the Morningstar Large Growth category, was 5.42%.

Growth gains, but trails the market

During the six-month period, the 4.71% return of large-cap growth stocks lagged the 7.73% increase of the broad-market Russell 3000® Index. Large-cap growth stocks also failed to keep pace with the 7.23% rise of the small-cap Russell 2000® Growth Index, and with the 12.04% surge of the Russell Midcap® Growth Index. As a group, growth stocks of all sizes added only 4.92%, while value stocks gained 10.32%. These figures continued the trend from the previous twelve months: For the year ended September 30, 2004, growth trailed value, 7.82% to 20.89%.

     Gains for most stocks were concentrated in the fourth quarter of 2004. During that period, the fund’s benchmark rose 9.17%. This solid increase came partly from sizable weightings in several well-performing sectors, including technology, health care and consumer discretionary goods. Stocks that helped propel the benchmark included Intel, which increased 16.8%; IBM, which rose 15.2%; and Johnson & Johnson, up 13.1%.

Large-cap growth drops in first-quarter sell-off

In the first three months of 2005, large-cap growth stocks fared worse than the broad market, losing 4.09%; the Russell 3000 declined 2.20%. Six of the eleven industry sectors posted losses, with technology, financials and consumer discretionary goods exerting the greatest drag on performance. Among the largest stocks in the Russell 1000 Growth Index, Microsoft lost 9.3%, Dell dropped 8.8% and Cisco fell 7.4%. However, Johnson & Johnson, also a large holding, gained 6.4%.

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

     As of March 31, 2005, the Russell 1000 Growth Index had an average return of –11.28% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   33

Large-Cap Growth Index Fund | Growth stocks of larger U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRIRX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
    1 year   inception1   6 months   inception1
 Large-Cap Growth Index Fund                 
     Retirement Class    0.55 %    14.35 %    4.36 %    39.86 % 
 Benchmark:                 
     Russell 1000 Growth Index2    1.16     14.97     4.71     41.75  
 Peer group:                 
     Morningstar Large Growth    1.59     14.30     5.42     40.06  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
34   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $13,986 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 14.08%, for the quarter ended June 30, 2003
Worst quarter: –5.38%, for the quarter ended September 30, 2004
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   35

Large-Cap Growth Index Fund | Growth stocks of larger U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Large-Cap Growth Index Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,043.60       $2.15  
5% annual hypothetical return      1,000.00       1,022.87 ‡      2.13  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.42%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $20.04 million 
 Large: over $5 billion  88.02   
 Middle: $1 billion–$5 billion  11.91         
 Small: under $1 billion  0.07         
 Total  100.00         

36   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Large-Cap Value Index Fund | Value stocks of larger U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Large-Cap Value Index Fund returned 10.26% for the Retirement Share Class, while the fund’s benchmark, the Russell 1000® Value Index, gained 10.48%. The average return of similar funds, as measured by the Morningstar Large Value category, was 8.39%.

Value continues to lead growth

During the six-month period, the 10.48% return of large-cap value stocks topped the 7.73% gain of the Russell 3000® Index, which measures the broad U.S. stock market. Large-cap value stocks also outpaced the 8.70% gain of the small-cap Russell 2000® Value Index, but they trailed the stellar 14.34% performance of the Russell Midcap® Value Index. As a group, value outpaced growth, 10.32% to 4.92%. These figures continued the trend from the previous twelve months. For the year ended September 30, 2004, value surpassed growth, 20.89% to 7.82%.

     Gains for most stocks were concentrated in the fourth quarter of 2004. During that period, the benchmark rose 10.38%. This solid increase came partly from sizable weightings in several well-performing sectors, including financials, utilities and consumer discretionary goods.

     These three sectors make up more than half of the benchmark in terms of market capitalization. Stocks that helped propel the benchmark included ExxonMobil, which rose 6.6%; Citigroup, which increased 10.2%; and General Electric, up 9.4%.

Despite a sell-off, large-cap value stocks eke out a gain

U.S. stocks slumped in the first quarter of 2005; the Russell 3000 dropped 2.20%. Large-cap value stocks, however, eked out a 0.09% gain. The financial, utilities and consumer discretionary goods sectors all lost ground, while integrated oils and “other energy” generated double-digit returns. Stocks leading the way included ExxonMobil, which followed up its strong fourth-quarter performance with a 16.8% advance, and ChevronTexaco, which rose 11.8%.

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

     As of March 31, 2005, the Russell 1000 Value Index had an average return of 5.19% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   37

Large-Cap Value Index Fund | Value stocks of larger U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 1000® Value Index is a subset of the Russell 1000 Index, which measures the performance of the top 1,000 U.S. equity securities based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TRCVX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
    1 year   inception1   6 months   inception1
 Large-Cap Value Index Fund                 
     Retirement Class    12.67 %    21.72 %    10.26 %    63.51 % 
 Benchmark:                 
     Russell 1000 Value Index2    13.17     22.34     10.48     65.58  
 Peer group:                 
     Morningstar Large Value    9.41     19.35     8.39     55.85  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
38   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $16,351 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 16.98%, for the quarter ended June 30, 2003
Worst quarter: –4.89%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   39

Large-Cap Value Index Fund | Value stocks of larger U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Large-Cap Value Index Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $ 1,000.00       $ 1,102.60       $ 2.31  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $0.48 million 
 Large: over $5 billion  87.19   
 Middle: $1 billion–$5 billion  12.55         
 Small: under $1 billion  0.26         
 Total  100.00         

40   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

S&P 500 Index Fund | Stocks of larger U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The S&P 500 Index Fund returned 6.61% for the Retirement Share Class, while the fund’s benchmark, the S&P 500® Index, returned 6.88%. The average return of similar funds, as measured by the Morningstar Large Blend category, was 7.14%. The broader U.S. stock market, as measured by the Russell 3000® Index, outpaced those returns with a rise of 7.73%.

2004 closes with a broad-based advance

Gains for the six-month period came from a furious fourth-quarter rally, as investors shook off worries about terrorism, Iraq, the presidential election and interest rates. The S&P 500 Index rose 9.23%, with all of its ten sectors advancing. Information technology led the way with a 13.39% gain, followed closely by a 13.11% rise in consumer discretionary goods. The weakest performance came from the energy sector, which returned 4.22%.

     During the fourth quarter, the return of the large-cap S&P 500 Index trailed the 10.16% return of the Russell 3000 Index. The Russell’s superior performance was boosted by the 14.09% advance of the small-cap Russell 2000® Index and the 13.66% increase in the Rus-sell Midcap® Index. As of March 31, 2005, these two categories made up about one-third of the Russell 3000 in terms of market capitalization.

Stocks give up ground in the first quarter

During the first quarter of 2005, U.S. stocks retreated on worries about inflation and rising interest rates. The S&P 500 Index declined 2.15%, with only four of its sectors advancing. Energy, up 17.07%, performed best. Telecommunications services, down 8.61%, posted the largest decline. The S&P 500 narrowly outperformed the Russell 3000, which dropped 2.20%. Mid caps fell just 0.25%, softening the fall of the Russell index, while small caps intensified its decline—the Russell 2000 lost 5.34%, its worst three-month return since small caps plunged 21.40% in the third quarter of 2002.

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

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   41

S&P 500 Index Fund | Stocks of larger U.S. companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including large-cap risk and index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRSPX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 S&P 500 Index Fund                 
     Retirement Class    6.20 %    17.44 %    6.61 %    49.49 % 
 Benchmark:                 
     S&P 500 Index2    6.69     18.04     6.88     51.40  
 Peer group:                 
     Morningstar Large Blend    5.79     16.47     7.14     46.62  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      S&P 500 is a registered trademark and a service mark of the McGraw-Hill Companies, Inc.
 
42   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $14,949 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 15.11%, for the quarter ended June 30, 2003
Worst quarter: –3.18%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   43

S&P 500 Index Fund | Stocks of larger U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

      S&P 500 Index Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,066.10       $2.27  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $79.77 million 
 Large: over $5 billion  96.66   
 
 Middle: $1 billion–$5 billion  3.15         
 Small: under $1 billion  0.19         
 Total  100.00         

44   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Mid-Cap Growth Index Fund | Growth stocks of medium-sized U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Growth Index Fund returned 11.77% for the Retirement Share Class, compared with the 12.04% return of its benchmark, the Russell Midcap® Growth Index, and the 9.60% average return of similar funds, as measured by the Morningstar Mid-Cap Growth category.

Mid-cap growth stocks top the broad market

During the six-month period, mid-cap growth stocks solidly outpaced the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market. Similarly, the Russell Midcap Index, which measures mid-cap stocks in both the growth and value categories, rose 13.37%, far surpassing most other stock categories. The Russell 1000® Index, which measures large-cap stocks, returned 7.71%, while small-cap issues, as measured by the Russell 2000® Index, were up 8.00%.

     Gains for most stocks were concentrated in the fourth quarter of 2004, when global stock markets rallied and the Russell Midcap Growth Index posted a 13.94% gain. The consumer discretionary goods sector, which makes up nearly a quarter of the index, was up 14.6%; technology, nearly a fifth of the index, rose 22.3%.

Gains hold up well despite sell-off

U.S. stocks slumped in the first quarter of 2005; the Russell 3000 lost 2.20%. Mid-cap growth stocks gave some ground, dropping 1.67% . Within the benchmark index, technology (–7.7%) and financial (–6.0%) stocks suffered the largest reversals; consumer discretionary stocks also slipped into negative territory, returning –2.4%.

     Amid soaring oil prices, the “other energy” sector (which excludes integrated oils) easily posted the strongest returns within the benchmark, with a 15.1% surge. Several stocks in the sector posted double-digit returns, including Frontier Oil, up 36.2%, Quicksilver Resources, up 32.5%, and Hydril, up 28.4%.

     As of March 31, 2005, the Russell Midcap Growth Index had an average annual return of –7.30% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   45

Mid-Cap Growth Index Fund | Growth stocks of medium-sized U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the 800 smallest U.S. equity securities in the Russell 1000® Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005     
Ticker symbol: TRMGX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
  since
    1 year   inception1   6 months   inception1
 Mid-Cap Growth Index Fund                 
     Retirement Class    7.82 %    24.99 %    11.77 %    74.71 % 
 Benchmark:                 
     Russell Midcap Growth Index2    8.31     25.61     12.04     76.89  
 Peer group:                 
     Morningstar Mid-Cap Growth    5.20     19.48     9.60     56.56  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
46   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,471 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 18.57%, for the quarter ended June 30, 2003
Worst quarter: –4.47%, for the quarter ended September 30, 2004
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   47

Mid-Cap Growth Index Fund | Growth stocks of medium-sized U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Growth Index Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,117.70       $2.33  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $0.39 million 
 Large: over $5 billion  55.47   
 Middle: $1 billion–$5 billion  44.12         
 Small: under $1 billion  0.41         
 Total  100.00         

48   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Mid-Cap Value Index Fund | Value stocks of medium-sized U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Value Index Fund returned 14.15% for the Retirement Share Class, compared with 14.34% for its benchmark, the Russell Midcap® Value Index, and the 10.81% average return of similar funds, as measured by the Morningstar Mid-Cap Value category.

Value leads the market

During the six-month period, mid-cap value stocks posted gains nearly twice the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market. Value stocks as a group outperformed growth issues, and mid-cap value stocks outpaced other value stocks: the Russell 1000® Value Index, which measures large-cap value issues, was up 10.48% for the period, while small-cap value issues, as measured by the Russell 2000® Index, returned 8.00% .

     Gains for most stocks were concentrated in the fourth quarter of 2004, when a global stock market rally helped lift the Russell Midcap Value Index to a 13.46% gain. Mid-cap value stocks benefited from sizable weightings in three well-performing sectors: financials, utilities and consumer discretionary goods.

Gains hold up despite sell-off

U.S. stocks slumped in the first quarter of 2005; the Russell 3000 dropped 2.20%. Mid-cap value stocks, however, continued to make small gains, adding 0.78% in the quarter. The financial sector suffered a reversal during the quarter, but utilities and consumer discretionary goods continued to outperform the overall market.

     Booming energy stocks also boosted the mid-cap value category. Two prime examples were Valero Energy, up 61.6% during the quarter, and Unocal, up 43.3%. All twelve sectors of the index had positive returns for the six months ended March 31.

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

     As of March 31, 2005, the Russell Midcap Value Index had an average return of 13.43% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   49

Mid-Cap Value Index Fund | Value stocks of medium-sized U.S. companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including mid-cap risk, value investing risks, style risk and index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRVUX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
    1 year   inception1   6 months   inception1
 Mid-Cap Value Index Fund                 
     Retirement Class    17.80 %    27.11 %    14.15 %    82.21 % 
 Benchmark:                 
     Russell Midcap Value Index2    18.34     27.68     14.34     84.29  
 Peer group:                 
     Morningstar Mid-Cap Value    12.39     23.46     10.81     69.92  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
50   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,221 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 17.74%, for the quarter ended June 30, 2003
Worst quarter: –4.15%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   51

Mid-Cap Value Index Fund | Value stocks of medium-sized U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Value Index Fund (Retirement Class)—expense example
       
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,141.50       $2.36  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $0.25 million 
 Large: over $5 billion  62.86   
 Middle: $1 billion–$5 billion  36.32         
 Small: under $1 billion  0.82         
 Total  100.00         

52   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Mid-Cap Blend Index Fund |  Growth and value stocks of
medium-sized U.S. companies		  
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Mid-Cap Blend Index Fund returned 13.12% for the Retirement Share Class. The fund’s benchmark, the Russell Midcap® Index, returned 13.37%, versus the 10.56% average return of similar funds, as measured by the Morningstar Mid-Cap Blend category.

Mid caps lead the pack

During the six-month period, mid-cap stocks as a group outperformed the broad U.S. stock market, which returned 7.73%, as measured by the Russell 3000® Index. Mid caps also topped the small-cap Russell 2000® Index, which rose 8.00%, and the predominantly large-cap Russell 1000® Index, which gained 7.71%.

     All of the gains for the Russell Midcap Index came during the global stock market rally in the fourth quarter of 2004. The 13.66% rise in the index was driven by significant weightings in three well-performing sectors: financials, consumer discretionary goods and technology, all of which recorded double-digit gains in the quarter.

Gains trimmed in down market

In the first quarter of 2005, stock markets reversed their course as investors reacted to a resurgence in oil prices and the renewed threat of inflation. Although the Russell Midcap Index fell slightly in the quarter, its –0.25% return was still well ahead of the –2.20% return of the Russell 3000 Index, the –5.34% return of the Russell 2000 Index and the –1.91% return of the Russell 1000 Index.

     Half of the twelve sectors in the Russell Midcap Index declined in the first quarter. Technology and financials were the worst performers; their losses were partially offset by moderate gains in health care, materials and processing, and utilities. Booming energy stocks such as Valero Energy (up 61.6%) and Unocal (up 43.3%) also boosted the mid-cap category.

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

     As of March 31, 2005, the Russell Midcap Index had an average annual return of 5.49% over the last five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   53

Mid-Cap Blend Index Fund |  Growth and value stocks of
medium-sized U.S. companies		  

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005     
Ticker symbol: TRMBX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
    1 year   inception1   6 months   inception1
 Mid-Cap Blend Index Fund                 
     Retirement Class    13.52 %    26.24 %    13.12 %    79.13 % 
 Benchmark:                 
     Russell Midcap Index2    14.05     26.84     13.37     81.25  
 Peer group:                 
     Morningstar Mid-Cap Blend    9.88     22.63     10.56     67.43  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
54   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,913 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 18.01%, for the quarter ended June 30, 2003
Worst quarter: –2.38%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   55

Mid-Cap Blend Index Fund |  Growth and value stocks of
medium-sized U.S. companies		  
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Mid-Cap Blend Index Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,131.20       $2.34  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $4.18 million 
 Large: over $5 billion  59.02   
 Middle: $1 billion–$5 billion  40.42         
 Small: under $1 billion  0.56         
 Total  100.00         

56   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Small-Cap Growth Index Fund | Growth stocks of smaller U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Growth Index Fund returned 6.91% for the Retirement Share Class, compared with 7.23% for its benchmark, the Russell 2000® Growth Index, and the 8.23% average return of similar funds, as measured by the Morningstar Small Growth category.

Small-cap growth stocks lag the market

During the period, small-cap growth stocks trailed the 7.73% return of the Russell 3000® Index, which measures the broad U.S. equity market. They also lagged large- and mid-cap stocks, underperforming the 7.71% return of the Russell 1000® Index and the 13.37% return of the Russell Midcap® Index. In all three cap sizes, growth stocks did not do as well as value issues. Within the small-cap category, the Russell 2000 Growth Index returned 7.23%, versus 8.70% for the Russell 2000 Value Index.

Sector returns drive the benchmark

In the fourth quarter of 2004, the 15.08% gain of small-cap growth stocks led the broad stock market advance, triggered by oil prices that fell from $55 a barrel in October to just over $40 a barrel in December.

     Soaring 18.4%, technology was the second-best-performing sector within the benchmark, after utilities, and had the greatest effect on performance because it composed nearly one-fifth of the benchmark, in terms of market capitalization. The consumer discretionary goods and health care sectors also contributed greatly to the benchmark’s stellar performance.

     In the first quarter of 2005, oil prices again spiked, interest rates and inflation accelerated, and investors became more risk averse. Though losses were widespread throughout the equity market, small-cap growth stock declines were the steepest: 6.83% —more than triple the 2.20% loss of the overall market. Technology experienced the sharpest drop of all sectors within the Russell 2000 Growth Index, falling 11.5%. The “other energy” sector gained 14.7% during the first quarter, but as a smaller component of the index, it did not appreciably affect returns.

     For the period, the fund’s performance was comparable to that of the benchmark, minus the effect of expenses and of some cash holdings for liquidity. The fund also had a risk pro-file similar to that of its benchmark.

     As of March 31, 2005, the Russell 2000 Growth Index posted an average annual return of –6.60% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   57

Small-Cap Growth Index Fund | Growth stocks of smaller U.S. companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 2000® Growth Index is a subset of the Russell 2000 Index, which measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. The Russell 2000 Growth Index measures the performance of those stocks of the Russell 2000 with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005     
Ticker symbol: TRCGX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
    since
    1 year   inception1   6 months   inception1
 Small-Cap Growth Index Fund                 
     Retirement Class2    5.25 %    25.44 %    6.91 %    76.30 % 
 Benchmark:                 
     Russell 2000 Growth Index3    0.87     23.66     7.23     70.09  
 Peer group:                 
     Morningstar Small Growth    2.06     21.22     8.23     62.58  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      The one-year and since-inception returns shown for this share class reflect the effects of the correction of a transaction processing error that occurred in June 2004. The correction resulted in a gain, which increased the fund’s total returns for this share class.
 
3      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
58   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,630 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 23.96%, for the quarter ended June 30, 2003
Worst quarter: –6.96%, for the quarter ended March 31, 2005
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   59

Small-Cap Growth Index Fund | Growth stocks of smaller U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Growth Index Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,069.10       $2.28  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $1.19 million 
 Large: over $5 billion  0.42   
 Middle: $1 billion–$5 billion  46.31         
 Small: under $1 billion  53.27         
 Total  100.00         

60   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Small-Cap Value Index Fund | Value stocks of smaller U.S. companies

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Value Index Fund returned 8.62% for the Retirement Share Class, closely tracking the 8.70% return of its benchmark, the Russell 2000® Value Index. The fund lagged the 10.39% average return of similar funds, as measured by the Morningstar Small Value category.

Small-cap value stocks top the market

For the period, small-cap value stocks outpaced the 7.73% return of the Russell 3000® Index, which measures the broad U.S. equity market. They also surpassed the 7.71% gain of the large-cap Russell 1000® Index. However, both small- and large-cap stocks underperformed the 13.37% return of the Russell Midcap® Index. In all three cap sizes, value stocks surpassed growth issues. Within the small-cap category, the Russell 2000 Value Index returned 8.70%, versus 7.23% for the Russell 2000 Growth Index.

The financial sector drives the benchmark

In the fourth quarter of 2004, falling oil prices triggered a broad U.S. stock market advance of 10.16%. The 13.20% gain in small-cap value stocks, while larger than that of the overall market, fell short of the 15.08% surge in small-cap growth stocks during the quarter. Within the Russell 2000 Value Index, the financial sector, up 11.3%, had the greatest effect on performance. Representing one-third of the benchmark in terms of market capitalization, the financial sector is the largest component of the index.

     In the first quarter of 2005, oil prices again spiked, interest rates and inflation rose, and investors became more risk averse. Though losses were widespread throughout the market, the 3.98% decline in small-cap value stocks was far less than the 6.83% drop in small-cap growth issues. Nearly every sector within the benchmark fell, including the financial sector, which declined 7.5%. Only “other energy” posted any significant gains, but since this sector is a small part of the benchmark, its 11.5% rise did not appreciably affect the benchmark’s returns.

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

     As of March 31, 2005, the Russell 2000 Value Index posted an average annual return of 15.42% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   61

Small-Cap Value Index Fund | Value stocks of smaller U.S. companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to special risks including small-cap risk, value investing risks, style risk and index risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Russell 2000® Value Index is a subset of the Russell 2000 Index, which measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. The Russell 2000 Value Index measures the performance of those stocks of the Russell 2000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TRSVX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
    1 year   inception1   6 months   inception1
 Small-Cap Value Index Fund                 
     Retirement Class    9.56 %    25.98 %    8.62 %    78.18 % 
 Benchmark:                 
     Russell 2000 Value Index2    9.79     26.45     8.70     79.85  
 Peer group:                 
     Morningstar Small Value    11.67     25.91     10.39     78.37  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
62   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,818 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 22.55%, for the quarter ended June 30, 2003
Worst quarter: –5.17%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   63

Small-Cap Value Index Fund | Value stocks of smaller U.S. companies

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Value Index Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,086.20       $2.29  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $0.97 million 
 Middle: $1 billion–$5 billion  49.72   
 Small: under $1 billion  50.28         
 Total  100.00         

64   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Small-Cap Blend Index Fund |  Growth and value stocks
of smaller U.S. companies 		 
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Small-Cap Blend Index Fund returned 7.67% for the Retirement Share Class, compared with the 8.00% return of its benchmark, the Russell 2000® Index, and the 9.67% average return of similar funds, as measured by the Morningstar Small Blend category.

Small caps edge ahead of the market

During the period, small-cap stocks outperformed the 7.73% return of the Russell 3000® Index, which measures the broad U.S. equity market. They also topped large-cap stocks, outpacing the 7.71% return of the Russell 1000® Index. Both cap sizes, however, lagged the 13.37% return of the Russell Midcap® Index. In all three cap sizes, value stocks outpaced growth issues. Within the small-cap category, the Russell 2000 Value Index returned 8.70%, versus 7.23% for the Russell 2000 Growth Index.

Tech stocks drive small-cap returns

Oil prices, which topped $55 a barrel in late October, fell to just over $40 a barrel in December, triggering a broad stock market advance. Small caps soared 14.09% in the fourth quarter of 2004, outpacing the gains of both mid and large caps. The technology sector of the Russell 2000 Index, up 17.9%, contributed signifi-cantly to small-cap gains, as did the financials and consumer discretionary goods sectors.

     In the first quarter of 2005, oil prices again spiked, interest rates and inflation accelerated, and jittery investors sat on the sidelines. The resulting 5.34% drop in small caps—more than double the 2.20% loss in the broader market—offset much of the previous quarter’s gains. Technology experienced the sharpest decline of all sectors within the index, falling 12%. Only the “other energy” sector gained significantly during the first quarter, but as a smaller component of the benchmark, it did not appreciably affect returns.

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

     As of March 31, 2005, the Russell 2000 Index posted an average annual return of 4.01% over the previous five years, compared with –2.48% for the broad-based Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   65

Small-Cap Blend Index Fund |  Growth and value stocks
of smaller U.S. companies 		 

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 2000® Index measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. You cannot invest directly in these indexes.

Performance as of March 31, 2005      Ticker symbol: TRBIX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 Small-Cap Blend Index Fund                 
     Retirement Class    4.96 %    24.46 %    7.67 %    72.87 % 
 Benchmark:                 
     Russell 2000 Index2    5.41     25.10     8.00     75.10  
 Peer group:                 
     Morningstar Small Blend    9.02     24.20     9.67     72.69  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
66   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,287 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 23.24%, for the quarter ended June 30, 2003
Worst quarter: –5.47%, for the quarter ended March 31, 2005
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   67

Small-Cap Blend Index Fund |  Growth and value stocks
of smaller U.S. companies 		 
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Small-Cap Blend Index Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,076.70       $2.28  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $0.38 million 
 Large: over $5 billion  0.80   
 Middle: $1 billion–$5 billion  47.46         
 Small: under $1 billion  51.74         
 Total  100.00         

68   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

International Equity Index Fund | Foreign stocks

   DISCUSSION

Performance in the six months
ended March 31, 2005

The International Equity Index Fund returned 14.59% for the Retirement Share Class, compared with 15.13% for the fund’s benchmark, the Morgan Stanley EAFE® Index, and the 13.70% average return of similar funds, as measured by the Morningstar Foreign Large Blend category.

Foreign stocks extend winning streak

Foreign stocks again outperformed domestic issues, as they had in the previous reporting period. The 15.13% rise in the EAFE index, which tracks stocks in 21 developed nations excluding the United States and Canada, was nearly double the 7.73% return of the Russell 3000® Index, which measures the broad U.S. stock market.

     Most of the EAFE’s gains occurred in the fourth quarter of 2004, when the index climbed 15.32%. Both European and Pacific stocks posted robust returns, with the German component of the EAFE up 19.34% and the Japanese component up 13.08%, in dollar terms.

     In the first quarter of 2005, both foreign and domestic markets lost their positive momentum, as investors reacted to higher oil prices, rising interest rates and the threat of inflation. The EAFE index declined 0.17% in dollar terms, while the Russell 3000 fell 2.20%. Pacific stocks were down, with Japanese stocks registering a 2.37% drop, while European stocks posted a 0.46% gain. German stocks gave back 2.27%; the United Kingdom and France were up 1.35% and 1.84%, respectively.

Currency shifts affect performance

Currency factors again had a signifi-cant impact on the performance of foreign stocks. In the fourth quarter of 2004, the EAFE returned 6.83% in terms of local currencies. The weakness of the dollar boosted this return to 15.32% in dollar terms. In the first quarter of 2005, however, the dollar rebounded sharply versus the pound, yen and euro, converting the 3.36% gain the index made in local currency terms to a loss of 0.17% in dollars.

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

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   69

International Equity Index Fund | Foreign stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRIEX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
 International Equity Index Fund                 
     Retirement Class    14.59 %    25.04 %    14.59 %    74.90 % 
 Benchmark:                 
     Morgan Stanley EAFE Index2    15.06     25.67     15.13     77.11  
 Peer group:                 
     Morningstar Foreign Large Blend    12.48     22.20     13.70     65.28  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      EAFE is a trademark of Morgan Stanley Capital International, Inc.
 
70   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,490 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 19.20%, for the quarter ended June 30, 2003
Worst quarter: –8.20%, for the quarter ended March 31, 2003
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   71

International Equity Index Fund | Foreign stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
International Equity Index Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,145.90       $2.68  
5% annual hypothetical return      1,000.00       1,022.47 ‡      2.53  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.50%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Diversification among world markets 
   
Percent of 
 Country   
invested assets 
 United Kingdom    24.9   
 Japan    21.5   
 France    9.7   
 Switzerland    6.9   
 Germany    6.9   
 Australia    5.2   
 Netherlands    5.0   
 Italy    4.2   
 Spain    4.0   
 16 other nations    11.4   
 Short-term investments    0.3   
 
 Total    100.0   

Portfolio breakdown by company size 
    Percent of 
 Capitalization as of 3/31/2005    net assets 
 Large: over $5 billion    88.84 
 Middle: $1 billion–$5 billion    10.16 
 Small: under $1 billion    1.00 
 Total    100.00 

Fund facts   
 Inception date   
     Retirement Class  10/1/2002 
 Net assets (3/31/2005)  $0.58 million 

72   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Real Estate Securities Fund | Real estate securities

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Real Estate Securities Fund returned 9.11% for the Retirement Share Class, topping the 8.98% return of the fund’s benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the 8.18% average return of similar funds, as measured by the Morningstar Specialty Real Estate category.

First-quarter correction tames REITs

Most of the gains for real estate investment trusts (REITs) occurred in the fourth quarter of 2004. Demand for REITs was coming largely from yield-oriented investors seeking alternatives to lower-yielding bonds. During the quarter, the Dow Jones Wilshire Real Estate Securities Index surged 16.46% —well ahead of the 10.16% return of the broad domestic stock market, as measured by the Russell 3000® Index.

     REITs stumbled in the first quarter of 2005. The benchmark lost 6.43%, versus a 2.20% drop in the Russell 3000. The REIT market was ripe for a correction after two years of returns that were far above their historical average. Weaker demand for REITs contributed to the downturn, with many yield-oriented investors rotating back to bonds as long-term interest rates rose.

Sector weights boost fund’s return

For the six-month period, the fund beat the benchmark by overweighting hotels and underweighting the apartment, office and retail sectors.

     The hotel sector benefited from increased travel combined with a limited new supply of hotel rooms. Apartments lagged because employment growth—a key driver of demand in this sector—was tepid, and because low mortgage rates prompted many renters to become homeowners. The office sector was hurt by diminished cash flows as five-year leases expired in a rental market that was less robust than it had been when the expiring leases were written.

     The retail sector boasted strong fundamentals but appeared over-valued. During the period, the fund sold select retail holdings that had reached the price thresholds we had set for them. Trimming the portfolio’s exposure to retail proved beneficial as the sector sold off.

     Throughout the period, the fund’s portfolio remained broadly diversified among ten real estate sectors and across three cap sizes. As of March 31, 2005, the fund was positioned somewhat less defensively than it had been six months earlier, reflecting our view that valuations had become more realistic, while fundamentals in real estate remained sound.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   73

Real Estate Securities Fund | Real estate securities

Investment objective

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

Special investment risks

In addition to the risks of any equity or fixed-income investment, the fund is subject to special risks including real estate investing risks, real estate securities risk, small-cap risk and foreign investment risks. For a further discussion of risk, please see page six.

The fund’s benchmark

The Dow Jones Wilshire Real Estate Securities Index measures the performance of publicly traded real estate securities, such as real estate investment trusts and real estate operating companies. You cannot invest directly in this index.

Performance as of March 31, 2005 
    Ticker symbol: TRRSX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
since
   
1 year
inception1
6 months
inception1
Real Estate Securities Fund 
               
     Retirement Class 
  10.57 %    26.41 %    9.11 %    79.72 % 
Benchmark: 
               
     Dow Jones Wilshire 
               
          Real Estate Securities Index 
  12.51     25.06     8.98     74.97  
Peer group: 
               
     Morningstar Specialty Real Estate 
  10.14     23.75     8.18     70.88  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
74   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,972 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class


Best quarter: 17.19%, for the quarter ended December 31, 2004
Worst quarter: –6.89%, for the quarter ended March 31, 2005
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   75

Real Estate Securities Fund | Real estate securities

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Real Estate Securities Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return        $1,000.00       $1,091.10       $2.40  
5% annual hypothetical return      1,000.00       1,022.67 ‡      2.33  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.47%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $116.49 million 
 Large: over $5 billion  27.17   
 Middle: $1 billion–$5 billion  32.25         
 Small: under $1 billion  40.58         
 Total  100.00         

76   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Social Choice Equity Fund | Socially screened stocks

   DISCUSSION

Performance in the six months
ended March 31, 2005

The Social Choice Equity Fund returned 6.81% for the Retirement Share Class, compared with 7.73% for the fund’s benchmark, the Russell 3000® Index, and the 7.14% average return of similar funds, as measured by the Morningstar Large Blend category. Neither the benchmark nor the Morningstar category screens investments for social criteria, as the fund does.

Excluded stocks reduce performance

Because of its social screens, the fund did not invest in several stocks that are large components of the benchmark in terms of market capitalization. While the exclusion of these stocks produced both positive and negative effects on the fund’s return, the detractors outweighed the positive contributors during the period.

     The largest detraction from performance came from the exclusion of ExxonMobil, which is the largest holding in the Russell 3000. This stock returned 6.6% for the fourth quarter of 2004 and 16.8% for the first quarter of 2005—posting a return for the six-month period that was roughly three times that of the benchmark. The fund’s relative return was also reduced by the exclusion of several other stocks that outperformed the index, including ConocoPhillips and Altria, the parent company of Philip Morris.

     Conversely, the fund’s social screens helped relative performance by excluding a number of stocks that underperformed the benchmark, including Pfizer, Wal-Mart, Eli Lilly and Citigroup.

Stock weightings help manage risk

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

     During the period, the fund had overweight holdings, compared with the benchmark, in several stocks that outperformed the benchmark, including Johnson & Johnson and Valero Energy. The positive effects of these holdings were partly offset by larger-than-benchmark weightings in such stocks as insurer American International Group and JPMorgan Chase, both of which underperformed the Russell 3000 Index.

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   77

Social Choice Equity Fund | Socially screened stocks

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005      Ticker symbol: TRSCX
   
Average annual compound
Cumulative rates
   
rates of total return*
of total return*
   
since
  since
    1 year   inception1   6 months   inception1
 Social Choice Equity Fund                 
     Retirement Class    5.64 %    18.35 %    6.81 %    52.41 % 
 Benchmark:                 
     Russell 3000 Index2    7.09     19.15     7.73     54.99  
 Peer group:                 
     Morningstar Large Blend    5.79     16.47     7.14     46.62  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2888.
 
1      Inception date: October 1, 2002
 
2      Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
78   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retirement Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $15,241 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retirement Class

Best quarter: 15.92%, for the quarter ended June 30, 2003
Worst quarter: –3.14%, for the quarter ended March 31, 2005
* Partial fiscal year

 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   79

Social Choice Equity Fund | Socially screened stocks

   PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

     
Social Choice Equity Fund (Retirement Class)—expense example
     
     
Starting fund value
Ending fund value
Expenses paid†
     
(10/1/04) 
(3/31/05) 
(10/1/04–3/31/05) 
Actual return      $1,000.00       $1,068.10       $2.27  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

†  “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡  “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the ending fund value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts     
 
  Percent of     Inception date     
 Capitalization as of 3/31/2005  net assets         Retirement Class    10/1/2002 
 Net assets (3/31/2005)    $38.31 million 
 Large: over $5 billion  84.55   
 Middle: $1 billion–$5 billion  11.33         
 Small: under $1 billion  4.12         
 Total  100.00         

80   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    APPAREL AND ACCESSORY STORES     
$
2,738,076    0.85 % 
    APPAREL AND OTHER TEXTILE PRODUCTS        354,840    0.11  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    70,620    2,700,509    0.83  
    Other        50,280    0.02  
            2,750,789    0.85  
 
    BUSINESS SERVICES             
    Microsoft Corp    298,200    7,207,494    2.23  
*    Pixar    17,592    1,716,100    0.53  
    Other        13,353,056    4.13  
            22,276,650    6.89  
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Amgen, Inc    55,780    3,246,954    1.00  
    Merck & Co, Inc    96,800    3,133,416    0.97  
    Pfizer, Inc    236,700    6,218,109    1.92  
    Procter & Gamble Co    85,900    4,552,700    1.41  
    Other        9,723,112    3.01  
            26,874,291    8.31  
 
    COMMUNICATIONS             
    SBC Communications, Inc    95,018    2,250,976    0.70  
    Verizon Communications, Inc    81,931    2,908,551    0.90  
    Viacom, Inc (Class B)    61,582    2,144,901    0.66  
    Other        6,657,296    2.06  
            13,961,724    4.32  
 
    DEPOSITORY INSTITUTIONS             
    Bank of America Corp    155,086    6,839,293    2.12  
    Citigroup, Inc    187,443    8,423,688    2.61  
    JPMorgan Chase & Co    114,311    3,955,161    1.22  
    U.S. Bancorp    62,229    1,793,440    0.55  
    Wachovia Corp    50,600    2,576,046    0.80  
    Wells Fargo & Co    70,143    4,194,551    1.30  
    Other        3,341,736    1.03  
            31,123,915    9.63  
 
    EATING AND DRINKING PLACES        1,709,603    0.53  
    EDUCATIONAL SERVICES        181,578    0.06  
    ELECTRIC, GAS, AND SANITARY SERVICES        8,420,236    2.60  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
    Emerson Electric Co    27,336    1,774,926    0.55  
    General Electric Co    320,400    11,553,624    3.57  
    Intel Corp    254,808    5,919,190    1.83  
    Other        5,851,467    1.81  
            25,099,207    7.76  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   81

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    ENGINEERING AND MANAGEMENT SERVICES     
$
850,169    0.26 % 
 
    FABRICATED METAL PRODUCTS             
    Illinois Tool Works, Inc    22,552    2,019,081    0.62  
    Other        868,810    0.27  
            2,887,891    0.89  
 
    FOOD AND KINDRED PRODUCTS             
    Anheuser-Busch Cos, Inc    37,977    1,799,730    0.56  
    Pepsi Bottling Group, Inc    66,400    1,849,240    0.57  
    PepsiCo, Inc    62,859    3,333,413    1.03  
    Other        4,666,187    1.44  
            11,648,570    3.60  
 
    FOOD STORES        1,462,719    0.45  
    FURNITURE AND FIXTURES        121,365    0.04  
    FURNITURE AND HOMEFURNISHINGS STORES        1,314,394    0.41  
    GENERAL BUILDING CONTRACTORS        1,050,544    0.33  
 
    GENERAL MERCHANDISE STORES             
    Wal-Mart Stores, Inc    97,899    4,905,719    1.52  
    Other        2,083,192    0.64  
            6,988,911    2.16  
 
    HEALTH SERVICES        772,722    0.24  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    SPDR Trust Series 1    14,640    1,726,935    0.54  
    Other        2,144,272    0.66  
            3,871,207    1.20  
 
    HOTELS AND OTHER LODGING PLACES        964,589    0.30  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    3M Co    23,511    2,014,658    0.62  
*    Apple Computer, Inc    42,964    1,790,310    0.56  
    Baker Hughes, Inc    46,510    2,069,230    0.64  
*    Cisco Systems, Inc    210,217    3,760,782    1.16  
*    Dell, Inc    97,295    3,738,074    1.16  
    International Business Machines Corp    65,220    5,959,804    1.84  
    Tyco International Ltd    50,000    1,690,000    0.52  
    Other        7,993,119    2.47  
            29,015,977    8.97  
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Becton Dickinson & Co    35,100    2,050,542    0.63  
    Medtronic, Inc    42,742    2,177,705    0.67  
    Other        4,319,333    1.34  
            8,547,580    2.64  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        15,988    0.00  


82   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INSURANCE CARRIERS           
    Aetna, Inc    29,200
$
2,188,540    0.68 % 
    American International Group, Inc    54,245   3,005,716    0.93  
    Chubb Corp    26,526   2,102,716    0.65  
    Principal Financial Group    50,100   1,928,349    0.59  
    UnitedHealth Group, Inc    26,000   2,479,880    0.77  
    Other      11,935,001    3.69  
          23,640,202    7.31  
 
    METAL MINING           
    Phelps Dodge Corp    20,700   2,105,811    0.65  
    Other      632,451    0.20  
          2,738,262    0.85  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      813,399    0.25  
    MISCELLANEOUS RETAIL      5,789,659    1.79  
 
    MOTION PICTURES           
*    Time Warner, Inc    135,577   2,379,376    0.74  
    Walt Disney Co    114,121   3,278,696    1.01  
    Other      1,653,942    0.51  
          7,312,014    2.26  
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    60,958   3,131,413    0.97  
    Fannie Mae    34,813   1,895,568    0.59  
    Other      3,933,777    1.21  
          8,960,758    2.77  
    NONMETALLIC MINERALS, EXCEPT FUELS      954,744    0.30  
    OIL AND GAS EXTRACTION      3,708,801    1.15  
    PAPER AND ALLIED PRODUCTS      2,720,278    0.84  
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    59,618   3,476,325    1.08  
    ExxonMobil Corp    206,720   12,320,512    3.81  
    Other      4,464,540    1.38  
          20,261,377    6.27  
    PRIMARY METAL INDUSTRIES      881,025    0.27  
    PRINTING AND PUBLISHING      1,207,518    0.37  
    RAILROAD TRANSPORTATION      1,713,627    0.53  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      76,372    0.02  
    SECURITY AND COMMODITY BROKERS      4,886,275    1.51  
    SPECIAL TRADE CONTRACTORS      524,384    0.16  
    STONE, CLAY, AND GLASS PRODUCTS      626,619    0.19  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   83

Growth & Income Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
   
 
 
 
    TOBACCO PRODUCTS           
    Altria Group, Inc    51,800
$
3,387,202    1.05 % 
    Other      369,500    0.11  
          3,756,702    1.16  
 
    TRANSPORTATION BY AIR           
    FedEx Corp    22,587   2,122,049    0.66  
    Other      1,928,255    0.59  
          4,050,304    1.25  
    TRANSPORTATION EQUIPMENT      5,403,280    1.67  
    TRANSPORTATION SERVICES      396,028    0.12  
    TRUCKING AND WAREHOUSING      2,069,402    0.64  
    WATER TRANSPORTATION      800,088    0.25  
 
    WHOLESALE TRADE-DURABLE GOODS           
    Johnson & Johnson    111,946   7,518,293    2.33  
    Other      1,196,854    0.37  
          8,715,147    2.70  
 
    WHOLESALE TRADE-NONDURABLE GOODS           
    AmerisourceBergen Corp    29,530   1,691,774    0.52  
    Other      3,365,280    1.04  
          5,057,054    1.56  
    TOTAL COMMON STOCKS    (Cost $326,861,364)   322,066,854    99.59  
 
    TOTAL PORTFOLIO    (Cost $326,861,364)   322,066,854    99.59 % 
    OTHER ASSETS AND LIABILITIES, NET      1,328,139    0.41  
 
 
    NET ASSETS      $ 323,394,993    100.00 % 

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

84   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    INDUSTRIAL MACHINERY AND EQUIPMENT     
$
133,534    0.02 % 
    INSTRUMENTS AND RELATED PRODUCTS        125,764    0.02  
    TOTAL PREFERRED STOCKS     (Cost $249,561)  
    259,298    0.04  
 
    COMMON STOCKS             
    APPAREL AND ACCESSORY STORES        77,697    0.01  
    APPAREL AND OTHER TEXTILE PRODUCTS        1,754,478    0.23  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        3,279,675    0.43  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Wolseley plc    598,242    12,525,243    1.66  
    Other        32,259    0.00  
            12,557,502    1.66  
 
    BUSINESS SERVICES             
    Cintra Concesiones de Infraestructuras de Transporte S.A.    678,647    7,320,629    0.97  
    Other        21,596,421    2.86  
            28,917,050    3.83  
 
    CHEMICALS AND ALLIED PRODUCTS             
    GlaxoSmithKline plc    341,497    7,827,394    1.04  
    Merck KGaA    140,790    10,063,774    1.33  
    Novartis AG. (Regd)    169,022    7,912,935    1.05  
    Reckitt Benckiser plc    365,998    11,632,530    1.54  
    Sanofi-Aventis    222,863    18,841,334    2.50  
    Takeda Pharmaceutical Co Ltd    104,100    4,973,364    0.66  
    Other        16,438,609    2.18  
            77,689,940    10.30  
 
    COMMUNICATIONS             
    KDDI Corp    1,341    6,657,358    0.88  
    Vodafone Group plc    3,376,313    8,963,725    1.19  
    Other        22,002,745    2.92  
            37,623,828    4.99  
 
    DEPOSITORY INSTITUTIONS             
    Banca Intesa S.p.A.    2,046,850    10,427,938    1.38  
*    Bayerische Hypo-und Vereinsbank AG.    236,656    5,803,845    0.77  
    Depfa Bank plc    711,017    11,273,692    1.49  
    Deutsche Bank AG. (Regd)    104,067    9,000,932    1.19  
    HSBC Holdings plc (United Kingdom)    590,480    9,338,995    1.24  
    Mitsubishi Tokyo Financial Group, Inc    639    5,556,002    0.74  
    Royal Bank of Scotland Group plc    583,119    18,555,334    2.46  
    Shinsei Bank Ltd    1,015,000    5,788,613    0.77  
    UBS AG. (Regd)    273,079    23,140,346    3.07  
    Other        18,210,691    2.41  
            117,096,388    15.52  
 
    EATING AND DRINKING PLACES        221,159    0.03  
    EDUCATIONAL SERVICES        918,848    0.12  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   85

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
 
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
    Nissin Co Ltd    2,160,480
$
5,049,738    0.67 % 
    Other      12,934,477    1.71  
          17,984,215    2.38  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    Kyocera Corp    69,700   4,985,088    0.66  
    Nokia Oyj    378,323   5,880,582    0.78  
    STMicroelectronics NV    337,179   5,626,676    0.75  
    Other      12,396,515    1.64  
          28,888,861    3.83  
    FABRICATED METAL PRODUCTS      1,672,610    0.22  
 
    FOOD AND KINDRED PRODUCTS           
    Groupe Danone    98,036   9,778,907    1.30  
    Nisshin Oillio Group Ltd    1,108,000   6,215,408    0.82  
    Other      8,358,936    1.11  
          24,353,251    3.23  
 
    FOOD STORES           
    Tesco plc    3,026,657   18,101,160    2.40  
    Other      286,961    0.04  
          18,388,121    2.44  
    FURNITURE AND FIXTURES      45,727    0.01  
    FURNITURE AND HOMEFURNISHINGS STORES      1,726,101    0.23  
 
    GENERAL BUILDING CONTRACTORS           
    Titan Cement Co S.A.    153,752   5,111,492    0.68  
    Other      6,706,537    0.89  
          11,818,029    1.57  
    GENERAL MERCHANDISE STORES      127,147    0.02  
    HEALTH SERVICES      664,812    0.09  
 
    HEAVY CONSTRUCTION, EXCEPT BUILDING           
    Vinci S.A.    104,120   15,047,534    1.99  
    Other      200,126    0.03  
          15,247,660    2.02  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    Nobel Biocare Holding AG.    44,346   9,366,646    1.24  
    Orient Corp    2,234,000   7,915,913    1.05  
    Other      9,263,545    1.23  
          26,546,104    3.52  
 
    HOTELS AND OTHER LODGING PLACES           
    Accor S.A.    378,655   18,582,411    2.46  
          18,582,411    2.46  


86   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Futuris Corp Ltd    3,415,157
$
5,494,934    0.73 % 
    Rheinmetall AG.    193,374   10,304,058    1.37  
    Other      7,984,859    1.05  
          23,783,851    3.15  
    INSTRUMENTS AND RELATED PRODUCTS      4,852,154    0.64  
    INSURANCE AGENTS, BROKERS AND SERVICE      78,804    0.01  
 
    INSURANCE CARRIERS           
    Schindler Holding AG. (Pt Cert)    15,837   5,886,224    0.78  
    Zurich Financial Services AG.    95,532   16,823,699    2.23  
    Other      18,071,301    2.39  
          40,781,224    5.40  
    LOCAL AND INTERURBAN PASSENGER TRANSIT      613,881    0.08  
    LUMBER AND WOOD PRODUCTS      124,215    0.02  
    METAL MINING      7,837,820    1.04  
    MISCELLANEOUS RETAIL      3,637,072    0.48  
    MOTION PICTURES      933,368    0.12  
 
    NONDEPOSITORY INSTITUTIONS           
    Hypo Real Estate Holding    222,202   9,284,431    1.23  
    Other      1,961,336    0.26  
          11,245,767    1.49  
 
    OIL AND GAS EXTRACTION           
    Total S.A.    21,427   5,026,491    0.67  
    Other      6,155,576    0.81  
          11,182,067    1.48  
    PAPER AND ALLIED PRODUCTS      4,127,774    0.55  
    PERSONAL SERVICES      134,953    0.02  
 
    PETROLEUM AND COAL PRODUCTS           
    BHP Billiton Ltd    409,983   5,667,335    0.75  
    BP plc    753,304   7,807,579    1.03  
    ENI S.p.A.    471,641   12,277,752    1.63  
    Royal Dutch Petroleum Co    136,263   8,167,584    1.08  
    Other      9,096,924    1.21  
          43,017,174    5.70  
    PRIMARY METAL INDUSTRIES           
    NEOMAX Co Ltd    262,000   6,197,270    0.82  
    Other      3,241,522    0.43  
          9,438,792    1.25  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   87

International Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                   
              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    PRINTING AND PUBLISHING           
    Reed Elsevier NV    433,710
$
 6,555,495    0.87 % 
    Reed Elsevier plc    1,010,847   10,476,870    1.39  
    Other      1,494,892    0.20  
          18,527,257    2.46  
    RAILROAD TRANSPORTATION      2,416,309    0.32  
    REAL ESTATE      7,025,932    0.93  
    SECURITY AND COMMODITY BROKERS      2,862,627    0.38  
    STONE, CLAY, AND GLASS PRODUCTS           
    Holcim Ltd (Regd)    392,089   24,195,105    3.21  
    Other      5,677,320    0.75  
          29,872,425    3.96  
    TRANSPORTATION BY AIR      3,357,644    0.44  
    TRANSPORTATION EQUIPMENT           
*    Fiat S.p.A.    2,548,921   18,584,274    2.46  
    Toyota Motor Corp    275,700   10,284,620    1.36  
    Other      6,519,920    0.87  
          35,388,814    4.69  
    TRANSPORTATION SERVICES      507,953    0.07  
    TRUCKING AND WAREHOUSING      2,550,355    0.34  
    WATER TRANSPORTATION      1,458,638    0.19  
 
    WHOLESALE TRADE-DURABLE GOODS           
    Terumo Corp    167,500   5,058,199    0.67  
    Other      1,288,909    0.17  
          6,347,108    0.84  
 
    WHOLESALE TRADE-NONDURABLE GOODS           
    Clariant AG.    1,149,451   19,914,559    2.64  
    Inditex S.A.    456,374   13,683,426    1.82  
    Other      1,980,040    0.26  
          35,578,025    4.72  
    TOTAL COMMON STOCKS   
(Cost $677,672,050)
  753,863,617    99.91  
 
    TOTAL PORTFOLIO   
(Cost $677,921,611)
  754,122,915    99.95 % 
    OTHER ASSETS AND LIABILITIES, NET      413,821    0.05  
 
 
    NET ASSETS      $ 754,536,736    100.00 % 
 

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

88   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS       
   
    AMUSEMENT AND RECREATION SERVICES     
$
2,559,631 
  0.57 % 
    APPAREL AND ACCESSORY STORES       
1,105,104 
  0.25  
    APPAREL AND OTHER TEXTILE PRODUCTS       
3,079,544 
  0.68  
    AUTO REPAIR, SERVICES, AND PARKING       
1,752,885 
  0.39  
 
    BUSINESS SERVICES       
   
    Microsoft Corp    132,605   
3,205,063 
  0.71  
    Waste Management, Inc    147,192   
4,246,489 
  0.94  
    Other       
5,709,272 
  1.27  
           
13,160,824 
  2.92  
 
    CHEMICALS AND ALLIED PRODUCTS       
   
    Du Pont (E.I.) de Nemours & Co    131,846   
6,755,789 
  1.50  
    Merck & Co, Inc    150,555   
4,873,465 
  1.08  
    Wyeth    154,696   
6,525,077 
  1.45  
    Other       
8,824,896 
  1.96  
           
26,979,227 
  5.99  
 
    COAL MINING       
1,285,993 
  0.29  
 
    COMMUNICATIONS       
   
    BellSouth Corp    337,885   
8,882,997 
  1.97  
    SBC Communications, Inc    139,112   
3,295,563 
  0.73  
    Verizon Communications, Inc    179,917   
6,387,054 
  1.42  
    Viacom, Inc (Class B)    262,821   
9,154,055 
  2.03  
    Other       
5,533,668 
  1.23  
           
33,253,337 
  7.38  
 
    DEPOSITORY INSTITUTIONS       
   
    Bank of America Corp    323,532   
14,267,761 
  3.17  
    Citigroup, Inc    463,906   
20,847,936 
  4.63  
    Fifth Third Bancorp    127,900   
5,497,142 
  1.22  
    JPMorgan Chase & Co    317,737   
10,993,700 
  2.44  
    North Fork Bancorp, Inc    144,265   
4,001,911 
  0.89  
    Northern Trust Corp    144,259   
6,266,611 
  1.39  
    SunTrust Banks, Inc    56,043   
4,039,019 
  0.89  
    Wachovia Corp    81,609   
4,154,714 
  0.92  
    Wells Fargo & Co    51,713   
3,092,437 
  0.69  
    Other       
5,522,889 
  1.23  
           
78,684,120 
  17.47  
 
    EATING AND DRINKING PLACES       
   
*    Brinker International, Inc    159,724   
5,785,203 
  1.28  
           
5,785,203 
  1.28  
 
    ELECTRIC, GAS, AND SANITARY SERVICES       
   
*    CMS Energy Corp    256,296   
3,342,100 
  0.74  
    Dominion Resources, Inc    79,459   
5,914,133 
  1.32  
    PG&E Corp    128,349   
4,376,701 
  0.97  
    Other       
12,300,446 
  2.73  
           
25,933,380 
  5.76  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   89

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
*    Alstom    3,711,710
$
 3,183,789    0.71 % 
    General Electric Co    622,219   22,437,217    4.98  
    Other      9,828,134    2.18  
          35,449,140    7.87  
    ENGINEERING AND MANAGEMENT SERVICES      674,993    0.15  
 
    FABRICATED METAL PRODUCTS           
    Illinois Tool Works, Inc    50,504   4,521,623    1.00  
          4,521,623    1.00  
 
    FOOD AND KINDRED PRODUCTS           
    Coca-Cola Enterprises, Inc    206,922   4,246,039    0.94  
    Molson Coors Brewing Co (Class B)    40,504   3,125,694    0.70  
          7,371,733    1.64  
 
    FOOD STORES           
*    Kroger Co    254,532   4,080,148    0.90  
    Other      74,120    0.02  
          4,154,268    0.92  
    GENERAL MERCHANDISE STORES      1,296,728    0.29  
    HEALTH SERVICES      2,148,338    0.48  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    iShares Russell 1000 Value Index Fund    52,396   3,448,181    0.76  
    Other      5,984,386    1.33  
          9,432,567    2.09  
    HOTELS AND OTHER LODGING PLACES      3,218,124    0.71  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Hewlett-Packard Co    411,884   9,036,735    2.01  
    Other      3,606,481    0.80  
          12,643,216    2.81  
 
    INSTRUMENTS AND RELATED PRODUCTS           
*    Boston Scientific Corp    119,386   3,496,816    0.78  
    Raytheon Co    94,958   3,674,875    0.81  
          7,171,691    1.59  
 
    INSURANCE AGENTS, BROKERS AND SERVICE           
    Marsh & McLennan Cos, Inc    178,303   5,423,977    1.20  
          5,423,977    1.20  
 
    INSURANCE CARRIERS           
    American International Group, Inc    74,696   4,138,905    0.92  
    St. Paul Travelers Cos, Inc    205,113   7,533,801    1.67  
    Other      5,152,358    1.14  
          16,825,064    3.73  


90   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
              % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    LUMBER AND WOOD PRODUCTS           
    Georgia-Pacific Corp    99,842 $  3,543,393    0.79 % 
          3,543,393    0.79  
    METAL MINING      247,458    0.05  
 
    MISCELLANEOUS RETAIL           
*    Sears Holdings Corp    51,002   6,791,936    1.51  
    Other      1,369,482    0.30  
          8,161,418    1.81  
 
    MOTION PICTURES           
*    Time Warner, Inc    553,584   9,715,399    2.16  
    Other      2,903,949    0.64  
          12,619,348    2.80  
 
    NONDEPOSITORY INSTITUTIONS           
    Fannie Mae    92,577   5,040,818    1.12  
    Other      2,902,081    0.64  
          7,942,899    1.76  
 
    OIL AND GAS EXTRACTION           
    Devon Energy Corp    78,400   3,743,600    0.83  
    Other      10,364,547    2.30  
          14,108,147    3.13  
 
    PAPER AND ALLIED PRODUCTS           
    International Paper Co    102,594   3,774,433    0.84  
    Other      1,457,274    0.32  
          5,231,707    1.16  
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    105,576   6,156,136    1.37  
    ConocoPhillips    45,675   4,925,592    1.09  
    ExxonMobil Corp    475,443   28,336,403    6.29  
          39,418,131    8.75  
    PRINTING AND PUBLISHING      1,429,579    0.32  
    RAILROAD TRANSPORTATION      1,886,578    0.42  
    REAL ESTATE      80,197    0.02  
 
    SECURITY AND COMMODITY BROKERS           
    Morgan Stanley    161,456   9,243,356    2.05  
    Other      2,893,402    0.64  
          12,136,758    2.69  
    STONE, CLAY, AND GLASS PRODUCTS      77,388    0.02  
 
    TOBACCO PRODUCTS           
    Altria Group, Inc    244,018   15,956,337    3.54  
          15,956,337    3.54  
    TRANSPORTATION BY AIR      1,919,194    0.43  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   91

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                % OF NET  
    COMPANY       
SHARES
VALUE
  ASSETS  
   
     
 
 
    TRANSPORTATION EQUIPMENT             
    Honeywell International, Inc        173,470
$
6,454,819   1.44 % 
    Northrop Grumman Corp        66,158   3,571,209   0.79  
    Other          6,581,527   1.46  
              16,607,555   3.69  
 
    WHOLESALE TRADE-NONDURABLE GOODS             
    AmerisourceBergen Corp        69,972   4,008,696   0.89  
              4,008,696   0.89  
        TOTAL COMMON STOCKS   
(Cost $426,748,761)
  449,285,493   99.73  
 
    ISSUER       
PRINCIPAL
     
   
 
    SHORT-TERM INVESTMENTS             

 

   U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES             
    Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $3,260,000   3,259,759   0.72  
              3,259,759   0.72  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $3,260,000)
  3,259,759   0.72  
 
        TOTAL PORTFOLIO   
(Cost $430,008,761)
  452,545,252   100.45 % 
        OTHER ASSETS AND LIABILITIES, NET      (2,022,470 )  (0.45 ) 
 
        NET ASSETS      $ 450,522,782   100.00 % 

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

92   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS     
   
    AMUSEMENT AND RECREATION SERVICES     
   
    Station Casinos, Inc    19,750
$
1,334,113 
  0.79 % 
    Other     
1,044,323 
  0.61  
         
2,378,436 
  1.40  
 
    APPAREL AND ACCESSORY STORES     
2,890,398 
  1.71  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS     
368,285 
  0.22  
    AUTO REPAIR, SERVICES, AND PARKING     
838,449 
  0.50  
    BUILDING MATERIALS AND GARDEN SUPPLIES     
680,313 
  0.40  
 
    BUSINESS SERVICES     
   
    Adobe Systems, Inc    37,837  
2,541,511 
  1.50  
*    Juniper Networks, Inc    63,171  
1,393,552 
  0.82  
*    Mercury Interactive Corp    30,401  
1,440,399 
  0.85  
*    VeriSign, Inc    46,968  
1,347,982 
  0.80  
    Other     
13,009,932 
  7.68  
         
19,733,376 
  11.65  
 
    CHEMICALS AND ALLIED PRODUCTS     
   
    Clorox Co    24,046  
1,514,658 
  0.89  
    Estee Lauder Cos (Class A)    34,917  
1,570,567 
  0.93  
*    Genzyme Corp    44,660  
2,556,338 
  1.51  
*    Sepracor, Inc    40,985  
2,352,949 
  1.39  
    Other     
9,566,580 
  5.64  
         
17,561,092 
  10.36  
 
    COAL MINING     
   
    Consol Energy, Inc    30,268  
1,423,201 
  0.84  
         
1,423,201 
  0.84  
 
    COMMUNICATIONS     
   
*    Avaya, Inc    128,888  
1,505,412 
  0.89  
    Global Payments, Inc    26,982  
1,740,069 
  1.03  
*    Nextel Partners, Inc (Class A)    59,551  
1,307,740 
  0.77  
*    NII Holdings, Inc (Class B)    24,677  
1,418,927 
  0.84  
*    Univision Communications, Inc (Class A)    52,293  
1,447,993 
  0.86  
*    XM Satellite Radio Holdings, Inc    42,074  
1,325,331 
  0.78  
    Other     
497,916 
  0.29  
         
9,243,388 
  5.46  
 
    DEPOSITORY INSTITUTIONS     
   
    North Fork Bancorp, Inc    54,727  
1,518,127 
  0.90  
    Northern Trust Corp    37,635  
1,634,864 
  0.96  
    Other     
531,318 
  0.31  
         
3,684,309 
  2.17  
 
    EATING AND DRINKING PLACES     
   
*    The Cheesecake Factory, Inc    40,737  
1,444,127 
  0.85  
    Other     
2,495,018 
  1.48  
         
3,939,145 
  2.33  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   93

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    EDUCATIONAL SERVICES     
$
1,254,804 
  0.74 % 
    ELECTRIC, GAS, AND SANITARY SERVICES       
1,202,570 
  0.71  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT       
   
    Amphenol Corp (Class A)    40,079   
1,484,526 
  0.88  
*    Comverse Technology, Inc    70,033   
1,766,232 
  1.04  
    National Semiconductor Corp    123,317   
2,541,563 
  1.50  
*    Novellus Systems, Inc    53,793   
1,437,887 
  0.85  
    Other       
10,053,950 
  5.93  
           
17,284,158 
  10.20  
 
    ENGINEERING AND MANAGEMENT SERVICES       
   
*    Jacobs Engineering Group, Inc    27,732   
1,439,845 
  0.85  
    Moody’s Corp    26,150   
2,114,489 
  1.25  
    Quest Diagnostics, Inc    22,738   
2,390,446 
  1.41  
    Other       
2,159,335 
  1.27  
           
8,104,115 
  4.78  
    FABRICATED METAL PRODUCTS       
183,698 
  0.11  
    FOOD AND KINDRED PRODUCTS       
1,767,674 
  1.04  
    FOOD STORES       
526,787 
  0.31  
 
    FURNITURE AND FIXTURES       
1,382,056 
  0.82  
 
    FURNITURE AND HOMEFURNISHINGS STORES       
   
*    Bed Bath & Beyond, Inc    91,423   
3,340,596 
  1.97  
    Other       
1,843,657 
  1.09  
           
5,184,253 
  3.06  
 
    GENERAL BUILDING CONTRACTORS       
   
*    NVR, Inc    1,682   
1,320,370 
  0.78  
    Other       
475,797 
  0.28  
           
1,796,167 
  1.06  
 
    GENERAL MERCHANDISE STORES       
   
    Dollar General Corp    64,974   
1,423,580 
  0.84  
           
1,423,580 
  0.84  
 
    HEALTH SERVICES       
   
*    Express Scripts, Inc    26,343   
2,296,846 
  1.36  
*    Triad Hospitals, Inc    42,749   
2,141,725 
  1.26  
    Other       
2,035,494 
  1.20  
           
6,474,065 
  3.82  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    iShares Russell Midcap Growth Index Fund    45,400   
3,764,114 
  2.22  
           
3,764,114 
  2.22  
 
    HOTELS AND OTHER LODGING PLACES       
   
    Hilton Hotels Corp    121,476   
2,714,989 
  1.60  
    Other       
1,742,469 
  1.03  
           
4,457,458 
  2.63  


94   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT     
   
    American Standard Cos, Inc    60,767
$
2,824,450 
  1.67 % 
*    Apple Computer, Inc    38,181  
1,591,002 
  0.94  
    Baker Hughes, Inc    65,122  
2,897,278 
  1.71  
    ITT Industries, Inc    22,045  
1,989,341 
  1.17  
*    Lexmark International, Inc    27,481  
2,197,655 
  1.30  
*    Network Appliance, Inc    54,701  
1,513,030 
  0.89  
    Other     
4,321,830 
  2.55  
         
17,334,586 
  10.23  
 
    INSTRUMENTS AND RELATED PRODUCTS     
   
    Bard (C.R.), Inc    34,977  
2,381,234 
  1.41  
    Biomet, Inc    52,729  
1,914,063 
  1.13  
*    Fisher Scientific International, Inc    26,598  
1,513,958 
  0.89  
*    St. Jude Medical, Inc    52,700  
1,897,200 
  1.12  
    Other     
1,463,502 
  0.86  
         
9,169,957 
  5.41  
    INSURANCE AGENTS, BROKERS AND SERVICE     
664,616 
  0.39  
 
    INSURANCE CARRIERS     
   
*    WellPoint, Inc    18,950  
2,375,382 
  1.40  
    Other     
613,385 
  0.36  
         
2,988,767 
  1.76  
    LEATHER AND LEATHER PRODUCTS     
1,009,770 
  0.60  
    METAL MINING     
484,589 
  0.29  
    MISCELLANEOUS MANUFACTURING INDUSTRIES     
1,124,466 
  0.66  
 
    MISCELLANEOUS RETAIL     
   
*    Petco Animal Supplies, Inc    42,603  
1,568,216 
  0.93  
         
1,568,216 
  0.93  
    MOTION PICTURES     
1,101,002 
  0.65  
 
    OIL AND GAS EXTRACTION     
   
    ENSCO International, Inc    38,959  
1,467,196 
  0.87  
    Other     
2,481,160 
  1.46  
         
3,948,356 
  2.33  
    PERSONAL SERVICES     
1,090,006 
  0.64  
    PRINTING AND PUBLISHING     
605,238 
  0.36  
    SECURITY AND COMMODITY BROKERS     
3,839,768 
  2.27  
 
    TRANSPORTATION BY AIR     
   
    Southwest Airlines Co    98,747  
1,406,157 
  0.83  
         
1,406,157 
  0.83  
    TRANSPORTATION SERVICES     
1,489,028 
  0.88  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   95

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
COMPANY       
SHARES
VALUE
  ASSETS  
 
 
WATER TRANSPORTATION             
Royal Caribbean Cruises Ltd        47,193
$
 2,109,055   1.24 % 
          2,109,055   1.24  
WHOLESALE TRADE-DURABLE GOODS      499,500   0.29  
    TOTAL COMMON STOCKS   
(Cost $149,992,754)
  167,978,968   99.14  
 
ISSUER       
PRINCIPAL
     
 
SHORT-TERM INVESTMENTS             
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $11,910,000   11,909,120   7.03  
          11,909,120   7.03  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $11,910,000)
  11,909,120   7.03  
 
    TOTAL PORTFOLIO   
(Cost $161,902,754)
  179,888,088   106.17 % 
    OTHER ASSETS AND LIABILITIES, NET      (10,452,616 )  (6.17 ) 
 
    NET ASSETS    $ 169,435,472   100.00 % 
           

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

96   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS     
   
    AMUSEMENT AND RECREATION SERVICES     
   
*    Caesars Entertainment, Inc    84,000
$
1,662,360 
  0.58 % 
    Other     
704,000 
  0.25  
         
2,366,360 
  0.83  
 
    APPAREL AND ACCESSORY STORES     
1,312,770 
  0.46  
    APPAREL AND OTHER TEXTILE PRODUCTS     
1,440,070 
  0.50  
 
    AUTO REPAIR, SERVICES AND PARKING     
   
    Lear Corp    50,000  
2,218,000 
  0.77  
    BUILDING MATERIALS AND GARDEN SUPPLIES     
1,005,600 
  0.35  
    BUSINESS SERVICES     
3,210,620 
  1.12  
 
    CHEMICALS AND ALLIED PRODUCTS     
   
    Akzo Nobel NV (Spon ADR)    43,500  
2,000,130 
  0.70  
    Monsanto Co    30,000  
1,935,000 
  0.67  
    Waste Management, Inc    75,000  
2,163,750 
  0.76  
    Other     
14,970,243 
  5.22  
         
21,069,123 
  7.35  
 
    COAL MINING     
2,412,104 
  0.84  
    COMMUNICATIONS     
   
    Clear Channel Communications, Inc    55,000  
1,895,850 
  0.66  
*    Entercom Communications Corp    54,000  
1,918,080 
  0.67  
*    UnitedGlobalcom, Inc (Class A)    175,000  
1,655,500 
  0.58  
    Other     
4,026,415 
  1.40  
         
9,495,845 
  3.31  
 
    DEPOSITORY INSTITUTIONS     
   
    Hibernia Corp (Class A)    65,000  
2,080,650 
  0.73  
    Marshall & Ilsley Corp    60,000  
2,505,000 
  0.87  
    North Fork Bancorp, Inc    115,000  
3,190,100 
  1.11  
    Northern Trust Corp    40,000  
1,737,600 
  0.61  
    Other     
11,600,373 
  4.05  
         
21,113,723 
  7.37  
 
    EATING AND DRINKING PLACES     
   
*    Brinker International, Inc    55,000  
1,992,100 
  0.70  
    Other     
779,900 
  0.27  
         
2,772,000 
  0.97  
 
    ELECTRIC, GAS, AND SANITARY SERVICES     
   
*    Allegheny Energy, Inc    90,000  
1,859,400 
  0.65  
    FirstEnergy Corp    55,000  
2,307,250 
  0.81  
    FPL Group, Inc    45,000  
1,806,750 
  0.63  
    PG&E Corp    60,000  
2,046,000 
  0.71  
    PPL Corp    40,000  
2,159,600 
  0.75  
    Public Service Enterprise Group, Inc    45,000  
2,447,550 
  0.86  
    TXU Corp    23,000  
1,831,490 
  0.64  
    Other     
16,714,470 
  5.83  
         
31,172,510 
  10.88  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   97

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
         
  % OF NET  
    COMPANY    SHARES  
VALUE 
  ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT     
   
*    Nortel Networks Corp (U.S.)    800,000
$
2,184,000 
  0.76 % 
    Other     
7,595,340 
  2.65  
         
9,779,340 
  3.41  
 
    ENGINEERING AND MANAGEMENT SERVICES     
   
*    Accenture Ltd (Class A)    70,000  
1,690,500 
  0.59  
    Other     
438,500 
  0.15  
         
2,129,000 
  0.74  
 
    FOOD AND KINDRED PRODUCTS     
   
*    Constellation Brands, Inc (Class A)    40,000  
2,114,800 
  0.74  
    Other     
6,255,460 
  2.18  
         
8,370,260 
  2.92  
    FOOD STORES     
2,440,300 
  0.85  
 
    FURNITURE AND FIXTURES     
438,800 
  0.15  
    FURNITURE AND HOMEFURNISHINGS STORES     
1,786,320 
  0.62  
    GENERAL BUILDING CONTRACTORS     
957,190 
  0.33  
 
    GENERAL MERCHANDISE STORES     
   
    J.C. Penney Co, Inc    33,000  
1,713,360 
  0.60  
    Other     
1,774,076 
  0.62  
         
3,487,436 
  1.22  
    HEALTH SERVICES     
1,254,320 
  0.44  
    HEAVY CONSTRUCTION, EXCEPT BUILDING     
1,260,756 
  0.44  
 
    HOLDING AND OTHER INVESTMENT OFFICES     
   
    iShares Russell Midcap Value Index Fund    118,056  
13,324,981 
  4.65  
    iStar Financial, Inc    37,600  
1,548,368 
  0.54  
    Other     
20,515,119 
  7.16  
         
35,388,468 
  12.35  
 
    HOTELS AND OTHER LODGING PLACES     
   
    Accor S.A.    35,000  
1,717,617 
  0.60  
    Other     
2,847,943 
  0.99  
         
4,565,560 
  1.59  

98   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT     
   
    American Standard Cos, Inc    45,000
$
2,091,600 
  0.73 % 
    Deere & Co    35,000  
2,349,550 
  0.82  
    Eaton Corp    50,000  
3,270,000 
  1.14  
*    Xerox Corp    110,000  
1,666,500 
  0.58  
    Other     
3,650,727 
  1.28  
         
13,028,377 
  4.55  
 
    INSTRUMENTS AND RELATED PRODUCTS     
   
    Raytheon Co    40,000  
1,548,000 
  0.54  
    Other     
1,302,000 
  0.45  
         
2,850,000 
  0.99  
 
    INSURANCE AGENTS, BROKERS AND SERVICE     
   
    Marsh & McLennan Cos, Inc    55,000  
1,673,100 
  0.58  
    Other     
1,142,000 
  0.40  
         
2,815,100 
  0.98  
 
    INSURANCE CARRIERS     
   
    Aspen Insurance Holdings Ltd    68,900  
1,736,969 
  0.61  
    Genworth Financial, Inc    126,600  
3,484,032 
  1.22  
*    Pacificare Health Systems, Inc    50,000  
2,846,000 
  0.99  
    Safeco Corp    35,000  
1,704,850 
  0.59  
    St. Paul Travelers Cos, Inc    60,000  
2,203,800 
  0.77  
*    WellPoint, Inc    24,500  
3,071,075 
  1.07  
    Other     
10,366,905 
  3.62  
         
25,413,631 
  8.87  
 
    LUMBER AND WOOD PRODUCTS     
   
    Georgia-Pacific Corp    100,000  
3,549,000 
  1.24  
         
3,549,000 
  1.24  
 
    METAL MINING     
2,430,794 
  0.85  
    MISCELLANEOUS MANUFACTURING INDUSTRIES     
1,992,600 
  0.70  
 
    MISCELLANEOUS RETAIL     
   
*    Marvel Enterprises, Inc    80,000  
1,600,000 
  0.56  
*    Sears Holdings Corp    12,312  
1,639,589 
  0.57  
    Other     
1,600,620 
  0.56  
         
4,840,209 
  1.69  
 
    MOTION PICTURES     
607,750 
  0.21  
    NONMETALLIC MINERALS, EXCEPT FUELS     
397,810 
  0.14  
 
    OIL AND GAS EXTRACTION     
   
    Kerr-McGee Corp    35,000  
2,741,550 
  0.96  
    Marathon Oil Corp    35,000  
1,642,200 
  0.57  
    Noble Energy, Inc    38,000  
2,584,760 
  0.90  
    Other     
2,059,112 
  0.72  
         
9,027,622 
  3.15  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   99

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
COMPANY       
SHARES 
VALUE 
  ASSETS  
 
 
PAPER AND ALLIED PRODUCTS          $ 3,199,180    1.12 % 
PERSONAL SERVICES          598,400    0.21  
 
PETROLEUM AND COAL PRODUCTS               
Valero Energy Corp        25,000  1,831,750    0.64  
Other          933,975    0.33  
          2,765,725    0.97  
PRIMARY METAL INDUSTRIES          3,209,230    1.12  
PRINTING AND PUBLISHING          2,332,660    0.81  
 
RAILROAD TRANSPORTATION               
Norfolk Southern Corp        45,000  1,667,250    0.58  
Other          1,041,250    0.37  
          2,708,500    0.95  
SECURITY AND COMMODITY BROKERS          3,801,050    1.33  
STONE, CLAY, AND GLASS PRODUCTS          1,857,210    0.65  
 
TOBACCO PRODUCTS               
Reynolds American, Inc        32,000  2,578,880    0.90  
Other          1,489,500    0.52  
          4,068,380    1.42  
TRANSPORTATION BY AIR          982,280    0.34  
TRANSPORTATION EQUIPMENT          8,126,540    2.84  
TRANSPORTATION SERVICES          939,000    0.33  
WATER TRANSPORTATION          2,226,156    0.78  
 
WHOLESALE TRADE-NONDURABLE GOODS               
AmerisourceBergen Corp        32,000  1,833,280    0.64  
Other          833,750    0.29  
          2,667,030    0.93  
    TOTAL COMMON STOCKS    (Cost $251,889,589)  277,880,709    96.98  
ISSUER       
PRINCIPAL 
     
SHORT-TERM INVESTMENTS               
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES           
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $19,130,000    19,128,586   6.68  
            19,128,586   6.68  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $19,130,000) 
  19,128,586   6.68  
 
    TOTAL PORTFOLIO   
(Cost $271,019,589) 
  297,009,295   103.66 % 
    OTHER ASSETS AND LIABILITIES, NET        (10,481,408 )  (3.66 ) 
 
    NET ASSETS     
$
286,527,887   100.00 % 


100   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   101

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS     
$
47,430    0.02 % 
    AGRICULTURAL PRODUCTION-LIVESTOCK        193,140    0.06  
 
    AMUSEMENT AND RECREATION SERVICES             
*    Argosy Gaming Co    22,700    1,042,384    0.34  
    Other        1,967,672    0.64  
            3,010,056    0.98  
 
    APPAREL AND ACCESSORY STORES        4,345,631    1.41  
 
    APPAREL AND OTHER TEXTILE PRODUCTS             
    Kellwood Co    40,100    1,154,479    0.38  
    Oxford Industries, Inc    25,500    933,045    0.30  
    Other        1,176,503    0.38  
            3,264,027    1.06  
 
    AUTO REPAIR, SERVICES AND PARKING        540,662    0.18  
 
    AUTOMOTIVE DEALERS AND SERVICE STATIONS             
    Sonic Automotive, Inc    46,700    1,060,557    0.34  
    Other        1,032,894    0.34  
            2,093,451    0.68  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES        750,425    0.24  
 
    BUSINESS SERVICES             
*    Earthlink, Inc    109,896    989,064    0.32  
*    Korn/Ferry International    60,300    1,147,509    0.37  
*    MPS Group, Inc    112,200    1,179,222    0.38  
*    United Online, Inc    88,498    926,574    0.30  
    Other        25,837,745    8.39  
            30,080,114    9.76  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Cytec Industries, Inc    25,700    1,394,225    0.45  
*    FMC Corp    29,005    1,550,317    0.50  
    Georgia Gulf Corp    25,534    1,174,053    0.38  
    Other        14,871,884    4.83  
            18,990,479    6.16  
 
    COMMUNICATIONS        4,759,381    1.54  
 
    DEPOSITORY INSTITUTIONS             
    Downey Financial Corp    16,700    1,027,551    0.33  
    First Bancorp (Puerto Rico)    22,700    959,075    0.31  
    First Midwest Bancorp, Inc    31,290    1,016,299    0.33  
    R & G Financial Corp (Class B)    40,000    1,246,800    0.41  
    Trustmark Corp    34,981    1,014,449    0.33  
    Other        22,944,840    7.45  
            28,209,014    9.16  


102   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    EATING AND DRINKING PLACES     
   
*    Jack In The Box, Inc    27,300
$
1,012,830 
  0.33 % 
*    Krispy Kreme Doughnuts, Inc    121,215  
924,871 
  0.30  
    Other     
4,556,530 
  1.48  
         
6,494,231 
  2.11  
    EDUCATIONAL SERVICES     
488,752 
  0.16  
 
    ELECTRIC, GAS, AND SANITARY SERVICES     
   
*    CMS Energy Corp    87,305  
1,138,457 
  0.37  
    Energen Corp    22,853  
1,522,010 
  0.49  
    Other     
9,050,942 
  2.94  
         
11,711,409 
  3.80  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT     
   
*    Varian Semiconductor Equipment Associates, Inc    27,100  
1,030,071 
  0.34  
    Other     
16,796,718 
  5.45  
         
17,826,789 
  5.79  
    ENGINEERING AND MANAGEMENT SERVICES     
5,516,545 
  1.79  
 
    FABRICATED METAL PRODUCTS     
   
    Commercial Metals Co    28,108  
952,580 
  0.31  
    Other     
2,602,587 
  0.84  
         
3,555,167 
  1.15  
    FOOD AND KINDRED PRODUCTS     
3,009,593 
  0.98  
    FOOD STORES     
461,835 
  0.15  
    FURNITURE AND FIXTURES     
1,408,857 
  0.46  
    FURNITURE AND HOMEFURNISHINGS STORES     
1,844,888 
  0.60  
    GENERAL BUILDING CONTRACTORS     
2,668,312 
  0.87  
    GENERAL MERCHANDISE STORES     
745,168 
  0.24  
 
    HEALTH SERVICES     
   
*    Pediatrix Medical Group, Inc    14,550  
997,984 
  0.32  
    Other     
5,592,796 
  1.82  
         
6,590,780 
  2.14  
    HEAVY CONSTRUCTION, EXCEPT BUILDING     
339,992 
  0.11  
 
    HOLDING AND OTHER INVESTMENT OFFICES     
   
    American Home Mortgage Investment Corp    47,037  
1,347,140 
  0.44  
    Cousins Properties, Inc    47,900  
1,239,173 
  0.40  
    IMPAC Mortgage Holdings, Inc    74,625  
1,431,308 
  0.46  
    New Century Financial Corp    31,311  
1,465,981 
  0.48  
    Newcastle Investment Corp    35,400  
1,047,840 
  0.34  
    Oriental Financial Group, Inc    48,665  
1,139,734 
  0.37  
    Saxon Capital, Inc    75,302  
1,295,194 
  0.42  
    Other     
14,913,636 
  4.84  
         
23,880,006 
  7.75  
    HOTELS AND OTHER LODGING PLACES     
1,511,321 
  0.49  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   103

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Kennametal, Inc    26,400
$
1,253,736    0.41 % 
*    Terex Corp    32,800   1,420,240    0.46  
    York International Corp    27,100   1,061,778    0.34  
    Other      11,583,989    3.76  
          15,319,743    4.97  
    INSTRUMENTS AND RELATED PRODUCTS      18,551,334    6.02  
    INSURANCE AGENTS, BROKERS AND SERVICE      401,768    0.13  
    INSURANCE CARRIERS      10,116,356    3.28  
    JUSTICE, PUBLIC ORDER AND SAFETY      60,018    0.02  
    LEATHER AND LEATHER PRODUCTS      789,676    0.26  
    LEGAL SERVICES      84,600    0.03  
    LOCAL AND INTERURBAN PASSENGER TRANSIT      582,400    0.19  
    LUMBER AND WOOD PRODUCTS      159,146    0.05  
    METAL MINING      476,855    0.15  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      2,560,121    0.83  
 
    MISCELLANEOUS RETAIL           
*    Zale Corp    36,740   1,091,913    0.36  
    Other      1,891,425    0.61  
          2,983,338    0.97  
    MOTION PICTURES      1,054,409    0.34  
    NONDEPOSITORY INSTITUTIONS      2,270,279    0.74  
    NONMETALLIC MINERALS, EXCEPT FUELS      96,710    0.03  
 
    OIL AND GAS EXTRACTION           
*    Houston Exploration Co    25,500   1,452,225    0.47  
    Other      11,087,239    3.60  
          12,539,464    4.07  
    PAPER AND ALLIED PRODUCTS      1,106,162    0.36  
    PERSONAL SERVICES      1,113,925    0.36  
 
    PETROLEUM AND COAL PRODUCTS           
*    Tesoro Corp    57,900   2,143,458    0.69  
    Other      732,774    0.24  
          2,876,232    0.93  
 
    PRIMARY METAL INDUSTRIES           
*    Maverick Tube Corp    34,100   1,108,591    0.36  
    Mueller Industries, Inc    35,300   993,695    0.32  
*    Oregon Steel Mills, Inc    50,330   1,157,590    0.38  
    Steel Dynamics, Inc    32,594   1,122,863    0.36  
    Steel Technologies, Inc    43,546   1,044,669    0.34  


104   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

                   
         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    PRIMARY METAL INDUSTRIES—(continued)     
   
    Texas Industries, Inc    19,000
$
1,021,250 
  0.33 % 
    Other     
4,339,663 
  1.41  
         
10,788,321 
  3.50  
    PRINTING AND PUBLISHING     
4,632,821 
  1.50  
    RAILROAD TRANSPORTATION     
350,235 
  0.11  
 
    REAL ESTATE     
   
*    Jones Lang LaSalle, Inc    29,400  
1,371,510 
  0.45  
    Other     
1,053,919 
  0.34  
         
2,425,429 
  0.79  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS     
2,413,399 
  0.78  
    SECURITY AND COMMODITY BROKERS     
1,231,431 
  0.40  
    SOCIAL SERVICES     
430,130 
  0.14  
    SPECIAL TRADE CONTRACTORS     
1,218,691 
  0.40  
    STONE, CLAY, AND GLASS PRODUCTS     
871,408 
  0.28  
    TOBACCO PRODUCTS     
279,197 
  0.09  
    TRANSPORTATION BY AIR     
1,663,678 
  0.54  
 
    TRANSPORTATION EQUIPMENT     
   
    ArvinMeritor, Inc    85,200  
1,318,044 
  0.43  
    Monaco Coach Corp    68,700  
1,109,505 
  0.36  
    Other     
3,042,344 
  0.99  
         
5,469,893 
  1.78  
    TRANSPORTATION SERVICES     
1,044,421 
  0.34  
 
    TRUCKING AND WAREHOUSING     
   
    Arkansas Best Corp    24,261  
916,581 
  0.30  
    Overnite Corp    34,464  
1,102,503 
  0.36  
    Other     
1,838,821 
  0.59  
         
3,857,905 
  1.25  
 
    WATER TRANSPORTATION     
   
    Overseas Shipholding Group, Inc    23,100  
1,453,221 
  0.47  
    Other     
235,368 
  0.08  
         
1,688,589 
  0.55  
 
    WHOLESALE TRADE-DURABLE GOODS     
   
*    Brightpoint, Inc    50,784  
951,184 
  0.31  
    Other     
6,476,938 
  2.10  
         
7,428,122 
  2.41  
    WHOLESALE TRADE-NONDURABLE GOODS     
4,163,339 
  1.35  
    TOTAL COMMON STOCKS     (Cost $301,568,388)     
307,437,000 
  99.78  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   105

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

          % OF NET  
ISSUER     
PRINCIPAL 
VALUE   ASSETS  
 
 
SHORT-TERM INVESTMENTS           
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)  2.400%, 04/01/05    $11,820,000  $ 11,819,127   3.83 % 
        11,819,127   3.83  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $11,820,000) 
11,819,127   3.83  
 
  TOTAL PORTFOLIO   
(Cost $313,388,388) 
319,256,127   103.61 % 
  OTHER ASSETS AND LIABILITIES, NET      (11,126,428 )  (3.61 ) 
 
  NET ASSETS      $ 308,129,699   100.00 % 

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

106   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    HOLDING AND OTHER INVESTMENT OFFICES     
$
1,663    0.00 % 
    TOTAL PREFERRED STOCKS     (Cost $957)        1,663    0.00  
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES        569,173    0.15  
    APPAREL AND ACCESSORY STORES        3,848,151    1.04  
    APPAREL AND OTHER TEXTILE PRODUCTS        68,750    0.02  
    AUTO REPAIR, SERVICES AND PARKING        105,677    0.03  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        1,055,631    0.28  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    137,730    5,266,795    1.43  
    Lowe‘s Cos    52,600    3,002,934    0.81  
    Other        226,771    0.06  
            8,496,500    2.30  
 
    BUSINESS SERVICES             
    First Data Corp    53,766    2,113,541    0.57  
    Microsoft Corp    490,442    11,853,983    3.21  
*    Oracle Corp    226,435    2,825,909    0.77  
*    Yahoo!, Inc    76,690    2,599,791    0.70  
    Other        20,198,085    5.46  
            39,591,309    10.71  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Abbott Laboratories    104,423    4,868,200    1.32  
*    Amgen, Inc    86,799    5,052,570    1.37  
    Colgate-Palmolive Co    29,628    1,545,693    0.42  
*    Genentech, Inc    29,634    1,677,581    0.45  
    Gillette Co    62,160    3,137,837    0.85  
    Lilly (Eli) & Co    65,300    3,402,130    0.92  
    Merck & Co, Inc    66,305    2,146,293    0.58  
    Pfizer, Inc    510,481    13,410,336    3.63  
    Procter & Gamble Co    156,868    8,314,004    2.25  
    Schering-Plough Corp    98,529    1,788,301    0.48  
    Wyeth    47,514    2,004,141    0.54  
    Other        13,551,956    3.66  
            60,899,042    16.47  
 
    COAL MINING        254,164    0.07  
 
    COMMUNICATIONS             
*    Nextel Communications, Inc (Class A)    68,755    1,954,017    0.53  
    Other        6,295,296    1.70  
            8,249,313    2.23  
 
    DEPOSITORY INSTITUTIONS        4,424,349    1.20  
    EATING AND DRINKING PLACES        2,169,999    0.59  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   107

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
           
  % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    EDUCATIONAL SERVICES     
$
1,510,946 
  0.41 % 
    ELECTRIC, GAS, AND SANITARY SERVICES       
993,509 
  0.27  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT       
   
    General Electric Co    81,952   
2,955,189 
  0.80  
    Intel Corp    432,729   
10,052,295 
  2.72  
    Motorola, Inc    156,967   
2,349,796 
  0.63  
    Qualcomm, Inc    108,500   
3,976,525 
  1.08  
    Texas Instruments, Inc    115,900   
2,954,291 
  0.80  
    Other       
11,835,962 
  3.20  
           
34,124,058 
  9.23  
 
    ENGINEERING AND MANAGEMENT SERVICES       
5,010,621 
  1.35  
    FABRICATED METAL PRODUCTS       
2,597,112 
  0.70  
 
    FOOD AND KINDRED PRODUCTS       
   
    Anheuser-Busch Cos, Inc    48,967   
2,320,546 
  0.63  
    Coca-Cola Co    126,152   
5,256,754 
  1.42  
    PepsiCo, Inc    108,304   
5,743,361 
  1.55  
    Other       
3,347,674 
  0.91  
           
16,668,335 
  4.51  
 
    FOOD STORES       
1,836,368 
  0.50  
    FURNITURE AND FIXTURES       
710,727 
  0.19  
    FURNITURE AND HOMEFURNISHINGS STORES       
2,415,894 
  0.65  
    GENERAL BUILDING CONTRACTORS       
1,663,064 
  0.45  
 
    GENERAL MERCHANDISE STORES       
   
    Target Corp    61,087   
3,055,572 
  0.83  
    Wal-Mart Stores, Inc    171,626   
8,600,179 
  2.33  
    Other       
2,125,076 
  0.57  
           
13,780,827 
  3.73  
 
    HEALTH SERVICES       
4,681,763 
  1.27  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    iShares Russell 1000 Growth Index Fund    50,540   
2,368,810 
  0.64  
    Other       
851,237 
  0.23  
           
3,220,047 
  0.87  
 
    HOTELS AND OTHER LODGING PLACES       
2,181,152 
  0.59  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT       
   
    3M Co    52,327   
4,483,901 
  1.21  
    Applied Materials, Inc    112,900   
1,834,625 
  0.50  
    Caterpillar, Inc    17,446   
1,595,262 
  0.43  
*    Cisco Systems, Inc    452,335   
8,092,273 
  2.19  
*    Dell, Inc    169,592   
6,515,725 
  1.76  
*    EMC Corp    129,373   
1,593,875 
  0.43  
    International Business Machines Corp    75,046   
6,857,703 
  1.85  
    Other       
9,938,143 
  2.69  
           
40,911,507 
  11.06  


108   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Guidant Corp    21,000
$
 1,551,900    0.42 % 
    Medtronic, Inc    81,167   4,135,459    1.12  
    Other      12,759,523    3.45  
          18,446,882    4.99  
    INSURANCE AGENTS, BROKERS AND SERVICE      1,394,754    0.38  
 
    INSURANCE CARRIERS           
    American International Group, Inc    102,749   5,693,322    1.54  
    UnitedHealth Group, Inc    44,633   4,257,096    1.15  
*    WellPoint, Inc    12,900   1,617,015    0.44  
    Other      2,748,723    0.74  
          14,316,156    3.87  
    LEATHER AND LEATHER PRODUCTS      805,747    0.22  
    METAL MINING      1,166,638    0.31  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      1,010,356    0.27  
 
    MISCELLANEOUS RETAIL           
*    eBay, Inc    69,540   2,591,060    0.70  
    Walgreen Co    68,557   3,045,302    0.82  
    Other      3,427,341    0.93  
          9,063,703    2.45  
    MOTION PICTURES      3,275,068    0.88  
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    75,575   3,882,288    1.05  
    Fannie Mae    64,849   3,531,028    0.96  
    Other      4,412,720    1.19  
          11,826,036    3.20  
    OIL AND GAS EXTRACTION      2,781,773    0.75  
    PAPER AND ALLIED PRODUCTS      1,106,047    0.30  
    PERSONAL SERVICES      1,072,601    0.29  
    PRIMARY METAL INDUSTRIES      1,748,903    0.47  
    PRINTING AND PUBLISHING      2,749,808    0.74  
    RAILROAD TRANSPORTATION      75,652    0.02  
    REAL ESTATE      248,337    0.07  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      1,187,108    0.32  
    SECURITY AND COMMODITY BROKERS      4,096,868    1.11  
    STONE, CLAY, AND GLASS PRODUCTS      893,981    0.24  
    TRANSPORTATION BY AIR      2,203,506    0.60  
 
    TRANSPORTATION EQUIPMENT           
    Boeing Co    49,414   2,888,742    0.78  
    Other      3,198,558    0.87  
          6,087,300    1.65  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   109

Large-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
COMPANY       
SHARES 
 
VALUE
  ASSETS  
 
TRANSPORTATION SERVICES         
$
668,777   0.18 % 
 
TRUCKING AND WAREHOUSING               
United Parcel Service, Inc (Class B)        38,208    2,779,250   0.75  
Other            227,249   0.06  
            3,006,499   0.81  
 
WHOLESALE TRADE-DURABLE GOODS               
Johnson & Johnson        198,580    13,336,633   3.61  
Other            817,549   0.22  
            14,154,182   3.83  
 
WHOLESALE TRADE-NONDURABLE GOODS               
Cardinal Health, Inc        28,779    1,605,868   0.43  
Other            2,345,021   0.64  
            3,950,889   1.07  
    TOTAL COMMON STOCKS   
(Cost $366,465,982) 
  369,375,559   99.89  
 
ISSUER       
PRINCIPAL 
     
SHORT-TERM INVESTMENTS               
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES           
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $11,050,000    11,049,184   2.99  
            11,049,184   2.99  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $11,050,000) 
  11,049,184   2.99  
 
    TOTAL PORTFOLIO   
(Cost $377,516,939) 
  380,426,406   102.88 % 
OTHER ASSETS AND LIABILITIES, NET        (10,640,813 )  (2.88 ) 
 
 
    NET ASSETS      $ 369,785,593   100.00 % 
 

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

110   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    HOLDING AND OTHER INVESTMENT OFFICES     
$
9,423    0.00 % 
    TOTAL PREFERRED STOCKS     (Cost $5,932)         9,423    0.00  
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES        516,240    0.15  
    APPAREL AND ACCESSORY STORES        742,053    0.22  
    APPAREL AND OTHER TEXTILE PRODUCTS        821,534    0.24  
    AUTO REPAIR, SERVICES AND PARKING        306,558    0.09  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        178,756    0.05  
    BUILDING MATERIALS AND GARDEN SUPPLIES        536,695    0.16  
 
    BUSINESS SERVICES             
    Microsoft Corp    99,569    2,406,583    0.71  
    Other        5,536,954    1.62  
            7,943,537    2.33  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Bristol-Myers Squibb Co    74,076    1,885,975    0.56  
    Dow Chemical Co    47,140    2,349,929    0.69  
    Du Pont (E.I.) de Nemours & Co    53,986    2,766,243    0.81  
    Merck & Co, Inc    66,438    2,150,598    0.63  
    Wyeth    33,569    1,415,940    0.42  
    Other        7,202,407    2.11  
            17,771,092    5.22  
 
    COAL MINING        662,201    0.19  
 
    COMMUNICATIONS             
    BellSouth Corp    99,028    2,603,446    0.76  
*    Comcast Corp (Class A)    102,624    3,466,639    1.02  
    SBC Communications, Inc    178,801    4,235,796    1.24  
    Sprint Corp    59,785    1,360,109    0.40  
    Verizon Communications, Inc    149,538    5,308,599    1.56  
    Viacom, Inc (Class B)    60,378    2,102,966    0.62  
    Other        5,301,268    1.56  
            24,378,823    7.16  
 
    DEPOSITORY INSTITUTIONS             
    Bank of America Corp    220,080    9,705,528    2.85  
    Citigroup, Inc    279,150    12,545,001    3.69  
    JPMorgan Chase & Co    192,341    6,654,999    1.96  
    SunTrust Banks, Inc    17,689    1,274,846    0.37  
    U.S. Bancorp    93,287    2,688,531    0.79  
    Wachovia Corp    86,788    4,418,377    1.30  
    Wells Fargo & Co    91,112    5,448,498    1.60  
    Other        15,606,087    4.58  
            58,341,867    17.14  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   111

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    EATING AND DRINKING PLACES           
    McDonald’s Corp    67,949
$
 2,115,932    0.62 % 
    Other      381,816    0.11  
          2,497,748    0.73  
    EDUCATIONAL SERVICES      21,395    0.01  
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
    Dominion Resources, Inc    18,454   1,373,531    0.40  
    Duke Energy Corp    49,384   1,383,246    0.41  
    Exelon Corp    35,558   1,631,757    0.48  
    Southern Co    39,634   1,261,550    0.37  
    Other      17,751,845    5.22  
          23,401,929    6.88  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    General Electric Co    503,681   18,162,737    5.33  
    Other      4,080,809    1.20  
          22,243,546    6.53  
    ENGINEERING AND MANAGEMENT SERVICES      245,642    0.07  
    FABRICATED METAL PRODUCTS      1,490,111    0.44  
    FOOD AND KINDRED PRODUCTS      7,077,250    2.08  
    FOOD STORES      1,490,450    0.44  
    FORESTRY      882,965    0.26  
    FURNITURE AND FIXTURES      1,037,959    0.31  
    FURNITURE AND HOMEFURNISHINGS STORES      345,168    0.10  
    GENERAL BUILDING CONTRACTORS      1,554,320    0.46  
    GENERAL MERCHANDISE STORES      3,444,379    1.01  
    HEALTH SERVICES      2,226,021    0.65  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    iShares Russell 1000 Value Index Fund    64,801   4,264,554    1.25  
    Washington Mutual, Inc    46,880   1,851,760    0.55  
    Other      9,537,714    2.80  
          15,654,028    4.60  
    HOTELS AND OTHER LODGING PLACES      777,085    0.23  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Hewlett-Packard Co    156,568   3,435,102    1.01  
    International Business Machines Corp    30,460   2,783,435    0.82  
    Other      6,400,691    1.88  
          12,619,228    3.71  
    INSTRUMENTS AND RELATED PRODUCTS      2,220,795    0.65  
    INSURANCE AGENTS, BROKERS AND SERVICE      390,957    0.11  


112   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
 
VALUE 
  ASSETS  
 
 
 
    INSURANCE CARRIERS     
   
    Allstate Corp    37,839
$
2,045,576 
  0.60 % 
    American International Group, Inc    41,105  
2,277,628 
  0.67  
    Prudential Financial, Inc    23,628  
1,356,247 
  0.40  
    St. Paul Travelers Cos, Inc    35,868  
1,317,432 
  0.39  
    Other     
14,073,064 
  4.13  
         
21,069,947 
  6.19  
    LUMBER AND WOOD PRODUCTS     
614,844 
  0.18  
    METAL MINING     
869,281 
  0.26  
    MISCELLANEOUS MANUFACTURING INDUSTRIES     
479,421 
  0.14  
    MISCELLANEOUS RETAIL     
2,568,846 
  0.76  
 
    MOTION PICTURES     
   
*    Time Warner, Inc    192,278  
3,374,479 
  0.99  
    Walt Disney Co    77,832  
2,236,113 
  0.66  
    Other     
935,730 
  0.27  
         
6,546,322 
  1.92  
 
    NONDEPOSITORY INSTITUTIONS     
   
    Freddie Mac    34,169  
2,159,481 
  0.64  
    Other     
2,665,569 
  0.78  
         
4,825,050 
  1.42  
    NONMETALLIC MINERALS, EXCEPT FUELS     
310,746 
  0.09  
 
    OIL AND GAS EXTRACTION     
   
    Devon Energy Corp    25,782  
1,231,091 
  0.36  
    Occidental Petroleum Corp    21,052  
1,498,271 
  0.44  
    Other     
7,534,766 
  2.22  
         
10,264,128 
  3.02  
    PAPER AND ALLIED PRODUCTS     
3,523,978 
  1.04  
    PERSONAL SERVICES     
198,963 
  0.06  
 
    PETROLEUM AND COAL PRODUCTS     
   
    ChevronTexaco Corp    115,452  
6,732,006 
  1.98  
    ConocoPhillips    36,939  
3,983,502 
  1.17  
    ExxonMobil Corp    353,091  
21,044,224 
  6.18  
    Other     
2,760,277 
  0.81  
         
34,520,009 
  10.14  
    PRIMARY METAL INDUSTRIES     
1,289,596 
  0.38  
    PRINTING AND PUBLISHING     
2,549,190 
  0.75  
    RAILROAD TRANSPORTATION     
3,340,919 
  0.98  
    REAL ESTATE     
111,203 
  0.03  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS     
145,059 
  0.04  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   113

Large-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
COMPANY       
SHARES
 
VALUE
  ASSETS  
 
SECURITY AND COMMODITY BROKERS             
Goldman Sachs Group, Inc        16,519
$
1,816,925   0.54 % 
Lehman Brothers Holdings, Inc        14,932   1,405,997   0.41  
Merrill Lynch & Co, Inc        51,671   2,924,579   0.86  
Morgan Stanley        51,766   2,963,603   0.87  
Other          1,935,299   0.57  
          11,046,403   3.25  
STONE, CLAY, AND GLASS PRODUCTS          438,718   0.13  
 
TOBACCO PRODUCTS             
Altria Group, Inc        110,679   7,237,300   2.13  
Other          1,218,088   0.35  
          8,455,388   2.48  
TRANSPORTATION BY AIR          538,308   0.16  
 
TRANSPORTATION EQUIPMENT             
Honeywell International, Inc        46,242   1,720,665   0.50  
Lockheed Martin Corp        20,227   1,235,061   0.36  
United Technologies Corp        21,043   2,139,231   0.63  
Other          6,691,956   1.97  
          11,786,913   3.46  
TRANSPORTATION SERVICES          161,277   0.05  
TRUCKING AND WAREHOUSING          246,252   0.07  
WHOLESALE TRADE-DURABLE GOODS          1,333,077   0.39  
WHOLESALE TRADE-NONDURABLE GOODS          916,930   0.27  
    TOTAL COMMON STOCKS   
(Cost $301,656,566)
  339,971,100   99.88  
 
ISSUER       
PRINCIPAL
     
 
SHORT-TERM INVESTMENTS             
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $9,680,000   9,679,285   2.84  
          9,679,285   2.84  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $9,680,000)
  9,679,285   2.84  
 
    TOTAL PORTFOLIO   
(Cost $311,342,498)
  349,659,808   102.72 % 
OTHER ASSETS AND LIABILITIES, NET      (9,268,810 )  (2.72 ) 
 
 
    NET ASSETS      $ 340,390,998   100.00 % 
 

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

114   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

           
  % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS       
   
    AMUSEMENT AND RECREATION SERVICES     
$
303,526 
  0.07 % 
    APPAREL AND ACCESSORY STORES       
1,767,697 
  0.39  
    APPAREL AND OTHER TEXTILE PRODUCTS       
585,259 
  0.13  
    AUTO REPAIR, SERVICES AND PARKING       
116,760 
  0.03  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS       
401,850 
  0.09  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES       
   
    Home Depot, Inc    88,100   
3,368,944 
  0.75  
    Other       
1,890,462 
  0.42  
           
5,259,406 
  1.17  
 
    BUSINESS SERVICES       
   
d    Microsoft Corp    406,291   
9,820,054 
  2.18  
*    Oracle Corp    180,410   
2,251,517 
  0.50  
    Other       
14,297,796 
  3.18  
           
26,369,367 
  5.86  
 
    CHEMICALS AND ALLIED PRODUCTS       
   
    Abbott Laboratories    62,600   
2,918,412 
  0.65  
*    Amgen, Inc    50,300   
2,927,963 
  0.65  
    Lilly (Eli) & Co    45,400   
2,365,340 
  0.53  
    Merck & Co, Inc    88,600   
2,867,982 
  0.64  
d    Pfizer, Inc    299,620   
7,871,018 
  1.75  
    Procter & Gamble Co    101,300   
5,368,900 
  1.19  
    Wyeth    53,600   
2,260,848 
  0.50  
    Other       
19,329,319 
  4.29  
           
45,909,782 
  10.20  
 
    COMMUNICATIONS       
   
*    Comcast Corp (Class A)    82,416   
2,784,012 
  0.62  
    SBC Communications, Inc    132,600   
3,141,294 
  0.70  
    Verizon Communications, Inc    111,200   
3,947,600 
  0.87  
    Viacom, Inc (Class B)    68,400   
2,382,372 
  0.53  
    Other       
8,249,449 
  1.83  
           
20,504,727 
  4.55  
 
    DEPOSITORY INSTITUTIONS       
   
    Bank of America Corp    162,704   
7,175,246 
  1.59  
    Citigroup, Inc    209,800   
9,428,412 
  2.09  
    JPMorgan Chase & Co    142,636   
4,935,206 
  1.10  
    U.S. Bancorp    74,400   
2,144,208 
  0.48  
    Wachovia Corp    63,664   
3,241,134 
  0.72  
    Wells Fargo & Co    68,100   
4,072,380 
  0.91  
    Other       
11,858,440 
  2.63  
           
42,855,026 
  9.52  
 
    EATING AND DRINKING PLACES       
2,551,009 
  0.57  
    EDUCATIONAL SERVICES       
488,796 
  0.11  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   115

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
              % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES      $ 15,165,884    3.37 % 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
d    General Electric Co    425,600  15,347,136    3.41  
    Intel Corp    250,000  5,807,500    1.29  
    Qualcomm, Inc    66,000  2,418,900    0.53  
    Other      11,155,959    2.48  
          34,729,495    7.71  
    ENGINEERING AND MANAGEMENT SERVICES      2,361,867    0.52  
    FABRICATED METAL PRODUCTS      2,584,372    0.57  
 
    FOOD AND KINDRED PRODUCTS           
    Coca-Cola Co    90,900  3,787,803    0.84  
    PepsiCo, Inc    67,300  3,568,919    0.80  
    Other      7,664,626    1.70  
          15,021,348    3.34  
    FOOD STORES      1,935,047    0.43  
    FORESTRY      664,450    0.15  
    FURNITURE AND FIXTURES      884,604    0.20  
    FURNITURE AND HOMEFURNISHINGS STORES      1,371,985    0.30  
    GENERAL BUILDING CONTRACTORS      843,547    0.19  
 
    GENERAL MERCHANDISE STORES           
    Wal-Mart Stores, Inc    136,000  6,814,960    1.51  
    Other      5,361,129    1.19  
          12,176,089    2.70  
    HEALTH SERVICES      3,304,694    0.73  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    SPDR Trust Series 1    93,283  11,003,663    2.44  
    Other      3,721,060    0.83  
          14,724,723    3.27  
    HOTELS AND OTHER LODGING PLACES      1,389,325    0.31  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    3M Co    31,000  2,656,390    0.59  
*    Cisco Systems, Inc    259,600  4,644,244    1.03  
*    Dell, Inc    98,700  3,792,054    0.84  
    Hewlett-Packard Co    116,200  2,549,428    0.57  
    International Business Machines Corp    65,500  5,985,390    1.33  
    Tyco International Ltd    80,800  2,731,040    0.61  
    Other      12,121,649    2.69  
          34,480,195    7.66  
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Medtronic, Inc    48,500  2,471,075    0.55  
    Other      9,023,654    2.00  
          11,494,729    2.55  


116   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    INSURANCE AGENTS, BROKERS AND SERVICE     
$
934,972 
  0.21 % 
 
    INSURANCE CARRIERS       
   
    American International Group, Inc    104,600   
5,795,886 
  1.29  
    UnitedHealth Group, Inc    25,700   
2,451,266 
  0.54  
    Other       
15,032,874 
  3.34  
           
23,280,026 
  5.17  
    LEATHER AND LEATHER PRODUCTS       
441,714 
  0.10  
    LUMBER AND WOOD PRODUCTS       
369,096 
  0.08  
    METAL MINING       
1,419,855 
  0.31  
    MISCELLANEOUS MANUFACTURING INDUSTRIES       
961,214 
  0.21  
    MISCELLANEOUS RETAIL       
6,567,081 
  1.46  
 
    MOTION PICTURES       
   
*    Time Warner, Inc    184,500   
3,237,975 
  0.72  
    Walt Disney Co    82,200   
2,361,606 
  0.52  
    Other       
1,957,644 
  0.44  
           
7,557,225 
  1.68  
 
    NONDEPOSITORY INSTITUTIONS       
   
    American Express Co    47,100   
2,419,527 
  0.54  
    Fannie Mae    38,800   
2,112,660 
  0.47  
    Other       
5,877,496 
  1.30  
           
10,409,683 
  2.31  
    NONMETALLIC MINERALS, EXCEPT FUELS       
233,003 
  0.05  
    OIL AND GAS EXTRACTION       
10,550,901 
  2.34  
    PAPER AND ALLIED PRODUCTS       
2,813,954 
  0.62  
    PERSONAL SERVICES       
581,688 
  0.13  
 
    PETROLEUM AND COAL PRODUCTS       
   
    ChevronTexaco Corp    84,500   
4,927,195 
  1.10  
    ConocoPhillips    27,900   
3,008,736 
  0.67  
d    ExxonMobil Corp    256,400   
15,281,440 
  3.39  
    Other       
1,547,073 
  0.34  
           
24,764,444 
  5.50  
    PRIMARY METAL INDUSTRIES       
1,842,975 
  0.41  
    PRINTING AND PUBLISHING       
2,818,801 
  0.63  
    RAILROAD TRANSPORTATION       
2,568,828 
  0.57  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS       
1,200,806 
  0.27  
 
    SECURITY AND COMMODITY BROKERS       
   
    Merrill Lynch & Co, Inc    37,300   
2,111,180 
  0.47  
    Morgan Stanley    44,600   
2,553,350 
  0.57  
    Other       
5,208,227 
  1.15  
           
9,872,757 
  2.19  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   117

S&P 500 Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
COMPANY       
SHARES 
 
VALUE
  ASSETS  
STONE, CLAY, AND GLASS PRODUCTS         
$
629,958   0.14 % 
 
TOBACCO PRODUCTS               
Altria Group, Inc        83,000    5,427,370   1.21  
Other            728,052   0.16  
            6,155,422   1.37  
TRANSPORTATION BY AIR            1,587,655   0.35  
 
TRANSPORTATION EQUIPMENT               
United Technologies Corp        20,500    2,084,030   0.46  
Other            9,890,300   2.20  
            11,974,330   2.66  
TRANSPORTATION SERVICES            113,776   0.02  
 
TRUCKING AND WAREHOUSING               
United Parcel Service, Inc (Class B)        44,900    3,266,026   0.73  
            3,266,026   0.73  
WATER TRANSPORTATION            1,093,191   0.24  
 
WHOLESALE TRADE-DURABLE GOODS               
Johnson & Johnson        119,400    8,018,904   1.78  
Other            205,491   0.05  
            8,224,395   1.83  
WHOLESALE TRADE-NONDURABLE GOODS            2,958,536   0.66  
    TOTAL COMMON STOCKS   
(Cost $414,345,612) 
  445,437,871   98.93  
 
ISSUER       
PRINCIPAL 
     
SHORT-TERM INVESTMENTS               
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES           
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $50,000,000    49,996,306   11.11  
            49,996,306   11.11  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $50,000,000) 
  49,996,306   11.11  
 
    TOTAL PORTFOLIO   
(Cost $464,345,612) 
  495,434,177   110.04 % 
OTHER ASSETS AND LIABILITIES, NET        (45,185,994 )  (10.04 ) 
 
 
    NET ASSETS    $ 450,248,183   100.00 % 
 

 

 
* Non-income producing
   
d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.
   
  For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investments limitations on industry concentration.


 


118   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES      $ 164,409    0.61 % 
    APPAREL AND ACCESSORY STORES        603,630    2.25  
    APPAREL AND OTHER TEXTILE PRODUCTS        19,849    0.07  
    AUTO REPAIR, SERVICES AND PARKING        24,311    0.09  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        300,913    1.12  
    BUILDING MATERIALS AND GARDEN SUPPLIES        65,432    0.24  
 
    BUSINESS SERVICES             
    Adobe Systems, Inc    4,435    297,899    1.11  
*    Autodesk, Inc    4,362    129,813    0.48  
*    Fiserv, Inc    3,684    146,623    0.55  
*    Intuit, Inc    3,124    136,738    0.51  
*    Juniper Networks, Inc    9,987    220,313    0.82  
*    SunGard Data Systems, Inc    4,828    166,566    0.62  
*    Veritas Software Corp    7,993    185,598    0.69  
    Other        2,509,941    9.36  
            3,793,491    14.14  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Allergan, Inc    2,450    170,202    0.63  
    Avery Dennison Corp    2,100    130,053    0.49  
    Ecolab, Inc    3,480    115,014    0.43  
*    Genzyme Corp    4,565    261,301    0.97  
    Other        1,644,757    6.13  
            2,321,327    8.65  
 
    COAL MINING        68,765    0.26  
    COMMUNICATIONS        893,264    3.33  
    DEPOSITORY INSTITUTIONS        498,070    1.86  
 
    EATING AND DRINKING PLACES             
    Yum! Brands, Inc    5,418    280,707    1.05  
    Other        336,261    1.25  
            616,968    2.30  
 
    EDUCATIONAL SERVICES        224,079    0.84  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
*    AES Corp    11,968    196,036    0.73  
    Other        87,471    0.33  
            283,507    1.06  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Altera Corp    7,067    139,785    0.52  
    Linear Technology Corp    5,863    224,611    0.84  
    National Semiconductor Corp    6,800    140,148    0.52  
    Rockwell Collins, Inc    3,320    157,999    0.59  
    Other        1,741,116    6.49  
            2,403,659    8.96  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   119

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    ENGINEERING AND MANAGEMENT SERVICES       
   
    Moody’s Corp    2,338  $
189,051 
  0.70 % 
    Quest Diagnostics, Inc    1,500   
157,695 
  0.59  
    Other       
449,524 
  1.68  
           
796,270 
  2.97  
 
    FABRICATED METAL PRODUCTS       
97,654 
  0.36  
 
    FOOD AND KINDRED PRODUCTS       
   
    Hershey Foods Corp    2,505   
151,452 
  0.56  
    Other       
203,744 
  0.76  
           
355,196 
  1.32  
 
    FOOD STORES       
   
    Whole Foods Market, Inc    1,190   
121,535 
  0.45  
    Other       
10,641 
  0.04  
           
132,176 
  0.49  
 
    FURNITURE AND FIXTURES       
202,750 
  0.76  
 
    FURNITURE AND HOMEFURNISHINGS STORES       
   
*    Bed Bath & Beyond, Inc    5,599   
204,587 
  0.76  
    Other       
210,456 
  0.79  
           
415,043 
  1.55  
 
    GENERAL BUILDING CONTRACTORS       
450,720 
  1.68  
 
    GENERAL MERCHANDISE STORES       
   
    Dollar General Corp    5,528   
121,118 
  0.45  
    Other       
157,895 
  0.59  
           
279,013 
  1.04  
 
    HEALTH SERVICES       
   
*    Coventry Health Care, Inc    1,990   
135,599 
  0.50  
*    Laboratory Corp of America Holdings    2,499   
120,452 
  0.45  
    Other       
693,719 
  2.59  
           
949,770 
  3.54  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
284,470 
  1.06  
 
    HOTELS AND OTHER LODGING PLACES       
   
    Hilton Hotels Corp    6,121   
136,804 
  0.51  
    Marriott International, Inc (Class A)    3,174   
212,214 
  0.79  
    Other       
260,699 
  0.97  
           
609,717 
  2.27  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT       
   
    American Standard Cos, Inc    3,528   
163,981 
  0.61  
*    Apple Computer, Inc    7,622   
317,609 
  1.19  
    Baker Hughes, Inc    6,226   
276,995 
  1.03  
    Dover Corp    3,080   
116,393 
  0.43  
*    Lexmark International, Inc    2,432   
194,487 
  0.73  
*    Network Appliance, Inc    6,040   
167,066 
  0.62  
    Rockwell Automation, Inc    2,252   
127,553 
  0.48  


120   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT—(continued)             
    Smith International, Inc    2,026  $ 127,091    0.47 % 
    Other        1,003,108    3.74  
            2,494,283    9.30  
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Bard (C.R.), Inc    2,000    136,160    0.51  
    Biomet, Inc    4,739    172,026    0.64  
*    Fisher Scientific International, Inc    2,091    119,020    0.44  
    KLA-Tencor Corp    3,716    170,973    0.64  
    Other        987,082    3.68  
            1,585,261    5.91  
    INSURANCE AGENTS, BROKERS AND SERVICE        98,939    0.37  
 
    INSURANCE CARRIERS             
*    WellPoint, Inc    3,645    456,901    1.70  
    Other        168,626    0.63  
            625,527    2.33  
 
    LEATHER AND LEATHER PRODUCTS             
*    Coach, Inc    3,573    202,339    0.75  
    Other        28,372    0.11  
            230,711    0.86  
 
    METAL MINING             
    Freeport-McMoRan Copper & Gold, Inc (Class A)    2,939    116,414    0.44  
    Other        5,546    0.02  
            121,960    0.46  
    MISCELLANEOUS MANUFACTURING INDUSTRIES             
    Fortune Brands, Inc    2,569    207,138    0.77  
    Other        76,732    0.29  
            283,870    1.06  
    MISCELLANEOUS RETAIL        430,292    1.60  
    MOTION PICTURES        64,552    0.24  
    NONDEPOSITORY INSTITUTIONS        133,280    0.50  
 
    OIL AND GAS EXTRACTION             
    BJ Services Co    3,000    155,640    0.58  
    XTO Energy, Inc    6,352    208,600    0.78  
    Other        369,353    1.38  
            733,593    2.74  
    PAPER AND ALLIED PRODUCTS        44,365    0.17  
 
    PERSONAL SERVICES             
    H & R Block, Inc    3,103    156,950    0.59  
    Other        145,122    0.54  
            302,072    1.13  
    PRIMARY METAL INDUSTRIES        175,143    0.65  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   121

Mid-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

          % OF NET  
COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
PRINTING AND PUBLISHING      $ 452,494    1.69 % 
RAILROAD TRANSPORTATION      21,699    0.08  
REAL ESTATE      72,213    0.27  
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      80,797    0.30  
SECURITY AND COMMODITY BROKERS           
Chicago Mercantile Exchange    641  124,373    0.46  
Legg Mason, Inc    1,987  155,264    0.58  
T Rowe Price Group, Inc    2,081  123,570    0.46  
Other      372,660    1.39  
      775,867    2.89  
STONE, CLAY, AND GLASS PRODUCTS      8,823    0.03  
TRANSPORTATION BY AIR           
Southwest Airlines Co    11,643  165,796    0.62  
Other      48,247    0.18  
      214,043    0.80  
TRANSPORTATION EQUIPMENT      281,102    1.05  
TRANSPORTATION SERVICES      190,836    0.71  
TRUCKING AND WAREHOUSING      64,076    0.24  
WHOLESALE TRADE-DURABLE GOODS      220,099    0.82  
WHOLESALE TRADE-NONDURABLE GOODS      230,990    0.86  
TOTAL COMMON STOCKS   
(Cost $19,707,119) 
26,791,340    99.88  
TOTAL PORTFOLIO   
(Cost $19,707,119) 
26,791,340    99.88 % 
OTHER ASSETS AND LIABILITIES, NET      32,235    0.12  
NET ASSETS      $ 26,823,575    100.00 % 

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

122   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    HOLDING AND OTHER INVESTMENT OFFICES      $ 7,871    0.02 % 
    TOTAL PREFERRED STOCKS     (Cost $4,545)        7,871    0.02  
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES        205,665    0.49  
    APPAREL AND ACCESSORY STORES        291,157    0.69  
    APPAREL AND OTHER TEXTILE PRODUCTS        316,035    0.75  
    AUTO REPAIR, SERVICES AND PARKING        93,466    0.22  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        68,184    0.16  
    BUILDING MATERIALS AND GARDEN SUPPLIES        56,138    0.13  
 
    BUSINESS SERVICES             
    Electronic Data Systems Corp    10,584    218,771    0.52  
    Other        995,936    2.36  
            1,214,707    2.88  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Air Products & Chemicals, Inc    4,780    302,526    0.72  
    Monsanto Co    5,600    361,200    0.86  
    PPG Industries, Inc    3,633    259,832    0.62  
    Praxair, Inc    4,861    232,648    0.55  
    Other        1,207,108    2.86  
            2,363,314    5.61  
 
    COAL MINING        254,896    0.60  
    COMMUNICATIONS        679,206    1.61  
 
    DEPOSITORY INSTITUTIONS             
    AmSouth Bancorp    7,396    191,926    0.45  
    Comerica, Inc    3,611    198,894    0.47  
    Marshall & Ilsley Corp    4,600    192,050    0.46  
    North Fork Bancorp, Inc    7,261    201,420    0.48  
    Regions Financial Corp    9,677    313,535    0.74  
    Other        2,501,720    5.94  
            3,599,545    8.54  
 
    EATING AND DRINKING PLACES        148,948    0.35  
    EDUCATIONAL SERVICES        5,734    0.01  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
    Ameren Corp    4,058    198,883    0.47  
    Consolidated Edison, Inc    5,065    213,642    0.51  
    Edison International    6,909    239,880    0.57  
    FPL Group, Inc    7,818    313,893    0.74  
    PG&E Corp    8,400    286,440    0.68  
    PPL Corp    3,965    214,070    0.51  
    Progress Energy, Inc    5,184    217,469    0.52  
    Public Service Enterprise Group, Inc    4,978    270,753    0.64  
    TXU Corp    5,152    410,254    0.97  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   123

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES—(continued)             
    Williams Cos, Inc    11,686  $ 219,814    0.52 % 
    Other        3,462,239    8.22  
            6,047,337    14.35  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT        1,141,042    2.71  
 
    ENGINEERING AND MANAGEMENT SERVICES        96,730    0.23  
    FABRICATED METAL PRODUCTS        235,400    0.56  
 
    FOOD AND KINDRED PRODUCTS             
    Archer Daniels Midland Co    12,183    299,458    0.71  
    Other        762,237    1.81  
            1,061,695    2.52  
 
    FOOD STORES             
*    Kroger Co    15,503    248,513    0.59  
    Other        334,662    0.79  
            583,175    1.38  
 
    FURNITURE AND FIXTURES        403,123    0.96  
    FURNITURE AND HOMEFURNISHINGS STORES        133,596    0.32  
    GENERAL BUILDING CONTRACTORS        604,566    1.43  
 
    GENERAL MERCHANDISE STORES             
    Federated Department Stores, Inc    3,624    230,632    0.55  
    J.C. Penney Co, Inc    5,136    266,661    0.63  
    May Department Stores Co    6,130    226,933    0.54  
    Other        220,011    0.52  
            944,237    2.24  
 
    HEALTH SERVICES        412,098    0.98  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    Equity Office Properties Trust    8,515    256,557    0.61  
    Equity Residential    5,868    189,008    0.45  
    Simon Property Group, Inc    3,353    203,125    0.48  
    iShares Russell Midcap Value Index Fund    2,620    295,719    0.70  
    Other        3,062,198    7.27  
            4,006,607    9.51  
 
    HOTELS AND OTHER LODGING PLACES        299,689    0.71  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
*    Apple Computer, Inc    8,418    350,778    0.83  
    Eaton Corp    3,199    209,215    0.50  
*    Xerox Corp    18,185    275,503    0.66  
    Other        1,176,815    2.79  
            2,012,311    4.78  


124   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Eastman Kodak Co    6,041  $ 196,634    0.47 % 
    Other        248,541    0.59  
            445,175    1.06  
    INSURANCE AGENTS, BROKERS AND SERVICE        155,771    0.37  
 
    INSURANCE CARRIERS             
    Cigna Corp    2,804    250,397    0.60  
    Loews Corp    3,158    232,239    0.55  
    Principal Financial Group    6,369    245,143    0.58  
*    WellPoint, Inc    2,150    269,503    0.64  
    Other        2,709,270    6.43  
            3,706,552    8.80  
    LUMBER AND WOOD PRODUCTS        240,995    0.57  
 
    METAL MINING             
    Phelps Dodge Corp    2,024    205,901    0.49  
    Other        11,092    0.03  
            216,993    0.52  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        184,585    0.44  
 
    MISCELLANEOUS RETAIL             
*    Sears Holdings Corp    1,962    261,279    0.62  
    Other        359,240    0.85  
            620,519    1.47  
    MOTION PICTURES        62,004    0.15  
    NONDEPOSITORY INSTITUTIONS        396,765    0.94  
    NONMETALLIC MINERALS, EXCEPT FUELS        119,116    0.28  
 
    OIL AND GAS EXTRACTION             
    EOG Resources, Inc    5,004    243,895    0.58  
    Kerr-McGee Corp    3,035    237,732    0.56  
    Marathon Oil Corp    7,263    340,780    0.81  
    Unocal Corp    5,566    343,366    0.81  
    Other        613,121    1.46  
            1,778,894    4.22  
    PAPER AND ALLIED PRODUCTS        588,231    1.40  
    PERSONAL SERVICES        72,884    0.17  
 
    PETROLEUM AND COAL PRODUCTS             
    Valero Energy Corp    5,400    395,658    0.94  
    Other        690,753    1.64  
            1,086,411    2.58  
    PRIMARY METAL INDUSTRIES        305,159    0.72  
    PRINTING AND PUBLISHING        372,020    0.88  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   125

Mid-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

          % OF NET  
COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
RAILROAD TRANSPORTATION           
Burlington Northern Santa Fe Corp    7,746  $ 417,742    0.99 % 
Norfolk Southern Corp    8,278  306,700    0.73  
Other      198,403    0.47  
      922,845    2.19  
REAL ESTATE      44,660    0.11  
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      54,361    0.13  
 
SECURITY AND COMMODITY BROKERS           
Bear Stearns Cos, Inc    2,373  237,063    0.56  
Other      289,374    0.69  
      526,437    1.25  
STONE, CLAY, AND GLASS PRODUCTS      127,426    0.30  
 
TOBACCO PRODUCTS           
Reynolds American, Inc    3,100  249,829    0.60  
Other      220,249    0.52  
      470,078    1.12  
TRANSPORTATION BY AIR      66,980    0.16  
 
TRANSPORTATION EQUIPMENT           
Paccar, Inc    3,712  268,712    0.64  
Textron, Inc    2,538  189,386    0.45  
Other      541,673    1.28  
      999,771    2.37  
TRANSPORTATION SERVICES      62,599    0.15  
TRUCKING AND WAREHOUSING      92,871    0.22  
WHOLESALE TRADE-DURABLE GOODS      520,374    1.23  
WHOLESALE TRADE-NONDURABLE GOODS      355,681    0.85  
TOTAL COMMON STOCKS   
(Cost $29,826,951) 
41,874,758    99.37  
 
TOTAL PORTFOLIO   
(Cost $29,831,496) 
41,882,629    99.39 % 
OTHER ASSETS AND LIABILITIES, NET      256,682    0.61  
 
NET ASSETS      $ 42,139,311    100.00 % 

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

126   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    HOLDING AND OTHER INVESTMENT OFFICES      $ 9,534    0.01 % 
    TOTAL PREFERRED STOCKS      (Cost $5,511)          9,534    0.01  
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES        316,787    0.53  
    APPAREL AND ACCESSORY STORES        804,307    1.33  
    APPAREL AND OTHER TEXTILE PRODUCTS        280,484    0.47  
    AUTO REPAIR, SERVICES AND PARKING        98,518    0.16  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        334,563    0.55  
    BUILDING MATERIALS AND GARDEN SUPPLIES        111,297    0.18  
 
    BUSINESS SERVICES             
    Adobe Systems, Inc    4,200    282,114    0.47  
*    Juniper Networks, Inc    9,102    200,790    0.33  
    Other        4,026,220    6.68  
            4,509,124    7.48  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Air Products & Chemicals, Inc    3,973    251,451    0.42  
*    Genzyme Corp    4,277    244,815    0.41  
    Monsanto Co    4,600    296,700    0.49  
    PPG Industries, Inc    3,000    214,560    0.36  
    Praxair, Inc    5,698    272,706    0.45  
    Other        2,841,428    4.71  
            4,121,660    6.84  
    COAL MINING        284,804    0.47  
    COMMUNICATIONS        1,406,802    2.33  
    DEPOSITORY INSTITUTIONS             
    North Fork Bancorp, Inc    7,467    207,135    0.34  
    Regions Financial Corp    8,058    261,079    0.43  
    Other        2,987,769    4.96  
            3,455,983    5.73  
    EATING AND DRINKING PLACES             
    Yum! Brands, Inc    5,008    259,464    0.43  
    Other        432,433    0.72  
            691,897    1.15  
    EDUCATIONAL SERVICES        208,661    0.35  
    ELECTRIC, GAS, AND SANITARY SERVICES             
    Edison International    5,709    198,217    0.33  
    FPL Group, Inc    6,434    258,325    0.43  
    PG&E Corp    6,924    236,108    0.39  
    Public Service Enterprise Group, Inc    4,100    222,999    0.37  
    TXU Corp    4,150    330,465    0.55  
    Other        4,039,380    6.70  
            5,285,494    8.77  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   127

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT       
   
    Linear Technology Corp    5,338  $
204,499 
  0.34 % 
    Other       
2,980,465 
  4.94  
           
3,184,964 
  5.28  
 
    ENGINEERING AND MANAGEMENT SERVICES       
827,914 
  1.37  
 
    FABRICATED METAL PRODUCTS       
287,071 
  0.48  
 
    FOOD AND KINDRED PRODUCTS       
   
    Archer Daniels Midland Co    10,069   
247,496 
  0.41  
    Hershey Foods Corp    3,074   
185,854 
  0.31  
    Other       
791,713 
  1.31  
           
1,225,063 
  2.03  
 
    FOOD STORES       
   
*    Kroger Co    12,744   
204,286 
  0.34  
    Other       
398,110 
  0.66  
           
602,396 
  1.00  
 
    FURNITURE AND FIXTURES       
526,320 
  0.87  
 
    FURNITURE AND HOMEFURNISHINGS STORES       
   
*    Bed Bath & Beyond, Inc    5,190   
189,643 
  0.31  
    Other       
304,863 
  0.51  
           
494,506 
  0.82  
 
    GENERAL BUILDING CONTRACTORS       
933,324 
  1.55  
 
    GENERAL MERCHANDISE STORES       
   
    Federated Department Stores, Inc    3,001   
190,984 
  0.32  
    J.C. Penney Co, Inc    4,247   
220,504 
  0.37  
    Other       
629,714 
  1.04  
           
1,041,202 
  1.73  
 
    HEALTH SERVICES       
   
*    Medco Health Solutions, Inc    4,701   
233,028 
  0.39  
    Other       
986,087 
  1.63  
           
1,219,115 
  2.02  
 
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    Equity Office Properties Trust    7,099   
213,893 
  0.35  
    iShares Russell Midcap Index Fund    11,450   
901,573 
  1.50  
    Other       
3,107,208 
  5.15  
           
4,222,674 
  7.00  
 
    HOTELS AND OTHER LODGING PLACES       
   
    Marriott International, Inc (Class A)    3,398   
227,190 
  0.38  
    Starwood Hotels & Resorts Worldwide, Inc    3,537   
212,326 
  0.35  
    Other       
372,711 
  0.62  
           
812,227 
  1.35  


128   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
*    Apple Computer, Inc    14,000  $ 583,380    0.97 % 
    Baker Hughes, Inc    5,830    259,377    0.43  
*    Xerox Corp    16,690    252,853    0.42  
    Other        2,894,054    4.80  
            3,989,664    6.62  
 
    INSTRUMENTS AND RELATED PRODUCTS        1,831,216    3.04  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        214,508    0.36  
 
    INSURANCE CARRIERS             
    Cigna Corp    2,300    205,390    0.34  
    Loews Corp    2,567    188,777    0.32  
    Principal Financial Group    5,199    200,109    0.33  
*    WellPoint, Inc    5,102    639,536    1.06  
    Other        2,405,099    3.99  
            3,638,911    6.04  
 
    LEATHER AND LEATHER PRODUCTS             
*    Coach, Inc    3,300    186,879    0.31  
    Other        28,372    0.05  
            215,251    0.36  
 
    LUMBER AND WOOD PRODUCTS        197,266    0.33  
    METAL MINING        286,353    0.47  
    MISCELLANEOUS MANUFACTURING INDUSTRIES             
    Fortune Brands, Inc    2,529    203,913    0.34  
    Other        211,433    0.35  
            415,346    0.69  
 
    MISCELLANEOUS RETAIL             
*    Sears Holdings Corp    1,414    188,302    0.31  
    Other        693,400    1.15  
            881,702    1.46  
 
    MOTION PICTURES        113,637    0.19  
    NONDEPOSITORY INSTITUTIONS        457,716    0.76  
    NONMETALLIC MINERALS, EXCEPT FUELS        102,294    0.17  
 
    OIL AND GAS EXTRACTION             
    EOG Resources, Inc    4,000    194,960    0.32  
    Kerr-McGee Corp    2,526    197,862    0.33  
    Marathon Oil Corp    6,038    283,303    0.47  
    Unocal Corp    4,565    281,615    0.47  
    XTO Energy, Inc    5,894    193,559    0.32  
    Other        1,004,738    1.66  
            2,156,037    3.57  
 
    PAPER AND ALLIED PRODUCTS        542,386    0.90  
    PERSONAL SERVICES        344,417    0.57  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   129

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    PETROLEUM AND COAL PRODUCTS           
    Valero Energy Corp    4,476  $ 327,956    0.54 % 
    Other      578,083    0.96  
          906,039    1.50  
    PRIMARY METAL INDUSTRIES      411,960    0.68  
    PRINTING AND PUBLISHING      708,466    1.17  
 
    RAILROAD TRANSPORTATION           
    Burlington Northern Santa Fe Corp    6,456  348,172    0.58  
    Norfolk Southern Corp    6,800  251,940    0.42  
    Other      183,766    0.30  
          783,878    1.30  
    REAL ESTATE      100,763    0.17  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      117,780    0.19  
 
    SECURITY AND COMMODITY BROKERS           
    Bear Stearns Cos, Inc    2,000  199,800    0.33  
    Other      938,051    1.56  
          1,137,851    1.89  
    STONE, CLAY, AND GLASS PRODUCTS      119,892    0.20  
 
    TOBACCO PRODUCTS           
    Reynolds American, Inc    2,630  211,952    0.35  
    Other      181,703    0.30  
          393,655    0.65  
 
    TRANSPORTATION BY AIR           
    Southwest Airlines Co    13,621  193,963    0.32  
    Other      64,804    0.11  
          258,767    0.43  
 
    TRANSPORTATION EQUIPMENT           
    Paccar, Inc    3,050  220,790    0.37  
    Other      876,763    1.45  
          1,097,553    1.82  
    TRANSPORTATION SERVICES      229,531    0.38  
    TRUCKING AND WAREHOUSING      144,241    0.24  
    WHOLESALE TRADE-DURABLE GOODS      642,746    1.07  
 
    WHOLESALE TRADE-NONDURABLE GOODS           
    McKesson Corp    5,100  192,525    0.32  
    Other      321,167    0.53  
          513,692    0.85  
    TOTAL COMMON STOCKS     (Cost $43,402,939)       60,240,675    99.91  


130   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
       
VALUE 
  ASSETS  
TOTAL PORTFOLIO   
(Cost $43,408,450) 
$
60,250,209    99.92 % 
OTHER ASSETS AND LIABILITIES, NET        45,526    0.08  
 
 
NET ASSETS     
$
60,295,735    100.00 % 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   131

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS     
$
83,754    0.12 % 
 
    AMUSEMENT AND RECREATION SERVICES             
*    Penn National Gaming, Inc    8,800    258,544    0.36  
    Other        404,986    0.57  
            663,530    0.93  
 
    APPAREL AND ACCESSORY STORES             
*    Aeropostale, Inc    7,690    251,847    0.35  
    Other        771,571    1.09  
            1,023,418    1.44  
 
    APPAREL AND OTHER TEXTILE PRODUCTS             
*    Quiksilver, Inc    8,099    235,114    0.33  
    Other        224,172    0.32  
            459,286    0.65  
 
    AUTO REPAIR, SERVICES AND PARKING        151,238    0.21  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        181,710    0.26  
 
    BUSINESS SERVICES             
*    CACI International, Inc (Class A)    4,069    224,731    0.32  
*    Cerner Corp    3,903    204,946    0.29  
*    F5 Networks, Inc    5,066    255,782    0.36  
*    Hyperion Solutions Corp    5,399    238,150    0.34  
*    Kronos, Inc    4,345    222,073    0.31  
*    Take-Two Interactive Software, Inc    5,092    199,097    0.28  
*    Titan Corp    11,543    209,621    0.29  
    Other        10,082,519    14.21  
            11,636,919    16.40  
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Mosaic Co    17,600    300,256    0.42  
    Valeant Pharmaceuticals International    9,699    218,421    0.31  
    Other        5,271,259    7.43  
            5,789,936    8.16  
 
    COAL MINING        57,340    0.08  
    COMMUNICATIONS        1,330,757    1.87  
 
    DEPOSITORY INSTITUTIONS             
    East West Bancorp, Inc    6,997    258,329    0.36  
    First Bancorp (Puerto Rico)    4,438    187,506    0.26  
    Other        3,326,128    4.69  
            3,771,963    5.31  
 
    EATING AND DRINKING PLACES             
*    CEC Entertainment, Inc    5,185    189,771    0.27  
*    P.F. Chang’s China Bistro, Inc    3,500    209,300    0.29  
*    Sonic Corp    8,275    276,385    0.39  
    Other        788,931    1.11  
            1,464,387    2.06  


132   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    EDUCATIONAL SERVICES             
    Strayer Education, Inc    2,014  $ 228,226    0.32 % 
    Other        136,766    0.19  
            364,992    0.51  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
*    Waste Connections, Inc    6,700    232,825    0.33  
    Other        143,945    0.20  
            376,770    0.53  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Rayovac Corp    6,513    270,941    0.38  
*    Varian Semiconductor Equipment Associates, Inc    5,080    193,091    0.27  
    Other        5,845,106    8.24  
            6,309,138    8.89  
    ENGINEERING AND MANAGEMENT SERVICES        2,602,264    3.67  
 
    FABRICATED METAL PRODUCTS             
*    Crown Holdings, Inc    12,501    194,516    0.27  
    Other        613,761    0.87  
            808,277    1.14  
    FOOD AND KINDRED PRODUCTS        362,199    0.51  
 
    FOOD STORES             
*    Panera Bread Co (Class A)    3,976    224,763    0.32  
    Other        80,896    0.11  
            305,659    0.43  
    FURNITURE AND FIXTURES        266,523    0.38  
 
    FURNITURE AND HOMEFURNISHINGS STORES             
*    Guitar Center, Inc    3,585    196,565    0.28  
    Other        256,738    0.36  
            453,303    0.64  
    GENERAL BUILDING CONTRACTORS        331,759    0.47  
    GENERAL MERCHANDISE STORES        503,496    0.71  
 
    HEALTH SERVICES             
*    Apria Healthcare Group, Inc    6,924    222,261    0.31  
*    LifePoint Hospitals, Inc    5,332    233,755    0.33  
*    Pediatrix Medical Group, Inc    2,921    200,351    0.28  
    Other        1,514,381    2.14  
            2,170,748    3.06  
    HEAVY CONSTRUCTION, EXCEPT BUILDING        17,035    0.02  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    iShares Russell 2000 Growth Index Fund    8,856    554,208    0.78  
    New Century Financial Corp    5,145    240,889    0.34  
    Other        1,069,831    1.51  
            1,864,928    2.63  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   133

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    HOTELS AND OTHER LODGING PLACES             
    Boyd Gaming Corp    6,299  $ 328,493    0.46 % 
    Other        103,643    0.15  
            432,136    0.61  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    Joy Global, Inc    5,628    197,318    0.28  
*    Scientific Games Corp (Class A)    10,600    242,210    0.34  
    Toro Co    2,978    263,553    0.37  
    Other        3,082,111    4.34  
            3,785,192    5.33  
 
    INSTRUMENTS AND RELATED PRODUCTS             
*    Intuitive Surgical, Inc    4,100    186,427    0.26  
*    Steris Corp    8,229    207,782    0.29  
*    Trimble Navigation Ltd    7,007    236,907    0.34  
    Other        5,371,327    7.57  
            6,002,443    8.46  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        357,592    0.50  
 
    INSURANCE CARRIERS             
*    AMERIGROUP Corp    5,620    205,467    0.29  
*    Sierra Health Services, Inc    3,163    201,926    0.29  
    Other        669,552    0.94  
            1,076,945    1.52  
 
    LEATHER AND LEATHER PRODUCTS        156,218    0.22  
    LEGAL SERVICES        45,752    0.06  
    LUMBER AND WOOD PRODUCTS        121,229    0.17  
    METAL MINING        341,935    0.48  
 
    MISCELLANEOUS MANUFACTURING INDUSTRIES             
    Yankee Candle Co, Inc    6,432    203,894    0.29  
    Other        382,234    0.54  
            586,128    0.83  
 
    MISCELLANEOUS RETAIL        1,026,260    1.45  
    MOTION PICTURES        46,884    0.07  
    NONDEPOSITORY INSTITUTIONS        343,976    0.48  
    NONMETALLIC MINERALS, EXCEPT FUELS        7,842    0.01  
 
    OIL AND GAS EXTRACTION             
*    Cal Dive International, Inc    5,277    239,048    0.34  
*    Cheniere Energy, Inc    3,755    242,235    0.34  
*    Denbury Resources, Inc    7,601    267,783    0.38  
*    Quicksilver Resources, Inc    4,100    199,793    0.28  
*    Unit Corp    5,257    237,459    0.33  
    Other        2,237,463    3.15  
            3,423,781    4.82  


134   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    PAPER AND ALLIED PRODUCTS     
$
73,675    0.10 % 
    PERSONAL SERVICES        138,946    0.20  
    PETROLEUM AND COAL PRODUCTS        453,817    0.64  
    PRIMARY METAL INDUSTRIES             
    Allegheny Technologies, Inc    13,205    318,372    0.45  
*    Maverick Tube Corp    5,858    190,444    0.27  
    Other        925,975    1.30  
            1,434,791    2.02  
    PRINTING AND PUBLISHING        874,553    1.23  
    RAILROAD TRANSPORTATION        96,624    0.14  
    REAL ESTATE        168,260    0.24  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS        435,124    0.61  
    SECURITY AND COMMODITY BROKERS             
*    Affiliated Managers Group, Inc    3,332    206,684    0.29  
    Other        111,492    0.16  
            318,176    0.45  
    SOCIAL SERVICES        124,838    0.18  
    SPECIAL TRADE CONTRACTORS        178,561    0.25  
    STONE, CLAY, AND GLASS PRODUCTS        255,682    0.36  
    TOBACCO PRODUCTS        50,093    0.07  
    TRANSPORTATION BY AIR        405,533    0.57  
    TRANSPORTATION EQUIPMENT        1,069,895    1.51  
    TRANSPORTATION SERVICES        273,256    0.39  
    TRUCKING AND WAREHOUSING             
*    Landstar System, Inc    7,742    253,551    0.36  
    Other        379,756    0.53  
            633,307    0.89  
    WATER TRANSPORTATION        97,527    0.14  
    WHOLESALE TRADE-DURABLE GOODS             
    SCP Pool Corp    7,348    234,107    0.33  
    Other        1,279,654    1.80  
            1,513,761    2.13  
    WHOLESALE TRADE-NONDURABLE GOODS             
*    Tractor Supply Co    4,300    187,695    0.26  
    Other        990,358    1.40  
            1,178,053    1.66  
    TOTAL COMMON STOCKS     (Cost $56,696,574)         70,880,114    99.87  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   135

Small-Cap Growth Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
       
VALUE 
  ASSETS  
 
TOTAL PORTFOLIO    (Cost $56,696,574)    $ 70,880,114    99.87 % 
OTHER ASSETS AND LIABILITIES, NET        91,312    0.13  
 
 
NET ASSETS        $ 70,971,426    100.00 % 

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

136   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                   
                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS      $ 84,186    0.12 % 
    AGRICULTURAL PRODUCTION-LIVESTOCK        38,628    0.06  
    AMUSEMENT AND RECREATION SERVICES        601,943    0.89  
    APPAREL AND ACCESSORY STORES        806,610    1.20  
    APPAREL AND OTHER TEXTILE PRODUCTS        239,064    0.35  
    AUTO REPAIR, SERVICES AND PARKING        232,434    0.34  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        322,797    0.48  
    BUILDING MATERIALS AND GARDEN SUPPLIES        158,888    0.24  
 
    BUSINESS SERVICES             
*    Bisys Group, Inc    14,418    226,074    0.33  
    Other        2,948,715    4.37  
            3,174,789    4.70  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Crompton Corp    13,700    200,020    0.29  
    Cytec Industries, Inc    4,593    249,170    0.37  
*    FMC Corp    4,254    227,376    0.34  
    Great Lakes Chemical Corp    5,949    191,082    0.28  
    Other        2,327,467    3.45  
            3,195,115    4.73  
 
    COAL MINING        51,606    0.08  
    COMMUNICATIONS        1,194,552    1.77  
 
    DEPOSITORY INSTITUTIONS             
    Bancorpsouth, Inc    9,069    187,184    0.28  
    Other        8,005,411    11.86  
            8,192,595    12.14  
 
    EATING AND DRINKING PLACES             
    CBRL Group, Inc    4,967    205,137    0.30  
    Other        720,489    1.07  
            925,626    1.37  
 
    EDUCATIONAL SERVICES        3,857    0.01  
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
    Atmos Energy Corp    9,048    244,296    0.36  
*    CMS Energy Corp    23,070    300,833    0.45  
    Energen Corp    4,307    286,846    0.42  
    Nicor, Inc    5,243    194,463    0.29  
    Peoples Energy Corp    4,458    186,879    0.28  
    Piedmont Natural Gas Co, Inc    8,699    200,425    0.30  
    PNM Resources, Inc    7,074    188,734    0.28  
*    Southern Union Co    10,085    253,234    0.37  
    WGL Holdings, Inc    5,725    177,246    0.26  
    Other        2,525,024    3.74  
            4,557,980    6.75  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   137

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Thomas & Betts Corp    6,889  $ 222,515    0.33 % 
    Other        2,146,171    3.18  
            2,368,686    3.51  
 
    ENGINEERING AND MANAGEMENT SERVICES        921,528    1.37  
 
    FABRICATED METAL PRODUCTS             
    Commercial Metals Co    6,918    234,451    0.35  
    Other        758,483    1.12  
            992,934    1.47  
 
    FISHING, HUNTING, AND TRAPPING        6,138    0.01  
 
    FOOD AND KINDRED PRODUCTS             
    Corn Products International, Inc    8,584    223,098    0.33  
    Other        874,670    1.30  
            1,097,768    1.63  
 
    FOOD STORES        223,759    0.33  
    FURNITURE AND FIXTURES        373,680    0.55  
    FURNITURE AND HOMEFURNISHINGS STORES        293,836    0.44  
 
    GENERAL BUILDING CONTRACTORS             
    Beazer Homes U.S.A., Inc    4,827    240,674    0.36  
    Other        407,813    0.60  
            648,487    0.96  
 
    GENERAL MERCHANDISE STORES        152,135    0.23  
    HEALTH SERVICES        735,878    1.09  
    HEAVY CONSTRUCTION, EXCEPT BUILDING        135,241    0.20  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    American Financial Realty Trust    13,062    191,097    0.28  
    CarrAmerica Realty Corp    6,367    200,879    0.30  
    First Industrial Realty Trust, Inc    4,907    185,632    0.28  
    First Niagara Financial Group, Inc    13,834    182,747    0.27  
    Healthcare Realty Trust, Inc    5,506    200,639    0.30  
    IMPAC Mortgage Holdings, Inc    8,831    169,379    0.25  
*    La Quinta Corp    22,400    190,400    0.28  
    Prentiss Properties Trust    5,234    178,793    0.26  
    Realty Income Corp    9,442    216,033    0.32  
    Other        7,610,995    11.28  
            9,326,594    13.82  
 
    HOTELS AND OTHER LODGING PLACES        254,516    0.38  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    Kennametal, Inc    4,300    204,207    0.30  
*    Terex Corp    4,245    183,809    0.27  
    York International Corp    4,900    191,982    0.29  
    Other        2,898,006    4.29  
            3,478,004    5.15  


138   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    INSTRUMENTS AND RELATED PRODUCTS      $ 1,344,894    1.99 % 
    INSURANCE AGENTS, BROKERS AND SERVICE        75,727    0.11  
 
    INSURANCE CARRIERS             
    AmerUs Group Co    4,680    221,130    0.33  
    Commerce Group, Inc    2,900    179,742    0.27  
    Other        2,379,851    3.52  
            2,780,723    4.12  
    JUSTICE, PUBLIC ORDER AND SAFETY        28,666    0.04  
    LEATHER AND LEATHER PRODUCTS        229,867    0.34  
 
    LOCAL AND INTERURBAN PASSENGER TRANSIT             
*    Laidlaw International, Inc    12,284    255,507    0.38  
            255,507    0.38  
    LUMBER AND WOOD PRODUCTS        169,290    0.25  
    METAL MINING        151,774    0.22  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        487,901    0.72  
    MISCELLANEOUS RETAIL        488,798    0.72  
    MOTION PICTURES        160,530    0.24  
    NONDEPOSITORY INSTITUTIONS        581,142    0.86  
    NONMETALLIC MINERALS, EXCEPT FUELS        85,493    0.13  
 
    OIL AND GAS EXTRACTION             
*    Cimarex Energy Co    4,887    190,593    0.28  
*    Forest Oil Corp    5,968    241,704    0.36  
*    Key Energy Services, Inc    15,652    179,528    0.27  
*    Plains Exploration & Production Co    7,309    255,084    0.38  
*    Southwestern Energy Co    3,275    185,889    0.27  
    St. Mary Land & Exploration Co    3,381    169,219    0.25  
    Vintage Petroleum, Inc    5,922    186,306    0.28  
    Other        2,091,163    3.10  
            3,499,486    5.19  
    PAPER AND ALLIED PRODUCTS        783,537    1.16  
    PERSONAL SERVICES        249,877    0.37  
 
    PETROLEUM AND COAL PRODUCTS             
*    Tesoro Corp    7,607    281,611    0.42  
    Other        157,581    0.23  
            439,192    0.65  
    PRIMARY METAL INDUSTRIES        1,514,188    2.24  
 
    PRINTING AND PUBLISHING             
    American Greetings Corp (Class A)    7,425    189,189    0.28  
    Other        727,243    1.08  
            916,432    1.36  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   139

Small-Cap Value Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    RAILROAD TRANSPORTATION      $ 225,806    0.33 % 
    REAL ESTATE      369,621    0.55  
 
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS           
    Aptargroup, Inc    4,320  224,554    0.33  
*    Goodyear Tire & Rubber Co    18,071  241,248    0.36  
    Other      455,400    0.67  
          921,202    1.36  
    SECURITY AND COMMODITY BROKERS      554,839    0.82  
    SOCIAL SERVICES      24,707    0.04  
    SPECIAL TRADE CONTRACTORS      303,874    0.45  
    STONE, CLAY, AND GLASS PRODUCTS      416,179    0.62  
    TOBACCO PRODUCTS      134,243    0.20  
    TRANSPORTATION BY AIR      538,619    0.80  
    TRANSPORTATION EQUIPMENT      1,095,928    1.62  
 
    TRANSPORTATION SERVICES           
    GATX Corp    5,862  194,560    0.29  
    Other      97,698    0.14  
          292,258    0.43  
    TRUCKING AND WAREHOUSING      544,756    0.81  
 
    WATER TRANSPORTATION           
    Alexander & Baldwin, Inc    5,066  208,719    0.31  
    Overseas Shipholding Group, Inc    3,193  200,872    0.30  
    Other      102,101    0.15  
          511,692    0.76  
    WHOLESALE TRADE-DURABLE GOODS      1,069,956    1.59  
 
    WHOLESALE TRADE-NONDURABLE GOODS           
*    United Stationers, Inc    3,756  169,959    0.25  
    Other      1,121,216    1.66  
          1,291,175    1.91  
    TOTAL COMMON STOCKS   
(Cost $53,876,874) 
67,327,733    99.75  
 
    TOTAL PORTFOLIO   
(Cost $53,876,874) 
67,327,733    99.75 % 
    OTHER ASSETS AND LIABILITIES, NET      170,735    0.25  
 
 
    NET ASSETS      $ 67,498,468    100.00 % 
 

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

140   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS     
$
177,180    0.13 % 
    AGRICULTURAL PRODUCTION-LIVESTOCK        40,774    0.03  
    AGRICULTURAL SERVICES        15    0.00  
 
    AMUSEMENT AND RECREATION SERVICES             
*    Penn National Gaming, Inc    8,064    236,920    0.17  
    Other        1,031,873    0.74  
            1,268,793    0.91  
 
    APPAREL AND ACCESSORY STORES             
*    Aeropostale, Inc    6,957    227,842    0.16  
    Other        1,582,211    1.14  
            1,810,053    1.30  
    APPAREL AND OTHER TEXTILE PRODUCTS        696,112    0.50  
    AUTO REPAIR, SERVICES AND PARKING        402,254    0.29  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        521,351    0.37  
    BUILDING MATERIALS AND GARDEN SUPPLIES        176,556    0.13  
 
    BUSINESS SERVICES             
*    Bisys Group, Inc    15,454    242,319    0.17  
*    F5 Networks, Inc    4,702    237,404    0.17  
*    Take-Two Interactive Software, Inc    5,716    223,496    0.16  
    Other        13,523,692    9.69  
            14,226,911    10.19  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Cytec Industries, Inc    4,964    269,297    0.19  
*    FMC Corp    4,669    249,558    0.18  
*    Mosaic Co    16,212    276,577    0.20  
    Valeant Pharmaceuticals International    11,830    266,412    0.19  
    Other        7,823,549    5.60  
            8,885,393    6.36  
    COAL MINING        108,946    0.08  
    COMMUNICATIONS        2,545,303    1.82  
 
    DEPOSITORY INSTITUTIONS             
    East West Bancorp, Inc    6,300    232,596    0.16  
    Other        12,171,274    8.72  
            12,403,870    8.88  
 
    EATING AND DRINKING PLACES             
    CBRL Group, Inc    6,379    263,453    0.19  
*    Sonic Corp    7,646    255,376    0.18  
    Other        1,853,806    1.33  
            2,372,635    1.70  
    EDUCATIONAL SERVICES        349,331    0.25  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   141

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES             
    Atmos Energy Corp    9,847  $ 265,869    0.19 % 
*    CMS Energy Corp    24,944    325,270    0.23  
    Energen Corp    4,700    313,020    0.22  
    Piedmont Natural Gas Co, Inc    9,730    224,179    0.16  
*    Southern Union Co    10,927    274,377    0.20  
    Other        3,875,686    2.78  
            5,278,401    3.78  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
*    Rayovac Corp    6,350    264,160    0.19  
*    Thomas & Betts Corp    7,535    243,381    0.17  
    Other        7,896,348    5.66  
            8,403,889    6.02  
 
    ENGINEERING AND MANAGEMENT SERVICES        3,409,305    2.44  
 
    FABRICATED METAL PRODUCTS             
    Commercial Metals Co    7,400    250,786    0.18  
*    Crown Holdings, Inc    21,216    330,121    0.24  
    Other        1,278,048    0.91  
            1,858,955    1.33  
 
    FISHING, HUNTING, AND TRAPPING        5,456    0.00  
 
    FOOD AND KINDRED PRODUCTS             
    Corn Products International, Inc    9,352    243,058    0.17  
    Other        1,303,180    0.94  
            1,546,238    1.11  
 
    FOOD STORES        526,000    0.38  
    FURNITURE AND FIXTURES        646,540    0.46  
    FURNITURE AND HOMEFURNISHINGS STORES        747,783    0.54  
 
    GENERAL BUILDING CONTRACTORS             
    Beazer Homes U.S.A., Inc    5,245    261,516    0.19  
    Other        755,569    0.54  
            1,017,085    0.73  
 
    GENERAL MERCHANDISE STORES        630,229    0.45  
    HEALTH SERVICES        2,810,249    2.01  
    HEAVY CONSTRUCTION, EXCEPT BUILDING        158,827    0.11  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    iShares Russell 2000 Index Fund    6,918    845,034    0.60  
    New Century Financial Corp    5,950    278,579    0.20  
    Realty Income Corp    10,116    231,454    0.17  
    Other        10,720,530    7.68  
            12,075,597    8.65  


142   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    HOTELS AND OTHER LODGING PLACES             
    Boyd Gaming Corp    5,800  $ 302,470    0.22 % 
    Other        381,405    0.27  
            683,875    0.49  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT             
    IDEX Corp    6,464    260,822    0.19  
    Joy Global, Inc    10,346    362,731    0.26  
*    Terex Corp    6,300    272,790    0.20  
    Toro Co    2,767    244,880    0.17  
    Other        6,115,705    4.38  
            7,256,928    5.20  
    INSTRUMENTS AND RELATED PRODUCTS        7,016,432    5.03  
    INSURANCE AGENTS, BROKERS AND SERVICE        412,971    0.30  
 
    INSURANCE CARRIERS             
*    AMERIGROUP Corp    6,264    229,012    0.16  
    AmerUs Group Co    5,003    236,392    0.17  
    Other        3,553,630    2.55  
            4,019,034    2.88  
    JUSTICE, PUBLIC ORDER AND SAFETY        30,666    0.02  
    LEATHER AND LEATHER PRODUCTS        397,524    0.29  
    LEGAL SERVICES        41,149    0.03  
 
    LOCAL AND INTERURBAN PASSENGER TRANSIT             
*    Laidlaw International, Inc    13,312    276,890    0.20  
            276,890    0.20  
    LUMBER AND WOOD PRODUCTS        295,617    0.21  
    METAL MINING        486,318    0.35  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        1,079,231    0.77  
    MISCELLANEOUS RETAIL        1,456,511    1.04  
    MOTION PICTURES        236,532    0.17  
    NONDEPOSITORY INSTITUTIONS        942,767    0.68  
    NONMETALLIC MINERALS, EXCEPT FUELS        104,067    0.07  
 
    OIL AND GAS EXTRACTION             
    Cabot Oil & Gas Corp (Class A)    4,222    232,843    0.17  
*    Cheniere Energy, Inc    3,477    224,301    0.16  
*    Denbury Resources, Inc    7,044    248,160    0.18  
*    Forest Oil Corp    6,476    262,278    0.19  
    Helmerich & Payne, Inc    6,358    252,349    0.18  
*    Plains Exploration & Production Co    9,914    345,999    0.25  
    Range Resources Corp    10,441    243,902    0.17  
*    Southwestern Energy Co    4,622    262,345    0.19  
    Other        4,876,095    3.49  
            6,948,272    4.98  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   143

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

           
  % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    PAPER AND ALLIED PRODUCTS     
$
925,974 
  0.66 % 
    PERSONAL SERVICES       
405,614 
  0.29  
 
    PETROLEUM AND COAL PRODUCTS       
   
*    Tesoro Corp    8,300   
307,266 
  0.22  
    Other       
595,211 
  0.43  
           
902,477 
  0.65  
 
    PRIMARY METAL INDUSTRIES       
   
    Allegheny Technologies, Inc    12,250   
295,348 
  0.21  
    Other       
2,678,314 
  1.92  
           
2,973,662 
  2.13  
 
    PRINTING AND PUBLISHING       
   
*    Valassis Communications, Inc    6,711   
234,617 
  0.17  
    Other       
1,579,622 
  1.13  
           
1,814,239 
  1.30  
    RAILROAD TRANSPORTATION       
332,667 
  0.24  
    REAL ESTATE       
559,768 
  0.40  
 
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS       
   
    Aptargroup, Inc    4,715   
245,086 
  0.18  
*    Goodyear Tire & Rubber Co    19,538   
260,832 
  0.19  
    Other       
914,137 
  0.65  
           
1,420,055 
  1.02  
    SECURITY AND COMMODITY BROKERS       
908,696 
  0.65  
    SOCIAL SERVICES       
137,125 
  0.10  
    SPECIAL TRADE CONTRACTORS       
507,945 
  0.36  
    STONE, CLAY, AND GLASS PRODUCTS       
690,976 
  0.50  
    TOBACCO PRODUCTS       
205,605 
  0.15  
    TRANSPORTATION BY AIR       
959,946 
  0.69  
    TRANSPORTATION EQUIPMENT       
2,183,962 
  1.56  
    TRANSPORTATION SERVICES       
589,118 
  0.42  
 
    TRUCKING AND WAREHOUSING       
   
*    Landstar System, Inc    7,500   
245,625 
  0.18  
    Other       
939,980 
  0.67  
           
1,185,605 
  0.85  
 
    WATER TRANSPORTATION       
   
    Alexander & Baldwin, Inc    5,425   
223,510 
  0.16  
    Other       
422,500 
  0.30  
           
646,010 
  0.46  


144   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Blend Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    WHOLESALE TRADE-DURABLE GOODS           
    SCP Pool Corp    7,065
$
 225,091    0.16 % 
    Other      2,349,798    1.68  
   
          2,574,889    1.84  
   
    WHOLESALE TRADE-NONDURABLE GOODS      2,546,202    1.82  
   
    TOTAL COMMON STOCKS   
(Cost $108,991,100)
  139,255,350    99.75  
 
    TOTAL PORTFOLIO   
(Cost $108,991,100)
  139,255,350    99.75 % 
    OTHER ASSETS AND LIABILITIES, NET      352,294    0.25  
   
 
 
    NET ASSETS      $ 139,607,644    100.00 % 
   

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   145

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    PREFERRED STOCKS             
    CHEMICALS AND ALLIED PRODUCTS     
$
89,744    0.06 % 
    INSTRUMENTS AND RELATED PRODUCTS        11,381    0.01  
    MOTION PICTURES        15,617    0.01  
    TRANSPORTATION EQUIPMENT        95,342    0.07  
    TOTAL PREFERRED STOCKS     (Cost $166,664)         212,084    0.15  
 
    COMMON STOCKS             
    AGRICULTURAL SERVICES        239,478    0.16  
    AMUSEMENT AND RECREATION SERVICES        499,286    0.34  
    APPAREL AND ACCESSORY STORES        361,366    0.25  
    APPAREL AND OTHER TEXTILE PRODUCTS        378,933    0.26  
    AUTO REPAIR, SERVICES AND PARKING        132,363    0.09  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        6,470    0.00  
    BUILDING MATERIALS AND GARDEN SUPPLIES        215,914    0.15  
    BUSINESS SERVICES        3,714,972    2.52  
 
    CHEMICALS AND ALLIED PRODUCTS             
    AstraZeneca plc (United Kingdom)    27,515    1,084,559    0.74  
    BASF AG.    8,631    613,473    0.42  
    GlaxoSmithKline plc    97,107    2,225,773    1.51  
    Novartis AG. (Regd)    39,343    1,841,882    1.25  
    Roche Holding AG. (Genusscheine)    11,709    1,259,413    0.86  
    Sanofi-Aventis    16,243    1,373,219    0.93  
    Takeda Pharmaceutical Co Ltd    14,800    707,068    0.48  
    Other        5,876,244    3.99  
            14,981,631    10.18  
 
    COMMUNICATIONS             
    Deutsche Telekom AG. (Regd)    45,474    910,144    0.62  
    Ericsson (LM) (B Shs)    247,050    698,020    0.48  
    France Telecom S.A.    24,670    740,641    0.50  
    Telecom Italia S.p.A.    217,848    828,144    0.56  
    Telefonica S.A.    74,336    1,298,449    0.88  
    Vodafone Group plc    620,000    1,646,029    1.12  
    Vodafone Group plc (Spon ADR)    44,829    1,190,658    0.81  
    Other        4,446,753    3.02  
            11,758,838    7.99  
 
    DEPOSITORY INSTITUTIONS             
    ABN Amro Holding NV    26,962    670,688    0.46  
    Banco Bilbao Vizcaya Argentaria S.A.    53,687    876,365    0.60  
    Banco Santander Central Hispano S.A.    99,024    1,208,460    0.82  
    Barclays plc    107,154    1,095,406    0.74  
    BNP Paribas    13,270    942,513    0.64  
    Credit Suisse Group    18,951    816,456    0.55  
    Deutsche Bank AG. (Regd)    8,158    705,599    0.48  


146   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    DEPOSITORY INSTITUTIONS—(continued)           
    HSBC Holdings plc (United Kingdom)    184,223
$
2,913,660    1.98 % 
    Lloyds TSB Group plc    93,214   841,935    0.57  
    Mitsubishi Tokyo Financial Group, Inc    78   678,197    0.46  
    Mizuho Financial Group, Inc    129   611,472    0.41  
    Royal Bank of Scotland Group plc    52,847   1,681,636    1.14  
    UBS AG. (Regd)    17,818   1,509,873    1.03  
    Other      11,862,499    8.06  
          26,414,759    17.94  
    EATING AND DRINKING PLACES      551,669    0.37  
    EDUCATIONAL SERVICES      40,838    0.03  
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
    E.ON AG.    10,380   892,927    0.61  
    Other      7,700,099    5.23  
          8,593,026    5.84  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
    Nokia Oyj    77,727   1,208,174    0.82  
    Sony Corp    15,400   614,791    0.42  
    Other      5,667,353    3.85  
          7,490,318    5.09  
    ENGINEERING AND MANAGEMENT SERVICES      95,661    0.06  
    FABRICATED METAL PRODUCTS      617,637    0.42  
 
    FOOD AND KINDRED PRODUCTS           
    Diageo plc    50,196   707,583    0.48  
    Nestle S.A. (Regd)    6,725   1,846,427    1.25  
    Other      3,646,457    2.48  
          6,200,467    4.21  
 
    FOOD STORES           
    Tesco plc    129,076   771,949    0.52  
    Other      1,782,090    1.21  
          2,554,039    1.73  
    FURNITURE AND FIXTURES      13,687    0.01  
    FURNITURE AND HOMEFURNISHINGS STORES      379,151    0.26  
    GENERAL BUILDING CONTRACTORS      1,055,478    0.72  
    GENERAL MERCHANDISE STORES      1,101,717    0.75  
    HEALTH SERVICES      172,985    0.12  
    HEAVY CONSTRUCTION, EXCEPT BUILDING      771,138    0.52  
    HOLDING AND OTHER INVESTMENT OFFICES      1,940,832    1.32  
    HOTELS AND OTHER LODGING PLACES      517,153    0.35  
    INDUSTRIAL MACHINERY AND EQUIPMENT      1,931,939    1.31  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   147

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    INSTRUMENTS AND RELATED PRODUCTS             
    Canon, Inc    14,200  $ 763,369    0.52 % 
    Other        1,936,467    1.31  
            2,699,836    1.83  
    INSURANCE AGENTS, BROKERS AND SERVICE        7,722    0.00  
 
    INSURANCE CARRIERS             
    Allianz AG. (Regd)    5,129    652,925    0.45  
    AXA    23,637    631,292    0.43  
    ING Groep NV    31,232    945,763    0.64  
    Other        5,155,569    3.50  
            7,385,549    5.02  
    LEATHER AND LEATHER PRODUCTS        14,232    0.01  
    LOCAL AND INTERURBAN PASSENGER TRANSIT        753,204    0.51  
    LUMBER AND WOOD PRODUCTS        125,136    0.08  
    METAL MINING        1,335,601    0.91  
    MISCELLANEOUS MANUFACTURING INDUSTRIES        855,641    0.58  
    MISCELLANEOUS RETAIL        626,321    0.43  
    MOTION PICTURES        87,846    0.06  
 
    NONDEPOSITORY INSTITUTIONS             
    HBOS plc    65,372    1,019,096    0.69  
    Other        1,088,164    0.74  
            2,107,260    1.43  
    NONMETALLIC MINERALS, EXCEPT FUELS        20,279    0.01  
 
    OIL AND GAS EXTRACTION             
    Shell Transport & Trading Co plc    159,899    1,435,188    0.98  
    Total S.A.    9,490    2,226,229    1.51  
    Other        614,983    0.42  
            4,276,400    2.91  
    PAPER AND ALLIED PRODUCTS        1,029,602    0.70  
    PERSONAL SERVICES        17,027    0.01  
 
    PETROLEUM AND COAL PRODUCTS             
    BHP Billiton Ltd    59,677    824,936    0.56  
    BP plc    204,586    2,120,421    1.44  
    BP plc (Spon ADR)    24,382    1,521,437    1.03  
    ENI S.p.A.    43,380    1,129,268    0.77  
    Royal Dutch Petroleum Co    34,724    2,081,351    1.42  
    Other        1,209,593    0.82  
            8,887,006    6.04  
    PRIMARY METAL INDUSTRIES        1,753,076    1.19  
    PRINTING AND PUBLISHING        1,875,602    1.27  
    RAILROAD TRANSPORTATION        526,573    0.36  


148   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

International Equity Index Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
COMPANY       
SHARES 
VALUE
  ASSETS  
 
 
REAL ESTATE          $ 2,343,883   1.59 % 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      765,174   0.52  
SECURITY AND COMMODITY BROKERS          1,969,987   1.34  
SPECIAL TRADE CONTRACTORS          50,822   0.03  
STONE, CLAY, AND GLASS PRODUCTS          2,023,308   1.37  
TOBACCO PRODUCTS          361,872   0.25  
TRANSPORTATION BY AIR          952,616   0.65  
TRANSPORTATION EQUIPMENT             
Honda Motor Co Ltd        12,500  627,571   0.43  
Siemens AG.        13,289  1,054,397   0.71  
Toyota Motor Corp        48,100  1,794,306   1.22  
Other          3,652,956   2.48  
          7,129,230   4.84  
TRANSPORTATION SERVICES          178,450   0.12  
TRUCKING AND WAREHOUSING          305,972   0.21  
WATER TRANSPORTATION          828,129   0.56  
WHOLESALE TRADE-DURABLE GOODS          318,316   0.22  
WHOLESALE TRADE-NONDURABLE GOODS             
Unilever NV (Cert)        9,526  649,974   0.44  
Other          1,426,164   0.97  
          2,076,138   1.41  
    TOTAL COMMON STOCKS   
(Cost $118,170,072) 
146,419,555   99.45  
 
ISSUER       
PRINCIPAL 
   
SHORT-TERM INVESTMENTS             
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $54,600,000  54,595,966   37.08  
          54,595,966   37.08  
TOTAL SHORT-TERM INVESTMENTS   
(Cost $54,600,000) 
54,595,966   37.08  
    TOTAL PORTFOLIO   
(Cost $172,936,736) 
201,227,605   136.68 % 
OTHER ASSETS AND LIABILITIES, NET      (54,004,222 )  (36.68 ) 
 
    NET ASSETS      $ 147,223,383   100.00 % 

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


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   149

Real Estate Securities Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

           
  % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS       
   
    HOLDING AND OTHER INVESTMENT OFFICES       
   
    Affordable Residential Communities    640,000  $
8,096,000 
  1.79 % 
    Alexandria Real Estate Equities, Inc    127,973   
8,238,902 
  1.82  
    Archstone-Smith Trust    325,000   
11,085,750 
  2.45  
    Ashford Hospitality Trust, Inc    500,000   
5,100,000 
  1.12  
    AvalonBay Communities, Inc    75,000   
5,016,750 
  1.11  
    Bimini Mortgage Management, Inc (Class A)    725,000   
10,041,250 
  2.22  
    Boston Properties, Inc    172,000   
10,359,560 
  2.29  
    Catellus Development Corp    250,000   
6,662,500 
  1.47  
    Centerpoint Properties Trust    115,000   
4,715,000 
  1.04  
    Developers Diversified Realty Corp    150,000   
5,962,500 
  1.32  
    Duke Realty Corp    275,000   
8,208,750 
  1.81  
    ECC Capital Corp    1,400,000   
8,400,000 
  1.85  
    Equity Residential    290,631   
9,361,225 
  2.07  
    Feldman Mall Properties, Inc    400,000   
4,844,000 
  1.07  
    General Growth Properties, Inc    330,000   
11,253,000 
  2.48  
    GMH Communities Trust    539,519   
6,317,767 
  1.39  
    Gramercy Capital    400,000   
7,800,000 
  1.72  
    HomeBanc Corp    550,000   
4,862,000 
  1.07  
    Host Marriott Corp    455,000   
7,534,800 
  1.66  
    Innkeepers U.S.A. Trust    328,000   
4,234,480 
  0.93  
    iStar Financial, Inc    100,000   
4,118,000 
  0.91  
    Kimco Realty Corp    150,000   
8,085,000 
  1.78  
    LaSalle Hotel Properties    289,000   
8,395,450 
  1.85  
    Macerich Co    105,000   
5,594,400 
  1.23  
    Mills Corp    125,000   
6,612,500 
  1.46  
    Monmouth REIT (Class A)    820,000   
6,921,620 
  1.53  
    Newcastle Investment Corp    255,000   
7,548,000 
  1.67  
    Novastar Financial, Inc    233,312   
8,401,565 
  1.85  
    Omega Healthcare Investors, Inc    400,000   
4,392,000 
  0.97  
    Pan Pacific Retail Properties, Inc    75,000   
4,256,250 
  0.94  
    Parkway Properties, Inc    100,000   
4,670,000 
  1.03  
    Prologis    290,000   
10,759,000 
  2.37  
    Reckson Associates Realty Corp    270,000   
8,289,000 
  1.83  
    Regency Centers Corp    202,000   
9,621,260 
  2.12  
    Simon Property Group, Inc    272,000   
16,477,760 
  3.64  
    Sizeler Property Investors    715,000   
8,479,900 
  1.87  
    Spirit Finance Corp    400,000   
4,344,000 
  0.96  
    Strategic Hotel Capital, Inc    325,375   
4,783,013 
  1.06  
    United Dominion Realty Trust, Inc    239,000   
4,987,930 
  1.10  
    U-Store-It Trust    225,000   
3,915,000 
  0.86  
    Ventas, Inc    180,000   
4,492,800 
  0.99  
    Vornado Realty Trust    160,000   
11,083,200 
  2.45  
    Other       
87,306,407 
  19.26  
           
391,628,289 
  86.41  


150   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

         
  % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    HOTELS AND OTHER LODGING PLACES     
   
*    Fairmont Hotels & Resorts    155,000  $
5,136,700 
  1.13 % 
    Hilton Hotels Corp    187,000 
4,179,450 
  0.92  
*    Jameson Inns, Inc    2,950,000 
4,336,500 
  0.96  
*    Lodgian, Inc    709,923 
7,276,711 
  1.61  
    Starwood Hotels & Resorts Worldwide, Inc    296,858 
17,820,385 
  3.93  
    Other     
2,826,176 
  0.62  
         
41,575,922 
  9.17  
 
    REAL ESTATE     
   
*    Brookfield Properties Corp    100,000 
3,850,000 
  0.85  
*    CB Richard Ellis Group, Inc    165,000 
5,773,350 
  1.28  
    Thomas Properties Group, Inc    395,902 
4,901,267 
  1.08  
         
14,524,617 
  3.21  
    TOTAL COMMON STOCKS   
(Cost $448,773,995) 
447,728,828 
  98.79  
 
    TOTAL PORTFOLIO   
(Cost $448,773,995) 
447,728,828 
  98.79 % 
    OTHER ASSETS AND LIABILITIES, NET     
5,479,262 
  1.21  
 
    NET ASSETS      $
453,208,090 
  100.00 % 
 

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

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   151

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005

                % OF NET  
    COMPANY   
SHARES 
VALUE 
  ASSETS  
 
 
 
    COMMON STOCKS             
    AMUSEMENT AND RECREATION SERVICES     
$
157,669    0.11 % 
 
    APPAREL AND ACCESSORY STORES        850,539    0.59  
 
    APPAREL AND OTHER TEXTILE PRODUCTS        112,984    0.08  
 
    AUTO REPAIR, SERVICES AND PARKING        14,764    0.01  
 
    AUTOMOTIVE DEALERS AND SERVICE STATIONS        96,087    0.07  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES             
    Home Depot, Inc    36,200    1,384,288    0.96  
    Lowe’s Cos    13,800    787,842    0.54  
    Other        11,062    0.01  
            2,183,192    1.51  
 
    BUSINESS SERVICES             
    Microsoft Corp    128,177    3,098,038    2.14  
    Other        5,520,203    3.82  
            8,618,241    5.96  
 
    CHEMICALS AND ALLIED PRODUCTS             
*    Amgen, Inc    22,624    1,316,943    0.91  
    Gillette Co    18,700    943,976    0.65  
    Merck & Co, Inc    36,342    1,176,390    0.82  
    Procter & Gamble Co    45,302    2,401,006    1.66  
    Other        6,561,774    4.54  
            12,400,089    8.58  
 
    COMMUNICATIONS             
    BellSouth Corp    32,500    854,425    0.59  
*    Comcast Corp (Class A)    29,972    1,012,454    0.70  
    SBC Communications, Inc    70,100    1,660,669    1.15  
    Verizon Communications, Inc    47,231    1,676,700    1.16  
    Other        1,703,650    1.18  
            6,907,898    4.78  
    DEPOSITORY INSTITUTIONS             
    JPMorgan Chase & Co    68,920    2,384,632    1.65  
    U.S. Bancorp    47,700    1,374,714    0.95  
    Wachovia Corp    35,029    1,783,326    1.23  
    Wells Fargo & Co    33,000    1,973,400    1.37  
    Other        6,403,657    4.43  
            13,919,729    9.63  
    EATING AND DRINKING PLACES             
    McDonald’s Corp    41,874    1,303,956    0.90  
    Other        230,359    0.16  
            1,534,315    1.06  
 
    EDUCATIONAL SERVICES        212,082    0.15  


152   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

         
  % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    ELECTRIC, GAS, AND SANITARY SERVICES     
   
    Kinder Morgan, Inc    10,300
$
779,710 
  0.54 % 
    Other     
7,294,744 
  5.05  
         
8,074,454 
  5.59  
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT     
   
    Emerson Electric Co    15,800  
1,025,894 
  0.71  
    Intel Corp    95,900  
2,227,757 
  1.54  
    Qualcomm, Inc    24,424  
895,140 
  0.62  
    Other     
3,222,701 
  2.23  
         
7,371,492 
  5.10  
    ENGINEERING AND MANAGEMENT SERVICES     
813,829 
  0.56  
 
    FABRICATED METAL PRODUCTS     
   
    Illinois Tool Works, Inc    10,200  
913,206 
  0.63  
    Other     
984,382 
  0.68  
         
1,897,588 
  1.31  
 
    FOOD AND KINDRED PRODUCTS     
   
    Coca-Cola Co    41,700  
1,737,639 
  1.20  
    PepsiCo, Inc    32,400  
1,718,172 
  1.19  
    Other     
1,535,085 
  1.06  
         
4,990,896 
  3.45  
 
    FOOD STORES     
1,087,136 
  0.75  
    FURNITURE AND FIXTURES     
668,859 
  0.46  
    FURNITURE AND HOMEFURNISHINGS STORES     
396,189 
  0.27  
    GENERAL BUILDING CONTRACTORS     
779,306 
  0.54  
 
    GENERAL MERCHANDISE STORES     
   
    Target Corp    15,600  
780,312 
  0.54  
    Other     
1,040,354 
  0.72  
         
1,820,666 
  1.26  
 
    HEALTH SERVICES     
1,001,074 
  0.69  
 
    HOLDING AND OTHER INVESTMENT OFFICES     
   
    Washington Mutual, Inc    27,800  
1,098,100 
  0.76  
    Other     
3,272,174 
  2.26  
         
4,370,274 
  3.02  
    HOTELS AND OTHER LODGING PLACES     
133,835 
  0.09  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT     
   
    3M Co    18,600  
1,593,834 
  1.10  
*    Cisco Systems, Inc    91,400  
1,635,146 
  1.13  
*    Dell, Inc    37,100  
1,425,382 
  0.99  
    Hewlett-Packard Co    50,888  
1,116,483 
  0.77  
    International Business Machines Corp    29,206  
2,668,844 
  1.85  
    Other     
3,847,746 
  2.66  
         
12,287,435 
  8.50  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   153

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    INSTRUMENTS AND RELATED PRODUCTS           
    Medtronic, Inc    22,800
$
1,161,660    0.80 % 
    Other      3,582,167    2.48  
          4,743,827    3.28  
 
    INSURANCE AGENTS, BROKERS AND SERVICE      452,949    0.31  
 
    INSURANCE CARRIERS           
    American International Group, Inc    40,000   2,216,400    1.53  
    Prudential Financial, Inc    14,400   826,560    0.57  
    UnitedHealth Group, Inc    12,045   1,148,852    0.80  
    Other      4,366,883    3.02  
          8,558,695    5.92  
 
    LEATHER AND LEATHER PRODUCTS      191,593    0.13  
    LOCAL AND INTERURBAN PASSENGER TRANSIT      22,880    0.02  
    LUMBER AND WOOD PRODUCTS      6,580    0.00  
    METAL MINING      189,458    0.13  
    MISCELLANEOUS MANUFACTURING INDUSTRIES      406,635    0.28  
 
    MISCELLANEOUS RETAIL           
    Walgreen Co    18,300   812,886    0.56  
    Other      1,623,648    1.13  
          2,436,534    1.69  
 
    MOTION PICTURES           
*    Time Warner, Inc    69,729   1,223,744    0.85  
    Walt Disney Co    34,900   1,002,677    0.69  
    Other      632,848    0.44  
          2,859,269    1.98  
 
    NONDEPOSITORY INSTITUTIONS           
    American Express Co    26,200   1,345,894    0.93  
    Fannie Mae    18,715   1,019,032    0.70  
    Freddie Mac    16,900   1,068,080    0.74  
    MBNA Corp    29,450   722,998    0.50  
    Other      1,771,616    1.23  
          5,927,620    4.10  
 
    NONMETALLIC MINERALS, EXCEPT FUELS      204,038    0.14  
 
    OIL AND GAS EXTRACTION           
    Anadarko Petroleum Corp    11,500   875,150    0.61  
    Apache Corp    14,194   869,099    0.60  
    Devon Energy Corp    17,986   858,832    0.59  
    Other      4,144,832    2.87  
          6,747,913    4.67  


154   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

              % OF NET  
    COMPANY   
SHARES
VALUE 
  ASSETS  
 
 
 
    PAPER AND ALLIED PRODUCTS           
    Kimberly-Clark Corp    11,700
$
769,041    0.53 % 
    Other      438,958    0.31  
          1,207,999    0.84  
    PERSONAL SERVICES      17,192    0.01  
    PETROLEUM AND COAL PRODUCTS      1,057,446    0.73  
    PRIMARY METAL INDUSTRIES      1,329,886    0.92  
    PRINTING AND PUBLISHING      1,176,281    0.81  
    RAILROAD TRANSPORTATION      651,362    0.45  
    REAL ESTATE      17,195    0.01  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      111,032    0.08  
    SECURITY AND COMMODITY BROKERS           
    Goldman Sachs Group, Inc    8,163   897,848    0.62  
    Merrill Lynch & Co, Inc    20,000   1,132,000    0.78  
    Other      849,960    0.59  
          2,879,808    1.99  
    SPECIAL TRADE CONTRACTORS      32,424    0.02  
    STONE, CLAY, AND GLASS PRODUCTS      289,335    0.20  
    TRANSPORTATION BY AIR      1,052,903    0.73  
    TRANSPORTATION EQUIPMENT      1,846,955    1.28  
    TRANSPORTATION SERVICES      154,006    0.11  
    TRUCKING AND WAREHOUSING           
    United Parcel Service, Inc (Class B)    12,729   925,907    0.64  
          925,907    0.64  
    WATER TRANSPORTATION      81,552    0.06  
    WHOLESALE TRADE-DURABLE GOODS           
    Johnson & Johnson    56,939   3,824,023    2.64  
    Other      763,332    0.53  
          4,587,355    3.17  
    WHOLESALE TRADE-NONDURABLE GOODS      1,520,478    1.05  
    TOTAL COMMON STOCKS     (Cost $135,871,219)      144,387,729    99.87  


SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   155

Social Choice Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
ISSUER       
PRINCIPAL
VALUE
  ASSETS  
 
 
SHORT-TERM INVESTMENTS             
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $750,000
$
749,945   0.52 % 
          749,945   0.52  
TOTAL SHORT-TERM INVESTMENTS    (Cost $750,000)   749,945   0.52  
 
    TOTAL PORTFOLIO   
(Cost $136,621,219)
  145,137,674   100.39 % 
    OTHER ASSETS AND LIABILITIES, NET    (555,680 )  (0.39 ) 
 
 
    NET ASSETS      $ 144,581,994   100.00 % 
     

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

156   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS

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SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   157

  |  TIAA-CREF Institutional Mutual Funds 
Statements of assets and liabilities (unaudited) 
March 31, 2005

   
Growth &
International 
Large-Cap 
Mid-Cap 
Mid-Cap 
Small-Cap 
   
Income Fund
Equity Fund 
Value Fund 
Growth Fund 
Value Fund 
Equity Fund 
ASSETS                         
Portfolio investments, at cost    $ 326,861,364     $ 677,921,611    $ 430,008,761    $ 161,902,754    $ 271,019,589    $ 313,388,388 
Net unrealized appreciation (depreciation) of                         
   portfolio investments    (4,794,510 )    76,201,304    22,536,491    17,985,334    25,989,706    5,867,739 
Portfolio investments, at value    322,066,854     754,122,915    452,545,252    179,888,088    297,009,295    319,256,127 
Cash    —     —    1,414,022    583,307    4,787    24,623 
Cash—foreign (cost of $2,915, $324,169, $559,214,                         
   $ —, $235,802 and $ —, respectively)    3,430     323,765    554,041    —    231,522    — 
Receivable from securities transactions    77,293,862     52,861,061    9,139,436    1,902,949    766,135    12,120,663 
Receivable from Fund shares sold    263,506     4,968,073    2,039,347    610,329    2,717,902    1,128,578 
Dividends and investment receivable    489,211     2,772,965    680,036    622,195    375,708    243,767 
Total assets    400,116,863     815,048,779    466,372,134    183,606,868    301,105,349    332,773,758 
LIABILITIES                         
Accrued expenses    132,662     440,655    185,577    97,430    150,171    144,886 
Due to custodian    41,179,164     51,432,094    —    —    —    — 
Payable for securities transactions    35,406,553     5,876,616    15,555,835    14,059,966    14,377,914    24,489,963 
Payable for Fund shares redeemed    2,770     2,762,678    107,940    14,000    49,377    9,210 
Income distribution payable    721     —    —    —    —    — 
Total liabilities    76,721,870     60,512,043    15,849,352    14,171,396    14,577,462    24,644,059 
NET ASSETS    $ 323,394,993     $ 754,536,736    $ 450,522,782    $ 169,435,472    $ 286,527,887    $ 308,129,699 
NET ASSETS CONSIST OF:                         
Paid-in-capital    $ 299,255,933     $ 639,210,595    $ 413,310,193    $ 148,971,474    $ 253,357,777    $ 284,344,697 
Accumulated undistributed net investment income    450,155     1,982,190    1,615,910    17,994    798,468    476,693 
Accumulated net realized gain on total investments    28,482,695     37,163,584    13,062,462    2,460,670    6,384,105    17,440,570 
Accumulated net unrealized appreciation (depreciation)                         
   on total investments    (4,793,790 )    76,180,367    22,534,217    17,985,334    25,987,537    5,867,739 
NET ASSETS    $ 323,394,993     $ 754,536,736    $ 450,522,782    $ 169,435,472    $ 286,527,887    $ 308,129,699 
RETIREMENT CLASS:                         
Net assets    $ 47,046,986     $ 181,449,912    $ 134,757,953    $ 97,463,563    $ 192,012,075    $ 150,161,487 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    5,419,616     16,038,567    9,701,263    6,289,338    11,909,660    10,318,748 
Net asset value per share    $ 8.68     $ 11.31    $ 13.89    $ 15.50    $ 16.12    $ 14.55 
INSTITUTIONAL CLASS:                         
Net assets    $ 276,348,007     $ 573,086,824    $ 148,871,736    $ 18,473,341    $ 23,598,853    $ 92,432,120 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    32,038,961     51,863,936    10,755,242    1,185,000    1,462,437    6,310,504 
Net asset value per share    $ 8.63     $ 11.05    $ 13.84    $ 15.59    $ 16.14    $ 14.65 
RETAIL CLASS:                         
Net assets    —     —    $ 166,893,093    $ 53,498,568    $ 70,916,959    $ 65,536,092 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    —     —    12,238,311    3,451,523    4,439,809    4,524,098 
Net asset value per share    —     —    $ 13.64    $ 15.50    $ 15.97    $ 14.49 

158   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   159

  |  TIAA-CREF Institutional Mutual Funds   
Statements of assets and liabilities (unaudited) 
March 31, 2005
continued

   
Large-Cap
Large-Cap 
S&P 500
Mid-Cap 
Mid-Cap 
Mid-Cap 
   
Growth Index Fund
Value Index Fund 
Index Fund
Growth Index Fund 
Value Index Fund 
Blend Index Fund 
ASSETS                         
Portfolio investments, at cost    $ 377,516,939     $ 311,342,498    $ 464,345,612     $ 19,707,119    $ 29,831,496    $ 43,408,450 
Net unrealized appreciation of                         
   portfolio investments    2,909,467     38,317,310    31,088,565     7,084,221    12,051,133    16,841,759 
Portfolio investments, at value    380,426,406     349,659,808    495,434,177     26,791,340    41,882,629    60,250,209 
Cash    6,858     30,375    173,096     29,952    220,268    209,512 
Receivable from securities transactions    5,004,907     2,178,422    —     26,877    568,017    2,115,174 
Receivable from Fund shares sold    116,611     117,922    3,518,523     —    —    54,069 
Dividends and investment receivable    216,333     531,239    463,227     11,171    68,374    65,637 
Total assets    385,771,115     352,517,766    499,589,023     26,859,340    42,739,288    62,694,601 
LIABILITIES                         
Accrued expenses    37,514     40,132    80,304     5,785    7,969    11,360 
Payable for securities transactions    15,916,018     12,085,512    49,257,253     29,980    592,008    2,386,513 
Payable for Fund shares redeemed    31,990     1,124    2,000     —    —    993 
Payable for variation margin on open futures contracts    —     —    1,283     —    —    — 
Total liabilities    15,985,522     12,126,768    49,340,840     35,765    599,977    2,398,866 
NET ASSETS    $ 369,785,593     $ 340,390,998    $ 450,248,183     $ 26,823,575    $ 42,139,311    $ 60,295,735 
NET ASSETS CONSIST OF:                         
Paid-in-capital    $ 366,549,292     $ 300,061,168    $ 418,382,275     $ 19,514,562    $ 29,297,960    $ 42,600,167 
Accumulated undistributed net investment income    628,577     1,683,253    1,341,629     31,959    221,018    220,942 
Accumulated net realized gain (loss) on total investments    (301,743 )    329,267    (568,561 )    192,833    569,200    632,867 
Accumulated net unrealized appreciation                         
   on total investments    2,909,467     38,317,310    31,092,840     7,084,221    12,051,133    16,841,759 
NET ASSETS    $ 369,785,593     $ 340,390,998    $ 450,248,183     $ 26,823,575    $ 42,139,311    $ 60,295,735 
RETIREMENT CLASS:                         
Net assets    $ 20,044,660     $ 484,327    $ 79,769,240     $ 388,065    $ 252,442    $ 4,183,250 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    1,858,867     35,152    5,933,479     29,851    16,838    272,732 
Net asset value per share    $ 10.78     $ 13.78    $ 13.44     $ 13.00    $ 14.99    $ 15.34 
INSTITUTIONAL CLASS:                         
Net assets    $ 349,740,933     $ 339,906,671    $ 370,478,943     $ 26,435,510    $ 41,886,869    $ 56,112,485 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    32,881,470     24,734,693    27,621,923     2,027,468    2,791,864    3,674,816 
Net asset value per share    $ 10.64     $ 13.74    $ 13.41     $ 13.04    $ 15.00    $ 15.27 

160   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   161

  |  TIAA-CREF Institutional Mutual Funds   
Statements of assets and liabilities (unaudited) 
March 31, 2005
concluded

   
Small-Cap 
Small-Cap 
Small-Cap 
International 
Real Estate
Social Choice 
   
Growth Index Fund 
Value Index Fund 
Blend Index Fund 
Equity Index Fund 
Securities Fund
Equity Fund 
ASSETS                         
Portfolio investments, at cost    $ 56,696,574    $ 53,876,874    $ 108,991,100    $ 172,936,736    $ 448,773,995     $ 136,621,219 
Net unrealized appreciation (depreciation) of                         
   portfolio investments    14,183,540    13,450,859    30,264,250    28,290,869    (1,045,167 )    8,516,455 
Portfolio investments, at value    70,880,114    67,327,733    139,255,350    201,227,605    447,728,828     145,137,674 
Cash    490,794    —    —    1,669,219    —     9,512 
Cash—foreign (cost of $—, $—, $—, $67,873,                         
   $— and $—, respectively)    —    —    —    67,490    —     — 
Receivable from securities transactions    1,532,509    1,101,285    17,156,215    54,302,783    19,859,451     — 
Receivable from Fund shares sold    4,353    50,865    87,909    524,630    1,323,300     193,520 
Dividends and investment receivable    23,920    115,039    154,363    404,659    2,184,034     147,719 
Total assets    72,931,690    68,594,922    156,653,837    258,196,386    471,095,613     145,488,425 
LIABILITIES                         
Accrued expenses    20,872    8,321    23,026    23,461    173,250     40,272 
Due to custodian    —    571,524    13,094,751    —    5,816,937     — 
Payable for securities transactions    1,939,392    516,609    3,928,416    110,949,542    11,770,072     862,588 
Payable for Fund shares redeemed    —    —    —    —    127,264     — 
Income distribution payable    —    —    —    —    —     3,571 
Total liabilities    1,960,264    1,096,454    17,046,193    110,973,003    17,887,523     906,431 
NET ASSETS    $ 70,971,426    $ 67,498,468    $ 139,607,644    $ 147,223,383    $ 453,208,090     $ 144,581,994 
NET ASSETS CONSIST OF:                         
Paid-in-capital    $ 55,872,946    $ 53,195,672    $ 102,709,340    $ 117,513,416    $ 425,853,704     $ 135,447,888 
Accumulated undistributed net investment income    99,856    279,402    422,605    290,157    2,162,032     533,724 
Accumulated net realized gain on total investments    815,084    572,535    6,211,449    1,056,986    26,237,521     83,927 
Accumulated net unrealized appreciation (depreciation)                         
   on total investments    14,183,540    13,450,859    30,264,250    28,362,824    (1,045,167 )    8,516,455 
NET ASSETS    $ 70,971,426    $ 67,498,468    $ 139,607,644    $ 147,223,383    $ 453,208,090     $ 144,581,994 
RETIREMENT CLASS:                         
Net assets    $ 1,189,036    $ 966,566    $ 380,353    $ 584,711    $ 116,493,446     $ 38,306,387 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    85,479    72,299    26,500    38,062    8,787,016     4,013,154 
Net asset value per share    $ 13.91    $ 13.37    $ 14.35    $ 15.36    $ 13.26     $ 9.55 
INSTITUTIONAL CLASS:                         
Net assets    $ 69,782,390    $ 66,531,902    $ 139,227,291    $ 146,638,672    $ 203,159,287     $ 106,275,607 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    5,270,527    5,016,307    9,692,907    9,633,885    15,491,489     11,275,966 
Net asset value per share    $ 13.24    $ 13.26    $ 14.36    $ 15.22    $ 13.11     $ 9.42 
 
RETAIL CLASS:                         
Net assets    —    —    —    —    $ 133,555,357     — 
Outstanding shares of beneficial interest, unlimited                         
   shares authorized ($.0001 par value)    —    —    —    —    10,289,353     — 
Net asset value per share    —    —    —    —    $ 12.98     — 

162   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   163

  |  TIAA-CREF Institutional Mutual Funds   
Statements of operations (unaudited) 
For the Six Months Ended March 31, 2005

   
Growth &
International
Large-Cap
Mid-Cap 
Mid-Cap
Small-Cap
 
   
Income Fund
Equity Fund
Value Fund
Growth Fund 
Value Fund
Equity Fund
 
INVESTMENT INCOME                         
Interest    $ 79,896     $ 46,585     $ 34,044     $ 7,893    $ 47,724     $ 97,990  
Dividends    7,603,273     5,654,631     3,791,459     355,919    2,064,328     1,701,813  
Foreign taxes withheld    —     (204,829 )    —     —    (1,766 )    (305 ) 
   Total income    7,683,169     5,496,387     3,825,503     363,812    2,110,286     1,799,498  
EXPENSES                         
Investment management fees    260,203     322,543     127,226     56,942    84,495     106,321  
Service Agreement Fees—Retirement Class    70,880     206,457     176,296     147,462    246,565     241,949  
Service Agreement Fees—Institutional Class    121,762     89,297     12,009     922    1,904     11,508  
Service Agreement Fees—Retail Class    —     —     254,614     84,151    93,517     62,639  
Custody fees    32,523     250,866     15,903     7,068    10,458     21,704  
Audit fees    19,514     21,502     9,541     4,241    6,274     11,623  
Registration fees—Retirement Class    625     26,111     22,295     18,649    31,182     30,599  
Registration fees—Institutional Class    9,131     8,930     901     235    484     2,980  
Registration fees—Retail Class    —     —     10,030     3,315    3,685     2,285  
Trustee fees and expenses    3,252     3,585     1,591     707    1,046     1,271  
Interest    6,281     —     —     —    —     —  
Total expenses before expense reimbursement    524,171     929,291     630,406     323,692    479,610     492,879  
Less expenses reimbursed by the investment advisor                         
   (see Note 2)    —     —     —     —    —     (11,000 ) 
   Net expenses    524,171     929,291     630,406     323,692    479,610     481,879  
Net investment income    7,158,998     4,567,096     3,195,097     40,120    1,630,676     1,317,619  
NET REALIZED AND UNREALIZED GAIN                         
   ON TOTAL INVESTMENTS                         
Realized gain (loss) on:                         
   Portfolio investments    58,218,132     42,498,553     14,388,287     4,112,420    7,110,910     21,049,532  
   Futures transactions    307,467     —     —     —    —     —  
   Foreign currency transactions    —     394,429     (952 )    —    2,710     —  
Net realized gain on total investments    58,525,599     42,892,982     14,387,335     4,112,420    7,113,620     21,049,532  
Change in unrealized appreciation (depreciation) on:                         
   Portfolio investments    (12,065,749 )    44,735,997     9,972,048     13,193,831    20,146,222     (5,559,391 ) 
   Futures transactions    79,121     —     —     —    —     —  
Translation of assets (other than portfolio investments)                         
and liabilities denominated in foreign currencies    1,275     (9,859 )    (2,274 )    —    (2,169 )    —  
Net change in unrealized appreciation (depreciation) on                         
   total investments    (11,985,353 )    44,726,138     9,969,774     13,193,831    20,144,053     (5,559,391 ) 
Net realized and unrealized gain on total investments    46,540,246     87,619,120     24,357,109     17,306,251    27,257,673     15,490,141  
Net increase in net assets resulting from operations    $ 53,699,244     $ 92,186,216     $ 27,552,206     $ 17,346,371    $ 28,888,349     $ 16,807,760  

164   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   165

  |  TIAA-CREF Institutional Mutual Funds   
Statements of operations (unaudited) 
For the Six Months Ended March 31, 2005
continued

     
Large-Cap
Large-Cap
S&P 500 
Mid-Cap
Mid-Cap
Mid-Cap
 
     
Growth Index Fund
Value Index Fund
Index Fund 
Growth Index Fund
Value Index Fund
Blend Index Fund
 
INVESTMENT INCOME                                   
Interest       $  39,291      $  37,843     $ 40,619       $  —        $  80        $  480  
Dividends      1,017,316       2,855,274     3,314,093      80,343       488,619       473,194  
Foreign taxes withheld      (5 )      (3 )    —      (2 )      (2 )      (3 ) 
   Total income      1,056,602       2,893,114     3,354,712      80,341       488,697       473,671  
EXPENSES                                   
Investment management fees      27,755       43,076     55,664      5,234       8,057       11,119  
Service Agreement Fees—Retirement Class      33,072       518     114,609      639       393       3,154  
Service Agreement Fees—Institutional Class      11,931       21,505     21,089      2,579       4,005       5,374  
Custody fees      6,938       10,768     13,915      1,309       2,015       2,780  
Audit fees      4,163       6,461     8,349      785       1,209       1,668  
Registration fees—Retirement Class      2,237       66     14,495      81       50       399  
Registration fees—Institutional Class      1,790       3,225     3,163      386       600       806  
Trustee fees and expenses      693       1,077     1,391      131       201       277  
   Net expenses      88,579       86,696     232,675      11,144       16,530       25,577  
Net investment income      968,023       2,806,418     3,122,037      69,197       472,167       448,094  
NET REALIZED AND UNREALIZED GAIN (LOSS)                                   
   ON TOTAL INVESTMENTS                                   
Realized gain (loss) on:                                   
   Portfolio investments      (97,211 )      1,007,141     717,494      225,147       615,294       763,963  
   Futures transactions      —       —     82,879      —       —       —  
Net realized gain (loss) on total investments      (97,211 )      1,007,141     800,373      225,147       615,294       763,963  
Change in unrealized appreciation (depreciation) on:                                   
   Portfolio investments      (3,324,254 )      14,314,232     12,972,992      2,601,779       4,227,699       5,604,678  
   Futures transactions      —       —     1,444      —       —       —  
Net change in unrealized appreciation (depreciation) on                                   
   total investments      (3,324,254 )      14,314,232     12,974,436      2,601,779       4,227,699       5,604,678  
Net realized and unrealized gain (loss) on                                   
   total investments      (3,421,465 )      15,321,373     13,774,809      2,826,926       4,842,993       6,368,641  
Net increase (decrease) in net assets                                   
   resulting from operations       $  (2,453,442 )     $  18,127,791     $ 16,896,846       $  2,896,123      $  5,315,160        $  6,816,735  

166   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   167

  |  TIAA-CREF Institutional Mutual Funds   
Statements of operations (unaudited) 
For the Six Months Ended March 31, 2005
concluded

     
Small-Cap
Small-Cap
Small-Cap
International
Real Estate
Social Choice 
     
Growth Index Fund
Value Index Fund
Blend Index Fund
Equity Index Fund
Securities Fund
Equity Fund 
INVESTMENT INCOME                               
Interest       $  15        $  1,212        $  5,813     $ 3,995     $ 85,729     $ 6,062 
Dividends      210,579       704,501       989,705     915,169     9,582,977     1,543,078 
Foreign taxes withheld      (86 )      (4 )      (94 )    (40,438 )    (1,395 )    — 
   Total income      210,508       705,709       995,424     878,726     9,667,311     1,549,140 
EXPENSES                               
Investment management fees      14,218       13,522       29,000     17,114     185,608     27,070 
Service Agreement Fees—Retirement Class      988       1,172       634     1,753     180,665     57,914 
Service Agreement Fees—Institutional Class      7,050       6,692       14,461     12,681     35,063     10,127 
Service Agreement Fees—Retail Class      —       —       —     —     215,949     — 
Custody fees      11,554       3,381       7,250     29,950     18,716     5,099 
Audit fees      6,133       2,027       4,349     2,567     11,228     3,058 
Registration fees—Retirement Class      125       148       80     222     12,222     7,325 
Registration fees—Institutional Class      1,058       1,004       2,169     1,268     8,914     7,810 
Registration fees—Retail Class      —       —       —     —     8,507     — 
Trustee fees and expenses      355       338       725     428     1,871     510 
Total expenses before expense reimbursement      41,481       28,284       58,668     65,983     678,743     118,913 
Less expenses reimbursed by the investment advisor                               
   (see Note 2)      (12,000 )      —       —     —     —     — 
   Net expenses      29,481       28,284       58,668     65,983     678,743     118,913 
Net investment income      181,027       677,425       936,756     812,743     8,988,568     1,430,227 
NET REALIZED AND UNREALIZED GAIN (LOSS)                               
   ON TOTAL INVESTMENTS                               
Realized gain on:                               
   Portfolio investments      1,285,682       1,206,936       6,857,416     1,068,723     35,001,010     207,226 
   Foreign currency transactions      —       —       —     4,333     —     — 
Net realized gain on total investments      1,285,682       1,206,936       6,857,416     1,073,056     35,001,010     207,226 
Change in unrealized appreciation (depreciation) on:                               
   Portfolio investments      3,193,634       3,612,451       2,090,964     9,736,732     (13,244,554 )    6,639,940 
Translation of assets (other than portfolio investments)                               
and liabilities denominated in foreign currencies      —       —       —     67,047     —     — 
Net change in unrealized appreciation (depreciation) on                               
   total investments      3,193,634       3,612,451       2,090,964     9,803,779     (13,244,554 )    6,639,940 
Net realized and unrealized gain on total investments      4,479,316       4,819,387       8,948,380     10,876,835     21,756,456     6,847,166 
Net increase in net assets resulting from operations       $  4,660,343        $  5,496,812        $  9,885,136     $ 11,689,578     $ 30,745,024     $ 8,277,393 

168   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   169

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

     
Growth & Income Fund
International Equity Fund
Large-Cap Value Fund
 
 
 
     
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
     
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
     
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
     
(Unaudited)
(Unaudited)
(Unaudited)
     
 
CHANGES IN NET ASSETS                           
 
OPERATIONS                           
Net investment income     $  7,158,998     $ 9,238,213     $ 4,567,096     $ 10,105,746     $ 3,195,097     $ 3,353,994  
Net realized gain on total investments      58,525,599     56,962,478     42,892,982     65,784,571     14,387,335     21,028,960  
Net change in unrealized appreciation                           
   (depreciation) on total investments      (11,985,353 )    (3,209,144 )    44,726,138     13,406,923     9,969,774     3,610,107  
   Net increase from operations      53,699,244     62,991,547     92,186,216     89,297,240     27,552,206     27,993,061  
 
DISTRIBUTIONS TO SHAREHOLDERS                           
From net investment income:                           
   Retirement Class      (363,969 )    (258,069 )    (1,122,943 )    (37,317 )    (1,097,233 )    (112,625 ) 
   Institutional Class      (6,674,974 )    (8,775,114 )    (10,359,425 )    (7,294,418 )    (609,115 )    (225,234 ) 
   Retail Class      —     —     —     —     (2,564,264 )    (1,363,084 ) 
From realized gains:                           
   Retirement Class      —     —     (5,791,476 )    —     (6,828,007 )    (993,550 ) 
   Institutional Class      —     —     (29,220,492 )    —     (2,612,883 )    (854,856 ) 
   Retail Class      —     —     —     —     (10,253,950 )    (4,261,173 ) 
   Total distributions      (7,038,943 )    (9,033,183 )    (46,494,336 )    (7,331,735 )    (23,965,452 )    (7,810,522 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5)                           
   Retirement Class      8,881,595     27,030,545     98,184,058     63,780,783     64,149,507     55,984,806  
   Institutional Class      (393,523,607 )    66,957,645     4,301,029     80,724,349     118,935,462     13,588,096  
   Retail Class      —     —     —     —     26,081,876     37,900,018  
   Net increase (decrease) from shareholder transactions      (384,642,012 )    93,988,190     102,485,087     144,505,132     209,166,845     107,472,920  
 
Net increase (decrease) in net assets      (337,981,711 )    147,946,554     148,176,967     226,470,637     212,753,599     127,655,459  
 
NET ASSETS                           
   Beginning of period      661,376,704     513,430,150     606,359,769     379,889,132     237,769,183     110,113,724  
   End of period     $  323,394,993     $ 661,376,704     $ 754,536,736     $ 606,359,769     $ 450,522,782     $ 237,769,183  
 
Undistributed net investment                           
   income included in net assets     $  450,155     $ 330,100     $ 1,982,190     $ 8,897,462     $ 1,615,910     $ 2,691,425  

170   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   171

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

      Mid-Cap Growth Fund    
Mid-Cap Value Fund
   
Small-Cap Equity Fund
 
 
 
     
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
     
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
     
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
     
(Unaudited)
(Unaudited)
(Unaudited)
 
 
CHANGES IN NET ASSETS                               
 
OPERATIONS                               
Net investment income     $  40,120            $  10,955     $ 1,630,676     $ 1,390,310     $ 1,317,619     $ 1,393,553  
Net realized gain on total investments      4,112,420         5,508,129     7,113,620     7,259,993     21,049,532     11,660,753  
Net change in unrealized appreciation (depreciation)                               
   on total investments      13,193,831         136,264     20,144,053     3,768,101     (5,559,391 )    4,828,393  
Net increase from payment by investment advisor                               
   for investment transaction loss      —         —     —     —     —     93,506  
   Net increase from operations      17,346,371         5,655,348     28,888,349     12,418,404     16,807,760     17,976,205  
 
DISTRIBUTIONS TO SHAREHOLDERS                               
From net investment income:                               
   Retirement Class      (11,097 )        —     (1,286,451 )    (144,631 )    (953,805 )    (159,787 ) 
   Institutional Class      (4,045 )        (4,596 )    (131,368 )    (49,959 )    (427,052 )    (166,706 ) 
   Retail Class      (10,976 )        (2,167 )    (574,234 )    (238,395 )    (548,919 )    (363,682 ) 
From realized gains:                               
   Retirement Class      (3,711,805 )        (1,648,692 )    (5,210,126 )    (1,065,435 )    (6,744,075 )    (3,629,107 ) 
   Institutional Class      (200,800 )        (84,429 )    (339,829 )    (168,323 )    (2,485,359 )    (2,041,489 ) 
   Retail Class      (2,178,840 )        (1,246,794 )    (2,013,759 )    (589,346 )    (3,005,164 )    (2,565,183 ) 
   Total distributions      (6,117,563 )        (2,986,678 )    (9,555,767 )    (2,256,089 )    (14,164,374 )    (8,925,954 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5)                               
   Retirement Class      16,313,815         48,185,844     86,991,790     70,476,629     32,658,907     84,839,286  
   Institutional Class      14,236,805         1,611,420     14,294,864     3,060,579     46,654,816     23,724,659  
   Retail Class      863,665         24,916,195     24,892,528     28,162,912     2,361,012     30,320,089  
   Net increase from shareholder transactions      31,414,285         74,713,459     126,179,182     101,700,120     81,674,735     138,884,034  
 
Net increase in net assets      42,643,093         77,382,129     145,511,764     111,862,435     84,318,121     147,934,285  
 
NET ASSETS                               
   Beginning of period      126,792,379         49,410,250     141,016,123     29,153,688     223,811,578     75,877,293  
   End of period     $  169,435,472        
     $
 126,792,379     $ 286,527,887     $ 141,016,123     $ 308,129,699     $ 223,811,578  
 
Undistributed net investment                               
 income included in net assets     $  17,994           $  3,992     $ 798,468     $ 1,159,845     $ 476,693     $ 1,088,850  

172   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   173

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

      Large-Cap Growth Index Fund    
Large-Cap Value Index Fund
   
S&P 500 Index Fund
 
 
 
     
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
     
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
     
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
     
(Unaudited)
(Unaudited)
(Unaudited)
 
 
CHANGES IN NET ASSETS                           
 
OPERATIONS                           
Net investment income     $  968,023     $ 370,142     $ 2,806,418     $ 2,726,110     $ 3,122,037     $ 2,353,675  
Net realized gain (loss) on total investments      (97,211 )    861,044     1,007,141     4,372,761     800,373     3,045,484  
Net change in unrealized appreciation                           
   (depreciation) on total investments      (3,324,254 )    1,110,396     14,314,232     11,973,335     12,974,436     8,611,187  
   Net increase (decrease) from operations      (2,453,442 )    2,341,582     18,127,791     19,072,206     16,896,846     14,010,346  
 
DISTRIBUTIONS TO SHAREHOLDERS                           
From net investment income:                           
   Retirement Class      (111,688 )    (1,049 )    (4,831 )    (2,995 )    (856,206 )    (100,604 ) 
   Institutional Class      (495,578 )    (609,111 )    (3,214,060 )    (2,382,121 )    (2,807,765 )    (1,256,098 ) 
From realized gains:                           
   Retirement Class      (333,292 )    (32,333 )    (7,977 )    (4,781 )    (978,521 )    —  
   Institutional Class      (618,001 )    (5,425,768 )    (4,612,657 )    (2,588,434 )    (2,736,919 )    —  
   Total distributions      (1,558,559 )    (6,068,261 )    (7,839,525 )    (4,978,331 )    (7,379,411 )    (1,356,702 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5)                           
   Retirement Class      1,288,914     18,396,712     275,730     14,048     22,906,367     39,891,912  
   Institutional Class      318,302,939     4,688,958     187,375,273     39,017,812     195,289,648     79,559,508  
   Net increase from shareholder transactions      319,591,853     23,085,670     187,651,003     39,031,860     218,196,015     119,451,420  
 
Net increase in net assets      315,579,852     19,358,991     197,939,269     53,125,735     227,713,450     132,105,064  
 
NET ASSETS                           
   Beginning of period      54,205,741     34,846,750     142,451,729     89,325,994     222,534,733     90,429,669  
   End of period     $  369,785,593     $ 54,205,741     $ 340,390,998     $ 142,451,729     $ 450,248,183     $ 222,534,733  
 
Undistributed net investment                           
 income included in net assets     $  628,577     $ 267,820     $ 1,683,253     $ 2,095,726     $ 1,341,629     $ 1,883,563  

174   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   175

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

      Mid-Cap Growth Index Fund    
Mid-Cap Value Index Fund
   
Mid-Cap Blend Index Fund
 
 
 
     
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
     
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
     
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
     
(Unaudited)
(Unaudited)
(Unaudited)
 
 
CHANGES IN NET ASSETS                           
 
OPERATIONS                           
Net investment income       $  69,197     $ 109,442     $ 472,167     $ 751,175     $ 448,094     $ 704,180  
Net realized gain on total investments      225,147     2,458,150     615,294     2,432,989     763,963     2,648,160  
Net change in unrealized appreciation                           
   on total investments      2,601,779     388,689     4,227,699     4,380,991     5,604,678     4,934,103  
   Net increase from operations      2,896,123     2,956,281     5,315,160     7,565,155     6,816,735     8,286,443  
 
DISTRIBUTIONS TO SHAREHOLDERS                           
From net investment income:                           
   Retirement Class      (1,403 )    (143 )    (3,940 )    (2,372 )    (7,358 )    (2,344 ) 
   Institutional Class      (119,063 )    (99,800 )    (780,897 )    (628,185 )    (734,518 )    (544,388 ) 
From realized gains:                           
   Retirement Class      (35,368 )    (42,139 )    (14,739 )    (3,611 )    (43,636 )    (11,151 ) 
   Institutional Class      (2,423,070 )    (2,903,110 )    (2,467,289 )    (757,923 )    (2,657,921 )    (1,149,022 ) 
   Total distributions      (2,578,904 )    (3,045,192 )    (3,266,865 )    (1,392,091 )    (3,443,433 )    (1,706,905 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5) 
                         
   Retirement Class      40,639     43,082     42,166     (137,599 )    3,498,976     254,243  
   Institutional Class      2,229,397     2,528,612     2,838,544     1,069,397     3,153,136     3,713,948  
   Net increase from shareholder transactions      2,270,036     2,571,694     2,880,710     931,798     6,652,112     3,968,191  
 
Net increase in net assets      2,587,255     2,482,783     4,929,005     7,104,862     10,025,414     10,547,729  
 
NET ASSETS                           
   Beginning of period      24,236,320     21,753,537     37,210,306     30,105,444     50,270,321     39,722,592  
   End of period       $  26,823,575     $ 24,236,320     $ 42,139,311     $ 37,210,306     $ 60,295,735     $ 50,270,321  
 
Undistributed net investment                           
   income included in net assets       $  31,959     $ 83,228     $ 221,018     $ 533,688     $ 220,942     $ 514,724  

176   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   177

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

   
Small-Cap Growth Index Fund
   
Small-Cap Value Index Fund
     
Small-Cap Blend Index Fund
 
 
 
   
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
   
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
   
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
   
(Unaudited)
(Unaudited)
(Unaudited)
     
 
CHANGES IN NET ASSETS                           
 
OPERATIONS                           
Net investment income    $ 181,027     $ 272,930     $ 677,425     $ 1,038,432      $  936,756     $ 1,318,741  
Net realized gain on total investments    1,285,682     8,078,326     1,206,936     7,952,456       6,857,416     9,123,876  
Net change in unrealized appreciation                           
   (depreciation) on total investments    3,193,634     (1,111,580 )    3,612,451     4,330,594       2,090,964     9,099,898  
   Net increase from operations    4,660,343     7,239,676     5,496,812     13,321,482       9,885,136     19,542,515  
 
DISTRIBUTIONS TO SHAREHOLDERS                           
From net investment income:                           
   Retirement Class    (948 )    (448 )    (4,224 )    (1,926 )      (3,023 )    (1,604 ) 
   Institutional Class    (204,126 )    (373,698 )    (1,028,959 )    (973,736 )      (1,319,515 )    (1,178,765 ) 
From realized gains:                           
   Retirement Class    (41,105 )    (10,724 )    (94,617 )    (10,347 )      (25,309 )    (11,154 ) 
   Institutional Class    (8,156,193 )    (3,412,075 )    (8,271,258 )    (3,960,170 )      (9,275,848 )    (4,026,603 ) 
   Total distributions    (8,402,372 )    (3,796,945 )    (9,399,058 )    (4,946,179 )      (10,623,695 )    (5,218,126 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5) 
                         
   Retirement Class    953,111     76,036     819,998     77,634       53,098     144,550  
   Institutional Class    8,034,949     1,559,571     6,985,964     3,061,970       10,699,769     11,565,509  
   Net increase from shareholder transactions    8,988,060     1,635,607     7,805,962     3,139,604       10,752,867     11,710,059  
 
Net increase in net assets    5,246,031     5,078,338     3,903,716     11,514,907       10,014,308     26,034,448  
 
NET ASSETS                           
   Beginning of period    65,725,395     60,647,057     63,594,752     52,079,845       129,593,336     103,558,888  
   End of period    $ 70,971,426     $ 65,725,395     $ 67,498,468     $ 63,594,752      $  139,607,644     $ 129,593,336  
 
Undistributed net investment                           
   income included in net assets    $ 99,856     $ 123,903     $ 279,402     $ 635,160      $  422,605     $ 808,387  

178   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   179

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

      International Equity Index Fund    
Real Estate Securities Fund
   
Social Choice Equity Fund
 
 
 
     
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
     
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
     
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
     
(Unaudited)
(Unaudited)
(Unaudited)
 
 
CHANGES IN NET ASSETS                           
 
OPERATIONS                           
Net investment income     $  812,743     $ 1,743,328     $ 8,988,568     $ 10,174,671     $ 1,430,227     $ 1,261,840  
Net realized gain on total investments      1,073,056     1,085,580     35,001,010     40,031,441     207,226     578,174  
Net change in unrealized appreciation (depreciation)                           
   on total investments      9,803,779     11,335,073     (13,244,554 )    3,319,972     6,639,940     7,187,316  
   Net increase from operations      11,689,578     14,163,981     30,745,024     53,526,084     8,277,393     9,027,330  
 
DISTRIBUTIONS TO SHAREHOLDERS                           
From net investment income:                           
   Retirement Class      (10,638 )    (2,652 )    (1,887,568 )    (1,478,013 )    (410,302 )    (51,990 ) 
   Institutional Class      (1,814,012 )    (1,726,374 )    (3,330,499 )    (4,852,256 )    (1,436,827 )    (870,731 ) 
   Retail Class      —     —     (2,331,107 )    (2,601,245 )    —     —  
From realized gains:                           
   Retirement Class      (17,980 )    (534 )    (11,274,581 )    (3,007,192 )    (126,247 )    —  
   Institutional Class      (1,051,397 )    (295,024 )    (16,888,289 )    (12,623,118 )    (387,375 )    —  
   Retail Class      —     —     (13,830,527 )    (6,341,083 )    —     —  
   Total distributions      (2,894,027 )    (2,024,584 )    (49,542,571 )    (30,902,907 )    (2,360,751 )    (922,721 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5)                           
   Retirement Class      (300,449 )    644,208     52,953,978     53,597,202     8,018,325     18,569,427  
   Institutional Class      62,371,333     (1,104,828 )    53,161,064     42,865,145     18,999,930     25,247,411  
   Retail Class      —     —     32,023,226     48,582,970     —     —  
   Net increase (decrease) from shareholder transactions      62,070,884     (460,620 )    138,138,268     145,045,317     27,018,255     43,816,838  
 
Net increase in net assets      70,866,435     11,678,777     119,340,721     167,668,494     32,934,897     51,921,447  
 
NET ASSETS                           
   Beginning of period      76,356,948     64,678,171     333,867,369     166,198,875     111,647,097     59,725,650  
   End of period     $  147,223,383     $ 76,356,948     $ 453,208,090     $ 333,867,369     $ 144,581,994     $ 111,647,097  
 
Undistributed net investment                           
   income included in net assets     $  290,157     $ 1,302,064     $ 2,162,032     $ 722,638     $ 533,724     $ 950,626  

180   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   181

Financial highlights | TIAA-CREF Institutional Mutual Funds

    Growth & Income Fund
 
    Retirement Class  
Institutional Class
   
 
    For the Six   For the Years Ended   For the Six                      
    Months Ended   September 30,   Months Ended   For the Years Ended September 30,
    March 31,  
 		   March 31,  
    2005 (a)   2004   2003   2005 (a)   2004   2003   2002   2001   2000  
    (Unaudited)           (Unaudited)                    
SELECTED PER SHARE DATA                                    
Net asset value, beginning of period   $ 8.16   $ 7.39   $ 6.14   $ 8.12   $ 7.36   $ 6.14   $ 7.91   $11.24   $ 9.76  
Gain (loss) from investment operations:                                    
      Net investment income   0.08(b)   0.10(b)   0.07(b)   0.10(b)   0.12(b)   0.10(b)   0.09(b)   0.09   0.10  
      Net realized and unrealized gain (loss)
            on total investments		   0.51   0.75   1.22   0.51   0.76   1.22   (1.78)   (3.15)   1.49  
Total gain (loss) from investment operations   0.59   0.85   1.29   0.61   0.88   1.32   (1.69)   (3.06)   1.59  
Less distributions from:                                    
      Net investment income   (0.07)   (0.08)   (0.04)   (0.10)   (0.12)   (0.10)   (0.08)   (0.09)   (0.10)  
      Net realized gains   —   —   —   —   —   —   —   (0.18)   (0.01)  
Total distributions   (0.07)   (0.08)   (0.04)   (0.10)   (0.12)   (0.10)   (0.08)   (0.27)   (0.11)  
Net asset value, end of period   $ 8.68   $ 8.16   $ 7.39   $ 8.63   $ 8.12   $ 7.36   $ 6.14   $ 7.91   $11.24  
TOTAL RETURN   7.27%   11.47%   21.14%   7.52%   11.89%   21.62%   (21.51)%   (27.66)%   16.18%  
RATIOS AND SUPPLEMENTAL DATA                                    
Net assets at end of period (in thousands)   $47,047   $35,874   $8,027   $276,348   $625,503   $505,404   $376,529   $169,880   $65,334  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.22%   0.53%   0.48%   0.07%   0.14%   0.15%   0.29%   0.44%   0.78%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.22%   0.44%   0.47%   0.07%   0.14%   0.14%   0.22%   0.22%   0.22%  
Ratio of net investment income to average net assets   0.91%   1.17%   1.02%   1.11%   1.46%   1.48%   1.18%   1.10%   1.02%  
Portfolio turnover rate   110.52%   77.20%   149.57%   110.52%   77.20%   149.57%   127.75%   49.56%   37.95%  

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

 

182   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   183

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

    International Equity Fund
 
    Retirement Class  
Institutional Class
   
 
    For the Six   For the Years Ended   For the Six                      
    Months Ended   September 30,   Months Ended   For the Years Ended September 30,
    March 31,  
 		   March 31,  
    2005 (a)   2004   2003   2005 (a)   2004   2003   2002   2001   2000  
    (Unaudited)           (Unaudited)                    
SELECTED PER SHARE DATA                                    
Net asset value, beginning of period   $10.49   $ 8.65   $ 6.86   $10.29   $ 8.56   $ 6.86   $ 8.08   $12.55   $10.66  
Gain (loss) from investment operations:                                    
      Net investment income   0.06(b)   0.17(b)   0.13(b)   0.07(b)   0.20(b)   0.17(b)   0.15(b)   0.10   0.07  
      Net realized and unrealized gain (loss)
            on total investments		   1.43   1.69   1.66   1.45   1.69   1.65   (1.29)   (4.06)   1.94  
Total gain (loss) from investment operations   1.49   1.86   1.79   1.52   1.89   1.82   (1.14)   (3.96)   2.01  
Less distributions from:                                    
      Net investment income   (0.11)   (0.02)   —   (0.20)   (0.16)   (0.12)   (0.08)   (0.04)   (0.05)  
      Net realized gains   (0.56)   —   —   (0.56)   —   —   —   (0.47)   (0.07)  
Total distributions   (0.67)   (0.02)   —   (0.76)   (0.16)   (0.12)   (0.08)   (0.51)   (0.12)  
Net asset value, end of period   $11.31   $10.49   $ 8.65   $11.05   $10.29   $ 8.56   $ 6.86   $ 8.08   $12.55  
TOTAL RETURN   14.23%   21.45%   26.15%   14.81%   22.17%   26.90%   (14.28)%   (32.63)%   18.58%  
RATIOS AND SUPPLEMENTAL DATA                                    
Net assets at end of period (in thousands)   $181,450   $77,400   $9,863   $573,087   $528,959   $370,026   $205,899   $120,436   $83,841  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.27%   0.58%   0.61%   0.10%   0.20%   0.27%   0.44%   0.52%   0.70%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.27%   0.55%   0.54%   0.10%   0.20%   0.20%   0.29%   0.29%   0.29%  
Ratio of net investment income to average net assets   0.55%   1.63%   1.61%   0.65%   1.98%   2.20%   1.80%   1.51%   0.94%  
Portfolio turnover rate   68.13%   151.13%   156.48%   68.13%   151.13%   156.48%   77.63%   77.83%   105.37%  
 

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

184   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   185

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Large-Cap Value Fund 
   
 
Retirement Class 
Institutional Class 
Retail Class 
   
                For the Period                For the Period                For the Period   
                September 4, 2002                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)    Months Ended    September 30,    of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,    March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA              
Net asset value, beginning of period   $13.41   $11.55   $ 9.16   $10.00   $13.40   $11.59   $ 9.16   $10.00   $13.25   $11.52   $ 9.16   $10.00  
Gain (loss) from investment operations:                                                
      Net investment income (b)   0.14   0.24   0.21   0.01   0.16   0.28   0.25   0.01   0.14   0.24   0.22   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.48   2.23   2.24   (0.85)   1.49   2.22   2.22   (0.85)   1.47   2.21   2.20   (0.85)  
Total gain (loss) from investment operations   1.62   2.47   2.45   (0.84)   1.65   2.50   2.47   (0.84)   1.61   2.45   2.42   (0.84)  
Less distributions from:                                                
      Net investment income   (0.16)   (0.06)   (0.06)   —   (0.23)   (0.14)   (0.04)   —   (0.24)   (0.17)   (0.06)   —  
      Net realized gains   (0.98)   (0.55)   —   —   (0.98)   (0.55)   —   —   (0.98)   (0.55)   —   —  
Total distributions   (1.14)   (0.61)   (0.06)   —   (1.21)   (0.69)   (0.04)   —   (1.22)   (0.72)   (0.06)   —  
Net asset value, end of period   $13.89   $13.41   $11.55   $ 9.16   $13.84   $13.40   $11.59   $ 9.16   $13.64   $13.25   $11.52   $ 9.16  
TOTAL RETURN   11.88%   21.59%   26.94%   (8.40)%   12.11%   21.96%   26.98%   (8.40)%   12.00%   21.67%   26.47%   (8.40)%  
RATIOS AND SUPPLEMENTAL DATA                                                
Net assets at end of period (in thousands)   $134,758   $69,314   $9,943   $92   $148,872   $31,289   $14,822   $92   $166,893   $137,166   $85,349   $18,135  
Ratio of expenses to average net assets
    before expense reimbursement		   0.24%   0.51%   0.54%   0.03%   0.07%   0.17%   0.21%   0.01%   0.22%   0.49%   0.51%   0.03%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.24%   0.48%   0.47%   0.03%   0.07%   0.14%   0.14%   0.01%   0.22%   0.44%   0.44%   0.03%  
Ratio of net investment income to
      average net assets		   0.97%   1.87%   1.89%   0.09%   1.10%   2.20%   2.31%   0.11%   0.98%   1.89%   1.99%   0.09%  
Portfolio turnover rate   60.24%   153.96%   184.99%   25.09%   60.24%   153.96%   184.99%   25.09%   60.24%   153.96%   184.99%   25.09%  
 

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

 

186   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   187

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Growth Fund 
   
 
Retirement Class 
Institutional Class 
Retail Class 
   
                For the Period                For the Period                For the Period   
                September 4, 2002                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)    Months Ended    September 30,    of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,    March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                                
Net asset value, beginning of period   $14.23   $12.97   $ 9.21   $10.00   $14.30   $13.02   $ 9.21   $10.00   $14.23   $12.98   $ 9.21   $10.00  
Gain (loss) from investment operations:                                                
      Net investment income (loss) (b)   0.00(c)   (0.00)(c)   (0.00)(c)   0.00(c)   0.03   0.05   0.04   0.00(c)   0.01   0.00(c)   0.00(c)   0.00(c)  
      Net realized and unrealized gain (loss)
            on total investments		   1.94   1.76   3.76   (0.79)   1.94   1.76   3.77   (0.79)   1.93   1.75   3.77   (0.79)  
Total gain (loss) from investment operations   1.94   1.76   3.76   (0.79)   1.97   1.81   3.81   (0.79)   1.94   1.75   3.77   (0.79)  
Less distributions from:                                                
      Net investment income   (0.00)(c)   —   (0.00)(c)   —   (0.01)   (0.03)   —   —   (0.00)(c)   (0.00)(c)   (0.00)(c)   —  
      Net realized gains   (0.67)   (0.50)   (0.00)(c)   —   (0.67)   (0.50)   (0.00)(c)   —   (0.67)   (0.50)   (0.00)(c)   —  
Total distributions   (0.67)   (0.50)   (0.00)(c)   —   (0.68)   (0.53)   (0.00)(c)   —   (0.67)   (0.50)   (0.00)(c)   —  
Net asset value, end of period   $15.50   $14.23   $12.97   $ 9.21   $15.59   $14.30   $13.02   $ 9.21   $15.50   $14.23   $12.98   $ 9.21  
TOTAL RETURN   13.60%   13.48%   40.85%   (7.90)%   13.76%   13.88%   41.37%   (7.90)%   13.61%   13.48%   40.96%   (7.90)%  
RATIOS AND SUPPLEMENTAL DATA                                                
Net assets at end of period (in thousands)   $97,463   $74,600   $25,519   $92   $18,473   $3,684   $1,887   $92   $53,499   $48,508   $22,004   $9,025  
Ratio of expenses to average net assets
      before expense reimbursement		   0.24%   0.54%   0.73%   0.03%   0.07%   0.17%   0.39%   0.01%   0.22%   0.51%   0.69%   0.03%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.24%   0.48%   0.47%   0.03%   0.07%   0.14%   0.14%   0.01%   0.22%   0.44%   0.44%   0.03%  
Ratio of net investment income (loss) to
      average net assets		   0.02%   (0.01)%   (0.02)%   0.02%   0.18%   0.32%   0.31%   0.04%   0.03%   0.02%   0.01%   0.02%  
Portfolio turnover rate   55.83%   147.58%   162.02%   18.61%   55.83%   147.58%   162.02%   18.61%   55.83%   147.58%   162.02%   18.61%  
 

(a)   The percentages shown for this period are not annualized.  
(b)   Based on average shares outstanding.  
(c)   Amount represents less than $0.01 per share.      

 

188   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   189

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Value Fund 
   
 
Retirement Class 
Institutional Class 
Retail Class 
   
                For the Period                For the Period                For the Period   
                September 4, 2002                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)    Months Ended    September 30,    of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,    March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                                
Net asset value, beginning of period   $14.38   $11.95   $ 9.03   $10.00   $14.44   $12.02   $ 9.03   $10.00   $14.27   $11.97   $ 9.03   $10.00  
Gain (loss) from investment operations:                                                
      Net investment income (b)   0.12   0.21   0.18   0.01   0.15   0.26   0.22   0.01   0.12   0.22   0.19   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   2.33   2.73   2.80   (0.98)   2.34   2.74   2.81   (0.98)   2.31   2.71   2.80   (0.98)  
Total gain (loss) from investment operations   2.45   2.94   2.98   (0.97)   2.49   3.00   3.03   (0.97)   2.43   2.93   2.99   (0.97)  
Less distributions from:                                                
      Net investment income   (0.14)   (0.06)   (0.06)   —   (0.22)   (0.13)   (0.04)   —   (0.16)   (0.18)   (0.05)   —  
      Net realized gains   (0.57)   (0.45)   —   —   (0.57)   (0.45)   —   —   (0.57)   (0.45)   —   —  
Total distributions   (0.71)   (0.51)   (0.06)   —   (0.79)   (0.58)   (0.04)   —   (0.73)   (0.63)   (0.05)   —  
Net asset value, end of period   $16.12   $14.38   $11.95   $ 9.03   $16.14   $14.44   $12.02   $ 9.03   $15.97   $14.27   $11.97   $ 9.03  
TOTAL RETURN   17.04%   24.82%   33.27%   (9.70)%   17.24%   25.36%   33.63%   (9.70)%   17.04%   24.89%   33.29%   (9.70)%  
RATIOS AND SUPPLEMENTAL DATA                          
Net assets at end of period (in thousands)   $192,012   $92,268   $15,669   $90   $23,599   $8,042   $4,009   $90   $70,917   $40,706   $9,476   $8,852  
Ratio of expenses to average net assets
      before expense reimbursement		   0.24%   0.52%   0.65%   0.03%   0.07%   0.17%   0.32%   0.01%   0.22%   0.51%   0.62%   0.03%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.24%   0.48%   0.47%   0.03%   0.07%   0.14%   0.14%   0.01%   0.22%   0.44%   0.44%   0.03%  
Ratio of net investment income to
      average net assets		   0.76%   1.54%   1.52%   0.12%   0.93%   1.88%   2.05%   0.14%   0.77%   1.58%   1.83%   0.11%  
Portfolio turnover rate   51.01%   172.61%   214.97%   15.01%   51.01%   172.61%   214.97%   15.01%   51.01%   172.61%   214.97%   15.01%  
 

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

190   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   191

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Value Fund 
   
 
Retirement Class 
Institutional Class 
Retail Class 
   
                For the Period                For the Period                For the Period   
                September 4, 2002                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)    Months Ended    September 30,    of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,    March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                                
Net asset value, beginning of period   $14.20   $12.62   $ 9.27   $10.00   $14.29   $12.68   $ 9.27   $10.00   $14.15   $12.64   $ 9.27   $10.00  
Gain (loss) from investment operations:                                                
      Net investment income (b)   0.06   0.09   0.11   0.01   0.09   0.14   0.14   0.02   0.08   0.12   0.12   0.02  
      Net realized and unrealized gain (loss)
    on total investments		   1.09   2.46   3.28   (0.74)   1.09   2.48   3.29   (0.75)   1.09   2.45   3.29   (0.75)  
Total gain (loss) from investment operations   1.15   2.55   3.39   (0.73)   1.18   2.62   3.43   (0.73)   1.17   2.57   3.41   (0.73)  
Less distributions from:                                                
      Net investment income   (0.10)   (0.04)   (0.04)   —   (0.12)   (0.08)   (0.02)   —   (0.13)   (0.13)   (0.04)   —  
      Net realized gains   (0.70)   (0.93)   —   —   (0.70)   (0.93)   —   —   (0.70)   (0.93)   —   —  
Total distributions   (0.80)   (0.97)   (0.04)   —   (0.82)   (1.01)   (0.02)   —   (0.83)   (1.06)   (0.04)   —  
Net asset value, end of period   $14.55   $14.20(c)   $12.62   $ 9.27   $14.65   $14.29(c)   $12.68   $ 9.27   $14.49   $14.15(c)   $12.64   $ 9.27  
TOTAL RETURN   7.76%   20.53%(c)   36.65%   (7.30)%   7.92%   20.98%(c)   37.12%   (7.30)%   7.91%   20.70%(c)   36.90%   (7.30)%  
RATIOS AND SUPPLEMENTAL DATA                                                
Net assets at end of period (in thousands)   $150,162   $116,445   $29,036   $93   $92,432   $45,429   $18,702   $93   $65,536   $61,937   $28,139   $18,351  
Ratio of expenses to average net assets
    before expense reimbursement		   0.24%   0.54%   0.95%   0.03%   0.07%   0.20%   0.62%   0.01%   0.17%   0.38%   0.78%   0.02%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.24%   0.48%   0.47%   0.03%   0.07%   0.14%   0.14%   0.01%   0.15%   0.30%   0.30%   0.02%  
Ratio of net investment income to
      average net assets		   0.43%   0.68%   0.89%   0.15%   0.61%   1.03%   1.25%   0.17%   0.53%   0.87%   1.10%   0.16%  
Portfolio turnover rate   153.07%   294.55%   328.39%   14.52%   153.07%   294.55%   328.39%   14.52%   153.07%   294.55%   328.39%   14.52%  
 

(a)   The percentages shown for this period are not annualized.  
(b)   Based on average shares outstanding.  
(c)   During the year ended September 30, 2004, the Small-Cap Equity Fund was reimbursed by the Adviser for an
investment loss resulting from an overstatement of cash available for investment. Had the Fund not been
reimbursed, the net asset value and total return for the Retirement Class would have been $14.19 and 20.44%,
respectively, and the net asset value and total return for the Institutional Class would have been $14.28 and
20.86%, respectively. There was no change to the net asset value or total return for the Retail Class.     		 

192   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   193

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Large-Cap Growth Index Fund 
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $10.56   $11.60   $ 9.29   $10.00   $10.48   $11.63   $ 9.29   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.08   0.05   0.07   0.01   0.07   0.11   0.11   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   0.39   0.82   2.27   (0.72)   0.43   0.80   2.27   (0.72)  
Total gain (loss) from investment operations   0.47   0.87   2.34   (0.71)   0.50   0.91   2.38   (0.71)  
Less distributions from:                                
      Net investment income   (0.06)   (0.06)   (0.03)   —   (0.15)   (0.21)   (0.04)   —  
      Net realized gains   (0.19)   (1.85)   —   —   (0.19)   (1.85)   —   —  
Total distributions   (0.25)   (1.91)   (0.03)   —   (0.34)   (2.06)   (0.04)   —  
Net asset value, end of period   $10.78   $10.56   $11.60   $ 9.29   $10.64   $10.48   $11.63   $ 9.29  
TOTAL RETURN   4.36%   7.03%   25.21%   (7.10)%   4.62%   7.35%   25.68%   (7.10)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $20,045   $18,405   $200   $93   $349,741   $35,800   $34,647   $60,298  
Ratio of expenses to average net assets
      before expense reimbursement		   0.21%   0.52%   0.46%   0.03%   0.04%   0.11%   0.13%   0.01%  
Ratio of expenses to average net assets
      after expense waiver reimbursement		   0.21%   0.42%   0.41%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.74%   0.46%   0.68%   0.10%   0.69%   0.97%   1.02%   0.12%  
Portfolio turnover rate   25.91%   18.93%   18.57%   0.00%   25.91%   18.93%   18.57%   0.00%  
 

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

194   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   195

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Large-Cap Value Index Fund 
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $13.07   $11.38   $ 9.26   $10.00   $13.05   $11.41   $ 9.26   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.16   0.25   0.23   0.01   0.18   0.29   0.26   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.18   1.98   1.96   (0.75)   1.17   1.99   1.97   (0.75)  
Total gain (loss) from investment operations   1.34   2.23   2.19   (0.74)   1.35   2.28   2.23   (0.74)  
Less distributions from:                                
      Net investment income   (0.24)   (0.21)   (0.07)   —   (0.27)   (0.31)   (0.08)   —  
      Net realized gains   (0.39)   (0.33)   —   —   (0.39)   (0.33)   —   —  
Total distributions   (0.63)   (0.54)   (0.07)   —   (0.66)   (0.64)   (0.08)   —  
Net asset value, end of period   $13.78   $13.07   $11.38   $ 9.26   $13.74   $13.05   $11.41   $ 9.26  
TOTAL RETURN   10.26%   19.82%   23.77%   (7.40)%   10.40%   20.25%   24.20%   (7.40)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $484   $200   $161   $93   $339,907   $142,252   $89,164   $55,488  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.97%   0.48%   0.03%   0.04%   0.10%   0.16%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   1.14%   1.99%   2.17%   0.12%   1.30%   2.34%   2.49%   0.15%  
Portfolio turnover rate   24.23%   44.28%   62.88%   0.00%   24.23%   44.28%   62.88%   0.00%  
 

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

196   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   197

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
S&P 500 Index Fund 
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $12.95   $11.48   $ 9.32   $10.00   $12.92   $11.52   $ 9.32   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.14   0.17   0.14   0.01   0.16   0.21   0.18   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   0.73   1.36   2.07   (0.69)   0.74   1.36   2.07   (0.69)  
Total gain (loss) from investment operations   0.87   1.53   2.21   (0.68)   0.90   1.57   2.25   (0.68)  
Less distributions from:                                
      Net investment income   (0.18)   (0.06)   (0.05)   —   (0.21)   (0.17)   (0.05)   —  
      Net realized gains   (0.20)   —   —   —   (0.20)   —   —   —  
Total distributions   (0.38)   (0.06)   (0.05)   —   (0.41)   (0.17)   (0.05)   —  
Net asset value, end of period   $13.44   $12.95   $11.48   $ 9.32   $13.41   $12.92   $11.52   $ 9.32  
TOTAL RETURN   6.61%   13.29%   23.77%   (6.80)%   6.86%   13.63%   24.23%   (6.80)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $79,769   $54,914   $12,860   $93   $370,479   $167,621   $77,569   $41,867  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.48%   0.51%   0.03%   0.04%   0.11%   0.17%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.43%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   1.00%   1.31%   1.27%   0.11%   1.16%   1.68%   1.68%   0.13%  
Portfolio turnover rate   17.92%   20.76%   19.84%   0.00%   17.92%   20.76%   19.84%   0.00%  
 

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

198   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   199

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Growth Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $12.83   $12.91   $ 9.35   $10.00   $12.85   $12.94   $ 9.35   $10.00  
 
Gain (loss) from investment operations:                                
      Net investment income (b)   0.01   0.01   0.01   0.01   0.04   0.06   0.04   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.52   1.68   3.55   (0.66)   1.52   1.67   3.57   (0.66)  
Total gain (loss) from investment operations   1.53   1.69   3.56   (0.65)   1.56   1.73   3.61   (0.65)  
Less distributions from:                                
      Net investment income   (0.05)   (0.01)   (0.00)(c)   —   (0.06)   (0.06)   (0.02)   —  
      Net realized gains   (1.31)   (1.76)   (0.00)(c)   —   (1.31)   (1.76)   (0.00)(c)   —  
Total distributions   (1.36)   (1.77)   (0.00)(c)   —   (1.37)   (1.82)   (0.02)   —  
Net asset value, end of period   $13.00   $12.83   $12.91   $ 9.35   $13.04   $12.85   $12.94   $ 9.35  
TOTAL RETURN   11.77%   13.15%   38.14%   (6.50)%   12.02%   13.50%   38.64%   (6.50)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $388   $344   $303   $94   $26,436   $23,893   $21,450   $22,352  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.73%   0.48%   0.03%   0.04%   0.11%   0.15%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.41%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.09%   0.10%   0.06%   0.05%   0.27%   0.46%   0.38%   0.07%  
Portfolio turnover rate   2.85%   32.02%   34.98%   0.00%   2.85%   32.02%   34.98%   0.00%  
 

(a)   The percentages shown for this period are not annualized.  
(b)   Based on average shares outstanding.  
(c)   Amount represents less than $0.01 per share. 

200   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   201

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Value Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.20   $11.80   $ 9.30   $10.00   $14.23   $11.83   $ 9.30   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.15   0.24   0.21   0.01   0.17   0.29   0.25   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.85   2.65   2.36   (0.71)   1.85   2.66   2.36   (0.71)  
Total gain (loss) from investment operations   2.00   2.89   2.57   (0.70)   2.02   2.95   2.61   (0.70)  
Less distributions from:                                
      Net investment income   (0.26)   (0.20)   (0.07)   —   (0.30)   (0.26)   (0.08)   —  
      Net realized gains   (0.95)   (0.29)   —   —   (0.95)   (0.29)   —   —  
Total distributions   (1.21)   (0.49)   (0.07)   —   (1.25)   (0.55)   (0.08)   —  
Net asset value, end of period   $14.99   $14.20   $11.80   $ 9.30   $15.00   $14.23   $11.83   $ 9.30  
TOTAL RETURN   14.15%   24.92%   27.78%   (7.00)%   14.33%   25.36%   28.21%   (7.00)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $252   $200   $308   $93   $41,887   $37,010   $29,797   $22,239  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   1.00%   0.48%   0.03%   0.04%   0.09%   0.16%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.99%   1.81%   2.04%   0.12%   1.17%   2.16%   2.38%   0.14%  
Portfolio turnover rate   6.83%   22.58%   23.58%   0.00%   6.83%   22.58%   23.58%   0.00%  
 

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

202   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   203

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Blend Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.35   $12.33   $ 9.38   $10.00   $14.34   $12.36   $ 9.39   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.11   0.16   0.13   0.01   0.12   0.20   0.16   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.78   2.28   2.86   (0.63)   1.79   2.29   2.86   (0.62)  
Total gain (loss) from investment operations   1.89   2.44   2.99   (0.62)   1.91   2.49   3.02   (0.61)  
Less distributions from:                                
      Net investment income   (0.13)   (0.08)   (0.04)   —   (0.21)   (0.17)   (0.05)   —  
      Net realized gains   (0.77)   (0.34)   —   —   (0.77)   (0.34)   —   —  
Total distributions   (0.90)   (0.42)   (0.04)   —   (0.98)   (0.51)   (0.05)   —  
Net asset value, end of period   $15.34   $14.35   $12.33   $ 9.38   $15.27   $14.34   $12.36   $ 9.39  
TOTAL RETURN   13.12%   19.94%   32.02%   (6.20)%   13.29%   20.39%   32.31%   (6.10)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $4,183   $563   $254   $94   $56,113   $49,707   $39,469   $25,249  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.66%   0.53%   0.03%   0.04%   0.10%   0.20%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.41%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.74%   1.13%   1.19%   0.09%   0.80%   1.47%   1.52%   0.11%  
Portfolio turnover rate   11.33%   18.70%   34.88%   0.00%   11.33%   18.70%   34.88%   0.00%  
 

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

204   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   205

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Small-Cap Growth Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.54   $13.13   $ 9.32   $10.00   $13.91   $13.16   $ 9.32   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.02   0.01   0.04   0.01   0.04   0.06   0.07   0.01  
      Net realized and unrealized gain (loss)
            on total investments		   1.13   2.17   3.79   (0.69)   1.07   1.51   3.80   (0.69)  
Total gain (loss) from investment operations   1.15   2.18   3.83   (0.68)   1.11   1.57   3.87   (0.68)  
Less distributions from:                                
      Net investment income   (0.04)   (0.03)   (0.02)   —   (0.04)   (0.08)   (0.03)   —  
      Net realized gains   (1.74)   (0.74)   —   —   (1.74)   (0.74)   —   —  
Total distributions   (1.78)   (0.77)   (0.02)   —   (1.78)   (0.82)   (0.03)   —  
Net asset value, end of period   $13.91   $14.54   $13.13   $ 9.32   $13.24   $13.91   $13.16   $ 9.32  
TOTAL RETURN   6.91%   16.86%   41.11%   (6.80)%   7.05%   11.84%   41.59%   (6.80)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $1,189   $279   $177   $93   $69,782   $65,446   $60,470   $45,572  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.67%   0.48%   0.03%   0.06%   0.10%   0.16%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.12%   0.04%   0.32%   0.09%   0.25%   0.41%   0.66%   0.11%  
Portfolio turnover rate   21.60%   45.35%   51.67%   0.04%   21.60%   45.35%   51.67%   0.04%  
 

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

206   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   207

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Small-Cap Value Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.00   $12.11   $ 9.30   $10.00   $14.03   $12.14   $ 9.30   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.12   0.18   0.17   0.02   0.14   0.23   0.20   0.02  
      Net realized and unrealized gain (loss)
            on total investments		   1.17   2.80   2.70   (0.72)   1.16   2.81   2.71   (0.72)  
Total gain (loss) from investment operations   1.29   2.98   2.87   (0.70)   1.30   3.04   2.91   (0.70)  
Less distributions from:                                
      Net investment income   (0.08)   (0.17)   (0.06)   —   (0.23)   (0.23)   (0.07)   —  
      Net realized gains   (1.84)   (0.92)   —   —   (1.84)   (0.92)   —   —  
Total distributions   (1.92)   (1.09)   (0.06)   —   (2.07)   (1.15)   (0.07)   —  
Net asset value, end of period   $13.37   $14.00   $12.11   $ 9.30   $13.26   $14.03   $12.14   $ 9.30  
TOTAL RETURN   8.62%   25.18%   31.04%   (7.00)%   8.61%   25.63%   31.49%   (7.00)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $966   $237   $135   $93   $66,532   $63,358   $51,945   $40,819  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.91%   0.50%   0.03%   0.04%   0.10%   0.18%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.83%   1.32%   1.63%   0.20%   1.00%   1.71%   1.96%   0.22%  
Portfolio turnover rate   19.60%   42.29%   56.43%   0.00%   19.60%   42.29%   56.43%   0.00%  
 

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

208   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   209

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Small-Cap Blend Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $14.32   $12.59   $ 9.31   $10.00   $14.33   $12.62   $ 9.31   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.07   0.10   0.11   0.01   0.10   0.15   0.14   0.02  
      Net realized and unrealized gain (loss)
            on total investments		   1.09   2.19   3.21   (0.70)   1.09   2.19   3.22   (0.71)  
Total gain (loss) from investment operations   1.16   2.29   3.32   (0.69)   1.19   2.34   3.36   (0.69)  
Less distributions from:                                
      Net investment income   (0.12)   (0.07)   (0.04)   —   (0.15)   (0.14)   (0.05)   —  
      Net realized gains   (1.01)   (0.49)   —   —   (1.01)   (0.49)   —   —  
Total distributions   (1.13)   (0.56)   (0.04)   —   (1.16)   (0.63)   (0.05)   —  
Net asset value, end of period   $14.35   $14.32   $12.59   $ 9.31   $14.36   $14.33   $12.62   $ 9.31  
TOTAL RETURN   7.67%   18.26%   35.76%   (6.90)%   7.83%   18.66%   36.21%   (6.90)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $381   $330   $157   $93   $139,227   $129,263   $103,402   $38,997  
Ratio of expenses to average net assets
      before expense reimbursement		   0.22%   0.77%   0.52%   0.03%   0.04%   0.10%   0.19%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.22%   0.44%   0.40%   0.03%   0.04%   0.08%   0.08%   0.01%  
Ratio of net investment income to average net assets   0.47%   0.71%   0.98%   0.15%   0.64%   1.08%   1.31%   0.17%  
Portfolio turnover rate   27.28%   23.60%   52.39%   0.01%   27.28%   23.60%   52.39%   0.01%  
 

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

210   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   211

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
International Equity Index Fund
   
 
Retirement Class 
Institutional Class 
   
                For the Period                For the Period   
                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                
Net asset value, beginning of period   $13.67   $11.51   $ 9.21   $10.00   $13.70   $11.54   $ 9.21   $10.00  
Gain (loss) from investment operations:                                
      Net investment income (b)   0.09   0.27   0.20   0.02   0.14   0.31   0.25   0.02  
      Net realized and unrealized gain (loss)
            on total investments		   1.90   2.20   2.14   (0.81)   1.90   2.21   2.12   (0.81)  
Total gain (loss) from investment operations   1.99   2.47   2.34   (0.79)   2.04   2.52   2.37   (0.79)  
Less distributions from:                                
      Net investment income   (0.11)   (0.26)   (0.04)   —   (0.33)   (0.31)   (0.04)   —  
      Net realized gains   (0.19)   (0.05)   —   —   (0.19)   (0.05)   —   —  
Total distributions   (0.30)   (0.31)   (0.04)   —   (0.52)   (0.36)   (0.04)   —  
Net asset value, end of period   $15.36   $13.67   $11.51   $ 9.21   $15.22   $13.70   $11.54   $ 9.21  
TOTAL RETURN   14.59%   21.68%   25.44%   (7.90)%   14.91%   22.06%   25.87%   (7.90)%  
RATIOS AND SUPPLEMENTAL DATA                                
Net assets at end of period (in thousands)   $585   $789   $116   $92   $146,638   $75,568   $64,563   $45,943  
Ratio of expenses to average net assets
      before expense reimbursement		   0.25%   0.50%   0.65%   0.03%   0.07%   0.15%   0.33%   0.01%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.25%   0.50%   0.47%   0.03%   0.07%   0.15%   0.15%   0.01%  
Ratio of net investment income to average net assets   0.59%   2.02%   1.94%   0.22%   0.95%   2.34%   2.51%   0.24%  
Portfolio turnover rate   14.37%   6.60%   9.31%   0.44%   14.37%   6.60%   9.31%   0.44%  
 

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

212   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   213

Financial highlights | TIAA-CREF Institutional Mutual Funds
continued

 
Real Estate Securities Fund 
   
 
Retirement Class 
Institutional Class 
Retail Class 
   
                For the Period                For the Period                For the Period   
                September 4, 2002                September 4, 2002                September 4, 2002   
    For the Six   
For the Years Ended 
  (commencement    For the Six   
For the Years Ended 
  (commencement    For the Six    For the Years Ended    (commencement   
    Months Ended    September 30,    of operations)    Months Ended   
September 30, 
  of operations)    Months Ended    September 30,    of operations)   
    March 31, 
to September 30,  March 31, 
to September 30,    March 31, 
to September 30,   
    2005 (a)   
2004 
2003 
2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)    2005 (a)   
2004 
2003 
  2002 (a)   
    (Unaudited)                (Unaudited)                (Unaudited)               
SELECTED PER SHARE DATA                                                
Net asset value, beginning of period   $13.62   $12.40   $ 9.72   $10.00   $13.50   $12.32   $ 9.72   $10.00   $13.37   $12.22   $ 9.72   $10.00  
Gain (loss) from investment operations:                                                
      Net investment income (b)   0.30   0.50   0.57   0.05   0.31   0.53   0.59   0.05   0.29   0.49   0.52   0.05  
      Net realized and unrealized gain (loss)
            on total investments		   1.04   2.49   2.39   (0.31)   1.03   2.48   2.37   (0.31)   1.02   2.45   2.39   (0.31)  
Total gain (loss) from investment operations   1.34   2.99   2.96   (0.26)   1.34   3.01   2.96   (0.26)   1.31   2.94   2.91   (0.26)  
Less distributions from:                          
      Net investment income   (0.24)   (0.43)   (0.27)   (0.02)   (0.27)   (0.49)   (0.35)   (0.02)   (0.24)   (0.45)   (0.40)   (0.02)  
      Net realized gains   (1.46)   (1.34)   (0.01)   —   (1.46)   (1.34)   (0.01)   —   (1.46)   (1.34)   (0.01)   —  
Total distributions   (1.70)   (1.77)   (0.28)   (0.02)   (1.73)   (1.83)   (0.36)   (0.02)   (1.70)   (1.79)   (0.41)   (0.02)  
Net asset value, end of period   $13.26   $13.62   $12.40   $ 9.72   $13.11   $13.50   $12.32   $ 9.72   $12.98   $13.37   $12.22   $ 9.72  
TOTAL RETURN   9.11%   25.81%   30.92%   (2.58)%   9.22%   26.30%   30.94%   (2.56)%   9.08%   25.84%   30.66%   (2.59)%  
RATIOS AND SUPPLEMENTAL DATA                                                
Net assets at end of period (in thousands)   $116,494   $69,980   $14,207   $97   $203,159   $156,193   $99,389   $97   $133,555   $107,695   $52,603   $19,246  
Ratio of expenses to average net assets
      before expense reimbursement		   0.23%   0.50%   0.51%   0.03%   0.08%   0.16%   0.18%   0.01%   0.22%   0.50%   0.47%   0.03%  
Ratio of expenses to average net assets
      after expense reimbursement		   0.23%   0.47%   0.48%   0.03%   0.08%   0.15%   0.15%   0.01%   0.22%   0.45%   0.45%   0.03%  
Ratio of net investment income to
      average net assets		   2.12%   3.88%   4.81%   0.51%   2.26%   4.12%   5.27%   0.53%   2.10%   3.87%   4.80%   0.50%  
Portfolio turnover rate   113.25%   348.86%   317.14%   15.45%   113.25%   348.86%   317.14%   15.45%   113.25%   348.86%   317.14%   15.45%  
 

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

214   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   215

Financial highlights | TIAA-CREF Institutional Mutual Funds
concluded

    Social Choice Equity Fund
 
    Retirement Class  
Institutional Class
   
 
    For the Six   For the Years Ended   For the Six                      
    Months Ended   September 30,   Months Ended   For the Years Ended September 30,
    March 31,  
 		   March 31,  
    2005 (a)   2004   2003   2005 (a)   2004   2003   2002   2001   2000  
    (Unaudited)           (Unaudited)                    
SELECTED PER SHARE DATA                                    
Net asset value, beginning of period   $ 9.08   $ 8.01   $ 6.41   $ 8.96   $ 7.96   $ 6.41   $ 8.03   $11.16   $ 9.86  
Gain (loss) from investment operations:                                    
      Net investment income   0.09(b)   0.10(b)   0.09(b)   0.10(b)   0.14(b)   0.12(b)   0.11(b)   0.10   0.11  
      Net realized and unrealized gain (loss)
            on total investments		   0.53   1.00   1.54   0.53   0.99   1.52   (1.64)   (2.94)   1.25  
Total gain (loss) from investment operations   0.62   1.10   1.63   0.63   1.13   1.64   (1.53)   (2.84)   1.36  
Less distributions from:                                    
      Net investment income   (0.11)   (0.03)   (0.03)   (0.13)   (0.13)   (0.09)   (0.09)   (0.11)   (0.06)  
      Net realized gains   (0.04)   —   —   (0.04)   —   —   —   (0.18)   —  
Total distributions   (0.15)   (0.03)   (0.03)   (0.17)   (0.13)   (0.09)   (0.09)   (0.29)   (0.06)  
Net asset value, end of period   $ 9.55   $ 9.08   $ 8.01   $ 9.42   $ 8.96   $ 7.96   $ 6.41   $ 8.03   $11.16  
TOTAL RETURN   6.81%   13.78%   25.42%   6.97%   14.23%   25.89%   (19.34)%   (25.99)%   13.84%  
RATIOS AND SUPPLEMENTAL DATA                                    
Net assets at end of period (in thousands)   $38,306   $28,870   $8,936   $106,276   $82,778   $50,790   $36,180   $26,460   $29,307  
Ratio of expenses to average net assets
      before expense waiver and reimbursement		   0.22%   0.52%   0.48%   0.04%   0.10%   0.13%   0.81%   0.97%   0.90%  
Ratio of expenses to average net assets
      after expense waiver and reimbursement		   0.22%   0.44%   0.43%   0.04%   0.08%   0.08%   0.18%   0.18%   0.18%  
Ratio of net investment income to average net assets   0.90%   1.15%   1.16%   1.10%   1.54%   1.65%   1.34%   1.12%   1.00%  
Portfolio turnover rate   3.28%   6.64%   27.53%   3.28%   6.64%   27.53%   21.71%   4.96%   16.22%  
 

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

216   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   217

Notes to financial statements (unaudited) | TIAA-CREF Institutional Mutual Funds

Note 1—significant accounting policies

TIAA-CREF Institutional Mutual Funds (the “Funds”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. These financial statements consist of eighteen of the thirty funds comprising TIAA-CREF Institutional Mutual Funds: the Growth & Income, International Equity, Large-Cap Value, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Large-Cap Growth Index, Large-Cap Value Index, S&P 500 Index, Mid-Cap Growth Index, Mid-Cap Value Index, Mid-Cap Blend Index, Small-Cap Growth Index, Small-Cap Value Index, Small-Cap Blend Index, International Equity Index, Real Estate Securities, and Social Choice Equity Funds (collectively, the “Funds”). The Growth & Income, International Equity and Social Choice Equity Funds commenced operations on June 14, 1999 with a seed money investment by Teachers Insurance and Annuity Association of America (“TIAA”). Another fifteen Funds commenced operations on September 4, 2002 with a seed money investment by TIAA. In addition, the Growth & Income, International Equity, and Social Choice Equity Funds opened a Retirement Class on October 1, 2002 with a $100,000 seed money investment in each class by TIAA. At March 31, 2005, TIAA had remaining seed money investment in the Funds as follows:

   
Value of TIAA’S Seed Money Investment at March 31, 2005 
   
Retirement 
 
Institutional 
   
Retail 
     
   
Class 
 
Class 
   
Class 
 
Total 
Large-Cap Growth Index Fund    $ 129,927    $ 729,556      $  —    $  859,483 
Large-Cap Value Index Fund    151,414    —        —      151,414 
Mid-Cap Growth Index Fund    163,353    24,786,001        —      24,949,354 
Mid-Cap Value Index Fund    169,458    38,534,379        —      38,703,837 
Mid-Cap Blend Index Fund    168,019    13,433,597        —      13,601,616 
Small-Cap Growth Index Fund    164,311    66,992,769        —      67,157,080 
Small-Cap Value Index Fund    165,707    60,361,478        —      60,527,185 
Small-Cap Blend Index Fund    160,943    16,415,391        —      16,576,334 
International Equity Index Fund    161,087    9,478,179        —      9,639,266 
Real Estate Securities Fund    171,877    172,658        $  13,763,258      14,107,793 

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned subsidiary of TIAA. The Funds offer up to three share classes although any one Fund may not necessarily offer all three classes. The Retirement Class shares are offered exclusively through accounts established by employers, or the trustees of plans sponsored by employers, with TIAA-CREF Individual and Institutional Services, LLC (“Services”), a broker-dealer affiliate of TIAA, in connection with certain employee benefit plans. The Institutional Class shares are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition saving plans, who have entered into a contract with an affiliate of TIAA. The Retail Class shares are

218   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

offered directly to the investing public. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors Inc. (“Advisors”), a wholly-owned subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds.

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

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

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

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   219

Notes to financial statements (unaudited)
continued

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

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

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

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

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

220   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

Distributions to shareholders: Distributions from net investment income, if any, are declared and paid annually for each of the Funds, except for the Growth & Income and Real Estate Securities Funds, where distributions are declared and paid quarterly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Accumulated undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including Post October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REIT adjustments, foreign currency transactions, distribution reclass, and gains on certain equity securities designated and issued by “passive foreign investment companies”.

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

Note 2—management agreement

Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund’s net assets, based on the average daily net assets of each Fund. Under the terms of a Service Agreement, each Fund Class pays Advisors a monthly fee based on the average daily net assets of each Fund Class for providing transfer agency, accounting and administration services. Various other expenses (including custody, audit, regulatory and trustee fees) are borne directly by the Funds/Classes. Advisors has voluntarily agreed to partially reimburse the Funds for the various other expenses. The total

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   221

Notes to financial statements (unaudited)
continued

reimbursement to the Funds for the six months ended March 31, 2005 was $23,000. Advisors will receive the following annual percentages of each Fund’s / Classes’ average daily net assets for investment management and service agreement fees:

   
Investment
   
Management
   
Fee
Service Agreement Fee
   
All
Retirement
Institutional
Retail
   
Classes
Class
Class
Class
Growth & Income Fund    0.08 %    0.34 %    0.04 %    —  
International Equity Fund    0.09 %    0.34 %    0.03 %    —  
Large-Cap Value Fund    0.08 %    0.34 %    0.04 %    0.33 % 
Mid-Cap Growth Fund    0.08 %    0.34 %    0.04 %    0.33 % 
Mid-Cap Value Fund    0.08 %    0.34 %    0.04 %    0.33 % 
Small-Cap Equity Fund    0.08 %    0.34 %    0.04 %    0.19 % 
Large-Cap Growth Index Fund    0.04 %    0.34 %    0.02 %    —  
Large-Cap Value Index Fund    0.04 %    0.34 %    0.02 %    —  
S&P 500 Index Fund    0.04 %    0.34 %    0.02 %    —  
Mid-Cap Growth Index Fund    0.04 %    0.34 %    0.02 %    —  
Mid-Cap Value Index Fund    0.04 %    0.34 %    0.02 %    —  
Mid-Cap Blend Index Fund    0.04 %    0.34 %    0.02 %    —  
Small-Cap Growth Index Fund    0.04 %    0.34 %    0.02 %    —  
Small-Cap Value Index Fund    0.04 %    0.34 %    0.02 %    —  
Small-Cap Blend Index Fund    0.04 %    0.34 %    0.02 %    —  
International Equity Index Fund    0.04 %    0.34 %    0.03 %    —  
Real Estate Securities Fund    0.09 %    0.34 %    0.04 %    0.33 % 
Social Choice Equity Fund    0.04 %    0.34 %    0.02 %    —  

222   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

To limit the Funds’/Classes’ expenses, Advisors has agreed to reimburse the Funds if expenses, as described above, exceed the percentages listed below.

    Retirement   Institutional   Retail
    Class   Class   Class
Growth & Income Fund    0.44 %    0.14 %    —  
International Equity Fund    0.55 %    0.20 %    —  
Large-Cap Value Fund    0.48 %    0.14 %    0.44 % 
Mid-Cap Growth Fund    0.48 %    0.15 %    0.44 % 
Mid-Cap Value Fund    0.48 %    0.15 %    0.44 % 
Small-Cap Equity Fund    0.48 %    0.15 %    0.30 % 
Large-Cap Growth Index Fund    0.42 %    0.08 %    —  
Large-Cap Value Index Fund    0.44 %    0.08 %    —  
S&P 500 Index Fund    0.44 %    0.08 %    —  
Mid-Cap Growth Index Fund    0.44 %    0.08 %    —  
Mid-Cap Value Index Fund    0.44 %    0.08 %    —  
Mid-Cap Blend Index Fund    0.44 %    0.08 %    —  
Small-Cap Growth Index Fund    0.44 %    0.08 %    —  
Small-Cap Value Index Fund    0.44 %    0.08 %    —  
Small-Cap Blend Index Fund    0.44 %    0.08 %    —  
International Equity Index Fund    0.50 %    0.15 %    —  
Real Estate Securities Fund    0.47 %    0.16 %    0.45 % 
Social Choice Equity Fund    0.44 %    0.10 %    —  

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   223

Notes to financial statements (unaudited)
continued

Note 3—investments

At March 31, 2005, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

   
Net Unrealized
 
   
Gross Unrealized 
Gross Unrealized 
Appreciation/
 
   
Appreciation 
Depreciation 
(Depreciation)
 
Growth & Income Fund    $ 13,440,363    $ 18,234,873    $ (4,794,510 ) 
International Equity Fund    83,928,566    7,727,262    76,201,304  
Large-Cap Value Fund    32,714,113    10,177,622    22,536,491  
Mid-Cap Growth Fund    21,713,049    3,727,715    17,985,334  
Mid-Cap Value Fund    31,127,282    5,137,576    25,989,706  
Small-Cap Equity Fund    19,020,035    13,152,296    5,867,739  
Large-Cap Growth Index Fund    11,149,663    8,240,196    2,909,467  
Large-Cap Value Index Fund    40,884,920    2,567,610    38,317,310  
S&P 500 Index Fund    38,666,470    7,577,905    31,088,565  
Mid-Cap Growth Index Fund    7,778,716    694,495    7,084,221  
Mid-Cap Value Index Fund    12,624,073    572,940    12,051,133  
Mid-Cap Blend Index Fund    17,753,805    912,046    16,841,759  
Small-Cap Growth Index Fund    18,979,933    4,796,393    14,183,540  
Small-Cap Value Index Fund    15,878,284    2,427,425    13,450,859  
Small-Cap Blend Index Fund    36,439,868    6,175,618    30,264,250  
International Equity Index Fund    28,744,833    453,964    28,290,869  
Real Estate Securities Fund    16,312,997    17,358,164    (1,045,167 ) 
Social Choice Equity Fund    18,387,489    9,871,034    8,516,455  

At March 31, 2005, the S&P 500 Index Fund held the following open futures contracts:

    Number of     
Unrealized 
    Contracts     
Market Value 
Expiration Date 
Gain (Loss) 
E-mini S&P 500 Index 
  19       
$1,124,705 
  June 2005       
$4,275 

224   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

At March 31, 2005, the following Funds held open forward foreign currency contracts as follows:

   
Value of
 
   
Contract When
Value of Contract
Market Value
Unrealized
 
   
Local
Opened (Local
When Opened
of Contract
Gain/(Loss)
 
   
Currency
Currency)
(U.S. Dollars)
(U.S. Dollars)
(U.S. Dollars)
 
International Equity Fund                       
Contracts to Sell                       
Expiring April 5, 2005     GBP    (2,565,496 )    $ (4,844,939 )    $ (4,847,757 )    $  (2,818 ) 
 
 
International Equity Index Fund                   
Contracts to Buy                       
Expiring April 5, 2005     AUD    3,909,464     $ 3,015,487     $ 3,024,166     $  8,679  
Expiring April 5, 2005     CHF    4,859,096     4,059,734     4,076,765       17,031  
Expiring April 5, 2005     DKK    2,041,794     354,811     356,197       1,386  
Expiring April 5, 2005     DKK    88,110     15,339     15,371       32  
Expiring April 5, 2005     EUR    11,773,163     15,234,238     15,300,990       66,752  
Expiring April 5, 2005     EUR    849,855     1,102,347     1,104,515       2,168  
Expiring April 5, 2005     GBP    6,379,273     11,991,120     12,054,264       63,144  
Expiring April 5, 2005      JPY    1,347,272,112     12,545,017     12,596,037       51,020  
Expiring April 5, 2005     NOK    2,431,882     384,767     385,133       366  
Expiring April 5, 2005     NZD    108,960     77,325     77,683       358  
Expiring April 5, 2005     SEK    9,854,736     1,397,636     1,399,184       1,548  
Expiring April 5, 2005     SGD    697,685     422,637     423,019       382  
 
Net unrealized appreciation:                $  212,866  
               
 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   225

Notes to financial statements (unaudited)
continued

Purchases and sales of securities, other than short-term money market instruments, for the Funds for the six months ended March 31, 2005, were as follows:

   
Non-Government 
Government 
Non-Government 
Government 
   
Purchases 
Purchases 
Sales 
Sales 
Growth & Income Fund    $ 675,032,467    $—    $ 1,049,139,276    $— 
International Equity Fund    542,823,888    —    480,686,171    — 
Large-Cap Value Fund    382,558,825    —    194,716,146    — 
Mid-Cap Growth Fund    103,453,241    —    80,255,960    — 
Mid-Cap Value Fund    218,363,634    —    106,913,361    — 
Small-Cap Equity Fund    480,577,634    —    411,457,689    — 
Large-Cap Growth Index Fund    359,010,754    —    40,162,574    — 
Large-Cap Value Index Fund    235,896,736    —    53,381,871    — 
S&P 500 Index Fund    262,085,603    —    52,576,641    — 
Mid-Cap Growth Index Fund    746,072    —    993,743    — 
Mid-Cap Value Index Fund    2,750,424    —    2,865,998    — 
Mid-Cap Blend Index Fund    10,004,489    —    6,313,140    — 
Small-Cap Growth Index Fund    15,601,825    —    15,364,658    — 
Small-Cap Value Index Fund    13,249,419    —    14,231,681    — 
Small-Cap Blend Index Fund    39,809,786    —    39,008,740    — 
International Equity Index Fund    72,974,145    —    13,407,608    — 
Real Estate Securities Fund    559,053,312    —    457,397,915    — 
Social Choice Equity Fund    30,923,280    —    4,393,442    — 

Note 4—trustee fees

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

226   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

Note 5—shareholder transactions

   
Growth & Income Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                 
Subscriptions    $  12,073,522   1,391,787     $ 28,381,591     3,475,963  
Reinvestment of distributions      363,969   41,494     258,069     31,374  
Redemptions      (3,555,896 )  (409,993 )    (1,609,115 )    (196,803 ) 
Net increase    $  8,881,595   1,023,288     $ 27,030,545     3,310,534  
 
Institutional Class:                 
Subscriptions    $  82,690,398   9,626,158     $ 220,573,422     27,168,987  
Reinvestment of distributions      6,185,093   707,223     7,852,376     958,729  
Exchanges      —   —     (77,499 )    (9,481 ) 
Redemptions (Note 8)      (482,399,098 )  (55,352,143 )    (161,390,654 )    (19,689,627 ) 
Net increase (decrease)    $  (393,523,607 )  (45,018,762 )    $ 66,957,645     8,428,608  
 
   
International Equity Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                 
Subscriptions    $  137,599,013   12,172,998     $ 108,024,691     10,632,008  
Reinvestment of distributions      6,914,417   618,463     37,317     3,721  
Redemptions      (46,329,372 )  (4,134,479 )    (44,281,225 )    (4,394,421 ) 
Net increase    $  98,184,058   8,656,982     $ 63,780,783     6,241,308  
 
Institutional Class:                 
Subscriptions    $  69,432,959   6,263,910     $ 168,837,193     16,812,059  
Reinvestment of distributions      31,946,874   2,928,208     5,524,078     563,107  
Exchanges      —   —     (70,883 )    (6,903 ) 
Redemptions      (97,078,804 )  (8,732,538 )    (93,566,039 )    (9,168,654 ) 
Net increase     $  4,301,029   459,580     $ 80,724,349     8,199,609  

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   227

 

Notes to financial statements (unaudited)
continued

   
Large-Cap Value Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                   
Subscriptions    $  67,886,116     4,807,486     $ 68,330,772     5,240,334  
Reinvestment of distributions      7,925,237     560,087     1,106,174     87,514  
Redemptions      (11,661,846 )    (835,175 )   
(13,452,140
)    (1,019,498 ) 
Net increase    $  64,149,507     4,532,398     $ 55,984,806     4,308,350  
Institutional Class:                   
Subscriptions    $  120,285,033     8,516,253     $ 15,538,789     1,205,912  
Reinvestment of distributions      466,404     33,102     102,938     8,169  
Redemptions      (1,815,975 )    (128,363 )    (2,053,631 )    (159,014 ) 
Net increase    $  118,935,462     8,420,992     $ 13,588,096     1,055,067  
Retail Class:                   
Subscriptions    $  15,690,415     1,132,335     $ 17,697,831     1,384,632  
Reinvestment of distributions      12,711,732     915,641     5,581,846     447,090  
Exchanges      4,409,801     321,371     17,068,267     1,298,327  
Redemptions      (6,730,072 )    (480,761 )    (2,447,926 )    (186,815 ) 
Net increase    $  26,081,876     1,888,586     $ 37,900,018     2,943,234  
 
   
Mid-Cap Growth Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                   
Subscriptions    $  23,549,427     1,532,236     $ 68,219,765     4,699,551  
Reinvestment of distributions      3,722,900     238,189     1,648,689     116,350  
Redemptions      (10,958,512 )    (722,846 )   
(21,682,610
)    (1,540,986 ) 
Net increase    $  16,313,815     1,047,579     $ 48,185,844     3,274,915  
Institutional Class:                   
Subscriptions (Note 8)    $  14,372,190     936,395    
$
2,203,613     153,729  
Reinvestment of distributions      79,187     5,041     27,672     1,949  
Redemptions      (214,572 )    (14,106 )    (619,865 )    (42,965 ) 
Net increase    $  14,236,805     927,330    
$
1,611,420     112,713  
Retail Class:                   
Subscriptions    $  5,675,439     370,198     $ 25,836,844     1,792,547  
Reinvestment of distributions      2,150,315     137,332     1,221,595     86,257  
Exchanges      (3,232,494 )    (216,655 )    3,359,516     219,016  
Redemptions      (3,729,595 )    (247,266 )    (5,501,760 )    (385,710 ) 
Net increase    $  863,665     43,609     $ 24,916,195     1,712,110  

228   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

 

   
Mid-Cap Value Fund
      For the Six Months         For the Year  
     
Ended
Ended
 
      March 31, 2005         September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                       
Subscriptions    $  91,380,040     5,770,958        
$
84,790,753     6,129,080  
Reinvestment of distributions      6,496,574     404,771         1,210,066     90,506  
Redemptions      (10,884,824 )    (681,744 )     
(15,524,190
)    (1,114,591 ) 
Net increase    $  86,991,790     5,493,985        
$
 70,476,629     5,104,995  
Institutional Class:                       
Subscriptions    $  14,907,900     944,951       $  3,895,131     283,019  
Reinvestment of distributions      144,605     9,004         76,386     5,705  
Redemptions      (757,641 )    (48,467 )        (910,938 )    (65,191 ) 
Net increase    $  14,294,864     905,488       $  3,060,579     223,533  
Retail Class:                       
Subscriptions    $  12,923,492     828,037        
$
 17,732,643     1,297,543  
Reinvestment of distributions      2,506,619     157,928         780,846     58,936  
Exchanges      12,427,076     791,889         13,250,783     965,460  
Redemptions      (2,964,659 )    (191,014 )        (3,601,360 )    (260,782 ) 
Net increase    $  24,892,528     1,586,840        
$
 28,162,912     2,061,157  
 
   
Small-Cap Equity Fund
      For the Six Months         For the Year  
     
Ended
Ended
 
      March 31, 2005         September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                       
Subscriptions    $  61,004,117     4,031,070        
$
 121,058,196     8,589,669  
Reinvestment of distributions      7,697,878     497,600         3,788,891     277,371  
Redemptions      (36,043,088 )    (2,410,671 )     
(40,007,801
)    (2,966,741 ) 
Net increase    $  32,658,907     2,117,999       $  84,839,286     5,900,299  
Institutional Class:                       
Subscriptions    $  47,993,053     3,221,739       $  28,588,554     2,055,677  
Reinvestment of distributions      1,789,247     114,990         1,168,635     85,239  
Redemptions      (3,127,484 )    (206,382 )        (6,032,530 )    (435,171 ) 
Net increase    $  46,654,816     3,130,347       $  23,724,659     1,705,745  
Retail Class:                       
Subscriptions    $  7,176,105     479,866       $  22,421,679     1,608,422  
Reinvestment of distributions      3,493,722     226,920         2,869,958     211,013  
Exchanges      (2,618,078 )    (178,502 )        9,837,058     676,736  
Redemptions      (5,690,737 )    (380,082 )        (4,808,606 )    (346,917 ) 
Net increase    $  2,361,012     148,202       $  30,320,089     2,149,254  

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   229

Notes to financial statements (unaudited)
continued

 

   
Large-Cap Growth Index Fund
      For the Six Months       For the Year  
     
Ended
Ended
 
      March 31, 2005       September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                     
Subscriptions    $  2,597,440     236,237    
$
19,143,418     1,794,112  
Reinvestment of distributions      444,980     39,484       33,376     3,070  
Redemptions      (1,753,506 )    (160,147 )      (780,082 )    (71,150 ) 
Net increase    $  1,288,914     115,574    
$
18,396,712     1,726,032  
 
Institutional Class:                     
Seed money redemptions    $  (4,881,000 )    (448,092 )   
$
(25,437,000
)    (2,314,112 ) 
Subscriptions (Note 8)      363,019,741     33,693,111       27,693,155     2,519,403  
Reinvestment of distributions      753,429     67,816       5,145,089     478,168  
Exchanges      —     —       24,311     2,274  
Redemptions      (40,589,231 )    (3,846,599 )      (2,736,597 )    (250,524 ) 
Net increase    $  318,302,939     29,466,236     $   4,688,958     435,209  
 
   
Large-Cap Value Index Fund
      For the Six Months       For the Year  
     
Ended
Ended
 
      March 31, 2005       September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                     
Subscriptions    $  270,000     19,428     $   20,330     1,626  
Reinvestment of distributions      12,807     929       7,756     625  
Redemptions      (7,077 )    (511 )      (14,038 )    (1,135 ) 
Net increase    $  275,730     19,846     $   14,048     1,116  
 
Institutional Class:                     
Seed money redemptions     $  —     —    
$
(20,743,148
)    (1,676,341 ) 
Subscriptions (Note 8)      223,837,695     16,532,020       76,547,326     6,065,149  
Reinvestment of distributions      6,668,431     485,327       4,531,554     366,927  
Exchanges      —     —       4,049     324  
Redemptions      (43,130,853 )    (3,182,421 )   
(21,321,969
)    (1,671,018 ) 
Net increase    $  187,375,273     13,834,926     $ 39,017,812     3,085,041  

230   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

 

   
S&P 500 Index Fund
      For the Six Months         For the Year  
     
Ended
Ended
 
      March 31, 2005         September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                       
Subscriptions    $  57,179,529     4,229,380     $   52,420,025     4,094,161  
Reinvestment of distributions      1,834,726     133,241         100,603     7,878  
Redemptions      (36,107,888 )    (2,670,694 )     
(12,628,716
)    (980,532 ) 
Net increase    $  22,906,367     1,691,927     $   39,891,912     3,121,507  
 
Institutional Class:                       
Seed money redemptions    $  —     —     $  
(29,559,528
)    (2,352,318 ) 
Subscriptions (Note 8)      206,465,905     15,487,904       139,310,526     10,908,280  
Reinvestment of distributions      4,499,272     327,936         963,580     75,813  
Exchanges      —     —         66,317     5,201  
Redemptions      (15,675,529 )    (1,165,051 )     
(31,221,387
)    (2,398,074 ) 
Net increase    $  195,289,648     14,650,789     $   79,559,508     6,238,902  
 
   
Mid-Cap Growth Index Fund
      For the Six Months         For the Year  
     
Ended
Ended
 
      March 31, 2005         September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                       
Subscriptions    $ 5,224     391    
$
    63,339     4,734  
Reinvestment of distributions      36,767     2,781         42,267     3,325  
Redemptions      (1,352 )    (106 )        (62,524 )    (4,770 ) 
Net increase    $ 40,639     3,066    
$
    43,082     3,289  
 
Institutional Class:                       
Seed money redemptions    $ (339,000 )    (24,689 )    $  
(1,036,000
)    (76,608 ) 
Subscriptions      362,500     26,926         758,554     56,618  
Reinvestment of distributions      2,371,673     179,129         2,855,448     224,837  
Redemptions      (165,776 )    (12,527 )        (49,390 )    (3,683 ) 
Net increase    $ 2,229,397     168,839     $   2,528,612     201,164  

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   231

Notes to financial statements (unaudited)
continued

 

   
Mid-Cap Value Index Fund
    For the Six Months    
  For the Year  
   
Ended
Ended
 
    March 31, 2005    
  September 30, 2004  
   
Amount
Shares
Amount
Shares
 
Retirement Class:           
       
Subscriptions    $ 25,186     1,618    
$
  (98,292 )    (9,129 ) 
Reinvestment of distributions    18,676     1,257    
  5,967     456  
Redemptions    (1,696 )    (114 )   
  (45,274 )    (3,381 ) 
Net increase (decrease)    $ 42,166     2,761    
$
  (137,599 )    (12,054 ) 
 
Institutional Class:           
       
Seed money redemptions    $ (571,000 )    (37,750 )   
$
(1,315,000
)    (100,110 ) 
Subscriptions    660,500     43,680    
  1,206,302     91,522  
Reinvestment of distributions    2,974,868     200,328    
  1,298,757     99,445  
Redemptions    (225,824 )    (15,065 )   
  (120,662 )    (8,049 ) 
Net increase    $ 2,838,544     191,193    
$
1,069,397     82,808  
 
   
Mid-Cap Blend Index Fund
    For the Six Months    
  For the Year  
   
Ended
Ended
 
    March 31, 2005    
  September 30, 2004  
   
Amount
Shares
Amount
Shares
 
Retirement Class:           
       
Subscriptions    $ 3,597,830     240,023    
$
  318,447     23,241  
Reinvestment of distributions    50,992     3,320    
  13,405     985  
Redemptions    (149,846 )    (9,855 )   
  (77,609 )    (5,540 ) 
Net increase    $ 3,498,976     233,488    
$
  254,243     18,686  
 
Institutional Class:           
       
Seed money redemptions    $ (2,371,000 )    (156,279 )   
$
(14,273,000
)    (1,032,462 ) 
Subscriptions    7,371,866     486,320    
19,795,536     1,435,893  
Reinvestment of distributions    845,737     55,349    
  893,355     65,882  
Redemptions    (2,693,467 )    (177,742 )   
(2,701,943
)    (194,990 ) 
Net increase    $ 3,153,136     207,648    
$
  3,713,948     274,323  

232   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

 

   
Small-Cap Growth Index Fund
     
For the Six Months
For the Year
 
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                   
Subscriptions    $  6,239,301     426,713     $ 7,186,412     502,522  
Reinvestment of distributions      42,048     2,803     11,170     789  
Redemptions      (5,328,238 )    (363,246 )    (7,121,546 )    (497,553 ) 
Net increase    $  953,111     66,270     $ 76,036     5,758  
 
Institutional Class:                   
Seed money redemptions    $  (50,000 )    (3,294 )    $ (2,289,000 )    (161,180 ) 
Subscriptions      200,350     14,363     416,910     28,879  
Reinvestment of distributions      8,157,474     572,053     3,691,303     260,869  
Redemptions      (272,875 )    (19,247 )    (259,642 )    (17,892 ) 
Net increase    $  8,034,949     563,875     $ 1,559,571     110,676  
 
   
Small-Cap Value Index Fund
     
For the Six Months
For the Year
 
     
Ended
Ended
 
     
March 31, 2005
September 30, 2004
 
     
Amount
Shares
Amount
Shares
 
Retirement Class:                   
Subscriptions    $  4,779,270     338,149     $ 3,374,985     250,877  
Reinvestment of distributions      94,383     6,756     12,267     930  
Redemptions      (4,053,655 )    (289,522 )    (3,309,618 )    (246,032 ) 
Net increase    $  819,998     55,383     $ 77,634     5,775  
 
Institutional Class:                   
Seed money redemptions    $  (1,310,000 )    (88,630 )    $ (3,356,000 )    (252,152 ) 
Subscriptions      1,643,000     113,192     2,276,098     170,420  
Reinvestment of distributions      8,199,307     592,008     4,487,195     340,455  
Redemptions      (1,546,343 )    (114,826 )    (345,323 )    (21,899 ) 
Net increase    $  6,985,964     501,744     $ 3,061,970     236,824  

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   233

Notes to financial statements (unaudited)
continued

 

   
Small-Cap Blend Index Fund
      For the Six Months    
  For the Year  
     
Ended
Ended
 
      March 31, 2005    
  September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:             
       
Subscriptions    $  48,610     3,197    
$
  208,436     15,012  
Reinvestment of distributions      28,329     1,860    
  12,757     910  
Redemptions      (23,841 )    (1,619 )   
  (76,643 )    (5,313 ) 
Net increase    $  53,098     3,438    
$
  144,550     10,609  
 
Institutional Class:             
       
Seed money redemptions    $  (2,827,000 )    (185,699 )   
$
 
(31,950,000
)    (2,286,420 ) 
Subscriptions      28,902,847     1,973,506    
  55,347,872     3,917,081  
Reinvestment of distributions      8,812,379     578,998    
  4,628,754     330,862  
Redemptions      (24,188,457 )    (1,695,862 )   
 
(16,461,117
)    (1,134,666 ) 
Net increase    $  10,699,769     670,943    
$
  11,565,509     826,857  
 
   
International Equity Index Fund
      For the Six Months    
  For the Year  
     
Ended
Ended
 
      March 31, 2005    
  September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:             
       
Subscriptions    $  832,825     55,185    
$
  641,541     47,432  
Reinvestment of distributions      28,617     1,869    
  3,185     246  
Redemptions      (1,161,891 )    (76,677 )   
  (518 )    (39 ) 
Net increase (decrease)    $  (300,449 )    (19,623 )   
$
  644,208     47,639  
 
Institutional Class:             
       
Seed money redemptions    $  (4,473,000 )    (299,602 )   
$
 
(55,061,000
)    (4,139,136 ) 
Subscriptions      116,175,754     7,679,767    
  54,740,586     4,114,417  
Reinvestment of distributions      1,510,442     99,699    
  1,711,167     131,828  
Exchanges      —     —    
  82,331     6,099  
Redemptions      (50,841,863 )    (3,360,177 )   
  (2,577,912 )    (191,953 ) 
Net increase (decrease)    $  62,371,333     4,119,687    
$
 
(1,104,828
)    (78,745 ) 

234   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
continued

 

   
Real Estate Securities Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                   
Subscriptions    $  53,668,820     3,732,554     $ 87,592,242     6,721,257  
Reinvestment of distributions      13,161,307     930,219     4,495,416     359,738  
Redemptions      (13,876,149 )    (1,011,911 )    (38,490,456 )    (3,090,343 ) 
Net increase    $  52,953,978     3,650,862     $ 53,597,202     3,990,652  
 
Institutional Class:                   
Subscriptions    $  60,474,855     4,516,663     $ 77,062,195     6,076,287  
Reinvestment of distributions      15,564,489     1,113,390     12,251,013     996,688  
Exchanges      —     —     3,067     260  
Redemptions      (22,878,280 )    (1,705,526 )    (46,451,130 )    (3,571,259 ) 
Net increase    $  53,161,064     3,924,527     $ 42,865,145     3,501,976  
 
Retail Class:                   
Seed money redemptions    $  —     —     $ (10,000,000 )    (794,912 ) 
Subscriptions      28,949,846     2,083,232     64,825,462     5,074,740  
Reinvestment of distributions      15,662,272     1,129,720     8,437,757     694,020  
Exchanges      2,886,548     173,299     9,031,534     660,114  
Redemptions      (15,475,440 )    (1,149,925 )    (23,711,783 )    (1,886,188 ) 
Net increase    $  32,023,226     2,236,326     $ 48,582,970     3,747,774  
 
   
Social Choice Equity Fund
      For the Six Months     For the Year  
     
Ended
Ended
 
      March 31, 2005     September 30, 2004  
     
Amount
Shares
Amount
Shares
 
Retirement Class:                   
Subscriptions    $  10,256,574     1,068,340     $ 21,466,222     2,385,065  
Reinvestment of distributions      536,549     54,417     51,990     5,822  
Redemptions      (2,774,798 )    (287,518 )    (2,948,785 )    (328,591 ) 
Net increase    $  8,018,325     835,239     $ 18,569,427     2,062,296  
 
Institutional Class:                   
Subscriptions    $  18,962,890     2,041,910     $ 30,118,599     3,405,478  
Reinvestment of distributions      1,508,826     155,070     642,990     73,150  
Redemptions      (1,471,786 )    (154,861 )    (5,514,178 )    (626,290 ) 
Net increase    $  18,999,930     2,042,119     $ 25,247,411     2,852,338  

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   235

Notes to financial statements (unaudited)
continued

 

Note 6—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended September 30, 2004 were as follows:

   
For the Year Ended September 30, 2004 
   
Ordinary Income 
 
Long-term Capital Gain 
 
Total 
Growth & Income Fund   
$ 
9,033,183   
$ 
—    $  9,033,183 
International Equity Fund      7,331,735      —      7,331,735 
Large-Cap Value Fund      7,513,623      296,899      7,810,522 
Mid-Cap Growth Fund      2,443,048      543,630      2,986,678 
Mid-Cap Value Fund      2,230,692      25,397      2,256,089 
Small-Cap Equity Fund      7,773,988    1,151,966      8,925,954 
Large-Cap Growth Index Fund      2,553,295    3,514,966      6,068,261 
Large-Cap Value Index Fund      4,942,569      35,762      4,978,331 
S&P 500 Index Fund      1,356,702      —      1,356,702 
Mid-Cap Growth Index Fund      2,117,660      927,532      3,045,192 
Mid-Cap Value Index Fund      1,361,713      30,378      1,392,091 
Mid-Cap Blend Index Fund      1,680,233      26,672      1,706,905 
Small-Cap Growth Index Fund      3,518,377      278,568      3,796,945 
Small-Cap Value Index Fund      4,881,828      64,351      4,946,179 
Small-Cap Blend Index Fund      5,095,154      122,972      5,218,126 
International Equity Index Fund      2,009,463      15,121      2,024,584 
Real Estate Securities Fund      30,433,252      469,655      30,902,907  
Social Choice Equity Fund      922,721      —         922,721 

The tax character of the fiscal year 2005 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds participate in a $2.25 billion unsecured revolving credit facility that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the six months ended March 31, 2005, the Growth & Income Fund borrowed under this facility. The average daily loan balance during the five day period for which the loan was outstanding amounted to $17 million and the weighted average interest rate was 2.66% . The related interest expense was $6,281. For the six months ended March 31, 2005, there were no other borrowings under this credit facility by the Funds.

236   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retirement Class

Notes to financial statements (unaudited)
concluded

Note 8—in-kind transactions

For the six months ended March 31, 2005, the Institutional Class of the following Funds had in-kind transactions consisting of marketable securities, which are included in subscriptions and redemptions in shareholder transactions in Note 5:

in-kind redemptions     
Growth & Income Fund    $ 61,468,036 
     
in-kind subscriptions     
Mid-Cap Growth Fund    $ 1,310,100 
S&P 500 Index Fund    62,764,341 
Large-Cap Value Index Fund    12,211,226 
Large-Cap Growth Index Fund    51,466,352 

2005 Semiannual Report
Retirement Class • TIAA-CREF Institutional Mutual Funds
 |   237

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HOW TO REACH US

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TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161, or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2005 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
New York, NY 10017


730 Third Avenue
New York, NY 10017-3206

 

 

 

 

 


Printed on recycled paper 

 
C33472
 A10930
05/05 


2005 SEMIANNUAL REPORT

TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS

RETAIL CLASS

MARCH 31, 2005
Financial statements (unaudited) including summary portfolios of investments

Large-Cap Value
Mid-Cap Growth
Mid-Cap Value
Small-Cap Equity
Real Estate Securities
Inflation-Linked Bond

 

 

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

 



PERFORMANCE OVERVIEW AS OF MARCH 31, 2005

 

    Average annual compound rates
of total return		  
Retail Class Inception date 1 year   Since inception  
           
EQUITIES          
Large-Cap Value Fund 10/1/2002 13.97 % 24.31 %
Mid-Cap Growth Fund 10/1/2002 9.53   26.97  
Mid-Cap Value Fund 10/1/2002 19.13   30.56  
Small-Cap Equity Fund 10/1/2002 6.18   26.01  
Real Estate Securities Fund 10/1/2002 10.59   26.31  
           
FIXED INCOME          
Inflation-Linked Bond Fund 10/1/2002 2.63   6.43  

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

 

A better way to keep track of your investments

Many of our investors received this report electronically. That is the fastest way we can get information to you because it avoids the time required to print the reports, bind them and deliver them by mail.

     Electronic delivery also enables you to save the report on your computer for easy reference tomorrow or a year from now. You can sign up for e-delivery at TIAA-CREF’s Web Center at www.tiaa-cref.org/howto/edelivery.html.

     We want to remind you that, beginning with the 2004 Annual Report, which was published at the end of November, the financial reports for the TIAA-CREF Institutional Mutual Funds list each fund’s 50 largest holdings or any holding that constitutes more than 1% of a fund’s portfolio. A complete list of each fund’s holdings is on file with the Securities and Exchange Commission. For details on how to obtain this information, please see page four.

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

 

Contents

Report to investors  2    Summary portfolios of investments  33 
More information for investors  4    Financial statements   
         Statements of assets and liabilities  54 
Special terms  5       Statements of operations  56 
Understanding investment risk  6       Statements of changes in net assets  58 
         Financial highlights  62 
Important information about expenses  8       
      Notes to financial statements  74 
Fund performance         
   Large-Cap Value Fund  9    How to reach us  Inside back cover 
   Mid-Cap Growth Fund  13       
   Mid-Cap Value Fund  17       
   Small-Cap Equity Fund  21       
   Real Estate Securities Fund  25       
   Inflation-Linked Bond Fund  29       

Report to investors

The following report contains the performance and financial statements for the Retail Share Class of the TIAA-CREF Institutional Mutual Funds for the six-month period that ended on March 31, 2005. The financial statements include information about other share classes, which are not the subject of this report.

In our continuing efforts to provide the best possible investment performance for our clients, TIAA-CREF has developed an approach to investing that is grounded in three key principles.

     Because we believe that the most important element of a successful investment plan is a well-crafted and consistently executed asset allocation plan, TIAA-CREF Institutional Mutual Funds offer funds that remain true to their stated investment objectives; each one maintains pure exposure to the asset class it invests in.

     We also believe that funds achieve better results by remaining fully invested in the market at all times rather than by moving into and out of the market in response to its ups and downs. The fourth quarter of 2004, which produced the lion’s share of the last year’s advance in the U.S. stock market, shows how gains can be concentrated in fleeting periods.

     Finally, we believe that close attention to expenses is crucial

to achieving favorable long-term investment performance.

     Periods of changing market conditions, such as the six-month period that ended March 31, 2005, represent an opportunity to evaluate the effectiveness of our strategies in comparison to alternative approaches. During this period, both equity and bond markets experienced reversals caused by wide swings in investor sentiment.

     In the fourth quarter of 2004, stock markets rose sharply. The Russell 3000® Index, which measures a broad range of U.S. stocks, was up 10.16%, and the Morgan Stanley EAFE® Index, which tracks many foreign markets, rose 15.21%. The investment-grade bond market, as measured by the Lehman Brothers U.S. Aggregate Index, returned 0.95%.

     During the first quarter of 2005, prospects for economic growth weakened, and the Russell 3000 gave back 2.20%. Foreign stocks lost 0.17%. Higher bond yields pushed bond prices down, and the Lehman index posted a 0.48% drop.

     Over this six-month period, returns for the six funds of the TIAA-CREF Institutional Mutual Funds with a Retail Share Class ranged from 2.24% for the Inflation-Linked Bond Fund to 17.04% for the Mid-Cap Value Fund. The Russell 3000 returned 7.73%.

2   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class


Scott C. Evans
Executive Vice President and
Chief Investment Officer

     The Large-Cap Value Fund, the Mid-Cap Growth Fund and the Mid-Cap Value Fund all use an integrated approach to portfolio construction that combines research-based stock selection techniques with quantitative risk-management methods, seeking to outperform their benchmarks within carefully managed risk levels.

     Of the three funds that use this integrated approach, the Mid-Cap Value Fund provided the highest degree of outperformance, returning 17.04%, versus 14.34% for its benchmark, the Russell Midcap® Value Index, and 10.81% for the fund’s peers in the Morningstar Mid-Cap Value category. The other two funds using this approach also beat their benchmarks and outperformed their Morningstar peers.

     The Real Estate Securities Fund outperformed its benchmark and its Morningstar category. The Infla-tion-Linked Bond Fund also beat its benchmark. The Small-Cap Equity Fund, which uses a purely quantitative approach to stock selection and portfolio construction, realized returns that were slightly below its benchmark after taking fund expenses into account.

     The following pages provide a detailed explanation of how each fund performed.

     As their returns during this recent period show, our funds can deliver solid performance under a variety of market conditions. While this is no guarantee of future results, our funds will always provide well-focused components for a wide range of allocation strategies. By ensuring that each of our funds stays true to its objective, we enable your allocation strategies to stay on track.


Scott C. Evans
Executive Vice President and
Chief Investment Officer

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   3

More information for investors

Portfolio listings

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

     You can obtain a complete list of the TIAA-CREF Institutional Mutual Funds’ holdings (called “TIAA-CREF Institutional Mutual Funds Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended March 31, 2005) in the following ways:

  • by visiting the TIAA-CREF Web Center at www.tiaa-cref.org; or
  • by calling TIAA-CREF at 800 223-1200 to request a copy, which will be provided free of charge.

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

4   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

 

Special terms

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

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

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

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

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

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

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

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

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

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

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

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

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

Underweight holding refers to a security whose percentage of a fund is smaller, in terms of market capitalization, than the security’s percentage of that fund’s benchmark, in terms of market capitalization. Fund managers may underweight those securities they think will produce lower returns than the benchmark. See also “Overweight holding.”

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

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   5

Understanding investment risk

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

     Some risks apply to all investments; others affect only particular types of securities. For example, any publicly traded security, such as a stock or a bond, may be hard to sell in certain market conditions; this is referred to as “market risk.” Credit risk, on the other hand—the risk that a company may be unable to pay interest, or to repay principal, on its bonds—does not apply to stocks.

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

     The glossary below describes the general risks outlined above, as well as the special risks described in the discussions of each fund. We hope this information will help you make the investment choices best suited to your financial situation.

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

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

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

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

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

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

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

6   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

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

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

Prepayment and extension risk is the risk of a decline in value arising from changes in duration for certain fixed-income securities that allow for prepayment or extension.

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

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

Risks of inflation-indexed bonds include the risk that market values of inflation-indexed bonds can be affected by changes in investors’ inflation expectations or changes in “real” rates of interest (i.e., a security’s return above the inflation rate). Also, the infla-tion index that a bond is intended to track may not accurately reflect the true rate of inflation. If the market perceives that an index does not accurately reflect inflation, the market value of inflation-indexed bonds could be adversely affected. In addition, an investment in a fund that invests in inflation-indexed bonds is subject to certain special tax considerations.

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

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

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

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   7

Important information about expenses    
  DISCLOSURE

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

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

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005.

Actual expenses

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

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

Hypothetical example for comparison purposes

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

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

 

8  |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Large-Cap Value Fund | Value stocks of larger companies  
  DISCUSSION

Performance in the six months ended March 31, 2005

The Large-Cap Value Fund returned 12.00% for the Retail Share Class, outpacing both the 10.48% return of its benchmark, the Russell 1000® Value Index, and the 8.39% average return of similar funds, as measured by the Morningstar Large Value category.

Value maintains its lead

During the six-month period, value stocks continued to outperform growth issues, as they had during the twelve months ended September 30, 2004. The Russell 3000® Value Index, which tracks value stocks of all sizes, advanced 10.32%, more than double the 4.92% return of its growth counterpart, the Russell 3000 Growth Index. These two indexes are subsets of the Russell 3000, a broad measure of the domestic stock market.

     Among value stocks, the 10.48% return of the Russell 1000 Value Index trailed the 14.34% return of the Russell Midcap® Value Index but outpaced the 8.70% gain of the small-cap Russell 2000® Value Index.

Stock selections propel returns

For the period, the fund topped the benchmark, primarily because of overweight holdings in well-performing stocks that included Altria, the parent company of Philip Morris; Sears, Roebuck and Co.; agricultural-supply giant Monsanto; and Well-Point, a provider of health-care benefits. Also boosting returns were stocks that were not included in the benchmark as of March 31, 2005, such as Great Wolf Resorts and building materials manufacturer USG. Underweight holdings did not significantly improve performance.

     The positive effect of these holdings on performance more than offset lower-than-expected returns from other selections that included home mortgage provider Fannie Mae and PMC-Sierra, a provider of high-speed broadband communications semiconductors. These stocks were not listed in the benchmark as of March 31, 2005. Other detractors included overweight holdings in companies such as Fifth Third Bancorp, General Motors and insurer American International Group. Underweight positions, including Valero Energy, also reduced returns.

     The fund invested 1.02% of its total invested assets in foreign securities as of March 31, 2005.

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |  9

Large-Cap Value Fund | Value stocks of larger companies  

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell 1000® Value Index is a subset of the Russell 1000 Index, which measures the performance of the top 1,000 U.S. equity securities based on market capitalization. The Russell 1000 Value Index measures the performance of those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005            Ticker symbol: TCLCX  
 
    Average annual compound   Cumulative rates
    rates of total return*   of total return*
      since     since
    1 year   inception1   6 months   inception1
 
 Large-Cap Value Fund                 
     Retail Class    13.97 %    24.31 %    12.00 %    72.33 % 
 Benchmark:                 
     Russell 1000 Value Index2    13.17     22.34     10.48     65.58  
 Peer group:                 
     Morningstar Large Value    9.41     19.35     8.39     55.85  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, includ- ing performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 223-1200.
1      Inception date: October 1, 2002
 
2      Russell 1000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

10   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retail Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,233 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retail Class


Best quarter: 18.42%, for the quarter ended June 30, 2003
Worst quarter: –5.63%, for the quarter ended March 31, 2003

*      Partial fiscal year
 

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   11

Large-Cap Value Fund |  Value stocks of larger companies 
  PERFORMANCE

 

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
      Large-Cap Value Fund (Retail Class)—expense example  
      Starting fund value     Ending fund value     Expenses paid†
      (10/1/04)      (3/31/05)      (10/1/04–3/31/05) 
Actual return      $1,000.00       $1,120.00       $2.33  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡ “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Portfolio breakdown by company size    Fund facts 
 
    Percent of    Inception date     
 Capitalization as of 3/31/2005    net assets       Retail Class    10/1/2002 
          Net assets (3/31/2005)    $166.89 million 
 Large: over $5 billion    80.72     
 Middle: $1 billion–$5 billion    15.51       
 Small: under $1 billion    3.77       
 Total    100.00       

 

 

12   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Mid-Cap Growth Fund  |  Growth stocks of medium-sized companies 
  DISCUSSION

 

Performance in the six months
ended March 31, 2005

The Mid-Cap Growth Fund returned 13.61% for the Retail Share Class, topping the fund’s benchmark, the Russell Midcap® Growth Index, which returned 12.04%, and the 9.60% average return of similar funds, as measured by the Morningstar Mid-Cap Growth category.

Mid-cap stocks lead the market

Mid-cap stocks strongly outperformed other cap sizes during the period. The Russell Midcap Index, which measures mid-cap stocks in both the growth and value categories, returned 13.37%, versus 8.00% for small caps, as measured by the Russell 2000® Index, and 7.71% for large caps, as measured by the Russell 1000® Index.

     Among mid caps, the 12.04% gain of growth stocks lagged the 14.34% rise of value stocks. Both of these returns were ahead of the 7.73% advance of the broader U.S. stock market, as measured by the Russell 3000® Index.

Stock selections top the benchmark

The fund added value beyond the benchmark’s strong return because of numerous successful stock choices. The largest positive contributions to relative performance came from positions in several stocks not included in the benchmark, including agricultural-supply giant Monsanto, the fund’s top-performing stock; energy company EOG Resources; and investment bank Greenhill & Co. Also adding value were overweight positions in several stocks that outperformed the benchmark, including Triad Hospitals and financial services firm Legg Mason.

     These successful stock selections more than offset several detractors from relative performance that included holdings in pharmaceutical company Gilead Sciences and St. Jude Medical, two stocks not listed in the benchmark, and an overweight position in medical-implant-maker Biomet. A smaller-than-benchmark weighting in Apple Computer, which performed well during the period, also detracted slightly from returns.

     The fund invested 0.18% of its total invested assets in foreign securities as of March 31, 2005.

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   13

Mid-Cap Growth Fund |  Growth stocks of medium-sized companies

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Russell Midcap® Growth Index is a subset of the Russell Midcap Index, which measures the performance of the 800 smallest U.S. equity securities in the Russell 1000® Index, based on market capitalization. The Russell Midcap Growth Index measures the performance of those stocks of the Russell Midcap Index with higher price-to-book ratios and higher relative forecasted growth rates. You cannot invest directly in these indexes.

Performance as of March 31, 2005       
Ticker symbol: TCMGX
 
    Average annual compound     Cumulative rates  
    rates of total return*     of total return*  
        since     since
    1 year   inception1   6 months   inception1
 
 Mid-Cap Growth Fund                 
     Retail Class    9.53 %    26.97 %    13.61 %    81.73 % 
 Benchmark:                 
     Russell Midcap Growth Index2    8.31     25.61     12.04     76.89  
 Peer group:                 
     Morningstar Mid-Cap Growth    5.20     19.48     9.60     56.56  

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

1 Inception date: October 1, 2002

2 Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.

 

14   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retail Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $18,173 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retail Class


Best quarter: 18.34%, for the quarter ended June 30, 2003
Worst quarter: –4.30%, for the quarter ended September 30, 2004

*      Partial fiscal year

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   15

Mid-Cap Growth Fund |  Growth stocks of medium-sized companies
  PERFORMANCE

 

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.

  
      Mid-Cap Growth Fund (Retail Class)—expense example
      Starting fund value     Ending fund value     Expenses paid†
      (10/1/04)      (3/31/05)      (10/1/04–3/31/05) 
Actual return      $1,000.00       $1,136.10       $2.35  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡ “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Portfolio breakdown by company size      Fund facts 
 
    Percent of    Inception date     
 Capitalization as of 3/31/2005    net assets       Retail Class    10/1/2002 
  Net assets (3/31/2005)    $53.50 million 
 Large: over $5 billion    62.52     
 Middle: $1 billion–$5 billion    31.13           
 Small: under $1 billion    6.35           
 Total    100.00           

 

 

16   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Mid-Cap Value Fund |  Value stocks of medium-sized companies
  DISCUSSION

 

Performance in the six months
ended March 31, 2005

The Mid-Cap Value Fund returned 17.04% for the Retail Share Class, outpacing the fund’s benchmark, the Russell Midcap® Value Index, which returned 14.34%, and the 10.81% average return of similar funds, as measured by the Morningstar Mid-Cap Value category.

Value stocks continue to shine

In the six-month period ended March 31, 2005, investors demonstrated a strong preference for value stocks over growth issues. The Rus-sell 3000® Value Index, which measures the performance of value stocks of all sizes, surged 10.32%, versus a 4.92% return for the Russell 3000 Growth Index. The difference was less pronounced among mid-cap stocks; the return of the Russell Mid-cap Value Index was less than three percentage points above the 12.04% advance of its growth counterpart, the Russell Midcap Growth Index.

     Within the value category, mid-cap stocks fared best, outpacing both the small-cap Russell 2000® Value Index and the predominantly large-cap Russell 1000® Value Index, which returned 8.70% and 10.48%, respectively. Virtually all of the gains of mid-cap value stocks and of the broader market occurred in the fourth quarter of 2004, when a global stock market rally sent the Russell 3000 Index, which measures the U.S. market, climbing 10.16%.

Stock selections fuel returns

The fund’s return for the six-month period topped the benchmark’s because of numerous successful stock choices. Significant contributions to relative performance came from building materials maker USG and Great Wolf Resorts, two stocks not in the benchmark. Both enjoyed strong advances during the period. Overweight positions in a number of stocks included in the benchmark also boosted performance. Among these were WellPoint, a health-care conglomerate; Nalco Holding Co., a wastewater chemicals treatment manufacturer; and Kerr-McGee, an energy company.

     The positive effect of these holdings on results more than offset lower relative returns from the lack of any holdings in Apple Computer, which posted strong gains during the period. Also hindering fund performance were larger-than-benchmark positions in several underperforming companies that included Lear Corp., an auto-parts maker, and Sanmina SCI, an electronics manufacturer.

     The fund invested 6.14% of its total invested assets in foreign securities as of March 31, 2005.

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   17

Mid-Cap Value Fund |  Value stocks of medium-sized companies

 

Investment objective

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

Special investment risks

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

The fund’s benchmark

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

Performance as of March 31, 2005       
Ticker symbol: TCMVX
    Average annual compound   Cumulative rates
    rates of total return*   of total return*
        since     since
    1 year   inception1   6 months   inception1
 Mid-Cap Value Fund                 
     Retail Class    19.13 %    30.56 %    17.04 %    94.84 % 
 Benchmark:                 
     Russell Midcap Value Index2   18.34     27.68     14.34     84.29  
 Peer group:                 
     Morningstar Mid-Cap Value   12.39     23.46     10.81     69.92  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 223-1200.
 
1      Inception date: October 1, 2002
 
2      Russell Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

18  |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

  PERFORMANCE

 

$10,000 invested at fund’s inception

Retail Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $19,484 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retail Class


Best quarter: 18.58%, for the quarter ended June 30, 2003
Worst quarter: –3.88%, for the quarter ended March 31, 2003

* Partial fiscal year

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
  |   19

Mid-Cap Value Fund |  Value stocks of medium-sized companies 
  PERFORMANCE

 

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
      Mid-Cap Value Fund (Retail Class)—expense example
      Starting fund value     Ending fund value     Expenses paid†
      (10/1/04)      (3/31/05)      (10/1/04–3/31/05) 
Actual return      $1,000.00       $1,170.40       $2.39  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.44%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡ “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Portfolio breakdown by company size      Fund facts     
 
    Percent of    Inception date     
 Capitalization as of 3/31/2005    net assets       Retail Class    10/1/2002 
  Net assets (3/31/2005)    $70.92 million 
 Large: over $5 billion    57.26     
 Middle: $1 billion–$5 billion    35.61           
 Small: under $1 billion    7.13           
 Total    100.00           

 

20   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Small-Cap Equity Fund |  Stocks of smaller companies
  DISCUSSION

 

Performance in the six months
ended March 31, 2005

The Small-Cap Equity Fund returned 7.91% for the Retail Share Class, closely tracking the 8.00% return of its benchmark, the Russell 2000® Index. The average return of similar funds was 9.67%, as measured by the Morningstar Small Blend category.

Small caps surrender their lead

After outpacing large- and mid-cap stocks during the fourth quarter of 2004, small-cap stocks trailed both cap sizes during the first quarter of 2005. For the six-month period, small caps maintained an edge over the 7.71% return of large-cap stocks but trailed the 13.37% gain of mid caps.

     During the fourth quarter of 2004, the markets shook off domestic and geopolitical worries, and investor confidence pushed the small-cap Russell 2000 to a 14.09% gain. Growth stocks topped value issues in the small-cap category, 15.08% to 13.20%, reversing the trend for the year ended September 30, 2004, when value beat growth, 25.66% to 11.92%.

     In the first quarter of 2005, small caps dropped 5.34%—their worst three-month return since the 21.40% plunge during the third quarter of 2002. Mid caps, down only 0.25%, and large caps, which dipped 1.91%, fared better.

Effects of individual stock selections

The fund continued its use of proprietary mathematical models to evaluate and choose small-cap stocks that appeared to be attractively priced. Performance relative to that of the benchmark was reduced by several overweight stocks that failed to perform as anticipated.

     These included DHB Industries, a manufacturer of flak jackets and body armor; mortgage finance company New Century Financial Corporation; Krispy Kreme; and holding company R&G Financial.

     Underweight holdings in several stocks that outpaced the benchmark, including casino entertainment company Boyd Gaming and chemical production company Crompton, also hurt performance.

     These detractors were partly offset by overweight holdings in many stocks that outperformed the benchmark, including Goodyear Tire & Rubber, packaging product manufacturer Crown Holdings, network storage producer Emulex and Cal Dive International, a provider of subsea construction and maintenance services. Underweight holdings did not meaningfully improve performance relative to the benchmark’s.

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
 |   21

Small-Cap Equity Fund |  Stocks of smaller companies

Investment objective

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

Special investment risks

In addition to the risks of any equity investment, the fund is subject to small-cap risk. For a further discussion of risk, please see page six.

The fund’s benchmark

The Russell 2000® Index measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. You cannot invest directly in this index.

Performance as of March 31, 2005            Ticker symbol: TCSEX  
 
    Average annual compound   Cumulative rates
    rates of total return*   of total return*
      since     since
    1 year   inception1   6 months   inception1
 
 Small-Cap Equity Fund                 
     Retail Class    6.18 %    26.01 %    7.91 %    78.30 % 
 Benchmark:                 
     Russell 2000 Index2    5.41     25.10     8.00     75.10  
 Peer group:                 
     Morningstar Small Blend    9.02     24.20     9.67     72.69  

*      The returns quoted represent past performance, which is no guarantee of future results. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 223-1200.
 
1      Inception date: October 1, 2002
 
2      Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 

 

22   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retail Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,830 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retail Class


Best quarter: 23.49%, for the quarter ended June 30, 2003
Worst quarter: –5.60%, for the quarter ended March 31, 2005

*      Partial fiscal year

 

2005 Semiannual Report
Retail Class• TIAA-CREF Institutional Mutual Funds
 |   23

Small-Cap Equity Fund  |  Stocks of smaller companies 
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
 
 
 
Small-Cap Equity Fund (Retail Class)—expense example
 
 
 
Starting fund value
 
 
Ending fund value
 
 
Expenses paid†
 
 
 
(10/1/04) 
 
 
(3/31/05) 
 
 
(10/1/04–3/31/05) 
Actual return 
 
 
$1,000.00
 
 
 
$1,079.10
 
 
 
$1.56
 
5% annual hypothetical return 
 
 
1,000.00
 
 
 
1,023.48
‡ 
 
 
1.52
 

†    “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-months expense ratio for that period is 0.30%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.
 
   
‡ “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Portfolio breakdown by company size      Fund facts     
 
    Percent of    Inception date     
 Capitalization as of 3/31/2005    net assets       Retail Class    10/1/2002 
  Net assets (3/31/2005)    $65.54 million 
 Large: over $5 billion    0.18     
 Middle: $1 billion–$5 billion    48.51           
 Small: under $1 billion    51.31           
 Total    100.00           

 

24   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Classs

Real Estate Securities Fund  |  Real estate securities 
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Real Estate Securities Fund returned 9.08% for the Retail Share Class, topping the 8.98% return of the fund’s benchmark, the Dow Jones Wilshire Real Estate Securities Index, and the 8.18% average return of similar funds, as measured by the Morningstar Specialty Real Estate category.

First-quarter correction tames REITs

Most of the gains for real estate investment trusts (REITs) occurred in the fourth quarter of 2004. Demand for REITs was coming largely from yield-oriented investors seeking alternatives to lower-yielding bonds. During the quarter, the Dow Jones Wilshire Real Estate Securities Index surged 16.46%—well ahead of the 10.16% return of the broad domestic stock market, as measured by the Russell 3000® Index.

     REITs stumbled in the first quarter of 2005. The benchmark lost 6.43%, versus a 2.20% drop in the Russell 3000. The REIT market was ripe for a correction after two years of returns that were far above their historical average. Weaker demand for REITs contributed to the downturn, with many yield-oriented investors rotating back to bonds as long-term interest rates rose.

Sector weights boost fund’s return

For the six-month period, the fund beat the benchmark by overweighting hotels and underweighting the apartment, office and retail sectors.

     The hotel sector benefited from increased travel combined with a limited new supply of hotel rooms. Apartments lagged because employment growth—a key driver of demand in this sector—was tepid, and because low mortgage rates prompted many renters to become homeowners. The office sector was hurt by diminished cash flows as five-year leases expired in a rental market that was less robust than it had been when the expiring leases were written.

     The retail sector boasted strong fundamentals but appeared overval-ued. During the period, the fund sold select retail holdings that had reached the price thresholds we had set for them. Trimming the portfolio’s exposure to retail proved beneficial as the sector sold off.

     Throughout the period, the fund’s portfolio remained broadly diversified among ten real estate sectors and across three cap sizes. As of March 31, 2005, the fund was positioned somewhat less defensively than it had been six months earlier, reflecting our view that valuations had become more realistic, while fundamentals in real estate remained sound.

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
 |   25

Real Estate Securities Fund |  Real estate securities

Investment objective

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

Special investment risks

In addition to the risks of any equity or fixed-income investment, the fund is subject to special risks including real estate investing risks, real estate securities risk, small-cap risk and foreign investment risks. For a further discussion of risk, please see page six.

The fund’s benchmark

The Dow Jones Wilshire Real Estate Securities Index measures the performance of publicly traded real estate securities, such as real estate investment trusts and real estate operating companies. You cannot invest directly in this index.

Performance as of March 31, 2005        Ticker symbol: TCREX  
    Average annual compound   Cumulative rates
    rates of total return*   of total return*
      since     since
    1 year   inception1   6 months   inception1
Real Estate Securities Fund                 
   Retail Class    10.59 %    26.31 %    9.08 %    79.36 % 
Benchmark:                 
   Dow Jones Wilshire                 
      Real Estate Securities Index    12.51     25.06     8.98     74.97  
Peer group:                 
   Morningstar Specialty Real Estate    10.14     23.75     8.18     70.88  

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

1 Inception date: October 1, 2002

 

26   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retail Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $17,936 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retail Class


Best quarter: 17.12%, for the quarter ended December 31, 2004
Worst quarter: –6.86%, for the quarter ended March 31, 2005

*      Partial fiscal year

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
 |   27

Real Estate Securities Fund  |  Real estate securities 
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
      Real Estate Securities Fund (Retail Class)—expense example
      Starting fund value     Ending fund value     Expenses paid†
      (10/1/04)      (3/31/05)      (10/1/04–3/31/05) 
Actual return      $1,000.00       $1,090.80       $2.30  
5% annual hypothetical return      1,000.00       1,022.77 ‡      2.23  

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.45%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡ “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Portfolio breakdown by company size      Fund facts     
 
    Percent of    Inception date     
 Capitalization as of 3/31/2005    net assets       Retail Class    10/1/2002 
  Net assets (3/31/2005)    $133.56 million 
 Large: over $5 billion    27.17     
 Middle: $1 billion–$5 billion    32.25           
 Small: under $1 billion    40.58           
 Total    100.00           

 

28   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Inflation-Linked Bond Fund |  Inflation-protected bonds 
  DISCUSSION

Performance in the six months
ended March 31, 2005

The Inflation-Linked Bond Fund returned 2.24% for the Retail Share Class, topping the 2.18% return of its benchmark, the Lehman Brothers U.S. Treasury Inflation-Protected Securities (TIPS) Index.

TIPS continue to outperform

During the period, returns on an annualized basis for inflation-linked bonds declined from 7.52% for the year ended September 30, 2004. Nevertheless, the real (above-inflation) returns provided by TIPS attracted investors seeking to counter the effects of falling bond prices on returns. The TIPS index far surpassed the 0.47% gain of the Lehman Brothers U.S. Aggregate Index, which tracks a broad range of government, corporate and mortgage-backed securities.

     The six-month period saw the economy strengthen from growth in retail sales, industrial production and employment. However, inflation rose as oil prices reached a high of $58.72 a barrel in mid-March. The Consumer Price Index for All Urban Consumers (CPI-U) jumped a seasonally adjusted 0.4% in February. In March, the increase was 0.6%—the largest gain in five months.

     Having raised short-term interest rates by 0.25% three times in mid-2004, the Federal Reserve increased them by the same amount another four times during the period, to 2.75%. Moreover, the Fed expressed concern that higher inflation, although not an immediate threat, could require near-term action. This announcement raised the possibility of larger rate hikes. Concerned that bond prices (which normally move in inverse relation to interest rates) would fall more precipitously, investors began moving from bonds to cash. For the week ended March 30, AMG Data Services reported net outflows of $1.1 billion from taxable bond funds.

In pursuit of relative value

We sought relative value among infla-tion-linked securities in an environment of volatile energy prices, rising short-term rates and uncertainty about inflation. In some instances, the fund was able to improve relative performance by buying bonds in the marketplace, rather than at auction. During part of the period, the fund benefited from a duration slightly above that of the benchmark.

     As of March 31, 2005, however, the fund’s and the benchmark’s duration was 8.7 years. At most times, we kept the fund’s duration—a measure of sensitivity to interest-rate changes—similar to the benchmark’s to reduce the risk that the fund would underperform its benchmark.

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
 |   29

Inflation-Linked Bond Fund |  Inflation-protected bonds

Investment objective

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

Special investment risks

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

The fund’s benchmark

The Lehman Brothers U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index.

Performance as of March 31, 2005            Ticker symbol: TCILX  
    Average annual compound   Cumulative rates
    rates of total return*   of total return*
        since       since
    1 year   inception1   6 months   inception1
Inflation-Linked Bond Fund                 
   Retail Class    2.63 %    6.43 %    2.24 %    16.88 % 
Benchmark:                 
   Lehman Brothers U.S. Treasury                 
      Inflation-Protected Securities Index    2.81     6.77     2.18     17.80  

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

1 Inception date: October 1, 2002

 

30   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

  PERFORMANCE

$10,000 invested at fund’s inception

Retail Class (inception October 1, 2002)


An investment of $10,000 in this fund on October 1, 2002, would have grown to $11,688 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Fiscal year total returns

Retail Class


Best quarter: 5.15%, for the quarter ended March 31, 2004
Worst quarter: –3.19%, for the quarter ended June 30, 2004

*      Partial fiscal year

 

 

2005 Semiannual Report
Retail Class • TIAA-CREF Institutional Mutual Funds
 |   31

Inflation-Linked Bond Fund |  Inflation-protected bonds 
  PERFORMANCE

Fund expenses—six months ended March 31, 2005

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

     The examples assume $1,000 was invested on October 1, 2004, and held for six months until March 31, 2005. Please see page eight for a full description of the assumptions on which these examples are based and an explanation of how you can use this expense information.
    Inflation-Linked Bond Fund (Retail Class)—expense example
    Starting fund value     Ending fund value     Expenses paid†
    (10/1/04)      (3/31/05)      (10/1/04–3/31/05) 
Actual return    $1,000.00       $1,022.40       $1.52  
5% annual hypothetical return    1,000.00       1,023.48 ‡      1.52  

† “Expenses paid” is based on the fund’s actual expense ratio for the most recent fiscal half year. The fund’s annualized six-month expense ratio for that period is 0.30%. The expense ratio and performance returns of the fund reflect an agreement by the fund’s advisor to reimburse the fund for various other expenses through February 1, 2006. Without this reimbursement, the fund’s expenses would have been higher, and its performance lower.

‡ “Ending fund value” for the hypothetical example would be $1,025.00 before expenses. The table shows the value after the subtraction of expenses in order to be comparable with the Ending Fund Value shown for the fund’s actual return.

Portfolio composition by maturity      Fund facts     
(as of 3/31/2005)         
  Inception date     
    Percent of       Retail Class    10/1/2002 
    net assets    Net assets (3/31/2005)    $63.49 million 
 
 1–10-Year Bonds    70.4           
 Over-20-Year Bonds    29.1           
 Cash or Cash Equivalents    0.5           
 Total    100.00           

 

32   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
           
  % OF NET  
    COMPANY   
SHARES 
 
VALUE 
  ASSETS  
   
 
 
 
    COMMON STOCKS       
   
    AMUSEMENT AND RECREATION SERVICES  $
2,559,631 
  0.57 % 
    APPAREL AND ACCESSORY STORES       
1,105,104 
  0.25  
    APPAREL AND OTHER TEXTILE PRODUCTS   
3,079,544 
  0.68  
    AUTO REPAIR, SERVICES, AND PARKING   
1,752,885 
  0.39  
 
    BUSINESS SERVICES       
   
    Microsoft Corp    132,605   
3,205,063 
  0.71  
    Waste Management, Inc    147,192   
4,246,489 
  0.94  
    Other       
5,709,272 
  1.27  
           
13,160,824 
  2.92  
 
    CHEMICALS AND ALLIED PRODUCTS       
   
    Du Pont (E.I.) de Nemours & Co    131,846   
6,755,789 
  1.50  
    Merck & Co, Inc    150,555   
4,873,465 
  1.08  
    Wyeth    154,696   
6,525,077 
  1.45  
    Other       
8,824,896 
  1.96  
           
26,979,227 
  5.99  
 
    COAL MINING       
1,285,993 
  0.29  
 
    COMMUNICATIONS       
   
    BellSouth Corp    337,885   
8,882,997 
  1.97  
    SBC Communications, Inc    139,112   
3,295,563 
  0.73  
    Verizon Communications, Inc    179,917   
6,387,054 
  1.42  
    Viacom, Inc (Class B)    262,821   
9,154,055 
  2.03  
    Other       
5,533,668 
  1.23  
           
33,253,337 
  7.38  
 
    DEPOSITORY INSTITUTIONS       
   
    Bank of America Corp    323,532   
14,267,761 
  3.17  
    Citigroup, Inc    463,906   
20,847,936 
  4.63  
    Fifth Third Bancorp    127,900   
5,497,142 
  1.22  
    JPMorgan Chase & Co    317,737   
10,993,700 
  2.44  
    North Fork Bancorp, Inc    144,265   
4,001,911 
  0.89  
    Northern Trust Corp    144,259   
6,266,611 
  1.39  
    SunTrust Banks, Inc    56,043   
4,039,019 
  0.89  
    Wachovia Corp    81,609   
4,154,714 
  0.92  
    Wells Fargo & Co    51,713   
3,092,437 
  0.69  
    Other       
5,522,889 
  1.23  
           
78,684,120 
  17.47  
 
    EATING AND DRINKING PLACES       
   
*    Brinker International, Inc    159,724   
5,785,203 
  1.28  
           
5,785,203 
  1.28  
 
    ELECTRIC, GAS, AND SANITARY SERVICES   
   
*    CMS Energy Corp    256,296   
3,342,100 
  0.74  
    Dominion Resources, Inc    79,459   
5,914,133 
  1.32  
    PG&E Corp    128,349   
4,376,701 
  0.97  
    Other       
12,300,446 
  2.73  
           
25,933,380 
  5.76  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   33

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
*    Alstom    3,711,710 $ 3,183,789    0.71 % 
    General Electric Co    622,219   22,437,217    4.98  
    Other      9,828,134    2.18  
          35,449,140    7.87  
    ENGINEERING AND MANAGEMENT SERVICES      674,993    0.15  
 
    FABRICATED METAL PRODUCTS           
    Illinois Tool Works, Inc    50,504   4,521,623    1.00  
          4,521,623    1.00  
 
    FOOD AND KINDRED PRODUCTS           
    Coca-Cola Enterprises, Inc    206,922   4,246,039    0.94  
    Molson Coors Brewing Co (Class B)    40,504   3,125,694    0.70  
          7,371,733    1.64  
 
    FOOD STORES           
*    Kroger Co    254,532   4,080,148    0.90  
    Other      74,120    0.02  
          4,154,268    0.92  
    GENERAL MERCHANDISE STORES      1,296,728    0.29  
    HEALTH SERVICES      2,148,338    0.48  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    iShares Russell 1000 Value Index Fund    52,396   3,448,181    0.76  
    Other      5,984,386    1.33  
          9,432,567    2.09  
    HOTELS AND OTHER LODGING PLACES      3,218,124    0.71  
 
    INDUSTRIAL MACHINERY AND EQUIPMENT           
    Hewlett-Packard Co    411,884   9,036,735    2.01  
    Other      3,606,481    0.80  
          12,643,216    2.81  
 
    INSTRUMENTS AND RELATED PRODUCTS           
*    Boston Scientific Corp    119,386   3,496,816    0.78  
    Raytheon Co    94,958   3,674,875    0.81  
          7,171,691    1.59  
 
    INSURANCE AGENTS, BROKERS AND SERVICE           
    Marsh & McLennan Cos, Inc    178,303   5,423,977    1.20  
          5,423,977    1.20  
 
    INSURANCE CARRIERS           
    American International Group, Inc    74,696   4,138,905    0.92  
    St. Paul Travelers Cos, Inc    205,113   7,533,801    1.67  
    Other      5,152,358    1.14  
          16,825,064    3.73  

34   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Large-Cap Value Fund  |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    LUMBER AND WOOD PRODUCTS           
    Georgia-Pacific Corp    99,842 $ 3,543,393    0.79 % 
          3,543,393    0.79  
    METAL MINING      247,458    0.05  
 
    MISCELLANEOUS RETAIL           
*    Sears Holdings Corp    51,002   6,791,936    1.51  
    Other      1,369,482    0.30  
          8,161,418    1.81  
 
    MOTION PICTURES           
*    Time Warner, Inc    553,584   9,715,399    2.16  
    Other      2,903,949    0.64  
          12,619,348    2.80  
 
    NONDEPOSITORY INSTITUTIONS           
    Fannie Mae    92,577   5,040,818    1.12  
    Other      2,902,081    0.64  
          7,942,899    1.76  
 
    OIL AND GAS EXTRACTION           
    Devon Energy Corp    78,400   3,743,600    0.83  
    Other      10,364,547    2.30  
          14,108,147    3.13  
 
    PAPER AND ALLIED PRODUCTS           
    International Paper Co    102,594   3,774,433    0.84  
    Other      1,457,274    0.32  
          5,231,707    1.16  
 
    PETROLEUM AND COAL PRODUCTS           
    ChevronTexaco Corp    105,576   6,156,136    1.37  
    ConocoPhillips    45,675   4,925,592    1.09  
    ExxonMobil Corp    475,443   28,336,403    6.29  
          39,418,131    8.75  
    PRINTING AND PUBLISHING      1,429,579    0.32  
    RAILROAD TRANSPORTATION      1,886,578    0.42  
    REAL ESTATE      80,197    0.02  
 
    SECURITY AND COMMODITY BROKERS        
    Morgan Stanley    161,456   9,243,356    2.05  
    Other      2,893,402    0.64  
          12,136,758    2.69  
    STONE, CLAY, AND GLASS PRODUCTS   77,388    0.02  
 
    TOBACCO PRODUCTS           
    Altria Group, Inc    244,018   15,956,337    3.54  
          15,956,337    3.54  
    TRANSPORTATION BY AIR      1,919,194    0.43  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   35

Large-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

 

            % OF NET  
     COMPANY        SHARES   VALUE   ASSETS  
 
     TRANSPORTATION EQUIPMENT             
     Honeywell International, Inc        173,470 $ 6,454,819   1.44 % 
     Northrop Grumman Corp        66,158   3,571,209   0.79  
     Other          6,581,527   1.46  
          16,607,555   3.69  
 
     WHOLESALE TRADE-NONDURABLE GOODS             
     AmerisourceBergen Corp        69,972   4,008,696   0.89  
          4,008,696   0.89  
    TOTAL COMMON STOCKS    (Cost $426,748,761)   449,285,493   99.73  
 
     ISSUER        PRINCIPAL      
 
     SHORT-TERM INVESTMENTS             
     U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
     Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $3,260,000   3,259,759   0.72  
          3,259,759   0.72  
TOTAL SHORT-TERM INVESTMENTS    (Cost $3,260,000)   3,259,759   0.72  
 
    TOTAL PORTFOLIO    (Cost $430,008,761)   452,545,252   100.45 % 
OTHER ASSETS AND LIABILITIES, NET      (2,022,470 )  (0.45 ) 
 
    NET ASSETS      $ 450,522,782   100.00 % 

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

 

36   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    COMMON STOCKS           
    AMUSEMENT AND RECREATION SERVICES           
    Station Casinos, Inc    19,750 $ 1,334,113    0.79 % 
    Other      1,044,323    0.61  
          2,378,436    1.40  
 
    APPAREL AND ACCESSORY STORES      2,890,398    1.71  
    AUTOMOTIVE DEALERS AND SERVICE STATIONS      368,285    0.22  
    AUTO REPAIR, SERVICES, AND PARKING      838,449    0.50  
    BUILDING MATERIALS AND GARDEN SUPPLIES      680,313    0.40  
 
    BUSINESS SERVICES           
    Adobe Systems, Inc    37,837   2,541,511    1.50  
*    Juniper Networks, Inc    63,171   1,393,552    0.82  
*    Mercury Interactive Corp    30,401   1,440,399    0.85  
*    VeriSign, Inc    46,968   1,347,982    0.80  
    Other      13,009,932    7.68  
          19,733,376    11.65  
 
    CHEMICALS AND ALLIED PRODUCTS           
    Clorox Co    24,046   1,514,658    0.89  
    Estee Lauder Cos (Class A)    34,917   1,570,567    0.93  
*    Genzyme Corp    44,660   2,556,338    1.51  
*    Sepracor, Inc    40,985   2,352,949    1.39  
    Other      9,566,580    5.64  
          17,561,092    10.36  
 
    COAL MINING           
    Consol Energy, Inc    30,268   1,423,201    0.84  
          1,423,201    0.84  
 
    COMMUNICATIONS           
*    Avaya, Inc    128,888   1,505,412    0.89  
    Global Payments, Inc    26,982   1,740,069    1.03  
*    Nextel Partners, Inc (Class A)    59,551   1,307,740    0.77  
*    NII Holdings, Inc (Class B)    24,677   1,418,927    0.84  
*    Univision Communications, Inc (Class A)    52,293   1,447,993    0.86  
*    XM Satellite Radio Holdings, Inc    42,074   1,325,331    0.78  
    Other      497,916    0.29  
          9,243,388    5.46  
 
    DEPOSITORY INSTITUTIONS           
    North Fork Bancorp, Inc    54,727   1,518,127    0.90  
    Northern Trust Corp    37,635   1,634,864    0.96  
    Other      531,318    0.31  
          3,684,309    2.17  
 
    EATING AND DRINKING PLACES           
*    The Cheesecake Factory, Inc    40,737   1,444,127    0.85  
    Other      2,495,018    1.48  
          3,939,145    2.33  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   37

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
                   
                % OF NET  
    COMPANY    SHARES    VALUE    ASSETS  
 
 
    EDUCATIONAL SERVICES      $ 1,254,804    0.74 % 
    ELECTRIC, GAS, AND SANITARY SERVICES        1,202,570    0.71  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT             
    Amphenol Corp (Class A)    40,079    1,484,526    0.88  
*    Comverse Technology, Inc    70,033    1,766,232    1.04  
    National Semiconductor Corp    123,317    2,541,563    1.50  
*    Novellus Systems, Inc    53,793    1,437,887    0.85  
    Other        10,053,950    5.93  
            17,284,158    10.20  
 
    ENGINEERING AND MANAGEMENT SERVICES             
*    Jacobs Engineering Group, Inc    27,732    1,439,845    0.85  
    Moody’s Corp    26,150    2,114,489    1.25  
    Quest Diagnostics, Inc    22,738    2,390,446    1.41  
    Other        2,159,335    1.27  
            8,104,115    4.78  
    FABRICATED METAL PRODUCTS        183,698    0.11  
    FOOD AND KINDRED PRODUCTS        1,767,674    1.04  
    FOOD STORES        526,787    0.31  
 
    FURNITURE AND FIXTURES        1,382,056    0.82  
 
    FURNITURE AND HOMEFURNISHINGS STORES             
*    Bed Bath & Beyond, Inc    91,423    3,340,596    1.97  
    Other        1,843,657    1.09  
            5,184,253    3.06  
 
    GENERAL BUILDING CONTRACTORS             
*    NVR, Inc    1,682    1,320,370    0.78  
    Other        475,797    0.28  
            1,796,167    1.06  
 
    GENERAL MERCHANDISE STORES             
    Dollar General Corp    64,974    1,423,580    0.84  
            1,423,580    0.84  
 
    HEALTH SERVICES             
*    Express Scripts, Inc    26,343    2,296,846    1.36  
*    Triad Hospitals, Inc    42,749    2,141,725    1.26  
    Other        2,035,494    1.20  
            6,474,065    3.82  
 
    HOLDING AND OTHER INVESTMENT OFFICES             
    iShares Russell Midcap Growth Index Fund    45,400    3,764,114    2.22  
            3,764,114    2.22  
 
    HOTELS AND OTHER LODGING PLACES             
    Hilton Hotels Corp    121,476    2,714,989    1.60  
    Other        1,742,469    1.03  
            4,457,458    2.63  

 

38   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued

                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT        
    American Standard Cos, Inc    60,767 $ 2,824,450    1.67 % 
*    Apple Computer, Inc    38,181   1,591,002    0.94  
    Baker Hughes, Inc    65,122   2,897,278    1.71  
    ITT Industries, Inc    22,045   1,989,341    1.17  
*    Lexmark International, Inc    27,481   2,197,655    1.30  
*    Network Appliance, Inc    54,701   1,513,030    0.89  
    Other      4,321,830    2.55  
          17,334,586    10.23  
 
    INSTRUMENTS AND RELATED PRODUCTS        
    Bard (C.R.), Inc    34,977   2,381,234    1.41  
    Biomet, Inc    52,729   1,914,063    1.13  
*    Fisher Scientific International, Inc    26,598   1,513,958    0.89  
*    St. Jude Medical, Inc    52,700   1,897,200    1.12  
    Other      1,463,502    0.86  
          9,169,957    5.41  
    INSURANCE AGENTS, BROKERS AND SERVICE   664,616    0.39  
 
    INSURANCE CARRIERS           
*    WellPoint, Inc    18,950   2,375,382    1.40  
    Other      613,385    0.36  
          2,988,767    1.76  
    LEATHER AND LEATHER PRODUCTS      1,009,770    0.60  
    METAL MINING      484,589    0.29  
    MISCELLANEOUS MANUFACTURING INDUSTRIES   1,124,466    0.66  
 
    MISCELLANEOUS RETAIL           
*    Petco Animal Supplies, Inc    42,603   1,568,216    0.93  
          1,568,216    0.93  
    MOTION PICTURES      1,101,002    0.65  
 
    OIL AND GAS EXTRACTION           
    ENSCO International, Inc    38,959   1,467,196    0.87  
    Other      2,481,160    1.46  
          3,948,356    2.33  
    PERSONAL SERVICES      1,090,006    0.64  
    PRINTING AND PUBLISHING      605,238    0.36  
    SECURITY AND COMMODITY BROKERS   3,839,768    2.27  
 
    TRANSPORTATION BY AIR           
    Southwest Airlines Co    98,747   1,406,157    0.83  
          1,406,157    0.83  
    TRANSPORTATION SERVICES      1,489,028    0.88  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   39

Mid-Cap Growth Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

            % OF NET  
     COMPANY        SHARES   VALUE   ASSETS  
     WATER TRANSPORTATION             
     Royal Caribbean Cruises Ltd        47,193 $ 2,109,055   1.24 % 
          2,109,055   1.24  
     WHOLESALE TRADE-DURABLE GOODS          499,500   0.29  
    TOTAL COMMON STOCKS    (Cost $149,992,754)   167,978,968   99.14  
 
     ISSUER        PRINCIPAL      
 
     SHORT-TERM INVESTMENTS             
     U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
     Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $11,910,000   11,909,120   7.03  
          11,909,120   7.03  
TOTAL SHORT-TERM INVESTMENTS    (Cost $11,910,000)   11,909,120   7.03  
 
    TOTAL PORTFOLIO    (Cost $161,902,754)   179,888,088   106.17 % 
OTHER ASSETS AND LIABILITIES, NET      (10,452,616 )  (6.17 ) 
 
 
    NET ASSETS      $ 169,435,472   100.00 % 
     

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

 

40   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
                   
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    COMMON STOCKS           
    AMUSEMENT AND RECREATION SERVICES           
*    Caesars Entertainment, Inc    84,000 $ 1,662,360    0.58 % 
    Other      704,000    0.25  
          2,366,360    0.83  
 
    APPAREL AND ACCESSORY STORES      1,312,770    0.46  
    APPAREL AND OTHER TEXTILE PRODUCTS      1,440,070    0.50  
 
    AUTO REPAIR, SERVICES AND PARKING           
    Lear Corp    50,000   2,218,000    0.77  
    BUILDING MATERIALS AND GARDEN SUPPLIES      1,005,600    0.35  
    BUSINESS SERVICES      3,210,620    1.12  
 
    CHEMICALS AND ALLIED PRODUCTS           
    Akzo Nobel NV (Spon ADR)    43,500   2,000,130    0.70  
    Monsanto Co    30,000   1,935,000    0.67  
    Waste Management, Inc    75,000   2,163,750    0.76  
    Other      14,970,243    5.22  
          21,069,123    7.35  
 
    COAL MINING      2,412,104    0.84  
    COMMUNICATIONS           
    Clear Channel Communications, Inc    55,000   1,895,850    0.66  
*    Entercom Communications Corp    54,000   1,918,080    0.67  
*    UnitedGlobalcom, Inc (Class A)    175,000   1,655,500    0.58  
    Other      4,026,415    1.40  
          9,495,845    3.31  
 
    DEPOSITORY INSTITUTIONS           
    Hibernia Corp (Class A)    65,000   2,080,650    0.73  
    Marshall & Ilsley Corp    60,000   2,505,000    0.87  
    North Fork Bancorp, Inc    115,000   3,190,100    1.11  
    Northern Trust Corp    40,000   1,737,600    0.61  
    Other      11,600,373    4.05  
          21,113,723    7.37  
 
    EATING AND DRINKING PLACES           
*    Brinker International, Inc    55,000   1,992,100    0.70  
    Other      779,900    0.27  
          2,772,000    0.97  
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
*    Allegheny Energy, Inc    90,000   1,859,400    0.65  
    FirstEnergy Corp    55,000   2,307,250    0.81  
    FPL Group, Inc    45,000   1,806,750    0.63  
    PG&E Corp    60,000   2,046,000    0.71  
    PPL Corp    40,000   2,159,600    0.75  
    Public Service Enterprise Group, Inc    45,000   2,447,550    0.86  
    TXU Corp    23,000   1,831,490    0.64  
    Other      16,714,470    5.83  
          31,172,510    10.88  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   41

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
              % OF NET  
    COMPANY    SHARES   VALUE   ASSETS  
 
 
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
*    Nortel Networks Corp (U.S.)    800,000 $ 2,184,000    0.76 % 
    Other      7,595,340    2.65  
          9,779,340    3.41  
 
    ENGINEERING AND MANAGEMENT SERVICES           
*    Accenture Ltd (Class A)    70,000   1,690,500    0.59  
    Other      438,500    0.15  
          2,129,000    0.74  
 
    FOOD AND KINDRED PRODUCTS           
*    Constellation Brands, Inc (Class A)    40,000   2,114,800    0.74  
    Other      6,255,460    2.18  
          8,370,260    2.92  
    FOOD STORES      2,440,300    0.85  
 
    FURNITURE AND FIXTURES      438,800    0.15  
    FURNITURE AND HOMEFURNISHINGS STORES      1,786,320    0.62  
    GENERAL BUILDING CONTRACTORS      957,190    0.33  
 
    GENERAL MERCHANDISE STORES           
    J.C. Penney Co, Inc    33,000   1,713,360    0.60  
    Other      1,774,076    0.62  
          3,487,436    1.22  
    HEALTH SERVICES      1,254,320    0.44  
    HEAVY CONSTRUCTION, EXCEPT BUILDING      1,260,756    0.44  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    iShares Russell Midcap Value Index Fund    118,056   13,324,981    4.65  
    iStar Financial, Inc    37,600   1,548,368    0.54  
    Other      20,515,119    7.16  
          35,388,468    12.35  
 
    HOTELS AND OTHER LODGING PLACES           
    Accor S.A.    35,000   1,717,617    0.60  
    Other      2,847,943    0.99  
          4,565,560    1.59  

42   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Mid-Cap Value Fund  |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT        
    American Standard Cos, Inc    45,000 $ 2,091,600    0.73 % 
    Deere & Co    35,000   2,349,550    0.82  
    Eaton Corp    50,000   3,270,000    1.14  
*    Xerox Corp    110,000   1,666,500    0.58  
    Other      3,650,727    1.28  
          13,028,377    4.55  
 
    INSTRUMENTS AND RELATED PRODUCTS        
    Raytheon Co    40,000   1,548,000    0.54  
    Other      1,302,000    0.45  
          2,850,000    0.99  
 
    INSURANCE AGENTS, BROKERS AND SERVICE        
    Marsh & McLennan Cos, Inc    55,000   1,673,100    0.58  
    Other      1,142,000    0.40  
          2,815,100    0.98  
 
    INSURANCE CARRIERS           
    Aspen Insurance Holdings Ltd    68,900   1,736,969    0.61  
    Genworth Financial, Inc    126,600   3,484,032    1.22  
*    Pacificare Health Systems, Inc    50,000   2,846,000    0.99  
    Safeco Corp    35,000   1,704,850    0.59  
    St. Paul Travelers Cos, Inc    60,000   2,203,800    0.77  
*    WellPoint, Inc    24,500   3,071,075    1.07  
    Other      10,366,905    3.62  
          25,413,631    8.87  
 
    LUMBER AND WOOD PRODUCTS           
    Georgia-Pacific Corp    100,000   3,549,000    1.24  
          3,549,000    1.24  
 
    METAL MINING      2,430,794    0.85  
    MISCELLANEOUS MANUFACTURING INDUSTRIES   1,992,600    0.70  
 
    MISCELLANEOUS RETAIL           
*    Marvel Enterprises, Inc    80,000   1,600,000    0.56  
*    Sears Holdings Corp    12,312   1,639,589    0.57  
    Other      1,600,620    0.56  
          4,840,209    1.69  
 
    MOTION PICTURES      607,750    0.21  
    NONMETALLIC MINERALS, EXCEPT FUELS   397,810    0.14  
 
    OIL AND GAS EXTRACTION           
    Kerr-McGee Corp    35,000   2,741,550    0.96  
    Marathon Oil Corp    35,000   1,642,200    0.57  
    Noble Energy, Inc    38,000   2,584,760    0.90  
    Other      2,059,112    0.72  
          9,027,622    3.15  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   43

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
            % OF NET  
     COMPANY        SHARES  VALUE   ASSETS  
 
 
     PAPER AND ALLIED PRODUCTS          $ 3,199,180   1.12 % 
     PERSONAL SERVICES          598,400   0.21  
     PETROLEUM AND COAL PRODUCTS             
     Valero Energy Corp        25,000  1,831,750   0.64  
     Other          933,975   0.33  
          2,765,725   0.97  
     PRIMARY METAL INDUSTRIES          3,209,230   1.12  
     PRINTING AND PUBLISHING          2,332,660   0.81  
     RAILROAD TRANSPORTATION             
     Norfolk Southern Corp        45,000  1,667,250   0.58  
     Other          1,041,250   0.37  
          2,708,500   0.95  
     SECURITY AND COMMODITY BROKERS          3,801,050   1.33  
     STONE, CLAY, AND GLASS PRODUCTS          1,857,210   0.65  
     TOBACCO PRODUCTS             
     Reynolds American, Inc        32,000  2,578,880   0.90  
     Other          1,489,500   0.52  
          4,068,380   1.42  
     TRANSPORTATION BY AIR          982,280   0.34  
     TRANSPORTATION EQUIPMENT          8,126,540   2.84  
     TRANSPORTATION SERVICES          939,000   0.33  
     WATER TRANSPORTATION          2,226,156   0.78  
     WHOLESALE TRADE-NONDURABLE GOODS             
     AmerisourceBergen Corp        32,000  1,833,280   0.64  
     Other          833,750   0.29  
          2,667,030   0.93  
    TOTAL COMMON STOCKS    (Cost $251,889,589)  277,880,709   96.98  
 
     ISSUER        PRINCIPAL     
     SHORT-TERM INVESTMENTS             
     U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
     Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $19,130,000  19,128,586   6.68  
          19,128,586   6.68  
TOTAL SHORT-TERM INVESTMENTS    (Cost $19,130,000)  19,128,586   6.68  
 
    TOTAL PORTFOLIO    (Cost $271,019,589)  297,009,295   103.66 % 
OTHER ASSETS AND LIABILITIES, NET      (10,481,408 )  (3.66 ) 
 
    NET ASSETS      $ 286,527,887   100.00 % 

44   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class

Mid-Cap Value Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded

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

 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   45

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
                % OF NET  
    COMPANY    SHARES    VALUE    ASSETS  
 
 
    COMMON STOCKS             
    AGRICULTURAL PRODUCTION-CROPS      $ 47,430    0.02 % 
    AGRICULTURAL PRODUCTION-LIVESTOCK    193,140    0.06  
 
    AMUSEMENT AND RECREATION SERVICES         
*    Argosy Gaming Co    22,700    1,042,384    0.34  
    Other        1,967,672    0.64  
            3,010,056    0.98  
 
    APPAREL AND ACCESSORY STORES        4,345,631    1.41  
 
    APPAREL AND OTHER TEXTILE PRODUCTS         
    Kellwood Co    40,100    1,154,479    0.38  
    Oxford Industries, Inc    25,500    933,045    0.30  
    Other        1,176,503    0.38  
            3,264,027    1.06  
 
    AUTO REPAIR, SERVICES AND PARKING        540,662    0.18  
 
    AUTOMOTIVE DEALERS AND SERVICE STATIONS         
    Sonic Automotive, Inc    46,700    1,060,557    0.34  
    Other        1,032,894    0.34  
            2,093,451    0.68  
 
    BUILDING MATERIALS AND GARDEN SUPPLIES    750,425    0.24  
 
    BUSINESS SERVICES             
*    Earthlink, Inc    109,896    989,064    0.32  
*    Korn/Ferry International    60,300    1,147,509    0.37  
*    MPS Group, Inc    112,200    1,179,222    0.38  
*    United Online, Inc    88,498    926,574    0.30  
    Other        25,837,745    8.39  
            30,080,114    9.76  
 
    CHEMICALS AND ALLIED PRODUCTS             
    Cytec Industries, Inc    25,700    1,394,225    0.45  
*    FMC Corp    29,005    1,550,317    0.50  
    Georgia Gulf Corp    25,534    1,174,053    0.38  
    Other        14,871,884    4.83  
            18,990,479    6.16  
 
    COMMUNICATIONS        4,759,381    1.54  
 
    DEPOSITORY INSTITUTIONS             
    Downey Financial Corp    16,700    1,027,551    0.33  
    First Bancorp (Puerto Rico)    22,700    959,075    0.31  
    First Midwest Bancorp, Inc    31,290    1,016,299    0.33  
    R & G Financial Corp (Class B)    40,000    1,246,800    0.41  
    Trustmark Corp    34,981    1,014,449    0.33  
    Other        22,944,840    7.45  
            28,209,014    9.16  

46   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    EATING AND DRINKING PLACES           
*    Jack In The Box, Inc    27,300 $ 1,012,830    0.33 % 
*    Krispy Kreme Doughnuts, Inc    121,215   924,871    0.30  
    Other      4,556,530    1.48  
          6,494,231    2.11  
    EDUCATIONAL SERVICES      488,752    0.16  
 
    ELECTRIC, GAS, AND SANITARY SERVICES           
*    CMS Energy Corp    87,305   1,138,457    0.37  
    Energen Corp    22,853   1,522,010    0.49  
    Other      9,050,942    2.94  
          11,711,409    3.80  
 
    ELECTRONIC AND OTHER ELECTRIC EQUIPMENT           
*    Varian Semiconductor Equipment Associates, Inc    27,100   1,030,071    0.34  
    Other      16,796,718    5.45  
          17,826,789    5.79  
    ENGINEERING AND MANAGEMENT SERVICES      5,516,545    1.79  
 
    FABRICATED METAL PRODUCTS           
    Commercial Metals Co    28,108   952,580    0.31  
    Other      2,602,587    0.84  
          3,555,167    1.15  
    FOOD AND KINDRED PRODUCTS      3,009,593    0.98  
    FOOD STORES      461,835    0.15  
    FURNITURE AND FIXTURES      1,408,857    0.46  
    FURNITURE AND HOMEFURNISHINGS STORES      1,844,888    0.60  
    GENERAL BUILDING CONTRACTORS      2,668,312    0.87  
    GENERAL MERCHANDISE STORES      745,168    0.24  
 
    HEALTH SERVICES           
*    Pediatrix Medical Group, Inc    14,550   997,984    0.32  
    Other      5,592,796    1.82  
          6,590,780    2.14  
    HEAVY CONSTRUCTION, EXCEPT BUILDING      339,992    0.11  
 
    HOLDING AND OTHER INVESTMENT OFFICES           
    American Home Mortgage Investment Corp    47,037   1,347,140    0.44  
    Cousins Properties, Inc    47,900   1,239,173    0.40  
    IMPAC Mortgage Holdings, Inc    74,625   1,431,308    0.46  
    New Century Financial Corp    31,311   1,465,981    0.48  
    Newcastle Investment Corp    35,400   1,047,840    0.34  
    Oriental Financial Group, Inc    48,665   1,139,734    0.37  
    Saxon Capital, Inc    75,302   1,295,194    0.42  
    Other      14,913,636    4.84  
          23,880,006    7.75  
    HOTELS AND OTHER LODGING PLACES      1,511,321    0.49  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   47

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    INDUSTRIAL MACHINERY AND EQUIPMENT        
    Kennametal, Inc    26,400 $ 1,253,736    0.41 % 
*    Terex Corp    32,800   1,420,240    0.46  
    York International Corp    27,100   1,061,778    0.34  
    Other      11,583,989    3.76  
          15,319,743    4.97  
    INSTRUMENTS AND RELATED PRODUCTS   18,551,334    6.02  
    INSURANCE AGENTS, BROKERS AND SERVICE   401,768    0.13  
    INSURANCE CARRIERS      10,116,356    3.28  
    JUSTICE, PUBLIC ORDER AND SAFETY      60,018    0.02  
    LEATHER AND LEATHER PRODUCTS      789,676    0.26  
    LEGAL SERVICES      84,600    0.03  
    LOCAL AND INTERURBAN PASSENGER TRANSIT   582,400    0.19  
    LUMBER AND WOOD PRODUCTS      159,146    0.05  
    METAL MINING      476,855    0.15  
    MISCELLANEOUS MANUFACTURING INDUSTRIES   2,560,121    0.83  
 
    MISCELLANEOUS RETAIL           
*    Zale Corp    36,740   1,091,913    0.36  
    Other      1,891,425    0.61  
          2,983,338    0.97  
    MOTION PICTURES      1,054,409    0.34  
    NONDEPOSITORY INSTITUTIONS      2,270,279    0.74  
    NONMETALLIC MINERALS, EXCEPT FUELS   96,710    0.03  
 
    OIL AND GAS EXTRACTION           
*    Houston Exploration Co    25,500   1,452,225    0.47  
    Other      11,087,239    3.60  
          12,539,464    4.07  
    PAPER AND ALLIED PRODUCTS      1,106,162    0.36  
    PERSONAL SERVICES      1,113,925    0.36  
 
    PETROLEUM AND COAL PRODUCTS           
*    Tesoro Corp    57,900   2,143,458    0.69  
    Other      732,774    0.24  
          2,876,232    0.93  
    PRIMARY METAL INDUSTRIES           
*    Maverick Tube Corp    34,100   1,108,591    0.36  
    Mueller Industries, Inc    35,300   993,695    0.32  
*    Oregon Steel Mills, Inc    50,330   1,157,590    0.38  
    Steel Dynamics, Inc    32,594   1,122,863    0.36  
    Steel Technologies, Inc    43,546   1,044,669    0.34  

48   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Small-Cap Equity Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
continued
                   
              % OF NET  
    COMPANY    SHARES   VALUE    ASSETS  
 
 
 
    PRIMARY METAL INDUSTRIES—(continued)           
    Texas Industries, Inc    19,000 $ 1,021,250    0.33 % 
    Other      4,339,663    1.41  
          10,788,321    3.50  
    PRINTING AND PUBLISHING      4,632,821    1.50  
    RAILROAD TRANSPORTATION      350,235    0.11  
 
    REAL ESTATE           
*    Jones Lang LaSalle, Inc    29,400   1,371,510    0.45  
    Other      1,053,919    0.34  
          2,425,429    0.79  
    RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS      2,413,399    0.78  
    SECURITY AND COMMODITY BROKERS      1,231,431    0.40  
    SOCIAL SERVICES      430,130    0.14  
    SPECIAL TRADE CONTRACTORS      1,218,691    0.40  
    STONE, CLAY, AND GLASS PRODUCTS      871,408    0.28  
    TOBACCO PRODUCTS      279,197    0.09  
    TRANSPORTATION BY AIR      1,663,678    0.54  
 
    TRANSPORTATION EQUIPMENT           
    ArvinMeritor, Inc    85,200   1,318,044    0.43  
    Monaco Coach Corp    68,700   1,109,505    0.36  
    Other      3,042,344    0.99  
          5,469,893    1.78  
    TRANSPORTATION SERVICES      1,044,421    0.34  
 
    TRUCKING AND WAREHOUSING           
    Arkansas Best Corp    24,261   916,581    0.30  
    Overnite Corp    34,464   1,102,503    0.36  
    Other      1,838,821    0.59  
          3,857,905    1.25  
 
    WATER TRANSPORTATION           
    Overseas Shipholding Group, Inc    23,100   1,453,221    0.47  
    Other      235,368    0.08  
          1,688,589    0.55  
 
    WHOLESALE TRADE-DURABLE GOODS           
*    Brightpoint, Inc    50,784   951,184    0.31  
    Other      6,476,938    2.10  
          7,428,122    2.41  
    WHOLESALE TRADE-NONDURABLE GOODS      4,163,339    1.35  
    TOTAL COMMON STOCKS    (Cost $301,568,388)   307,437,000    99.78  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   49

Small-Cap Equity Fund  |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded
          % OF NET  
     ISSUER      PRINCIPAL  VALUE   ASSETS  
 
 
 
 
     SHORT-TERM INVESTMENTS           
     U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES       
     Federal Home Loan Bank (FHLB)    2.400%, 04/01/05    $11,820,000  $ 11,819,127   3.83 % 
        11,819,127   3.83  
TOTAL SHORT-TERM INVESTMENTS  (Cost $11,820,000)  11,819,127   3.83  
 
    TOTAL PORTFOLIO  (Cost $313,388,388)  319,256,127   103.61 % 
    OTHER ASSETS AND LIABILITIES, NET    (11,126,428 )  (3.61 ) 
 
    NET ASSETS    $ 308,129,699   100.00 % 

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

 

50   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Real Estate Securities Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
            % OF NET  
     COMPANY    SHARES    VALUE    ASSETS  
 
 
 
     COMMON STOCKS             
     HOLDING AND OTHER INVESTMENT OFFICES             
     Affordable Residential Communities    640,000  $ 8,096,000    1.79 % 
     Alexandria Real Estate Equities, Inc    127,973    8,238,902    1.82  
     Archstone-Smith Trust    325,000    11,085,750    2.45  
     Ashford Hospitality Trust, Inc    500,000    5,100,000    1.12  
     AvalonBay Communities, Inc    75,000    5,016,750    1.11  
     Bimini Mortgage Management, Inc (Class A)    725,000    10,041,250    2.22  
     Boston Properties, Inc    172,000    10,359,560    2.29  
     Catellus Development Corp    250,000    6,662,500    1.47  
     Centerpoint Properties Trust    115,000    4,715,000    1.04  
     Developers Diversified Realty Corp    150,000    5,962,500    1.32  
     Duke Realty Corp    275,000    8,208,750    1.81  
     ECC Capital Corp    1,400,000    8,400,000    1.85  
     Equity Residential    290,631    9,361,225    2.07  
     Feldman Mall Properties, Inc    400,000    4,844,000    1.07  
     General Growth Properties, Inc    330,000    11,253,000    2.48  
     GMH Communities Trust    539,519    6,317,767    1.39  
     Gramercy Capital    400,000    7,800,000    1.72  
     HomeBanc Corp    550,000    4,862,000    1.07  
     Host Marriott Corp    455,000    7,534,800    1.66  
     Innkeepers U.S.A. Trust    328,000    4,234,480    0.93  
     iStar Financial, Inc    100,000    4,118,000    0.91  
     Kimco Realty Corp    150,000    8,085,000    1.78  
     LaSalle Hotel Properties    289,000    8,395,450    1.85  
     Macerich Co    105,000    5,594,400    1.23  
     Mills Corp    125,000    6,612,500    1.46  
     Monmouth REIT (Class A)    820,000    6,921,620    1.53  
     Newcastle Investment Corp    255,000    7,548,000    1.67  
     Novastar Financial, Inc    233,312    8,401,565    1.85  
     Omega Healthcare Investors, Inc    400,000    4,392,000    0.97  
     Pan Pacific Retail Properties, Inc    75,000    4,256,250    0.94  
     Parkway Properties, Inc    100,000    4,670,000    1.03  
     Prologis    290,000    10,759,000    2.37  
     Reckson Associates Realty Corp    270,000    8,289,000    1.83  
     Regency Centers Corp    202,000    9,621,260    2.12  
     Simon Property Group, Inc    272,000    16,477,760    3.64  
     Sizeler Property Investors    715,000    8,479,900    1.87  
     Spirit Finance Corp    400,000    4,344,000    0.96  
     Strategic Hotel Capital, Inc    325,375    4,783,013    1.06  
     United Dominion Realty Trust, Inc    239,000    4,987,930    1.10  
     U-Store-It Trust    225,000    3,915,000    0.86  
     Ventas, Inc    180,000    4,492,800    0.99  
     Vornado Realty Trust    160,000    11,083,200    2.45  
     Other        87,306,407    19.26  
        391,628,289    86.41  

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   51

Real Estate Securities Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
concluded
                   
              % OF NET  
    COMPANY    SHARES  VALUE    ASSETS  
 
 
 
    HOTELS AND OTHER LODGING PLACES           
*    Fairmont Hotels & Resorts    155,000  $ 5,136,700    1.13 % 
    Hilton Hotels Corp    187,000  4,179,450    0.92  
*    Jameson Inns, Inc    2,950,000  4,336,500    0.96  
*    Lodgian, Inc    709,923  7,276,711    1.61  
    Starwood Hotels & Resorts Worldwide, Inc    296,858  17,820,385    3.93  
    Other      2,826,176    0.62  
          41,575,922    9.17  
 
    REAL ESTATE           
*    Brookfield Properties Corp    100,000  3,850,000    0.85  
*    CB Richard Ellis Group, Inc    165,000  5,773,350    1.28  
    Thomas Properties Group, Inc    395,902  4,901,267    1.08  
          14,524,617    3.21  
    TOTAL COMMON STOCKS    (Cost $448,773,995)  447,728,828    98.79  
 
    TOTAL PORTFOLIO    (Cost $448,773,995)  447,728,828    98.79 % 
    OTHER ASSETS AND LIABILITIES, NET      5,479,262    1.21  
    NET ASSETS      $ 453,208,090    100.00 % 

*      Non-income producing
 
  For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Funds use more specific industry categories in following their investments limitations on industry concentration.
 
52   |  2005 Semiannual Report
TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS

Inflation-Linked Bond Fund |  Summary portfolio of investments (unaudited)
March 31, 2005
                % OF NET  
    ISSUER      PRINCIPAL  VALUE    ASSETS  
   
 
 
 
    GOVERNMENT BONDS             
    U.S. TREASURY SECURITIES             
k   U.S. Treasury Inflation Indexed Bond    2.375%, 01/15/25  $ 29,291,456  $ 31,508,820    7.02 % 
k   U.S. Treasury Inflation Indexed Bond    3.625%, 04/15/28  30,281,922  39,820,728    8.88  
k   U.S. Treasury Inflation Indexed Bond    3.875%, 04/15/29  34,746,130  47,803,031    10.65  
k   U.S. Treasury Inflation Indexed Bond    3.375%, 04/15/32  8,261,317  10,968,220    2.44  
k   U.S. Treasury Inflation Indexed Note    3.375%, 01/15/07  25,425,319  26,696,586    5.95  
k   U.S. Treasury Inflation Indexed Note    3.625%, 01/15/08  29,667,450  31,918,024    7.11  
k   U.S. Treasury Inflation Indexed Note    3.875%, 01/15/09  28,178,669  31,084,454    6.93  
k   U.S. Treasury Inflation Indexed Note    4.250%, 01/15/10  19,664,287  22,392,707    4.99  
k   U.S. Treasury Inflation Indexed Note    0.875%, 04/15/10  18,470,296  18,072,077    4.03  
k   U.S. Treasury Inflation Indexed Note    3.500%, 01/15/11  18,296,829  20,438,107    4.56  
k   U.S. Treasury Inflation Indexed Note    3.375%, 01/15/12  9,799,366  10,996,751    2.45  
k   U.S. Treasury Inflation Indexed Note    3.000%, 07/15/12  37,182,923  40,912,743    9.12  
k   U.S. Treasury Inflation Indexed Note    1.875%, 07/15/13  31,536,415  32,093,349    7.15  
k   U.S. Treasury Inflation Indexed Note    2.000%, 01/15/14  32,956,943  33,729,454    7.52  
k   U.S. Treasury Inflation Indexed Note    2.000%, 07/15/14  29,175,120  29,799,760    6.64  
k   U.S. Treasury Inflation Indexed Note    1.625%, 01/15/15  15,249,362  15,025,350    3.35  
            443,260,161    98.79  
 
TOTAL GOVERNMENT BONDS  (Cost $434,860,649)  443,260,161    98.79  
 
    SHORT-TERM INVESTMENTS             
     U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         
    Federal Home Loan Bank (FHLB)    2.400%, 04/01/05  1,900,000  1,899,860    0.42  
            1,899,860    0.42  
 
TOTAL SHORT-TERM INVESTMENTS  (Cost $1,900,000)  1,899,860    0.42  
 
        TOTAL PORTFOLIO  (Cost $436,760,649)  445,160,021    99.21 % 
OTHER ASSETS AND LIABILITIES, NET    3,536,112    0.79  
        NET ASSETS    $ 448,696,133    100.00 % 

k      Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Retail Class • TIAA-CREF Institutional Mutual Funds
 |   53

Statements of assets and liabilities (unaudited) |  TIAA-CREF Institutional Mutual Funds
March 31, 2005

 
Large-Cap 
Mid-Cap 
Mid-Cap 
Small-Cap 
Real Estate
Inflation-Linked
 
 
Value Fund 
Growth Fund 
Value Fund 
Equity Fund 
Securities Fund
Bond Fund
 
ASSETS                     
Portfolio investments, at cost  $ 430,008,761    $ 161,902,754    $ 271,019,589    $ 313,388,388    $ 448,773,995   $ 436,760,649  
Net unrealized appreciation (depreciation) of                     
   portfolio investments  22,536,491    17,985,334    25,989,706    5,867,739    (1,045,167 )  8,399,372  
Portfolio investments, at value  452,545,252    179,888,088    297,009,295    319,256,127    447,728,828   445,160,021  
Cash  1,414,022    583,307    4,787    24,623    —   36,048  
Cash-foreign (cost of $559,214, $—, $235,802, $—,                     
   $— and $—, respectively)  554,041    —    231,522    —    —   —  
Receivable from securities transactions  9,139,436    1,902,949    766,135    12,120,663    19,859,451   5,948,834  
Receivable from Fund shares sold  2,039,347    610,329    2,717,902    1,128,578    1,323,300   470,502  
Dividends and investment receivable  680,036    622,195    375,708    243,767    2,184,034   3,163,047  
Total assets  466,372,134    183,606,868    301,105,349    332,773,758    471,095,613   454,778,452  
LIABILITIES                     
Accrued expenses  185,577    97,430    150,171    144,886    173,250   108,819  
Due to custodian  —    —    —    —    5,816,937   —  
Payable for securities transactions  15,555,835    14,059,966    14,377,914    24,489,963    11,770,072   5,947,890  
Payable for Fund shares redeemed  107,940    14,000    49,377    9,210    127,264   25,610  
Total liabilities  15,849,352    14,171,396    14,577,462    24,644,059    17,887,523   6,082,319  
NET ASSETS  $ 450,522,782    $ 169,435,472    $ 286,527,887    $ 308,129,699    $ 453,208,090   $ 448,696,133  
NET ASSETS CONSIST OF:                     
Paid-in-capital  $ 413,310,193    $ 148,971,474    $ 253,357,777    $ 284,344,697    $ 425,853,704   $ 438,035,338  
Accumulated undistributed (distributions in excess of)                     
   net investment income  1,615,910    17,994    798,468    476,693    2,162,032   (42,718 ) 
Accumulated net realized gain on total investments  13,062,462    2,460,670    6,384,105    17,440,570    26,237,521   2,304,141  
Accumulated net unrealized appreciation (depreciation)                     
   on total investments  22,534,217    17,985,334    25,987,537    5,867,739    (1,045,167 )  8,399,372  
NET ASSETS  $ 450,522,782    $ 169,435,472    $ 286,527,887    $ 308,129,699    $ 453,208,090   $ 448,696,133  
RETIREMENT CLASS:                     
Net assets  $ 134,757,953    $ 97,463,563    $ 192,012,075    $ 150,161,487    $ 116,493,446   —  
Outstanding shares of beneficial interest, unlimited                     
shares authorized ($.0001 par value)  9,701,263    6,289,338    11,909,660    10,318,748    8,787,016   —  
Net asset value per share  $ 13.89    $ 15.50    $ 16.12    $ 14.55    $ 13.26   —  
INSTITUTIONAL CLASS:                     
Net assets  $ 148,871,736    $ 18,473,341    $ 23,598,853    $ 92,432,120    $ 203,159,287   $ 385,206,418  
Outstanding shares of beneficial interest, unlimited                     
shares authorized ($.0001 par value)  10,755,242    1,185,000    1,462,437    6,310,504    15,491,489   35,999,859  
Net asset value per share  $ 13.84    $ 15.59    $ 16.14    $ 14.65    $ 13.11   $ 10.70  
RETAIL CLASS:                     
Net assets  $ 166,893,093    $ 53,498,568    $ 70,916,959    $ 65,536,092    $ 133,555,357   $ 63,489,715  
Outstanding shares of beneficial interest, unlimited                     
shares authorized ($.0001 par value)  12,238,311    3,451,523    4,439,809    4,524,098    10,289,353   6,026,192  
Net asset value per share  $ 13.64    $ 15.50    $ 15.97    $ 14.49    $ 12.98   $ 10.54  

54   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   55

Statements of operations (unaudited)   |  TIAA-CREF Institutional Mutual Funds
For the Six Months Ended March 31, 2005

 
Large-Cap
Mid-Cap 
Mid-Cap
Small-Cap
Real Estate
Inflation-Linked
 
 
Value Fund
Growth Fund 
Value Fund
Equity Fund
Securities Fund
Bond Fund
 
INVESTMENT INCOME               
Interest  $ 34,044   $ 7,893    $ 47,724   $ 97,990   $ 85,729   $ 6,890,924  
Dividends  3,791,459   355,919    2,064,328   1,701,813   9,582,977   —  
Foreign taxes withheld  —   —    (1,766 )  (305 )  (1,395 )  —  
   Total income  3,825,503   363,812    2,110,286   1,799,498   9,667,311   6,890,924  
EXPENSES               
Investment management fees  127,226   56,942    84,495   106,321   185,608   226,623  
Service Agreement Fees—Retirement Class  176,296   147,462    246,565   241,949   180,665   —  
Service Agreement Fees—Institutional Class  12,009   922    1,904   11,508   35,063   64,463  
Service Agreement Fees—Retail Class  254,614   84,151    93,517   62,639   215,949   66,466  
Custody fees  15,903   7,068    10,458   21,704   18,716   25,179  
Audit fees  9,541   4,241    6,274   11,623   11,228   15,108  
Registration fees—Retirement Class  22,295   18,649    31,182   30,599   12,222   —  
Registration fees—Institutional Class  901   235    484   2,980   8,914   6,446  
Registration fees—Retail Class  10,030   3,315    3,685   2,285   8,507   4,800  
Trustee fees and expenses  1,591   707    1,046   1,271   1,871   2,517  
Total expenses before expense reimbursement  630,406   323,692    479,610   492,879   678,743   411,602  
Less expenses reimbursed by the investment advisor               
   (see Note 2)  —   —    —   (11,000 )  —   —  
   Net expenses  630,406   323,692    479,610   481,879   678,743   411,602  
Net investment income  3,195,097   40,120    1,630,676   1,317,619   8,988,568   6,479,322  
NET REALIZED AND UNREALIZED GAIN               
   ON TOTAL INVESTMENTS               
Realized gain (loss) on:               
   Portfolio investments  14,388,287   4,112,420    7,110,910   21,049,532   35,001,010   7,275,079  
   Foreign currency transactions  (952 )  —    2,710   —   —   —  
Net realized gain on total investments  14,387,335   4,112,420    7,113,620   21,049,532   35,001,010   7,275,079  
Change in unrealized appreciation (depreciation) on:               
   Portfolio investments  9,972,048   13,193,831    20,146,222   (5,559,391 )  (13,244,554 )  (4,012,979 ) 
   Translation of assets (other than portfolio investments) 
             
       and liabilities denominated in foreign currencies 
(2,274 )  —    (2,169 )  —   —   —  
Net change in unrealized appreciation (depreciation) on               
   total investments  9,969,774   13,193,831    20,144,053   (5,559,391 )  (13,244,554 )  (4,012,979 ) 
Net realized and unrealized gain on total investments  24,357,109   17,306,251    27,257,673   15,490,141   21,756,456   3,262,100  
Net increase in net assets resulting from operations  $ 27,552,206   $ 17,346,371    $ 28,888,349   $ 16,807,760   $ 30,745,024   $ 9,741,422  

56   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   57

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

                   Large-Cap Value Fund     Mid-Cap Growth Fund                        
Mid-Cap Value Fund
 
 
   
 
 
 
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
 
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
 
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
 
(Unaudited)
(Unaudited)
(Unaudited)
   
CHANGES IN NET ASSETS                 
 
OPERATIONS                 
Net investment income  $ 3,195,097   $ 3,353,994  
$
40,120
$
10,955   $ 1,630,676   $ 1,390,310  
Net realized gain on total investments  14,387,335   21,028,960     4,112,420     5,508,129   7,113,620   7,259,993  
Net change in unrealized appreciation                 
   on total investments  9,969,774   3,610,107     13,193,831     136,264   20,144,053   3,768,101  
   Net increase from operations  27,552,206   27,993,061     17,346,371     5,655,348   28,888,349   12,418,404  
 
DISTRIBUTIONS TO SHAREHOLDERS                 
From net investment income:                 
   Retirement Class  (1,097,233 )  (112,625 )    (11,097 )    —   (1,286,451 )  (144,631 ) 
   Institutional Class  (609,115 )  (225,234 )    (4,045 )    (4,596 )  (131,368 )  (49,959 ) 
   Retail Class  (2,564,264 )  (1,363,084 )    (10,976 )    (2,167 )  (574,234 )  (238,395 ) 
From realized gains:                 
   Retirement Class  (6,828,007 )  (993,550 )    (3,711,805 )    (1,648,692 )  (5,210,126 )  (1,065,435 ) 
   Institutional Class  (2,612,883 )  (854,856 )    (200,800 )    (84,429 )  (339,829 )  (168,323 ) 
   Retail Class  (10,253,950 )  (4,261,173 )    (2,178,840 )    (1,246,794 )  (2,013,759 )  (589,346 ) 
   Total distributions  (23,965,452 )  (7,810,522 )    (6,117,563 )    (2,986,678 )  (9,555,767 )  (2,256,089 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5) 
               
   Retirement Class  64,149,507   55,984,806     16,313,815     48,185,844   86,991,790   70,476,629  
   Institutional Class  118,935,462   13,588,096     14,236,805     1,611,420   14,294,864   3,060,579  
   Retail Class  26,081,876   37,900,018     863,665     24,916,195   24,892,528   28,162,912  
   Net increase from shareholder transactions  209,166,845   107,472,920     31,414,285     74,713,459   126,179,182   101,700,120  
 
Net increase in net assets  212,753,599   127,655,459     42,643,093     77,382,129   145,511,764   111,862,435  
 
NET ASSETS                 
   Beginning of period  237,769,183   110,113,724     126,792,379     49,410,250   141,016,123   29,153,688  
   End of period $ 450,522,782   $ 237,769,183  
$
169,435,472  
$
 126,792,379   $ 286,527,887   $ 141,016,123  
 
Undistributed net investment         
     
   income included in net assets  $ 1,615,910   $ 2,691,425    $ 17,994  
$
3,992   $ 798,468   $ 1,159,845  

58   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   59

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

                   
Small-Cap Equity Fund
             
Real Estate Securities Fund
       
Inflation-Linked Bond Fund
 
 
 
   
 
 
For the Six
For the Year
For the Six
For the Year
For the Six
For the Year
 
 
Months Ended
Ended
Months Ended
Ended
Months Ended
Ended
 
 
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
March 31, 2005
September 30, 2004
 
 
(Unaudited)
(Unaudited)
(Unaudited)
   
CHANGES IN NET ASSETS               
 
OPERATIONS               
Net investment income  $ 1,317,619   $ 1,393,553   $ 8,988,568   $ 10,174,671    
$
6,479,322   $ 16,003,974  
Net realized gain on total investments  21,049,532   11,660,753   35,001,010   40,031,441  
7,275,079   3,071,023  
Net change in unrealized appreciation         
   
   (depreciation) on total investments  (5,559,391 )  4,828,393   (13,244,554 )  3,319,972  
(4,012,979 )  7,416,879  
Net increase from payment by investment advisor 
       
   
   for investment transaction loss  —   93,506   —   —     —   —  
   Net increase (decrease) from operations  16,807,760   17,976,205   30,745,024   53,526,084     9,741,422   26,491,876  
 
DISTRIBUTIONS TO SHAREHOLDERS               
From net investment income:               
   Retirement Class  (953,805 )  (159,787 )  (1,887,568 )  (1,478,013 )    —   —  
   Institutional Class  (427,052 )  (166,706 )  (3,330,499 )  (4,852,256 )    (5,581,276 )  (13,440,343 ) 
   Retail Class  (548,919 )  (363,682 )  (2,331,107 )  (2,601,245 )    (940,764 )  (2,575,544 ) 
From realized gains:               
   Retirement Class  (6,744,075 )  (3,629,107 )  (11,274,581 )  (3,007,192 )    —   —  
   Institutional Class  (2,485,359 )  (2,041,489 )  (16,888,289 )  (12,623,118 )    (5,913,107 )  (2,261,064 ) 
   Retail Class  (3,005,164 )  (2,565,183 )  (13,830,527 )  (6,341,083 )    (763,852 )  (205,964 ) 
   Total distributions  (14,164,374 )  (8,925,954 )  (49,542,571 )  (30,902,907 )    (13,198,999 )  (18,482,915 ) 
 
SHAREHOLDER TRANSACTIONS (Note 5)               
   Retirement Class  32,658,907   84,839,286   52,953,978   53,597,202     —   —  
   Institutional Class  46,654,816   23,724,659   53,161,064   42,865,145     6,348,799   152,023,929  
   Retail Class  2,361,012   30,320,089   32,023,226   48,582,970     (32,035,952 )  74,477,544  
   Net increase (decrease) from shareholder               
       transactions  81,674,735   138,884,034   138,138,268   145,045,317     (25,687,153 )  226,501,473  
 
Net increase in net assets  84,318,121   147,934,285   119,340,721   167,668,494     (29,144,730 )  234,510,434  
 
NET ASSETS               
   Beginning of period  223,811,578   75,877,293   333,867,369   166,198,875     477,840,863   243,330,429  
   End of period  $ 308,129,699   $ 223,811,578   $ 453,208,090   $ 333,867,369    $  448,696,133   $ 477,840,863  
 
Undistributed (distributions in excess of)               
   net investment income included in net assets  $ 476,693   $ 1,088,850   $ 2,162,032   $ 722,638    $ (42,718 ) 
$
—  

60   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   61

Financial highlights |  TIAA-CREF Institutional Mutual Funds

 
Large-Cap Value Fund
 
 
 
 
Retirement Class 
Institutional Class
Retail Class 
 
 
   
   
 
 
 
 
For the Period
For the Period
For the Period
 
 
For the Six
September 4, 2002
For the Six
September 4, 2002
For the Six
September 4, 2002
 
 
Months
For the Years Ended 
(commencement
Months
For the Years Ended
(commencement
Months
For the Years Ended 
(commencement
 
 
Ended
September 30,
of operations)
Ended
September 30,
of operations)
Ended
September 30, 
of operations)
 
 
March 31,
to September 30,
March 31,
to September 30,
March 31,
to September 30,
 
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
 
(Unaudited)
(Unaudited)
(Unaudited)
       
 
                         
SELECTED PER SHARE DATA                         
Net asset value, beginning of period  $ 13.41   $ 11.55   $ 9.16   $ 10.00   $ 13.40   $ 11.59   $ 9.16   $ 10.00   $ 13.25   $ 11.52   $ 9.16   $ 10.00  
Gain (loss) from investment operations:                         
   Net investment income (b)  0.14   0.24   0.21   0.01   0.16   0.28   0.25   0.01   0.14   0.24   0.22   0.01  
   Net realized and unrealized gain (loss) 
                       
   on total investments 
1.48   2.23   2.24   (0.85 )  1.49   2.22   2.22   (0.85 )  1.47   2.21   2.20   (0.85 ) 
 
Total gain (loss) from investment operations  1.62   2.47   2.45   (0.84 )  1.65   2.50   2.47   (0.84 )  1.61   2.45   2.42   (0.84 ) 
Less distributions from:                         
   Net investment income  (0.16 )  (0.06 )  (0.06 )  —   (0.23 )  (0.14 )  (0.04 )  —   (0.24 )  (0.17 )  (0.06 )  —  
   Net realized gains  (0.98 )  (0.55 )  —   —   (0.98 )  (0.55 )  —   —   (0.98 )  (0.55 )  —   —  
Total distributions  (1.14 )  (0.61 )  (0.06 )  —   (1.21 )  (0.69 )  (0.04 )  —   (1.22 )  (0.72 )  (0.06 )  —  
Net asset value, end of period  $ 13.89   $ 13.41   $ 11.55   $ 9.16   $ 13.84   $ 13.40   $ 11.59   $ 9.16   $ 13.64   $ 13.25   $ 11.52   $ 9.16  
 
TOTAL RETURN  11.88 %  21.59 %  26.94 %  (8.40 )%  12.11 %  21.96 %  26.98 %  (8.40 )%  12.00 %  21.67 %  26.47 %  (8.40 )% 
 
RATIOS AND SUPPLEMENTAL DATA                         
Net assets at end of period
    (in thousands)  		$ 134,758   $ 69,314   $ 9,943   $ 92   $ 148,872   $ 31,289   $ 14,822   $ 92   $
166,893
 
$
137,166
   $ 85,349   $ 18,135  
Ratio of expenses to average net assets                         
   before expense reimbursement  0.24 %  0.51 %  0.54 %  0.03 %  0.07 %  0.17 %  0.21 %  0.01 %  0.22 %  0.49 %  0.51 %  0.03 % 
Ratio of expenses to average net assets                         
   after expense reimbursement  0.24 %  0.48 %  0.47 %  0.03 %  0.07 %  0.14 %  0.14 %  0.01 %  0.22 %  0.44 %  0.44 %  0.03 % 
Ratio of net investment income to                         
   average net assets  0.97 %  1.87 %  1.89 %  0.09 %  1.10 %  2.20 %  2.31 %  0.11 %  0.98 %  1.89 %  1.99 %  0.09 % 
Portfolio turnover rate  60.24 %  153.96 %  184.99 %  25.09 %  60.24 %  153.96 %  184.99 %  25.09 %  60.24 %  153.96 %  184.99 %  25.09 % 
 
(a) The percentages shown for this period are not annualized.
(b) Based on average shares outstanding. 

62   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   63

Financial highlights   |  TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Growth Fund
 
 
 
 
Retirement Class 
Institutional Class
Retail Class 
 
 
   
   
 
 
 
 
For the Period
For the Period
For the Period
 
 
For the Six
September 4, 2002
For the Six
September 4, 2002
For the Six
September 4, 2002
 
 
Months
For the Years Ended 
(commencement
Months
For the Years Ended
(commencement
Months
For the Years Ended 
(commencement
 
 
Ended
September 30,
of operations)
Ended
September 30,
of operations)
Ended
September 30, 
of operations)
 
 
March 31,
to September 30,
March 31,
to September 30,
March 31,
to September 30,
 
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
 
(Unaudited)
(Unaudited)
(Unaudited)
       
 
SELECTED PER SHARE DATA                             
Net asset value, beginning of period $ 14.23   $ 12.97   $ 9.21   $ 10.00   $ 14.30   $ 13.02   $ 9.21   $ 10.00   $ 14.23   $ 12.98   $ 9.21   $ 10.00  
Gain (loss) from investment operations:                            
   Net investment income (loss) (b) 0.00 (c) (0.00) (c) (0.00) (c) 0.00 (c) 0.03   0.05   0.04   0.00 (c) 0.01   0.00 (c)
0.00
(c) 0.00 (c)
Net realized and unrealized gain (loss)                            
   on total investments
 1.94   1.76        3.76   (0.79 ) 1.94   1.76   3.77   (0.79 ) 1.93   1.75        3.77   (0.79 )
Total gain (loss) from investment operations 1.94   1.76        3.76   (0.79 ) 1.97   1.81   3.81   (0.79 ) 1.94   1.75        3.77   (0.79 )
Less distributions from:                              
   Net investment income (0.00) (c) —   (0.00)(c)   —   (0.01)   (0.03 ) —   —   (0.00)(c)   (0.00)(c)   (0.00)(c)   —  
   Net realized gains (0.67)   (0.50)   (0.00)(c)   —   (0.67)   (0.50)   (0.00)
(c)
 —   (0.67)   (0.50)   (0.00)(c)   —  
Total distributions (0.67)   (0.50)   (0.00)(c)   —   (0.68)   (0.53)   (0.00)
(c)
 —   (0.67)   (0.50)   (0.00)(c)   —  
Net asset value, end of period $ 15.50   $ 14.23   $ 12.97   $ 9.21   $ 15.59   $ 14.30   $ 13.02   $ 9.21   $ 15.50   $ 14.23   $ 12.98   $ 9.21  
 
TOTAL RETURN  13.60 %  13.48 % 
40.85
% (7.90 )%  13.76 %  13.88 %  41.37 %  (7.90 )%  13.61 %  13.48 %  40.96 %  (7.90 )% 
 
RATIOS AND SUPPLEMENTAL DATA                             
Net assets at end of period (in thousands) $ 97,463   $ 74,600   $ 25,519   $ 92   $ 18,473   $ 3,684   $ 1,887   $ 92   $ 53,499   $ 48,508   $ 22,004   $ 9,025  
Ratio of expenses to average net assets                            
   before expense reimbursement 0.24 % 0.54 %
0.73
% 0.03 % 0.07 % 0.17 % 0.39 % 0.01 % 0.22 % 0.51 %
0.69
% 0.03 %
Ratio of expenses to average net assets    
               
   
   after expense reimbursement 0.24 % 0.48 %
0.47
% 0.03 % 0.07 % 0.14 % 0.14 % 0.01 % 0.22 % 0.44 %
0.44
% 0.03 %
Ratio of net investment income (loss) to    
                     
   average net assets 0.02 % (0.01 )%
(0.02
)% 0.02 % 0.18 % 0.32 % 0.31 % 0.04 % 0.03 % 0.02 %
0.01
% 0.02 %
Portfolio turnover rate 55.83 % 147.58 %
162.02
% 18.61 % 55.83 % 147.58 % 162.02 % 18.61 % 55.83 % 147.58 %
162.02
% 18.61 %
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.  
(c) Amount represents less than $0.01 per share. 

64   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   65

Financial highlights   |  TIAA-CREF Institutional Mutual Funds
continued

 
Mid-Cap Value Fund
 
 
 
 
Retirement Class 
Institutional Class
Retail Class 
 
 
   
   
 
 
 
 
For the Period
For the Period
For the Period
 
 
For the Six
September 4, 2002
For the Six
September 4, 2002
For the Six
September 4, 2002
 
 
Months
For the Years Ended 
(commencement
Months
For the Years Ended
(commencement
Months
For the Years Ended 
(commencement
 
 
Ended
September 30,
of operations)
Ended
September 30,
of operations)
Ended
September 30, 
of operations)
 
 
March 31,
to September 30,
March 31,
to September 30,
March 31,
to September 30,
 
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
 
(Unaudited)
(Unaudited)
(Unaudited)
       
 
SELECTED PER SHARE DATA                         
Net asset value, beginning of period  $ 14.38   $ 11.95   $ 9.03   $ 10.00   $ 14.44   $ 12.02   $ 9.03   $ 10.00   $ 14.27   $ 11.97   $ 9.03   $ 10.00  
Gain (loss) from investment operations:                         
   Net investment income (b)  0.12   0.21   0.18   0.01   0.15   0.26   0.22   0.01   0.12   0.22   0.19   0.01  
Net realized and unrealized gain (loss)                         
       on total investments  2.33   2.73   2.80   (0.98 )  2.34   2.74   2.81   (0.98 )  2.31   2.71   2.80   (0.98 ) 
Total gain (loss) from investment operations  2.45   2.94   2.98   (0.97 )  2.49   3.00   3.03   (0.97 )  2.43   2.93   2.99   (0.97 ) 
Less distributions from:                         
   Net investment income  (0.14 )  (0.06 )  (0.06 )  —   (0.22 )  (0.13 )  (0.04 )  —   (0.16 )  (0.18 )  (0.05 )  —  
   Net realized gains  (0.57 )  (0.45 )  —   —   (0.57 )  (0.45 )  —   —   (0.57 )  (0.45 )  —   —  
Total distributions  (0.71 )  (0.51 )  (0.06 )  —   (0.79 )  (0.58 )  (0.04 )  —   (0.73 )  (0.63 )  (0.05 )  —  
Net asset value, end of period  $ 16.12   $ 14.38   $ 11.95   $ 9.03   $ 16.14   $ 14.44   $ 12.02   $ 9.03   $ 15.97   $ 14.27   $ 11.97   $ 9.03  
 
TOTAL RETURN  17.04 %  24.82 %  33.27 %  (9.70 )%  17.24 %  25.36 %  33.63 %  (9.70 )%  17.04 %  24.89 %  33.29 %  (9.70 )% 
 
RATIOS AND SUPPLEMENTAL DATA                         
Net assets at end of period (in thousands) $ 192,012   $ 92,268   $ 15,669   $ 90   $ 23,599   $ 8,042   $ 4,009   $ 90   $ 70,917   $ 40,706   $ 9,476   $ 8,852  
Ratio of expenses to average net assets                         
   before expense reimbursement  0.24 %  0.52 %  0.65 %  0.03 %  0.07 %  0.17 %  0.32 %  0.01 %  0.22 %  0.51 %  0.62 %  0.03 % 
Ratio of expenses to average net assets                         
   after expense reimbursement  0.24 %  0.48 %  0.47 %  0.03 %  0.07 %  0.14 %  0.14 %  0.01 %  0.22 %  0.44 %  0.44 %  0.03 % 
Ratio of net investment income to                         
   average net assets  0.76 %  1.54 %  1.52 %  0.12 %  0.93 %  1.88 %  2.05 %  0.14 %  0.77 %  1.58 %  1.83 %  0.11 % 
Portfolio turnover rate  51.01 %  172.61 %  214.97 %  15.01 %  51.01 %  172.61 %  214.97 %  15.01 %  51.01 %  172.61 %  214.97 %  15.01 % 
 
(a) The percentages shown for this period are not annualized.  
(b) Based on average shares outstanding.   

66   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   67

Financial highlights   |  TIAA-CREF Institutional Mutual Funds
continued

 
Small-Cap Equity Fund
 
 
 
 
Retirement Class 
Institutional Class
Retail Class 
 
 
   
   
 
 
 
 
For the Period
For the Period
For the Period
 
 
For the Six
September 4, 2002
For the Six
September 4, 2002
For the Six
September 4, 2002
 
 
Months
For the Years Ended 
(commencement
Months
For the Years Ended
(commencement
Months
For the Years Ended 
(commencement
 
 
Ended
September 30,
of operations)
Ended
September 30,
of operations)
Ended
September 30, 
of operations)
 
 
March 31,
to September 30,
March 31,
to September 30,
March 31,
to September 30,
 
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
 
(Unaudited)
(Unaudited)
(Unaudited)
       
SELECTED PER SHARE DATA                           
Net asset value, beginning of period  $
14.20 
  $ 12.62   $ 9.27   $ 10.00   $ 14.29   $ 12.68   $ 9.27   $ 10.00   $ 14.15   $ 12.64   $ 9.27   $ 10.00  
Gain (loss) from investment operations:                           
   Net investment income (b) 
0.06 
  0.09   0.11   0.01   0.09   0.14   0.14   0.02   0.08   0.12   0.12   0.02  
   Net realized and unrealized gain (loss) 
                       
       on total investments 
1.09 
  2.46   3.28   (0.74 )  1.09   2.48   3.29   (0.75 )  1.09   2.45   3.29   (0.75 ) 
Total gain (loss) from investment operations 
1.15 
  2.55   3.39   (0.73 )  1.18   2.62   3.43   (0.73 )  1.17   2.57   3.41   (0.73 ) 
Less distributions from:                           
   Net investment income 
(0.10
)  (0.04 )  (0.04 )  —   (0.12 )  (0.08 )  (0.02 )  —   (0.13 )  (0.13 )  (0.04 )  —  
   Net realized gains 
(0.70
)  (0.93 )  —   —   (0.70 )  (0.93 )  —   —   (0.70 )  (0.93 )  —   —  
Total distributions 
(0.80
)  (0.97 )  (0.04 )  —   (0.82 )  (1.01 )  (0.02 )  —   (0.83 )  (1.06 )  (0.04 )  —  
Net asset value, end of period  $ 14.55    $ 14.20 (c)  $ 12.62   $ 9.27   $ 14.65   $ 14.29 (c)  $ 12.68   $ 9.27   $ 14.49   $ 14.15 (c)  $ 12.64   $ 9.27  
 
TOTAL RETURN 
7.76
%  20.53 %(c) 36.65 %  (7.30 )%  7.92 %  20.98 %(c) 37.12 %  (7.30 )%  7.91 %  20.70 %(c) 36.90 %  (7.30 )% 
 
RATIOS AND SUPPLEMENTAL DATA 
                       
Net assets at end of period (in thousands)  $
150,162
   $ 116,445   $ 29,036   $ 93   $ 92,432   $ 45,429   $ 18,702   $ 93   $ 65,536   $ 61,937   $ 28,139   $ 18,351  
Ratio of expenses to average net assets                           
   before expense reimbursement 
0.24
%  0.54 %  0.95 %  0.03 %  0.07 %  0.20 %  0.62 %  0.01 %  0.17 %  0.38 %  0.78 %  0.02 % 
Ratio of expenses to average net assets                           
   after expense reimbursement 
0.24
%  0.48 %  0.47 %  0.03 %  0.07 %  0.14 %  0.14 %  0.01 %  0.15 %  0.30 %  0.30 %  0.02 % 
Ratio of net investment income to 
                       
   average net assets 
0.43
%  0.68 %  0.89 %  0.15 %  0.61 %  1.03 %  1.25 %  0.17 %  0.53 %  0.87 %  1.10 %  0.16 % 
Portfolio turnover rate 
153.07
%  294.55 %  328.39 %  14.52 %  153.07 %  294.55 %  328.39 %  14.52 %  153.07 %  294.55 %  328.39 %  14.52 % 
 
(a) The percentages shown for this period are not annualized.   
(b) Based on average shares outstanding.   
(c) During the year ended September 30, 2004, the Small-Cap Equity Fund was reimbursed by the Adviser for
     an investment loss resulting from an overstatement of cash available for investment. Had the Fund not
     been reimbursed, the net asset value and total return for the Retirement Class would have been $14.19
     and 20.44%, respectively, and the net asset value and total return for the Institutional Class would have
     been $14.28 and 20.86%, respectively. There was no change to the net asset value or total return for the
     Retail Class.		  

68   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   69

Financial highlights   |  TIAA-CREF Institutional Mutual Funds
continued

 
Real Estate Securities Fund
 
 
 
 
Retirement Class 
Institutional Class
Retail Class 
 
 
   
   
 
 
 
 
For the Period
For the Period
For the Period
 
 
For the Six
September 4, 2002
For the Six
September 4, 2002
For the Six
September 4, 2002
 
 
Months
For the Years Ended 
(commencement
Months
For the Years Ended
(commencement
Months
For the Years Ended 
(commencement
 
 
Ended
September 30,
of operations)
Ended
September 30,
of operations)
Ended
September 30, 
of operations)
 
 
March 31,
to September 30,
March 31,
to September 30,
March 31,
to September 30,
 
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
 
2004
2003
2002(a)
 
 
(Unaudited)
(Unaudited)
(Unaudited)
       
SELECTED PER SHARE DATA                         
Net asset value, beginning of period  $ 13.62   $ 12.40   $ 9.72   $ 10.00   $ 13.50   $ 12.32   $ 9.72   $ 10.00   $ 13.37   $ 12.22   $ 9.72   $ 10.00  
Gain (loss) from investment operations:                         
   Net investment income (b)  0.30   0.50   0.57   0.05   0.31   0.53   0.59   0.05   0.29   0.49   0.52   0.05  
Net realized and unrealized gain (loss)                         
       on total investments  1.04   2.49   2.39   (0.31 )  1.03   2.48   2.37   (0.31 )  1.02   2.45   2.39   (0.31 ) 
Total gain (loss) from investment operations  1.34   2.99   2.96   (0.26 )  1.34   3.01   2.96   (0.26 )  1.31   2.94   2.91   (0.26 ) 
Less distributions from:                         
   Net investment income  (0.24 )  (0.43 )  (0.27 )  (0.02 )  (0.27 )  (0.49 )  (0.35 )  (0.02 )  (0.24 )  (0.45 )  (0.40 )  (0.02 ) 
   Net realized gains  (1.46 )  (1.34 )  (0.01 )  —   (1.46 )  (1.34 )  (0.01 )  —   (1.46 )  (1.34 )  (0.01 )  —  
Total distributions  (1.70 )  (1.77 )  (0.28 )  (0.02 )  (1.73 )  (1.83 )  (0.36 )  (0.02 )  (1.70 )  (1.79 )  (0.41 )  (0.02 ) 
Net asset value, end of period  $ 13.26   $ 13.62   $ 12.40   $ 9.72   $ 13.11   $ 13.50   $ 12.32   $ 9.72   $ 12.98   $ 13.37   $ 12.22   $ 9.72  
 
TOTAL RETURN  9.11 %  25.81 %  30.92 %  (2.58 )%  9.22 %  26.30 %  30.94 %  (2.56 )%  9.08 %  25.84 %  30.66 %  (2.59 )% 
 
RATIOS AND SUPPLEMENTAL DATA                         
Net assets at end of period (in thousands)  $ 116,494   $ 69,980   $ 14,207   $ 97   $ 203,159   $
156,193
   $ 99,389   $ 97   $ 133,555   $
107,695
  $ 52,603   $ 19,246  
Ratio of expenses to average net assets                         
   before expense reimbursement  0.23 %  0.50 %  0.51 %  0.03 %  0.08 %  0.16 %  0.18 %  0.01 %  0.22 %  0.50 %  0.47 %  0.03 % 
Ratio of expenses to average net assets                         
   after expense reimbursement  0.23 %  0.47 %  0.48 %  0.03 %  0.08 %  0.15 %  0.15 %  0.01 %  0.22 %  0.45 %  0.45 %  0.03 % 
Ratio of net investment income to                         
   average net assets  2.12 %  3.88 %  4.81 %  0.51 %  2.26 %  4.12 %  5.27 %  0.53 %  2.10 %  3.87 %  4.80 %  0.50 % 
Portfolio turnover rate  113.25 %  348.86 %  317.14 %  15.45 %  113.25 %  348.86 %  317.14 %  15.45 %  113.25 %  348.86 %  317.14 %  15.45 % 
 
(a) The percentages shown for this period are not annualized.
(b) Based on average shares outstanding. 

70   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   71

Financial highlights   |  TIAA-CREF Institutional Mutual Funds
March 31, 2005
concluded

 
Inflation-Linked Bond Fund
 
 
 
 
 
Institutional Class
 
Retail Class
 
 
 
 
For the Period
For the Period
 
 
September 4, 2002
September 4, 2002
 
 
For the Six
For the Years Ended
(commencement
For the Six
For the Years Ended
(commencement
 
 
Months Ended
September 30,
of operations)
Months Ended
September 30,
of operations)
 
 
March 31,
to September 30,
March 31,
to September 30,
 
 
2005(a)
 
2004
2003
2002(a)
 
2005(a)
2004
2003
2002(a)
 
  (Unaudited)         (Unaudited)        
 
SELECTED PER SHARE DATA                 
Net asset value, beginning of period  $ 10.75   $ 10.51   $ 10.12   $ 10.00   $ 10.63   $ 10.39   $ 10.12   $ 10.00  
Gain from investment operations:                 
   Net investment income (b)  0.14   0.45   0.37   0.02   0.13   0.49   0.40   0.02  
   Net realized and unrealized gain                 
       on total investments  0.10   0.30   0.31   0.12   0.11   0.24   0.26   0.12  
Total gain from investment operations  0.24   0.75   0.68   0.14   0.24   0.73   0.66   0.14  
Less distributions from:                 
   Net investment income  (0.14 )  (0.42 )  (0.29 )  (0.02 )  (0.18 )  (0.40 )  (0.39 )  (0.02 ) 
   Net realized gains  (0.15 )  (0.09 )  —   —   (0.15 )  (0.09 )  —   —  
Total distributions  (0.29 )  (0.51 )  (0.29 )  (0.02 )  (0.33 )  (0.49 )  (0.39 )  (0.02 ) 
Net asset value, end of period  $ 10.70   $ 10.75   $ 10.51   $ 10.12   $ 10.54   $ 10.63   $ 10.39   $ 10.12  
 
TOTAL RETURN  2.20 %  7.36 %  6.82 %  1.37 %  2.24 %  7.20 %  6.64 %  1.36 % 
 
RATIOS AND SUPPLEMENTAL DATA                 
Net assets at end of period (in thousands)  $ 385,206   $ 382,305   $ 223,138   $ 101   $ 63,490   $ 95,536   $ 20,193   $ 22,172  
Ratio of expenses to average net assets                 
   before expense reimbursement  0.07 %  0.15 %  0.15 %  0.01 %  0.15 %  0.33 %  0.31 %  0.02 % 
Ratio of expenses to average net assets                 
   after expense reimbursement  0.07 %  0.14 %  0.14 %  0.01 %  0.15 %  0.30 %  0.30 %  0.02 % 
 Ratio of net investment income to average
    net assets		 1.28 %  4.27 %  3.56 %  0.23 %  1.26 %  4.67 %  3.93 %  0.22 % 
Portfolio turnover rate  160.58 %  150.53 %  209.51 %  0.00 %  160.58 %  150.53 %  209.51 %  0.00 % 
 
(a) The percentages shown for this period are not annualized.
(b) Based on average shares outstanding. 

72   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   73

Notes to financial statements (unaudited)  | TIAA-CREF Institutional Mutual Funds

Note 1—significant accounting policies

TIAA-CREF Institutional Mutual Funds (the “Funds”) is a Delaware statutory trust that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. These financial statements consist of six of the thirty funds comprising TIAA-CREF Institutional Mutual Funds. The Large-Cap Value, Mid-Cap Growth, Mid-Cap Value, Small-Cap Equity, Real Estate Securities, and Inflation-Linked Bond Funds (collectively, the “Funds”) commenced operations on September 4, 2002 with a seed money investment by Teachers Insurance and Annuity Association of America (“TIAA’). At March 31, 2005, TIAA had remaining seed money investment in the Real Estate Securities Fund as follows:

    Value of TIAA’S Seed Money Investment at March 31, 2005 
    Retirement    Institutional    Retail     
    Class    Class    Class    Total 
 
Real Estate Securities Fund 
  $171,877    $172,658    $13,763,258    $14,107,793 

The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned subsidiary of TIAA. The Funds offer up to three share classes although any one Fund may not necessarily offer all three classes. The Retirement Class shares are offered exclusively through accounts established by employers, or the trustees of plans sponsored by employers, with TIAA-CREF Individual and Institutional Services, LLC (“Services”), a broker-dealer affiliate of TIAA, in connection with certain employee benefit plans. The Institutional Class shares are offered to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition saving plans, who have entered into a contract with an affiliate of TIAA. The Retail Class shares are offered directly to the investing public. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors Inc. (“Advisors”), a wholly-owned subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds.

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

Valuation of investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent

74   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class

Notes to financial statements (unaudited)
continued

quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments with maturities of one year or less are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Investments in registered investment companies are valued at their net asset value. Foreign investments are valued at the closing values of such securities as of the date of valuation under the generally accepted valuation method in the country where traded, converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sales price as of the close of such commodities exchanges. Portfolio securities for which market quotations are not readily available are valued at fair value, as determined in good faith under the direction of the Board of Trustees. Portfolio securities may also be valued at fair value as determined in good faith under the direction of the Board of Trustees if events materially affecting their value occur between the time their price is determined and the time a Fund’s net asset value is calculated. The fair value of securities may be determined with the assistance of a pricing service, which attempts to calculate a fair value for securities based on numerous factors including correlations of a security’s price with securities indices and other appropriate indicators, such as ADR’s and futures contracts. Other factors may also be considered in determining fair value, such as fundamental analytical data, market and trading trends, and public trading of similar securities of the issuer or comparable issuers.

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

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

Forward foreign currency contracts: The Funds may use forward foreign currency contracts to facilitate transactions in securities denominated in foreign currencies.

2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   75

Notes to financial statements (unaudited)
continued

 

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

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

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

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

Distributions to shareholders: Distributions from net investment income, if any, are declared and paid annually for each of the Funds, except for the Real Estate Securities and the Inflation-Linked Bond Funds where distributions are declared and paid quarterly. Distributions from realized gains, if any, are declared and paid annually for each of the Funds. Accumulated undistributed net investment income and accumulated undistributed net realized gain (loss) on total investments may include temporary and permanent book and tax differences. Temporary differences will reverse in subsequent periods and are generally due to differing book and tax treatments for the timing and recognition of gains and losses on securities, forwards, and futures, including Post October losses. Permanent differences will result in reclassifications among the respective components of net assets and are generally due to REIT adjustments, foreign currency transactions, distribution reclass, and gains on certain equity securities designated and issued by “passive foreign investment companies”.

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

76   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class

Notes to financial statements (unaudited)
continued

 

Note 2—management agreement

Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund’s net assets, based on the average daily net assets of each Fund. Under the terms of a Service Agreement, each Fund Class pays Advisors a monthly fee based on the average daily net assets of each Fund Class for providing transfer agency, accounting and administration services. Various other expenses (including custody, audit, regulatory and trustee fees) are borne directly by the Funds/Classes. Advisors has voluntarily agreed to partially reimburse the Funds for the various other expenses. The total reimbursement to the Funds for the six months ended March 31, 2005 was $11,000. Advisors will receive the following annual percentages of each Fund’s / Classes’ average daily net assets for investment management and service agreement fees:

 
Investment
 
Management
 
Fee
Service Agreement Fee
 
 
All
Retirement
Institutional
Retail
 
Classes
Class
Class
Class
Large-Cap Value Fund 
0.08%
0.34%
0.04%
0.33%
Mid-Cap Growth Fund 
0.08%
0.34%
0.04%
0.33%
Mid-Cap Value Fund 
0.08%
0.34%
0.04%
0.33%
Small-Cap Equity Fund 
0.08%
0.34%
0.04%
0.19%
Real Estate Securities Fund 
0.09%
0.34%
0.04%
0.33%
Inflation-Linked Bond Fund 
0.09%
—
0.03%
0.18%

To limit the Funds’/Classes’ expenses, Advisors has agreed to reimburse the Funds if expenses, as described above, exceed the percentages listed below.

 
Retirement
Institutional
Retail
 
 
Class
Class
Class
 
Large-Cap Value Fund 
0.48%
0.14%
0.44%
 
Mid-Cap Growth Fund 
0.48%
0.15%
0.44%
 
Mid-Cap Value Fund 
0.48%
0.15%
0.44%
 
Small-Cap Equity Fund 
0.48%
0.15%
0.30%
 
Real Estate Securities Fund 
0.47%
0.16%
0.45%
 
Inflation-Linked Bond Fund 
—
0.14%
0.30%
 

2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   77

 

Notes to financial statements (unaudited)
continued

Note 3—investments

At March 31, 2005, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

 
Net Unrealized
 
 
Gross Unrealized 
Gross Unrealized 
Appreciation/
 
 
Appreciation 
Depreciation 
(Depreciation)
 
Large-Cap Value Fund  $ 32,714,113  $ 10,177,622  $ 22,536,491  
Mid-Cap Growth Fund  21,713,049  3,727,715  17,985,334  
Mid-Cap Value Fund  31,127,282  5,137,576  25,989,706  
Small-Cap Equity Fund  19,020,035  13,152,296  5,867,739  
Real Estate Securities Fund  16,312,997  17,358,164  (1,045,167 ) 
Inflation-Linked Bond Fund  8,569,093  169,721  8,399,372  

Purchases and sales of securities, other than short-term money market instruments, for the Funds for the six months ended March 31, 2005, were as follows:

 
Non-Government 
Government 
Non-Government 
Government 
 
Purchases 
Purchases 
Sales 
Sales 
Large-Cap Value Fund  $ 382,558,825   
$
—    $ 194,716,146    $ — 
Mid-Cap Growth Fund  103,453,241      —    80,255,960      — 
Mid-Cap Value Fund  218,363,634      —    106,913,361      — 
Small-Cap Equity Fund  480,577,634      —    411,457,689      — 
Real Estate Securities Fund  559,053,312      —    457,397,915      — 
Inflation-Linked Bond Fund  —      790,833,775    —      824,804,590 

Note 4—trustee fees

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

78   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class

Notes to financial statements (unaudited)
continued

 

Note 5—shareholder transactions

 
Large-Cap Value Fund
 
 
 
 
For the Six Months
 
For the Year
 
 
Ended
 
Ended
 
 
March 31, 2005
  September 30, 2004  
 
 
 
 
Amount
Shares
Amount
Shares
 
Retirement Class: 
       
Subscriptions 
$ 
67,886,116   4,807,486   $ 68,330,772   5,240,334  
Reinvestment of distributions 
7,925,237   560,087   1,106,174   87,514  
Redemptions 
(11,661,846 )  (835,175 )  (13,452,140 )  (1,019,498 ) 
Net increase 
$ 
64,149,507   4,532,398   $ 55,984,806   4,308,350  
 
Institutional Class: 
       
Subscriptions 
$ 
120,285,033   8,516,253   $ 15,538,789   1,205,912  
Reinvestment of distributions 
466,404   33,102   102,938   8,169  
Redemptions 
(1,815,975 )  (128,363 )  (2,053,631 )  (159,014 ) 
Net increase 
$ 
118,935,462   8,420,992   $ 13,588,096   1,055,067  
 
Retail Class: 
       
Subscriptions 
$ 
15,690,415   1,132,335   $ 17,697,831   1,384,632  
Reinvestment of distributions 
12,711,732   915,641   5,581,846   447,090  
Exchanges 
4,409,801   321,371   17,068,267   1,298,327  
Redemptions 
(6,730,072 )  (480,761 )  (2,447,926 )  (186,815 ) 
Net increase 
$ 
26,081,876   1,888,586   $ 37,900,018   2,943,234  

2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   79

 

Notes to financial statements (unaudited)
continued

 

   
Mid-Cap Growth Fund
 
   
 
   
For the Six Months
For the Year
 
   
Ended
Ended
 
   
March 31, 2005
September 30, 2004
 
   
   
 
   
Amount
Shares
Amount
Shares
 
Retirement Class:           
Subscriptions 
$ 
23,549,427   1,532,236   $ 68,219,765   4,699,551  
Reinvestment of distributions    3,722,900   238,189   1,648,689   116,350  
Redemptions    (10,958,512 )  (722,846 )  (21,682,610 )  (1,540,986 ) 
Net increase 
$ 
16,313,815   1,047,579   $ 48,185,844   3,274,915  
 
Institutional Class:           
Subscriptions (Note 8) 
$ 
14,372,190   936,395  
$
2,203,613   153,729  
Reinvestment of distributions    79,187   5,041   27,672   1,949  
Redemptions    (214,572 )  (14,106 )  (619,865 )  (42,965 ) 
Net increase 
$ 
14,236,805   927,330  
$
1,611,420   112,713  
 
Retail Class: 
   
   
Subscriptions 
$ 
5,675,439   370,198  
$
25,836,844   1,792,547  
Reinvestment of distributions 
2,150,315   137,332  
1,221,595   86,257  
Exchanges 
(3,232,494 )  (216,655 ) 
3,359,516   219,016  
Redemptions 
(3,729,595 )  (247,266 ) 
(5,501,760 )  (385,710 ) 
Net increase 
$ 
863,665   43,609  
$
24,916,195   1,712,110  

80   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class

Notes to financial statements (unaudited)
continued

 

 
Mid-Cap Value Fund
 
 
 
 
For the Six Months
For the Year
 
 
Ended
Ended
 
 
March 31, 2005
September 30, 2004
 
 
   
 
 
Amount
Shares
Amount
Shares
 
Retirement Class:         
Subscriptions  $ 91,380,040   5,770,958   $ 84,790,753   6,129,080  
Reinvestment of distributions  6,496,574   404,771   1,210,066   90,506  
Redemptions  (10,884,824 )  (681,744 )  (15,524,190 )  (1,114,591 ) 
Net increase  $ 86,991,790   5,493,985   $ 70,476,629   5,104,995  
 
Institutional Class:         
Subscriptions  $ 14,907,900   944,951  
$
3,895,131   283,019  
Reinvestment of distributions  144,605   9,004   76,386   5,705  
Redemptions  (757,641 )  (48,467 )  (910,938 )  (65,191 ) 
Net increase  $ 14,294,864   905,488  
$
3,060,579   223,533  
 
Retail Class:         
Subscriptions  $ 12,923,492   828,037   $ 17,732,643   1,297,543  
Reinvestment of distributions  2,506,619   157,928   780,846   58,936  
Exchanges  12,427,076   791,889   13,250,783   965,460  
Redemptions  (2,964,659 )  (191,014 )  (3,601,360 )  (260,782 ) 
Net increase  $ 24,892,528   1,586,840   $ 28,162,912   2,061,157  

2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   81

 

Notes to financial statements (unaudited)
continued

 

   
Small-Cap Equity Fund
 
   
 
   
For the Six Months
For the Year
 
   
Ended
Ended
 
   
March 31, 2005
September 30, 2004
 
   
   
 
   
Amount
Shares
Amount
Shares
 
Retirement Class:             
Subscriptions 
$ 
61,004,117   4,031,070  
$
121,058,196   8,589,669  
Reinvestment of distributions    7,697,878   497,600     3,788,891   277,371  
Redemptions    (36,043,088 )  (2,410,671 )    (40,007,801 )  (2,966,741 ) 
Net increase 
$ 
32,658,907   2,117,999  
$
84,839,286   5,900,299  
 
Institutional Class:             
Subscriptions 
$ 
47,993,053   3,221,739  
$
28,588,554   2,055,677  
Reinvestment of distributions    1,789,247   114,990     1,168,635   85,239  
Redemptions    (3,127,484 )  (206,382 )    (6,032,530 )  (435,171 ) 
Net increase 
$ 
46,654,816   3,130,347  
$
23,724,659   1,705,745  
 
Retail Class:             
Subscriptions 
$ 
7,176,105   479,866  
$
22,421,679   1,608,422  
Reinvestment of distributions    3,493,722   226,920     2,869,958   211,013  
Exchanges    (2,618,078 )  (178,502 )    9,837,058   676,736  
Redemptions    (5,690,737 )  (380,082 )    (4,808,606 )  (346,917 ) 
Net increase 
$ 
2,361,012   148,202  
$
30,320,089   2,149,254  

82   |  2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class

 

Notes to financial statements (unaudited)
continued

 

   
Real Estate Securities Fund
 
 
 
 
For the Six Months
For the Year
 
 
Ended
Ended
 
 
March 31, 2005
September 30, 2004
 
 
 
 
  Amount   Shares   Amount   Shares  
Retirement Class:         
Subscriptions  $ 53,668,820   3,732,554   $ 87,592,242   6,721,257  
Reinvestment of distributions  13,161,307   930,219   4,495,416   359,738  
Redemptions  (13,876,149 )  (1,011,911 )  (38,490,456 )  (3,090,343 ) 
Net increase  $ 52,953,978   3,650,862   $ 53,597,202   3,990,652  
 
Institutional Class:         
Subscriptions  $ 60,474,855   4,516,663   $ 77,062,195   6,076,287  
Reinvestment of distributions  15,564,489   1,113,390   12,251,013   996,688  
Exchanges  —   —   3,067   260  
Redemptions  (22,878,280 )  (1,705,526 )  (46,451,130 )  (3,571,259 ) 
Net increase  $ 53,161,064   3,924,527   $ 42,865,145   3,501,976  
 
Retail Class:         
Seed money redemptions  $ —   —   $ (10,000,000 )  (794,912 ) 
Subscriptions  28,949,846   2,083,232   64,825,462   5,074,740  
Reinvestment of distributions  15,662,272   1,129,720   8,437,757   694,020  
Exchanges  2,886,548   173,299   9,031,534   660,114  
Redemptions  (15,475,440 )  (1,149,925 )  (23,711,783 )  (1,886,188 ) 
Net increase  $ 32,023,226   2,236,326   $ 48,582,970   3,747,774  
 
 
Inflation-Linked Bond Fund
 
 
 
 
For the Six Months
For the Year
 
 
Ended
Ended
 
 
March 31, 2005
September 30, 2004
 
 
 
 
  Amount   Shares   Amount   Shares  
Institutional Class:         
Seed money redemptions  $ —   —   $ (114,884 )  (10,482 ) 
Subscriptions  152,664,231   14,218,492   250,218,699   23,411,152  
Reinvestment of distributions  10,500,302   982,292   14,582,034   1,381,350  
Exchanges  —   —   10,892   988  
Redemptions  (156,815,734 )  (14,763,425 )  (112,672,812 )  (10,452,289 ) 
Net increase  $ 6,348,799   437,359   $ 152,023,929   14,330,719  
 
Retail Class:         
Subscriptions  $ 12,700,820   1,191,745   $ 68,415,011   6,474,365  
Reinvestment of distributions  1,629,454   154,828   2,688,349   257,864  
Exchanges  4,742,273   445,073   6,862,441   640,348  
Redemptions  (51,108,499 )  (4,749,840 )  (3,488,257 )  (331,590 ) 
Net increase (decrease)  $ (32,035,952 )  (2,958,194 )  $ 74,477,544   7,040,987  

2005 Semiannual Report
 TIAA-CREF Institutional Mutual Funds • Retail Class
  |   83

 

Notes to financial statements (unaudited)
concluded

 

Note 6—distributions to shareholders

The tax character of distributions paid to shareholders during the year ended September 30, 2004 were as follows:

  For the Year Ended September 30, 2004 
  Ordinary Income    Long-term Capital Gain    Total 
Large-Cap Value Fund  $ 7,513,623    $ 296,899    $ 7,810,522 
Mid-Cap Growth Fund  2,443,048    543,630    2,986,678 
Mid-Cap Value Fund  2,230,692    25,397    2,256,089 
Small-Cap Equity Fund  7,773,988    1,151,966    8,925,954 
Real Estate Securities Fund  30,433,252    469,655    30,902,907 
Inflation-Linked Bond Fund  17,875,397    607,518    18,482,915 

The tax character of the fiscal year 2005 distributions will be determined at the end of the fiscal year.

Note 7—line of credit

Each of the Funds participate in a $2.25 billion unsecured revolving credit facility that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. For the six months ended March 31, 2005, there were no borrowings under this credit facility by the Funds.

Note 8—in-kind transactions

For the six months ended March 31, 2005, the Institutional Class of the Mid-Cap Growth Fund had in-kind subscriptions consisting of marketable securities in the amount of $1,310,100, which are included in subscriptions in shareholder transactions in Note 5.

84   |  2005 Semiannual Report
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©2005 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
New York, NY 10017


730 Third Avenue
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Printed on recycled paper
A30242
C33566
05/05

2005 SEMIANNUAL REPORT

LIFECYCLE FUNDS
OF THE TIAA-CREF
INSTITUTIONAL MUTUAL FUNDS
MARCH 31, 2005
Financial statements (unaudited) including
Portfolios of investments


2010    Fund 
2015    Fund 
2020    Fund 
2025    Fund 
2030    Fund 
2035    Fund 
2040    Fund 

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



PERFORMANCE OVERVIEW AS OF MARCH 31, 2005

   
Total return
Target retirement funds 
Inception date 
since inception
2010  Fund 
10/15/2004 
4.69
% 
2015  Fund 
10/15/2004 
5.56
 
2020  Fund 
10/15/2004 
5.95
 
2025  Fund 
10/15/2004 
6.50
 
2030  Fund 
10/15/2004 
6.47
 
2035  Fund 
10/15/2004 
7.26
 
2040  Fund 
10/15/2004 
7.40
 

The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org/performance/customize.html, or call 800 842-2776.

A better way to keep track of your investments

Many of our investors received this report electronically. That is the fastest way we can get information to you—because it avoids the time required to print the reports, bind them and deliver them by mail.

     Electronic delivery also enables you to save the report on your computer for easy reference tomorrow or a year from now. You can sign up for e-delivery at TIAA-CREF’s Web Center at www.tiaa-cref.org/howto/edelivery.html.

     For the funds’ most recent performance, please visit www.tiaa-cref.org, and use the link on the homepage labeled “Select funds.” You can also get performance information by calling 800 842-2776 from 8 a.m. to 10 p.m. ET, Monday through Friday, or 9 a.m. to 6 p.m. on Saturdays.

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

Contents

Report to investors  2       2025 Fund  20 
         2030 Fund  22 
More information for investors  4       2035 Fund  24 
         2040 Fund  26 
Special terms  5       
     
Portfolios of investments 
28 
Understanding investment risk  6       
      Financial statements   
Important information about expenses  8       Statements of assets and liabilities  36 
         Statements of operations  38 
An introduction to the Lifecycle Funds  10       Statements of changes in net assets  40 
         Financial highlights  42 
Why do the funds use         Notes to financial statements  47 
   composite benchmarks?  11       
      How to reach us  Inside back cover 
Investment results of the Lifecycle Funds  12       
 
Fund performance         
   2010 Fund  14       
   2015 Fund  16       
   2020 Fund  18       

Report to investors

We are pleased to report to you on the performance of the Lifecycle Funds from their inception on October 15, 2004, through March 31, 2005.

     The seven Lifecycle Funds produced positive returns in line with each fund’s asset allocations. Returns ranged from 4.69% for the 2010 Fund to 7.40% for the 2040 Fund. Four of the funds outperformed their composite benchmarks, and no fund’s return trailed its benchmark’s by more than 0.22 percentage points.

     We offer the Lifecycle Funds to provide individual investors with a single fund that is managed with their expected retirement dates in mind. In both their design and their day-to-day operations, the Lifecycle Funds put our investment philosophy to work for you.

     We believe that the most important element of a successful investment plan is a well-designed asset allocation strategy that incorporates funds representing a wide range of asset classes. An asset allocation strategy works best when it uses component funds that are each fully invested in a carefully circumscribed portion of the marketplace. It is also important that the component funds have very low fees. Those funds should then be combined to create a broadly diversified portfolio.

     Spreading investments over a well-chosen combination of funds makes it possible for the funds with higher returns to offset the effects of those with lower returns or losses. While no strategy can guarantee results or prevent losses, diversification is a proven method for controlling risk.

     Each Lifecycle Fund invests in seven low-cost component funds, providing investors with instant diversification. The component funds in turn invest in stocks and bonds from hundreds of individual companies and numerous government entities. The funds’ stock holdings consist primarily of issues of large companies and are evenly divided between growth and value stocks. They include investments in the largest foreign markets—Britain, Japan, France and more than a dozen others. The funds also have allocations to small- and mid-cap stocks and real estate securities.

     The bond holdings of the underlying funds are primarily investment-grade, taxable U.S. government and corporate bonds, as well as mortgage-backed securities. A substantial portion of the bond holdings consists of inflation-indexed securities.

     Each Lifecycle Fund combines the component funds in an asset allocation appropriate for the investor’s expected retirement date. The funds with later target retirement dates are more aggressive, with larger allocations to stock funds and less to bond funds. As each fund’s target

2   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

 


Scott C. Evans
Executive Vice President and
Chief Investment Officer

retirement date approaches, the allocations will become more conservative, with fewer stock fund holdings and larger holdings in bond funds.

     For a further explanation of how the Lifecycle Funds are managed and about the composite benchmarks used to evaluate their performance, please see pages 10 and 11.

     During the period covered by this report, both U.S. and foreign stocks enjoyed strong returns. The Russell 3000® Index, which tracks the broad domestic stock market, returned 8.76%, while the Morgan Stanley EAFE® Index, which tracks the largest foreign markets, advanced 14.05%, in dollar terms.

     The bond market, as measured by the Lehman Brothers U.S. Aggregate Index, which tracks the broad investment-grade bond market in the United States, posted a loss of 0.21%. Inflation-indexed bonds returned 1.59%.

     The component funds of the Life-cycle Funds participated in each of these markets. Their returns benefited from the strong stock gains but were restrained by the disappointing bond returns.

     On the other hand, the funds avoided the losses that can result from trying to predict market movements. The component funds base their investment decisions on the prospects of individual companies and on the makeup of each fund’s benchmark, not on our beliefs about future market patterns.

     Each of the underlying funds seeks to be fully invested, rather than holding a reserve of cash. The financial markets have historically moved upwards over time, but their advances are often concentrated in brief periods. This happened in the period covered by this report; the lion’s share of the stock market’s returns occurred in November and December.

     These rapid advances are difficult to predict. The only way to capture all of the market’s gains is to participate in it fully each day of the year, as the Lifecycle Funds are designed to do.


Scott C. Evans
Executive Vice President and
Chief Investment Officer

2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
  |   3

 

More information for investors

Portfolio listings

You can obtain a complete list of the holdings of the Lifecycle Funds’ underlying funds (called “TIAA-CREF Institutional Mutual Funds Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended March 31, 2005) in the following ways:

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

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

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

Proxy voting

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

Contacting TIAA-CREF

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

Fund management

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

4   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

Special terms

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

Composite benchmarks are customized combinations of other benchmarks. TIAA-CREF has created composite benchmarks to better measure the performance of the Lifecycle Funds.

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

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

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

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

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

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

 

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

2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
  |   5

 

Understanding investment risk

The Lifecycle Funds invest in underlying funds that in turn invest in equity and fixed-income securities. As a result, each Lifecycle Fund is subject, in varying degrees, to the risks of both types of securities. Each Lifecycle Fund is also subject to asset allocation risk. Each of the risks associated with the Lifecycle Funds is described below.

     In general, a fund that invests in stocks is subject to market risk and company risk. The parts of the stock market in which an individual fund operates may subject it to additional, special risks. A fund that invests in bonds is subject to market risk, interest-rate risk, credit risk, prepayment and extension risk, and income volatility risk. As with stocks, operating in certain parts of the bond market may involve additional, special risks.

     Since equity securities are generally more volatile than fixed-income securities, the Lifecycle Funds’ overall level of risk should be higher than that of a fund investing solely in fixed-income securities, but lower than that of a fund investing solely in equity securities. Each Lifecycle Fund will invest less of its assets in equities as its target retirement date approaches, and thus each fund’s overall level of risk should gradually decline.

     As with all mutual fund investments, an investor could lose money by investing in a Lifecycle Fund. For a full explanation of the Lifecycle Funds’ risks, please see the prospectus.

Asset allocation risk is the risk that a fund that invests in other funds may not be able to invest according to its target allocations due to fluctuations in the value of the underlying funds, and that the selection of underlying funds and the allocations among them will result in the fund’s underperformance versus similar funds or will cause an investor to lose money.

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

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

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

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

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

6   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

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

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

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

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

Prepayment and extension risk is the risk of a decline in value arising from changes in duration for certain fixed-income securities that allow for prepayment or extension.

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

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

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

Risks of inflation-indexed bonds include the risk that market values of inflation-indexed bonds can be affected by changes in investors’ inflation expectations or changes in “real” rates of interest (i.e., a security’s return above the inflation rate). Also, the inflation index that a bond is intended to track may not accurately reflect the true rate of inflation. If the market perceives that an index does not accurately reflect inflation, the market value of inflation-indexed bonds could be adversely affected. In addition, an investment in a fund that invests in inflation-indexed bonds is subject to certain special tax considerations.

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

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

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

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   7

Important information about expenses

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

  • Shareholders incur no transaction costs, including sales charges (loads) on purchases, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.
  • However, they do incur ongoing costs, including management fees and other fund expenses. These include fees for the Lifecycle Funds and fees for the underlying funds; each Lifecycle Fund indirectly bears its pro rata share of fees and expenses incurred by the underlying funds.

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

     The examples assume $1,000 was invested at the fund’s inception on Octo-ber 15, 2004, and held until March 31, 2005. Going forward, we will use the mutual fund industry standard of a six-month time period in our expense examples.

Actual expenses

The first line of the two lines listed for each fund in the table uses the fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid since October 15, 2004.

     Simply divide your fund value by $1,000 (for example, an $8,600 fund value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the period from October 15, 2004, to March 31, 2005.

Hypothetical example for comparison purposes

The second line in each fund’s entry in the table shows a hypothetical fund value and hypothetical expenses based on the fund’s actual expense ratio for the period from October 15, 2004, to March 31, 2005, and an assumed annual rate of return of 5% before expenses, which is not the actual return of any of the individual funds.

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

8   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

  DISCLOSURE

Expense examples—for the period ended March 31, 2005
 
Starting fund value
Ending fund value
Expenses paid*
 
(10/15/04)
(3/31/05)
(10/15/04–3/31/05 ) 
 2010 Fund actual return  $1,000.00   $1,046.90   $2.15  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
 2015 Fund actual return  $1,000.00   $1,055.60   $2.16  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
 2020 Fund actual return  $1,000.00   $1,059.50   $2.16  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
 2025 Fund actual return  $1,000.00   $1,065.00   $2.17  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
 2030 Fund actual return  $1,000.00   $1,064.70   $2.17  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
 2035 Fund actual return  $1,000.00   $1,072.60   $2.18  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
 2040 Fund actual return  $1,000.00   $1,074.00   $2.18  
 5% annual hypothetical return  1,000.00   1,022.87   2.13  
*      “Expenses paid” includes the funds’ pro rata share of the underlying funds’ expenses (which the Lifecycle Funds bear indirectly through the underlying funds in which each Lifecycle Fund invests). Expenses during this period included a voluntary reimbursement of a portion of the underlying funds’ fees by their investment advisor, Teachers Advisors, Inc. For a further breakdown of these fees, see the table below.
 
        Underlying funds’ Total annual
 
Distribution
expense
operating
 
Management
(12b-1)
Other
ratio (minus
expenses (minus
Fund 
fees
fees
expenses
reimbursement)
reimbursement)
2010 Fund  0.10 %  0.05 %  0.31 %  0.14 %  0.60 % 
2015 Fund  0.10   0.05   0.31   0.15   0.61  
2020 Fund  0.10   0.05   0.31   0.15   0.61  
2025 Fund  0.10   0.05   0.31   0.15   0.61  
2030 Fund  0.10   0.05   0.31   0.15   0.61  
2035 Fund  0.10   0.05   0.31   0.15   0.61  
2040 Fund  0.10   0.05   0.31   0.15   0.61  

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |  9

An introduction to the Lifecycle Funds

The Lifecycle Funds are designed to provide an investor with a single, diversified portfolio that is managed with the investor’s target retirement date in mind.

     Each Lifecycle Fund invests in seven underlying stock and bond funds offered by the TIAA-CREF Institutional Mutual Funds. Funds intended for investors retiring sooner are more conservative, with larger holdings in underlying funds that invest in bonds and smaller holdings in stock funds. Funds intended for investors retiring in later years are more aggressive, with larger stock fund allocations and smaller bond fund allocations.

     Each Lifecycle Fund’s allocation will gradually change over time, becoming more conservative as the investor approaches retirement. The Lifecycle Funds are suited for investors who do not wish to select the mix of funds for their retirement portfolios and who instead prefer to leave such decisions to professional money managers. The funds are also suitable for investors seeking broad exposure to the stock and bond markets. However, it is important to keep in mind there is no guarantee that an investor’s objectives will be met.

Diversifying retirement assets

The seven underlying funds used by the Lifecycle Funds include four U.S. stock funds, an international stock fund and two bond funds. The stock funds invest in equities of different sizes (larger-, mid- and smaller-capitalization companies), locations (U.S. and abroad) and investing styles (growth and value). The bond funds invest in bonds from several types of issuers and having a range of maturity dates.

     Because different kinds of investments tend to do well at different times, the diversification provided by spreading the Lifecycle Funds’ investments among various underlying stock and bond funds can help control an investor’s risk.

Keeping target allocations on track

The Lifecycle Funds provide the additional convenience of regular rebalancing among underlying funds to maintain each fund’s target retirement allocation. This is done periodically or whenever the percentages of the underlying funds exceed preset limits. Like diversification, rebalancing can help reduce the risk of a portfolio. However, rebalancing does not protect against loss or guarantee that your financial goals will be met.

10   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

Why do the funds use composite benchmarks?

Mutual funds use benchmarks—groups of securities, such as the Russell 3000® Index or the S&P 500® Index—against which the funds’ performance can be measured and compared.

     Because each of the Lifecycle Funds invests in several asset classes, a single benchmark does not provide a meaningful basis of comparison. Instead, for each fund, we use a composite benchmark that combines the benchmark returns of the fund’s seven underlying funds, according to the fund’s target allocations.

     For example, the 2010 Fund has a target allocation of 25% to the Bond Fund; that fund’s benchmark is the Lehman Brothers U.S. Aggregate Index. Therefore, 25% of the return of the 2010 Fund’s composite benchmark is based on the return of the Lehman index. The Lifecycle Funds’ underlying funds and their individual benchmarks are:

  • Growth Equity Fund: The Russell 1000® Growth Index, a subset of the Russell 1000 Index, which measures the stocks of large domestic companies.
    The Russell 1000 Growth Index measures those stocks of the Russell 1000 with higher price-to-book ratios and higher relative forecasted growth rates.
  • Large-Cap Value Fund: The Russell 1000 Value Index, a subset of the Russell 1000 Index, which measures the stocks of large domestic companies.
    The Russell 1000 Value Index measures those stocks of the Russell 1000 with lower price-to-book ratios and lower relative forecasted growth rates.
  • Small-Cap Equity Fund: The Russell 2000® Index, which measures the stocks of the 2,000 smallest companies in the Russell 3000 Index.
  • International Equity Fund: The Morgan Stanley Capital International EAFE® Index, which measures the performance of stocks in 21 developed nations, excluding the United States and Canada.
  • Real Estate Securities Fund: The Dow Jones Wilshire Real Estate Securities Index, which measures the performance of publicly traded real estate securities such as real estate investment trusts and real estate operating companies.
  • Bond Fund: The Lehman Brothers U.S. Aggregate Index, which measures the performance of the U.S. investment-grade fixed-rate bond market.
  • Inflation-Linked Bond Fund: The Lehman Brothers U.S. Treasury Inflation- Protected Securities (TIPS) Index, which measures the performance of inflation-indexed securities issued by the U.S. government with at least one year to maturity.

 

Russell 1000, 2000 and 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. EAFE is a trademark of Morgan Stanley Capital International, Inc. EAFE stands for Europe, Australasia and Far East. S&P 500 is a registered trademark and service mark of McGraw-Hill Companies, Inc. You cannot invest directly in the indexes.

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   11

Investment results of the Lifecycle Funds


Performance from October 15, 2004
through March 31, 2005

The Lifecycle Funds posted solid performance from their inception on October 15, 2004, to March 31, 2005. It was a challenging period for investors, with stocks making strong gains only to give a portion of them back, and with bonds posting returns below their historical norms.

     During the period, all seven Life-cycle Funds registered gains that were in line with those of their composite benchmarks. The funds’ returns ranged from 4.69% for the 2010 Fund to 7.40% for the 2040 Fund.

     The table on the inside front cover of this report shows the returns for the Lifecycle Funds. The following pages provide detailed performance information about each fund.

Stocks advance, then retreat

Falling oil prices and a quick conclusion to the U.S. presidential election lifted global stock markets during November and December. In the United States, the rally cooled in January and then gave way to losses in March. The Russell 3000® Index, which measures the broad U.S. market, returned 8.76% for the period.

     International stocks were even stronger, as the Morgan Stanley EAFE® Index returned 14.05% for the period, despite first-quarter head-winds from a stronger dollar. The EAFE index measures the performance of stocks in 21 developed nations, excluding the United States and Canada.

Rising interest rates depress the bond market

To contain inflation, the Federal Reserve Board raised short-term interest rates twice in the fourth quarter of 2004 and two more times in the first quarter of 2005. Long-term interest rates also climbed during the period. The yield of 10-year U.S. Treasury notes, which serves as a benchmark for the bond market, was 4.12% at the end of the third quarter of 2004. By the end of the first quarter of 2005, the yield stood at 4.48%.

     Since bond prices often go down when yields on Treasury notes increase, investment-grade bonds in the United States, as measured by the Lehman Brothers U.S. Aggregate Index, posted a 0.21% loss from the funds’ inception date to March 31, 2005. However, inflation-linked bonds continued to attract investors, and the Lehman Brothers U.S. TIPS Index returned 1.59% for the period.

Four funds beat their benchmarks

Four of the seven Lifecycle Funds outperformed their composite benchmarks. Of the remaining three, none

12   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

DISCUSSION

underperformed its benchmark by more than 0.22 percentage points. The performance of each Lifecycle Fund, relative to the return of its composite benchmark, depends on how that Lifecycle Fund’s underlying funds perform in comparison with their own benchmarks. (For a further explanation of the composite benchmarks, please see page 11.)

     In addition, each Lifecycle Fund’s performance differs from that of the overall U.S. stock or bond market, according to that fund’s allocation among different types of assets. During the period, the broad U.S. stock market did better than the broad U.S. bond market, and Lifecycle Funds with target retirement dates further into the future and higher stock allocations posted stronger returns than Lifecycle Funds with nearer retirement dates and lower stock allocations. (For a further explanation of how the funds are managed, please see page 10.)

Large-cap value stocks boost performance

Among the four underlying funds that invest in domestic stocks, the largest contribution to the Lifecycle Funds’ performances came from the Large-Cap Value Fund, which returned 12.62%, versus a 10.99% return for its benchmark, the Russell 1000® Value Index. The Lifecycle Funds also benefited from their investments in the International Equity Fund, which rose 13.93%.

     These strong gains were partly offset by underlying funds whose returns were below those of U.S. stocks as a whole. In particular, performance was hampered by the Growth Equity Fund, which returned 5.26%, versus 6.20% for its benchmark, the Russell 1000 Growth Index.

     Both of the underlying funds that invest in bonds had returns that were comparable to their benchmarks’. However, the 0.22% loss posted by the Bond Fund and the 1.64% return of the Inflation-Linked Bond Fund reflected the lackluster performance of the domestic bond market.

     Overall, the Lifecycle Funds performed in line with their objectives by remaining fully invested at all times and by posting returns that exceeded or closely tracked the returns of their composite benchmarks. Differences between actual underlying fund allocations and target allocations did not substantially impact performance.

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   13

2010 Fund | Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLEX
 
Total return*
 
since inception1
 2010 Fund  4.69 % 
 Benchmark:   
     2010 Fund Composite Index  4.91  
 Benchmark components (percentage of composite index):   
     Lehman Brothers U.S. TIPS Index (25%)  1.59  
     Lehman Brothers U.S. Aggregate Index (25%)  –0.21  
     Russell 1000® Value Index2 (19%)  10.99  
     Russell 1000 Growth Index2 (19%)  6.20  
     MSCI EAFE® Index3 (6%)  14.05  
     Dow Jones Wilshire Real Estate Securities Index (3%)  5.58  
     Russell 2000® Index2 (3%)  9.50  
 Peer group:   
     Morningstar Conservative Allocation  2.99  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
 
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

14   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

  PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,469 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)    
  Percent of
  Target invested
 Underlying funds  allocation assets
 
 Inflation-Linked Bond Fund  25.0 %  25.1 % 
 Bond Fund  25.0   25.1  
 Large-Cap Value Fund  19.0   18.4  
 Growth Equity Fund  19.0   18.5  
 International Equity Fund  6.0   6.2  
 Real Estate     
     Securities Fund  3.0   3.1  
 Small-Cap Equity Fund  3.0   3.0  
 Short-term Investments  0.0   0.6  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W458
 Net assets (3/31/2005) 
$2.60 million
 Combined total expense ratio 
0.60 %† 

1Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   15

2015 Fund |  Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLIX
 
Total return*
 
since inception1
 2015 Fund  5.56 % 
 Benchmark:   
     2015 Fund Composite Index  5.34  
 Benchmark components (percentage of composite index):   
     Lehman Brothers U.S. Aggregate Index (23%)  –0.21  
     Lehman Brothers U.S. TIPS Index (22%)  1.59  
     Russell 1000® Value Index2 (21%)  10.99  
     Russell 1000 Growth Index2 (21%)  6.20  
     MSCI EAFE® Index3 (7%)  14.05  
     Dow Jones Wilshire Real Estate Securities Index (3%)  5.58  
     Russell 2000® Index2 (3%)  9.50  
 Peer group:   
     Morningstar Moderate Allocation  5.88  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

16   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

  PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,556 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)      
    Percent of
  Target invested
 Underlying funds  allocation assets
 
 Bond Fund  23.0 %  22.5 % 
 Inflation-Linked Bond Fund  22.0   22.5  
 Large-Cap Value Fund  21.0   20.6  
 Growth Equity Fund  21.0   20.1  
 International Equity Fund  7.0   7.0  
 Real Estate     
     Securities Fund  3.0   3.4  
 Small-Cap Equity Fund  3.0   3.4  
 Short-term Investments  0.0   0.5  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W441
 Net assets (3/31/2005) 
$4.21 million
 Combined total expense ratio 
0.61 %† 

1 Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   17

2020 Fund | Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLTX
 
Total return*
 
since inception1
 2020 Fund  5.95 % 
 Benchmark:   
     2020 Fund Composite Index  5.76  
 Benchmark components (percentage of composite index):   
     Russell 1000® Value Index2 (22%)  10.99  
     Russell 1000 Growth Index2 (22%)  6.20  
     Lehman Brothers U.S. TIPS Index (20%)  1.59  
     Lehman Brothers U.S. Aggregate Index (20%)  –0.21  
     MSCI EAFE® Index3 (8%)  14.05  
     Dow Jones Wilshire Real Estate Securities Index (4%)  5.58  
     Russell 2000® Index2 (4%)  9.50  
 Peer group:   
     Morningstar Moderate Allocation  5.88  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

18   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

 

    PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,595 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)  
 
 
    Percent of
  Target invested
 Underlying funds  allocation
assets
 
 Large-Cap Value Fund  22.0 %  22.1 % 
 Growth Equity Fund  22.0   22.0  
 Inflation-Linked Bond Fund  20.0   19.8  
 Bond Fund  20.0   19.8  
 International Equity Fund  8.0   7.3  
 Real Estate     
     Securities Fund  4.0   3.7  
 Small-Cap Equity Fund  4.0   3.6  
 Short-term Investments  0.0   1.7  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W433
 Net assets (3/31/2005) 
$1.90 million
 Combined total expense ratio 
0.61%† 

1 Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)


2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   19

2025 Fund |  Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLFX
 
Total return*
 
since inception1
 2025 Fund  6.50 % 
 Benchmark:   
     2025 Fund Composite Index  6.19  
 Benchmark components (percentage of composite index):   
     Russell 1000® Value Index2 (24%)  10.99  
     Russell 1000 Growth Index2 (24%)  6.20  
     Lehman Brothers U.S. TIPS Index (18%)  1.59  
     Lehman Brothers U.S. Aggregate Index (18%)  –0.21  
     MSCI EAFE® Index3 (8%)  14.05  
     Dow Jones Wilshire Real Estate Securities Index (4%)  5.58  
     Russell 2000® Index2 (4%)  9.50  
 Peer group:   
     Morningstar Moderate Allocation  5.88  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

20   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

  PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,650 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)      
  Percent of
  Target invested
 Underlying funds  allocation assets
 
 Large-Cap Value Fund  24.0 %  24.1 % 
 Growth Equity Fund  24.0   24.1  
 Inflation-Linked Bond Fund  18.0   17.3  
 Bond Fund  18.0   17.2  
 International Equity Fund  8.0   7.9  
 Real Estate     
     Securities Fund  4.0   4.0  
 Small-Cap Equity Fund  4.0   4.0  
 Short-term Investments  0.0   1.4  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W425
 Net assets (3/31/2005) 
$2.86 million
 Combined total expense ratio 
0.61%† 

1 Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   21

2030 Fund |  Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLNX
 
Total return*
 
since inception1
 2030 Fund  6.47 % 
 Benchmark:   
     2030 Fund Composite Index  6.62  
 Benchmark components (percentage of composite index):   
     Russell 1000® Value Index2 (26%)  10.99  
     Russell 1000 Growth Index2 (26%)  6.20  
     Lehman Brothers U.S. TIPS Index (15%)  1.59  
     Lehman Brothers U.S. Aggregate Index (15%)  –0.21  
     MSCI EAFE® Index3 (9%)  14.05  
     Dow Jones Wilshire Real Estate Securities Index (5%)  5.58  
     Russell 2000® Index2 (4%)  9.50  
 Peer group:   
     Morningstar Moderate Allocation  5.88  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

22  |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

    PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,647 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)      
    Percent of
  Target invested
 Underlying funds  allocation assets
 
 Large-Cap Value Fund  26.0 %  25.8 % 
 Growth Equity Fund  26.0   25.6  
 Inflation-Linked Bond Fund  15.0   14.7  
 Bond Fund  15.0   14.6  
 International Equity Fund  9.0   8.6  
 Real Estate     
     Securities Fund  5.0   4.3  
 Small-Cap Equity Fund  4.0   4.3  
 Short-term Investments  0.0   2.1  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W417
 Net assets (3/31/2005) 
$1.88 million
 Combined total expense ratio 
0.61%†

1 Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   23

2035 Fund |  Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLRX
 
Total return*
 
since inception1
 2035 Fund  7.26 % 
 Benchmark:   
     2035 Fund Composite Index  7.05  
 Benchmark components (percentage of composite index):   
     Russell 1000® Growth Index2 (28%)  6.20  
     Russell 1000 Value Index2 (28%)  10.99  
     Lehman Brothers U.S. Aggregate Index (13%)  –0.21  
     Lehman Brothers U.S. TIPS Index (12%)  1.59  
     MSCI EAFE® Index3 (9%)  14.05  
     Dow Jones Wilshire Real Estate Securities Index (5%)  5.58  
     Russell 2000® Index2 (5%)  9.50  
 Peer group:   
     Morningstar Large Blend  8.25  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

24   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

  PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,726 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)      
    Percent of
  Target invested
 Underlying funds  allocation assets
 
 Growth Equity Fund  28.0 %  27.5 % 
 Large-Cap Value Fund  28.0   27.4  
 Bond Fund  13.0   12.3  
 Inflation-Linked Bond Fund  12.0   12.3  
 International Equity Fund  9.0   8.9  
 Real Estate     
     Securities Fund  5.0   4.6  
 Small-Cap Equity Fund  5.0   4.6  
 Short-term Investments  0.0   2.4  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W391
 Net assets (3/31/2005) 
$1.43 million
 Combined total expense ratio 
0.61%†

1 Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)


2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |  25

2040 Fund |  Equities and fixed income

Investment objective

The fund seeks a high total return over time through a combination of capital appreciation and income.

Performance as of March 31, 2005  Ticker symbol: TCLOX
 
Total return*
 
since inception1
 2040 Fund  7.40 % 
 Benchmark:   
     2040 Fund Composite Index  7.48  
 Benchmark components (percentage of composite index):   
     Russell 1000® Growth Index2 (30%)  6.20  
     Russell 1000 Value Index2 (30%)  10.99  
     Lehman Brothers U.S. Aggregate Index (10%)  –0.21  
     Lehman Brothers U.S. TIPS Index (10%)  1.59  
     MSCI EAFE® Index3 (10%)  14.05  
     Russell 2000® Index2 (5%)  9.50  
     Dow Jones Wilshire Real Estate Securities Index (5%)  5.58  
 Peer group:   
     Morningstar Large Blend  8.25  
*      The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit www.tiaa-cref.org, or call 800 842-2776.
1      Inception date: October 15, 2004
 
2      Russell 1000 and Russell 2000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company.
 
3      EAFE is a trademark of Morgan Stanley Capital International, Inc.

26   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

  PERFORMANCE

$10,000 since October 15, 2004 inception


An investment of $10,000 in this fund on October 15, 2004, would have grown to $10,740 as of March 31, 2005, including reinvestment of dividends. For the purpose of comparison, the graph also shows the change in the fund’s benchmark during the same period.

Asset allocation (as of 3/31/2005)      
    Percent of
  Target invested
 Underlying funds  allocation assets
 
 Growth Equity Fund  30.0 %  29.5 % 
 Large-Cap Value Fund  30.0   29.2  
 Bond Fund  10.0   9.8  
 Inflation-Linked Bond Fund  10.0   9.8  
 International Equity Fund  10.0   9.6  
 Small-Cap Equity Fund  5.0   4.9  
 Real Estate     
     Securities Fund  5.0   4.8  
 Short-term Investments  0.0   2.4  
 
 Total  100.0   100.0  

Fund facts 
 Inception date 
10/15/2004
 CUSIP 
87244W383
 Net assets (3/31/2005) 
$1.45 million
 Combined total expense ratio 
0.61%† 

1 Please see page eight of this report for an explanation of how the expense ratio is calculated.

Target allocation (as of 3/31/2005)


2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   27

2010 Fund |  Portfolio of investments (unaudited)
March 31, 2005
                % OF NET  
         ISSUER   
SHARES 
VALUE 
  ASSETS  
   
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS             
         TIAA-CREF Institutional Bond Fund—Institutional Class    64,540  $ 650,568    25.05 % 
         TIAA-CREF Institutional Growth Equity Fund—             
             Institutional Class    73,997    479,503    18.47  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—             
             Institutional Class    60,992    652,609    25.13  
         TIAA-CREF Institutional International Equity Fund—             
             Institutional Class    14,545    160,723    6.19  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    34,541    478,045    18.41  
         TIAA-CREF Institutional Real Estate Securities Fund—             
             Institutional Class    6,058    79,422    3.06  
         TIAA-CREF Institutional Small-Cap Equity Fund—             
             Institutional Class    5,405    79,182    3.05  
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 
(Cost $2,630,832)  
  2,580,052    99.36  
 
    TOTAL PORTFOLIO 
(Cost $2,630,832)  
  2,580,052    99.36 % 
    OTHER ASSETS AND LIABILITIES, NET        16,712    0.64  
 
    NET ASSETS        2,596,764    100.00 % 

28   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

2015 Fund  |  Portfolio of investments (unaudited)
March 31, 2005
                   
       
% OF NET
 
         ISSUER   
SHARES 
VALUE 
ASSETS
 
   
 
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS             
         TIAA-CREF Institutional Bond Fund—Institutional Class    93,759  $
945,088 
  22.46 % 
         TIAA-CREF Institutional Growth Equity Fund—       
   
             Institutional Class    130,656   
846,654 
  20.13  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—       
   
             Institutional Class    88,668   
948,750 
  22.55  
         TIAA-CREF Institutional International Equity Fund—       
   
             Institutional Class    26,659   
294,581 
  7.00  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    62,749   
868,440 
  20.64  
         TIAA-CREF Institutional Real Estate Securities Fund—       
   
             Institutional Class    10,874   
142,561 
  3.39  
         TIAA-CREF Institutional Small-Cap Equity Fund—       
   
             Institutional Class    9,637   
141,187 
  3.36  
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    (Cost $4,297,145)   
4,187,261 
  99.53  
 
    TOTAL PORTFOLIO    (Cost $4,297,145)   
4,187,261 
  99.53 % 
    OTHER ASSETS AND LIABILITIES, NET       
19,783 
  0.47  
 
    NET ASSETS      $
4,207,044 
  100.00 % 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   29

2020 Fund |  Portfolio of investments (unaudited)
March 31, 2005
       
% OF NET
 
         ISSUER   
SHARES 
VALUE 
ASSETS
 
   
 
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS             
         TIAA-CREF Institutional Bond Fund—Institutional Class    37,353  $ 376,515    19.77 % 
         TIAA-CREF Institutional Growth Equity Fund—Institutional Class    64,566    418,388    21.97  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—             
             Institutional Class    35,309    377,802    19.84  
         TIAA-CREF Institutional International Equity Fund—             
             Institutional Class    12,682    140,137    7.36  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    30,359    420,171    22.07  
         TIAA-CREF Institutional Real Estate Securities Fund—             
             Institutional Class    5,329    69,868    3.67  
         TIAA-CREF Institutional Small-Cap Equity Fund—             
             Institutional Class    4,728    69,263    3.64  
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    (Cost $1,887,894)    1,872,144    98.32  
 
    TOTAL PORTFOLIO    (Cost $1,887,894)    1,872,144    98.32 % 
    OTHER ASSETS AND LIABILITIES, NET        32,071    1.68  
 
    NET ASSETS      $ 1,904,215    100.00 % 

30   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

 

2025 Fund |  Portfolio of investments (unaudited)
March 31, 2005
       
     
       
  % OF NET  
         ISSUER   
SHARES 
VALUE 
  ASSETS  
   
 
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS             
         TIAA-CREF Institutional Bond Fund—Institutional Class    48,823  $
492,133 
  17.20 % 
         TIAA-CREF Institutional Growth Equity Fund—Institutional Class    106,205   
688,206 
  24.06  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—       
   
             Institutional Class    46,257   
494,951 
  17.30  
         TIAA-CREF Institutional International Equity Fund—       
   
             Institutional Class    20,531   
226,865 
  7.93  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    49,777   
688,916 
  24.08  
         TIAA-CREF Institutional Real Estate Securities Fund—       
   
             Institutional Class    8,747   
114,668 
  4.01  
         TIAA-CREF Institutional Small-Cap Equity Fund—       
   
             Institutional Class    7,848   
114,980 
  4.02  
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    (Cost $2,852,257)   
2,820,719 
  98.60  
 
    TOTAL PORTFOLIO    (Cost $2,852,257)   
2,820,719 
  98.60 % 
    OTHER ASSETS AND LIABILITIES, NET       
40,025 
  1.40  
 
    NET ASSETS      $
2,860,744 
  100.00 % 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   31

2030 Fund |  Portfolio of investments (unaudited)
March 31, 2005
                   
       
% OF NET
 
         ISSUER   
SHARES 
VALUE 
ASSETS
 
   
 
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS             
         TIAA-CREF Institutional Bond Fund—Institutional Class    26,787  $ 270,011    14.39 % 
         TIAA-CREF Institutional Growth Equity Fund—Institutional Class    72,991    472,984    25.21  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—             
             Institutional Class    25,364    271,390    14.46  
         TIAA-CREF Institutional International Equity Fund—             
             Institutional Class    14,306    158,085    8.43  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    34,457    476,891    25.42  
         TIAA-CREF Institutional Real Estate Securities Fund—             
             Institutional Class    6,050    79,311    4.23  
         TIAA-CREF Institutional Small-Cap Equity Fund—             
             Institutional Class    5,414    79,311    4.23  
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    (Cost $1,807,747)    1,807,983    96.37  
 
    TOTAL PORTFOLIO    (Cost $1,807,747)    1,807,983    96.37 % 
    OTHER ASSETS AND LIABILITIES, NET        68,018    3.63  
 
    NET ASSETS      $ 1,876,001    100.00 % 

32   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

2035 Fund |  Portfolio of investments (unaudited)
March 31, 2005
       
% OF NET
 
         ISSUER   
SHARES 
VALUE 
ASSETS
 
   
 
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS             
         TIAA-CREF Institutional Bond Fund—Institutional Class    17,422  $ 175,613    12.28 % 
         TIAA-CREF Institutional Growth Equity Fund—Institutional Class    60,849    394,305    27.57  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—             
             Institutional Class    16,464    176,165    12.31  
         TIAA-CREF Institutional International Equity Fund—             
             Institutional Class    11,573    127,883    8.94  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    28,301    391,681    27.38  
         TIAA-CREF Institutional Real Estate Securities Fund—             
             Institutional Class    4,972    65,182    4.56  
         TIAA-CREF Institutional Small-Cap Equity Fund—             
             Institutional Class    4,450    65,195    4.56  
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    (Cost $1,394,330)    1,396,024    97.60  
 
    TOTAL PORTFOLIO    (Cost $1,394,330)    1,396,024    97.60 % 
    OTHER ASSETS AND LIABILITIES, NET        34,303    2.40  
 
    NET ASSETS      $ 1,430,327    100.00 % 

SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   33

2040 Fund |  Portfolio of investments (unaudited)
March 31, 2005
       
% OF NET
 
         ISSUER   
SHARES 
VALUE 
ASSETS
 
 
   
 
 
 
 
         TIAA-CREF INSTITUTIONAL MUTUAL FUNDS           
         TIAA-CREF Institutional Bond Fund—Institutional Class    14,074  $ 141,863    9.81 % 
         TIAA-CREF Institutional Growth Equity Fund—Institutional Class    65,663  425,497    29.44  
         TIAA-CREF Institutional Inflation-Linked Bond Fund—Institutional Class    13,245  141,720    9.80  
         TIAA-CREF Institutional International Equity Fund—Institutional Class    12,598  139,210    9.63  
         TIAA-CREF Institutional Large-Cap Value Fund—Institutional Class    30,517  422,354    29.22  
         TIAA-CREF Institutional Real Estate Securities Fund—Institutional Class    5,341  70,016    4.84  
         TIAA-CREF Institutional Small-Cap Equity Fund—Institutional Class .    4,799  70,300    4.86  
   
TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS 
  (Cost $1,409,797)  1,410,960    97.60  
 
   
TOTAL PORTFOLIO 
  (Cost $1,409,797)  1,410,960    97.60 % 
   
OTHER ASSETS AND LIABILITIES, NET 
    34,655    2.40  
 
   
NET ASSETS 
    $ 1,445,615    100.00 % 

34   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

 

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Statements of assets and liabilities (unaudited)  |  TIAA-CREF Lifecycle Funds
March 31, 2005

2010 Fund
2015 Fund
2020 Fund
2025 Fund
2030 Fund
2035 Fund
2040 Fund
 
 
ASSETS               
Portfolio investments, at cost $ 2,630,832   $ 4,297,145   $ 1,887,894   $ 2,852,257   $ 1,807,747   $ 1,394,330   $ 1,409,797  
Net unrealized appreciation (depreciation) of portfolio              
   investments (50,780 ) (109,884 ) (15,750 ) (31,538 ) 236   1,694   1,163  
Portfolio investments, at value 2,580,052   4,187,261   1,872,144   2,820,719   1,807,983   1,396,024   1,410,960  
Cash —   96   556   825   298   —   —  
Receivable from Fund shares sold 16,879   21,971   31,892   39,863   67,840   34,785   35,025  
Dividends and interest receivable 1,000   —   —   —   —   —   —  
   Total assets  2,597,931   4,209,328   1,904,592   2,861,407   1,876,121   1,430,809   1,445,985  
 
LIABILITIES               
Due to investment advisor 649   1,284   377   663   120   251   227  
Due to custodian 518   —   —   —   —   231   143  
Payable for securities transactions —   1,000   —   —   —   —   —  
   Total liabilities  1,167   2,284   377   663   120   482   370  
 
NET ASSETS  $ 2,596,764   $ 4,207,044   $ 1,904,215   $ 2,860,744   $ 1,876,001   $ 1,430,327   $ 1,445,615  
NET ASSETS CONSIST OF:               
Paid-in-capital 2,624,153   4,272,838   1,904,112   2,873,525   1,863,752   1,416,541   1,434,724  
Distributions in excess of net investment income (24,478 ) (59,099 ) (21,184 ) (26,556 ) (20,776 ) (22,357 ) (24,319 )
Accumulated net realized gain on total investments 47,869   103,189   37,037   45,313   32,789   34,449   34,047  
Accumulated net unrealized appreciation (depreciation)              
   on total investments (50,780 ) (109,884 ) (15,750 ) (31,538 ) 236   1,694   1,163  
 
NET ASSETS  $ 2,596,764   $ 4,207,044   $ 1,904,215   $ 2,860,744   $ 1,876,001   $ 1,430,327   $ 1,445,615  
Outstanding shares of beneficial interest, unlimited shares              
   authorized ($0.0001 par value) 256,497   413,560   187,062   280,443   184,582   140,225   141,892  
Net asset value per share  $ 10.12   $ 10.17   $ 10.18   $ 10.20   $ 10.16   $ 10.20   $ 10.19  

36   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   37

Statements of operations (unaudited) |  TIAA-CREF Lifecycle Funds
For the period October 4, 2004
(commencement of operations) to March 31, 2005

  2010 Fund   2015 Fund   2020 Fund   2025 Fund   2030 Fund     2035 Fund      2040 Fund  
INVESTMENT INCOME                     
Dividends $ 29,828   $ 55,825   $ 20,727   $ 24,826   $ 16,161   $ 15,784   $ 15,665  
   Total Income  29,828   55,825   20,727   24,826   16,161     15,784      15,665  
EXPENSES                     
Investment management fees 902   1,491   712   893   577     579     564  
12b-1 fees 451   746   356   446   288     289     282  
Service agreement fees 2,795   4,624   2,208   2,766   1,787     1,793     1,750  
   Net expenses  4,148   6,861   3,276   4,105   2,652     2,661      2,596  
Net investment income  25,680   48,964   17,451   20,721   13,509     13,123      13,069  
NET REALIZED AND UNREALIZED                     
GAIN (LOSS) ON TOTAL INVESTMENTS                     
Net realized gain (loss) on:                    
   Portfolio investments 1,059   535   592   234   (60 )   193     (2,268 )
   Underlying Fund distributions 46,949   102,792   36,576   45,202   32,961     34,357     36,400  
Net realized gain on total investments 48,008   103,327   37,168   45,436   32,901     34,550     34,132  
Net unrealized appreciation (depreciation) on                    
   total investments (50,780 ) (109,884 ) (15,750 ) (31,538 ) 236     1,694     1,163  
Net realized and unrealized gain (loss) on total investments (2,772 ) (6,557 ) 21,418   13,898   33,137     36,244     35,295  
Net increase in net assets resulting from operations  $ 22,908   $ 42,407   $ 38,869   $ 34,619   $ 46,646  
$
49,367
$
48,364
 

38   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   39

Statements of changes in net assets (unaudited)   |  TIAA-CREF Lifecycle Funds
For the period October 4, 2004
(commencement of operations) to March 31, 2005

2010 Fund
2015 Fund
2020 Fund
2025 Fund
2030 Fund
2035 Fund
2040 Fund
 
CHANGE IN NET ASSETS               
OPERATIONS               
Net investment income $ 25,680   $ 48,964   $ 17,451   $ 20,721   $ 13,509   $ 13,123   $ 13,069  
Net realized gain on total investments 48,008   103,327   37,168   45,436   32,901   34,550   34,132  
Net unrealized appreciation (depreciation)              
   on total investments (50,780 ) (109,884 ) (15,750 ) (31,538 ) 236   1,694   1,163  
   Net increase from operations 22,908   42,407   38,869   34,619   46,646   49,367   48,364  
 
DISTRIBUTIONS TO SHAREHOLDERS:               
From net investment income (50,158 ) (108,063 ) (38,635 ) (47,277 ) (34,285 ) (35,480 ) (37,388 )
From realized gain on total investments (139 ) (138 ) (131 ) (123 ) (112 ) (101 ) (85 )
   Total distributions (50,297 ) (108,201 ) (38,766 ) (47,400 ) (34,397 ) (35,581 ) (37,473 )
 
SHAREHOLDER TRANSACTIONS:               
Seed money subscriptions 1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000  
Subscriptions 1,574,191   3,164,652   867,788   1,849,949   849,854   395,604   404,996  
Reinvestment of distributions 50,296   108,199   38,767   47,399   34,300   35,581   37,473  
Redemptions  (334 ) (13 ) (2,443 ) (23,823 ) (20,402 ) (14,644 ) (7,745 )
   Net increase from shareholder transactions
2,624,153   4,272,838   1,904,112   2,873,525   1,863,752   1,416,541   1,434,724  
 
   Net increase in net assets 2,596,764   4,207,044   1,904,215   2,860,744   1,876,001   1,430,327   1,445,615  
 
NET ASSETS               
   Beginning of period —   —   —   —   —   —   —  
   End of period  $ 2,596,764   $ 4,207,044   $ 1,904,215   $ 2,860,744   $ 1,876,001   $ 1,430,327   $ 1,445,615  
 
Distributions in excess of net investment              
   income included in net assets $ (24,478 ) $ (59,099 ) $ (21,184 ) $ (26,556 ) $ (20,776 ) $ (22,357 ) $ (24,319 )
 
CHANGE IN FUND SHARES:               
Shares outstanding, beginning of period —   —   —   —   —   —   —  
 
Seed money shares sold 100,000   100,000   100,000   100,000   100,000   100,000   100,000  
Shares sold 151,641   303,117   83,557   178,141   83,298   38,245   39,066  
Shares issued in reinvestment of distributions 4,888   10,444   3,738   4,562   3,292   3,405   3,579  
Shares redeemed  (32 ) (1 ) (233 ) (2,260 ) (2,008 ) (1,425 ) (753 )
   Net increase in shares outstanding
256,497   413,560   187,062   280,443   184,582   140,225   141,892  
Shares outstanding, end of period 256,497   413,560   187,062   280,443   184,582   140,225   141,892  

40   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   41

Financial highlights (unaudited)   |  TIAA-CREF Lifecycle Funds
March 31, 2005		  

   
2010 Fund
2015 Fund
2020 Fund
 
   
For the Period
For the Period
For the Period
For the Period
For the Period
For the Period
 
   
October 15, 2004
October 4, 2004
October 15, 2004
October 4, 2004
October 15, 2004
October 4, 2004
 
   
(effective date of
(commencement
(effective date of
(commencement
(effective date of
(commencement
 
   
SEC registration) to
of operations) to
SEC registration) to
of operations) to
SEC registration) to
of operations) to
 
   
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
 
 
SELECTED PER SHARE DATA             
 
Net asset value, beginning of period $ 9.92   $ 10.00   $ 9.90   $ 10.00   $ 9.89   $ 10.00  
 
Gain from investment operations:            
  Net investment income (b) 0.14   0.14   0.16   0.16   0.12   0.12  
  Net realized and unrealized gain            
     on total investments 0.33   0.25   0.40   0.30   0.47   0.36  
Total gain from investment operations 0.47   0.39   0.56   0.46   0.59   0.48  
 
Less distributions from:            
  Net investment income (0.27 ) (0.27 ) (0.29 ) (0.29 ) (0.30 ) (0.30 )
  Net realized gains — (c) — (c) — (c) — (c) — (c) — (c)
Total distributions  (0.27 ) (0.27 ) (0.29 ) (0.29 ) (0.30 ) (0.30 )
 
Net asset value, end of period $ 10.12   $ 10.12   $ 10.17   $ 10.17   $ 10.18   $ 10.18  
 
TOTAL RETURN  4.69 % 3.85 % 5.56 % 4.50 % 5.95 % 4.78 %
 
RATIOS AND SUPPLEMENTAL DATA             
 
Net assets at end of period (in thousands) $ 2,597   $ 2,597   $ 4,207   $ 4,207   $ 1,904   $ 1,904  
Ratio of expenses to average net assets (d) 0.21 %  0.22 % 0.21 % 0.22 % 0.21 % 0.22 %
Ratio of net investment income            
  to average net assets 1.35 % 1.39 % 1.54 % 1.60 % 1.18 % 1.19 %
Portfolio turnover rate  1.73 % 1.73 % 0.88 % 0.88 % 1.83 % 1.83 %
 
(a)  The percentages shown for this period are not annualized.  
(b)  Based on average shares outstanding.  
(c)  Amount represents less than $0.01 per share.  
(d)  Does not include expenses of underlying TIAA-CREF Institutional Mutual Funds.  

42   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   43

Financial highlights (unaudited)   |  TIAA-CREF Lifecycle Funds
March 31, 2005
continued

 
2025 Fund
2030 Fund
2035 Fund
 
 
For the Period
For the Period
For the Period
For the Period
For the Period
For the Period
 
 
October 15, 2004
October 4, 2004
October 15, 2004
October 4, 2004
October 15, 2004
October 4, 2004
 
 
(effective date of
(commencement
(effective date of
(commencement
(effective date of
(commencement
 
 
SEC registration) to
of operations) to
SEC registration) to
of operations) to
SEC registration) to
of operations) to
 
 
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
March 31, 2005 (a)
 
 
SELECTED PER SHARE DATA             
 
Net asset value, beginning of period $ 9.87   $ 10.00   $ 9.85   $ 10.00   $ 9.83   $ 10.00  
 
Gain from investment operations:            
   Net investment income (b) 0.11   0.12   0.12   0.12   0.11   0.11  
   Net realized and unrealized gain            
       on total investments 0.54   0.40   0.52   0.37   0.61   0.44  
Total gain from investment operations 0.65   0.52   0.64   0.49   0.72   0.55  
 
Less distributions from:            
   Net investment income (0.32 ) (0.32 ) (0.33 ) (0.33 ) (0.35 ) (0.35 )
   Net realized gains —(c)   —(c)   —(c)   —(c)   —(c)   —(c)  
Total distributions (0.32 ) (0.32 ) (0.33 ) (0.33 ) (0.35 ) (0.35 )
 
Net asset value, end of period $ 10.20   $ 10.20   $ 10.16   $ 10.16   $ 10.20   $ 10.20  
 
TOTAL RETURN  6.50 % 5.12 % 6.47 % 4.87 % 7.26 % 5.44 %
 
RATIOS AND SUPPLEMENTAL DATA             
 
Net assets at end of period (in thousands) $ 2,861   $ 2,861   $ 1,876   $ 1,876   $ 1,430   $ 1,430  
Ratio of expenses to average net assets (d)  0.21 % 0.22 % 0.21 % 0.22 % 0.21 % 0.22 %
Ratio of net investment income            
   to average net assets 1.11 % 1.13 % 1.14 % 1.14 % 1.10 % 1.11 %
Portfolio turnover rate  2.67 % 2.67 % 5.21 % 5.21 % 5.57 % 5.57 %
 
(a) The percentages shown for this period are not annualized.
(b)  Based on average shares outstanding.
(c)  Amount represents less than $0.01 per share.
(d)  Does not include expenses of underlying TIAA-CREF Institutional Mutual Funds.

44   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS
2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   45

Financial highlights (unaudited)   |  TIAA-CREF Lifecycle Funds
March 31, 2005
concluded

  2040 Fund  
 
For the Period
For the Period
 
 
October 15, 2004
October 4, 2004
 
 
(effective date of
(commencement
 
 
SEC registration) to
of operations) to
 
 
March 31, 2005 (a)
March 31, 2005 (a)
 
 
SELECTED PER SHARE DATA     
 
Net asset value, beginning of period  $ 9.82   $ 10.00  
 
Gain from investment operations:     
   Net investment income (b)  0.12   0.12  
   Net realized and unrealized gain 
   
       on total investments  0.62   0.44  
Total gain from investment operations  0.74   0.56  
 
Less distributions from:     
   Net investment income  (0.37 )  (0.37 ) 
   Net realized gains  — (c) — (c)
Total distributions  (0.37 )  (0.37 ) 
 
Net asset value, end of period  $ 10.19   $ 10.19  
 
TOTAL RETURN  7.40 %  5.47 % 
 
RATIOS AND SUPPLEMENTAL DATA     
 
Net assets at end of period (in thousands)  $ 1,446   $ 1,446  
Ratio of expenses to average net assets (d)  0.21 %  0.22 % 
Ratio of net investment income     
   to average net assets  1.13 %  1.13 % 
Portfolio turnover rate  10.42 %  10.42 % 

(a)      The percentages shown for this period are not annualized.
 
(b)      Based on average shares outstanding.
 
(c)      Amount represents less than $0.01 per share.
 
(d)      Does not include expenses of underlying TIAA-CREF Institutional Mutual Funds.
 
46   |  2005 Semiannual Report
Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements (unaudited)  | TIAA-CREF Lifecycle Funds

Note 1—significant accounting policies

TIAA-CREF Lifecycle Funds (“Lifecycle Funds”), comprise seven of the thirty Funds that are offered by TIAA-CREF Institutional Mutual Funds (“Underlying Funds”), a Delaware statutory trust, that was organized on April 15, 1999 and is registered with the Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940 as an open-end management investment company. The seven Lifecycle Funds (each referred to as a “Fund”) are 2010, 2015, 2020, 2025, 2030, 2035 and 2040. Each Fund commenced operations on October 4, 2004 with a seed money investment of $1,000,000 by Teachers Insurance and Annuity Association of America (“TIAA”). At March 31, 2005, TIAA had remaining seed money investment in the Funds as follows:

 
TIAA 
 
Investments 
Fund 
in Funds 
2010  $ 1,038,489 
2015  1,045,016 
2020  1,047,801 
2025  1,051,159 
2030  1,048,719 
2035  1,054,379 
2040  1,054,657 

Each Fund is a “fund of funds” that diversifies its assets by investing in the Institutional Class shares of the Underlying Funds. The Funds offer their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly-owned subsidiary of TIAA. TPIS offers the Funds’ shares to certain intermediaries affiliated with TIAA, such as TIAA-CREF Trust Company, FSB, or other persons, such as state-sponsored tuition saving plans, who have entered into a contract with an affiliate of TIAA. TPIS is registered with the Commission as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. Teachers Advisors Inc.(“Advisors”), a wholly-owned subsidiary of TIAA, which is registered with the Commission as an investment adviser, provides investment management services for the Funds. The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds.

Valuation of investments: Net asset value is calculated as of the close of business of the New York Stock Exchange (generally 4:00 pm Eastern Time). The market value of the Underlying Funds is based on their net asset values as of the close of business on the valuation date.

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   47

Notes to financial statements (unaudited)
continued

Accounting for investments: Securities transactions are accounted for as of the trade date. Interest income is recorded as earned. Dividends and distributions from the Underlying Funds or other securities are recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method for both financial statement and federal income tax purposes.

Distributions to shareholders: Distributions from net investment income and from realized gains, if any, are declared and paid annually for each of the Funds.

Income taxes: The Funds intend to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute substantially all taxable income each year and comply with various other Code requirements.

Note 2—management agreements

Under the terms of an Investment Management Agreement, each Fund pays Advisors a monthly fee for the management of the Fund’s net assets, based on the average daily net assets of each Fund. Under the terms of a Service Agreement, each Fund pays Advisors a monthly fee based on the average daily net assets of each Fund for providing transfer agency, accounting and administration services. Under the terms of a Distribution Plan, each Fund pays TPIS a monthly fee for the promotion and distribution of its shares, based on the average daily net assets of each Fund. Advisors and TPIS will receive the following annual percentages of each Fund’s average daily net assets for investment management, service agreement and distribution fees:
Investment
Service
Fund 
Management Fee
Agreement Fee
Distribution Fee (12b-1)
2010 
0.10 % 
0.31 % 
0.05 % 
2015 
0.10 % 
0.31 % 
0.05 % 
2020 
0.10 % 
0.31 % 
0.05 % 
2025 
0.10 % 
0.31 % 
0.05 % 
2030 
0.10 % 
0.31 % 
0.05 % 
2035 
0.10 % 
0.31 % 
0.05 % 
2040 
0.10 % 
0.31 % 
0.05 % 

48   |  2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds

Notes to financial statements (unaudited)
continued

Note 3—investments

At March 31, 2005, net unrealized appreciation (depreciation) of portfolio investments, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

 
Net Unrealized
 
Gross Unrealized 
Gross Unrealized 
Appreciation/
Fund 
Appreciation 
Depreciation 
(Depreciation)
2010    $2,470    $  53,250    $  (50,780 ) 
2015  —  109,884  (109,884 ) 
2020  4,318  20,068  (15,750 ) 
2025  4,293  35,831  (31,538 ) 
2030  8,684  8,448  236  
2035  8,704  7,010  1,694  
2040  7,973  6,810  1,163  

The following is information about the holdings of the TIAA-CREF Lifecycle Funds in the TIAA-CREF Institutional Mutual Funds as of March 31, 2005:

                       
 
Inflation-
Large-
Real
Small-
 
Growth
Linked
Cap
Estate
Cap
 
Bond
Equity
Bond
International
Value
Securities
Equity
 
Fund
Fund
Fund
Equity Fund
Fund
Fund
Fund
Number of Shares  
Held in the Underlying Fund:  
2010  64,540   73,997   60,992   14,545   34,541   6,058   5,405  
2015  93,759   130,656   88,668   26,659   62,749   10,874   9,637  
2020  37,353   64,566   35,309   12,682   30,359   5,329   4,728  
2025  48,823   106,205   46,257   20,531   49,777   8,747   7,848  
2030  26,787   72,991   25,364   14,306   34,457   6,050   5,414  
2035  17,422   60,849   16,464   11,573   28,301   4,972   4,450  
2040  14,074   65,663   13,245   12,598   30,517   5,341   4,799  
% of Total Shares   
Outstanding in   
the Underlying Fund:  
2010  0.05%   0.46%   0.17%   0.03%   0.32%   0.04%   0.09%  
2015  0.08%   0.81%   0.25%   0.05%   0.58%   0.07%   0.15%  
2020  0.03%   0.40%   0.10%   0.02%   0.28%   0.03%   0.07%  
2025  0.04%   0.66%   0.13%   0.04%   0.46%   0.06%   0.12%  
2030  0.02%   0.45%   0.07%   0.03%   0.32%   0.04%   0.09%  
2035  0.01%   0.38%   0.05%   0.02%   0.26%   0.03%   0.07%  
2040  0.01%   0.41%   0.04%   0.02%   0.28%   0.03%   0.08%  

2005 Semiannual Report
 Lifecycle Funds of the TIAA-CREF Institutional Mutual Funds
 |   49

Notes to financial statements (unaudited)
concluded

Purchases and sales of securities, other than short-term money market instruments, for the Funds, for the period ended March 31, 2005, were as follows:

  Non-Government  Non-Government 
Fund 
Purchases  Sales 
2010 
 
$2,663,577 
 
$33,803 
 
2015 
4,324,592 
27,982 
 
2020 
1,914,855 
27,554 
 
2025 
2,903,764 
51,740 
 
2030 
1,874,065 
66,257 
 
2035 
1,461,338 
67,201 
 
2040 
1,535,768 
123,703 
 

Note 4—trustee fees

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

Note 5—distributions to shareholders

The tax character of the fiscal year 2005 distributions will be determined at the end of the fiscal year.

Note 6—line of credit

Each of the Funds participate in a $2.25 billion unsecured revolving credit facility that can be used for temporary purposes, including the funding of shareholder redemptions. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds. Interest associated with any borrowing under the facility is charged to the borrowing accounts and mutual funds at rates which are based on the Federal Funds Rate in effect during the time of the borrowing. During the period ended March 31, 2005, there were no borrowings under this credit facility by the Funds.

50   |  2005 Semiannual Report
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HOW TO REACH US

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information and transactions, product    and life insurance 
descriptions, and information about invest-    800 223-1200 
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8 a.m. to 10 p.m. ET, Monday–Friday     
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TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please

read the prospectus carefully before investing. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Trust Company, FSB, provides trust services. Investment products are not FDIC insured, may lose value and are not bank guaranteed.

©2005 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF),
New York, NY 10017


730 Third Avenue
New York, NY 10017-3206

Printed on recycled paper
A11014
C33466
05/05

 

 



Item 2. Code of Ethics.

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

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

 

Item 6. Statement of Investments (Investments in Securities of Unaffiliated Issuers).

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES
     
VALUE
 
     
 
COMMON STOCKS - 99.88%     
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.67%     
17,988    Polo Ralph Lauren Corp 
$
697,934   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  697,934   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.70%     
12,794    Lowe's Cos  730,409   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  730,409   
 
 
BUSINESS SERVICES - 10.10%     
15,625    Adobe Systems, Inc  1,049,531   
33,584    Automatic Data Processing, Inc  1,509,601   
200  *    DST Systems, Inc  9,236   
15,861  *    Electronic Arts, Inc  821,283   
4,429    Equifax, Inc  135,926   
6,646  *    Google, Inc (Class A)  1,199,669   
190  *    IAC/InterActiveCorp Wts 02/04/09  3,969   
24,231  *    McAfee, Inc  546,651   
9,644  *    Mercury Interactive Corp  456,933   
75,858    Microsoft Corp  1,833,488   
33,217  *    Oracle Corp  414,548   
24,986    SAP AG. (Spon ADR)  1,001,439   
100    Servicemaster Co  1,350   
440  *    SoftBrands, Inc  781   
7,105    Waste Management, Inc  204,979   
100  *    Westwood One, Inc  2,035   
40,903  *    Yahoo!, Inc  1,386,612   
 
      TOTAL BUSINESS SERVICES  10,578,031   
 
 
CHEMICALS AND ALLIED PRODUCTS - 16.02%     
1,245    Abbott Laboratories  58,042   
17,349  *    Amgen, Inc  1,009,885   
3,050    Colgate-Palmolive Co  159,119   
10,032  *    Forest Laboratories, Inc  370,682   
16,779  *    Genentech, Inc  949,859   
15,382  *    Gilead Sciences, Inc  550,676   
56,057    Gillette Co  2,829,757   
10,357  *    IVAX Corp  204,758   
21,874    Lilly (Eli) & Co  1,139,635   
11,562    Merck & Co, Inc  374,262   
9,647    Monsanto Co  622,231   
100    Mylan Laboratories, Inc  1,772   

 

1

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

           
SHARES         VALUE  
 
 
98,725    Pfizer, Inc  $ 2,593,506   
45,640    Procter & Gamble Co  2,418,920   
84,825    Schering-Plough Corp  1,539,574   
21,555  *    Sepracor, Inc  1,237,473   
22,825    Teva Pharmaceutical Industries Ltd (Spon ADR)  707,575   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS  16,767,726   
 
 
COMMUNICATIONS - 1.23%     
100  *    Cablevision Systems Corp (Class A)  2,805   
100  *    Citadel Broadcasting Corp  1,373   
100    Clear Channel Communications, Inc  3,447   
100  *    Cox Radio, Inc (Class A)  1,681   
300  *    DIRECTV Group, Inc  4,326   
100    EchoStar Communications Corp (Class A)  2,925   
900  *    Level 3 Communications, Inc  1,854   
7,181  *    Nextel Communications, Inc (Class A)  204,084   
100  *    NII Holdings, Inc (Class B)  5,750   
46,388    Sprint Corp  1,055,327   
100  *    U.S. Cellular Corp  4,563   
300  b*    U.S. Wireless Corp  -   
100  *    Univision Communications, Inc (Class A)  2,769   
 
      TOTAL COMMUNICATIONS  1,290,904   
 
 
DEPOSITORY INSTITUTIONS - 0.08%     
1,848    Fifth Third Bancorp  79,427   
12    Golden West Financial Corp  726   
153    W Holding Co, Inc  1,541   
 
      TOTAL DEPOSITORY INSTITUTIONS  81,694   
 
 
EATING AND DRINKING PLACES - 0.39%     
11,238  *    Brinker International, Inc  407,040   
100    Yum! Brands, Inc  5,181   
 
      TOTAL EATING AND DRINKING PLACES  412,221   
 
 
EDUCATIONAL SERVICES - 1.00%     
30,481  *    Career Education Corp  1,044,279   
 
      TOTAL EDUCATIONAL SERVICES  1,044,279   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.79%     
4,381    Dominion Resources, Inc  326,078   
6,739    Exelon Corp  309,253   
5,683    PG&E Corp  193,790   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES  829,121   
 

 

2

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

           
SHARES         VALUE  
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.54%     
100  *    CIENA Corp  $ 172   
100  *    Gemstar-TV Guide International, Inc    435   
1,944    General Electric Co    70,101   
3,111    Harman International Industries, Inc    275,199   
88,094    Intel Corp    2,046,424   
200  *    JDS Uniphase Corp    334   
14,925  *    Marvell Technology Group Ltd    572,224   
13,673    Maxim Integrated Products, Inc    558,816   
6,763    Maytag Corp    94,479   
103,261    Motorola, Inc    1,545,817   
63,128    National Semiconductor Corp    1,301,068   
49  *    Nortel Networks Corp (U.S.)    134   
26,009  *    Novellus Systems, Inc    695,220   
67,925    Qualcomm, Inc    2,489,451   
100    Rockwell Collins, Inc    4,759   
100  *    Sanmina-SCI Corp    522   
45,812    Taiwan Semiconductor Manufacturing Co Ltd (Spon ADR)    388,486   
33,988    Xilinx, Inc    993,469   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    11,037,110   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 1.25%       
22,728  *    Accenture Ltd (Class A)    548,881   
17,367    Halliburton Co    751,123   
100    Moody's Corp    8,086   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    1,308,090   
 
 
FABRICATED METAL PRODUCTS - 0.61%       
7,155    Illinois Tool Works, Inc    640,587   
 
      TOTAL FABRICATED METAL PRODUCTS    640,587   
 
 
FOOD AND KINDRED PRODUCTS - 3.97%       
4,094    Anheuser-Busch Cos, Inc    194,015   
7,010    Campbell Soup Co    203,430   
14,221    Coca-Cola Co    592,589   
15,187  *    Constellation Brands, Inc (Class A)    802,937   
100    Hershey Foods Corp    6,046   
44,254    PepsiCo, Inc    2,346,789   
100    Wrigley (Wm.) Jr Co    6,557   
 
      TOTAL FOOD AND KINDRED PRODUCTS    4,152,363   
 
 
FURNITURE AND FIXTURES - 0.06%       
1,209    Hillenbrand Industries, Inc    67,063   
 
      TOTAL FURNITURE AND FIXTURES    67,063   
 

 

3

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

           
SHARES         VALUE  
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 1.40%       
40,013  *    Bed Bath & Beyond, Inc  $ 1,462,075   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    1,462,075   
 
 
GENERAL MERCHANDISE STORES - 4.50%       
100    Costco Wholesale Corp    4,418   
31,761  *    Kohl's Corp    1,639,820   
37,384    Target Corp    1,869,948   
23,796    Wal-Mart Stores, Inc    1,192,418   
 
      TOTAL GENERAL MERCHANDISE STORES    4,706,604   
 
 
HEALTH SERVICES - 2.78%       
16,329  *    Express Scripts, Inc    1,423,726   
37,578    Health Management Associates, Inc (Class A)    983,792   
10,054  *    Medco Health Solutions, Inc    498,377   
 
      TOTAL HEALTH SERVICES    2,905,895   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.92%       
20,338    iShares Russell 1000 Growth Index Fund    953,242   
6  v*    Pinnacle Holdings, Inc Wts 11/02/07    -   
100    Regency Centers Corp    4,763   
100    Ventas, Inc    2,496   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    960,501   
 
 
HOTELS AND OTHER LODGING PLACES - 1.85%       
4,391  *    Las Vegas Sands Corp    197,595   
28,972    Starwood Hotels & Resorts Worldwide, Inc    1,739,189   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    1,936,784   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 12.68%       
30,718    3M Co    2,632,225   
8,764  *    Apple Computer, Inc    365,196   
66,765    Applied Materials, Inc    1,084,931   
19,344    Baker Hughes, Inc    860,615   
803    Caterpillar, Inc    73,426   
219,817  *    Cisco Systems, Inc    3,932,526   
1,511  *    Cooper Cameron Corp    86,444   
77,887  *    Dell, Inc    2,992,419   
8,598    Eaton Corp    562,309   
14,355  *    EMC Corp    176,854   
18,200  *    Network Appliance, Inc    503,412   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    13,270,357   
 

 

4

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

           
SHARES         VALUE  
 
 
INSTRUMENTS AND RELATED PRODUCTS - 6.25%       
11,138    Biomet, Inc  $ 404,309   
100  *    Boston Scientific Corp    2,929   
12,393    Guidant Corp    915,843   
39,624    Medtronic, Inc    2,018,843   
51,194  *    St. Jude Medical, Inc    1,842,984   
17,468  *    Zimmer Holdings, Inc    1,359,185   
       
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    6,544,093   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.70%       
24,227    Marsh & McLennan Cos, Inc    736,985   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    736,985   
 
 
INSURANCE CARRIERS - 2.54%       
12,088    Aetna, Inc    905,996   
15,756    American International Group, Inc    873,040   
9,558    Progressive Corp    877,042   
 
      TOTAL INSURANCE CARRIERS    2,656,078   
 
 
MISCELLANEOUS RETAIL - 1.90%       
28,052  *    eBay, Inc    1,045,218   
100  *    Rite Aid Corp    396   
29,975    Staples, Inc    942,114   
 
      TOTAL MISCELLANEOUS RETAIL    1,987,728   
 
 
MOTION PICTURES - 2.67%       
15,482  *    DreamWorks Animation SKG, Inc (Class A)    630,272   
400  *    Liberty Media Corp (Class A)    4,148   
73,494    News Corp (Class A)    1,243,519   
51,507  *    Time Warner, Inc    903,948   
300    Walt Disney Co    8,619   
 
      TOTAL MOTION PICTURES    2,790,506   
 
 
NONDEPOSITORY INSTITUTIONS - 4.11%       
40,283    American Express Co    2,069,338   
15,869    Fannie Mae    864,067   
3,377    Freddie Mac    213,426   
47,014    MBNA Corp    1,154,194   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    4,301,025   
 

 

5

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

           
SHARES         VALUE  
 
 
OIL AND GAS EXTRACTION - 0.43%       
220  *    Magnum Hunter Resources, Inc  $ 3,544   
3,007    Pogo Producing Co    148,065   
7,757    Tidewater, Inc    301,437   
 
      TOTAL OIL AND GAS EXTRACTION    453,046   
 
 
PETROLEUM AND COAL PRODUCTS - 0.14%       
2,539    ExxonMobil Corp    151,324   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    151,324   
 
 
PRINTING AND PUBLISHING - 0.02%       
100    Belo (A.H.) Corp Series A    2,414   
100    EW Scripps Co    4,875   
100    Harte-Hanks, Inc    2,756   
100    McGraw-Hill Cos, Inc    8,725   
 
      TOTAL PRINTING AND PUBLISHING    18,770   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.00%       
500  b*    Uniroyal Technology Corp    2   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    2   
 
 
SECURITY AND COMMODITY BROKERS - 1.53%       
9,515    Goldman Sachs Group, Inc    1,046,555   
9,771    Morgan Stanley    559,390   
 
      TOTAL SECURITY AND COMMODITY BROKERS    1,605,945   
 
 
TRANSPORTATION BY AIR - 0.44%       
32,225    Southwest Airlines Co    458,884   
 
      TOTAL TRANSPORTATION BY AIR    458,884   
 
 
TRANSPORTATION EQUIPMENT - 1.70%       
3,507    General Dynamics Corp    375,424   
9,706    Northrop Grumman Corp    523,930   
100    United Defense Industries, Inc    7,342   
8,599    United Technologies Corp    874,174   
 
      TOTAL TRANSPORTATION EQUIPMENT    1,780,870   
 

 

6

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

           
SHARES         VALUE  
 
 
TRUCKING AND WAREHOUSING - 0.46%       
6,640    United Parcel Service, Inc (Class B)  $ 482,994   
 
      TOTAL TRUCKING AND WAREHOUSING    482,994   
 
 
WATER TRANSPORTATION - 1.48%       
14,795    Carnival Corp    766,529   
17,469    Royal Caribbean Cruises Ltd    780,689   
 
      TOTAL WATER TRANSPORTATION    1,547,218   
 
 
WHOLESALE TRADE-DURABLE GOODS - 3.84%       
59,924    Johnson & Johnson    4,024,496   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS    4,024,496   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.13%       
100    Brown-Forman Corp (Class B)    5,475   
3,611    Sysco Corp    129,274   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS    134,749   
 
 
      TOTAL COMMON STOCKS    104,554,461   
(Cost $106,430,386) 
 
 
PRINCIPAL             
           
SHORT-TERM INVESTMENTS - 0.39%       
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.39%       
$410,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  409,970  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  409,970  
 
 
      TOTAL SHORT-TERM INVESTMENTS  409,970  
(Cost $410,000)
 
 
      TOTAL PORTFOLIO - 100.27%  104,964,431  
      (Cost $106,840,386)   
 
      OTHER ASSETS AND LIABILITIES, NET - (0.27%)  (284,663 ) 
 
 
      NET ASSETS - 100.00% 
$
104,679,768  
 
 
  *    Non-income producing   
  b    In bankruptcy   
  v    Security valued at fair value.   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   


7

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
COMMON STOCKS - 99.59%     
 
APPAREL AND ACCESSORY STORES - 0.85%     
51,300    Gap, Inc 
$
1,120,392   
39,900  *    Payless Shoesource, Inc  630,021   
40,100    TJX Cos, Inc  987,663   
 
      TOTAL APPAREL AND ACCESSORY STORES  2,738,076   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%     
6,000    VF Corp  354,840   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  354,840   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.85%     
70,620    Home Depot, Inc  2,700,509   
2,000    Louisiana-Pacific Corp  50,280   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  2,750,789   
 
 
BUSINESS SERVICES - 6.89%     
26,321    Acxiom Corp  550,898   
10,107  *    Alliance Data Systems Corp  408,323   
2,365  *    Aspect Communications Corp  24,620   
26,000  *    BMC Software, Inc  390,000   
57,300    Cendant Corp  1,176,942   
12,500    Computer Associates International, Inc  338,750   
22,228  *    Computer Sciences Corp  1,019,154   
28,300    Deluxe Corp  1,128,038   
81,217  *    Earthlink, Inc  730,953   
25,200    First Data Corp  990,612   
6,365  *    Fiserv, Inc  253,327   
1,997  *    Intrado, Inc  24,563   
4,670  *    Ipass, Inc  28,580   
298,200    Microsoft Corp  7,207,494   
106,100  *    Oracle Corp  1,324,128   
51,224  *    Parametric Technology Corp  286,342   
17,592  *    Pixar  1,716,100   
18,874  *    Rent-A-Center, Inc  515,449   
341,494  *    Sun Microsystems, Inc  1,379,636   
8,560  *    SunGard Data Systems, Inc  295,320   
22,021  *    Symantec Corp  469,708   
1,652  *    TeleTech Holdings, Inc  21,344   
4,600    Total System Services, Inc  114,954   
96,328  *    Unisys Corp  680,076   

 

8

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
12,292  *    Veritas Software Corp  $ 285,420   
14,921    Waste Management, Inc  430,471   
14,320  *    Yahoo!, Inc  485,448   
 
      TOTAL BUSINESS SERVICES  22,276,650   
 
 
CHEMICALS AND ALLIED PRODUCTS - 8.31%     
28,234    Abbott Laboratories  1,316,269   
1,920    Allergan, Inc  133,382   
27,200    Alpharma, Inc (Class A)  335,104   
55,780  *    Amgen, Inc  3,246,954   
1,400  *    Barr Pharmaceuticals, Inc  68,362   
2,600  *    Biogen Idec, Inc  89,726   
13,015    Bristol-Myers Squibb Co  331,362   
21,400    Clorox Co  1,347,986   
6,641  *    Connetics Corp  167,951   
25,829  *    Forest Laboratories, Inc  954,382   
5,930  *    Gilead Sciences, Inc  212,294   
29,420    Gillette Co  1,485,122   
23,633    H.B. Fuller Co  685,357   
7,900  *    Hospira, Inc  254,933   
1,915  *    ImClone Systems, Inc  66,067   
3,661    Lilly (Eli) & Co  190,738   
6,000    MacDermid, Inc  195,000   
96,800    Merck & Co, Inc  3,133,416   
5,200    Monsanto Co  335,400   
236,700    Pfizer, Inc  6,218,109   
11,300    PPG Industries, Inc  808,176   
85,900    Procter & Gamble Co  4,552,700   
5,400  *    Scotts Miracle-Gro Co (Class A)  379,242   
3,294    Sigma-Aldrich Corp  201,757   
3,900    Wyeth  164,502   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS  26,874,291   
 
 
COMMUNICATIONS - 4.32%     
6,600    Alltel Corp  362,010   
76,127    AT&T Corp  1,427,381   
13,400  *    Avaya, Inc  156,512   
14,200    BellSouth Corp  373,318   
2,953  *    Boston Communications Group  21,025   
100    CenturyTel, Inc  3,284   
6,600  *    Cincinnati Bell, Inc  28,050   
700  *    Citadel Broadcasting Corp  9,611   
41,446  *    Comcast Corp (Class A)  1,400,046   
37,400  *    Lucent Technologies, Inc  102,850   
32,113  *    Nextel Communications, Inc (Class A)  912,652   
37,747  *    Premiere Global Services, Inc  427,296   
95,018    SBC Communications, Inc  2,250,976   
62,751    Sprint Corp    1,427,585   
600  *    UnitedGlobalcom, Inc (Class A)    5,676   
81,931    Verizon Communications, Inc    2,908,551   
61,582    Viacom, Inc (Class B)    2,144,901   
 
      TOTAL COMMUNICATIONS    13,961,724   
 

 

9

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
DEPOSITORY INSTITUTIONS - 9.63%       
155,086    Bank of America Corp  $ 6,839,293   
17,778    Bank of New York Co, Inc    516,451   
187,443    Citigroup, Inc    8,423,688   
13,461    Fifth Third Bancorp    578,554   
114,311    JPMorgan Chase & Co    3,955,161   
1,700    Mellon Financial Corp    48,518   
6,193    National City Corp    207,465   
43,594    North Fork Bancorp, Inc    1,209,298   
3,700    PNC Financial Services Group, Inc    190,476   
8,200    SunTrust Banks, Inc    590,974   
62,229    U.S. Bancorp    1,793,440   
50,600    Wachovia Corp    2,576,046   
70,143    Wells Fargo & Co    4,194,551   
 
      TOTAL DEPOSITORY INSTITUTIONS    31,123,915   
 
 
EATING AND DRINKING PLACES - 0.53%       
20,000    Darden Restaurants, Inc    613,600   
35,196    McDonald's Corp    1,096,003   
 
      TOTAL EATING AND DRINKING PLACES    1,709,603   
 
 
EDUCATIONAL SERVICES - 0.06%       
5,300  *    Career Education Corp    181,578   
 
      TOTAL EDUCATIONAL SERVICES    181,578   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 2.60%       
4,300    Ameren Corp    210,743   
20,111    American Electric Power Co, Inc    684,981   
1,800    Centerpoint Energy, Inc    21,654   
3,125    Consolidated Edison, Inc    131,812   
18,135    Dominion Resources, Inc    1,349,788   
10,000    DTE Energy Co    454,800   
14,800    Duke Energy Corp    414,548   
1,800    Entergy Corp    127,188   
22,066    Exelon Corp    1,012,609   
31,915    FirstEnergy Corp    1,338,834   
2,552    FPL Group, Inc    102,463   
8,642    Progress Energy, Inc    362,532   
200  v*    Progress Energy, Inc (Cvo)    2   
7,326    Public Service Enterprise Group, Inc    398,461   
17,400    Republic Services, Inc    582,552   
38,557    Southern Co    1,227,269   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    8,420,236   
 

 

10

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.76%       
1,031    American Power Conversion Corp  $ 26,919   
12,548  *    AMIS Holdings, Inc    141,667   
1,080  *    Atheros Communications, Inc    11,092   
27,336    Emerson Electric Co    1,774,926   
320,400    General Electric Co    11,553,624   
254,808    Intel Corp    5,919,190   
1,263  *    Littelfuse, Inc    36,185   
1,100  *    LSI Logic Corp    6,149   
33,564  *    Marvell Technology Group Ltd    1,286,844   
9,300    Maytag Corp    129,921   
71,433    Motorola, Inc    1,069,352   
2,100  *    Photronics, Inc    38,010   
68,900  *    PMC-Sierra, Inc    606,320   
23,950    Qualcomm, Inc    877,767   
1,148  *    Sanmina-SCI Corp    5,993   
41,077  *    Tellabs, Inc    299,862   
51,604    Texas Instruments, Inc    1,315,386   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    25,099,207   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.26%       
19,500    Halliburton Co    843,375   
207    Paychex, Inc    6,794   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    850,169   
 
 
FABRICATED METAL PRODUCTS - 0.89%       
22,552    Illinois Tool Works, Inc    2,019,081   
3,500    Masco Corp    121,345   
11,503    Silgan Holdings, Inc    747,465   
 
      TOTAL FABRICATED METAL PRODUCTS    2,887,891   
 
 
FOOD AND KINDRED PRODUCTS - 3.60%       
37,977    Anheuser-Busch Cos, Inc    1,799,730   
32,800    Archer Daniels Midland Co    806,224   
8,100  *    Boston Beer Co, Inc (Class A)    177,390   
39,846    Coca-Cola Co    1,660,383   
13,600    Coca-Cola Enterprises, Inc    279,072   
7,657    General Mills, Inc    376,342   
400    Hershey Foods Corp    24,184   
66,400    Pepsi Bottling Group, Inc    1,849,240   
16,400    PepsiAmericas Inc    371,624   
62,859    PepsiCo, Inc    3,333,413   
15,500    Pilgrim's Pride Corp    553,660   
288    Sanderson Farms, Inc    12,444   
22,700    Tyson Foods, Inc (Class A)    378,636   
400    Wrigley (Wm.) Jr Co    26,228   
 
      TOTAL FOOD AND KINDRED PRODUCTS    11,648,570   
 

 

11

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
FOOD STORES - 0.45%       
28,136    Albertson's, Inc  $ 581,008   
47,352  *    Safeway, Inc    877,433   
4,600  b*    Winn-Dixie Stores, Inc    4,278   
 
      TOTAL FOOD STORES    1,462,719   
 
 
FURNITURE AND FIXTURES - 0.04%       
2,700    HNI Corp    121,365   
 
      TOTAL FURNITURE AND FIXTURES    121,365   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.41%       
22,880    Best Buy Co, Inc    1,235,749   
4,900    Circuit City Stores, Inc (Circuit City Group)    78,645   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    1,314,394   
 
 
GENERAL BUILDING CONTRACTORS - 0.33%       
3,300    Lennar Corp (Class A)    187,044   
1,100  *    NVR, Inc    863,500   
 
      TOTAL GENERAL BUILDING CONTRACTORS    1,050,544   
 
 
GENERAL MERCHANDISE STORES - 2.16%       
9,200  *    BJ's Wholesale Club, Inc    285,752   
2,510    Costco Wholesale Corp    110,892   
5,800    Dillard's, Inc (Class A)    156,020   
12,200    Federated Department Stores, Inc    776,408   
8,700    J.C. Penney Co, Inc    451,704   
8,169    May Department Stores Co    302,416   
97,899    Wal-Mart Stores, Inc    4,905,719   
 
      TOTAL GENERAL MERCHANDISE STORES    6,988,911   
 
 
HEALTH SERVICES - 0.24%       
900    HCA, Inc    48,213   
16,400  *    Kindred Healthcare, Inc    575,640   
3,898  *    Magellan Health Services, Inc    132,727   
1,400  *    Tenet Healthcare Corp    16,142   
 
      TOTAL HEALTH SERVICES    772,722   
 

 

12

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.20%       
1,600  *    4Kids Entertainment, Inc  $ 35,376   
9,200    American Home Mortgage Investment Corp    263,488   
6,500    Fremont General Corp    142,935   
2,700    Host Marriott Corp    44,712   
123    Simon Property Group, Inc    7,451   
14,640    SPDR Trust Series 1    1,726,935   
41,780    Washington Mutual, Inc    1,650,310   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    3,871,207   
 
 
HOTELS AND OTHER LODGING PLACES - 0.30%       
14,427    Marriott International, Inc (Class A)    964,589   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    964,589   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.97%       
23,511    3M Co    2,014,658   
51,000  *    AGCO Corp    930,750   
17,800    American Standard Cos, Inc    827,344   
42,964  *    Apple Computer, Inc    1,790,310   
11,462    Applied Materials, Inc    186,257   
46,510    Baker Hughes, Inc    2,069,230   
210,217  *    Cisco Systems, Inc    3,760,782   
14,100    Cummins, Inc    991,935   
97,295  *    Dell, Inc    3,738,074   
38,400    Dover Corp    1,451,136   
23,200  *    EMC Corp    285,824   
49,888  *    Emulex Corp    939,890   
66,053    Hewlett-Packard Co    1,449,203   
65,220    International Business Machines Corp    5,959,804   
4,100    Kennametal, Inc    194,709   
7,212  *    Kulicke & Soffa Industries, Inc    45,363   
366    Nordson Corp    13,476   
41,100  *    Solectron Corp    142,617   
50,000    Tyco International Ltd    1,690,000   
22,800  *    Western Digital Corp    290,700   
16,100  *    Xerox Corp    243,915   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    29,015,977   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 2.64%       
35,700  *    Agilent Technologies, Inc    792,540   
19,400    Applera Corp (Applied Biosystems Group)    382,956   
35,100    Becton Dickinson & Co    2,050,542   
31,087  *    Boston Scientific Corp    910,538   
9,320    Guidant Corp    688,748   
42,742    Medtronic, Inc    2,177,705   
4,400  *    Millipore Corp    190,960   
28,100  *    Orbital Sciences Corp    272,008   
9,600    Raytheon Co    371,520   
426  *    Techne Corp    17,117   
27,400  *    Thermo Electron Corp    692,946   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    8,547,580   
 

 

13

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.00%       
700    AON Corp  $ 15,988   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    15,988   
 
 
INSURANCE CARRIERS - 7.31%       
29,200    Aetna, Inc    2,188,540   
21,400    Aflac, Inc    797,364   
8,200    American Financial Group, Inc    252,560   
54,245    American International Group, Inc    3,005,716   
400    AmerUs Group Co    18,900   
20,300    Berkley (W.R.) Corp    1,006,880   
26,526    Chubb Corp    2,102,716   
2,127    Cigna Corp    189,941   
19,300  *    CNA Financial Corp    541,558   
15,700    Everest Re Group Ltd    1,336,227   
16,000  *    Humana, Inc    511,040   
15,854    Lincoln National Corp    715,650   
10,500    Loews Corp    772,170   
30,051    MetLife, Inc    1,174,994   
593  *    Philadelphia Consolidated Holding Corp    45,975   
50,100    Principal Financial Group    1,928,349   
17,300    Protective Life Corp    679,890   
31,100    Reinsurance Group of America, Inc    1,324,238   
25,300    RenaissanceRe Holdings Ltd    1,181,510   
134    Safeco Corp    6,527   
17,762    St. Paul Travelers Cos, Inc    652,398   
2,800    Transatlantic Holdings, Inc    185,416   
26,000    UnitedHealth Group, Inc    2,479,880   
4,322  *    WellPoint, Inc    541,763   
 
      TOTAL INSURANCE CARRIERS    23,640,202   
 
 
METAL MINING - 0.85%       
10,900    Newmont Mining Corp    460,525   
20,700    Phelps Dodge Corp    2,105,811   
3,100    Southern Peru Copper Corp    171,926   
 
      TOTAL METAL MINING    2,738,262   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.25%       
39,775    Hasbro, Inc    813,399   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    813,399   
 

 

14

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
MISCELLANEOUS RETAIL - 1.79%       
14,900  *    Barnes & Noble, Inc  $ 513,901   
19,596  *    eBay, Inc    730,147   
33,500    Michaels Stores, Inc    1,216,050   
7,270  *    Petco Animal Supplies, Inc    267,609   
7,184  *    Sears Holdings Corp    956,693   
30,212    Staples, Inc    949,563   
6,600  *    Toys 'R' Us, Inc    170,016   
22,190    Walgreen Co    985,680   
 
      TOTAL MISCELLANEOUS RETAIL    5,789,659   
 
 
MOTION PICTURES - 2.26%       
38,191  *    Hollywood Entertainment Corp    502,976   
68,024    News Corp (Class A)    1,150,966   
135,577  *    Time Warner, Inc    2,379,376   
114,121    Walt Disney Co    3,278,696   
 
      TOTAL MOTION PICTURES    7,312,014   
 
 
NONDEPOSITORY INSTITUTIONS - 2.77%       
60,958    American Express Co    3,131,413   
12,000    Capital One Financial Corp    897,240   
42,988    Countrywide Financial Corp    1,395,390   
34,813    Fannie Mae    1,895,568   
12,782    Freddie Mac    807,822   
33,944    MBNA Corp    833,325   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    8,960,758   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.30%       
16,800    Vulcan Materials Co    954,744   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    954,744   
 
 
OIL AND GAS EXTRACTION - 1.15%       
5,000    BJ Services Co    259,400   
13,648    Burlington Resources, Inc    683,355   
100  *    Cal Dive International, Inc    4,530   
30,300    Devon Energy Corp    1,446,825   
1,900  *    Forest Oil Corp    76,950   
16,100    Marathon Oil Corp    755,412   
2,300  *    Transocean, Inc    118,358   
5,900    Unocal Corp    363,971   
 
      TOTAL OIL AND GAS EXTRACTION    3,708,801   
 
 
PAPER AND ALLIED PRODUCTS - 0.84%       
13,000    Greif, Inc (Class A)    905,840   
25,500    Kimberly-Clark Corp    1,676,115   
5,500  *    Pactiv Corp    128,425   
700    Wausau-Mosinee Paper Corp    9,898   
 
      TOTAL PAPER AND ALLIED PRODUCTS    2,720,278   
 

 

15

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
PETROLEUM AND COAL PRODUCTS - 6.27%       
12,800    Amerada Hess Corp  $ 1,231,488   
59,618    ChevronTexaco Corp    3,476,325   
14,190    ConocoPhillips    1,530,250   
206,720    ExxonMobil Corp    12,320,512   
5,200    Premcor, Inc    310,336   
6,500    Sunoco, Inc    672,880   
4,000  *    Tesoro Corp    148,080   
7,800    Valero Energy Corp    571,506   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    20,261,377   
 
 
PRIMARY METAL INDUSTRIES - 0.27%       
337  *    Andrew Corp    3,946   
27,900  *    CommScope, Inc    417,384   
4,300  *    International Steel Group, Inc    169,850   
5,700    United States Steel Corp    289,845   
 
      TOTAL PRIMARY METAL INDUSTRIES    881,025   
 
 
PRINTING AND PUBLISHING - 0.37%       
36,600    American Greetings Corp (Class A)    932,568   
7,800    Wiley (John) & Sons, Inc (Class A)    274,950   
 
      TOTAL PRINTING AND PUBLISHING    1,207,518   
 
 
RAILROAD TRANSPORTATION - 0.53%       
2,639    Burlington Northern Santa Fe Corp    142,321   
22,035    CSX Corp    917,758   
17,000    Norfolk Southern Corp    629,850   
340    Union Pacific Corp    23,698   
 
      TOTAL RAILROAD TRANSPORTATION    1,713,627   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.02%       
1,000  *    Sealed Air Corp    51,940   
1,200    Tupperware Corp    24,432   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    76,372   
 
 
SECURITY AND COMMODITY BROKERS - 1.51%       
3,200    Bear Stearns Cos, Inc    319,680   
7,600    Blackrock, Inc    569,468   
8,800    Franklin Resources, Inc    604,120   
3,400    Goldman Sachs Group, Inc    373,966   
9,200    Legg Mason, Inc    718,888   
7,925    Lehman Brothers Holdings, Inc    746,218   
11,100    Merrill Lynch & Co, Inc    628,260   
16,169    Morgan Stanley    925,675   
 
      TOTAL SECURITY AND COMMODITY BROKERS    4,886,275   
 

 

16

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
SPECIAL TRADE CONTRACTORS - 0.16%       
11,200  *    EMCOR Group, Inc  $ 524,384   
 
      TOTAL SPECIAL TRADE CONTRACTORS    524,384   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.19%       
56,300  *    Corning, Inc    626,619   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    626,619   
 
 
TOBACCO PRODUCTS - 1.16%       
51,800    Altria Group, Inc    3,387,202   
7,147    UST, Inc    369,500   
 
      TOTAL TOBACCO PRODUCTS    3,756,702   
 
 
TRANSPORTATION BY AIR - 1.25%       
15,500  *    Alaska Air Group, Inc    456,320   
1,435  *    AMR Corp    15,354   
39,870  *    Continental Airlines, Inc (Class B)    480,035   
68,700  *    ExpressJet Holdings, Inc    783,867   
22,587    FedEx Corp    2,122,049   
18,143  *    Pinnacle Airlines Corp    192,679   
 
      TOTAL TRANSPORTATION BY AIR    4,050,304   
 
 
TRANSPORTATION EQUIPMENT - 1.67%       
2,000    American Axle & Manufacturing Holdings, Inc    49,000   
18,386    Boeing Co    1,074,846   
88,956    Ford Motor Co    1,007,871   
2,800    General Dynamics Corp    299,740   
17,186    Lockheed Martin Corp    1,049,377   
1,700    Northrop Grumman Corp    91,766   
19,400  *    TRW Automotive Holdings Corp    376,942   
14,300    United Technologies Corp    1,453,738   
 
      TOTAL TRANSPORTATION EQUIPMENT    5,403,280   
 
 
TRANSPORTATION SERVICES - 0.12%       
18,100    Sabre Holdings Corp    396,028   
 
      TOTAL TRANSPORTATION SERVICES    396,028   
 
 
TRUCKING AND WAREHOUSING - 0.64%       
16,400    CNF, Inc    767,356   
17,900    United Parcel Service, Inc (Class B)    1,302,046   
 
      TOTAL TRUCKING AND WAREHOUSING    2,069,402   
 

 

17

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

           
SHARES         VALUE  
 
 
WATER TRANSPORTATION - 0.25%       
11,800    Carnival Corp  $ 611,358   
3,000    Overseas Shipholding Group, Inc    188,730   
 
      TOTAL WATER TRANSPORTATION    800,088   
 
 
WHOLESALE TRADE-DURABLE GOODS - 2.70%       
6,800  *    Ingram Micro, Inc (Class A)    113,356   
111,946    Johnson & Johnson    7,518,293   
17,400    W.W. Grainger, Inc    1,083,498   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS    8,715,147   
 
     
WHOLESALE TRADE-NONDURABLE GOODS - 1.56%     
29,530    AmerisourceBergen Corp  1,691,774   
4,994    Brown-Forman Corp (Class B)  273,421   
28,500    Cardinal Health, Inc  1,590,300   
2,000    Chiquita Brands International, Inc  53,560   
5,500    DIMON, Inc  34,375   
37,447    McKesson Corp  1,413,624   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  5,057,054   
 
 
      TOTAL COMMON STOCKS  322,066,854   
(Cost $326,861,364) 
 
 
      TOTAL PORTFOLIO - 99.59%  322,066,854   
      (Cost $326,861,364)     
 
      OTHER ASSETS AND LIABILITIES, NET - 0.41%  1,328,139   
 
 
      NET ASSETS - 100.00% 
$
323,394,993   
 
 
  *    Non-income producing     
  b    In bankruptcy     
  v    Security valued at fair value.     
 
      For ease of presentation, we have grouped a number of industry classification categories     
      together in the Statement of Investments. Note that the Funds use more specific industry     
      categories in following their investment limitations on industry concentration.     
           

18

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
     
 
 
PREFERRED STOCKS - 0.04%     
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.02%     
2,506    Rheinmetall AG. 
$
133,534   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT  133,534   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 0.02%     
2,177    Fresenius Medical Care AG.  125,764   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS  125,764   
 
 
      TOTAL PREFERRED STOCKS  259,298   
(Cost $249,561) 
 
 
COMMON STOCKS - 99.91%     
 
APPAREL AND ACCESSORY STORES - 0.01%     
2,252    Hennes & Mauritz AB (B Shs)  77,697   
 
      TOTAL APPAREL AND ACCESSORY STORES  77,697   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.23%     
719,000    Toyobo Co Ltd  1,754,478   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  1,754,478   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.43%     
24,300    Autobacs Seven Co Ltd  786,070   
509,000    Fuji Heavy Industries Ltd  2,493,605   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  3,279,675   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.66%     
34,000    Anhui Conch Cement Co Ltd  32,259   
598,242    Wolseley plc  12,525,243   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  12,557,502   
 

 

19

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
BUSINESS SERVICES - 3.83%     
89  *    Access Co Ltd  $ 2,313,201   
37,000    Aegis Group plc  71,313   
3,610  *    Atos Origin  244,674   
5,521  *    Business Objects  148,171   
10,358  *    Cap Gemini S.A.  362,122   
53,383    Capita Group plc  379,280   
678,647    Cintra Concesiones de Infraestructuras de Transporte S.A.  7,320,629   
4,705    Dassault Systemes S.A.  222,581   
41,700    Diamond Lease Co Ltd  1,625,739   
94,406    Group 4 Securicor plc  244,393   
140,006    Hays plc  351,858   
24,959    LogicaCMG plc  83,478   
115,800  *    Matsui Securities Co Ltd (When Issued)  1,516,789   
42,295    Misys plc  177,024   
41,600    Oracle Corp Japan  1,929,095   
2,942    Rakuten, Inc  2,571,775   
82,484    Rentokil Initial plc  252,496   
42,576    Sage Group plc  161,909   
17,044    SAP AG.  2,753,620   
57,000    Secom Co Ltd  2,376,776   
22,821    Securitas AB (B Shs)  366,137   
35,075    Serco Group plc  161,883   
56,400    Sumisho Lease Co Ltd  2,103,927   
34,000    Tata Consultancy Services Ltd  1,115,619   
25,179    WM-Data AB (B Shs)  62,561   
 
      TOTAL BUSINESS SERVICES  28,917,050   
 
 
CHEMICALS AND ALLIED PRODUCTS - 10.30%     
32,897    BOC Group plc  633,432   
61,338    Boots Group plc  722,663   
341,497    GlaxoSmithKline plc  7,827,394   
189,250  *    Global Bio-Chem Technology Group Co Ltd Wts 05/31/07  6,309   
96,076    Imperial Chemical Industries plc  485,633   
34,300    JSR Corp  678,239   
43,230    Kose Corp  1,657,096   
34,025    Lonza Group AG. (Regd)  2,089,630   
140,790    Merck KGaA  10,063,774   
327,000    Nippon Paint Co Ltd  1,213,715   
169,022    Novartis AG. (Regd)  7,912,935   
1,751    Omega Pharma S.A.  90,527   
5,923    Orion Oyj  90,988   
10,951  *    Qiagen NV  130,085   
365,998    Reckitt Benckiser plc  11,632,530   
222,863    Sanofi-Aventis  18,841,334   
117,100    Shin-Etsu Chemical Co Ltd  4,444,895   
47,000    Taisho Pharmaceutical Co Ltd  1,001,870   
104,100    Takeda Pharmaceutical Co Ltd  4,973,364   
722,000    Teijin Ltd  3,091,586   
12,142    Zeltia S.A.  101,941   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS  77,689,940   
 

 

20

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
COMMUNICATIONS - 4.99%     
13,510    Belgacom S.A.  $ 560,109   
444,355    BT Group plc  1,725,486   
192,655    Cable & Wireless plc    470,522   
158,300    Cesky Telecom AS    2,976,584   
9,610    Cosmote Mobile Telecommunications S.A.    170,109   
112,776    Deutsche Telekom AG. (Regd)    2,257,167   
38,781    Eircom Group plc    102,315   
11,131    Elisa Oyj    189,510   
537,057    Ericsson (LM) (B Shs)    1,517,412   
6,913    France Telecom S.A.    207,541   
19,810    Hellenic Telecommunications Organization S.A.    350,661   
101  *    Jupiter Telecommunications Co    80,736   
1,341    KDDI Corp    6,657,358   
287,764    KPN NV    2,580,548   
14,597  *    Marconi Corp plc    148,669   
4,025  *    Modern Times Group AB (B Shs)    122,295   
67,656    Portugal Telecom SGPS S.A. (Regd)    794,879   
1,190    SKY Perfect Communications, Inc    927,880   
7,987    Tele2 AB (B Shs)    264,789   
105,732    Telecom Corp of New Zealand Ltd    456,813   
238,258    Telefonica S.A.    4,161,723   
22,821    Telekom Austria AG.    447,856   
65,327    Telenor ASA    589,706   
150,831    TeliaSonera AB    899,435   
3,376,313    Vodafone Group plc    8,963,725   
 
      TOTAL COMMUNICATIONS    37,623,828   
 
 
DEPOSITORY INSTITUTIONS - 15.52%       
3,000  v*    Ashikaga Financial Group, Inc    -   
2,046,850    Banca Intesa S.p.A.    10,427,938   
28,381    Banco BPI S.A. (Regd)    116,189   
32,186    Bank of Ireland (London)    509,496   
236,656  *    Bayerische Hypo-und Vereinsbank AG.    5,803,845   
146,055    DBS Group Holdings Ltd    1,319,481   
711,017    Depfa Bank plc    11,273,692   
104,067    Deutsche Bank AG. (Regd)    9,000,932   
6    EFG Eurobank Ergasias S.A.    185   
96,600    Hang Seng Bank Ltd    1,281,915   
590,480    HSBC Holdings plc (United Kingdom)    9,338,995   
639    Mitsubishi Tokyo Financial Group, Inc    5,556,002   
560    Mizuho Financial Group, Inc    2,654,450   
84,530    National Bank of Greece S.A.    2,867,330   
182,240    Nordea Bank AB (Sweden)    1,850,034   
583,119    Royal Bank of Scotland Group plc    18,555,334   
1,015,000    Shinsei Bank Ltd    5,788,613   
38,041    Skandinaviska Enskilda Banken (A Shs)    723,747   
296    Sumitomo Mitsui Financial Group Inc    2,009,125   
488,000    Sumitomo Trust & Banking Co Ltd    3,189,155   
44,700    Suncorp-Metway Ltd    671,845   
42,923    Svenska Handelsbanken AB (A Shs)    1,017,739   
273,079    UBS AG. (Regd)    23,140,346   
 
      TOTAL DEPOSITORY INSTITUTIONS    117,096,388   
 
 

 

21

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
EATING AND DRINKING PLACES - 0.03%       
17,370    Mitchells & Butlers plc  $ 113,073   
8,314    Punch Taverns plc    108,086   
 
      TOTAL EATING AND DRINKING PLACES    221,159   
 
 
EDUCATIONAL SERVICES - 0.12%       
27,000    Benesse Corp    918,848   
 
      TOTAL EDUCATIONAL SERVICES    918,848   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 2.38%       
4,830    Aguas de Barcelona S.A. (A Shs)    104,768   
258,874    Australian Gas Light Co Ltd    2,843,579   
127,219    Centrica plc    554,706   
430,000    Hong Kong & China Gas Co Ltd    846,288   
118,775    International Power plc    402,303   
30,299    Kelda Group plc    342,373   
59,843    National Grid Transco plc    554,371   
2,160,480    Nissin Co Ltd    5,049,738   
71,166    Scottish & Southern Energy plc    1,185,399   
154,312    Scottish Power plc    1,192,594   
27,880    Severn Trent plc    482,040   
123,000    Tata Power Co Ltd    1,006,761   
44,950    United Utilities plc    535,955   
24,945    United Utilities plc (A Shs)    212,348   
4,960,000  *    Xinao Gas Holdings Ltd    2,670,992   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    17,984,215   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.83%       
13,545    Advantest Corp    1,040,949   
361,197  *    Alstom    309,823   
44,760    ARM Holdings plc    89,019   
21,243    Electrocomponents plc    99,348   
21,874    Electrolux AB Series B    510,886   
10,100    Hirose Electric Co Ltd    1,033,985   
8,563    Kesa Electricals plc    48,906   
67,862    Kidde plc    214,147   
69,700    Kyocera Corp    4,985,088   
63,100    Melco Holdings, Inc    1,395,208   
2,274    Mobistar S.A.    200,229   
58,000    Nippon Electric Glass Co Ltd    837,790   
378,323    Nokia Oyj    5,880,582   
18,500    Rohm Co Ltd    1,790,155   
103,000    Satyam Computer Services Ltd    963,598   
152,000    Sharp Corp    2,305,011   
337,179    STMicroelectronics NV    5,626,676   
146,000    Sumitomo Electric Industries Ltd    1,557,461   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    28,888,861   
 

 

22

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
FABRICATED METAL PRODUCTS - 0.22%       
22,744    Assa Abloy AB (B Shs)  $ 322,921   
175,000    NHK Spring Co Ltd    1,223,822   
35,764    Novar plc    125,867   
 
      TOTAL FABRICATED METAL PRODUCTS    1,672,610   
 
 
FOOD AND KINDRED PRODUCTS - 3.23%       
68,837    Cadbury Schweppes plc    690,044   
156,479    Coca-Cola Amatil Ltd    1,038,560   
1,502,000    Global Bio-Chem Technology Group Co Ltd    943,643   
13,000    Greencore Group plc    54,572   
98,036    Groupe Danone    9,778,907   
109,708    J. Sainsbury plc    599,627   
134,139    Lion Nathan Ltd    752,283   
678,000    Nichirei Corp    2,579,899   
1,108,000    Nisshin Oillio Group Ltd    6,215,408   
406,000    People's Food Holdings Ltd    297,860   
64,967    Scottish & Newcastle plc    565,317   
4,352    Suedzucker AG.    87,782   
33,104    Tate & Lyle plc    332,471   
42,183    Unilever plc    416,878   
 
      TOTAL FOOD AND KINDRED PRODUCTS    24,353,251   
 
 
FOOD STORES - 2.44%       
2,377    Axfood AB    58,217   
2,714    Casino Guichard-Perrachon S.A.    228,742   
39  *    Casino Guichard-Perrachon S.A. Wts 12/15/05    2   
3,026,657    Tesco plc    18,101,160   
 
      TOTAL FOOD STORES    18,388,121   
 
 
FURNITURE AND FIXTURES - 0.01%       
20,683    MFI Furniture Group plc    45,727   
 
      TOTAL FURNITURE AND FIXTURES    45,727   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.23%       
128,300    Hitachi Maxell Ltd    1,726,101   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    1,726,101   
 
 
GENERAL BUILDING CONTRACTORS - 1.57%       
24,129    Amec plc    145,445   
7,969    Barratt Developments plc    99,309   
3,704    Bellway plc    61,592   
3,601  *    Berkeley Group Holdings plc    55,150   
16,100    Bouygues S.A.    639,867   

 

23

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
9,410,000    Shanghai Forte Land Co  $ 2,805,138   
28,436    Skanska AB (B Shs)    345,195   
193,000    Sumitomo Realty & Development Co Ltd    2,334,910   
19,431    Taylor Woodrow plc    112,353   
153,752    Titan Cement Co S.A.    5,111,492   
12,939    Wimpey (George) plc    107,578   
 
      TOTAL GENERAL BUILDING CONTRACTORS    11,818,029   
 
 
GENERAL MERCHANDISE STORES - 0.02%       
4,936    Kesko Oyj (B Shs)    127,147   
 
      TOTAL GENERAL MERCHANDISE STORES    127,147   
 
 
HEALTH SERVICES - 0.09%       
6,105  *    Capio AB    92,747   
2,211    Coloplast a/s (B Shs)    115,329   
2,289  *    Elekta AB    82,873   
12,440    Getinge AB (B Shs)    186,339   
12,830    Intertek Group plc    187,524   
 
      TOTAL HEALTH SERVICES    664,812   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 2.02%       
33,891    Balfour Beatty plc    200,126   
104,120    Vinci S.A.    15,047,534   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    15,247,660   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 3.52%       
3,295    Castellum AB    108,068   
9,828    Great Portland Estates plc    60,866   
47,000    Housing Development Finance Corp    782,096   
18,379    iShares MSCI EAFE Index Fund    2,919,872   
38,714    Land Securities Group plc    945,880   
20,532    London Stock Exchange plc    176,042   
47,787    Macquarie Infrastructure Group    133,076   
44,346    Nobel Biocare Holding AG.    9,366,646   
2,234,000    Orient Corp    7,915,913   
10,026    Schroders plc    133,942   
448,000    Sumitomo Corp    3,849,215   
6,655    Wihlborgs Fastigheter AB    154,488   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    26,546,104   
 
 
HOTELS AND OTHER LODGING PLACES - 2.46%       
378,655    Accor S.A.    18,582,411   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    18,582,411   
 
 

 

24

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.15%       
20,525    Aggreko plc  $ 69,811   
6,755    Alfa Laval AB    111,253   
15,394    Atlas Copco AB (B Shs)    676,460   
1,680    East Asiatic Co Ltd a/s    95,691   
46,915    FKI plc    94,191   
3,415,157    Futuris Corp Ltd    5,494,934   
2,201    Hoganas AB (B Shs)    63,438   
302,000    Komatsu Ltd    2,275,729   
34,485    Meggitt plc    171,541   
6,300    Nidec Corp    786,322   
429,000    NSK Ltd    2,213,987   
193,374    Rheinmetall AG.    10,304,058   
2,550,750    Rolls-Royce Group plc (B Shs)    4,940   
18,069    Sandvik AB    754,243   
7,331    Scania AB    313,300   
7,543    SKF AB (B Shs)    353,953   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    23,783,851   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 0.64%       
13,628    Gambro AB (A Shs)    186,719   
7,588    Gambro AB (B Shs)    103,426   
29,318    IMI plc    227,414   
458,717  *    Invensys plc    134,353   
50    Keyence Corp    11,612   
1,124    Nobel Biocare Holding AG. (Stockholm)    236,667   
77,609    Smith & Nephew plc    729,583   
13,559    Synthes, Inc    1,513,002   
45,800    Tokyo Seimitsu Co Ltd    1,597,176   
2,241  *    William Demant Holding    112,202   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    4,852,154   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.01%       
5,409    MLP AG.    78,804   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    78,804   
 
 
INSURANCE CARRIERS - 5.40%       
626,000    Aioi Insurance Co Ltd    3,382,835   
501,053    AMP Ltd    2,744,135   
100,365    Aviva plc    1,204,275   
490,000  *    China Life Insurance Co Ltd (H Shs)    326,694   
2,875    CNP Assurances    204,199   
8,921    Corporacion Mapfre S.A.    137,739   
160,414    Friends Provident plc    537,277   
301,308    Insurance Australia Group Ltd    1,477,707   
524,659    Legal & General Group plc    1,122,755   
19,459    Liberty International plc    354,276   
287,000    Nipponkoa Insurance Co Ltd    1,972,186   
159,000    Nissay Dowa General Insurance Co Ltd    838,407   
5,056    Pohjola Group plc (D Shs)    61,176   

 

25

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
432,769    Promina Group Ltd  $ 1,653,756   
122,583    Prudential plc    1,172,061   
233,036    Royal & Sun Alliance Insurance Group plc    345,670   
15,837    Schindler Holding AG. (Pt Cert)    5,886,224   
79,523    Skandia Forsakrings AB    405,338   
1,752  *    Topdanmark a/s    130,815   
95,532    Zurich Financial Services AG.    16,823,699   
 
      TOTAL INSURANCE CARRIERS    40,781,224   
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.08%       
17,264    Veolia Environnement    613,881   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    613,881   
 
 
LUMBER AND WOOD PRODUCTS - 0.02%       
3,932    Holmen AB (B Shs)    124,215   
 
      TOTAL LUMBER AND WOOD PRODUCTS    124,215   
 
 
METAL MINING - 1.04%       
17,801    Johnson Matthey plc    332,667   
251,042    Newcrest Mining Ltd    3,380,910   
33,708    Rio Tinto Ltd    1,177,018   
438,427    WMC Resources Ltd    2,702,988   
106,308  *    Zinifex Ltd    244,237   
 
      TOTAL METAL MINING    7,837,820   
 
 
MISCELLANEOUS RETAIL - 0.48%       
152,865  *    Cookson Group plc    115,541   
12,789    HMV Group plc    60,476   
1,782,569    Pacific Brands Ltd    3,461,055   
 
      TOTAL MISCELLANEOUS RETAIL    3,637,072   
 
 
MOTION PICTURES - 0.12%       
20,000  *    Premiere AG.    830,476   
19,891    Rank Group plc    102,892   
 
      TOTAL MOTION PICTURES    933,368   
 
 
NONDEPOSITORY INSTITUTIONS - 1.49%       
26,465    Cattles plc    169,028   
4,573    D Carnegie AB    52,267   
17,364    Deutsche Postbank AG.    801,133   
222,202    Hypo Real Estate Holding    9,284,431   
39,020    ICAP plc    202,395   
221,000    Industrial Development Bank of India Ltd    461,334   
20,569    Provident Financial plc    275,179   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    11,245,767   
 
 

 

26

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
OIL AND GAS EXTRACTION - 1.48%       
2,571    IHC Caland NV  $ 163,729   
13,186  *    Lundin Petroleum AB    102,033   
1,369    OMV AG.    436,087   
397,931    Origin Energy Ltd    2,194,754   
1,310,000    PetroChina Co Ltd (Class H)    814,619   
153,138    Shell Transport & Trading Co plc    1,374,504   
2,884    Smedvig ASA    54,351   
44,150    Statoil ASA    755,131   
1,553    Technip S.A.    260,368   
21,427    Total S.A.    5,026,491   
 
      TOTAL OIL AND GAS EXTRACTION    11,182,067   
 
 
PAPER AND ALLIED PRODUCTS - 0.55%       
4,295    Billerud AB    63,420   
37,248    Bunzl plc    363,884   
484,400    Carter Holt Harvey Ltd    680,345   
14,778    De La Rue plc    106,672   
193,000    NGK Insulators Ltd    1,921,700   
44,349    Rexam plc    397,849   
15,696    Svenska Cellulosa AB (B Shs)    593,904   
 
      TOTAL PAPER AND ALLIED PRODUCTS    4,127,774   
 
 
PERSONAL SERVICES - 0.02%       
16,343    Davis Service Group plc    134,953   
 
      TOTAL PERSONAL SERVICES    134,953   
 
 
PETROLEUM AND COAL PRODUCTS - 5.70%       
409,983    BHP Billiton Ltd    5,667,335   
753,304    BP plc    7,807,579   
471,641    ENI S.p.A.    12,277,752   
8,620    Hellenic Petroleum S.A.    86,487   
564,000    Nippon Oil Corp    4,012,752   
4,828    Norsk Hydro ASA    399,887   
1,452  *    Petroleum Geo-Services ASA    96,004   
30,119    Premier Farnell plc    96,610   
165,990    Repsol YPF S.A.    4,405,184   
136,263    Royal Dutch Petroleum Co    8,167,584   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    43,017,174   
 
 
PRIMARY METAL INDUSTRIES - 1.25%       
166,000    Angang New Steel Co Ltd    97,373   
321,916  *    Corus Group plc    328,478   
262,000    NEOMAX Co Ltd    6,197,270   
1,002,000    Nippon Steel Corp    2,538,725   
6,895    Ssab Svenskt Stal AB (Series A)    171,807   
6,045    Trelleborg AB (B Shs)    105,139   
 
      TOTAL PRIMARY METAL INDUSTRIES    9,438,792   
 
 

 

27

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
PRINTING AND PUBLISHING - 2.46%       
12,520    Eniro AB  $ 148,430   
433,710    Reed Elsevier NV    6,555,495   
1,010,847    Reed Elsevier plc    10,476,870   
487,000    Singapore Press Holdings Ltd    1,346,462   
 
      TOTAL PRINTING AND PUBLISHING    18,527,257   
 
 
RAILROAD TRANSPORTATION - 0.32%       
302,098    Brambles Industries Ltd    1,857,819   
60,059    Brambles Industries plc    343,867   
33,090    Firstgroup plc    214,623   
 
      TOTAL RAILROAD TRANSPORTATION    2,416,309   
 
 
REAL ESTATE - 0.93%       
41,780    British Land Co plc    634,737   
460,000    China Overseas Land & Investment Ltd    102,034   
40  *    City Developments Ltd Wts 05/10/06    97   
436    Cofinimmo    70,547   
2,151    Gecina S.A.    246,288   
22,311    Hammerson plc    350,551   
1,915    Klepierre    172,600   
33,787    Slough Estates plc    311,239   
383,000    Tokyo Tatemono Co Ltd    2,599,645   
202,670    Westfield Group    2,538,194   
 
      TOTAL REAL ESTATE    7,025,932   
 
 
SECURITY AND COMMODITY BROKERS - 0.38%       
49,490    3i Group plc    627,962   
58,829    Amvescap plc    371,007   
9,887    Close Brothers Group plc    144,789   
8,107    Euronext NV    289,220   
22,525    Man Group plc    584,818   
57,900  *    Matsui Securities Co Ltd    773,011   
6,058  *    OMX AB    71,820   
 
      TOTAL SECURITY AND COMMODITY BROKERS    2,862,627   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 3.96%       
41,223    BPB plc    386,748   
59,440    Hanson plc    562,150   
392,089    Holcim Ltd (Regd)    24,195,105   
6,700    Hoya Corp    739,155   
378,000    Nippon Sheet Glass Co Ltd    1,604,450   
83,018    Pilkington plc    185,892   
837,000    Sumitomo Osaka Cement Co Ltd    2,198,925   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    29,872,425   
 

 

28

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
TRANSPORTATION BY AIR - 0.44%     
35,624    BAA plc  $ 392,783   
43,670  *    British Airways plc  217,850   
10,000  *    Jet Airways India Ltd  277,705   
66,408    SABMiller plc  1,039,639   
5,970  *    SAS AB  59,970   
173,000    Swire Pacific Ltd (A Shs)  1,369,697   
 
      TOTAL TRANSPORTATION BY AIR  3,357,644   
 
 
TRANSPORTATION EQUIPMENT - 4.69%     
24,189    BAE Systems plc  118,611   
36,392    BBA Group plc  207,502   
9,209    Cobham plc  243,096   
2,548,921  *    Fiat S.p.A.  18,584,274   
164,000    Keppel Corp Ltd  1,083,854   
469,000    Mazda Motor Corp  1,604,843   
51,015    Rolls-Royce Group plc  235,211   
18,664    Smiths Group plc  300,303   
62,314    Tomkins plc  311,150   
44,900    Toyota Industries Corp  1,267,745   
275,700    Toyota Motor Corp  10,284,620   
25,865    Volvo AB (B Shs)  1,147,605   
 
      TOTAL TRANSPORTATION EQUIPMENT  35,388,814   
 
 
TRANSPORTATION SERVICES - 0.07%     
16,091    Arriva plc  159,629   
11,201    National Express Group plc  191,018   
1,145    Ship Finance International Ltd  23,243   
64,206    Stagecoach Group plc  134,063   
 
      TOTAL TRANSPORTATION SERVICES  507,953   
 
 
TRUCKING AND WAREHOUSING - 0.34%     
133,000    Seino Transportation Co Ltd  1,308,115   
206,000    Sumitomo Warehouse Co Ltd  1,242,240   
 
      TOTAL TRUCKING AND WAREHOUSING  2,550,355   
 
 
WATER TRANSPORTATION - 0.19%     
26,479    Associated British Ports Holdings plc  240,417   
603,000    China Shipping Container Lines Co Ltd (Class H)  293,794   
1,694    Euronav NV  56,361   
24,054    Exel plc  385,436   
3,275    Frontline Ltd  157,153   
59,498    Peninsular & Oriental Steam Navigation Co  325,477   
 
      TOTAL WATER TRANSPORTATION  1,458,638   
 
 

 

29

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

           
SHARES         VALUE  
 
 
WHOLESALE TRADE-DURABLE GOODS - 0.84%     
51,200    Kuroda Electric Co Ltd  $ 1,201,496   
15,280    SSL International plc  87,413   
167,500    Terumo Corp  5,058,199   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  6,347,108   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 4.72%     
20,105    Alliance Unichem plc  293,856   
1,149,451    Clariant AG.  19,914,559   
25,896    Fyffes plc  75,725   
5,819    H. Lundbeck a/s  141,612   
37,877    Imperial Tobacco Group plc  994,140   
2,508    Inchcape plc  93,929   
456,374    Inditex S.A.  13,683,426   
2,393    Oriflame Cosmetics S.A. (SDR)  50,115   
26,924    Swedish Match AB  330,663   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  35,578,025   
 
 
      TOTAL COMMON STOCKS  753,863,617   
(Cost $677,672,050)
 
 
      TOTAL PORTFOLIO - 99.95%  754,122,915   
      (Cost $677,921,611)     
 
      OTHER ASSETS AND LIABILITIES, NET - 0.05%  413,821   
 
 
      NET ASSETS -100.00% 
$
754,536,736   
 
 
  *    Non-income producing     
  v    Security valued at fair value.     
 
      For ease of presentation, we have grouped a number of industry classification categories     
      together in the Statement of Investments. Note that the Funds use more specific industry     
      categories in following their investment limitations on industry concentration.     
           

30

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
COMMON STOCKS - 99.73%     
 
AMUSEMENT AND RECREATION SERVICES - 0.57%     
90,896  *    WMS Industries, Inc 
$
2,559,631   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  2,559,631   
 
 
APPAREL AND ACCESSORY STORES - 0.25%     
50,600    Gap, Inc  1,105,104   
 
      TOTAL APPAREL AND ACCESSORY STORES  1,105,104   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.68%     
79,023    Jones Apparel Group, Inc  2,646,480   
5,075    Liz Claiborne, Inc  203,660   
3,879    VF Corp  229,404   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  3,079,544   
 
 
AUTO REPAIR, SERVICES, AND PARKING - 0.39%     
39,515    Lear Corp  1,752,885   
 
      TOTAL AUTO REPAIR, SERVICES, AND PARKING  1,752,885   
 
 
BUSINESS SERVICES - 2.92%     
54,100    Automatic Data Processing, Inc  2,431,795   
73,860  *    Gravity Co Ltd  697,238   
383,500  *    Manugistics Group, Inc  644,280   
132,605    Microsoft Corp  3,205,063   
237,150  *    NYFIX, Inc  1,275,867   
163,389  *    Sun Microsystems, Inc  660,092   
147,192    Waste Management, Inc  4,246,489   
 
      TOTAL BUSINESS SERVICES  13,160,824   
 
 
CHEMICALS AND ALLIED PRODUCTS - 5.99%     
65,356  *    Andrx Corp  1,481,621   
124,318  *    Celanese Corp (Series A)  2,236,481   
131,846    Du Pont (E.I.) de Nemours & Co  6,755,789   
150,555    Merck & Co, Inc  4,873,465   

 

31

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

           
SHARES         VALUE  
 
 
36,741  *    OSI Pharmaceuticals, Inc  $ 1,518,873   
59,191  *    Prestige Brands Holdings, Inc  1,044,721   
1,188,411    Rhodia S.A. (Spon ADR)  2,543,200   
154,696    Wyeth  6,525,077   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS  26,979,227   
 
 
COAL MINING - 0.29%     
44,855  *    Alpha Natural Resources, Inc  1,285,993   
 
      TOTAL COAL MINING  1,285,993   
 
 
COMMUNICATIONS - 7.38%     
38,014    AT&T Corp  712,762   
337,885    BellSouth Corp  8,882,997   
64,692  *    Comcast Corp (Class A)  2,185,296   
139,112    SBC Communications, Inc  3,295,563   
115,851    Sprint Corp  2,635,610   
179,917    Verizon Communications, Inc  6,387,054   
262,821    Viacom, Inc (Class B)  9,154,055   
 
      TOTAL COMMUNICATIONS  33,253,337   
 
 
DEPOSITORY INSTITUTIONS - 17.47%     
323,532    Bank of America Corp  14,267,761   
463,906    Citigroup, Inc  20,847,936   
127,900    Fifth Third Bancorp  5,497,142   
64,800    Greater Bay Bancorp  1,581,768   
317,737    JPMorgan Chase & Co  10,993,700   
793    National City Corp  26,566   
75,733    New York Community Bancorp, Inc  1,375,311   
144,265    North Fork Bancorp, Inc  4,001,911   
144,259    Northern Trust Corp  6,266,611   
56,043    SunTrust Banks, Inc  4,039,019   
88,107    U.S. Bancorp  2,539,244   
81,609    Wachovia Corp  4,154,714   
51,713    Wells Fargo & Co  3,092,437   
 
      TOTAL DEPOSITORY INSTITUTIONS  78,684,120   
 
 
EATING AND DRINKING PLACES - 1.28%     
159,724  *    Brinker International, Inc  5,785,203   
 
      TOTAL EATING AND DRINKING PLACES  5,785,203   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 5.76%     
141,899  *    Allegheny Energy, Inc  2,931,633   
642,800  *    Calpine Corp  1,799,840   
171,173    Centerpoint Energy, Inc  2,059,211   
256,296  *    CMS Energy Corp  3,342,100   
79,459    Dominion Resources, Inc  5,914,133   
15,761    Duke Energy Corp  441,466   

 

32

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

           
SHARES         VALUE  
 
 
2,727    Equitable Resources, Inc  $ 156,639   
30,284    Exelon Corp  1,389,733   
3,734    Kinder Morgan, Inc  282,664   
5,274    MDU Resources Group, Inc  145,668   
30,148  *    NRG Energy, Inc  1,029,554   
128,349    PG&E Corp  4,376,701   
38,230    PPL Corp  2,064,038   
       
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    25,933,380   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.87%       
60,670    Adtran, Inc    1,070,219   
3,711,710  *    Alstom    3,183,789   
928,903  *    Atmel Corp    2,740,264   
50,481  *    Fairchild Semiconductor International, Inc    773,874   
622,219    General Electric Co    22,437,217   
95,300  *    Novellus Systems, Inc    2,547,369   
306,410  *    PMC-Sierra, Inc    2,696,408   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    35,449,140   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.15%       
27,950  *    Accenture Ltd (Class A)    674,993   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    674,993   
 
 
FABRICATED METAL PRODUCTS - 1.00%       
50,504    Illinois Tool Works, Inc    4,521,623   
 
      TOTAL FABRICATED METAL PRODUCTS    4,521,623   
 
 
FOOD AND KINDRED PRODUCTS - 1.64%       
206,922    Coca-Cola Enterprises, Inc    4,246,039   
40,504    Molson Coors Brewing Co (Class B)    3,125,694   
 
      TOTAL FOOD AND KINDRED PRODUCTS    7,371,733   
 
 
FOOD STORES - 0.92%       
254,532  *    Kroger Co    4,080,148   
4,000  *    Safeway, Inc    74,120   
 
      TOTAL FOOD STORES    4,154,268   
 
 
GENERAL MERCHANDISE STORES - 0.29%       
17,700    Federated Department Stores, Inc    1,126,428   
1,861    Neiman Marcus Group, Inc (Class A)    170,300   
 
      TOTAL GENERAL MERCHANDISE STORES    1,296,728   
 

 

33

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

           
SHARES         VALUE  
 
 
HEALTH SERVICES - 0.48%       
42,881  *    Triad Hospitals, Inc  $ 2,148,338   
 
      TOTAL HEALTH SERVICES    2,148,338   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 2.09%       
23,132    AMB Property Corp    874,390   
28,431    Apartment Investment & Management Co (Class A)    1,057,633   
13,986    AvalonBay Communities, Inc    935,524   
12,941    Boston Properties, Inc    779,436   
11    Cross Timbers Royalty Trust    430   
9,782    General Growth Properties, Inc    333,566   
52,396    iShares Russell 1000 Value Index Fund    3,448,181   
48,650    iStar Financial, Inc    2,003,407   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    9,432,567   
 
 
HOTELS AND OTHER LODGING PLACES - 0.71%       
80,715  *    Great Wolf Resorts, Inc    2,013,839   
53,883    Hilton Hotels Corp    1,204,285   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    3,218,124   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.81%       
145,494  *    Cisco Systems, Inc    2,602,888   
14,950    Deere & Co    1,003,593   
411,884    Hewlett-Packard Co    9,036,735   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    12,643,216   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 1.59%       
119,386  *    Boston Scientific Corp    3,496,816   
94,958    Raytheon Co    3,674,875   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    7,171,691   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 1.20%       
178,303    Marsh & McLennan Cos, Inc    5,423,977   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    5,423,977   
 
 
INSURANCE CARRIERS - 3.73%       
1,346    Aegon NV (ARS)    18,117   
24,598    Allstate Corp    1,329,768   
74,696    American International Group, Inc    4,138,905   
30,296    Genworth Financial, Inc    833,746   
28,429    MGIC Investment Corp    1,753,216   
21,211    Prudential Financial, Inc    1,217,511   
205,113    St. Paul Travelers Cos, Inc    7,533,801   
 
      TOTAL INSURANCE CARRIERS    16,825,064   
 
 

 

34

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

           
SHARES         VALUE  
 
 
LUMBER AND WOOD PRODUCTS - 0.79%       
99,842    Georgia-Pacific Corp  $ 3,543,393   
 
      TOTAL LUMBER AND WOOD PRODUCTS    3,543,393   
 
 
METAL MINING - 0.05%       
5,857    Newmont Mining Corp    247,458   
 
      TOTAL METAL MINING    247,458   
 
 
MISCELLANEOUS RETAIL - 1.81%       
61,744  *    Office Depot, Inc    1,369,482   
51,002  *    Sears Holdings Corp    6,791,936   
 
      TOTAL MISCELLANEOUS RETAIL    8,161,418   
 
 
MOTION PICTURES - 2.80%       
77,967    News Corp (Class A)    1,319,202   
553,584  *    Time Warner, Inc    9,715,399   
55,160    Walt Disney Co    1,584,747   
 
      TOTAL MOTION PICTURES    12,619,348   
 
 
NONDEPOSITORY INSTITUTIONS - 1.76%       
92,577    Fannie Mae    5,040,818   
45,919    Freddie Mac    2,902,081   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    7,942,899   
 
 
OIL AND GAS EXTRACTION - 3.13%       
26,402  *    Bill Barrett Corp    763,282   
78,400    Devon Energy Corp    3,743,600   
19,840    Kerr-McGee Corp    1,554,067   
33,573    Marathon Oil Corp    1,575,245   
43,372    Noble Energy, Inc    2,950,163   
2,232    Pogo Producing Co    109,904   
26,691  *    Pride International, Inc    663,005   
38,207    Schlumberger Ltd    2,692,829   
2,700    W&T Offshore, Inc    56,052   
 
      TOTAL OIL AND GAS EXTRACTION    14,108,147   
 
 
PAPER AND ALLIED PRODUCTS - 1.16%       
102,594    International Paper Co    3,774,433   
62,410  *    Pactiv Corp    1,457,274   
 
      TOTAL PAPER AND ALLIED PRODUCTS    5,231,707   
 

 

35

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

           
SHARES         VALUE  
 
 
PETROLEUM AND COAL PRODUCTS - 8.75%       
105,576    ChevronTexaco Corp  $ 6,156,136   
45,675    ConocoPhillips    4,925,592   
475,443    ExxonMobil Corp    28,336,403   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    39,418,131   
 
 
PRINTING AND PUBLISHING - 0.32%       
35,856    Tribune Co    1,429,579   
 
      TOTAL PRINTING AND PUBLISHING    1,429,579   
 
 
RAILROAD TRANSPORTATION - 0.42%       
45,296    CSX Corp    1,886,578   
 
      TOTAL RAILROAD TRANSPORTATION    1,886,578   
 
 
REAL ESTATE - 0.02%       
1,257    Forest City Enterprises, Inc (Class A)    80,197   
 
      TOTAL REAL ESTATE    80,197   
 
 
SECURITY AND COMMODITY BROKERS - 2.69%       
4,070    Goldman Sachs Group, Inc    447,659   
43,211    Merrill Lynch & Co, Inc  2,445,743  
161,456    Morgan Stanley  9,243,356  
 
      TOTAL SECURITY AND COMMODITY BROKERS  12,136,758  
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.02%   
1,324    Lafarge North America, Inc  77,388  
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS  77,388  
 
 
TOBACCO PRODUCTS - 3.54%   
244,018    Altria Group, Inc  15,956,337  
 
      TOTAL TOBACCO PRODUCTS  15,956,337  
 
 
TRANSPORTATION BY AIR - 0.43%   
286,875  *    Northwest Airlines Corp  1,919,194  
 
      TOTAL TRANSPORTATION BY AIR  1,919,194  
 
 

 

36

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

           
SHARES         VALUE  
 
 
TRANSPORTATION EQUIPMENT - 3.69%   
257,070    Delphi Corp  $ 1,151,674  
10,000    General Dynamics Corp  1,070,500  
86,972    General Motors Corp  2,556,107  
1,544    Genuine Parts Co  67,148  
173,470    Honeywell International, Inc  6,454,819  
47,695  *    Navistar International Corp  1,736,098  
66,158    Northrop Grumman Corp  3,571,209  
 
      TOTAL TRANSPORTATION EQUIPMENT  16,607,555  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.89%   
69,972    AmerisourceBergen Corp  4,008,696  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  4,008,696  
 
 
      TOTAL COMMON STOCKS  449,285,493  
(Cost $426,748,761)
 
 
PRINCIPAL 
       
       
SHORT-TERM INVESTMENTS - 0.72%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.72%   
$3,260,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  3,259,759  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  3,259,759  
 
 
      TOTAL SHORT-TERM INVESTMENTS  3,259,759  
(Cost $3,260,000)
 
 
      TOTAL PORTFOLIO - 100.45%  452,545,252  
      (Cost $430,008,761)   
 
      OTHER ASSETS AND LIABILITIES, NET (0.45%)  (2,022,470 ) 
 
 
      NET ASSETS -100.00% 
$
450,522,782  
 
 
  *    Non-income producing   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   
         

37

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
COMMON STOCKS - 99.14%     
 
AMUSEMENT AND RECREATION SERVICES - 1.40%     
16,171      Harrah's Entertainment, Inc  $ 1,044,323   
19,750      Station Casinos, Inc  1,334,113   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  2,378,436   
 
 
APPAREL AND ACCESSORY STORES - 1.71%     
17,836      Abercrombie & Fitch Co (Class A)  1,020,933   
17,206  *    Chico's FAS, Inc  486,242   
29,908      Foot Locker, Inc  876,304   
17,396      Ross Stores, Inc  506,919   
 
      TOTAL APPAREL AND ACCESSORY STORES  2,890,398   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.22%     
7,300  *    Advance Auto Parts  368,285   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  368,285   
 
 
AUTO REPAIR, SERVICES, AND PARKING - 0.50%     
18,901      Lear Corp  838,449   
 
      TOTAL AUTO REPAIR, SERVICES, AND PARKING  838,449   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.40%     
12,300      Fastenal Co  680,313   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  680,313   
 
 
BUSINESS SERVICES - 11.65%     
19,626  *    Activision, Inc  290,465   
37,837      Adobe Systems, Inc  2,541,511   
9,946  *    Affiliated Computer Services, Inc (Class A)  529,525   
12,326  *    Autodesk, Inc  366,822   
43,664  *    Cogent, Inc  1,099,460   
11,511  *    Cognizant Technology Solutions Corp  531,808   
25,823  *    DST Systems, Inc  1,192,506   
8,628  *    Fiserv, Inc  343,394   
31,920  *    Gravity Co Ltd  301,325   
20,000  *    Interpublic Group of Cos, Inc  245,600   
11,594  *    Intuit, Inc  507,469   

 

38

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

           
SHARES         VALUE  
 
 
8,402  *    Iron Mountain, Inc  $ 242,314   
63,171  *    Juniper Networks, Inc  1,393,552   
16,729  *    Kanbay International, Inc  342,275   
8,886  *    Macromedia, Inc  297,681   
21,799      Manpower, Inc  948,693   
52,773  *    McAfee, Inc  1,190,559   
30,401  *    Mercury Interactive Corp  1,440,399   
35,800  *    Monster Worldwide, Inc  1,004,190   
25,000  *    NAVTEQ Corp  1,083,750   
91,594  *    Red Hat, Inc  999,291   
41,839  *    Titan Corp  759,796   
46,968  *    VeriSign, Inc  1,347,982   
22,804  *    Veritas Software Corp  529,509   
10,000  *    Westwood One, Inc  203,500   
 
      TOTAL BUSINESS SERVICES  19,733,376   
 
 
CHEMICALS AND ALLIED PRODUCTS - 10.36%     
4,067      Alberto-Culver Co  194,647   
6,993      Allergan, Inc  485,804   
2,000  *    American Pharmaceutical Partners, Inc  103,480   
7,406  *    Amylin Pharmaceuticals, Inc  129,531   
39,511  *    Andrx Corp  895,714   
12,684      Avery Dennison Corp  785,520   
25,477  *    Charles River Laboratories International, Inc  1,198,438   
12,440  *    Chiron Corp  436,146   
24,046      Clorox Co  1,514,658   
21,320      Ecolab, Inc  704,626   
34,917      Estee Lauder Cos (Class A)  1,570,567   
44,660  *    Genzyme Corp  2,556,338   
41,234  *    IVAX Corp  815,196   
17,031  *    Martek Biosciences Corp  991,034   
15,995      Medicis Pharmaceutical Corp (Class A)  479,530   
6,686  *    OSI Pharmaceuticals, Inc  276,399   
30,917  *    Prestige Brands Holdings, Inc  545,685   
40,985  *    Sepracor, Inc  2,352,949   
7,900      Sigma-Aldrich Corp  483,875   
51,456  *    VCA Antech, Inc  1,040,955   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS  17,561,092   
 
 
COAL MINING - 0.84%     
30,268      Consol Energy, Inc  1,423,201   
 
      TOTAL COAL MINING  1,423,201   
 
 
COMMUNICATIONS - 5.46%     
128,888  *    Avaya, Inc  1,505,412   
17,751  *    Cablevision Systems Corp (Class A)    497,916   
26,982      Global Payments, Inc    1,740,069   
59,551  *    Nextel Partners, Inc (Class A)    1,307,740   
24,677  *    NII Holdings, Inc (Class B)    1,418,927   
52,293  *    Univision Communications, Inc (Class A)    1,447,993   
42,074  *    XM Satellite Radio Holdings, Inc    1,325,331   
 
      TOTAL COMMUNICATIONS    9,243,388   
 

 

39

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

           
SHARES         VALUE  
 
 
DEPOSITORY INSTITUTIONS - 2.17%       
54,727      North Fork Bancorp, Inc  $ 1,518,127   
37,635      Northern Trust Corp    1,634,864   
19,071      Synovus Financial Corp    531,318   
 
      TOTAL DEPOSITORY INSTITUTIONS    3,684,309   
 
 
EATING AND DRINKING PLACES - 2.33%       
35,303  *    Brinker International, Inc    1,278,675   
40,737  *    The Cheesecake Factory, Inc    1,444,127   
23,477      Yum! Brands, Inc    1,216,343   
 
      TOTAL EATING AND DRINKING PLACES    3,939,145   
 
 
EDUCATIONAL SERVICES - 0.74%       
6,144  *    Career Education Corp    210,493   
66,432  *    Corinthian Colleges, Inc    1,044,311   
 
      TOTAL EDUCATIONAL SERVICES    1,254,804   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.71%       
73,417  *    AES Corp    1,202,570   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    1,202,570   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.20%       
35,300  *    Altera Corp    698,234   
40,079      Amphenol Corp (Class A)    1,484,526   
171,730  *    Atmel Corp    506,605   
70,033  *    Comverse Technology, Inc    1,766,232   
18,800  *    Cypress Semiconductor Corp    236,880   
49,452  *    Dolby Laboratories, Inc (Class A)    1,162,122   
12,542      Harman International Industries, Inc    1,109,465   
37,283  *    Jabil Circuit, Inc    1,063,311   
22,480      Linear Technology Corp    861,209   
24,563  *    Marvell Technology Group Ltd    941,745   
16,983      Microchip Technology, Inc    441,728   
123,317      National Semiconductor Corp    2,541,563   
53,793  *    Novellus Systems, Inc    1,437,887   
7,208  *    Nvidia Corp    171,262   
68,959  *    PMC-Sierra, Inc    606,839   
20,495      Rockwell Collins, Inc    975,357   
43,763      Xilinx, Inc    1,279,193   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    17,284,158   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 4.78%       
7,954  *    Celgene Corp    270,834   
16,064      Corporate Executive Board Co    1,027,293   
42,299  *    CV Therapeutics, Inc    861,208   

 

40

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

           
SHARES         VALUE  
 
 
27,732  *    Jacobs Engineering Group, Inc  $ 1,439,845   
26,150      Moody's Corp    2,114,489   
22,738      Quest Diagnostics, Inc    2,390,446   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    8,104,115   
 
 
FABRICATED METAL PRODUCTS - 0.11%       
2,571  *    Alliant Techsystems, Inc    183,698   
 
      TOTAL FABRICATED METAL PRODUCTS    183,698   
 
 
FOOD AND KINDRED PRODUCTS - 1.04%       
13,219      Campbell Soup Co    383,615   
15,551      Hershey Foods Corp    940,214   
15,937      Pepsi Bottling Group, Inc    443,845   
 
      TOTAL FOOD AND KINDRED PRODUCTS    1,767,674   
 
 
FOOD STORES - 0.31%       
5,158      Whole Foods Market, Inc    526,787   
 
      TOTAL FOOD STORES    526,787   
 
 
FURNITURE AND FIXTURES - 0.82%       
45,885      Herman Miller, Inc    1,382,056   
 
      TOTAL FURNITURE AND FIXTURES    1,382,056   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 3.06%       
91,423  *    Bed Bath & Beyond, Inc    3,340,596   
34,589  *    Gamestop Corp (Class A)    766,492   
37,308      Knoll, Inc    622,298   
18,566      RadioShack Corp    454,867   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    5,184,253   
 
 
GENERAL BUILDING CONTRACTORS - 1.06%       
1,682  *    NVR, Inc    1,320,370   
6,462      Pulte Homes, Inc    475,797   
 
      TOTAL GENERAL BUILDING CONTRACTORS    1,796,167   
 
GENERAL MERCHANDISE STORES - 0.84%       
64,974      Dollar General Corp    1,423,580   
 
      TOTAL GENERAL MERCHANDISE STORES    1,423,580   
 

 

41

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

           
SHARES         VALUE  
 
 
HEALTH SERVICES - 3.82%       
4,046  *    Coventry Health Care, Inc  $ 275,694   
6,513  *    DaVita, Inc    272,569   
26,343  *    Express Scripts, Inc    2,296,846   
11,700  *    Laboratory Corp of America Holdings    563,940   
18,626  *    Medco Health Solutions, Inc    923,291   
42,749  *    Triad Hospitals, Inc    2,141,725   
 
      TOTAL HEALTH SERVICES    6,474,065   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 2.22%       
45,400      iShares Russell Midcap Growth Index Fund    3,764,114   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    3,764,114   
 
 
HOTELS AND OTHER LODGING PLACES - 2.63%       
38,571  *    Great Wolf Resorts, Inc    962,346   
121,476      Hilton Hotels Corp    2,714,989   
11,668      Marriott International, Inc (Class A)    780,123   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    4,457,458   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 10.23%       
60,767      American Standard Cos, Inc    2,824,450   
38,181  *    Apple Computer, Inc    1,591,002   
65,122      Baker Hughes, Inc    2,897,278   
5,216      Black & Decker Corp    412,012   
28,449  *    Cymer, Inc    761,580   
10,380      Eaton Corp    678,852   
22,045      ITT Industries, Inc    1,989,341   
17,400  *    Lam Research Corp    502,164   
27,481  *    Lexmark International, Inc    2,197,655   
54,701  *    Network Appliance, Inc    1,513,030   
6,186      Pitney Bowes, Inc    279,112   
13,910      Rockwell Automation, Inc    787,863   
10,177  *    Sandisk Corp    282,921   
9,841      Smith International, Inc    617,326   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    17,334,586   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 5.41%       
34,977      Bard (C.R.), Inc    2,381,234   
52,729      Biomet, Inc    1,914,063   
26,598  *    Fisher Scientific International, Inc    1,513,958   
16,729      KLA-Tencor Corp    769,701   
52,700  *    St. Jude Medical, Inc    1,897,200   
12,080  *    Varian Medical Systems, Inc    414,102   
7,815  *    Waters Corp    279,699   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    9,169,957   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.39%       
21,848      Marsh & McLennan Cos, Inc    664,616   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    664,616   
 

 

42

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

           
SHARES         VALUE  
 
 
INSURANCE CARRIERS - 1.76%       
11,506  *    WellChoice, Inc  $ 613,385   
18,950  *    WellPoint, Inc    2,375,382   
 
      TOTAL INSURANCE CARRIERS    2,988,767   
 
 
LEATHER AND LEATHER PRODUCTS - 0.60%       
17,831  *    Coach, Inc    1,009,770   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    1,009,770   
 
 
METAL MINING - 0.29%       
12,234      Freeport-McMoRan Copper & Gold, Inc (Class A)    484,589   
 
      TOTAL METAL MINING    484,589   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.66%       
13,946      Fortune Brands, Inc    1,124,466   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    1,124,466   
 
 
MISCELLANEOUS RETAIL - 0.93%       
42,603  *    Petco Animal Supplies, Inc    1,568,216   
 
      TOTAL MISCELLANEOUS RETAIL    1,568,216   
 
 
MOTION PICTURES - 0.65%       
27,045  *    DreamWorks Animation SKG, Inc (Class A)    1,101,002   
 
      TOTAL MOTION PICTURES    1,101,002   
 
 
OIL AND GAS EXTRACTION - 2.33%       
10,079      BJ Services Co    522,898   
38,959      ENSCO International, Inc    1,467,196   
26,343      EOG Resources, Inc    1,283,958   
20,533      XTO Energy, Inc    674,304   
 
      TOTAL OIL AND GAS EXTRACTION    3,948,356   
 
 
PERSONAL SERVICES - 0.64%       
26,386      Cintas Corp    1,090,006  
       
 
      TOTAL PERSONAL SERVICES  1,090,006  
 
 
PRINTING AND PUBLISHING - 0.36%   
677      Washington Post Co (Class B)  605,238  
 
      TOTAL PRINTING AND PUBLISHING  605,238  
 

 

43

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

           
SHARES         VALUE  
 
 
SECURITY AND COMMODITY BROKERS - 2.27%   
41,248  *    Ameritrade Holding Corp  $ 421,142  
21,437  *    GFI Group, Inc  575,155  
31,695      Greenhill & Co, Inc  1,134,681  
16,213      Legg Mason, Inc  1,266,884  
7,442      T Rowe Price Group, Inc  441,906  
 
      TOTAL SECURITY AND COMMODITY BROKERS  3,839,768  
 
 
TRANSPORTATION BY AIR - 0.83%   
98,747      Southwest Airlines Co  1,406,157  
 
      TOTAL TRANSPORTATION BY AIR  1,406,157  
 
 
TRANSPORTATION SERVICES - 0.88%   
21,438      C.H. Robinson Worldwide, Inc  1,104,700  
7,177      Expeditors International of Washington, Inc  384,328  
 
      TOTAL TRANSPORTATION SERVICES  1,489,028  
 
 
WATER TRANSPORTATION - 1.24%   
47,193      Royal Caribbean Cruises Ltd  2,109,055  
 
      TOTAL WATER TRANSPORTATION  2,109,055  
 
 
WHOLESALE TRADE-DURABLE GOODS - 0.29%   
10,000  *    Patterson Cos, Inc  499,500  
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  499,500  
 
 
      TOTAL COMMON STOCKS  167,978,968  
(Cost $149,992,754) 
 
 
PRINCIPAL        
       
SHORT-TERM INVESTMENTS - 7.03%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 7.03%   
$  11,910,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  11,909,120  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  11,909,120  
 
 
      TOTAL SHORT-TERM INVESTMENTS  11,909,120  
(Cost $11,910,000)
 

 

44

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

           
PRINCIPAL         VALUE  
 
 
      TOTAL PORTFOLIO - 106.17%  $ 179,888,088  
      (Cost $161,902,754)   
 
      OTHER ASSETS AND LIABILITIES, NET - (6.17%)  (10,452,616 ) 
 
 
      NET ASSETS - 100.00%  $ 169,435,472  
 
 
  *    Non-income producing   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   
         

45

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE FUND
STATEMENT OF INVESTMENTS (UNAUDITED)
MARCH 31, 2005

SHARES        VALUE   
 
COMMON STOCKS - 96.98%     
 
AMUSEMENT AND RECREATION SERVICES - 0.83%     
84,000  *    Caesars Entertainment, Inc  $ 1,662,360   
25,000  *    WMS Industries, Inc  704,000   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  2,366,360   
 
APPAREL AND ACCESSORY STORES - 0.46%     
14,500      Limited Brands, Inc  352,350   
4,000      Nordstrom, Inc  221,520   
30,000      TJX Cos, Inc  738,900   
 
      TOTAL APPAREL AND ACCESSORY STORES  1,312,770   
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.50%     
43,000      Jones Apparel Group, Inc  1,440,070   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  1,440,070   
 
AUTO REPAIR, SERVICES AND PARKING - 0.77%     
50,000      Lear Corp 2,218,000   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING 2,218,000   
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.35%     
40,000      Louisiana-Pacific Corp  1,005,600   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  1,005,600   
 
BUSINESS SERVICES - 1.12%     
85,000  *    Earthlink, Inc  765,000   
79,000  *    NYFIX, Inc  425,020   
16,000      Service Master Co 216,000   
30,000  *    Sybase, Inc  553,800   
30,000  *    Titan Corp  544,800   
100,000  *    Unisys Corp  706,000   
 
      TOTAL BUSINESS SERVICES  3,210,620   
 
CHEMICALS AND ALLIED PRODUCTS - 7.35%     
43,500      Akzo Nobel NV (Spon ADR)  2,000,130   
26,605      Albemarle Corp  967,358   
33,000      Cabot Corp  1,103,190   
70,000  *    Celanese Corp (Series A)  1,259,300   
17,000      Cytec Industries, Inc  922,250   
30,000      Englehard Corp 900,900   
30,000  *    Huntsman Corp  699,600   
20,000      Lyondell Chemical Co 558,400   
45,000      Merck & Co, Inc  1,456,650   
30,000      Monsanto Co 1,935,000   
50,000  *    Nalco Holding Co  941,500   

 

46

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

           
SHARES         VALUE  
 
 
20,000      PPG Industries, Inc  $ 1,430,400   
31,019  *    Prestige Brands Holdings, Inc  547,485   
500,000      Rhodia S.A. (Spon ADR)  1,070,000   
20,000      Rohm & Haas Co  960,000   
30,000      RPM International, Inc  548,400   
9,000      Sherwin-Williams Co  395,910   
10,000      Sigma-Aldrich Corp  612,500   
75,000      Waste Management, Inc  2,163,750   
70,000  b*    WR Grace & Co  596,400   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS  21,069,123   
 
COAL MINING - 0.84%     
26,565  *    Alpha Natural Resources, Inc  761,619   
4,500      Arch Coal, Inc  193,545   
6,000      Consol Energy, Inc  282,120   
8,500      Massey Energy Co  340,340   
18,000      Peabody Energy Corp  834,480   
 
      TOTAL COAL MINING  2,412,104   
 
COMMUNICATIONS - 3.31%     
43,500  *    Cablevision Systems Corp (Class A)  1,220,175   
11,000      CenturyTel, Inc  361,240   
55,000      Clear Channel Communications, Inc  1,895,850   
40,000      EchoStar Communications Corp (Class A)  1,170,000   
54,000  *    Entercom Communications Corp  1,918,080   
75,000      PanAmSat Holding Corp  1,275,000   
175,000  *    UnitedGlobalcom, Inc (Class A)  1,655,500   
 
      TOTAL COMMUNICATIONS  9,495,845   
 
DEPOSITORY INSTITUTIONS - 7.37%     
35,000      AmSouth Bancorp  908,250   
12,750      Astoria Financial Corp  322,575   
50,000      Bank of New York Co, Inc  1,452,500   
10,000      Comerica, Inc  550,800   
12,000      Cullen/Frost Bankers, Inc  541,800   
20,000      Greater Bay Bancorp 488,200   
65,000      Hibernia Corp (Class A)  2,080,650   
10,000      Independence Community Bank Corp 390,000   
60,000      Marshall & Ilsley Corp  2,505,000   
30,000      Mercantile Bankshares Corp  1,525,800   
75,000      New York Community Bancorp, Inc  1,362,000   
115,000      North Fork Bancorp, Inc  3,190,100   
40,000      Northern Trust Corp  1,737,600   
28,000      Regions Financial Corp  907,200   
8,000      UnionBanCal Corp  490,000   
17,391      Valley National Bancorp  448,340   
19,064      Wachovia Corp  970,548   
18,000      Zions Bancorp  1,242,360   
 
      TOTAL DEPOSITORY INSTITUTIONS  21,113,723   
 

 

47

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

           
SHARES         VALUE  
 
 
EATING AND DRINKING PLACES - 0.97%     
55,000  *    Brinker International, Inc  $ 1,992,100   
22,000  *    The Cheesecake Factory, Inc  779,900   
 
      TOTAL EATING AND DRINKING PLACES  2,772,000   
 
ELECTRIC, GAS, AND SANITARY SERVICES -10.88%       
90,000  *    Allegheny Energy, Inc    1,859,400   
70,000  *    Calpine Corp    196,000   
35,000      Cinergy Corp    1,418,200   
75,000  *    CMS Energy Corp    978,000   
24,000      Constellation Energy Group, Inc    1,240,800   
20,000      DPL, Inc    500,000   
30,000      DTE Energy Co    1,364,400   
43,000      Energy East Corp    1,127,460   
12,000      Equitable Resources, Inc    689,280   
55,000      FirstEnergy Corp    2,307,250   
45,000      FPL Group, Inc    1,806,750   
18,000      KeySpan Corp    701,460   
4,000      Kinder Morgan, Inc    302,800   
30,000      National Fuel Gas Co    857,700   
50,000      NiSource, Inc    1,139,500   
25,000      Northeast Utilities    481,750   
25,000  *    NRG Energy, Inc    853,750   
19,000      Pepco Holdings, Inc    398,810   
60,000      PG&E Corp    2,046,000   
40,000      PPL Corp    2,159,600   
45,000      Public Service Enterprise Group, Inc    2,447,550   
25,000      Questar Corp    1,481,250   
9,000      Sempra Energy    358,560   
23,000      TXU Corp    1,831,490   
75,000      Williams Cos, Inc    1,410,750   
10,000      Wisconsin Energy Corp    355,000   
50,000      Xcel Energy, Inc    859,000   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    31,172,510   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.41%       
180,000  *    Agere Systems, Inc (Class A)    257,400   
180,000  *    Agere Systems, Inc (Class B)    255,600   
250,000  *    Atmel Corp    737,500   
200,000  *    Lattice Semiconductor Corp    1,074,000   
36,000  *    Micron Technology, Inc    372,240   
55,000      National Semiconductor Corp    1,133,550   
110,000      Nintendo Co Ltd (ADR)    1,512,500   
800,000  *    Nortel Networks Corp (U.S.)    2,184,000   
35,000  *    Novellus Systems, Inc    935,550   
150,000  *    Sanmina-SCI Corp    783,000   
150,000  *    Sycamore Networks, Inc    534,000   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    9,779,340   
 
 

 

48

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

           
SHARES         VALUE  
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.74%       
70,000  *    Accenture Ltd (Class A)  $ 1,690,500   
50,000  *    BearingPoint, Inc    438,500   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    2,129,000   
 
 
FOOD AND KINDRED PRODUCTS - 2.92%       
54,000      Archer Daniels Midland Co    1,327,320   
45,000      Coca-Cola Enterprises, Inc    923,400   
40,000  *    Constellation Brands, Inc (Class A)    2,114,800   
28,000  *    Dean Foods Co    960,400   
15,000      Molson Coors Brewing Co (Class B)    1,157,550   
45,000  *    Smithfield Foods, Inc    1,419,750   
28,000      Tyson Foods, Inc (Class A)    467,040   
 
      TOTAL FOOD AND KINDRED PRODUCTS    8,370,260   
 
 
FOOD STORES - 0.85%       
90,000  *    Kroger Co    1,442,700   
70,000  *    Pathmark Stores, Inc    441,700   
30,000  *    Safeway, Inc    555,900   
 
      TOTAL FOOD STORES    2,440,300   
 
 
FURNITURE AND FIXTURES - 0.15%       
20,000      Newell Rubbermaid, Inc    438,800   
 
      TOTAL FURNITURE AND FIXTURES    438,800   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.62%       
74,000      Knoll, Inc    1,234,320   
40,000      Steelcase, Inc (Class A)    552,000   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    1,786,320   
 
 
GENERAL BUILDING CONTRACTORS - 0.33%       
13,000      Pulte Homes, Inc    957,190   
 
      TOTAL GENERAL BUILDING CONTRACTORS    957,190   
 

 

49

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

           
SHARES         VALUE  
 
 
GENERAL MERCHANDISE STORES - 1.22%       
13,334      Federated Department Stores, Inc  $ 848,576   
33,000      J.C. Penney Co, Inc    1,713,360   
25,000      May Department Stores Co    925,500   
 
      TOTAL GENERAL MERCHANDISE STORES    3,487,436   
 
HEALTH SERVICES - 0.44%      
16,000  *    Medco Healthcare Corp    793,120   
40,000  *    Tenet Healthcare Corp    461,200   
 
      TOTAL HEALTH SERVICES    1,254,320   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.44%       
45,027  *    Macquarie Infrastructure Co Trust    1,260,756   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    1,260,756   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 12.35%       
15,000      Allied Capital Corp    391,500   
25,000      AMB Property Corp    945,000   
108,000      Ashford Hospitality Trust, Inc    1,101,600   
25,000      Boston Properties, Inc    1,505,750   
30,000      Catellus Development Corp    799,500   
24,302  v*    Crystal River Capital, Inc    607,550   
30,000      Developers Diversified Realty Corp    1,192,500   
182,200      ECC Capital Corp    1,093,200   
20,000      Equity Residential    644,200   
34,551      General Growth Properties, Inc    1,178,189   
50,000      HomeBanc Corp    442,000   
20,664      iShares Russell 1000 Value Index Fund    1,359,898   
118,056      iShares Russell Midcap Value Index Fund    13,324,981   
37,600      iStar Financial, Inc    1,548,368   
7,000      Kimco Realty Corp    377,300   
5,449      Liberty Property Trust    212,783   
15,363      Mills Corp    812,703   
36,000      Newcastle Investment Corp    1,065,600   
12,000      Parkway Properties, Inc    560,400   
27,000      Prologis    1,001,700   
6,500      Public Storage, Inc    370,110   
45,000      Reckson Associates Realty Corp    1,381,500   
23,000      Simon Property Group, Inc    1,393,340   
4,300      SL Green Realty Corp    241,746   
42,000      Trizec Properties, Inc    798,000   
15,000      Vornado Realty Trust    1,039,050   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    35,388,468   
 
 
HOTELS AND OTHER LODGING PLACES - 1.59%       
35,000      Accor S.A.    1,717,617   
60,140  *    Great Wolf Resorts, Inc    1,500,493   
20,000      Hilton Hotels Corp    447,000   
15,000      Starwood Hotels & Resorts Worldwide, Inc    900,450   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    4,565,560   
 

 

50

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

           
SHARES         VALUE  
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.55%       
45,000      American Standard Cos, Inc  $ 2,091,600   
35,000      Deere & Co    2,349,550   
50,000      Eaton Corp    3,270,000   
10,000  *    Grant Prideco, Inc    241,600   
170,000  *    Maxtor Corp    904,400   
23,416  *    National Oilwell Varco, Inc    1,093,527   
25,000      Pitney Bowes, Inc    1,128,000   
5,000      Rockwell Automation, Inc    283,200   
110,000  *    Xerox Corp    1,666,500   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    13,028,377   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 0.99%       
40,000      Eastman Kodak Co    1,302,000   
40,000      Raytheon Co    1,548,000   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    2,850,000   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.98%       
50,000      AON Corp    1,142,000   
55,000      Marsh & McLennan Cos, Inc    1,673,100   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    2,815,100   
 
 
INSURANCE CARRIERS - 8.87%       
76,000      Aegon NV (ARS)    1,022,960   
25,000      Aflac, Inc    931,500   
68,900      Aspen Insurance Holdings Ltd    1,736,969   
13,000      Cigna Corp    1,160,900   
13,000      Cincinnati Financial Corp    566,930   
40,000  *    CNA Financial Corp    1,122,400   
126,600      Genworth Financial, Inc    3,484,032   
7,500      Jefferson-Pilot Corp    367,875   
18,000      Lincoln National Corp    812,520   
60,000      Max Re Capital Ltd    1,411,800   
25,000      MGIC Investment Corp    1,541,750   
50,000  *    Pacificare Health Systems, Inc    2,846,000   
35,000      Safeco Corp    1,704,850   
60,000      St. Paul Travelers Cos, Inc    2,203,800   
10,000      Torchmark Corp    522,000   
17,000  *    WellChoice, Inc    906,270   
24,500  *    WellPoint, Inc    3,071,075   
 
      TOTAL INSURANCE CARRIERS    25,413,631   
 
 
LUMBER AND WOOD PRODUCTS - 1.24%       
100,000      Georgia-Pacific Corp    3,549,000   
 
      TOTAL LUMBER AND WOOD PRODUCTS    3,549,000   
 

 

51

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

           
SHARES         VALUE  
 
 
METAL MINING - 0.85%       
18,000      Freeport-McMoRan Copper & Gold, Inc (Class A)  $ 712,980   
13,000  *    Inco Ltd    517,400   
11,800      Phelps Dodge Corp    1,200,414   
       
 
      TOTAL METAL MINING    2,430,794   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.70%       
15,000      Fortune Brands, Inc    1,209,450   
69,000  *    Leapfrog Enterprises, Inc    783,150   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    1,992,600   
 
 
MISCELLANEOUS RETAIL - 1.69%       
80,000  *    Marvel Enterprises, Inc    1,600,000   
35,000  *    Office Depot, Inc    776,300   
12,312  *    Sears Holdings Corp    1,639,589   
32,000  *    Toys 'R' Us, Inc    824,320   
 
      TOTAL MISCELLANEOUS RETAIL    4,840,209   
 
 
MOTION PICTURES - 0.21%       
55,000  *    Lions Gate Entertainment Corp    607,750   
 
      TOTAL MOTION PICTURES    607,750   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%       
7,000      Vulcan Materials Co    397,810   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    397,810   
 
 
OIL AND GAS EXTRACTION - 3.15%       
15,000      Diamond Offshore Drilling, Inc    748,500   
18,000      ENSCO International, Inc    677,880   
35,000      Kerr-McGee Corp    2,741,550   
35,000      Marathon Oil Corp    1,642,200   
38,000      Noble Energy, Inc    2,584,760   
45,950  *    Pioneer Drilling Co    632,732   
 
      TOTAL OIL AND GAS EXTRACTION    9,027,622   
 
 
PAPER AND ALLIED PRODUCTS - 1.12%       
10,000      Bowater, Inc    376,700   
22,000      MeadWestvaco Corp    700,040   
20,000      Packaging Corp of America    485,800   

 

52

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

           
SHARES         VALUE  
 
 
12,000  *    Smurfit-Stone Container Corp  $ 185,640   
20,000      Temple-Inland, Inc    1,451,000   
 
      TOTAL PAPER AND ALLIED PRODUCTS    3,199,180   
 
 
PERSONAL SERVICES - 0.21%       
80,000      Service Corp International    598,400   
 
      TOTAL PERSONAL SERVICES    598,400   
 
 
PETROLEUM AND COAL PRODUCTS - 0.97%       
5,500      Amerada Hess Corp    529,155   
6,000      Ashland, Inc    404,820   
25,000      Valero Energy Corp    1,831,750   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    2,765,725   
 
 
PRIMARY METAL INDUSTRIES -1.12%       
14,000  *    International Steel Group, Inc    553,000   
15,000      Nucor Corp    863,400   
18,000  *    Oregon Steel Mills, Inc    414,000   
8,000      Precision Castparts Corp    616,080   
15,000      United States Steel Corp    762,750   
 
      TOTAL PRIMARY METAL INDUSTRIES    3,209,230   
 
 
PRINTING AND PUBLISHING - 0.81%       
20,000      Knight Ridder, Inc    1,345,000   
27,000      New York Times Co (Class A)    987,660   
 
      TOTAL PRINTING AND PUBLISHING    2,332,660   
 
 
RAILROAD TRANSPORTATION - 0.95%       
25,000      CSX Corp    1,041,250   
45,000      Norfolk Southern Corp    1,667,250   
 
      TOTAL RAILROAD TRANSPORTATION    2,708,500   
 
 
SECURITY AND COMMODITY BROKERS - 1.33%       
20,000      A.G. Edwards, Inc    896,000   
12,000      Bear Stearns Cos, Inc    1,198,800   
75,000      Charles Schwab Corp    788,250   
30,000  *    E*Trade Financial Corp    360,000   
40,000      Janus Capital Group, Inc    558,000   
 
      TOTAL SECURITY AND COMMODITY BROKERS    3,801,050   
 
 

 

53

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

           
SHARES         VALUE  
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.65%       
15,000      Lafarge North America, Inc  $ 876,750   
39,000  *    Owens-Illinois, Inc    980,460   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    1,857,210   
 
 
TOBACCO PRODUCTS - 1.42%       
45,000      Loews Corp (Carolina Group)    1,489,500   
32,000      Reynolds American, Inc    2,578,880   
 
      TOTAL TOBACCO PRODUCTS    4,068,380   
 
TRANSPORTATION BY AIR - 0.34%   
100,000  *    Northwest Airlines Corp  669,000  
22,000      Southwest Airlines Co  313,280  
 
      TOTAL TRANSPORTATION BY AIR  982,280  
 
 
TRANSPORTATION EQUIPMENT - 2.84%   
30,000      Dana Corp  383,700  
210,000      Delphi Corp  940,800  
12,000      General Dynamics Corp  1,284,600  
10,000      Genuine Parts Co  434,900  
25,000      Goodrich Corp  957,250  
15,000  *    Magna International, Inc (Class A)  1,003,500  
25,000      Northrop Grumman Corp  1,349,500  
11,000      Paccar, Inc  796,290  
40,000      Wabash National Corp  976,000  
 
      TOTAL TRANSPORTATION EQUIPMENT  8,126,540  
 
 
TRANSPORTATION SERVICES - 0.33%   
30,000      Empresa Brasileira de Aeronautica S.A. (ADR)  939,000  
 
      TOTAL TRANSPORTATION SERVICES  939,000  
 
 
WATER TRANSPORTATION - 0.78%   
61,640  *    Diana Shipping, Inc  1,019,526  
27,000      Royal Caribbean Cruises Ltd  1,206,630  
 
      TOTAL WATER TRANSPORTATION  2,226,156  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.93%   
32,000      AmerisourceBergen Corp  1,833,280  
25,000      Supervalu, Inc  833,750  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  2,667,030  
 
 
      TOTAL COMMON STOCKS  277,880,709  
(Cost $251,889,589) 
 

 

54

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

             
PRINCIPAL         VALUE  
     
 
SHORT-TERM INVESTMENTS - 6.68%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 6.68%   
$  19,130,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  19,128,586  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  19,128,586  
 
 
      TOTAL SHORT-TERM INVESTMENTS  19,128,586  
(Cost $19,130,000)
 
         
      TOTAL PORTFOLIO - 103.66%  297,009,295  
      (Cost $271,019,589)   
 
      OTHER ASSETS & LIABILITIES, NET - (3.66%)  (10,481,408 ) 
 
 
      NET ASSETS -100.00%  $ 286,527,887  
 
 
  *    Non-income producing   
  b    In bankruptcy   
  v    Security valued at fair value.   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   
         

55

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
COMMON STOCKS - 99.78%     
 
AGRICULTURAL PRODUCTION-CROPS - 0.02%     
900  *    Alico, Inc  $ 47,430   
 
      TOTAL AGRICULTURAL PRODUCTION-CROPS  47,430   
 
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.06%     
180      Seaboard Corp  193,140   
 
      TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK  193,140   
 
 
AMUSEMENT AND RECREATION SERVICES - 0.98%     
22,700  *    Argosy Gaming Co  1,042,384   
9,400  *    Aztar Corp  268,464   
2,352      Dover Downs Gaming & Entertainment, Inc  29,282   
3,362  *    Isle of Capri Casinos, Inc  89,227   
3,000  *    Life Time Fitness, Inc  80,940   
8,100  *    Magna Entertainment Corp (Class A)  49,734   
5,900  *    MTR Gaming Group, Inc  73,160   
81,468  *    Multimedia Games, Inc  632,192   
17,908  *    Penn National Gaming, Inc  526,137   
3,800      Speedway Motorsports, Inc  135,660   
4,700  *    Sunterra Corp  70,876   
1,000      World Wrestling Federation Entertainment, Inc  12,000   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  3,010,056   
 
 
APPAREL AND ACCESSORY STORES - 1.41%     
24,250  *    Aeropostale, Inc  794,187   
2,300      Bebe Stores, Inc  78,085   
4,100      Buckle, Inc  143,131   
8,900      Burlington Coat Factory Warehouse Corp  255,430   
6,869  *    Cache, Inc  93,075   
5,000      Cato Corp (Class A)  161,250   
55,183  *    Charming Shoppes, Inc  448,638   
1,100      Deb Shops, Inc  31,042   
5,243  *    Dress Barn, Inc  95,527   
9,530      Finish Line, Inc (Class A)  220,619   
5,500  *    Genesco, Inc  156,310   
5,824      Goody's Family Clothing, Inc  52,591   
14,839  *    Gymboree Corp  186,081   
4,800  *    Jo-Ann Stores, Inc  134,832   
2,549  *    JOS A. Bank Clothiers, Inc  74,686   
2,600  *    New York & Co, Inc  52,182   
18,300  *    Payless Shoesource, Inc  288,957   

 

56

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

           
SHARES         VALUE  
 
 
1,960  *    Shoe Carnival, Inc  $ 34,300   
21,558  *    Stage Stores, Inc  827,612   
8,800  *    Too, Inc  217,096   
 
      TOTAL APPAREL AND ACCESSORY STORES  4,345,631   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 1.06%     
24,230  *    DHB Industries, Inc  213,224   
3,800  *    Guess?, Inc  52,060   
5,843  *    Hartmarx Corp  55,742   
40,100      Kellwood Co  1,154,479   
25,500      Oxford Industries, Inc  933,045   
6,500      Phillips-Van Heusen Corp  173,160   
15,000  *    Quiksilver, Inc  435,450   
10,269  *    Warnaco Group, Inc  246,867   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  3,264,027   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.18%     
2,300  *    Amerco, Inc  106,490   
5,000      Central Parking Corp  85,900   
6,500  *    Dollar Thrifty Automotive Group, Inc  213,070   
5,845  *    Exide Technologies  75,400   
2,317  *    Monro Muffler Brake, Inc  59,802   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  540,662   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.68%     
3,000  *    Asbury Automotive Group, Inc  46,200   
11,800  *    CSK Auto Corp  208,270   
4,400  *    Group 1 Automotive, Inc  115,720   
16,600      Lithia Motors, Inc (Class A)  425,126   
3,000  *    MarineMax, Inc  93,540   
455  *    Rush Enterprises, Inc  7,671   
46,700      Sonic Automotive, Inc  1,060,557   
4,900      United Auto Group, Inc  136,367   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  2,093,451   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.24%     
12,631      Building Materials Holding Corp  561,827   
4,300  *    Central Garden & Pet Co  188,598   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  750,425   
 

 

57

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

           
SHARES         VALUE  
 
 
BUSINESS SERVICES - 9.76%     
8,500  *    @Road, Inc  $ 34,850   
9,700      Aaron Rents, Inc  194,000   
1,800      ABM Industries, Inc  34,614   
10,104  *    Actuate Corp  24,250   
7,100      Administaff, Inc  103,660   
5,361  *    Altiris, Inc    127,860   
1,728  *    Ansoft Corp    46,621   
7,806  *    Ansys, Inc    267,043   
7,700  *    Anteon International Corp    299,761   
12,522  *    Aquantive, Inc    138,618   
7,900      Arbitron, Inc    338,910   
11,900  *    Armor Holdings, Inc    441,371   
9,002  *    Asiainfo Holdings, Inc    45,190   
34,109  *    Aspect Communications Corp    355,075   
3,253  *    Aspen Technology, Inc    18,477   
2,045  *    Asset Acceptance Capital Corp    39,019   
10,851  *    Autobytel, Inc    54,689   
33,400  *    Bisys Group, Inc    523,712   
15,028      Blackbaud, Inc    189,353   
20,801  *    Borland Software Corp    168,904   
10,200      Brady Corp (Class A)    329,970   
74,395  *    Brocade Communications Systems, Inc    440,418   
13,000  *    CACI International, Inc (Class A)    717,990   
7,300  *    CallWave, Inc    43,070   
7,485  *    Captaris, Inc    30,314   
2,323  *    Carreker Corp    13,032   
13,100      Catalina Marketing Corp    339,290   
2,186  *    Chordiant Software, Inc    3,651   
36,500  *    Ciber, Inc    265,355   
115,420  *    CMGI, Inc    240,074   
1,650      Computer Programs & Systems, Inc    46,332   
57,667  *    Corillian Corp    200,681   
3,986  *    CoStar Group, Inc    146,884   
5,634  *    Covansys Corp    84,031   
22,180  *    CSG Systems International, Inc    361,312   
3,360  *    Cybersource Corp    17,304   
31,218  *    Dendrite International, Inc    438,301   
4,301  *    Digital Insight Corp    70,536   
9,700  *    Digital River, Inc    302,252   
28,620  *    DoubleClick, Inc    220,374   
2,738  *    E.piphany, Inc    9,720   
109,896  *    Earthlink, Inc    989,064   
2,623  *    Echelon Corp    17,941   
12,340  *    eFunds Corp    275,429   
808  *    Electro Rent Corp    10,843   
5,423  *    Embarcadero Technologies, Inc    35,738   
27,511  *    Epicor Software Corp    360,394   
3,500  *    EPIQ Systems, Inc    45,430   
8,487  *    eSpeed, Inc (Class A)    78,080   
26,735  *    Extreme Networks, Inc    157,469   
9,484  *    F5 Networks, Inc    478,847   
7,750      Factset Research Systems, Inc    255,828   
10,686  *    Filenet Corp    243,427   
66,031  *    FindWhat.com    684,741   
34,051  *    Harris Interactive, Inc    156,975   
3,224  *    Heidrick & Struggles International, Inc    118,546   

 

58

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

           
SHARES         VALUE  
 
 
11,220  *    Hyperion Solutions Corp  $ 494,914   
8,800      Imation Corp    305,800   
3,797  *    Infocrossing, Inc    60,144   
18,748  *    Infospace, Inc    765,481   
8,100      infoUSA, Inc    85,131   
1,662  *    Innovative Solutions & Support, Inc    52,769   
5,200  *    Interactive Data Corp    107,900   
8,442  *    Intergraph Corp    243,214   
9,865  *    Internet Security Systems, Inc    180,529   
3,900  *    Intersections, Inc    56,745   
1,100  *    Intervideo, Inc    12,100   
4,386  *    Intrado, Inc    53,948   
13,700  *    Ipass, Inc    83,844   
2,630  *    iPayment, Inc    110,986   
26,181  *    Jupitermedia Corp    406,067   
8,150  *    Kanbay International, Inc    166,749   
27,400  *    Keane, Inc    357,022   
4,743      Kelly Services, Inc (Class A)    136,551   
3,978  *    Keynote Systems, Inc    47,219   
13,477  *    Kforce, Inc    148,112   
11,500  *    KFX ,Inc    154,100   
60,300  *    Korn/Ferry International    1,147,509   
7,948  *    Kronos, Inc    406,222   
10,500  *    Labor Ready, Inc    195,825   
11,967  *    Lionbridge Technologies    68,092   
12,643  *    Macrovision Corp    288,134   
1,054  *    Magma Design Automation, Inc    12,511   
7,626  *    Manhattan Associates, Inc    155,342   
4,726  *    Mantech International Corp (Class A)    109,029   
1,200  *    Manugistics Group, Inc    2,016   
12,684  *    MAPICS, Inc    161,467   
4,299  *    Mapinfo Corp    51,760   
1,500  *    Marlin Business Services, Inc    30,570   
8,080  *    Medical Staffing Network Holdings, Inc    53,409   
7,492  *    Mentor Graphics Corp    102,640   
20,188  *    Micromuse, Inc    91,452   
14,332  *    MicroStrategy, Inc    777,798   
112,200  *    MPS Group, Inc    1,179,222   
6,751  *    MRO Software, Inc    94,716   
15,589  *    NCO Group, Inc    304,765   
3,450  *    Ness Technologies, Inc    41,331   
5,900  *    NETIQ Corp    67,437   
2,400  *    Netscout Systems, Inc    10,680   
1,371  *    NIC, Inc    6,540   
3,303  *    Open Solutions, Inc    65,498   
882  *    Opnet Technologies, Inc    7,374   
36  *    Packeteer, Inc    554   
146,149  *    Parametric Technology Corp    816,973   
20,199  *    PDI, Inc    414,079   
5,441  *    PEC Solutions, Inc    68,448   
2,860  *    Pegasus Solutions, Inc    33,805   
40,600  *    Perot Systems Corp (Class A)    545,664   
3,100  *    Portfolio Recovery Associates, Inc    105,493   
2,189  *    PRA International    58,950   

 

59

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

           
SHARES         VALUE  
 
 
8,780  *    Progress Software Corp  $ 230,212   
373      QAD, Inc    3,085   
32,600  *    Quest Software, Inc    451,184   
4,000  *    R.H. Donnelley Corp    232,360   
4,317  *    Radisys Corp    61,129   
540  *    Redback Networks, Inc Wts 01/02/11    1,224   
10,200  *    Rent-Way, Inc    83,640   
16,294  *    Rewards Network, Inc    67,783   
7,500      Rollins, Inc    139,500   
17,934  *    RSA Security, Inc    284,254   
18,190  *    S1 Corp    126,239   
20,370  *    Sapient Corp    149,618   
11,200  *    Scansoft, Inc    41,664   
9,200  *    Secure Computing Corp    78,844   
651  *    Seebeyond Technology Corp    2,057   
6,403  *    Serena Software, Inc    152,135   
1,642  *    SI International, Inc    45,368   
14,800  *    Sitel Corp    29,008   
5,510  *    Sohu.com, Inc    96,866   
11,600  *    Sotheby's Holdings, Inc (Class A)    196,736   
5,000  *    Source Interlink Cos, Inc    56,250   
3,000  *    Spherion Corp    22,470   
1,895  *    SPSS, Inc    32,954   
3,400  *    SRA International, Inc (Class A)    204,850   
3,435      SS&C Technologies, Inc    78,318   
800      Startek, Inc    13,440   
2,418  *    Stratasys, Inc    68,502   
9,314  *    SupportSoft, Inc    49,178   
4,194  *    Sykes Enterprises, Inc    28,813   
10,100  *    SYNNEX Corp    175,942   
1,900      Syntel, Inc    33,630   
12,900  *    Take-Two Interactive Software, Inc    504,390   
5,265      Talx Corp    95,612   
10,963  *    THQ, Inc    308,499   
4,550  *    Tier Technologies, Inc (Class B)    33,534   
1,200  *    TNS, Inc    21,540   
18,330  *    Transaction Systems Architects, Inc    424,340   
458  *    Travelzoo, Inc    22,772   
9,500  *    Tyler Technologies, Inc    72,295   
88,498  *    United Online, Inc    926,574   
5,000  *    Universal Compression Holdings, Inc    189,350   
20,005  *    Valueclick, Inc    212,253   
7,695  *    Verity, Inc    72,718   
7,200  *    Volt Information Sciences, Inc    173,880   
1,346  *    WatchGuard Technologies, Inc    4,348   
8,200  *    WebEx Communications, Inc    177,038   
5,835  *    Websense, Inc    313,923   
747  *    Wind River Systems, Inc    11,265   
5,600  *    Witness Systems, Inc    98,280   
 
      TOTAL BUSINESS SERVICES    30,080,114   
 

 

60

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

           
SHARES         VALUE  
 
 
CHEMICALS AND ALLIED PRODUCTS - 6.16%       
34  *    QLT, Inc (Frankfurt)  $ 437   
4,571  *    Able Laboratories, Inc    107,236   
20,748      Aceto Corp    153,950   
11,150  *    Adolor Corp    110,831   
9,000      Albemarle Corp    327,240   
2,966  *    Alkermes, Inc    30,787   
37,100      Alpharma, Inc (Class A)    457,072   
5,900      Arch Chemicals, Inc    167,973   
8,088  *    Array Biopharma, Inc    56,697   
18,842  *    Avant Immunotherapeutics, Inc    30,712   
700  *    Benthley Pharmaceuticals, Inc    5,152   
6,044  *    Bioenvision, Inc    34,753   
3,691  *    Biosite, Inc    192,043   
3,945  *    Bone Care International, Inc    102,333   
28,900  *    Bradley Pharmaceuticals, Inc    276,284   
2,600  *    Caraco Pharmaceutical Laboratories Ltd    21,268   
8,127  *    Chattem, Inc    361,408   
8,920  *    Connetics Corp    225,587   
11,935  *    Curis, Inc    42,727   
7,626  *    Cypress Bioscience, Inc    69,702   
25,700      Cytec Industries, Inc    1,394,225   
14,634  *    Dendreon Corp    79,755   
8,300      Diagnostic Products Corp    400,890   
3,518  *    Digene Corp    72,998   
3,540  *    Dov Pharmaceutical, Inc    48,427   
3,867  *    Dusa Pharmaceuticals, Inc    33,759   
14,474  *    Encysive Pharmaceuticals, Inc    147,924   
34,524  *    Enzon, Inc    351,800   
5,799  *    EPIX Pharmaceuticals, Inc    40,593   
11,300      Ferro Corp    212,666   
21,148  *    First Horizon Pharmaceutical    356,978   
29,005  *    FMC Corp    1,550,317   
25,534      Georgia Gulf Corp    1,174,053   
11,434  *    Geron Corp    69,862   
7,300      H.B. Fuller Co    211,700   
1,434  *    Idenix Pharmaceuticals, Inc    28,465   
15,606  *    Immucor, Inc    471,145   
9,395  *    Immunogen, Inc    49,136   
12,314  *    Impax Laboratories, Inc    197,024   
10,445  *    Indevus Pharmaceuticals, Inc    29,037   
12,458  *    Inkine Pharmaceutical Co    38,620   
10,450  *    Inspire Pharmaceuticals, Inc    85,272   
7,700  *    InterMune, Inc    84,700   
3,600  *    Inverness Medical Innovations, Inc    84,600   
2,954  *    Kos Pharmaceuticals, Inc    123,123   
2,603      Kronos Worldwide, Inc    110,654   
9,200  *    KV Pharmaceutical Co (Class A)    213,440   
19,800  *    Ligand Pharmaceuticals, Inc (Class B)    113,454   
6,900      MacDermid, Inc    224,250   
11,855  *    Medarex, Inc    84,526   
13,726  *    Medicines Co    311,031   
5,200      Minerals Technologies, Inc    342,056   
32,200  *    Mosaic Co    549,332   
14,492  *    Nabi Biopharmaceuticals    180,860   

 

61

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

           
SHARES         VALUE  
 
 
2,730      Nature's Sunshine Products, Inc  $ 46,874   
6,800  *    Neurogen Corp    48,144   
17,400  *    NewMarket Corp    323,640   
2,900  *    NitroMed, Inc    50,199   
5,400  *    NL Industries, Inc    124,740   
3,931  *    Northfield Laboratories, Inc    44,224   
5,929  *    Noven Pharmaceuticals, Inc    100,556   
20,349  *    Nutraceutical International Corp    322,735   
6,200  *    OM Group, Inc    188,604   
100  *    Omnova Solutions, Inc    537   
8,800  *    Onyx Pharmaceuticals, Inc    275,880   
9,141  *    OraSure Technologies, Inc    67,278   
19,700  *    Par Pharmaceutical Cos, Inc    658,768   
3,800  *    Pharmion Corp    110,200   
23,300  *    PolyOne Corp    206,904   
822  *    Pozen, Inc    4,283   
7,936  *    Quidel Corp    31,030   
304  *    Revlon, Inc (Class A)    875   
9,090  *    Salix Pharmaceuticals Ltd    149,894   
5,775  *    Sciclone Pharmaceuticals, Inc    16,401   
26,773  *    Serologicals Corp    654,332   
1,300      Stepan Co    30,563   
3,503  *    SurModics, Inc    111,781   
4,050  *    Tanox, Inc    38,880   
56,500  *    Terra Industries, Inc    438,440   
14,665  *    Third Wave Technologies, Inc    84,470   
8,105  *    UAP Holding Corp    130,491   
4,753  *    United Therapeutics Corp    217,188   
21,400      USEC, Inc    348,392   
24,000      Valeant Pharmaceuticals International    540,480   
17,915  *    Vion Pharmaceuticals, Inc    51,058   
5,000      Wellman, Inc    72,300   
21,600      West Pharmaceutical Services, Inc    516,240   
15,500      Westlake Chemical Corp    501,425   
16,785  b*    WR Grace & Co    143,008   
8,969  *    Zila, Inc    36,235   
4,100  *    Zymogenetics, Inc    62,566   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    18,990,479   
 
 
COMMUNICATIONS - 1.54%       
15,910  *    Airspan Networks, Inc    81,300   
29,163  *    Alamosa Holdings, Inc    340,332   
18,712  *    Boston Communications Group    133,230   
450  *    Centennial Communications Corp    4,883   
49,012  *    Charter Communications, Inc (Class A)    78,419   
105,300  *    Cincinnati Bell, Inc    447,525   
6,088  *    Commonwealth Telephone Enterprises, Inc    286,988   
4,814      CT Communications, Inc    50,691   
13,041  *    Cumulus Media, Inc (Class A)    185,834   
3,037      D&E Communications, Inc    27,728   
1,800  *    Dobson Communications Corp (Class A)    3,636   
21,510  *    General Communication, Inc (Class A)    196,386   
3,573      Golden Telecom, Inc    91,469   
11,400      Gray Television, Inc    164,958   

 

62

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

           
SHARES         VALUE  
 
 
75,000  *    Internap Network Services Corp  $ 44,250   
19,300      Iowa Telecommunications Services, Inc    376,350   
5,385  *    j2 Global Communications, Inc    184,759   
7,300  *    Lin TV Corp (Class A)    123,589   
4,700  *    Mastec, Inc    38,587   
3,763      North Pittsburgh Systems, Inc    74,376   
57,695  *    Novatel Wireless, Inc    620,221   
18,066  *    Premiere Global Services, Inc    204,507   
11,500  *    Price Communications Corp    201,250   
24,645  *    Primus Telecommunications Group    38,693   
5,200  bv*    RCN Corp    -   
8,950  *    Regent Communications, Inc    47,883   
7,600  *    Saga Communications, Inc (Class A)    122,360   
2,450  *    Salem Communications Corp (Class A)    50,470   
1,895      Shenandoah Telecom Co    58,745   
15,413      Sinclair Broadcast Group, Inc (Class A)    123,766   
6,834  *    Talk America Holdings, Inc    44,079   
76,390  *    Terremark Worldwide, Inc    49,654   
1,200  *    Triton PCS Holdings, Inc (Class A)    2,664   
5,225  *    Ubiquitel, Inc    35,008   
6,938  *    USA Mobility, Inc    224,791   
 
 
      TOTAL COMMUNICATIONS    4,759,381   
 
 
DEPOSITORY INSTITUTIONS - 9.16%       
7,285      1st Source Corp    155,389   
3,033      ABC Bancorp    51,227   
10,354  *    ACE Cash Express, Inc    235,553   
903  *    AmericanWest Bancorp    17,401   
6,369      Anchor Bancorp Wisconsin, Inc    179,033   
4,307      Arrow Financial Corp    117,280   
1,157      Bancfirst Corp    79,856   
19,600      Bancorpsouth, Inc    404,544   
15,406      Bank Mutual Corp    182,099   
870      Bank of Granite Corp    16,086   
39,600      BankAtlantic Bancorp, Inc (Class A)    689,040   
20,300      BankUnited Financial Corp (Class A)    545,258   
2,577      Banner Corp    69,502   
1,700      Berkshire Hills Bancorp, Inc    57,375   
307      Bryn Mawr Bank Corp    6,269   
2,000      Camden National Corp    70,700   
2,515  *    Capital Crossing Bank    82,744   
10,628      Cathay General Bancorp    334,782   
1,475  *    Central Coast Bancorp    24,736   
6,500      Central Pacific Financial Corp    218,725   
6,600      Chemical Financial Corp    214,533   
1,800      Chittenden Corp    46,926   
1,300      City Bank    42,042   
9,015      City Holding Co    266,258   
3,766      Coastal Financial Corp    56,654   
1,300      Columbia Bancorp    41,418   
7,505      Columbia Banking System, Inc    178,244   
23,168      Commercial Capital Bancorp, Inc    471,469   
10,200      Commercial Federal Corp    282,030   
36,700      Community Bank System, Inc    840,797   

 

63

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

           
SHARES         VALUE  
 
 
7,060      Community Trust Bancorp, Inc  $ 203,399   
14,959      Corus Bankshares, Inc    713,395   
11,608      CVB Financial Corp    210,569   
27,750      Dime Community Bancshares    421,800   
16,700      Downey Financial Corp    1,027,551   
12,758      East West Bancorp, Inc    471,025   
2,900  *    EuroBancshares, Inc    49,039   
5,800  *    Euronet Worldwide, Inc    165,590   
100      Farmers Capital Bank Corp    3,380   
2,000      Financial Institutions, Inc    39,620   
4,999      First Bancorp (North Carolina)    113,177   
22,700      First Bancorp (Puerto Rico)    959,075   
7,600      First Charter Corp    171,684   
904      First Citizens Bancshares, Inc (Class A)    132,328   
1,416      First Community Bancorp    62,729   
4,359      First Community Bancshares, Inc    122,357   
4,506      First Financial Bancorp    82,235   
2,306      First Financial Bankshares, Inc    102,917   
3,484      First Financial Corp (Indiana)    102,952   
6,836      First Financial Holdings, Inc    189,904   
3,050      First Merchants Corp    78,995   
31,290      First Midwest Bancorp, Inc    1,016,299   
2,039      First Oak Brook Bancshares, Inc    59,722   
900      First of Long Island Corp    38,088   
5,500      First Republic Bank    178,035   
3,093      First State Bancorp    52,504   
16,100  *    FirstFed Financial Corp    821,261   
8,100      Flagstar Bancorp, Inc    158,355   
14,091      Flushing Financial Corp    256,456   
9,100      FNB Corp    174,265   
1,839      FNB Corp (Virginia)    47,409   
2,635  *    Franklin Bank Corp    45,454   
4,208      Frontier Financial Corp    159,483   
6,211      Glacier Bancorp, Inc    189,435   
2,649      Great Southern Bancorp, Inc    86,013   
37,502      Greater Bay Bancorp    915,424   
6,070      Hancock Holding Co    197,275   
5,624      Hanmi Financial Corp    93,077   
4,400      Harleysville National Corp    93,500   
2,450      Heartland Financial U.S.A., Inc    48,657   
3,215      IberiaBank Corp    180,876   
10,871      Independent Bank Corp (Massachusetts)    315,259   
3,200      Independent Bank Corp (Michigan)    92,064   
4,500      Irwin Financial Corp    103,590   
4,514  *    Itla Capital Corp    225,519   
984      KNBT Bancorp, Inc    15,055   
1,311      Lakeland Financial Corp    50,408   
6,964      MAF Bancorp, Inc    289,285   
2,500      Main Street Banks, Inc    66,200   
2,505      MainSource Financial Group, Inc    55,060   
6,317      MB Financial, Inc    241,941   
8,199      MBT Financial Corp    154,715   
971      Mercantile Bank Corp    39,694   
5,451      Mid-State Bancshares    144,997   
1,100      NASB Financial, Inc    43,560   

 

64

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

           
SHARES         VALUE  
 
 
5,056      National Penn Bancshares, Inc  $ 124,226   
1,800      NBC Capital Corp    43,524   
8,308      NBT Bancorp, Inc    186,182   
15,684      NetBank, Inc    133,000   
928      Oak Hill Financial, Inc    31,236   
929      OceanFirst Financial Corp    21,339   
51,000  *    Ocwen Financial Corp    411,570   
2,300      Old National Bancorp    46,690   
3,370      Old Second Bancorp, Inc    101,690   
2,221      Omega Financial Corp    66,152   
24,719      Pacific Capital Bancorp    736,132   
1,945      Peapack Gladstone Financial Corp    52,515   
2,395      Pennfed Financial Services, Inc    35,542   
1,852      Pennrock Financial Services Corp    64,672   
5,760      Peoples Bancorp, Inc    154,944   
2,300      Peoples Holding Co    71,530   
3,000      PFF Bancorp, Inc    82,800   
1,500      Placer Sierra Bancshares    34,455   
13,000      Provident Bancorp, Inc    159,120   
7,459      Provident Bankshares Corp    245,849   
3,833      Provident Financial Holdings    113,993   
1,400      Provident Financial Services, Inc    23,940   
40,000      R & G Financial Corp (Class B)    1,246,800   
3,846      Republic Bancorp, Inc (Class A) (Kentucky)    85,439   
43,750      Republic Bancorp, Inc (Michigan)    592,375   
1,020      Royal Bancshares of Pennsylvania (Class A)    23,164   
1,396      S & T Bancorp, Inc    49,418   
1,500      S.Y. Bancorp, Inc    33,000   
1,400      Santander Bancorp    36,862   
2,912      SCBT Financial Corp    87,447   
2,966      Seacoast Banking Corp of Florida    58,371   
3,609      Simmons First National Corp (Class A)    89,575   
1,368      Smithtown Bancorp, Inc    38,331   
3,514      Southside Bancshares, Inc    73,232   
17,230      Southwest Bancorp of Texas, Inc    316,171   
8,850      Southwest Bancorp, Inc    163,283   
1,150      State Bancorp, Inc    29,912   
1,631      State Financial Services Corp (Class A)    60,265   
3,700      Sterling Bancorp    89,799   
7,935      Sterling Financial Corp (Pennsylvania)    206,469   
5,744  *    Sterling Financial Corp (Spokane)    205,061   
1,400      Taylor Capital Group, Inc    45,710   
10,400      Texas Regional Bancshares, Inc (Class A)    313,144   
6,682      TierOne Corp    157,027   
5,459      Trico Bancshares    114,366   
34,981      Trustmark Corp    1,014,449   
2,900      U.S.B. Holding Co, Inc    64,351   
12,400      Umpqua Holdings Corp    289,540   
2,179      Union Bankshares Corp    69,772   
9,562      United Bankshares, Inc    316,885   
4,535      United Community Banks, Inc    107,616   
3,925      United Community Financial Corp    43,528   
1,834      Univest Corp of Pennsylvania    73,012   

 

65

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

           
SHARES         VALUE  
 
 
1,700  *    Virginia Commerce Bancorp  $ 45,968   
2,800      Virginia Financial Group, Inc    92,106   
4,700      Wesbanco, Inc    129,297   
308      West Bancorporation    5,248   
7,218      West Coast Bancorp    171,788   
8,068      Westamerica Bancorp    417,680   
1,504  *    Western Sierra Bancorp    51,332   
3,600      Wilshire Bancorp, Inc    46,944   
1,767      WSFS Financial Corp    92,874   
2,136      Yardville National Bancorp    69,676   
 
      TOTAL DEPOSITORY INSTITUTIONS    28,209,014   
 
 
EATING AND DRINKING PLACES - 2.11%       
8,984      Bob Evans Farms, Inc    210,675   
17,735  *    California Pizza Kitchen, Inc    415,708   
14,223      CBRL Group, Inc    587,410   
10,724  *    CEC Entertainment, Inc    392,498   
12,400  *    CKE Restaurants, Inc    196,540   
2,800  *    Dave & Buster's, Inc    52,360   
19,700      Domino's Pizza, Inc    368,193   
27,300  *    Jack In The Box, Inc    1,012,830   
121,215  *    Krispy Kreme Doughnuts, Inc    924,871   
23,200      Landry's Restaurants, Inc    670,944   
4,017      Lone Star Steakhouse & Saloon, Inc    116,111   
5,400  *    O'Charley's, Inc    117,396   
8,711  *    Rare Hospitality International, Inc    268,996   
3,044  *    Red Robin Gourmet Burgers, Inc    154,970   
21,412  *    Ryan's Restaurant Group, Inc    311,116   
14,984  *    Sonic Corp    500,466   
2,606  *    Texas Roadhouse, Inc (Class A)    73,177   
6,200  *    The Steak N Shake Co    119,970   
 
      TOTAL EATING AND DRINKING PLACES    6,494,231   
 
 
EDUCATIONAL SERVICES - 0.16%       
4,600  *    Educate, Inc    63,802   
3,750      Strayer Education, Inc    424,950   
 
      TOTAL EDUCATIONAL SERVICES    488,752   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 3.80%       
1,600      American States Water Co    40,480   
21,699      Atmos Energy Corp    585,873   
12,400      Avista Corp    217,000   
21,930      Black Hills Corp    725,225   
400      Cascade Natural Gas Corp    7,984   
2,644  *    Casella Waste Systems, Inc (Class A)    34,980   
2,900      Central Vermont Public Service Corp    65,192   
4,500      CH Energy Group, Inc    205,650   

 

66

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

           
SHARES         VALUE  
 
 
33,500      Cleco Corp  $ 713,550   
87,305  *    CMS Energy Corp    1,138,457   
1,921      Connecticut Water Service, Inc    47,910   
14,557      Duquesne Light Holdings, Inc    260,861   
7,028  *    Duratek, Inc    140,209   
32,700  *    El Paso Electric Co    621,300   
22,853      Energen Corp    1,522,010   
2,600      EnergySouth, Inc    74,451   
12,800      Idacorp, Inc    363,136   
6,000      Laclede Group, Inc    175,200   
5,718      MGE Energy, Inc    189,552   
16,600      New Jersey Resources Corp    722,598   
7,900      Northwest Natural Gas Co    285,743   
14,200      Ormat Technologies, Inc    222,372   
23,611      Otter Tail Corp    591,219   
24,450      PNM Resources, Inc    652,326   
3,783      Resource America, Inc (Class A)    132,575   
1,600      SJW Corp    56,208   
17,200  *    Southern Union Co    431,892   
10,300      Southwest Gas Corp    248,848   
3,600      UIL Holdings Corp    182,340   
9,900      Unisource Energy Corp    306,603   
9,100  *    Waste Connections, Inc    316,225   
14,000      WGL Holdings, Inc    433,440   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    11,711,409   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.79%       
5,361  *    Advanced Energy Industries, Inc    51,841   
63,385  *    Aeroflex, Inc    591,382   
38,986  *    AMIS Holdings, Inc    440,152   
3,200  *    Anaren Microwave, Inc    38,816   
10,821      Applied Signal Technology, Inc    247,801   
22,750  *    Arris Group, Inc    157,202   
7,740  *    Artesyn Technologies, Inc    67,415   
7,689  *    ATMI, Inc    192,533   
3,726      Bel Fuse, Inc (Class B)    112,898   
11,800  *    Benchmark Electronics, Inc    375,594   
3,000      C&D Technologies, Inc    30,150   
5,188  *    California Micro Devices Corp    26,199   
5,681  *    Catapult Communications Corp    121,289   
5,900  *    Ceradyne, Inc    131,983   
8,779  *    Checkpoint Systems, Inc    148,189   
3,436  *    Comtech Telecommunications    179,016   
8,900      CTS Corp    115,700   
10,600      Cubic Corp    200,764   
30,047  *    DDi Corp    84,132   
10,894  *    Diodes, Inc    295,554   
22,955  *    Ditech Communications Corp    286,249   
7,258  *    DSP Group, Inc    186,966   
55,900  *    Eagle Broadband, Inc    19,006   
6,996  *    Electro Scientific Industries, Inc    135,652   
2,671  *    EMS Technologies, Inc    36,326   
3,200  *    EnerSys    41,920   
9,619  *    Entegris, Inc    95,132   

 

67

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

           
SHARES         VALUE  
 
 
9,760  *    Exar Corp  $ 130,784   
4,900  *    Finisar Corp    6,125   
4,108      Franklin Electric Co, Inc    154,995   
3,141  *    Genlyte Group, Inc    282,596   
19,247  *    Harmonic, Inc    184,001   
30,258      Helix Technology Corp    468,091   
7,100  *    Hexcel Corp    110,121   
6,482  *    Hutchinson Technology, Inc    225,444   
30,150  *    Integrated Device Technology, Inc    362,704   
5,217      Inter-Tel, Inc    127,817   
8,898  *    InterVoice, Inc    99,925   
4,603  *    IXYS Corp    52,658   
12,536  *    Lattice Semiconductor Corp    67,318   
2,802  *    Lifeline Systems, Inc    84,957   
5,700  *    Littelfuse, Inc    163,305   
29,531  *    Mattson Technology, Inc    234,476   
30,629  *    McData Corp (Class A)    115,471   
5,300  *    Mercury Computer Systems, Inc    146,174   
8,746      Methode Electronics, Inc    105,914   
2,800  *    Metrologic Instruments, Inc    62,944   
17,013  *    Micrel, Inc    156,860   
14,693  *    Microsemi Corp    239,349   
13,918  *    Microtune, Inc    59,987   
10,502  *    MIPS Technologies, Inc    120,773   
5,800  *    Monolithic System Technology, Inc    33,930   
6,400  *    Moog, Inc (Class A)    289,280   
4,161  *    MRV Communications, Inc    13,440   
1,580  *    Multi-Fineline Electronix, Inc    27,887   
9,600  *    Mykrolis Corp    137,280   
20,400  *    NMS Communications Corp    87,516   
32,660  *    Omnivision Technologies, Inc    494,799   
23,180  *    ON Semiconductor Corp    91,561   
5,307  *    Oplink Communications, Inc    8,332   
3,600  *    OSI Systems, Inc    63,036   
4,300      Park Electrochemical Corp    87,118   
8,143  *    Photronics, Inc    147,388   
10,000  *    Pixelworks, Inc    81,500   
5,600  *    Plug Power, Inc    36,960   
3,865  *    Portalplayer, Inc    88,238   
6,756  *    Power Integrations, Inc    141,133   
2,185  *    Power-One, Inc    10,619   
3,823      Raven Industries, Inc    78,066   
8,800  *    Rayovac Corp    366,080   
6,200      Regal-Beloit Corp    178,498   
572  *    Remec, Inc    3,020   
4,200  *    Rogers Corp    168,000   
11,810  *    SBA Communications Corp    108,180   
6,410  *    SBS Technologies, Inc    71,472   
27,933  *    Seachange International, Inc    361,732   
6,672  *    Sigmatel, Inc    249,733   
18,161  *    Silicon Image, Inc    182,700   
60,210  *    Silicon Storage Technology, Inc    223,981   
1,555  *    Siliconix, Inc    54,860   
121,871  *    Skyworks Solutions, Inc    773,881   

 

68

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

           
SHARES         VALUE  
 
 
4,601      Spectralink Corp  $ 64,966   
4,948  *    Standard Microsystems Corp    85,897   
3,136  *    Stratex Networks, Inc    5,770   
6,980  *    Supertex, Inc    127,804   
42,080  *    Sycamore Networks, Inc    149,805   
11,039  *    Symmetricom, Inc    122,423   
5,700  *    Synaptics, Inc    132,240   
10,900      Technitrol, Inc    162,628   
47,221  *    Tekelec    752,703   
16,600  *    Terayon Communication Systems, Inc    51,128   
6,300  *    Tessera Technologies, Inc    272,349   
16,600  *    Thomas & Betts Corp    536,180   
33,700  *    Triquint Semiconductor, Inc    113,906   
49,343  *    TTM Technologies, Inc    516,128   
5,144  *    Ultralife Batteries, Inc    88,065   
11,731  *    Universal Electronics, Inc    198,019   
203  *    Valence Technology, Inc    623   
27,100  *    Varian Semiconductor Equipment Associates, Inc    1,030,071   
5,195  *    Viasat, Inc    97,095   
53,800  *    Vitesse Semiconductor Corp    144,184   
14,400  *    Volterra Semiconductor Corp    194,400   
8,900  *    Westell Technologies, Inc    49,039   
5,400  *    Wilson Greatbatch Technologies, Inc    98,496   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    17,826,789   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 1.79%       
19,700  *    Applera Corp (Celera Genomics Group)    201,925   
16,036  *    Century Business Services, Inc    65,748   
2,600  *    Charles River Associates, Inc    128,310   
8,900  *    Corrections Corp of America    343,540   
5,980  *    DiamondCluster International, Inc    96,278   
18,285  *    Digitas, Inc    184,678   
11,425  *    eResearch Technology, Inc    134,587   
1,936  *    Exponent, Inc    46,251   
3,500  *    Forrester Research, Inc    49,280   
10,800  *    FTI Consulting, Inc    222,912   
9,054  *    Genencor International, Inc    174,108   
1,628  *    Huron Consulting Group, Inc    33,716   
5,570  *    Keryx Biopharmaceuticals, Inc    74,415   
2,200      Landauer, Inc    104,588   
16,026  *    Lexicon Genetics, Inc    81,893   
24,892  *    Lifecell Corp    221,539   
3,057  *    Luminex Corp    23,019   
4,700      MAXIMUS, Inc    157,403   
5,628  *    Maxygen, Inc    48,288   
7,750  *    Myriad Genetics, Inc    142,522   
11,617  *    Navigant Consulting, Inc    316,331   
15,398  *    Oscient Pharmaceuticals Corp    36,031   
5,900  *    Per-Se Technologies, Inc    90,565   
5,850  *    Regeneration Technologies, Inc    60,314   

 

69

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

           
SHARES         VALUE  
 
 
9,700  *    Regeneron Pharmaceuticals, Inc  $ 49,567   
13,250  *    Resources Connection, Inc    277,323   
3,333  *    SFBC International, Inc    117,455   
4,221  *    Sourcecorp    85,011   
7,156  *    Symyx Technologies, Inc    157,790   
7,467  *    Transkaryotic Therapies, Inc    186,414   
2,400  *    TRC Cos, Inc    35,280   
19,600  *    URS Corp    563,500   
19,839  *    Ventiv Health, Inc    456,297   
7,260  *    Washington Group International, Inc    326,627   
8,200      Watson Wyatt & Co Holdings    223,040   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    5,516,545   
 
 
FABRICATED METAL PRODUCTS - 1.15%       
28,108      Commercial Metals Co    952,580   
2,147  *    Commercial Vehicle Group, Inc    42,940   
45,850  *    Crown Holdings, Inc    713,426   
1,800  *    Drew Industries, Inc    67,770   
6,200  *    Griffon Corp    132,742   
3,111      Gulf Island Fabrication, Inc    72,984   
7,197  *    Intermagnetics General Corp    175,175   
19,200  *    Jacuzzi Brands, Inc    187,392   
5,200  *    NCI Building Systems, Inc    200,720   
2,200  *    Shaw Group, Inc    47,960   
6,920      Silgan Holdings, Inc    449,662   
5,100      Simpson Manufacturing Co, Inc    157,590   
11,900  *    Taser International, Inc    142,800   
1,900      Valmont Industries, Inc    42,408   
5,600  *    Water Pik Technologies, Inc    110,320   
1,800      Watts Water Technologies, Inc (Class A)    58,698   
 
      TOTAL FABRICATED METAL PRODUCTS    3,555,167   
 
 
FOOD AND KINDRED PRODUCTS - 0.98%       
3,747      Cal-Maine Foods, Inc    29,452   
700      Coca-Cola Bottling Co Consolidated    36,617   
18,600      Corn Products International, Inc    483,414   
71,190  *    Darling International, Inc    284,048   
1,607      Farmer Brothers Co    38,488   
13,999  *    Gold Kist, Inc    222,584   
1,500  *    Hansen Natural Corp    90,105   
1,595      J & J Snack Foods Corp    74,694   
6,900      Lancaster Colony Corp    293,595   
6,500      Lance, Inc    104,455   
2,600  *    M&F Worldwide Corp    34,684   
3,000  *    Peets Coffee & Tea, Inc    73,950   
18,400      Ralcorp Holdings, Inc    871,240   
2,578      Sanderson Farms, Inc    111,395   
9,500      Sensient Technologies Corp    204,820   
6,086      Topps Co, Inc    56,052   
 
      TOTAL FOOD AND KINDRED PRODUCTS    3,009,593   
 

 

70

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

           
SHARES         VALUE  
 
 
FOOD STORES - 0.15%       
304      Arden Group, Inc (Class A)  $ 21,578   
2,661      Ingles Markets, Inc (Class A)    35,445   
2,886  *    Pantry, Inc    89,379   
1,126  *    Pathmark Stores, Inc    7,105   
8,700      Ruddick Corp    201,405   
2,900      Weis Markets, Inc    106,923   
 
      TOTAL FOOD STORES    461,835   
 
 
FURNITURE AND FIXTURES - 0.46%       
7,300      Ethan Allen Interiors, Inc    233,600   
37,200      Furniture Brands International, Inc    811,332   
9,182      Hooker Furniture Corp    173,448   
5,865      Kimball International, Inc (Class B)    85,043   
2,230      Stanley Furniture Co, Inc    105,434   
 
      TOTAL FURNITURE AND FIXTURES    1,408,857   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.60%       
2,968  *    Electronics Boutique Holdings Corp    127,535   
9,500  *    GameStop Corp (Class B)    211,850   
6,200  *    Guitar Center, Inc    339,946   
11,300      Haverty Furniture Cos, Inc    172,325   
32,100  *    Linens 'n Things, Inc    797,043   
13,319  *    Trans World Entertainment Corp    196,189   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    1,844,888   
 
 
GENERAL BUILDING CONTRACTORS - 0.87%       
17,200      Beazer Homes U.S.A., Inc    857,592   
4,200      Brookfield Homes Corp    177,282   
4,400      Levitt Corp (Class A)    112,816   
3,500      M/I Homes, Inc    171,255   
6,100  *    Meritage Homes Corp    359,412   
12,900  *    Perini Corp    177,891   
4,500      Technical Olympic U.S.A., Inc    135,900   
6,800      Walter Industries, Inc    289,340   
9,800  *    WCI Communities, Inc    294,784   
1,200  *    William Lyon Homes, Inc    92,040   
 
      TOTAL GENERAL BUILDING CONTRACTORS    2,668,312   
 
 
GENERAL MERCHANDISE STORES - 0.24%       
11,515  *    Brookstone, Inc    186,773   
2,082      Casey's General Stores, Inc    37,414   
3,600  *    Retail Ventures, Inc    32,796   
7,500  *    ShopKo Stores, Inc    166,650   
5,990  *    Stein Mart, Inc    134,775   
6,469  *    Tuesday Morning Corp    186,760   
 
      TOTAL GENERAL MERCHANDISE STORES    745,168   
 

 

71

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

           
SHARES         VALUE  
 
 
HEALTH SERVICES - 2.14%       
3,353  *    Amedisys, Inc  $ 101,428   
2,712  *    America Service Group, Inc    60,017   
7,796  *    Amsurg Corp    197,239   
25,900  *    Apria Healthcare Group, Inc    831,390   
28,600  *    Beverly Enterprises, Inc    354,068   
2,200  *    Bio-Reference Labs, Inc    30,624   
1,600  *    Corvel Corp    34,112   
6,400  *    Enzo Biochem, Inc    92,288   
12,602  *    Genesis HealthCare Corp    540,500   
6,508  *    Gentiva Health Services, Inc    105,299   
14,800      Hooper Holmes, Inc    56,536   
6,800  *    Kindred Healthcare, Inc    238,680   
3,758  *    LabOne, Inc    129,576   
4,027      LCA-Vision, Inc    134,099   
9,900  *    LifePoint Hospitals, Inc    434,016   
13,706  *    Magellan Health Services, Inc    466,689   
9,602  *    NeighborCare, Inc    280,859   
11,400  *    OCA, Inc    48,450   
63,332  *    Odyssey HealthCare, Inc    744,784   
3,369      Option Care, Inc    69,368   
14,550  *    Pediatrix Medical Group, Inc    997,984   
12,800  *    Province Healthcare Co    308,352   
4,200  *    RehabCare Group, Inc    120,582   
4,400  *    Sunrise Senior Living, Inc    213,840   
 
      TOTAL HEALTH SERVICES    6,590,780   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.11%       
9,600      Granite Construction, Inc    252,192   
6,051  *    Insituform Technologies, Inc (Class A)    87,800   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    339,992   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 7.75%       
3,500  *    4Kids Entertainment, Inc    77,385   
98,000      Aames Investment Corp    803,600   
6,800      Acadia Realty Trust    109,344   
3,250      Alabama National Bancorp    201,143   
5,000      Alexandria Real Estate Equities, Inc    321,900   
6,490      Amcore Financial, Inc    183,343   
47,037      American Home Mortgage Investment Corp    1,347,140   
13,600      Anthracite Capital, Inc    151,504   
42,600      Anworth Mortgage Asset Corp    406,830   
17,600      Apollo Investment Corp    295,328   
1,900      Arbor Realty Trust, Inc    47,025   
5,000      Bimini Mortgage Management, Inc (Class A)    69,250   
8,000      BioMed Realty Trust, Inc    164,800   
11,900      Brandywine Realty Trust    337,960   
9,570      Capital Automotive REIT    316,958   

 

72

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

           
SHARES         VALUE  
 
 
799      Capital Southwest Corp  $ 63,201   
2,700      Capitol Bancorp Ltd    81,675   
14,500      CarrAmerica Realty Corp    457,475   
1,700      Cherokee, Inc    56,916   
212      Commercial Net Lease Realty, Inc    3,911   
2,763      Community Banks, Inc    69,047   
2,800      Correctional Properties Trust    70,700   
47,900      Cousins Properties, Inc    1,239,173   
5,100      Digital Realty Trust, Inc    73,287   
5,400      Eastgroup Properties, Inc    203,580   
900  *    Enstar Group, Inc    54,000   
6,500      Entertainment Properties Trust    269,295   
6,000      Equity Inns, Inc    66,180   
8,700      Equity One, Inc    179,133   
5,900      Essex Property Trust, Inc    407,690   
3,055      First Indiana Corp    73,931   
20,546      First Niagara Financial Group, Inc    271,413   
2,634      Gladstone Capital Corp    55,894   
2,500      Global Signal, Inc    74,900   
2,400      Gramercy Capital Corp    46,800   
4,400      Harris & Harris Group, Inc    52,976   
8,900      Highland Hospitality Corp    92,115   
8,550      Home Properties, Inc    331,740   
74,625      IMPAC Mortgage Holdings, Inc    1,431,308   
8,400      Innkeepers U.S.A. Trust    108,444   
3,831      Investors Real Estate Trust    35,743   
6,200      Kramont Realty Trust    145,080   
25,100  *    La Quinta Corp    213,350   
1,600      LaSalle Hotel Properties    46,480   
12,300      Lexington Corporate Properties Trust    269,862   
3,800      LTC Properties, Inc    65,930   
32,100      Luminent Mortgage Capital, Inc    352,458   
73,225      MFA Mortgage Investments, Inc    557,242   
3,300      Mid-America Apartment Communities, Inc    120,450   
6,900      Mission West Properties, Inc    73,140   
22,100      National Health Investors, Inc    574,158   
18,900      Nationwide Health Properties, Inc    381,969   
31,311      New Century Financial Corp    1,465,981   
35,400      Newcastle Investment Corp    1,047,840   
6,985      Novastar Financial, Inc    251,530   
48,665      Oriental Financial Group, Inc    1,139,734   
3,600      Parkway Properties, Inc    168,120   
8,900      Pennsylvania Real Estate Investment Trust    358,848   
12,600      Prentiss Properties Trust    430,416   
4,423      Prosperity Bancshares, Inc    117,165   
4,000      PS Business Parks, Inc    161,200   
6,500      RAIT Investment Trust    174,330   
10,500      Realty Income Corp    240,240   
9,801      Redwood Trust, Inc    501,615   
1,359      Sandy Spring Bancorp, Inc    43,923   
2,900      Saul Centers, Inc    92,800   
75,302      Saxon Capital, Inc    1,295,194   
36,400      Senior Housing Properties Trust    607,152   

 

73

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

           
SHARES         VALUE  
 
 
4,000      Sovran Self Storage, Inc  $ 158,520   
5,100      Strategic Hotel Capital, Inc    74,970   
2,000      Suffolk Bancorp    66,060   
5,600      Sunstone Hotel Investors, Inc    120,120   
11,792      Susquehanna Bancshares, Inc    287,489   
7,000      Tanger Factory Outlet Centers, Inc    154,000   
2,575  *    Tarragon Realty Investors, Inc    51,989   
14,100      Taubman Centers, Inc    391,134   
276      Tompkins Trustco, Inc    11,744   
300      Trustreet Properties, Inc    4,617   
12,300      Universal Health Realty Income Trust    347,475   
5,400      Urstadt Biddle Properties, Inc (Class A)    82,350   
7,400      U-Store-It Trust    128,760   
10,700      Washington Real Estate Investment Trust    307,625   
100  v    Waypoint Financial Corp    2,819   
7,700      Winston Hotels, Inc    90,090   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    23,880,006   
 
 
HOTELS AND OTHER LODGING PLACES - 0.49%       
2,873      Ameristar Casinos, Inc    157,096   
58,900  *    Bluegreen Corp    756,865   
5,300      Boyd Gaming Corp    276,395   
5,300      Marcus Corp    108,650   
4,700  *    Pinnacle Entertainment, Inc    78,490   
5,300  *    Vail Resorts, Inc    133,825   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    1,511,321   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.97%       
7,500  *    Actuant Corp    336,900   
108,678  *    Adaptec, Inc    520,568   
17,063  *    Advanced Digital Information Corp    139,917   
6,700      Albany International Corp (Class A)    206,896   
1,958  *    ASV, Inc    77,625   
117,625  *    Axcelis Technologies, Inc    858,663   
4,316      Black Box Corp    161,462   
10,936  *    Brooks Automation, Inc    166,008   
9,100      Cascade Corp    318,500   
5,207  *    Cirrus Logic, Inc    23,536   
9,020  *    Cymer, Inc    241,465   
46,612  *    Dot Hill Systems Corp    277,341   
13,352  *    Electronics For Imaging, Inc    238,200   
76  *    Emulex Corp    1,432   
10,950      Engineered Support Systems, Inc    586,044   
6,500  *    EnPro Industries, Inc    178,750   
14,200  *    Esterline Technologies Corp    490,610   
3,300  *    Flanders Corp    37,224   
15,100  *    Flowserve Corp    390,637   
3,188  *    FSI International, Inc    13,485   
5,000  *    Gardner Denver, Inc    197,550   

 

74

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

           
SHARES         VALUE  
 
 
325      Gorman-Rupp Co  $ 6,974   
496  *    Hydril    28,971   
11,200  *    Hypercom Corp    52,976   
9,742  *    InFocus Corp    55,919   
19,160      Joy Global, Inc    671,750   
26,400      Kennametal, Inc    1,253,736   
6,703  *    Komag, Inc    149,812   
13,226  *    Kulicke & Soffa Industries, Inc    83,191   
8,548      Lincoln Electric Holdings, Inc    257,124   
1,703      Lufkin Industries, Inc    82,238   
7,500      Manitowoc Co, Inc    302,925   
8,232  *    Micros Systems, Inc    302,197   
1,100      Middleby Corp    54,340   
6,000      Modine Manufacturing Co    175,980   
1,300      Nacco Industries, Inc (Class A)    132,522   
34,400  *    Netgear, Inc    519,096   
6,800      Nordson Corp    250,376   
14,900  *    Oil States International, Inc    306,195   
5,600  *    Omnicell, Inc    40,376   
3,367  *    Overland Storage, Inc    49,427   
21,577  *    PalmOne, Inc    547,624   
8,600  *    Paxar Corp    183,524   
6,400  *    Presstek, Inc    49,408   
2,400      Sauer-Danfoss, Inc    54,312   
1,300      Schawk, Inc    23,725   
4,000  *    Semitool, Inc    40,800   
12,650  *    Simpletech, Inc    49,841   
2,100      Standex International Corp    57,330   
7,800      Stewart & Stevenson Services, Inc    178,542   
3,577      Tecumseh Products Co (Class A)    141,685   
1,900      Tennant Co    73,511   
32,800  *    Terex Corp    1,420,240   
3,700      Thomas Industries, Inc    146,668   
5,700      Toro Co    504,450   
1,830  *    Transact Technologies, Inc    18,318   
13,000  *    UNOVA, Inc    268,450   
3,378      Woodward Governor Co    242,203   
43,800  *    Xybernaut Corp    18,396   
27,100      York International Corp    1,061,778   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    15,319,743   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 6.02%       
4,365  *    Abaxis, Inc    38,630   
3,874  *    Abiomed, Inc    40,987   
2,271  *    ADE Corp    50,416   
10,200  *    Advanced Medical Optics, Inc    369,342   
5,100  *    Advanced Neuromodulation Systems, Inc    136,731   
13,172  *    Align Technology, Inc    82,193   
20,092  *    American Medical Systems Holdings, Inc    345,181   
2,900      Analogic Corp    125,425   
9,299      Arrow International, Inc    319,421   
5,312  *    Arthrocare Corp    151,392   

 

75

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

           
SHARES         VALUE  
 
 
3,100  *    Aspect Medical Systems, Inc  $ 66,929   
4,400  *    August Technology Corp    51,568   
2,802      BEI Technologies, Inc    67,164   
5,100      Biolase Technology, Inc    43,350   
8,600  *    Bio-Rad Laboratories, Inc (Class A)    418,906   
27,015  *    Candela Corp    240,974   
9,119  *    Cardiodynamics International Corp    26,627   
10,536  *    Cepheid, Inc    101,883   
7,171  *    Closure Medical Corp    191,466   
10,774      Cognex Corp    268,057   
7,472  *    Coherent, Inc    252,255   
12,175      Cohu, Inc    194,191   
17,316  *    Conmed Corp    521,558   
7,900  *    CTI Molecular Imaging, Inc    160,133   
4,324  *    Cyberonics, Inc    190,991   
21,857  *    Cyberoptics Corp    272,775   
8,035      Datascope Corp    245,710   
4,823  *    Dionex Corp    262,854   
27,400  *    DJ Orthopedics, Inc    686,370   
5,900  *    DRS Technologies, Inc    250,750   
3,900      EDO Corp    117,195   
9,492  *    Encore Medical Corp    51,067   
3,200  *    ESCO Technologies, Inc    257,120   
300  *    Exactech, Inc    5,091   
4,459  *    Excel Technology, Inc    109,602   
800      E-Z-Em-Inc    9,536   
2,857  *    Faro Technologies, Inc    67,254   
5,879  *    FEI Co    136,099   
6,884  *    Formfactor, Inc    155,854   
8,300  *    Haemonetics Corp    349,928   
3,023  *    Herley Industries, Inc    51,724   
7,758  *    Hologic, Inc    247,286   
2,601  *    ICU Medical, Inc    92,336   
4,852  *    I-Flow Corp    76,807   
5,404  *    II-VI, Inc    94,246   
6,427  *    Illumina, Inc    51,930   
5,118  *    Integra LifeSciences Holding    180,256   
1,900  *    Intralase Corp    31,806   
9,596  *    Intuitive Surgical, Inc    436,330   
9,500      Invacare Corp    423,985   
3,890  *    Itron, Inc    115,300   
7,506  *    Ixia    133,532   
6,600      Keithley Instruments, Inc    106,458   
2,315  *    Kensey Nash Corp    62,690   
5,840  *    Kyphon, Inc    146,993   
4,600  *    Laserscope    146,004   
1,954  *    LeCroy Corp    33,472   
19,100  *    Lexar Media, Inc    95,118   
2,700  *    Measurement Specialties, Inc    62,100   
2,067  *    Medical Action Industries, Inc    39,066   
11,100      Mentor Corp    356,310   
5,967  *    Merit Medical Systems, Inc    71,544   
5,800      Mine Safety Appliances Co    224,692   
26,614  *    MKS Instruments, Inc    422,630   

 

76

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

           
SHARES         VALUE  
 
 
11,325  *    Molecular Devices Corp  $ 215,175   
4,400      Movado Group, Inc    81,400   
4,902      MTS Systems Corp    142,305   
12,047  *    Nanogen, Inc    41,924   
2,900      Oakley, Inc    37,178   
18,800  *    Orbital Sciences Corp    181,984   
2,950  *    Orthologic Corp    14,927   
11,800  *    Orthovita, Inc    40,120   
8,973  *    Palomar Medical Technologies, Inc    242,002   
5,149  *    Possis Medical, Inc    43,097   
22,173  *    Rofin-Sinar Technologies, Inc    712,640   
3,161  *    Rudolph Technologies, Inc    47,605   
23,100  *    Sirf Technology Holdings, Inc    257,796   
1,500  *    Sonic Innovations, Inc    8,370   
4,700  *    Sonic Solutions, Inc    70,735   
3,700  *    SonoSite, Inc    96,126   
23,400  *    Steris Corp    590,850   
18,200  *    Sybron Dental Specialties, Inc    653,380   
3,874      Sypris Solutions, Inc    41,529   
11,811  *    Techne Corp    474,566   
2,358      Tektronix, Inc    57,842   
11,371  *    Thoratec Corp    138,954   
14,488  *    Trimble Navigation Ltd    489,839   
6,958  *    TriPath Imaging, Inc    48,984   
8,800      United Industrial Corp    260,656   
9,636  *    Varian, Inc    365,108   
7,818  *    Ventana Medical Systems, Inc    292,862   
21,400  *    Viasys Healthcare, Inc    408,312   
27,712  *    Visx, Inc    649,569   
4,153      Vital Signs, Inc    165,663   
6,800  *    Wright Medical Group, Inc    163,200   
4,142      X-Rite, Inc    62,296   
3,035      Young Innovations, Inc    111,233   
6,510  *    Zoll Medical Corp    146,670   
4,695  *    Zygo Corp    60,847   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    18,551,334   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.13%       
4,100      Clark, Inc    63,468   
8,500      National Financial Partners Corp    338,300   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    401,768   
 
 
INSURANCE CARRIERS - 3.28%       
5,600      21st Century Insurance Group    78,120   
6,982      Affirmative Insurance Holdings, Inc    102,984   
2,309      Alfa Corp    33,365   
2,268  *    American Physicians Capital, Inc    77,724   
12,800  *    AMERIGROUP Corp    467,968   
10,500      AmerUs Group Co    496,125   
4,483  *    Argonaut Group, Inc    95,129   
800      Baldwin & Lyons, Inc (Class B)    20,752   
34,800      Bristol West Holdings, Inc    539,400   

 

77

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

           
SHARES         VALUE  
 
 
10,500  *    Centene Corp  $ 314,895   
12,444  *    Ceres Group, Inc    67,571   
1,262  *    Citizens, Inc    7,257   
700  *    CNA Surety Corp    9,520   
6,200      Commerce Group, Inc    384,276   
6,300      Delphi Financial Group, Inc (Class A)    270,900   
24,924      Direct General Corp    511,939   
2,133      Donegal Group, Inc    38,757   
5,600      Great American Financial Resources, Inc    94,864   
1,514      Harleysville Group, Inc    30,068   
4,692  *    HealthExtras, Inc    78,122   
2,700      Horace Mann Educators Corp    47,898   
24,612      Infinity Property & Casualty Corp    769,371   
144      Kansas City Life Insurance Co    7,021   
5,300      Landamerica Financial Group, Inc    265,159   
2,274      Midland Co    71,654   
2,700  *    Molina Healthcare, Inc    124,443   
606  *    National Western Life Insurance Co (Class A)    103,590   
2,379  *    Navigators Group, Inc    78,852   
1,200      NYMAGIC, Inc    28,440   
15,694  *    Ohio Casualty Corp    360,648   
4,510  *    Philadelphia Consolidated Holding Corp    349,660   
11,818      Presidential Life Corp    192,397   
5,800  *    ProAssurance Corp    229,100   
2,582      Safety Insurance Group, Inc    79,939   
7,067      Selective Insurance Group, Inc    326,707   
12,500  *    Sierra Health Services, Inc    798,000   
6,400      State Auto Financial Corp    170,368   
4,400      Stewart Information Services Corp    165,088   
3,861      Tower Group, Inc    51,506   
7,401  *    Triad Guaranty, Inc    389,367   
30,200      UICI    732,350   
3,822      United Fire & Casualty Co    129,298   
8,600  *    WellCare Health Plans, Inc    261,956   
12,800      Zenith National Insurance Corp    663,808   
 
      TOTAL INSURANCE CARRIERS    10,116,356   
 
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%       
2,100  *    Geo Group, Inc    60,018   
 
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY    60,018   
 
 
LEATHER AND LEATHER PRODUCTS - 0.26%       
4,600      Brown Shoe Co, Inc    157,642   
6,632      K-Swiss, Inc (Class A)    219,055   
304      Weyco Group, Inc    13,309   
18,650      Wolverine World Wide, Inc    399,670   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    789,676   
 
 
LEGAL SERVICES - 0.03%       
2,500      Pre-Paid Legal Services, Inc    84,600   
 
      TOTAL LEGAL SERVICES    84,600   
 

 

78

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

           
SHARES         VALUE  
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.19%       
28,000  *    Laidlaw International, Inc  $ 582,400   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    582,400   
 
 
LUMBER AND WOOD PRODUCTS - 0.05%       
2,770      American Woodmark Corp    100,496   
1,500      Deltic Timber Corp    58,650   
 
      TOTAL LUMBER AND WOOD PRODUCTS    159,146   
 
 
METAL MINING - 0.15%       
5,500      Cleveland-Cliffs, Inc    400,785   
4,150      Royal Gold, Inc    76,070   
 
      TOTAL METAL MINING    476,855   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.83%       
7,300      Blyth, Inc    232,432   
3,600  *    Daktronics, Inc    77,940   
890      Escalade, Inc    12,131   
39,450  *    Jakks Pacific, Inc    846,991   
12,000  *    K2, Inc    165,000   
7,300      Nautilus, Inc    173,448   
2,700      Penn Engineering & Manufacturing Corp    48,735   
4,641  *    RC2 Corp    157,794   
15,000  *    Steinway Musical Instruments, Inc    449,400   
12,500      Yankee Candle Co, Inc    396,250   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    2,560,121   
 
 
MISCELLANEOUS RETAIL - 0.97%       
5,522  *    1-800-Flowers.com, Inc (Class A)    41,801   
13,646      Big 5 Sporting Goods Corp    337,056   
2,100      Blair Corp    69,237   
2,300  *    Build-A-Bear Workshop, Inc    70,495   
21,300      Cash America International, Inc    467,109   
8,362  *    Coldwater Creek, Inc    154,530   
4,560  *    Jill (J.) Group, Inc    62,746   
2,908  *    Party City Corp    42,573   
2,800  *    PC Connection, Inc    16,436   
6,355  *    Priceline.com, Inc    160,146   
2,951  *    Sharper Image Corp    49,016   
5,700  *    Sports Authority, Inc    156,750   
4,300  *    Stamps.com, Inc    71,380   
6,100      World Fuel Services Corp    192,150   
36,740  *    Zale Corp    1,091,913   
 
      TOTAL MISCELLANEOUS RETAIL    2,983,338   
 

 

79

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

           
SHARES         VALUE  
 
 
MOTION PICTURES - 0.34%       
7,886      Carmike Cinemas, Inc  $ 293,990   
43,843  *    Hollywood Entertainment Corp    577,412   
6,381      Movie Gallery, Inc    183,007   
 
      TOTAL MOTION PICTURES    1,054,409   
 
 
NONDEPOSITORY INSTITUTIONS - 0.74%       
13,018  *    Accredited Home Lenders Holding Co    471,642   
2,589      Advanta Corp (Class A)    53,851   
2,600      Advanta Corp (Class B)    59,800   
3,100      Ares Capital Corp    50,840   
17,469      Asta Funding, Inc    369,819   
3,494      Beverly Hills Bancorp, Inc    37,456   
1,400      CharterMac    30,100   
2,000  *    Collegiate Funding Services LLC    31,160   
5,175  *    CompuCredit Corp    137,758   
3,184  *    Encore Capital Group, Inc    46,327   
9,900      Federal Agricultural Mortgage Corp (Class C)    173,151   
2,934  *    First Cash Financial Services, Inc    62,113   
33,075      MCG Capital Corp    508,859   
2,100  *    Nelnet, Inc    66,843   
4,100      NGP Capital Resources Co    65,928   
4,100  *    World Acceptance Corp    104,632   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    2,270,279   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.03%       
3,800      Compass Minerals International, Inc    96,710   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    96,710   
 
 
OIL AND GAS EXTRACTION - 4.07%       
3,400  *    Atwood Oceanics, Inc    226,236   
16,337      Berry Petroleum Co (Class A)    840,539   
8,000      Cabot Oil & Gas Corp (Class A)    441,200   
20,157  *    Cal Dive International, Inc    913,112   
10,600  *    Cimarex Energy Co    413,400   
7,400  *    Comstock Resources, Inc    212,676   
4,200  *    Edge Petroleum Corp    69,552   
6,100  *    Encore Acquisition Co    251,930   
6,200  *    Energy Partners Ltd    161,014   
10,500  *    Forest Oil Corp    425,250   
9,700  *    Global Industries Ltd    91,180   
32,100  *    Harvest Natural Resources, Inc    381,669   
6,500      Helmerich & Payne, Inc    257,985   
25,500  *    Houston Exploration Co    1,452,225   
12,500  b*    KCS Energy, Inc    192,000   
28,300  *    Key Energy Services, Inc    324,601   
22,200  *    Magnum Hunter Resources, Inc    357,642   
172,340  *    Meridian Resource Corp    889,274   
10,545  *    Mission Resources Corp    74,659   
20,800  *    Newpark Resources, Inc    122,512   

 

80

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

           
SHARES         VALUE  
 
 
7,200  *    Oceaneering International, Inc  $ 270,000   
6,440  *    Parker Drilling Co    37,030   
4,700      Penn Virginia Corp    215,730   
500  v*    PetroCorp, Inc (Escrow)    -   
4,668  *    Petroleum Development Corp    175,937   
1,700  *    Plains Exploration & Production Co    59,330   
1,400      Range Resources Corp    32,704   
5,500  *    Remington Oil & Gas Corp    173,360   
6,900      RPC, Inc    104,811   
9,200  *    Southwestern Energy Co    522,192   
4,900  *    Spinnaker Exploration Co    174,097   
7,300      St. Mary Land & Exploration Co    365,365   
5,900  *    Stone Energy Corp    286,563   
15,700  *    Superior Energy Services, Inc    270,040   
7,100  *    Swift Energy Co    201,924   
4,100  *    Tetra Technologies, Inc    116,604   
20,300  *    Transmontaigne, Inc    162,400   
9,600  *    Unit Corp    433,632   
6,900  *    Veritas DGC, Inc    206,724   
14,700      Vintage Petroleum, Inc    462,462   
7,100  *    W-H Energy Services, Inc    169,903   
 
      TOTAL OIL AND GAS EXTRACTION    12,539,464   
 
 
PAPER AND ALLIED PRODUCTS - 0.36%       
7,500  *    Buckeye Technologies, Inc    81,000   
1,600      Chesapeake Corp    33,632   
7,300      Glatfelter    107,675   
7,300  *    Graphic Packaging Corp    32,193   
6,900      Greif, Inc (Class A)    480,792   
600      Longview Fibre Co    11,256   
8,700  *    Playtex Products, Inc    78,300   
4,000      Pope & Talbot, Inc    70,320   
1,400      Schweitzer-Mauduit International, Inc    46,970   
11,600      Wausau-Mosinee Paper Corp    164,024   
 
      TOTAL PAPER AND ALLIED PRODUCTS    1,106,162   
 
PERSONAL SERVICES - 0.36%       
9,692  b*    Alderwoods Group, Inc    120,568   
1,000      Angelica Corp    28,000   
6,300  *    Coinstar, Inc    133,560   
4,452      G & K Services, Inc (Class A)    179,371   
26,800      Jackson Hewitt Tax Service, Inc    560,656   
2,300      Unifirst Corp    91,770   
 
      TOTAL PERSONAL SERVICES    1,113,925   
 
 
PETROLEUM AND COAL PRODUCTS - 0.93%       
6,300      Frontier Oil Corp    228,438   
1,200  *    Giant Industries, Inc    30,840   
8,522  *    Headwaters, Inc    279,692   
5,200      Holly Corp    193,804   
57,900  *    Tesoro Corp    2,143,458   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    2,876,232   
 

 

81

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

           
SHARES         VALUE  
 
 
PRIMARY METAL INDUSTRIES - 3.50%       
28,024  *    AK Steel Holding Corp  $ 309,945   
880      Allegheny Technologies, Inc    21,217   
11,400      Belden CDT, Inc    253,194   
4,800  *    Brush Engineered Materials, Inc    91,344   
6,100      Carpenter Technology Corp    362,401   
3,386  *    Century Aluminum Co    102,460   
32,400  *    CommScope, Inc    484,704   
6,000      Curtiss-Wright Corp    342,000   
4,139  *    Encore Wire Corp    42,218   
5,951      Gibraltar Industries, Inc    130,565   
21,400  *    Lone Star Technologies, Inc    843,802   
8,508      Matthews International Corp (Class A)    278,722   
34,100  *    Maverick Tube Corp    1,108,591   
35,300      Mueller Industries, Inc    993,695   
4,279      NN, Inc    52,717   
4,100  *    NS Group, Inc    128,781   
50,330  *    Oregon Steel Mills, Inc    1,157,590   
6,250      Quanex Corp    333,250   
3,100  *    RTI International Metals, Inc    72,540   
6,000      Ryerson Tull, Inc    76,020   
4,971      Schnitzer Steel Industries, Inc (Class A)    167,672   
32,594      Steel Dynamics, Inc    1,122,863   
43,546      Steel Technologies, Inc    1,044,669   
19,000      Texas Industries, Inc    1,021,250   
1,700  *    Titanium Metals Corp    61,200   
7,100      Tredegar Corp    119,706   
2,100  *    Wheeling-Pittsburgh Corp    65,205   
 
      TOTAL PRIMARY METAL INDUSTRIES    10,788,321   
 
 
PRINTING AND PUBLISHING - 1.50%       
18,200      American Greetings Corp (Class A)    463,736   
14,600      Banta Corp    624,880   
2,900  *    Consolidated Graphics, Inc    152,540   
1,600      Courier Corp    83,904   
1,658      CSS Industries, Inc    60,600   
15,000      Ennis, Inc    253,800   
24,200      Harland (John H.) Co    831,512   
21,000      Journal Communications, Inc    347,550   
36,500  *    Journal Register Co    609,550   
2,500  *    Martha Stewart Living Omnimedia, Inc (Class A)    56,475   
18,300  *    Primedia, Inc    79,605   
2,100      Pulitzer, Inc    133,833   
8,634  *    Scholastic Corp    318,508   
6,400      Thomas Nelson, Inc    151,360   
13,300  *    Valassis Communications, Inc    464,968   
 
      TOTAL PRINTING AND PUBLISHING    4,632,821   
 
 
RAILROAD TRANSPORTATION - 0.11%       
5,500      Florida East Coast Industries    233,640   
4,500  *    Genesee & Wyoming, Inc (Class A)    116,595   
 
      TOTAL RAILROAD TRANSPORTATION    350,235   
 

 

82

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

           
SHARES         VALUE  
 
 
REAL ESTATE - 0.79%       
6,500  *    CB Richard Ellis Group, Inc  $ 227,435   
1,400      Consolidated-Tomoka Land Co    80,122   
29,400  *    Jones Lang LaSalle, Inc    1,371,510   
93,264      Stewart Enterprises, Inc (Class A)    573,574   
8,400  *    Trammell Crow Co    172,788   
 
      TOTAL REAL ESTATE    2,425,429   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.78%       
2,800  *    Applied Films Corp    64,736   
9,900      Aptargroup, Inc    514,602   
2,000      Bandag, Inc    93,960   
2,225  *    Deckers Outdoor Corp    79,521   
44,040  *    Goodyear Tire & Rubber Co    587,934   
6,200      Myers Industries, Inc    87,482   
7,700      Schulman (A.), Inc    134,134   
5,000  *    Skechers U.S.A., Inc (Class A)    77,400   
24,000      Spartech Corp    476,400   
2,200  *    Trex Co, Inc    97,702   
9,800      Tupperware Corp    199,528   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    2,413,399   
 
 
SECURITY AND COMMODITY BROKERS - 0.40%       
6,000  *    Affiliated Managers Group, Inc    372,180   
5,926      Calamos Asset Management, Inc (Class A)    159,528   
37,573  *    MarketAxess Holdings, Inc    419,690   
5,400  *    Piper Jaffray Cos    197,586   
4,900      SWS Group, Inc    78,547   
100      Value Line, Inc    3,900   
 
      TOTAL SECURITY AND COMMODITY BROKERS    1,231,431   
 
 
SOCIAL SERVICES - 0.14%       
6,800  *    Bright Horizons Family Solutions, Inc    229,432   
16,043  *    Res-Care, Inc    200,698   
 
      TOTAL SOCIAL SERVICES    430,130   
 
 
SPECIAL TRADE CONTRACTORS - 0.40%       
3,100      Chemed Corp    237,088   
10,900  *    Comfort Systems U.S.A., Inc    84,475   
22,600  *    Dycom Industries, Inc    519,574   
4,000  *    EMCOR Group, Inc    187,280   
2,800  *    Layne Christensen Co    48,356   
18,600  *    Quanta Services, Inc    141,918   
 
      TOTAL SPECIAL TRADE CONTRACTORS    1,218,691   
 
 

 

83

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

           
SHARES         VALUE  
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.28%       
1,700      Ameron International Corp  $ 61,200   
7,043      Apogee Enterprises, Inc    100,574   
6,314  *    Cabot Microelectronics Corp    198,133   
3,300      CARBO Ceramics, Inc    231,495   
100      Eagle Materials, Inc    8,094   
8,200  b*    USG Corp    271,912   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    871,408   
 
 
TOBACCO PRODUCTS - 0.09%       
6,100      Universal Corp (Virginia)    279,197   
 
      TOTAL TOBACCO PRODUCTS    279,197   
 
 
TRANSPORTATION BY AIR - 0.54%       
38,200  *    ExpressJet Holdings, Inc    435,862   
5,544      Forward Air Corp    236,063   
8,108  *    Mesa Air Group, Inc    56,756   
12,800  *    Offshore Logistics, Inc    426,496   
5,040  *    Pinnacle Airlines Corp    53,525   
14,215  *    Republic Airways Holdings, Inc    177,688   
14,916      Skywest, Inc    277,288   
 
      TOTAL TRANSPORTATION BY AIR    1,663,678   
 
 
TRANSPORTATION EQUIPMENT - 1.78%       
8,000  *    AAR Corp    108,800   
11,162  *    Aftermarket Technology Corp    184,173   
3,497      Arctic Cat, Inc    94,629   
85,200      ArvinMeritor, Inc    1,318,044   
2,500      Clarcor, Inc    129,900   
400      Coachmen Industries, Inc    5,440   
3,200  *    Ducommun, Inc    64,000   
2,000      Greenbrier Cos, Inc    70,180   
4,800      Heico Corp    96,480   
3,100      Marine Products Corp    52,111   
68,700      Monaco Coach Corp    1,109,505   
1,600      Noble International Ltd    36,256   
1,000  *    Sequa Corp (Class A)    51,850   
700      Standard Motor Products, Inc    8,190   
1,200  *    Strattec Security Corp    64,296   
5,600      Superior Industries International, Inc    147,896   
9,300  *    Teledyne Technologies, Inc    291,090   
6,360  *    Tenneco Automotive, Inc    79,245   
10,300      Thor Industries, Inc    308,073   
3,900  *    Triumph Group, Inc    151,866   
26,800      Wabash National Corp    653,920   
10,100      Westinghouse Air Brake Technologies Corp    206,949   
7,500      Winnebago Industries, Inc    237,000   
 
      TOTAL TRANSPORTATION EQUIPMENT    5,469,893   
 

 

84

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

           
SHARES         VALUE  
 
 
TRANSPORTATION SERVICES - 0.34%       
2,000      Ambassadors Group, Inc  $ 66,840   
9,290  *    EGL, Inc    211,812   
13,100      GATX Corp    434,789   
1,800  *    HUB Group, Inc    112,806   
3,572  *    Navigant International, Inc    48,794   
7,090  *    Pacer International, Inc    169,380   
 
      TOTAL TRANSPORTATION SERVICES    1,044,421   
 
 
TRUCKING AND WAREHOUSING - 1.25%       
24,261      Arkansas Best Corp    916,581   
11,635      Heartland Express, Inc    222,810   
15,344  *    Landstar System, Inc    502,516   
2,300  *    Marten Transport Ltd    49,059   
4,247  *    Old Dominion Freight Line    132,294   
34,464      Overnite Corp    1,102,503   
15,291  *    SCS Transportation, Inc    284,260   
1,700  *    U.S. Xpress Enterprises, Inc (Class A)    27,795   
7,900      USF Corp    381,254   
12,292      Werner Enterprises, Inc    238,833   
 
      TOTAL TRUCKING AND WAREHOUSING    3,857,905   
 
 
WATER TRANSPORTATION - 0.55%       
5,600  *    Kirby Corp    235,368   
23,100      Overseas Shipholding Group, Inc    1,453,221   
 
      TOTAL WATER TRANSPORTATION    1,688,589   
 
 
WHOLESALE TRADE-DURABLE GOODS - 2.41%       
10,725      Agilysys, Inc    210,853   
3,200  *    Alliance Imaging, Inc    30,560   
8,500  *    Anixter International, Inc    307,275   
6,650      Applied Industrial Technologies, Inc    180,880   
4,290  *    Audiovox Corp (Class A)    54,655   
5,900  *    Aviall, Inc    165,200   
900      Barnes Group, Inc    24,453   
3,100  *    Beacon Roofing Supply, Inc    67,843   
50,784  *    Brightpoint, Inc    951,184   
3,800  *    Department 56, Inc    66,348   
5,261  *    Digi International, Inc    72,181   
10,683  *    Global Imaging Systems, Inc    378,819   
5,700      Handleman Co    108,072   
4,300  *    Imagistics International, Inc    150,199   
36,184  *    Insight Enterprises, Inc    635,391   
2,150  *    Insurance Auto Auctions, Inc    59,877   

 

85

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

           
SHARES         VALUE  
 
 
1,500  *    INTAC International  $ 18,900   
1,705  *    Keystone Automotive Industries, Inc    39,488   
1,500      Lawson Products, Inc    70,200   
2,800  *    Merge Technologies, Inc    49,140   
22,166      Metal Management, Inc    569,223   
10,832  *    Microtek Medical Holdings, Inc    38,779   
108,428  *    Navarre Corp    862,003   
17,100      Owens & Minor, Inc    464,265   
13,052  *    PSS World Medical, Inc    148,401   
20,700      Reliance Steel & Aluminum Co    828,207   
22,000  *    Safeguard Scientifics, Inc    31,240   
2,923  *    Scansource, Inc    151,499   
3,350      SCP Pool Corp    106,731   
4,460  *    TBC Corp    124,256   
16,500  *    WESCO International, Inc    462,000   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS    7,428,122   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.35%       
12,100      Acuity Brands, Inc    326,700   
3,600  *    Advanced Marketing Services, Inc    21,600   
15,100      Airgas, Inc    360,739   
1,600      Chiquita Brands International, Inc    42,848   
10,100      DIMON, Inc    63,125   
4,500      Getty Realty Corp    114,975   
10,200      Kenneth Cole Productions, Inc (Class A)    297,228   
800  *    Maui Land & Pineapple Co    34,320   
7,900  *    Men's Wearhouse, Inc    333,459   
5,176  *    Metals USA, Inc    101,398   
2,363      Nash Finch Co    89,770   
13,400      Nu Skin Enterprises, Inc (Class A)    301,634   
1,700  *    Nuco2, Inc    44,710   
11,877  *    Performance Food Group Co    328,755   
23,785      Perrigo Co    455,483   
3,600  *    Perry Ellis International, Inc    80,784   
4,550  *    Priority Healthcare Corp (Class B)    98,416   
1,100  *    Provide Commerce, Inc    31,768   
7,300      Russell Corp    131,984   
5,697  *    School Specialty, Inc    223,095   
3,200  *    Smart & Final, Inc    38,912   
2,600      Standard Commercial Corp    48,360   
5,100      Stride Rite Corp    67,830   
10,483  *    United Stationers, Inc    474,356   
2,600      Valhi, Inc    51,090   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS    4,163,339   
 
 
      TOTAL COMMON STOCKS    307,437,000   
(Cost $301,568,388) 
 

 

86

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

             
PRINCIPAL         VALUE  
     
 
SHORT-TERM INVESTMENTS - 3.83%       
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 3.83%       
$  11,820,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  $ 11,819,127   
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES    11,819,127   
 
      TOTAL SHORT-TERM INVESTMENTS  11,819,127  
(Cost $11,820,000) 
 
         
 
      TOTAL PORTFOLIO - 103.61%  319,256,127  
      (Cost $313,388,388)   
 
      OTHER ASSETS AND LIABILITIES, NET - (3.61%)  (11,126,428 ) 
 
 
      NET ASSETS - 100.00%  $ 308,129,699  
 
 
  *   Non-income producing   
  b   In bankruptcy   
  v   Security valued at fair value.   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   
         

87

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
PREFERRED STOCKS - 0.00%     
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%     
30  *    Simon Property Group L.P.  $ 1,663   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES  1,663   
 
 
      TOTAL PREFERRED STOCKS  1,663   
(Cost $957) 
 
 
COMMON STOCKS - 99.89%     
 
AMUSEMENT AND RECREATION SERVICES - 0.15%     
4,100      Harrah's Entertainment, Inc  264,778   
2,000      International Speedway Corp (Class A)  108,500   
2,900      Station Casinos, Inc  195,895   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  569,173   
 
 
APPAREL AND ACCESSORY STORES - 1.04%     
5,800      Abercrombie & Fitch Co (Class A)  331,992   
6,696      American Eagle Outfitters, Inc  197,867   
3,227  *    AnnTaylor Stores Corp  82,579   
11,900  *    Chico's FAS, Inc  336,294   
5,400      Claire's Stores, Inc  124,416   
4,330      Foot Locker, Inc  126,869   
41,590      Gap, Inc  908,326   
1,238      Limited Brands, Inc  30,083   
4,814      Nordstrom, Inc  266,599   
5,042  *    Pacific Sunwear of California, Inc  141,075   
10,000      Ross Stores, Inc  291,400   
1,200      Talbots, Inc  38,376   
33,200      TJX Cos, Inc  817,716   
3,222  *    Urban Outfitters, Inc  154,559   
 
      TOTAL APPAREL AND ACCESSORY STORES  3,848,151   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.02%     
1,000  *    Columbia Sportswear Co  53,230   
400      Polo Ralph Lauren Corp  15,520   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  68,750   
 
 

 

88

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

           
SHARES         VALUE  
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.03%     
990  *    PHH Corp  $ 21,651   
2,015      Ryder System, Inc  84,026   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  105,677   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.28%     
4,924  *    Advance Auto Parts  248,416   
3,734  *    Autozone, Inc  320,004   
7,100  *    Carmax, Inc  223,650   
4,367  *    Copart, Inc  102,886   
3,244  *    O'Reilly Automotive, Inc  160,675   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  1,055,631   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 2.30%     
4,100      Fastenal Co  226,771   
137,730      Home Depot, Inc  5,266,795   
52,600      Lowe's Cos  3,002,934   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  8,496,500   
 
 
BUSINESS SERVICES - 10.71%     
10,521  *    Activision, Inc  155,711   
5,035      Acxiom Corp  105,382   
16,000      Adobe Systems, Inc  1,074,720   
5,700  *    Affiliated Computer Services, Inc (Class A)  303,468   
7,553  *    Akamai Technologies, Inc  96,150   
2,917  *    Alliance Data Systems Corp  117,847   
3,837  *    Ask Jeeves, Inc  107,743   
15,660  *    Autodesk, Inc  466,042   
34,042      Automatic Data Processing, Inc  1,530,188   
24,400  *    BEA Systems, Inc  194,468   
4,328  *    BMC Software, Inc  64,920   
3,580      Brink's Co  123,868   
10,184  *    Cadence Design Systems, Inc  152,251   
15,900      Cendant Corp  326,586   
6,375  *    Ceridian Corp  108,694   
4,200      Certegy, Inc  145,404   
3,473  *    Checkfree Corp  141,559   
5,900  *    ChoicePoint, Inc  236,649   
11,400  *    Citrix Systems, Inc  271,548   
1,100  *    Cogent, Inc  27,698   
8,800  *    Cognizant Technology Solutions Corp  406,560   
31,195      Computer Associates International, Inc  845,384   
4,700  *    DST Systems, Inc  217,046   
4,700  *    Dun & Bradstreet Corp  288,815   
20,012  *    Electronic Arts, Inc  1,036,221   
5,853      Equifax, Inc  179,629   
3,950      Fair Isaac Corp  136,038   

 

89

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

           
SHARES         VALUE  
 
 
53,766      First Data Corp  $ 2,113,541   
13,200  *    Fiserv, Inc  525,360   
2,905  *    Getty Images, Inc  206,575   
1,200  *    Google, Inc (Class A)    216,612   
7,938      GTECH Holdings Corp    186,781   
4,500      Henry (Jack) & Associates, Inc    80,955   
15,700      IMS Health, Inc    382,923   
18,899  *    Interpublic Group of Cos, Inc    232,080   
11,100  *    Intuit, Inc    485,847   
7,250  *    Iron Mountain, Inc    209,090   
35,446  *    Juniper Networks, Inc    781,939   
1,775  *    Kinetic Concepts, Inc    105,879   
4,400  *    Lamar Advertising Co    177,276   
4,900  *    Macromedia, Inc    164,150   
2,800      Manpower, Inc    121,856   
8,700  *    McAfee, Inc    196,272   
5,600  *    Mercury Interactive Corp    265,328   
490,442      Microsoft Corp    11,853,983   
2,600      MoneyGram International, Inc    49,114   
6,700  *    Monster Worldwide, Inc    187,935   
3,700      National Instruments Corp    100,085   
2,000  *    NAVTEQ Corp    86,700   
10,160  *    NCR Corp    342,798   
25,714  *    Novell, Inc    153,255   
10,753      Omnicom Group, Inc    951,856   
226,435  *    Oracle Corp    2,825,909   
1,600  *    Pixar    156,080   
10,843  *    Red Hat, Inc    118,297   
3,100  *    Rent-A-Center, Inc    84,661   
3,800      Reynolds & Reynolds Co (Class A)    102,828   
9,800      Robert Half International, Inc    264,208   
11,403      Servicemaster Co    153,940   
22,031  *    Siebel Systems, Inc    201,143   
17,000  *    SunGard Data Systems, Inc    586,500   
47,500  *    Symantec Corp    1,013,175   
9,700  *    Synopsys, Inc    175,570   
11,334  *    TIBCO Software, Inc    84,438   
2,600      Total System Services, Inc    64,974   
1,889  *    Unisys Corp    13,336   
11,514  *    VeriSign, Inc    330,452   
28,600  *    Veritas Software Corp    664,092   
675      Viad Corp    18,158   
30,715      Waste Management, Inc    886,128   
12,600  *    WebMD Corp    107,100   
5,000  *    Westwood One, Inc    101,750   
76,690  *    Yahoo!, Inc    2,599,791   
 
      TOTAL BUSINESS SERVICES    39,591,309   
 
 
CHEMICALS AND ALLIED PRODUCTS - 16.47%       
104,423      Abbott Laboratories    4,868,200   
4,027      Alberto-Culver Co    192,732   
8,800      Allergan, Inc    611,336   

 

90

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

           
SHARES         VALUE  
 
 
1,300  *    American Pharmaceutical Partners, Inc  $ 67,262   
86,799  *    Amgen, Inc    5,052,570   
6,800  *    Amylin Pharmaceuticals, Inc    118,932   
4,800  *    Andrx Corp    108,816   
7,400      Avery Dennison Corp    458,282   
31,535      Avon Products, Inc    1,354,113   
6,023  *    Barr Pharmaceuticals, Inc    294,103   
21,579  *    Biogen Idec, Inc    744,691   
38,241      Bristol-Myers Squibb Co    973,616   
3,700  *    Cephalon, Inc    173,271   
4,000  *    Charles River Laboratories International, Inc    188,160   
7,475  *    Chiron Corp    262,073   
4,035      Church & Dwight Co, Inc    143,121   
5,149      Clorox Co    324,336   
29,628      Colgate-Palmolive Co    1,545,693   
2,461  *    Dade Behring Holdings, Inc    145,027   
4,090      Dow Chemical Co    203,886   
12,300      Ecolab, Inc    406,515   
1,800  *    Eon Labs, Inc    54,432   
7,400      Estee Lauder Cos (Class A)    332,852   
500  *    Eyetech Pharmaceuticals, Inc    13,750   
24,599  *    Forest Laboratories, Inc    908,933   
29,634  *    Genentech, Inc    1,677,581   
16,401  *    Genzyme Corp    938,793   
30,014  *    Gilead Sciences, Inc    1,074,501   
62,160      Gillette Co    3,137,837   
500  *    Huntsman Corp    11,660   
1,700  *    ICOS Corp    38,182   
2,300  *    Idexx Laboratories, Inc    124,568   
4,400  *    ImClone Systems, Inc    151,800   
4,697      International Flavors & Fragrances, Inc    185,532   
1,680  *    Invitrogen Corp    116,256   
12,750  *    IVAX Corp    252,067   
65,300      Lilly (Eli) & Co    3,402,130   
1,884  *    Martek Biosciences Corp    109,630   
3,700      Medicis Pharmaceutical Corp (Class A)    110,926   
16,900  *    MedImmune, Inc    402,389   
66,305      Merck & Co, Inc    2,146,293   
4,697  *    MGI Pharma, Inc    118,693   
10,900  *    Millennium Pharmaceuticals, Inc    91,778   
17,950      Mylan Laboratories, Inc    318,074   
600  *    Nalco Holding Co    11,298   
3,585  *    NBTY, Inc    89,948   
5,591  *    Nektar Therapeutics    77,939   
2,557  *    Neurocrine Biosciences, Inc    97,319   
3,488  *    OSI Pharmaceuticals, Inc    144,194   
510,481      Pfizer, Inc    13,410,336   
6,400      Praxair, Inc    306,304   
156,868      Procter & Gamble Co    8,314,004   
1,200  *    Protein Design Labs, Inc    19,188   
98,529      Schering-Plough Corp    1,788,301   
400  *    Scotts Miracle-Gro Co (Class A)    28,092   
7,000  *    Sepracor, Inc    401,870   

 

91

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

           
SHARES         VALUE  
 
 
700      Sherwin-Williams Co  $ 30,793   
1,114      Sigma-Aldrich Corp    68,232   
4,442  *    VCA Antech, Inc    89,862   
2,012  *    Watson Pharmaceuticals, Inc    61,829   
47,514      Wyeth    2,004,141   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    60,899,042   
 
 
COAL MINING - 0.07%       
1,648      Arch Coal, Inc    70,880   
3,898      Consol Energy, Inc    183,284   
 
      TOTAL COAL MINING    254,164   
 
 
COMMUNICATIONS - 2.23%       
28,479  *    Avaya, Inc    332,635   
9,950  *    Cablevision Systems Corp (Class A)    279,097   
1,800  *    Citadel Broadcasting Corp    24,714   
14,566      Clear Channel Communications, Inc    502,090   
1,200  *    Cox Radio, Inc (Class A)    20,172   
6,384  *    Crown Castle International Corp    102,527   
38,126  *    DIRECTV Group, Inc    549,777   
15,100      EchoStar Communications Corp (Class A)    441,675   
1,300  *    Entercom Communications Corp    46,176   
5,200  *    Foundry Networks, Inc    51,480   
1,800      Global Payments, Inc    116,082   
11,084  *    IAC/InterActiveCorp    246,841   
408  *    IDT Corp    5,794   
3,500  *    IDT Corp (Class B)    51,765   
45,498  *    Level 3 Communications, Inc    93,726   
6,934  *    Liberty Media International, Inc    303,293   
68,755  *    Nextel Communications, Inc (Class A)    1,954,017   
8,266  *    Nextel Partners, Inc (Class A)    181,521   
3,802  *    NII Holdings, Inc (Class B)    218,615   
2,900  *    Radio One, Inc (Class D)    42,775   
2,576  *    Spectrasite, Inc    149,331   
21,111      Sprint Corp    480,275   
1,453      Telephone & Data Systems, Inc    118,565   
600  *    U.S. Cellular Corp    27,378   
18,227  *    UnitedGlobalcom, Inc (Class A)    172,427   
9,300  *    Univision Communications, Inc (Class A)    257,517   
25,762      Viacom, Inc (Class B)    897,290   
1,000  *    West Corp    32,000   
5,635  *    Western Wireless Corp (Class A)    213,905   
10,662  *    XM Satellite Radio Holdings, Inc    335,853   
 
      TOTAL COMMUNICATIONS    8,249,313   
 
 
DEPOSITORY INSTITUTIONS - 1.20%       
7,031      Bank of New York Co, Inc    204,250   
9,176      Commerce Bancorp, Inc    297,945   

 

92

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

           
SHARES         VALUE  
 
 
25,582      Fifth Third Bancorp  $ 1,099,514   
5,358      Golden West Financial Corp    324,159   
4,473      Hudson City Bancorp, Inc    163,488   
1,996      IndyMac Bancorp, Inc    67,864   
8,818      Mellon Financial Corp    251,666   
5,935      NewAlliance Bancshares, Inc    83,090   
5,650      North Fork Bancorp, Inc    156,731   
3,912      Northern Trust Corp    169,937   
11,054      State Street Corp    483,281   
14,234      Synovus Financial Corp    396,559   
8,280      TCF Financial Corp    224,802   
11,278      U.S. Bancorp    325,032   
3,020      UCBH Holdings, Inc    120,498   
510      Valley National Bancorp    13,148   
4,209      W Holding Co, Inc    42,385   
 
      TOTAL DEPOSITORY INSTITUTIONS    4,424,349   
 
 
EATING AND DRINKING PLACES - 0.59%       
5,500      Applebee's International, Inc    151,580   
6,718      Aramark Corp (Class B)    176,549   
5,400  *    Brinker International, Inc    195,588   
4,677      Darden Restaurants, Inc    143,490   
3,695      Outback Steakhouse, Inc    169,194   
4,400      Ruby Tuesday, Inc    106,876   
5,150  *    The Cheesecake Factory, Inc    182,568   
1,000      Wendy's International, Inc    39,040   
19,400      Yum! Brands, Inc    1,005,114   
 
      TOTAL EATING AND DRINKING PLACES    2,169,999   
 
 
EDUCATIONAL SERVICES - 0.41%       
9,668  *    Apollo Group, Inc (Class A)    716,012   
6,900  *    Career Education Corp    236,394   
6,400  *    Corinthian Colleges, Inc    100,608   
3,900  *    DeVry, Inc    73,788   
4,817  *    Education Management Corp    134,635   
3,200  *    ITT Educational Services, Inc    155,200   
2,204  *    Laureate Education, Inc    94,309   
 
      TOTAL EDUCATIONAL SERVICES    1,510,946   
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.27%       
42,602  *    AES Corp    697,821   
1,700  *    Allegheny Energy, Inc    35,122   
7,941  *    Allied Waste Industries, Inc    58,049   
982      Kinder Morgan, Inc    74,337   
2,900  *    Stericycle, Inc    128,180   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    993,509   
 

 

93

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

           
SHARES         VALUE  
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.23%       
4,249      Adtran, Inc  $ 74,952   
13,841  *    Advanced Micro Devices, Inc    223,117   
114,800  *    Agere Systems, Inc (Class B)    163,016   
25,000  *    Altera Corp    494,500   
6,263      American Power Conversion Corp    163,527   
3,138      Ametek, Inc    126,305   
6,600  *    Amkor Technology, Inc    25,476   
4,480      Amphenol Corp (Class A)    165,939   
25,100      Analog Devices, Inc    907,114   
9,900  *    Applied Micro Circuits Corp    32,571   
27,733  *    Atmel Corp    81,812   
1,600      AVX Corp    19,600   
17,456  *    Broadcom Corp (Class A)    522,284   
5,400  *    CIENA Corp    9,288   
7,200  *    Comverse Technology, Inc    181,584   
20,310  *    Conexant Systems, Inc    30,465   
4,900  *    Cree, Inc    106,575   
8,173  *    Cypress Semiconductor Corp    102,980   
900  *    Dolby Laboratories, Inc (Class A)    21,150   
5,800      Emerson Electric Co    376,594   
2,051  *    Energizer Holdings, Inc    122,650   
4,400  *    Fairchild Semiconductor International, Inc    67,452   
21,280  *    Freescale Semiconductor, Inc (Class B)    367,080   
6,300  *    Gemstar-TV Guide International, Inc    27,405   
81,952      General Electric Co    2,955,189   
3,900      Harman International Industries, Inc    344,994   
5,820      Harris Corp    190,023   
4,800  *    Integrated Circuit Systems, Inc    91,776   
432,729      Intel Corp    10,052,295   
3,786  *    International Rectifier Corp    172,263   
5,100      Intersil Corp (Class A)    88,332   
10,852  *    Jabil Circuit, Inc    309,499   
92,300  *    JDS Uniphase Corp    154,141   
3,500      L-3 Communications Holdings, Inc    248,570   
20,700      Linear Technology Corp    793,017   
11,500  *    LSI Logic Corp    64,285   
21,700      Maxim Integrated Products, Inc    886,879   
3,125      Maytag Corp    43,656   
5,036  *    MEMC Electronic Materials, Inc    67,734   
13,900      Microchip Technology, Inc    361,539   
18,200  *    Micron Technology, Inc    188,188   
7,600      Molex, Inc    200,336   
156,967      Motorola, Inc    2,349,796   
24,036      National Semiconductor Corp    495,382   
7,000  *    Novellus Systems, Inc    187,110   
11,100  *    Nvidia Corp    263,736   
3,137      Plantronics, Inc    119,457   
11,800  *    PMC-Sierra, Inc    103,840   
4,300  *    Polycom, Inc    72,885   
5,300  *    QLogic Corp    214,650   
108,500      Qualcomm, Inc    3,976,525   
5,800  *    Rambus, Inc    87,406   

 

94

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

           
SHARES         VALUE  
 
 
11,854      Rockwell Collins, Inc  $ 564,132   
17,600  *    Sanmina-SCI Corp    91,872   
4,926  *    Semtech Corp    88,027   
2,600  *    Silicon Laboratories, Inc    77,246   
12,400  *    Tellabs, Inc    90,520   
115,900      Texas Instruments, Inc    2,954,291   
5,300  *    UTStarcom, Inc    58,035   
2,000  *    Vishay Intertechnology, Inc    24,860   
23,200      Xilinx, Inc    678,136   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    34,124,058   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 1.35%       
4,000  *    Affymetrix, Inc    171,360   
1,900  *    BearingPoint, Inc    16,663   
10,900  *    Celgene Corp    371,145   
2,600      Corporate Executive Board Co    166,270   
4,344  *    Covance, Inc    206,818   
2,129      Fluor Corp    118,010   
3,248  *    Gen-Probe, Inc    144,731   
33,710      Halliburton Co    1,457,958   
2,700  *    Hewitt Associates, Inc    71,820   
2,900  *    Jacobs Engineering Group, Inc    150,568   
8,400      Moody's Corp    679,224   
22,100      Paychex, Inc    725,322   
3,200  *    Pharmaceutical Product Development, Inc    155,040   
5,476      Quest Diagnostics, Inc    575,692   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    5,010,621   
 
 
FABRICATED METAL PRODUCTS - 0.70%       
1,700  *    Alliant Techsystems, Inc    121,465   
3,700      Ball Corp    153,476   
15,874      Danaher Corp    847,830   
899      Harsco Corp    53,589   
15,869      Illinois Tool Works, Inc    1,420,752   
 
      TOTAL FABRICATED METAL PRODUCTS    2,597,112   
 
 
FOOD AND KINDRED PRODUCTS - 4.51%       
48,967      Anheuser-Busch Cos, Inc    2,320,546   
7,800      Campbell Soup Co    226,356   
126,152      Coca-Cola Co    5,256,754   
12,043      H.J. Heinz Co    443,664   
9,054      Hershey Foods Corp    547,405   
9,489      Kellogg Co    410,589   
7,100      McCormick & Co, Inc (Non-Vote)    244,453   
9,200      Pepsi Bottling Group, Inc    256,220   
108,304      PepsiCo, Inc    5,743,361   
25,715      Sara Lee Corp    569,844   
9,900      Wrigley (Wm.) Jr Co    649,143   
 
      TOTAL FOOD AND KINDRED PRODUCTS    16,668,335   
 

 

95

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

           
SHARES         VALUE  
 
 
FOOD STORES - 0.50%       
1,600  *    7-Eleven, Inc  $ 38,432   
26,500  *    Starbucks Corp    1,368,990   
4,200      Whole Foods Market, Inc    428,946   
 
      TOTAL FOOD STORES    1,836,368   
 
 
FURNITURE AND FIXTURES - 0.19%       
4,800      Herman Miller, Inc    144,576   
900      Hillenbrand Industries, Inc    49,923   
3,811      HNI Corp    171,305   
3,132      Johnson Controls, Inc    174,640   
4,800      Leggett & Platt, Inc    138,624   
1,443      Newell Rubbermaid, Inc    31,659   
 
      TOTAL FURNITURE AND FIXTURES    710,727   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.65%       
20,100  *    Bed Bath & Beyond, Inc    734,454   
17,700      Best Buy Co, Inc    955,977   
2,300      Circuit City Stores, Inc (Circuit City Group)    36,915   
1,793  *    Mohawk Industries, Inc    151,150   
2,600      Pier 1 Imports, Inc    47,398   
10,700      RadioShack Corp    262,150   
6,200  *    Williams-Sonoma, Inc    227,850   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    2,415,894   
 
 
GENERAL BUILDING CONTRACTORS - 0.45%       
3,921      Centex Corp    224,556   
11,333      D.R. Horton, Inc    331,377   
1,780  *    Hovnanian Enterprises, Inc (Class A)    90,780   
100      KB Home    11,746   
3,692      Lennar Corp (Class A)    209,262   
1,110      MDC Holdings, Inc    77,312   
438  *    NVR, Inc    343,830   
2,910      Pulte Homes, Inc    214,263   
500      Ryland Group, Inc    31,010   
200      Standard-Pacific Corp    14,438   
1,452  *    Toll Brothers, Inc    114,490   
 
      TOTAL GENERAL BUILDING CONTRACTORS    1,663,064   
 
 
GENERAL MERCHANDISE STORES - 3.73%       
3,200  *    Big Lots, Inc    38,464   
400  *    Cabela's, Inc    8,252   
1,901      Costco Wholesale Corp    83,986   
19,700      Dollar General Corp    431,627   
7,600  *    Dollar Tree Stores, Inc    218,348   
10,100      Family Dollar Stores, Inc    306,636   
20,100  *    Kohl's Corp    1,037,763   

 

96

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

           
SHARES         VALUE  
 
 
61,087      Target Corp  $ 3,055,572   
171,626      Wal-Mart Stores, Inc    8,600,179   
 
      TOTAL GENERAL MERCHANDISE STORES    13,780,827   
 
 
HEALTH SERVICES - 1.27%       
3,242  *    Accredo Health, Inc    143,977   
17,645  *    Caremark Rx, Inc    701,918   
2,100  *    Community Health Systems, Inc    73,311   
7,026  *    Coventry Health Care, Inc    478,752   
6,800  *    DaVita, Inc    284,580   
4,264  *    Express Scripts, Inc    371,778   
11,147      HCA, Inc    597,145   
14,423      Health Management Associates, Inc (Class A)    377,594   
8,900  *    Laboratory Corp of America Holdings    428,980   
6,800  *    Lincare Holdings, Inc    300,764   
4,907      Manor Care, Inc    178,419   
7,900  *    Medco Health Solutions, Inc    391,603   
4,472  *    Renal Care Group, Inc    169,668   
1,900  *    Triad Hospitals, Inc    95,190   
1,681      Universal Health Services, Inc (Class B)    88,084   
 
      TOTAL HEALTH SERVICES    4,681,763   
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.87%       
6,828      Catellus Development Corp    181,966   
566      CBL & Associates Properties, Inc    40,475   
3,024      Fremont General Corp    66,498   
5,200      Friedman Billings Ramsey Group, Inc    82,524   
1,811      General Growth Properties, Inc    61,755   
50,540      iShares Russell 1000 Growth Index Fund    2,368,810   
1,400      Mills Corp    74,060   
2,350      Regency Centers Corp    111,930   
29      Simon Property Group, Inc    1,757   
3,026      Ventas, Inc    75,529   
4,484      Weingarten Realty Investors    154,743   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    3,220,047   
 
 
HOTELS AND OTHER LODGING PLACES - 0.59%       
1,231      Choice Hotels International, Inc    76,260   
21,916      Hilton Hotels Corp    489,823   
900  *    Las Vegas Sands Corp    40,500   
4,577  *    Mandalay Resort Group    322,633   
11,299      Marriott International, Inc (Class A)    755,451   
700  *    MGM Mirage    49,574   
4,925      Starwood Hotels & Resorts Worldwide, Inc    295,648   
2,233  *    Wynn Resorts Ltd    151,263   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    2,181,152   
 

 

97

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

           
SHARES         VALUE  
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 11.06%       
52,327      3M Co  $ 4,483,901   
12,415      American Standard Cos, Inc    577,049   
27,002  *    Apple Computer, Inc    1,125,173   
112,900      Applied Materials, Inc    1,834,625   
2,800  *    Avocent Corp    71,848   
22,254      Baker Hughes, Inc    990,080   
4,600      Black & Decker Corp    363,354   
2,544      Briggs & Stratton Corp    92,627   
17,446      Caterpillar, Inc    1,595,262   
452,335  *    Cisco Systems, Inc    8,092,273   
720  *    Cooper Cameron Corp    41,191   
6,943      Deere & Co    466,084   
169,592  *    Dell, Inc    6,515,725   
5,144      Donaldson Co, Inc    166,048   
10,957      Dover Corp    414,065   
129,373  *    EMC Corp    1,593,875   
4,500  *    FMC Technologies, Inc    149,310   
4,650      Graco, Inc    187,674   
8,164  *    Grant Prideco, Inc    197,242   
75,046      International Business Machines Corp    6,857,703   
23,300      International Game Technology    621,178   
2,194      ITT Industries, Inc    197,987   
8,900  *    Lam Research Corp    256,854   
8,718  *    Lexmark International, Inc    697,178   
6,900  *    Maxtor Corp    36,708   
4,585  *    National Oilwell Varco, Inc    214,120   
21,700  *    Network Appliance, Inc    600,222   
725      Pall Corp    19,662   
8,714      Pitney Bowes, Inc    393,176   
8,057      Rockwell Automation, Inc    456,348   
9,900  *    Sandisk Corp    275,220   
6,937      Smith International, Inc    435,158   
62,527  *    Solectron Corp    216,969   
300      SPX Corp    12,984   
1,400  *    Storage Technology Corp    43,120   
15,657      Symbol Technologies, Inc    226,870   
2,300      Timken Co    62,882   
3,784  *    Western Digital Corp    48,246   
6,200  *    Xerox Corp    93,930   
3,950  *    Zebra Technologies Corp (Class A)    187,586   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    40,911,507   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 4.99%       
29,299  *    Agilent Technologies, Inc    650,438   
7,038      Bard (C.R.), Inc    479,147   
2,236      Bausch & Lomb, Inc    163,899   
37,233      Baxter International, Inc    1,265,177   
4,100      Beckman Coulter, Inc    272,445   
16,990      Becton Dickinson & Co    992,556   
17,000      Biomet, Inc    617,100   

 

98

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

           
SHARES         VALUE  
 
 
44,300  *    Boston Scientific Corp  $ 1,297,547   
2,729      Cooper Cos, Inc    198,944   
7,382  *    Cytyc Corp    169,860   
5,400      Dentsply International, Inc    293,814   
3,900  *    Edwards Lifesciences Corp    168,558   
7,270  *    Fisher Scientific International, Inc    413,808   
4,474  *    Flir Systems, Inc    135,562   
2,779  *    Fossil, Inc    72,046   
21,000      Guidant Corp    1,551,900   
2,351  *    Inamed Corp    164,288   
13,300      KLA-Tencor Corp    611,933   
81,167      Medtronic, Inc    4,135,459   
1,600  *    Mettler-Toledo International, Inc    76,000   
3,300  *    Millipore Corp    143,220   
4,400      PerkinElmer, Inc    90,772   
2,300  *    Resmed, Inc    129,720   
2,300  *    Respironics, Inc    134,021   
2,431      Roper Industries, Inc    159,231   
23,600  *    St. Jude Medical, Inc    849,600   
19,300      Stryker Corp    860,973   
5,115      Tektronix, Inc    125,471   
13,300  *    Teradyne, Inc    194,180   
6,160  *    Thermo Electron Corp    155,786   
9,300  *    Varian Medical Systems, Inc    318,804   
8,000  *    Waters Corp    286,320   
16,300  *    Zimmer Holdings, Inc    1,268,303   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    18,446,882   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.38%       
3,600      Brown & Brown, Inc    165,924   
5,700      Gallagher (Arthur J.) & Co    164,160   
34,999      Marsh & McLennan Cos, Inc    1,064,670   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    1,394,754   
 
 
INSURANCE CARRIERS - 3.87%       
6,282      Aetna, Inc    470,836   
30,642      Aflac, Inc    1,141,721   
1,679      Ambac Financial Group, Inc    125,505   
102,749      American International Group, Inc    5,693,322   
200      Berkley (W.R.) Corp    9,920   
1,250      Genworth Financial, Inc    34,400   
1,200      HCC Insurance Holdings, Inc    43,392   
326  *    Markel Corp    112,538   
1,339  *    Pacificare Health Systems, Inc    76,216   
2,078      Progressive Corp    190,677   
5,927      Prudential Financial, Inc    340,210   
2,132      Radian Group, Inc    101,782   
200      Transatlantic Holdings, Inc    13,244   
44,633      UnitedHealth Group, Inc    4,257,096   
1,240      Unitrin, Inc    56,296   
600  *    WellChoice, Inc    31,986   
12,900  *    WellPoint, Inc    1,617,015   
 
      TOTAL INSURANCE CARRIERS    14,316,156   
 

 

99

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

           
SHARES         VALUE  
 
 
LEATHER AND LEATHER PRODUCTS - 0.22%       
12,600  *    Coach, Inc  $ 713,538   
1,300  *    Timberland Co (Class A)    92,209   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    805,747   
 
 
METAL MINING - 0.31%       
10,300      Freeport-McMoRan Copper & Gold, Inc (Class A)    407,983   
17,300      Newmont Mining Corp    730,925   
500      Southern Peru Copper Corp    27,730   
 
      TOTAL METAL MINING    1,166,638   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.27%       
9,272      Fortune Brands, Inc    747,602   
12,307      Mattel, Inc    262,754   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    1,010,356   
 
 
MISCELLANEOUS RETAIL - 2.45%       
19,998  *    Amazon.com, Inc    685,332   
300  *    Barnes & Noble, Inc    10,347   
23      Blockbuster, Inc (Class B)    192   
3,120      CVS Corp    164,174   
69,540  *    eBay, Inc    2,591,060   
5,003  *    Marvel Enterprises, Inc    100,060   
9,170      Michaels Stores, Inc    332,871   
2,128      MSC Industrial Direct Co (Class A)    65,032   
5,600      Omnicare, Inc    198,520   
2,891  *    Petco Animal Supplies, Inc    106,418   
9,600      Petsmart, Inc    276,000   
25,800  *    Rite Aid Corp    102,168   
33,300      Staples, Inc    1,046,619   
9,838      Tiffany & Co    339,608   
68,557      Walgreen Co    3,045,302   
 
      TOTAL MISCELLANEOUS RETAIL    9,063,703   
 
 
MOTION PICTURES - 0.88%       
2,224  *    Avid Technology, Inc    120,363   
3,523      Blockbuster, Inc (Class A)    31,108   
900  *    DreamWorks Animation SKG, Inc (Class A)    36,639   
86,434  *    Liberty Media Corp (Class A)    896,321   
900      Metro-Goldwyn-Mayer, Inc    10,755   
2,500  *    NetFlix, Inc    27,125   
408      News Corp (Class A)    6,903   
200      Regal Entertainment Group (Class A)    4,206   
55,227  *    Time Warner, Inc    969,234   
40,808      Walt Disney Co    1,172,414   
 
      TOTAL MOTION PICTURES    3,275,068   
 

 

100

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

           
SHARES         VALUE  
 
 
NONDEPOSITORY INSTITUTIONS - 3.20%       
1,971      American Capital Strategies Ltd  $ 61,909   
75,575      American Express Co    3,882,288   
11,520      Capital One Financial Corp    861,350   
4,254  *    CapitalSource, Inc    97,842   
5,700      Doral Financial Corp    124,773   
64,849      Fannie Mae    3,531,028   
1,224  *    First Marblehead Corp    70,417   
3,684      Freddie Mac    232,829   
55,700      MBNA Corp    1,367,435   
5,400  *    Providian Financial Corp    92,664   
29,400      SLM Corp    1,465,296   
700      Westcorp    29,575   
200  *    WFS Financial, Inc    8,630   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    11,826,036   
 
 
OIL AND GAS EXTRACTION - 0.75%       
10,700      BJ Services Co    555,116   
3,131      Burlington Resources, Inc    156,769   
2,000      Diamond Offshore Drilling, Inc    99,800   
5,595      ENSCO International, Inc    210,708   
2,094  *    Newfield Exploration Co    155,500   
4,898      Patina Oil & Gas Corp    195,920   
10,300      Patterson-UTI Energy, Inc    257,706   
1,793      Pioneer Natural Resources Co    76,597   
892      Pogo Producing Co    43,922   
3,600  *    Pride International, Inc    89,424   
3,700      Rowan Cos, Inc    110,741   
2,100      Tidewater, Inc    81,606   
22,776      XTO Energy, Inc    747,964   
 
      TOTAL OIL AND GAS EXTRACTION    2,781,773   
 
 
PAPER AND ALLIED PRODUCTS - 0.30%       
14,088      Kimberly-Clark Corp    926,004   
563      Neenah Paper, Inc    18,928   
6,900  *    Pactiv Corp    161,115   
 
      TOTAL PAPER AND ALLIED PRODUCTS    1,106,047   
 
 
PERSONAL SERVICES - 0.29%       
8,300      Cintas Corp    342,873   
11,000      H & R Block, Inc    556,380   
1,400      Regis Corp    57,302   
2,700  *    Weight Watchers International, Inc    116,046   
 
      TOTAL PERSONAL SERVICES    1,072,601   
 

 

101

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

           
SHARES         VALUE  
 
 
PRIMARY METAL INDUSTRIES - 0.47%       
37,676      Alcoa, Inc  $ 1,144,974   
4,596  *    Andrew Corp    53,819   
100  *    International Steel Group, Inc    3,950   
5,152      Nucor Corp    296,549   
2,344      Precision Castparts Corp    180,511   
3,584      Worthington Industries, Inc    69,100   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,748,903   
 
 
PRINTING AND PUBLISHING - 0.74%       
3,916      Belo (A.H.) Corp Series A    94,532   
2,200      Dex Media, Inc    45,430   
3,914      Dow Jones & Co, Inc    146,266   
4,200      EW Scripps Co    204,750   
3,400      Harte-Hanks, Inc    93,704   
800      Knight Ridder, Inc    53,800   
12,754      McGraw-Hill Cos, Inc    1,112,787   
780      Media General, Inc (Class A)    48,243   
2,358      Meredith Corp    110,237   
9,056      New York Times Co (Class A)    331,268   
439      Washington Post Co (Class B)    392,466   
3,300      Wiley (John) & Sons, Inc (Class A)    116,325   
 
      TOTAL PRINTING AND PUBLISHING    2,749,808   
 
 
RAILROAD TRANSPORTATION - 0.02%       
38,016  *    ADC Telecommunications, Inc    75,652   
 
      TOTAL RAILROAD TRANSPORTATION    75,652   
 
 
REAL ESTATE - 0.07%       
3,690      St. Joe Co    248,337   
 
      TOTAL REAL ESTATE    248,337   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.32%       
11,000      Nike, Inc (Class B)    916,410   
600      Reebok International Ltd    26,580   
4,700  *    Sealed Air Corp    244,118   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    1,187,108   
 
 
SECURITY AND COMMODITY BROKERS - 1.11%       
15,800  *    Ameritrade Holding Corp    161,318   
1,200      Blackrock, Inc    89,916   
58,827      Charles Schwab Corp    618,272   
2,233      Chicago Mercantile Exchange    433,269   
13,900  *    E*Trade Financial Corp    166,800   
9,100      Eaton Vance Corp    213,304   
4,900      Federated Investors, Inc (Class B)    138,719   

 

102

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

           
SHARES         VALUE  
 
 
1,333      Franklin Resources, Inc  $ 91,510   
1,448      Goldman Sachs Group, Inc    159,266   
300  *    Instinet Group, Inc    1,764   
4,400      Investors Financial Services Corp    215,204   
7,003      Legg Mason, Inc    547,214   
9,386      Morgan Stanley    537,349   
900      Nuveen Investments, Inc    30,888   
4,200      SEI Investments Co    151,872   
7,269      T Rowe Price Group, Inc    431,633   
5,500      Waddell & Reed Financial, Inc (Class A)    108,570   
 
      TOTAL SECURITY AND COMMODITY BROKERS    4,096,868   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.24%       
77,474  *    Corning, Inc    862,286   
29      Eagle Materials, Inc (Class B)  2,285  
500      Florida Rock Industries, Inc  29,410  
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS  893,981  
 
 
TRANSPORTATION BY AIR - 0.60%   
5,640  *    AMR Corp  60,348  
15,209      FedEx Corp  1,428,885  
6,300  *    JetBlue Airways Corp  119,952  
41,736      Southwest Airlines Co  594,321  
 
      TOTAL TRANSPORTATION BY AIR  2,203,506  
 
 
TRANSPORTATION EQUIPMENT - 1.65%   
49,414      Boeing Co  2,888,742  
3,589      Brunswick Corp  168,145  
2,122      General Dynamics Corp  227,160  
5,100      Gentex Corp  162,690  
19,800      Harley-Davidson, Inc  1,143,648  
2,400  *    Navistar International Corp  87,360  
2,123      Oshkosh Truck Corp  174,065  
2,900      Polaris Industries, Inc  203,667  
2,600      United Defense Industries, Inc  190,892  
8,272      United Technologies Corp  840,931  
 
      TOTAL TRANSPORTATION EQUIPMENT  6,087,300  
 
 
TRANSPORTATION SERVICES - 0.18%   
5,704      C.H. Robinson Worldwide, Inc  293,927  
7,000      Expeditors International of Washington, Inc  374,850  
 
      TOTAL TRANSPORTATION SERVICES  668,777  
 
 
TRUCKING AND WAREHOUSING - 0.81%   
1,002      CNF, Inc  46,884  
3,804      Hunt (J.B.) Transport Services, Inc  166,501  
1,950  *    Sirva, Inc  13,864  
38,208      United Parcel Service, Inc (Class B)  2,779,250  
 
      TOTAL TRUCKING AND WAREHOUSING  3,006,499  
 

 

103

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

           
SHARES         VALUE  
 
 
WHOLESALE TRADE-DURABLE GOODS - 3.83%   
200      Barnes Group, Inc  $ 5,434  
995      BorgWarner, Inc  48,437  
4,355      CDW Corp  246,841  
1,886      Hughes Supply, Inc  56,108  
1,200  *    Ingram Micro, Inc (Class A)  20,004  
198,580      Johnson & Johnson  13,336,633  
8,200  *    Patterson Cos, Inc  409,590  
500      W.W. Grainger, Inc  31,135  
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  14,154,182  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.07%   
1,961      AmerisourceBergen Corp  112,346  
2,007      Brown-Forman Corp (Class B)  109,883  
28,779      Cardinal Health, Inc  1,605,868  
3,100  *    Endo Pharmaceuticals Holdings, Inc  69,905  
5,258  *    Henry Schein, Inc  188,447  
8,800      McKesson Corp  332,200  
42,800      Sysco Corp  1,532,240  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  3,950,889  
 
 
      TOTAL COMMON STOCKS  369,375,559  
(Cost $366,465,982)
 
         
PRINCIPAL        
       
SHORT-TERM INVESTMENTS - 2.99%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.99%   
$ 11,050,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  11,049,184  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  11,049,184  
 
 
      TOTAL SHORT-TERM INVESTMENTS  11,049,184  
(Cost $11,050,000)
 
         
      TOTAL PORTFOLIO - 102.88%  380,426,406  
      (Cost $377,516,939)   
 
      OTHER ASSETS AND LIABILITIES, NET (2.88%)  (10,640,813 ) 
 
 
      NET ASSETS - 100.00%  $ 369,785,593  
 
 
  *    Non-income producing   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   
         

104

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
PREFERRED STOCKS - 0.00%     
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.00%     
170  *    Simon Property Group L.P.  $ 9,423   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES  9,423   
 
 
      TOTAL PREFERRED STOCKS  9,423   
(Cost $5,932) 
 
 
COMMON STOCKS - 99.88%     
 
AMUSEMENT AND RECREATION SERVICES - 0.15%     
16,742  *    Caesars Entertainment, Inc  331,324   
2,671      Harrah's Entertainment, Inc  172,493   
229      International Speedway Corp (Class A)  12,423   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  516,240   
 
 
APPAREL AND ACCESSORY STORES - 0.22%     
600      American Eagle Outfitters, Inc  17,730   
1,302  *    AnnTaylor Stores Corp  33,318   
300      Claire's Stores, Inc  6,912   
4,796      Foot Locker, Inc  140,523   
18,137      Limited Brands, Inc  440,729   
1,857      Nordstrom, Inc  102,841   
 
      TOTAL APPAREL AND ACCESSORY STORES  742,053   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.24%     
100  *    Columbia Sportswear Co  5,323   
6,934      Jones Apparel Group, Inc  232,220   
5,896      Liz Claiborne, Inc  236,606   
2,050      Polo Ralph Lauren Corp  79,540   
4,529      VF Corp  267,845   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  821,534   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.09%     
3,865      Lear Corp  171,452   
2,431  *    PHH Corp  53,166   
1,965      Ryder System, Inc  81,940   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  306,558   
 
 

 

105

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

           
SHARES         VALUE  
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%     
9,438  *    Autonation, Inc  $ 178,756   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  178,756   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.16%     
10,162      Home Depot, Inc  388,595   
5,891      Louisiana-Pacific Corp  148,100   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  536,695   
 
 
BUSINESS SERVICES - 2.33%     
20,662  *    3Com Corp  73,557   
2,266  *    Activision, Inc  33,537   
2,034  *    Affiliated Computer Services, Inc (Class A)  108,290   
4,526      Automatic Data Processing, Inc  203,444   
8,473  *    BMC Software, Inc  127,095   
300      Brink's Co  10,380   
6,284  *    Cadence Design Systems, Inc  93,946   
42,029      Cendant Corp  863,276   
2,808  *    Ceridian Corp  47,876   
1,635  *    Checkfree Corp  66,643   
300  *    Cogent, Inc  7,554   
10,007  *    Computer Sciences Corp  458,821   
20,566  *    Compuware Corp  148,075   
7,913  *    Convergys Corp  118,141   
2,828      Deluxe Corp  112,724   
27,389      Electronic Data Systems Corp  566,131   
2,200      Equifax, Inc  67,518   
500      Fair Isaac Corp  17,220   
100  *    Google, Inc (Class A)  18,051   
7,174  *    Interpublic Group of Cos, Inc  88,097   
975  *    Lamar Advertising Co  39,283   
2,537      Manpower, Inc  110,410   
1,400  *    McAfee, Inc  31,584   
99,569      Microsoft Corp  2,406,583   
2,565      MoneyGram International, Inc  48,453   
500  *    NAVTEQ Corp  21,675   
2,060  *    NCR Corp  69,504   
1,566      Omnicom Group, Inc  138,622   
21,272  *    Oracle Corp  265,474   
1,390  *    Rent-A-Center, Inc  37,961   
200      Reynolds & Reynolds Co (Class A)  5,412   
6,393      Servicemaster Co  86,306   
5,356  *    Siebel Systems, Inc  48,900   
178,756  *    Sun Microsystems, Inc  722,174   
1,887  *    SunGard Data Systems, Inc  65,101   
5,112  *    Sybase, Inc  94,368   
2,700  *    TIBCO Software, Inc  20,115   
16,747  *    Unisys Corp  118,234   
4,081  *    VeriSign, Inc  117,125   
666      Viad Corp    17,915   
6,701      Waste Management, Inc    193,324   
6,428  *    WebMD Corp    54,638   
 
      TOTAL BUSINESS SERVICES    7,943,537   
 

 

106

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

           
SHARES         VALUE  
 
 
CHEMICALS AND ALLIED PRODUCTS - 5.22%       
12,226      Air Products & Chemicals, Inc  $ 773,784   
686      Alberto-Culver Co    32,832   
985  *    Biogen Idec, Inc    33,992   
74,076      Bristol-Myers Squibb Co    1,885,975   
3,489      Cabot Corp    116,637   
2,000  *    Celanese Corp (Series A)    35,980   
1,820      Clorox Co    114,642   
4,830      Colgate-Palmolive Co    251,981   
400  *    Dade Behring Holdings, Inc    23,572   
47,140      Dow Chemical Co    2,349,929   
53,986      Du Pont (E.I.) de Nemours & Co    2,766,243   
4,139      Eastman Chemical Co    244,201   
6,636      Engelhard Corp    199,279   
200  *    Eyetech Pharmaceuticals, Inc    5,500   
4,070      Gillette Co    205,454   
8,322  *    Hospira, Inc    268,551   
2,500  *    Huntsman Corp    58,300   
1,654  *    ICOS Corp    37,149   
671      International Flavors & Fragrances, Inc    26,505   
1,406  *    Invitrogen Corp    97,295   
12,804  *    King Pharmaceuticals, Inc    106,401   
10,558      Lyondell Chemical Co    294,779   
66,438      Merck & Co, Inc    2,150,598   
7,359  *    Millennium Pharmaceuticals, Inc    61,963   
14,261      Monsanto Co    919,834   
1,700  *    Nalco Holding Co    32,011   
9,256      PPG Industries, Inc    661,989   
12,406      Praxair, Inc    593,751   
12,164      Procter & Gamble Co    644,692   
4,469  *    Protein Design Labs, Inc    71,459   
8,735      Rohm & Haas Co    419,280   
6,151      RPM International, Inc    112,440   
930  *    Scotts Miracle-Gro Co (Class A)    65,314   
5,846      Sherwin-Williams Co    257,166   
2,898      Sigma-Aldrich Corp    177,503   
2,782      Valspar Corp    129,474   
4,188  *    Watson Pharmaceuticals, Inc    128,697   
33,569      Wyeth    1,415,940   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    17,771,092   
 
 
COAL MINING - 0.19%       
2,071      Arch Coal, Inc    89,074   
1,885      Consol Energy, Inc    88,633   
4,132      Massey Energy Co    165,445   
6,882      Peabody Energy Corp    319,049   
 
      TOTAL COAL MINING    662,201   
 

 

107

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

           
SHARES         VALUE  
 
 
COMMUNICATIONS - 7.16%       
16,565      Alltel Corp  $ 908,590   
11,688  *    American Tower Corp (Class A)    213,072   
42,723      AT&T Corp    801,056   
99,028      BellSouth Corp    2,603,446   
1,135  *    Cablevision Systems Corp (Class A)    31,837   
7,461      CenturyTel, Inc    245,019   
1,443  *    Citadel Broadcasting Corp    19,812   
14,918      Clear Channel Communications, Inc    514,223   
102,624  *    Comcast Corp (Class A)    3,466,639   
13,100  *    Comcast Corp (Special Class A)    437,540   
988  *    Cox Radio, Inc (Class A)    16,608   
5,031  *    Crown Castle International Corp    80,798   
3,918  *    DIRECTV Group, Inc    56,498   
925  *    Entercom Communications Corp    32,856   
2,317  *    Foundry Networks, Inc    22,938   
1,700      Hearst-Argyle Television, Inc    43,350   
9,419  *    IAC/InterActiveCorp    209,761   
3,244  *    Liberty Media International, Inc    141,893   
230,629  *    Lucent Technologies, Inc    634,230   
3,674  *    NTL, Inc    233,924   
79,604  *    Qwest Communications International, Inc    294,535   
2,448  *    Radio One, Inc (Class D)    36,108   
178,801      SBC Communications, Inc    4,235,796   
59,785      Sprint Corp    1,360,109   
1,528      Telephone & Data Systems, Inc    124,685   
389  *    U.S. Cellular Corp    17,750   
4,174  *    UnitedGlobalcom, Inc (Class A)    39,486   
4,879  *    Univision Communications, Inc (Class A)    135,099   
149,538      Verizon Communications, Inc    5,308,599   
60,378      Viacom, Inc (Class B)    2,102,966   
300  *    West Corp    9,600   
 
      TOTAL COMMUNICATIONS    24,378,823   
 
 
DEPOSITORY INSTITUTIONS - 17.14%       
18,929      AmSouth Bancorp    491,208   
6,818      Associated Banc-Corp    212,926   
6,158      Astoria Financial Corp    155,797   
220,080      Bank of America Corp    9,705,528   
2,822      Bank of Hawaii Corp    127,724   
36,246      Bank of New York Co, Inc    1,052,946   
29,836      BB&T Corp    1,165,991   
1,021  *    BOK Financial Corp    41,534   
1,089      Capitol Federal Financial    37,723   
279,150      Citigroup, Inc    12,545,001   
2,254      City National Corp    157,374   
7,608      Colonial Bancgroup, Inc    156,116   
9,355      Comerica, Inc    515,273   
3,230      Commerce Bancshares, Inc    155,686   
6,560      Compass Bancshares, Inc    297,824   
2,758      Cullen/Frost Bankers, Inc    124,524   

 

108

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

           
SHARES         VALUE  
 
 
4,935      Fifth Third Bancorp  $ 212,106   
6,810      First Horizon National Corp    277,780   
4,538      FirstMerit Corp    121,437   
6,479      Fulton Financial Corp    141,177   
9,208      Golden West Financial Corp    557,084   
8,348      Hibernia Corp (Class A)    267,219   
2,363      Hudson United Bancorp    83,296   
12,551      Huntington Bancshares, Inc    299,969   
4,308      Independence Community Bank Corp    168,012   
1,750      IndyMac Bancorp, Inc    59,500   
1,741      International Bancshares Corp    60,360   
192,341      JPMorgan Chase & Co    6,654,999   
22,067      KeyCorp    716,074   
4,139      M & T Bank Corp    422,426   
11,915      Marshall & Ilsley Corp    497,451   
15,808      Mellon Financial Corp    451,160   
4,282      Mercantile Bankshares Corp    217,783   
30,400      National City Corp    1,018,400   
14,094      New York Community Bancorp, Inc    255,947   
18,640      North Fork Bancorp, Inc    517,074   
7,482      Northern Trust Corp    325,018   
2,156      People's Bank    88,288   
15,138      PNC Financial Services Group, Inc    779,304   
24,777      Regions Financial Corp    802,775   
5,524      Sky Financial Group, Inc    148,154   
3,662      South Financial Group, Inc    111,837   
19,856      Sovereign Bancorp, Inc    440,009   
9,273      State Street Corp    405,416   
17,689      SunTrust Banks, Inc    1,274,846   
5,181      Synovus Financial Corp    144,343   
810      TCF Financial Corp    21,992   
4,878  *    TD Banknorth, Inc    152,389   
93,287      U.S. Bancorp    2,688,531   
2,999      UnionBanCal Corp    183,689   
4,918      Valley National Bancorp    126,786   
2,688      W Holding Co, Inc    27,068   
86,788      Wachovia Corp    4,418,377   
4,745      Washington Federal, Inc    110,606   
2,948      Webster Financial Corp    133,869   
91,112      Wells Fargo & Co    5,448,498   
2,257      Whitney Holding Corp    100,459   
3,722      Wilmington Trust Corp    130,642   
4,876      Zions Bancorp    336,542   
 
      TOTAL DEPOSITORY INSTITUTIONS    58,341,867   
 
 
EATING AND DRINKING PLACES - 0.73%       
400  *    Brinker International, Inc    14,488   
4,755      Darden Restaurants, Inc    145,883   
67,949      McDonald's Corp    2,115,932   
308      Outback Steakhouse, Inc    14,103   
5,311      Wendy's International, Inc    207,342   
 
      TOTAL EATING AND DRINKING PLACES    2,497,748   
 

 

109

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

           
SHARES         VALUE  
 
 
EDUCATIONAL SERVICES - 0.01%       
500  *    Laureate Education, Inc  $ 21,395   
 
      TOTAL EDUCATIONAL SERVICES    21,395   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 6.88%       
3,980      AGL Resources, Inc    139,021   
5,853  *    Allegheny Energy, Inc    120,923   
1,667      Allete, Inc    69,764   
6,025      Alliant Energy Corp    161,350   
8,699  *    Allied Waste Industries, Inc    63,590   
10,598      Ameren Corp    519,408   
21,232      American Electric Power Co, Inc    723,162   
4,940      Aqua America, Inc    120,338   
14,644      Centerpoint Energy, Inc    176,167   
10,174      Cinergy Corp    412,251   
18,071      Citizens Communications Co    233,839   
13,100      Consolidated Edison, Inc    552,558   
9,074      Constellation Energy Group, Inc    469,126   
18,454      Dominion Resources, Inc    1,373,531   
6,753      DPL, Inc    168,825   
9,324      DTE Energy Co    424,056   
49,384      Duke Energy Corp    1,383,246   
15,125  *    Dynegy, Inc (Class A)    59,139   
17,482      Edison International    606,975   
34,441      El Paso Corp    364,386   
7,906      Energy East Corp    207,295   
11,599      Entergy Corp    819,585   
3,364      Equitable Resources, Inc    193,228   
35,558      Exelon Corp    1,631,757   
17,859      FirstEnergy Corp    749,185   
19,816      FPL Group, Inc    795,612   
3,987      Great Plains Energy, Inc    121,922   
4,280      Hawaiian Electric Industries, Inc    109,226   
8,725      KeySpan Corp    340,013   
4,326      Kinder Morgan, Inc    327,478   
6,273      MDU Resources Group, Inc    173,260   
3,922      National Fuel Gas Co    112,130   
14,175      NiSource, Inc    323,048   
7,055      Northeast Utilities    135,950   
4,290  *    NRG Energy, Inc    146,504   
2,886      NSTAR    156,710   
4,673      OGE Energy Corp    125,937   
5,463      Oneok, Inc    168,370   
10,113      Pepco Holdings, Inc    212,272   
21,402      PG&E Corp    729,808   
4,946      Pinnacle West Capital Corp    210,254   
10,155      PPL Corp    548,268   
13,380      Progress Energy, Inc    561,291   
12,700      Public Service Enterprise Group, Inc    690,753   
5,545      Puget Energy, Inc    122,212   
4,437      Questar Corp    262,892   
15,903  *    Reliant Resources, Inc    180,976   

 

110

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

           
SHARES         VALUE  
 
 
8,426      Republic Services, Inc  $ 282,102   
6,061      SCANA Corp    231,651   
10,998      Sempra Energy    438,160   
39,634      Southern Co    1,261,550   
10,782      TECO Energy, Inc    169,062   
12,993      TXU Corp    1,034,633   
2,688      UGI Corp    122,089   
4,075      Vectren Corp    108,558   
4,552      Westar Energy, Inc    98,505   
2,768      Western Gas Resources, Inc    95,358   
29,927      Williams Cos, Inc    562,927   
6,362      Wisconsin Energy Corp    225,851   
2,003      WPS Resources Corp    105,999   
21,414      Xcel Energy, Inc    367,893   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    23,401,929   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.53%       
9,571  *    Advanced Micro Devices, Inc    154,285   
4,252      American Power Conversion Corp    111,020   
954      Ametek, Inc    38,398   
11,234  *    Applied Micro Circuits Corp    36,960   
1,484      AVX Corp    18,179   
30,570  *    CIENA Corp    52,580   
4,604  *    Comverse Technology, Inc    116,113   
14,138  *    Conexant Systems, Inc    21,207   
18,072      Emerson Electric Co    1,173,415   
2,203  *    Energizer Holdings, Inc    131,739   
3,028  *    Fairchild Semiconductor International, Inc    46,419   
3,700  *    Freescale Semiconductor, Inc (Class B)    63,825   
8,283  *    Gemstar-TV Guide International, Inc    36,031   
503,681      General Electric Co    18,162,737   
2,508      Harris Corp    81,886   
3,228      Hubbell, Inc (Class B)    164,951   
622  *    International Rectifier Corp    28,301   
3,800      Intersil Corp (Class A)    65,816   
2,678      L-3 Communications Holdings, Inc    190,192   
11,867  *    LSI Logic Corp    66,336   
2,109      Maytag Corp    29,463   
16,481  *    Micron Technology, Inc    170,414   
1,172      Molex, Inc    30,894   
1,821  *    Novellus Systems, Inc    48,675   
1,711  *    Polycom, Inc    29,001   
746  *    QLogic Corp    30,213   
14,155  *    Sanmina-SCI Corp    73,889   
8,210      Scientific-Atlanta, Inc    231,686   
71,214  *    Sirius Satellite Radio, Inc    400,223   
14,566  *    Tellabs, Inc    106,332   
600  *    UTStarcom, Inc    6,570   
6,153  *    Vishay Intertechnology, Inc    76,482   
3,681      Whirlpool Corp    249,314   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    22,243,546   
 

 

111

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

           
SHARES         VALUE  
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.07%       
7,239  *    BearingPoint, Inc  $ 63,486   
2,698      Fluor Corp    149,550   
628  *    Jacobs Engineering Group, Inc    32,606   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    245,642   
 
 
FABRICATED METAL PRODUCTS - 0.44%       
690  *    Alliant Techsystems, Inc    49,300   
2,998      Ball Corp    124,357   
2,868      Crane Co    82,570   
1,358      Harsco Corp    80,950   
802      Illinois Tool Works, Inc    71,803   
23,486      Masco Corp    814,260   
3,086      Snap-On, Inc    98,104   
3,728      Stanley Works    168,767   
 
      TOTAL FABRICATED METAL PRODUCTS    1,490,111   
 
 
FOOD AND KINDRED PRODUCTS - 2.08%       
4,050      Anheuser-Busch Cos, Inc    191,929   
31,300      Archer Daniels Midland Co    769,354   
6,225      Campbell Soup Co    180,650   
12,116      Coca-Cola Co    504,874   
12,530      Coca-Cola Enterprises, Inc    257,116   
28,362      Conagra Foods, Inc    766,341   
4,912  *    Constellation Brands, Inc (Class A)    259,697   
8,109  *    Dean Foods Co    278,139   
9,872  *    Del Monte Foods Co    107,111   
15,576      General Mills, Inc    765,560   
9,394      H.J. Heinz Co    346,075   
2,012      Hershey Foods Corp    121,645   
3,982      Hormel Foods Corp    123,880   
3,126      J.M. Smucker Co    157,238   
5,729      Kellogg Co    247,894   
14,488      Kraft Foods, Inc (Class A)    478,828   
1,803      McCormick & Co, Inc (Non-Vote)    62,077   
2,080      Molson Coors Brewing Co (Class B)    160,514   
715      Pepsi Bottling Group, Inc    19,913   
3,993      PepsiAmericas Inc    90,481   
4,865      PepsiCo, Inc    257,991   
850      Pilgrim's Pride Corp    30,362   
21,855      Sara Lee Corp    484,307   
4,543  *    Smithfield Foods, Inc    143,332   
1,427      Tootsie Roll Industries, Inc    42,810   
11,681      Tyson Foods, Inc (Class A)    194,839   
523      Wrigley (Wm.) Jr Co    34,293   
 
      TOTAL FOOD AND KINDRED PRODUCTS    7,077,250   
 

 

112

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

           
SHARES         VALUE  
 
 
FOOD STORES - 0.44%       
19,716      Albertson's, Inc  $ 407,136   
39,597  *    Kroger Co    634,740   
24,208  *    Safeway, Inc    448,574   
 
      TOTAL FOOD STORES    1,490,450   
 
 
FORESTRY - 0.26% 
           
12,890      Weyerhaeuser Co    882,965   
 
      TOTAL FORESTRY    882,965   
 
 
FURNITURE AND FIXTURES - 0.31%       
2,329      Hillenbrand Industries, Inc    129,190   
7,683      Johnson Controls, Inc    428,404   
6,356      Leggett & Platt, Inc    183,561   
13,528      Newell Rubbermaid, Inc    296,804   
 
      TOTAL FURNITURE AND FIXTURES    1,037,959   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.10%       
8,757      Circuit City Stores, Inc (Circuit City Group)    140,550   
206  *    GameStop Corp (Class B)    4,594   
1,360  *    Mohawk Industries, Inc    114,648   
2,488      Pier 1 Imports, Inc    45,356   
2,900      Steelcase, Inc (Class A)    40,020   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    345,168   
 
 
GENERAL BUILDING CONTRACTORS - 0.46%       
3,395      Centex Corp    194,432   
7,518      D.R. Horton, Inc    219,826   
482  *    Hovnanian Enterprises, Inc (Class A)    24,582   
1,844      KB Home    216,596   
3,855      Lennar Corp (Class A)    218,501   
260      Lennar Corp (Class B)    13,705   
688      MDC Holdings, Inc    47,919   
3,229      Pulte Homes, Inc    237,751   
2,232      Ryland Group, Inc    138,429   
1,735      Standard-Pacific Corp    125,250   
1,488  *    Toll Brothers, Inc    117,329   
 
      TOTAL GENERAL BUILDING CONTRACTORS    1,554,320   
 
 
GENERAL MERCHANDISE STORES - 1.01%       
3,877  *    Big Lots, Inc    46,602   
3,695  *    BJ's Wholesale Club, Inc    114,767   
200  *    Cabela's, Inc    4,126   
23,074      Costco Wholesale Corp    1,019,409   
3,370      Dillard's, Inc (Class A)    90,653   
9,024      Federated Department Stores, Inc    574,287   
13,061      J.C. Penney Co, Inc    678,127   

 

113

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

           
SHARES         VALUE  
 
 
15,564      May Department Stores Co  $ 576,179   
2,367      Neiman Marcus Group, Inc (Class A)    216,604   
6,849      Saks, Inc    123,625   
 
      TOTAL GENERAL MERCHANDISE STORES    3,444,379   
 
 
HEALTH SERVICES - 0.65%       
10,662  *    Caremark Rx, Inc    424,134   
1,888  *    Community Health Systems, Inc    65,910   
13,804      HCA, Inc    739,480   
1,600      Health Management Associates, Inc (Class A)    41,888   
417  *    Laboratory Corp of America Holdings    20,100   
1,096      Manor Care, Inc    39,851   
8,206  *    Medco Health Solutions, Inc    406,771   
24,910  *    Tenet Healthcare Corp    287,212   
2,673  *    Triad Hospitals, Inc    133,917   
1,274      Universal Health Services, Inc (Class B)    66,758   
 
      TOTAL HEALTH SERVICES    2,226,021   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 4.60%       
7,004      Allied Capital Corp    182,804   
4,302      AMB Property Corp    162,616   
6,348      Annaly Mortgage Management, Inc    119,088   
5,045      Apartment Investment & Management Co (Class A)    187,674   
10,487      Archstone-Smith Trust    357,712   
3,455      Arden Realty, Inc    116,952   
3,845      AvalonBay Communities, Inc    257,192   
4,390      Boston Properties, Inc    264,410   
2,760      BRE Properties, Inc (Class A)    97,428   
2,727      Camden Property Trust    128,251   
791      CBL & Associates Properties, Inc    56,564   
2,572      Centerpoint Properties Trust    105,452   
4,255      Crescent Real Estate Equities Co    69,527   
10      Cross Timbers Royalty Trust    391   
5,704      Developers Diversified Realty Corp    226,734   
7,559      Duke Realty Corp    225,636   
21,713      Equity Office Properties Trust    654,213   
15,068      Equity Residential    485,340   
2,713      Federal Realty Investment Trust    131,173   
800      Fremont General Corp    17,592   
3,653      Friedman Billings Ramsey Group, Inc    57,973   
11,025      General Growth Properties, Inc    375,952   
6,968      Health Care Property Investors, Inc    163,539   
2,866      Health Care REIT, Inc    91,712   
3,689      Hospitality Properties Trust    148,962   
18,665      Host Marriott Corp    309,092   
10,477      HRPT Properties Trust    124,781   
64,801      iShares Russell 1000 Value Index Fund    4,264,554   
5,845      iStar Financial, Inc    240,697   
5,213      Kimco Realty Corp    280,981   
4,458      Liberty Property Trust    174,085   

 

114

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

           
SHARES         VALUE  
 
 
3,076      Macerich Co  $ 163,889   
3,172      Mack-Cali Realty Corp    134,334   
1,742      Mills Corp    92,152   
5,242      New Plan Excel Realty Trust    131,627   
2,245      Pan Pacific Retail Properties, Inc    127,404   
9,802      Plum Creek Timber Co, Inc    349,931   
14,272      Popular, Inc    347,095   
9,736      Prologis    361,206   
4,407      Public Storage, Inc    250,935   
4,180      Reckson Associates Realty Corp    128,326   
1,486      Regency Centers Corp    70,778   
2,582      Shurgard Storage Centers, Inc (Class A)    105,810   
8,910      Simon Property Group, Inc    539,768   
2,182      SL Green Realty Corp    122,672   
4,917      Thornburg Mortgage, Inc    137,873   
4,716      Trizec Properties, Inc    89,604   
7,289      United Dominion Realty Trust, Inc    152,121   
2,082      Ventas, Inc    51,967   
5,092      Vornado Realty Trust    352,723   
46,880      Washington Mutual, Inc    1,851,760   
376      Weingarten Realty Investors    12,976   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    15,654,028   
 
 
HOTELS AND OTHER LODGING PLACES - 0.23%       
3,125      Hilton Hotels Corp    69,844   
300  *    Las Vegas Sands Corp    13,500   
1,252      Marriott International, Inc (Class A)    83,709   
2,571  *    MGM Mirage    182,078   
7,129      Starwood Hotels & Resorts Worldwide, Inc    427,954   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    777,085   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.71%       
5,025  *    AGCO Corp    91,706   
21,616  *    Apple Computer, Inc    900,739   
300  *    Avocent Corp    7,698   
500      Black & Decker Corp    39,495   
636      Briggs & Stratton Corp    23,157   
4,342      Caterpillar, Inc    397,032   
2,269  *    Cooper Cameron Corp    129,810   
2,144      Cummins, Inc    150,830   
7,784      Deere & Co    522,540   
3,843      Diebold, Inc    210,789   
2,158      Dover Corp    81,551   
8,068      Eaton Corp    527,647   
26,185  *    EMC Corp    322,599   
156,568      Hewlett-Packard Co    3,435,102   
30,460      International Business Machines Corp    2,783,435   
3,160      ITT Industries, Inc    285,158   
8,212  *    Maxtor Corp    43,688   
5,395  *    National Oilwell Varco, Inc    251,947   

 

115

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

           
SHARES         VALUE  
 
 
6,062      Pall Corp  $ 164,401   
6,397      Parker Hannifin Corp    389,705   
5,328      Pentair, Inc    207,792   
5,507      Pitney Bowes, Inc    248,476   
3,507      Rockwell Automation, Inc    198,636   
1,400  *    Sandisk Corp    38,920   
3,897      SPX Corp    168,662   
4,509  *    Storage Technology Corp    138,877   
1,751      Timken Co    47,872   
8,036  *    Western Digital Corp    102,459   
46,766  *    Xerox Corp    708,505   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    12,619,228   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 0.65%       
2,410  *    Agilent Technologies, Inc    53,502   
10,701      Applera Corp (Applied Biosystems Group)    211,238   
1,053      Bausch & Lomb, Inc    77,185   
3,112      Baxter International, Inc    105,746   
15,427      Eastman Kodak Co    502,149   
938  *    Mettler-Toledo International, Inc    44,555   
3,211      PerkinElmer, Inc    66,243   
24,234      Raytheon Co    937,856   
200      Roper Industries, Inc    13,100   
577      Tektronix, Inc    14,154   
1,948      Teleflex, Inc    99,699   
3,771  *    Thermo Electron Corp    95,368   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    2,220,795   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.11%       
16,865      AON Corp    385,197   
200      Gallagher (Arthur J.) & Co    5,760   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    390,957   
 
 
INSURANCE CARRIERS - 6.19%       
11,362      Aetna, Inc    851,582   
2,699      Aflac, Inc    100,565   
222  *    Alleghany Corp    61,494   
2,892  *    Allmerica Financial Corp    103,967   
37,839      Allstate Corp    2,045,576   
4,432      Ambac Financial Group, Inc    331,292   
2,056      American Financial Group, Inc    63,325   
41,105      American International Group, Inc    2,277,628   
402      American National Insurance Co    42,572   
4,269      Assurant, Inc    143,865   
3,559      Berkley (W.R.) Corp    176,526   
10,246      Chubb Corp    812,200   
7,207      Cigna Corp    643,585   
7,994      Cincinnati Financial Corp    348,618   

 

116

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

           
SHARES         VALUE  
 
 
1,629  *    CNA Financial Corp  $ 45,710   
8,055  *    Conseco, Inc    164,483   
1,448      Erie Indemnity Co (Class A)    75,470   
8,567      Fidelity National Financial, Inc    282,197   
4,166      First American Corp    137,228   
6,647      Genworth Financial, Inc    182,925   
15,753      Hartford Financial Services Group, Inc    1,080,026   
2,618      HCC Insurance Holdings, Inc    94,667   
6,121  *    Health Net, Inc    200,218   
8,804  *    Humana, Inc    281,200   
7,642      Jefferson-Pilot Corp    374,840   
4,276      Leucadia National Corp    146,881   
9,379      Lincoln National Corp    423,368   
7,982      Loews Corp    586,996   
350  *    Markel Corp    120,824   
7,776      MBIA, Inc    406,529   
1,397      Mercury General Corp    77,198   
21,595      MetLife, Inc    844,365   
5,268      MGIC Investment Corp    324,878   
3,044      Nationwide Financial Services, Inc (Class A)    109,280   
700      Odyssey Re Holdings Corp    17,528   
9,791      Old Republic International Corp    228,032   
3,587  *    Pacificare Health Systems, Inc    204,172   
5,162      PMI Group, Inc    196,208   
16,299      Principal Financial Group    627,349   
9,058      Progressive Corp    831,162   
3,679      Protective Life Corp    144,585   
23,628      Prudential Financial, Inc    1,356,247   
3,234      Radian Group, Inc    154,391   
1,671      Reinsurance Group of America, Inc    71,151   
6,817      Safeco Corp    332,056   
35,868      St. Paul Travelers Cos, Inc    1,317,432   
1,544      Stancorp Financial Group, Inc    130,900   
5,859      Torchmark Corp    305,840   
1,288      Transatlantic Holdings, Inc    85,291   
1,464      Unitrin, Inc    66,466   
15,851      UnumProvident Corp    269,784   
859  *    WellChoice, Inc    45,793   
5,526  *    WellPoint, Inc    692,684   
80      Wesco Financial Corp    30,798   
 
      TOTAL INSURANCE CARRIERS    21,069,947   
 
 
LUMBER AND WOOD PRODUCTS - 0.18%       
13,654      Georgia-Pacific Corp    484,580   
2,630      Rayonier, Inc    130,264   
 
      TOTAL LUMBER AND WOOD PRODUCTS    614,844   
 
 
METAL MINING - 0.26%       
7,895      Newmont Mining Corp    333,564   
5,048      Phelps Dodge Corp    513,533   
400      Southern Peru Copper Corp    22,184   
 
      TOTAL METAL MINING    869,281   
 

 

117

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

           
SHARES         VALUE  
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%       
489      Fortune Brands, Inc  $ 39,428   
8,195      Hasbro, Inc    167,588   
12,759      Mattel, Inc    272,405   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    479,421   
 
 
MISCELLANEOUS RETAIL - 0.76%       
2,593  *    Barnes & Noble, Inc    89,433   
136      Blockbuster, Inc (Class B)    1,137   
4,271      Borders Group, Inc    113,694   
18,935      CVS Corp    996,360   
16,742  *    Office Depot, Inc    371,338   
991      Omnicare, Inc    35,131   
2,013  *    Rite Aid Corp    7,971   
4,944  *    Sears Holdings Corp    658,392   
11,467  *    Toys 'R' Us, Inc    295,390   
 
      TOTAL MISCELLANEOUS RETAIL    2,568,846   
 
 
MOTION PICTURES - 1.92%       
6,712      Blockbuster, Inc (Class A)    59,267   
800  *    DreamWorks Animation SKG, Inc (Class A)    32,568   
75,602  *    Liberty Media Corp (Class A)    783,993   
2,021      Metro-Goldwyn-Mayer, Inc    24,151   
1,700      Regal Entertainment Group (Class A)    35,751   
192,278  *    Time Warner, Inc    3,374,479   
77,832      Walt Disney Co    2,236,113   
 
      TOTAL MOTION PICTURES    6,546,322   
 
 
NONDEPOSITORY INSTITUTIONS - 1.42%       
3,027      American Capital Strategies Ltd    95,078   
8,442  *    AmeriCredit Corp    197,881   
3,625      Capital One Financial Corp    271,041   
11,382      CIT Group, Inc    432,516   
30,064      Countrywide Financial Corp    975,877   
34,169      Freddie Mac    2,159,481   
16,309      MBNA Corp    400,386   
11,265  *    Providian Financial Corp    193,307   
276      Student Loan Corp    57,687   
785      Westcorp    33,166   
200  *    WFS Financial, Inc    8,630   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    4,825,050   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%       
5,468      Vulcan Materials Co    310,746   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    310,746   
 

 

118

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

           
SHARES         VALUE  
 
 
OIL AND GAS EXTRACTION - 3.02%       
12,838      Anadarko Petroleum Corp  $ 976,972   
17,510      Apache Corp    1,072,137   
18,766      Burlington Resources, Inc    939,614   
16,779      Chesapeake Energy Corp    368,131   
25,782      Devon Energy Corp    1,231,091   
1,695      Diamond Offshore Drilling, Inc    84,581   
3,549      ENSCO International, Inc    133,655   
12,604      EOG Resources, Inc    614,319   
7,678      Kerr-McGee Corp    601,418   
18,562      Marathon Oil Corp    870,929   
1,723  *    Newfield Exploration Co    127,950   
3,097      Noble Energy, Inc    210,658   
21,052      Occidental Petroleum Corp    1,498,271   
600      Patterson-UTI Energy, Inc    15,012   
6,438      Pioneer Natural Resources Co    275,031   
2,752      Pogo Producing Co    135,508   
3,232  *    Pride International, Inc    80,283   
2,738      Rowan Cos, Inc    81,948   
1,784      Tidewater, Inc    69,326   
14,221      Unocal Corp    877,294   
 
      TOTAL OIL AND GAS EXTRACTION    10,264,128   
 
 
PAPER AND ALLIED PRODUCTS - 1.04%       
5,746      Bemis Co    178,815   
2,959      Bowater, Inc    111,466   
26,106      International Paper Co    960,440   
15,635      Kimberly-Clark Corp    1,027,689   
10,826      MeadWestvaco Corp    344,483   
525      Neenah Paper, Inc    17,650   
4,925      OfficeMax, Inc    164,987   
3,295      Packaging Corp of America    80,036   
2,703  *    Pactiv Corp    63,115   
13,563  *    Smurfit-Stone Container Corp    209,820   
5,212      Sonoco Products Co    150,366   
2,965      Temple-Inland, Inc    215,111   
 
      TOTAL PAPER AND ALLIED PRODUCTS    3,523,978   
 
 
PERSONAL SERVICES - 0.06%       
1,484      Regis Corp    60,740   
18,479      Service Corp International    138,223   
 
      TOTAL PERSONAL SERVICES    198,963   
 
 
PETROLEUM AND COAL PRODUCTS - 10.14%       
4,133      Amerada Hess Corp    397,636   
3,769      Ashland, Inc    254,294   
115,452      ChevronTexaco Corp    6,732,006   
36,939      ConocoPhillips    3,983,502   
353,091      ExxonMobil Corp    21,044,224   

 

119

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

           
SHARES         VALUE  
 
 
3,457      Lubrizol Corp  $ 140,492   
4,418      Murphy Oil Corp    436,189   
2,026      Premcor, Inc    120,912   
3,825      Sunoco, Inc    395,964   
13,850      Valero Energy Corp    1,014,790   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    34,520,009   
 
 
PRIMARY METAL INDUSTRIES - 0.38%       
16,506      Alcoa, Inc    501,617   
4,930  *    Andrew Corp    57,730   
900  *    International Steel Group, Inc    35,550   
4,192      Nucor Corp    241,292   
1,614      Precision Castparts Corp    124,294   
6,131      United States Steel Corp    311,761   
900      Worthington Industries, Inc    17,352   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,289,596   
 
 
PRINTING AND PUBLISHING - 0.75%       
2,146      Belo (A.H.) Corp Series A    51,804   
900      Dex Media, Inc    18,585   
13,695      Gannett Co, Inc    1,083,001   
446      Harte-Hanks, Inc    12,292   
3,481      Knight Ridder, Inc    234,097   
2,427      Lee Enterprises, Inc    105,332   
1,031      McClatchy Co (Class A)    76,459   
700      Media General, Inc (Class A)    43,295   
649      New York Times Co (Class A)    23,740   
11,666      R.R. Donnelley & Sons Co    368,879   
13,336      Tribune Co    531,706   
 
      TOTAL PRINTING AND PUBLISHING    2,549,190   
 
 
RAILROAD TRANSPORTATION - 0.98%       
13,834  *    ADC Telecommunications, Inc    27,530   
19,966      Burlington Northern Santa Fe Corp    1,076,766   
11,674      CSX Corp    486,222   
21,048      Norfolk Southern Corp    779,828   
13,925      Union Pacific Corp    970,573   
 
      TOTAL RAILROAD TRANSPORTATION    3,340,919   
 
 
REAL ESTATE - 0.03%       
1,743      Forest City Enterprises, Inc (Class A)    111,203   
 
      TOTAL REAL ESTATE    111,203   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%       
2,469      Reebok International Ltd    109,376   
687  *    Sealed Air Corp    35,683   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    145,059   
 

 

120

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

           
SHARES         VALUE  
 
 
SECURITY AND COMMODITY BROKERS - 3.25%       
4,345      A.G. Edwards, Inc  $ 194,656   
6,142      Bear Stearns Cos, Inc    613,586   
6,694      Charles Schwab Corp    70,354   
8,394  *    E*Trade Financial Corp    100,728   
400      Federated Investors, Inc (Class B)    11,324   
7,647      Franklin Resources, Inc    524,967   
16,519      Goldman Sachs Group, Inc    1,816,925   
5,609  *    Instinet Group, Inc    32,981   
12,750      Janus Capital Group, Inc    177,862   
2,659      Jefferies Group, Inc    100,191   
14,932      Lehman Brothers Holdings, Inc    1,405,997   
51,671      Merrill Lynch & Co, Inc    2,924,579   
51,766      Morgan Stanley    2,963,603   
300      Nuveen Investments, Inc    10,296   
3,246      Raymond James Financial, Inc    98,354   
 
      TOTAL SECURITY AND COMMODITY BROKERS    11,046,403   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.13%       
11,436  *    Corning, Inc    127,283   
1,130      Florida Rock Industries, Inc    66,467   
1,696      Lafarge North America, Inc    99,131   
5,801  *    Owens-Illinois, Inc    145,837   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    438,718   
 
 
TOBACCO PRODUCTS - 2.48%       
110,679      Altria Group, Inc    7,237,300   
3,222      Loews Corp (Carolina Group)    106,648   
8,076      Reynolds American, Inc    650,845   
8,909      UST, Inc    460,595   
       
 
      TOTAL TOBACCO PRODUCTS  8,455,388  
 
 
TRANSPORTATION BY AIR - 0.16%   
4,798  *    AMR Corp  51,338  
3,804      FedEx Corp  357,386  
9,100      Southwest Airlines Co  129,584  
 
      TOTAL TRANSPORTATION BY AIR  538,308  
 
 
TRANSPORTATION EQUIPMENT - 3.46%   
2,264      American Axle & Manufacturing Holdings, Inc  55,468  
5,010      Autoliv, Inc  238,726  
5,676      Boeing Co  331,819  
2,065      Brunswick Corp  96,745  
7,969      Dana Corp  101,923  
25,329      Delphi Corp  113,474  
94,663      Ford Motor Co  1,072,532  
8,991      General Dynamics Corp  962,487  
24,869      General Motors Corp  730,900  
9,333      Genuine Parts Co  405,892  

 

121

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

           
SHARES         VALUE  
 
 
6,286      Goodrich Corp  $ 240,691  
46,242      Honeywell International, Inc  1,720,665  
20,227      Lockheed Martin Corp  1,235,061  
1,522  *    Navistar International Corp  55,401  
19,356      Northrop Grumman Corp  1,044,837  
200      Oshkosh Truck Corp  16,398  
9,464      Paccar, Inc  685,099  
6,335      Textron, Inc  472,718  
1,551  *    TRW Automotive Holdings Corp  30,136  
500      United Defense Industries, Inc  36,710  
21,043      United Technologies Corp  2,139,231  
 
      TOTAL TRANSPORTATION EQUIPMENT  11,786,913  
 
 
TRANSPORTATION SERVICES - 0.05%   
7,371      Sabre Holdings Corp  161,277  
 
      TOTAL TRANSPORTATION SERVICES  161,277  
 
 
TRUCKING AND WAREHOUSING - 0.07%   
2,015      CNF, Inc  94,282  
2,596  *    Yellow Roadway Corp  151,970  
 
      TOTAL TRUCKING AND WAREHOUSING  246,252  
 
 
WHOLESALE TRADE-DURABLE GOODS - 0.39%   
5,102      Adesa, Inc  119,183  
6,077  *    Arrow Electronics, Inc  154,052  
6,322  *    Avnet, Inc  116,451  
2,294      BorgWarner, Inc  111,672  
1,671      Carlisle Cos, Inc  116,586  
2,194      Hughes Supply, Inc  65,271  
6,319      IKON Office Solutions, Inc  62,495  
5,683  *    Ingram Micro, Inc (Class A)  94,735  
2,510      Martin Marietta Materials, Inc  140,359  
3,097  *    Tech Data Corp  114,775  
3,814      W.W. Grainger, Inc  237,498  
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  1,333,077  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.27%   
4,362      AmerisourceBergen Corp  249,899  
1,450      Brown-Forman Corp (Class B)  79,387  
616  *    Henry Schein, Inc  22,077  
8,546      McKesson Corp  322,612  
7,285      Supervalu, Inc  242,955  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  916,930  
 
 
      TOTAL COMMON STOCKS  339,971,100  
(Cost $301,656,566)
 

 

122

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

           
PRINCIPAL         VALUE  
 
 
SHORT-TERM INVESTMENTS - 2.84%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.84%   
$ 9,680,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  $ 9,679,285  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  9,679,285  
 
 
      TOTAL SHORT-TERM INVESTMENTS  9,679,285  
(Cost $9,680,000) 
 
 
      TOTAL PORTFOLIO - 102.72%  349,659,808  
      (Cost $311,342,498)   
 
      OTHER ASSETS AND LIABILITIES, NET - (2.72%)  (9,268,810 ) 
 
 
      NET ASSETS - 100.00%  $ 340,390,998  
 
 
  *    Non-income producing   
 
      For ease of presentation, we have grouped a number of industry classification categories   
      together in the Statement of Investments. Note that the Funds use more specific industry   
      categories in following their investment limitations on industry concentration.   

 

123

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES      VALUE   
 
COMMON STOCKS - 99.82%     
AGRICULTURAL PRODUCTION-CROPS - 0.01%     
156  *    Alico, Inc  $ 8,221   
1,846      Delta & Pine Land Co  49,842   
271  *    John B. Sanfilippo & Son  6,661   
 
      TOTAL AGRICULTURAL PRODUCTION-CROPS  64,724   
 
 
AMUSEMENT AND RECREATION SERVICES - 0.22%     
2,602  *    Alliance Gaming Corp  24,953   
1,322  *    Argosy Gaming Co  60,706   
1,749  *    Aztar Corp  49,951   
14,912  *    Caesars Entertainment, Inc  295,108   
476      Churchill Downs, Inc  18,845   
237      Dover Downs Gaming & Entertainment, Inc  2,951   
736      Dover Motorsport, Inc  3,717   
1,597  *    Gaylord Entertainment Co  64,519   
5,584      Harrah's Entertainment, Inc  360,615   
1,662      International Speedway Corp (Class A)  90,164   
178  *    Isle of Capri Casinos, Inc  4,724   
854  *    Lakes Entertainment, Inc  15,372   
800  *    Life Time Fitness, Inc  21,584   
1,898  *    Magna Entertainment Corp (Class A)  11,654   
1,055  *    MTR Gaming Group, Inc  13,082   
472  *    Multimedia Games, Inc  3,663   
464  *    Nevada Gold & Casinos, Inc  5,939   
3,222  *    Penn National Gaming, Inc  94,662   
5,189  *    Six Flags, Inc  21,379   
797      Speedway Motorsports, Inc  28,453   
2,179      Station Casinos, Inc  147,191   
547  *    Sunterra Corp  8,249   
1,288  *    WMS Industries, Inc  36,270   
614      World Wrestling Federation Entertainment, Inc  7,368   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  1,391,119   
 
     
APPAREL AND ACCESSORY STORES - 0.66%     
4,324      Abercrombie & Fitch Co (Class A)  247,506   
2,748  *    Aeropostale, Inc  89,997   
5,320      American Eagle Outfitters, Inc  157,206   
3,264  *    AnnTaylor Stores Corp  83,526   
512      Bebe Stores, Inc  17,382   
350      Buckle, Inc  12,218   
443      Burlington Coat Factory Warehouse Corp  12,714   
594  *    Cache, Inc  8,049   
409  *    Carter's, Inc  16,258   
1,531  *    Casual Male Retail Group, Inc  9,936   
713      Cato Corp (Class A)  22,994   
1,066  *    Charlotte Russe Holding, Inc  13,773   
5,664  *    Charming Shoppes, Inc  46,048   

 

124

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
8,730  *    Chico's FAS, Inc  $ 246,710   
854  *    Children's Place Retail Stores, Inc  40,779   
1,609      Christopher & Banks Corp  28,318   
4,358      Claire's Stores, Inc  100,408   
195      Deb Shops, Inc  5,503   
1,172  *    Dress Barn, Inc  21,354   
1,258      Finish Line, Inc (Class A)  29,123   
7,621      Foot Locker, Inc  223,295   
30,154      Gap, Inc  658,563   
856  *    Genesco, Inc  24,328   
1,741      Goody's Family Clothing, Inc  15,721   
1,406  *    Gymboree Corp  17,631   
2,290  *    Hot Topic, Inc  50,037   
906  *    Jo-Ann Stores, Inc  25,450   
521  *    JOS A. Bank Clothiers, Inc  15,265   
17,331      Limited Brands, Inc  421,143   
300  *    New York & Co, Inc  6,021   
5,347      Nordstrom, Inc  296,117   
542      Oshkosh B'gosh, Inc (Class A)  16,531   
3,870  *    Pacific Sunwear of California, Inc  108,283   
2,355  *    Payless Shoesource, Inc  37,185   
7,314      Ross Stores, Inc  213,130   
340  *    Shoe Carnival, Inc  5,950   
766  *    Stage Stores, Inc  29,407   
1,309      Talbots, Inc  41,862   
24,100      TJX Cos, Inc  593,583   
1,744  *    Too, Inc  43,049   
2,368  *    Urban Outfitters, Inc  113,593   
 
      TOTAL APPAREL AND ACCESSORY STORES  4,165,946   
 
     
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%     
2,384  *    Collins & Aikman Corp  2,932   
862  *    Columbia Sportswear Co  45,884   
851  *    DHB Industries, Inc  7,489   
827  *    Guess?, Inc  11,330   
2,723  *    Hartmarx Corp  25,978   
6,149      Jones Apparel Group, Inc  205,930   
1,384      Kellwood Co  39,845   
5,440      Liz Claiborne, Inc  218,307   
468      Oxford Industries, Inc  17,124   
1,115      Phillips-Van Heusen Corp    29,704   
2,408      Polo Ralph Lauren Corp    93,431   
2,813  *    Quiksilver, Inc    81,661   
4,159      VF Corp    245,963   
1,656  *    Warnaco Group, Inc    39,810   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS    1,065,388   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.07%       
579  *    Amerco, Inc    26,808   
890      Central Parking Corp    15,290   
870  *    Dollar Thrifty Automotive Group, Inc    28,519   
455  *    Exide Technologies    5,869   
3,362      Lear Corp    149,138   
911  *    Midas, Inc    20,798   

 

125

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
529  *    Monro Muffler Brake, Inc  $ 13,653   
2,479  *    PHH Corp    54,216   
3,274      Ryder System, Inc    136,526   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING    450,817   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.17%       
3,644  *    Advance Auto Parts    183,840   
206  *    America's Car Mart, Inc    7,222   
831  *    Asbury Automotive Group, Inc    12,797   
8,525  *    Autonation, Inc    161,464   
2,734  *    Autozone, Inc    234,304   
5,061  *    Carmax, Inc    159,422   
3,218  *    Copart, Inc    75,816   
1,794  *    CSK Auto Corp    31,664   
611  *    Group 1 Automotive, Inc    16,069   
584      Lithia Motors, Inc (Class A)    14,956   
303  *    MarineMax, Inc    9,448   
2,462  *    O'Reilly Automotive, Inc    121,943   
1,240      Sonic Automotive, Inc    28,160   
568      United Auto Group, Inc    15,807   
304  *    West Marine, Inc    6,463   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS    1,079,375   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.07%       
545      Building Materials Holding Corp    24,242   
919  *    Central Garden & Pet Co    40,307   
3,113      Fastenal Co    172,180   
109,001      Home Depot, Inc    4,168,198   
5,369      Louisiana-Pacific Corp    134,977   
38,171      Lowe's Cos    2,179,182   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES    6,719,086   
 
 
BUSINESS SERVICES - 6.62%       
1,635  *    @Road, Inc    6,704   
1,352  *    24/7 Real Media, Inc    4,394   
21,178  *    3Com Corp    75,394   
1,526      Aaron Rents, Inc    30,520   
1,869      ABM Industries, Inc    35,941   
1,745  *    ActivCard Corp    11,081   
8,788  *    Activision, Inc    130,062   
3,218  *    Actuate Corp    7,723   
3,987      Acxiom Corp    83,448   
1,100      Administaff, Inc    16,060   
11,643      Adobe Systems, Inc    782,060   
1,001  *    Advent Software, Inc    18,198   
1,647      Advo, Inc    61,680   
5,998  *    Affiliated Computer Services, Inc (Class A)    319,334   
3,249  *    Agile Software Corp    23,653   
5,805  *    Akamai Technologies, Inc    73,898   
2,395  *    Alliance Data Systems Corp    96,758   
1,193  *    Altiris, Inc    28,453   
329  *    Ansoft Corp    8,876   

 

126

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,622  *    Ansys, Inc  $ 55,489   
1,577  *    Anteon International Corp    61,393   
2,653  *    Aquantive, Inc    29,369   
1,222      Arbitron, Inc    52,424   
3,307  *    Ariba, Inc    25,662   
1,676  *    Armor Holdings, Inc    62,163   
2,422  *    Ascential Software Corp    44,880   
2,196  *    Asiainfo Holdings, Inc    11,024   
3,274  *    Ask Jeeves, Inc    91,934   
2,474  *    Aspect Communications Corp    25,754   
2,330  *    Aspen Technology, Inc    13,234   
489  *    Asset Acceptance Capital Corp    9,330   
340  *    Atari, Inc    1,074   
2,383  *    Autobytel, Inc    12,010   
11,392  *    Autodesk, Inc    339,026   
28,711      Automatic Data Processing, Inc    1,290,559   
17,746  *    BEA Systems, Inc    141,436   
5,885  *    Bisys Group, Inc    92,277   
900      Blackbaud, Inc    11,340   
1,300  *    Blackboard, Inc    22,672   
558  *    Blue Coat Systems, Inc    13,113   
10,942  *    BMC Software, Inc    164,130   
4,524  *    Borland Software Corp    36,735   
1,882      Brady Corp (Class A)    60,883   
3,144      Brink's Co    108,782   
12,669  *    Brocade Communications Systems, Inc    75,000   
1,612  *    CACI International, Inc (Class A)    89,031   
13,267  *    Cadence Design Systems, Inc    198,342   
1,999  *    Captaris, Inc    8,096   
1,258  *    Carreker Corp    7,057   
2,944      Catalina Marketing Corp    76,250   
415  *    CCC Information Services Group, Inc    9,483   
49,480      Cendant Corp    1,016,319   
7,198  *    Ceridian Corp    122,726   
1,489  *    Cerner Corp    78,187   
3,259      Certegy, Inc    112,827   
4,005  *    Checkfree Corp    163,244   
4,333  *    ChoicePoint, Inc    173,797   
4,459  *    Chordiant Software, Inc    7,447   
2,298  *    Ciber, Inc    16,706   
8,286  *    Citrix Systems, Inc    197,373   
21,314  *    CMGI, Inc    44,333   
7,132  *    CNET Networks, Inc    67,335   
1,100  *    Cogent, Inc    27,698   
6,442  *    Cognizant Technology Solutions Corp    297,620   
22,573      Computer Associates International, Inc    611,728   
156      Computer Programs & Systems, Inc    4,380   
9,198  *    Computer Sciences Corp    421,728   
18,583  *    Compuware Corp    133,798   
743  *    Concord Communications, Inc    7,519   
1,628  *    Concur Technologies, Inc    13,219   
7,094  *    Convergys Corp    105,913   
2,018  *    Corillian Corp    7,023   
873  *    CoStar Group, Inc    32,170   
1,148  *    Covansys Corp    17,122   
2,355  *    CSG Systems International, Inc    38,363   
1,117  *    Cyberguard Corp    9,204   

 

127

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,699  *    Cybersource Corp  $ 8,750   
2,464      Deluxe Corp    98,215   
2,046  *    Dendrite International, Inc    28,726   
472  *    Digimarc Corp    2,903   
1,982  *    Digital Insight Corp    32,505   
1,183  *    Digital River, Inc    36,862   
5,122  *    DoubleClick, Inc    39,439   
3,698  *    DST Systems, Inc    170,774   
3,251  *    Dun & Bradstreet Corp    199,774   
4,226  *    E.piphany, Inc    15,002   
6,516  *    Earthlink, Inc    58,653   
1,544  *    Echelon Corp    10,561   
2,070  *    Eclipsys Corp    32,044   
889  *    eCollege.com, Inc    11,504   
2,402  *    eFunds Corp    53,635   
1,021  *    Electro Rent Corp    13,702   
14,547  *    Electronic Arts, Inc    753,244   
24,719      Electronic Data Systems Corp    510,942   
1,220  *    Embarcadero Technologies, Inc    8,040   
11,671  *    Enterasys Networks, Inc    16,339   
3,555  *    Entrust, Inc    13,331   
1,170  *    Epicor Software Corp    15,327   
646  *    EPIQ Systems, Inc    8,385   
6,431      Equifax, Inc    197,367   
204  *    Equinix, Inc    8,637   
1,498  *    eSpeed, Inc (Class A)    13,782   
3,817  *    Extreme Networks, Inc    22,482   
1,627  *    F5 Networks, Inc    82,147   
1,700      Factset Research Systems, Inc    56,117   
3,474      Fair Isaac Corp    119,645   
2,055  *    Filenet Corp    46,813   
1,063  *    FindWhat.com    11,023   
39,355      First Data Corp    1,547,045   
9,533  *    Fiserv, Inc    379,413   
2,247  *    Getty Images, Inc    159,784   
1,374      Gevity HR, Inc    26,271   
1,000  *    Google, Inc (Class A)    180,510   
314  *    Greg Manning Auctions, Inc    3,162   
1,104  *    GSI Commerce, Inc    14,937   
5,772      GTECH Holdings Corp    135,815   
2,747  *    Harris Interactive, Inc    12,664   
615      Healthcare Services Group    14,914   
542  *    Heidrick & Struggles International, Inc    19,929   
3,364      Henry (Jack) & Associates, Inc    60,518   
5,653  *    Homestore, Inc    12,550   
1,138  *    Hudson Highland Group, Inc    19,448   
2,012  *    Hyperion Solutions Corp    88,749   
24  *    IAC/InterActiveCorp Wts 02/04/09    501   
78  *    ICT Group, Inc    879   
790  *    IDX Systems Corp    27,437   
416  *    iGate Corp    1,552   
1,990      Imation Corp    69,153   
11,433      IMS Health, Inc    278,851   
876  *    Infocrossing, Inc    13,876   
3,124  *    Informatica Corp    25,835   
1,785  *    Infospace, Inc    72,882   
2,460      infoUSA, Inc    25,855   
434  *    Innovative Solutions & Support, Inc    13,780   
1,687  *    Interactive Data Corp    35,005   
100  *    Interchange Corp    1,014   
1,490  *    Intergraph Corp    42,927   

 

128

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
668  *    Internet Capital Group, Inc  $ 4,689   
1,630  *    Internet Security Systems, Inc    29,829   
20,387  *    Interpublic Group of Cos, Inc    250,352   
440  *    Intersections, Inc    6,402   
533  *    Intervideo, Inc    5,863   
2,406  *    Interwoven, Inc    18,743   
873  *    Intrado, Inc    10,738   
8,664  *    Intuit, Inc    379,223   
2,349  *    Ipass, Inc    14,376   
653  *    iPayment, Inc    27,557   
5,374  *    Iron Mountain, Inc    154,986   
1,855  *    iVillage, Inc    11,297   
100  *    Jamdat Mobile, Inc    1,724   
1,522  *    JDA Software Group, Inc    21,369   
25,706  *    Juniper Networks, Inc    567,074   
273  *    Jupitermedia Corp    4,234   
900  *    Kanbay International, Inc    18,414   
2,503  *    Keane, Inc    32,614   
890      Kelly Services, Inc (Class A)    25,623   
934  *    Keynote Systems, Inc    11,087   
2,488  *    Kforce, Inc    27,343   
1,312  *    KFX ,Inc    17,581   
1,383  *    Kinetic Concepts, Inc    82,496   
500  *    Kintera, Inc    2,650   
1,045  *    Korn/Ferry International    19,886   
1,484  *    Kronos, Inc    75,847   
1,632  *    Labor Ready, Inc    30,437   
4,091  *    Lamar Advertising Co    164,826   
3,158  *    Lawson Software, Inc    18,632   
2,598  *    Lionbridge Technologies    14,783   
5,939  *    Looksmart Ltd    5,286   
3,420  *    Macromedia, Inc    114,570   
2,768  *    Macrovision Corp    63,083   
1,159  *    Magma Design Automation, Inc    13,757   
1,678  *    Manhattan Associates, Inc    34,181   
4,436      Manpower, Inc    193,055   
857  *    Mantech International Corp (Class A)    19,771   
3,754  *    Manugistics Group, Inc    6,307   
2,280  *    MAPICS, Inc    29,024   
1,157  *    Mapinfo Corp    13,930   
1,000  *    Marlin Business Services, Inc    20,380   
2,678  *    Matrixone, Inc    12,774   
7,666  *    McAfee, Inc    172,945   
990      McGrath RentCorp    23,146   
849  *    Medical Staffing Network Holdings, Inc    5,612   
3,720  *    Mentor Graphics Corp    50,964   
4,182  *    Mercury Interactive Corp    198,143   
1,870  *    Micromuse, Inc    8,471   
448,197      Microsoft Corp    10,832,921   
681  *    MicroStrategy, Inc    36,958   
1,012  *    Midway Games, Inc    10,383   
5,966  *    Mindspeed Technologies, Inc    13,304   
4,312      MoneyGram International, Inc    81,454   
4,974  *    Monster Worldwide, Inc    139,521   
900  *    Motive, Inc    9,000   
5,139  *    MPS Group, Inc    54,011   
1,096  *    MRO Software, Inc    15,377   
2,543      National Instruments Corp    68,788   

 

129

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,300  *    NAVTEQ Corp  $ 99,705   
882  *    NCO Group, Inc    17,243   
9,358  *    NCR Corp    315,739   
2,035  *    NDCHealth Corp    32,519   
306  *    Neoforma, Inc    2,433   
3,407  *    NETIQ Corp    38,942   
1,145  *    Netratings, Inc    17,461   
976  *    Netscout Systems, Inc    4,343   
1,148  *    Network Equipment Technologies, Inc    6,463   
1,494  *    NIC, Inc    7,126   
18,621  *    Novell, Inc    110,987   
9,262      Omnicom Group, Inc    819,872   
140  *    Open Solutions, Inc    2,776   
554  *    Opnet Technologies, Inc    4,631   
2,025  *    Opsware, Inc    10,449   
182,661  *    Oracle Corp    2,279,609   
1,073  *    Packeteer, Inc    16,513   
945  *    PalmSource, Inc    8,543   
13,650  *    Parametric Technology Corp    76,304   
973  *    PC-Tel, Inc    7,161   
973  *    PDF Solutions, Inc    13,622   
555  *    PDI, Inc    11,378   
433  *    PEC Solutions, Inc    5,447   
1,157  *    Pegasus Solutions, Inc    13,676   
703  *    Pegasystems, Inc    3,782   
3,208  *    Perot Systems Corp (Class A)    43,116   
1,323  *    Pixar    129,059   
1,430  *    PLATO Learning, Inc    11,154   
1,249  *    Portal Software, Inc    3,023   
834  *    Portfolio Recovery Associates, Inc    28,381   
800  *    PRA International    21,544   
1,757  *    Progress Software Corp    46,069   
373  *    Proxymed, Inc    3,241   
1,867      QAD, Inc    15,440   
334      Quality Systems, Inc    14,142   
2,793  *    Quest Software, Inc    38,655   
901  *    R.H. Donnelley Corp    52,339   
799  *    Radisys Corp    11,314   
6,298  *    RealNetworks, Inc    36,402   
7,902  *    Red Hat, Inc    86,211   
205  *    Redback Networks, Inc    1,226   
472      Renaissance Learning, Inc    8,081   
3,195  *    Rent-A-Center, Inc    87,255   
1,245  *    Rent-Way, Inc    10,209   
3,082  *    Retek, Inc    34,580   
1,454  *    Rewards Network, Inc    6,049   
3,206      Reynolds & Reynolds Co (Class A)    86,754   
800  *    RightNow Technologies, Inc    9,808   
7,208      Robert Half International, Inc    194,328   
739      Rollins, Inc    13,745   
3,443  *    RSA Security, Inc    54,572   
4,636  *    S1 Corp    32,174   
1,378  *    SafeNet, Inc    40,389   
800  *    Salesforce.com, Inc    11,992   
4,400  *    Sapient Corp    32,318   
5,626  *    Scansoft, Inc    20,929   
1,739  *    Secure Computing Corp    14,903   
3,086  *    Seebeyond Technology Corp    9,752   
1,273  *    Serena Software, Inc    30,246   
14,026      Servicemaster Co    189,351   

 

130

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
313  *    SI International, Inc  $ 8,648   
20,790  *    Siebel Systems, Inc    189,813   
3,624  *    Sitel Corp    7,103   
87  *    SoftBrands, Inc    154   
1,273  *    Sohu.com, Inc    22,379   
2,930  *    SonicWALL, Inc    14,914   
2,414  *    Sotheby's Holdings, Inc (Class A)    40,941   
1,123  *    Source Interlink Cos, Inc    12,634   
1,639  *    Spherion Corp    12,276   
881  *    SPSS, Inc    15,321   
810  *    SRA International, Inc (Class A)    48,803   
845      SS&C Technologies, Inc    19,266   
545      Startek, Inc    9,156   
890  *    Stellent, Inc    7,485   
171  *    Stratasys, Inc    4,844   
160,939  *    Sun Microsystems, Inc    650,194   
14,145  *    SunGard Data Systems, Inc    488,003   
2,455  *    SupportSoft, Inc    12,962   
5,429  *    Sybase, Inc    100,219   
1,090  *    Sykes Enterprises, Inc    7,488   
34,506  *    Symantec Corp    736,013   
408  *    SYNNEX Corp    7,107   
7,573  *    Synopsys, Inc    137,071   
195      Syntel, Inc    3,452   
2,475  *    Take-Two Interactive Software, Inc    96,773   
932      Talx Corp    16,925   
2,141  *    TeleTech Holdings, Inc    27,662   
2,205  *    THQ, Inc    62,049   
10,245  *    TIBCO Software, Inc    76,325   
643  *    Tier Technologies, Inc (Class B)    4,739   
4,712  *    Titan Corp    85,570   
276  *    TNS, Inc    4,954   
1,360      Total System Services, Inc    33,986   
880  *    TradeStation Group, Inc    5,315   
1,585  *    Transaction Systems Architects, Inc    36,693   
1,750  *    Trizetto Group, Inc    16,293   
2,967  *    Tumbleweed Communications Corp    8,189   
2,408  *    Tyler Technologies, Inc    18,325   
851  *    Ultimate Software Group, Inc    13,599   
16,141  *    Unisys Corp    113,955   
3,012  *    United Online, Inc    31,536   
2,146  *    United Rentals, Inc    43,371   
873  *    Universal Compression Holdings, Inc    33,061   
4,630  *    Valueclick, Inc    49,124   
227  *    Verint Systems, Inc    7,931   
12,096  *    VeriSign, Inc    347,155   
20,801  *    Veritas Software Corp    483,022   
1,652  *    Verity, Inc    15,611   
386  *    Vertrue, Inc    13,680   
1,278      Viad Corp    34,378   
15,961  *    Vignette Corp    20,909   
350  *    Volt Information Sciences, Inc    8,453   
28,075      Waste Management, Inc    809,964   
1,596  *    WatchGuard Technologies, Inc    5,155   
1,775  *    WebEx Communications, Inc    38,322   
15,203  *    WebMD Corp    129,226   
2,241  *    webMethods, Inc    12,281   
814  *    Websense, Inc    43,793   
3,829  *    Westwood One, Inc    77,920   

 

131

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
3,761  *    Wind River Systems, Inc  $ 56,716   
377  *    Witness Systems, Inc    6,616   
55,486  *    Yahoo!, Inc    1,880,975   
1,297  *    Zix Corp    4,851   
 
      TOTAL BUSINESS SERVICES    41,748,808   
 
 
CHEMICALS AND ALLIED PRODUCTS - 10.13%       
75,519      Abbott Laboratories    3,520,696   
4,858  *    Abgenix, Inc    34,006   
1,212  *    Able Laboratories, Inc    28,434   
1,489      Aceto Corp    11,048   
1,103  *    Adolor Corp    10,964   
587  *    Advancis Pharmaceutical Corp    2,172   
11,092      Air Products & Chemicals, Inc    702,013   
1,362  *    Albany Molecular Research, Inc    14,001   
1,807      Albemarle Corp    65,702   
3,576      Alberto-Culver Co    171,147   
1,266  *    Alexion Pharmaceuticals, Inc    27,428   
4,977  *    Alkermes, Inc    51,661   
6,456      Allergan, Inc    448,498   
2,262      Alpharma, Inc (Class A)    27,868   
1,129  *    American Pharmaceutical Partners, Inc    58,414   
311      American Vanguard Corp    13,955   
62,820  *    Amgen, Inc    3,656,752   
4,704  *    Amylin Pharmaceuticals, Inc    82,273   
3,633  *    Andrx Corp    82,360   
1,348      Arch Chemicals, Inc    38,378   
1,485  *    Array Biopharma, Inc    10,410   
1,310  *    Atherogenics, Inc    17,148   
3,067  *    Avant Immunotherapeutics, Inc    4,999   
5,438      Avery Dennison Corp    336,775   
22,925      Avon Products, Inc    984,399   
4,377  *    Barr Pharmaceuticals, Inc    213,729   
407  *    Barrier Therapeutics, Inc    6,304   
997  *    Benthley Pharmaceuticals, Inc    7,338   
1,017  *    BioCryst Pharmaceuticals, Inc    4,688   
1,207  *    Bioenvision, Inc    6,940   
16,508  *    Biogen Idec, Inc    569,691   
3,604  *    BioMarin Pharmaceutical, Inc    18,561   
806  *    Biosite, Inc    41,936   
873  *    Bone Care International, Inc    22,646   
911  *    Bradley Pharmaceuticals, Inc    8,709   
94,174      Bristol-Myers Squibb Co    2,397,670   
3,143      Cabot Corp    105,070   
1,604      Calgon Carbon Corp    13,698   
1,525      Cambrex Corp    32,483   
1,028  *    CancerVax Corp    6,775   
565  *    Caraco Pharmaceutical Laboratories Ltd    4,622   
2,000  *    Celanese Corp (Series A)    35,980   
779  *    Cell Genesys, Inc    3,529   
1,629  *    Cell Therapeutics, Inc    5,848   
2,843  *    Cephalon, Inc    133,138   
3,049  *    Charles River Laboratories International, Inc    143,425   
941  *    Chattem, Inc    41,846   
5,440  *    Chiron Corp    190,726   
3,085      Church & Dwight Co, Inc    109,425   

 

132

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
5,361      Clorox Co  $ 337,689   
25,834      Colgate-Palmolive Co    1,347,760   
1,818  *    Connetics Corp    45,977   
383  *    Corgentech, Inc    889   
3,165  *    Corixa Corp    9,717   
5,677      Crompton Corp    82,884   
1,435  *    Cubist Pharmaceuticals, Inc    15,240   
2,579  *    Curis, Inc    9,233   
1,627  *    Cypress Bioscience, Inc    14,871   
1,983      Cytec Industries, Inc    107,578   
965  *    Cytogen Corp    5,587   
470  *    Cytokinetics, Inc    3,083   
2,170  *    Dade Behring Holdings, Inc    127,878   
1,794  *    Dendreon Corp    9,777   
1,329      Diagnostic Products Corp    64,191   
830  *    Digene Corp    17,222   
831  *    Discovery Laboratories, Inc    4,679   
528  *    Dov Pharmaceutical, Inc    7,223   
45,418      Dow Chemical Co    2,264,137   
48,505      Du Pont (E.I.) de Nemours & Co    2,485,396   
1,946  *    Durect Corp    7,083   
932  *    Dusa Pharmaceuticals, Inc    8,136   
3,853      Eastman Chemical Co    227,327   
9,011      Ecolab, Inc    297,814   
923  *    Elizabeth Arden, Inc    21,912   
2,845  *    Encysive Pharmaceuticals, Inc    29,076   
6,087      Engelhard Corp    182,793   
1,903  *    Enzon, Inc    19,392   
1,448  *    Eon Labs, Inc    43,788   
1,214  *    EPIX Pharmaceuticals, Inc    8,498   
5,369      Estee Lauder Cos (Class A)    241,498   
424  *    Eyetech Pharmaceuticals, Inc    11,660   
1,707      Ferro Corp    32,126   
833  *    First Horizon Pharmaceutical    14,061   
1,662  *    FMC Corp    88,834   
17,849  *    Forest Laboratories, Inc    659,521   
3,262  *    Genaera Corp    7,437   
5,475  *    Genelabs Technologies    3,285   
21,549  *    Genentech, Inc    1,219,889   
2,381  *    Genta, Inc    2,691   
11,955  *    Genzyme Corp    684,309   
1,606      Georgia Gulf Corp    73,844   
1,106  *    Geron Corp    6,758   
21,812  *    Gilead Sciences, Inc    780,870   
48,710      Gillette Co    2,458,881   
2,788      Great Lakes Chemical Corp    89,551   
2,112  *    Guilford Pharmaceuticals, Inc    4,858   
1,327      H.B. Fuller Co    38,483   
856  *    Hollis-Eden Pharmaceuticals    6,031   
7,672  *    Hospira, Inc    247,575   
7,075  *    Human Genome Sciences, Inc    65,232   
2,600  *    Huntsman Corp    60,632   
2,979  *    ICOS Corp    66,908   
1,703 
*  
   Idexx Laboratories, Inc    92,234   
3,246 
*  
   ImClone Systems, Inc    111,987   
2,307 
*  
   Immucor, Inc    69,648   
2,102 
*  
   Immunogen, Inc    10,993   
2,588 
*  
   Immunomedics, Inc    6,289   

 

133

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,725 
*  
   Impax Laboratories, Inc  $ 43,600   
2,573 
*  
   Indevus Pharmaceuticals, Inc    7,153   
3,029 
*  
   Inkine Pharmaceutical Co    9,390   
1,788 
*  
   Inspire Pharmaceuticals, Inc    14,590   
315 
  Inter Parfums, Inc    4,536   
1,685 
*  
   InterMune, Inc    18,535   
4,136 
  International Flavors & Fragrances, Inc    163,372   
835 
*  
   Inverness Medical Innovations, Inc    19,623   
2,554 
*  
   Invitrogen Corp    176,805   
2,545 
*  
   Isis Pharmaceuticals, Inc    9,849   
1,276 
*  
   Isolagen, Inc    8,026   
9,147 
*  
   IVAX Corp    180,836   
11,749 
*  
   King Pharmaceuticals, Inc    97,642   
628 
*  
   Kos Pharmaceuticals, Inc    26,175   
200 
  Kronos Worldwide, Inc    8,502   
2,021 
*  
   KV Pharmaceutical Co (Class A)    46,887   
298 
*  
   Lannett Co, Inc    1,877   
4,096 
*  
   Ligand Pharmaceuticals, Inc (Class B)    23,470   
47,186 
  Lilly (Eli) & Co    2,458,391   
9,535 
  Lyondell Chemical Co    266,217   
1,079 
  MacDermid, Inc    35,068   
800 
  Mannatech, Inc    15,640   
800 
*  
   MannKind Corp    11,384   
1,475 
*  
   Martek Biosciences Corp    85,830   
3,400 
*  
   Medarex, Inc    24,242   
2,667 
*  
   Medicines Co    60,434   
2,802 
  Medicis Pharmaceutical Corp (Class A)    84,004   
12,101 
*  
   MedImmune, Inc    288,125   
108,552 
  Merck & Co, Inc    3,513,828   
3,442 
*  
   MGI Pharma, Inc    86,979   
14,801 
*  
   Millennium Pharmaceuticals, Inc    124,624   
1,078 
  Minerals Technologies, Inc    70,911   
12,878 
  Monsanto Co    830,631   
6,406 
*  
   Mosaic Co    109,286   
13,024 
  Mylan Laboratories, Inc    230,785   
1,168 
*  
   Myogen, Inc    9,216   
2,996 
*  
   Nabi Biopharmaceuticals    37,390   
2,800 
*  
   Nalco Holding Co    52,724   
484 
  Nature's Sunshine Products, Inc    8,310   
2,441 
*  
   NBTY, Inc    61,245   
4,697 
*  
   Nektar Therapeutics    65,476   
973 
*  
   Neose Technologies, Inc    2,510   
2,061 
*  
   Neurocrine Biosciences, Inc    78,442   
1,554 
*  
   Neurogen Corp    11,002   
740 
*  
   NewMarket Corp    13,764   
613 
*  
   NitroMed, Inc    10,611   
383 
*  
   NL Industries, Inc    8,847   
383 
*  
   Northfield Laboratories, Inc    4,309   
1,192 
*  
   Noven Pharmaceuticals, Inc    20,216   
2,116 
*  
   NPS Pharmaceuticals, Inc    26,704   
490 
*  
   Nutraceutical International Corp    7,771   
2,090 
*  
   Nuvelo, Inc    13,585   
662 
  Octel Corp    12,267   
3,922 
  Olin Corp    87,461   
1,409 
*  
   OM Group, Inc    42,862   
2,492 
*  
   Omnova Solutions, Inc    13,382   
1,876 
*  
   Onyx Pharmaceuticals, Inc    58,813   
3,233 
*  
   OraSure Technologies, Inc    23,795   

 

134

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,365 
*  
   OSI Pharmaceuticals, Inc  $ 97,769   
1,604 
*  
   Pain Therapeutics, Inc    8,148   
3,277 
*  
   Palatin Technologies, Inc    7,668   
1,727 
*  
   Par Pharmaceutical Cos, Inc    57,751   
778 
*  
   Penwest Pharmaceuticals Co    9,616   
7,822 
*  
   Peregrine Pharmaceuticals, Inc    11,498   
582 
*  
   PetMed Express, Inc    4,313   
372,744 
  Pfizer, Inc    9,791,985   
1,220 
*  
   Pharmacyclics, Inc    9,797   
965 
*  
   Pharmion Corp    27,985   
1,534 
  PolyMedica Corp    48,720   
4,616 
*  
   PolyOne Corp    40,990   
1,146 
*  
   Pozen, Inc    5,971   
8,405 
  PPG Industries, Inc    601,126   
3,011 
*  
   Praecis Pharmaceuticals, Inc    3,162   
15,820 
  Praxair, Inc    757,145   
125,133 
  Procter & Gamble Co    6,632,049   
732 
*  
   Progenics Pharmaceuticals    12,305   
5,211 
*  
   Protein Design Labs, Inc    83,324   
350 
  Quaker Chemical Corp    7,189   
1,121 
*  
   Quidel Corp    4,383   
8,079 
*  
   Revlon, Inc (Class A)    23,268   
7,808 
  Rohm & Haas Co    374,784   
5,610 
  RPM International, Inc    102,551   
2,039 
*  
   Salix Pharmaceuticals Ltd    33,623   
432 
*  
   Santarus, Inc    2,099   
71,302 
  Schering-Plough Corp    1,294,131   
2,774 
*  
   Sciclone Pharmaceuticals, Inc    7,878   
1,112 
*  
   Scotts Miracle-Gro Co (Class A)    78,096   
5,178 
*  
   Sepracor, Inc    297,269   
2,253 
*  
   Serologicals Corp    55,063   
5,809    Sherwin-Williams Co    255,538   
3,233    Sigma-Aldrich Corp    198,021   
350    Stepan Co    8,228   
278  *    SuperGen, Inc    1,351   
708  *    SurModics, Inc    22,592   
1,295  *    Tanox, Inc    12,432   
2,227  *    Terra Industries, Inc    17,281   
2,516  *    Third Wave Technologies, Inc    14,492   
1,400  *    UAP Holding Corp    22,540   
1,076  *    United Therapeutics Corp    49,168   
654  *    USANA Health Sciences, Inc    30,934   
4,670    USEC, Inc    76,028   
4,113    Valeant Pharmaceuticals International    92,625   
2,358    Valspar Corp    109,741   
3,190  *    VCA Antech, Inc    64,534   
4,453  *    Vertex Pharmaceuticals, Inc    41,680   
2,574  *    Vicuron Pharmaceuticals, Inc    40,566   
3,443  *    Vion Pharmaceuticals, Inc    9,812   
5,354  *    Watson Pharmaceuticals, Inc    164,528   
1,629    Wellman, Inc    23,555   
1,644    West Pharmaceutical Services, Inc    39,292   
700    Westlake Chemical Corp    22,645   
2,932  b*    WR Grace & Co    24,981   
64,671    Wyeth    2,727,823   
2,520  *    Zila, Inc    10,181   
1,107  *    Zymogenetics, Inc    16,893   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    63,906,259   
 

 

135

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
COAL MINING - 0.13% 
     
1,200  *    Alpha Natural Resources, Inc  $ 34,404   
3,098    Arch Coal, Inc    133,287   
4,482    Consol Energy, Inc    210,744   
3,821    Massey Energy Co    152,993   
6,478    Peabody Energy Corp    300,320   
 
      TOTAL COAL MINING    831,748   
 
 
COMMUNICATIONS - 4.60%       
1,915  *    Airspan Networks, Inc    9,786   
4,230  *    Alamosa Holdings, Inc    49,364   
15,126    Alltel Corp    829,661   
10,451  *    American Tower Corp (Class A)    190,522   
38,583    AT&T Corp    723,431   
19,139  *    Avaya, Inc    223,554   
195  *    Beasley Broadcast Group, Inc (Class A)    3,467   
89,030    BellSouth Corp    2,340,599   
811  *    Boston Communications Group    5,774   
8,436  *    Cablevision Systems Corp (Class A)    236,630   
543  *    Centennial Communications Corp    5,892   
6,824    CenturyTel, Inc    224,100   
14,956  *    Charter Communications, Inc (Class A)    23,930   
11,990  *    Cincinnati Bell, Inc    50,957   
2,540  *    Citadel Broadcasting Corp    34,874   
24,070    Clear Channel Communications, Inc    829,693   
103,718  *    Comcast Corp (Class A)    3,503,594   
267  *    Comcast Corp (Special Class A)    8,918   
1,329  *    Commonwealth Telephone Enterprises, Inc    62,649   
1,527  *    Cox Radio, Inc (Class A)    25,669   
9,388  *    Crown Castle International Corp    150,771   
1,284  *    Crown Media Holdings, Inc (Class A)    11,569   
890    CT Communications, Inc    9,372   
2,764  *    Cumulus Media, Inc (Class A)    39,387   
652    D&E Communications, Inc    5,953   
31,240  *    DIRECTV Group, Inc    450,481   
6,149  *    Dobson Communications Corp (Class A)    12,421   
11,196    EchoStar Communications Corp (Class A)    327,483   
2,748  *    Emmis Communications Corp (Class A)    52,817   
1,848  *    Entercom Communications Corp    65,641   
2,699  *    Entravision Communications Corp (Class A)    23,940   
405  *    Fisher Communications, Inc    20,942   
6,593  *    Foundry Networks, Inc    65,271   
2,256  *    General Communication, Inc (Class A)    20,597   
1,452    Global Payments, Inc    93,639   
1,023    Golden Telecom, Inc    26,189   
2,723    Gray Television, Inc    39,402   
1,203    Hearst-Argyle Television, Inc    30,676   
16,494  *    IAC/InterActiveCorp    367,321   
1,400  *    IDT Corp (Class B)    20,706   
2,470  *    Insight Communications Co, Inc    29,270   
14,711  *    Internap Network Services Corp    8,679   
1,000    Iowa Telecommunications Services, Inc    19,500   
780  *    ITC Deltacom, Inc    616   
1,141  *    j2 Global Communications, Inc    39,148   

 

136

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
35,711  *    Level 3 Communications, Inc  $ 73,565   
769    Liberty Corp    31,183   
8,056  *    Liberty Media International, Inc    352,369   
1,154  *    Lin TV Corp (Class A)    19,537   
506  *    Lodgenet Entertainment Corp    9,533   
200,220  *    Lucent Technologies, Inc    550,605   
1,400  *    Mastec, Inc    11,494   
10,603  fv*    McLeod (Escrow)    -   
1,603  *    Mediacom Communications Corp    10,484   
2,219  *    Net2Phone, Inc    3,573   
49,776  *    Nextel Communications, Inc (Class A)    1,414,634   
6,026  *    Nextel Partners, Inc (Class A)    132,331   
2,843 
* 
  NII Holdings, Inc (Class B)    163,473   
739 
  North Pittsburgh Systems, Inc    14,606   
1,047 
* 
  Novatel Wireless, Inc    11,255   
3,417 
* 
  NTL, Inc    217,560   
1,712 
* 
  Paxson Communications Corp    1,181   
2,890 
* 
  Premiere Global Services, Inc    32,715   
2,163 
* 
  Price Communications Corp    37,853   
4,490 
* 
  Primus Telecommunications Group    7,049   
71,868 
* 
  Qwest Communications International, Inc    265,915   
856 
* 
  Radio One, Inc (Class A)    12,566   
3,469 
* 
  Radio One, Inc (Class D)    51,168   
2,746 
bv* 
  RCN Corp    -   
1,768 
* 
  Regent Communications, Inc    9,459   
824 
* 
  Saga Communications, Inc (Class A)    13,266   
460 
* 
  Salem Communications Corp (Class A)    9,476   
161,753 
  SBC Communications, Inc    3,831,929   
252 
  Shenandoah Telecom Co    7,812   
2,927 
  Sinclair Broadcast Group, Inc (Class A)    23,504   
2,018 
* 
  Spanish Broadcasting System, Inc (Class A)    20,705   
2,033 
* 
  Spectrasite, Inc    117,853   
69,193 
  Sprint Corp    1,574,141   
1,225 
  SureWest Communications    28,248   
1,691 
* 
  Talk America Holdings, Inc    10,907   
2,465 
  Telephone & Data Systems, Inc    201,144   
16,675 
* 
  Terremark Worldwide, Inc    10,839   
2,790 
* 
  Time Warner Telecom, Inc (Class A)    11,076   
2,540 
* 
  Tivo, Inc    13,132   
2,374 
* 
  Triton PCS Holdings, Inc (Class A)    5,270   
640 
* 
  U.S. Cellular Corp    29,203   
2,077 
* 
  Ubiquitel, Inc    13,916   
16,926 
* 
  UnitedGlobalcom, Inc (Class A)    160,120   
11,316 
* 
  Univision Communications, Inc (Class A)    313,340   
1,370 
* 
  USA Mobility, Inc    44,388   
135,259 
  Verizon Communications, Inc    4,801,694   
72,819 
  Viacom, Inc (Class B)    2,536,320   
873 
* 
  West Corp    27,936   
4,014 
* 
  Western Wireless Corp (Class A)    152,371   
2,647 
* 
  Wireless Facilities, Inc    16,544   
7,872 
* 
  XM Satellite Radio Holdings, Inc    247,968   
778 
* 
  Young Broadcasting, Inc (Class A)    6,722   
 
 
  TOTAL COMMUNICATIONS    28,978,787   
 
 
DEPOSITORY INSTITUTIONS - 9.68%       
664 
  1st Source Corp    14,163   
594 
  ABC Bancorp    10,033   

 

137

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
561 
* 
  ACE Cash Express, Inc  $ 12,763   
660 
* 
  AmericanWest Bancorp    12,718   
17,087 
  AmSouth Bancorp    443,408   
1,029 
  Anchor Bancorp Wisconsin, Inc    28,925   
688 
  Arrow Financial Corp    18,734   
6,205 
  Associated Banc-Corp    193,782   
5,693 
  Astoria Financial Corp    144,033   
234 
  Bancfirst Corp    16,151   
3,846 
  Bancorpsouth, Inc    79,381   
557 
  BancTrust Financial Group, Inc    11,274   
3,301 
  Bank Mutual Corp    39,018   
199,194 
  Bank of America Corp    8,784,455   
827 
  Bank of Granite Corp    15,291   
2,669 
  Bank of Hawaii Corp    120,799   
37,635 
  Bank of New York Co, Inc    1,093,297   
492 
  Bank of The Ozarks, Inc    15,621   
2,174 
  BankAtlantic Bancorp, Inc (Class A)    37,828   
1,134 
  BankUnited Financial Corp (Class A)    30,459   
702 
  Banner Corp    18,933   
26,915 
  BB&T Corp    1,051,838   
287 
  Berkshire Hills Bancorp, Inc    9,686   
537 
* 
  BFC Financial Corp    5,075   
1,086 
* 
  BOK Financial Corp    44,178   
1,431 
  Boston Private Financial Holdings, Inc    33,986   
422 
  Bryn Mawr Bank Corp    8,617   
353 
  Camden National Corp    12,479   
438 
  Capital City Bank Group, Inc    17,743   
251 
  Capital Corp of the West    11,666   
264 
* 
  Capital Crossing Bank    8,686   
1,081 
  Capitol Federal Financial    37,446   
1,117 
  Cascade Bancorp    21,681   
2,306 
  Cathay General Bancorp    72,639   
468 
  Center Financial Corp    8,251   
500 
* 
  Central Coast Bancorp    8,385   
1,505 
  Central Pacific Financial Corp    50,643   
203 
  Century Bancorp, Inc (Class A)    5,820   
176 
  Charter Financial Corp    5,873   
1,626 
  Chemical Financial Corp    52,853   
2,341 
  Chittenden Corp    61,030   
252,651 
  Citigroup, Inc    11,354,136   
1,991 
  Citizens Banking Corp    58,456   
602 
  Citizens First Bancorp, Inc    13,449   
556 
  City Bank    17,981   
1,106 
  City Holding Co    32,666   
1,802 
  City National Corp    125,816   
855 
  Clifton Savings Bancorp, Inc    9,576   
760 
  Coastal Financial Corp    11,430   
525 
  CoBiz, Inc    10,175   
6,445 
  Colonial Bancgroup, Inc    132,251   
281      Columbia Bancorp    8,953   
1,161      Columbia Banking System, Inc    27,574   
8,418      Comerica, Inc    463,663   
6,838      Commerce Bancorp, Inc    222,030   
3,014      Commerce Bancshares, Inc    145,275   
2,156      Commercial Capital Bancorp, Inc    43,875   
2,009      Commercial Federal Corp    55,549   
83      Community Bank of North Virginia    1,672   

 

138

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,746      Community Bank System, Inc  $ 40,001   
731      Community Trust Bancorp, Inc    21,060   
6,008      Compass Bancshares, Inc    272,763   
856      Corus Bankshares, Inc    40,823   
2,349      Cullen/Frost Bankers, Inc    106,057   
2,402      CVB Financial Corp    43,572   
1,724      Dime Community Bancshares    26,205   
973      Downey Financial Corp    59,869   
2,479      East West Bancorp, Inc    91,525   
63      ESB Financial Corp    857   
1,379  *    Euronet Worldwide, Inc    39,370   
298      Farmers Capital Bank Corp    10,072   
1,256      Fidelity Bankshares, Inc    28,863   
23,089      Fifth Third Bancorp    992,365   
467      Financial Institutions, Inc    9,251   
525      First Bancorp (North Carolina)    11,886   
1,931      First Bancorp (Puerto Rico)    81,585   
706      First Busey Corp (Class A)    13,661   
1,556      First Charter Corp    35,150   
491      First Citizens Bancshares, Inc (Class A)    71,873   
3,032      First Commonwealth Financial Corp    41,538   
809      First Community Bancorp    35,839   
492      First Community Bancshares, Inc    13,810   
1,722      First Financial Bancorp    31,427   
790      First Financial Bankshares, Inc    35,258   
701      First Financial Corp (Indiana)    20,715   
680      First Financial Holdings, Inc    18,890   
60      First Financial Service Corp    1,560   
6,081      First Horizon National Corp    248,044   
972      First Merchants Corp    25,175   
2,362      First Midwest Bancorp, Inc    76,718   
271      First Oak Brook Bancshares, Inc    7,938   
195      First of Long Island Corp    8,252   
1,040      First Republic Bank    33,665   
836      First State Bancorp    14,191   
834  *    FirstFed Financial Corp    42,542   
4,100      FirstMerit Corp    109,716   
1,180      Flagstar Bancorp, Inc    23,069   
952      Flushing Financial Corp    17,326   
91      FMS Financial Corp    1,795   
2,580      FNB Corp    49,407   
320      FNB Corp (Virginia)    8,250   
662  *    Franklin Bank Corp    11,419   
876      Frontier Financial Corp    33,200   
5,939      Fulton Financial Corp    129,411   
282      GB&T Bancshares, Inc    6,108   
1,424      Glacier Bancorp, Inc    43,432   
2,293      Gold Banc Corp, Inc    32,171   
12,138      Golden West Financial Corp    734,349   
616      Great Southern Bancorp, Inc    20,002   
2,400      Greater Bay Bancorp    58,584   
1,562      Hancock Holding Co    50,765   
1,606      Hanmi Financial Corp    26,579   
1,529      Harbor Florida Bancshares, Inc    52,139   
1,685      Harleysville National Corp    35,806   
1,007      Heartland Financial U.S.A., Inc    19,999   
7,571      Hibernia Corp (Class A)    242,348   
540      Horizon Financial Corp    10,141   

 

139

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
3,293      Hudson City Bancorp, Inc    120,359   
1,906      Hudson United Bancorp    67,187   
11,165      Huntington Bancshares, Inc    266,843   
372      IberiaBank Corp    20,929   
4,049      Independence Community Bank Corp    157,911   
825      Independent Bank Corp (Massachusetts)    23,925   
1,049      Independent Bank Corp (Michigan)    30,180   
3,050      IndyMac Bancorp, Inc    103,700   
772      Integra Bank Corp    17,092   
821      Interchange Financial Services Corp    14,162   
2,077      International Bancshares Corp    72,010   
489      Irwin Financial Corp    11,257   
302  *    Itla Capital Corp    15,088   
173,996      JPMorgan Chase & Co    6,020,262   
19,881      KeyCorp    645,138   
1,700      KNBT Bancorp, Inc    26,010   
543      Lakeland Bancorp, Inc    8,454   
193      Lakeland Financial Corp    7,421   
3,712      M & T Bank Corp    378,847   
445      Macatawa Bank Corp    14,941   
1,398      MAF Bancorp, Inc    58,073   
701      Main Street Banks, Inc    18,562   
479      MainSource Financial Group, Inc    10,528   
10,814      Marshall & Ilsley Corp    451,484   
1,230      MB Financial, Inc    47,109   
817      MBT Financial Corp    15,417   
20,663      Mellon Financial Corp    589,722   
256      Mercantile Bank Corp    10,465   
3,898      Mercantile Bankshares Corp    198,252   
1,215      Mid-State Bancshares    32,319   
948      Midwest Banc Holdings, Inc    18,875   
1,560      Nara Bancorp, Inc    21,918   
162      NASB Financial, Inc    6,415   
27,645      National City Corp    926,108   
1,831      National Penn Bancshares, Inc    44,988   
350      NBC Capital Corp    8,463   
1,813      NBT Bancorp, Inc    40,629   
2,232      NetBank, Inc    18,927   
12,814      New York Community Bancorp, Inc    232,702   
3,554      NewAlliance Bancshares, Inc    49,756   
20,971      North Fork Bancorp, Inc    581,736   
9,547      Northern Trust Corp    414,722   
1,072      Northwest Bancorp, Inc    22,952   
167      Oak Hill Financial, Inc    5,621   
688      OceanFirst Financial Corp    15,803   
2,518  *    Ocwen Financial Corp    20,320   
3,367      Old National Bancorp    68,350   
752      Old Second Bancorp, Inc    22,692   
389      Omega Financial Corp    11,586   
2,593      Pacific Capital Bancorp    77,220   
632      Park National Corp    71,100   
2,101      Partners Trust Financial Group, Inc    22,271   
342      Peapack Gladstone Financial Corp    9,234   
622      Pennfed Financial Services, Inc    9,230   
460      Pennrock Financial Services Corp    16,063   
491      Peoples Bancorp, Inc    13,208   
1,934      People's Bank    79,197   

 

140

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
408      Peoples Holding Co  $ 12,689   
1,233      PFF Bancorp, Inc    34,031   
13,688      PNC Financial Services Group, Inc    704,658   
2,265      Provident Bancorp, Inc    27,724   
1,620      Provident Bankshares Corp    53,395   
264      Provident Financial Holdings    7,851   
3,751      Provident Financial Services, Inc    64,142   
1,293      R & G Financial Corp (Class B)    40,303   
22,423      Regions Financial Corp    726,505   
299      Republic Bancorp, Inc (Class A) (Kentucky)    6,642   
3,216      Republic Bancorp, Inc (Michigan)    43,545   
843  *    Riggs National Corp    16,093   
251      Royal Bancshares of Pennsylvania (Class A)    5,700   
1,529      S & T Bancorp, Inc    54,127   
623      S.Y. Bancorp, Inc    13,706   
393      Santander Bancorp    10,348   
331      SCBT Financial Corp    9,940   
514      Seacoast Banking Corp of Florida    10,116   
195      Security Bank Corp    8,032   
347  *    Signature Bank    9,199   
1,997  *    Silicon Valley Bancshares    87,988   
801      Simmons First National Corp (Class A)    19,881   
5,074      Sky Financial Group, Inc    136,085   
324      Smithtown Bancorp, Inc    9,078   
3,479      South Financial Group, Inc    106,249   
1,000      Southern Community Financial Corp    9,400   
494      Southside Bancshares, Inc    10,295   
3,414      Southwest Bancorp of Texas, Inc    62,647   
483      Southwest Bancorp, Inc    8,911   
17,882      Sovereign Bancorp, Inc    396,265   
334      State Bancorp, Inc    8,687   
260      State Financial Services Corp (Class A)    9,607   
16,373      State Street Corp    715,828   
834      Sterling Bancorp    20,241   
2,485      Sterling Bancshares, Inc    35,287   
1,060      Sterling Financial Corp (Pennsylvania)    27,581   
910  *    Sterling Financial Corp (Spokane)    32,487   
490  *    Sun Bancorp, Inc (New Jersey)    11,214   
16,001      SunTrust Banks, Inc    1,153,192   
14,876      Synovus Financial Corp    414,445   
140      Taylor Capital Group, Inc    4,571   
6,908      TCF Financial Corp    187,552   
4,091  *    TD Banknorth, Inc    127,803   
1,227  *    Texas Capital Bancshares, Inc    25,767   
2,324      Texas Regional Bancshares, Inc (Class A)    69,976   
1,074      TierOne Corp    25,239   
697      Trico Bancshares    14,602   
4,629      Trustco Bank Corp NY    53,187   
1,896      Trustmark Corp    54,984   
91,788      U.S. Bancorp    2,645,330   
1,095      U.S.B. Holding Co, Inc    24,298   
2,170      UCBH Holdings, Inc    86,583   
729      UMB Financial Corp    41,495   
1,682      Umpqua Holdings Corp    39,275   
423      Union Bankshares Corp    13,544   
2,791      UnionBanCal Corp    170,949   
1,807      United Bankshares, Inc    59,884   
1,662      United Community Banks, Inc    39,439   

 

141

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,605      United Community Financial Corp  $ 17,799   
472      Univest Corp of Pennsylvania    18,790   
1,093      Unizan Financial Corp    28,418   
4,362      Valley National Bancorp    112,452   
302  *    Virginia Commerce Bancorp    8,166   
342      Virginia Financial Group, Inc    11,250   
5,883      W Holding Co, Inc    59,242   
78,562    Wachovia Corp    3,999,591   
4,181    Washington Federal, Inc    97,459   
815    Washington Trust Bancorp, Inc    22,396   
2,508    Webster Financial Corp    113,888   
82,492    Wells Fargo & Co    4,933,081   
929    Wesbanco, Inc    25,557   
1,581    West Bancorporation    26,940   
802    West Coast Bancorp    19,088   
1,647    Westamerica Bancorp    85,265   
265  *    Western Sierra Bancorp    9,044   
2,032    Whitney Holding Corp    90,444   
3,228    Wilmington Trust Corp    113,303   
876    Wilshire Bancorp, Inc    11,423   
1,035    Wintrust Financial Corp    48,738   
428    WSFS Financial Corp    22,496   
399    Yardville National Bancorp    13,015   
4,149    Zions Bancorp    286,364   
 
      TOTAL DEPOSITORY INSTITUTIONS    61,049,088   
 
 
EATING AND DRINKING PLACES - 0.77%       
4,066    Applebee's International, Inc    112,059   
4,949    Aramark Corp (Class B)    130,060   
546  *    BJ's Restaurants, Inc    10,587   
1,544    Bob Evans Farms, Inc    36,207   
4,482  *    Brinker International, Inc    162,338   
354  *    Buffalo Wild Wings, Inc    13,392   
1,129  *    California Pizza Kitchen, Inc    26,464   
2,421    CBRL Group, Inc    99,987   
2,124  *    CEC Entertainment, Inc    77,738   
3,313  *    CKE Restaurants, Inc    52,511   
1,280  *    Cosi, Inc    8,704   
7,942    Darden Restaurants, Inc    243,661   
514  *    Dave & Buster's, Inc    9,612   
1,500    Domino's Pizza, Inc    28,035   
1,156    IHOP Corp    55,118   
1,916  *    Jack In The Box, Inc    71,084   
2,758  *    Krispy Kreme Doughnuts, Inc    21,044   
1,239    Landry's Restaurants, Inc    35,832   
885    Lone Star Steakhouse & Saloon, Inc    25,581   
61,039    McDonald's Corp    1,900,754   
1,145  *    O'Charley's, Inc    24,892   
3,144    Outback Steakhouse, Inc    143,964   
1,482  *    P.F. Chang's China Bistro, Inc    88,624   
662  *    Papa John's International, Inc    22,985   
1,914  *    Rare Hospitality International, Inc    59,104   
745  *    Red Robin Gourmet Burgers, Inc    37,928   
3,422    Ruby Tuesday, Inc    83,120   
2,421  *    Ryan's Restaurant Group, Inc    35,177   

 

142

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
3,213  *    Sonic Corp  $ 107,314   
3,884  *    The Cheesecake Factory, Inc    137,688   
712  *    The Steak N Shake Co    13,777   
740    Triarc Cos (Class A)    10,508   
780    Triarc Cos (Class B)    10,787   
5,635    Wendy's International, Inc    219,990   
14,109    Yum! Brands, Inc    730,987   
 
      TOTAL EATING AND DRINKING PLACES    4,847,613   
 
 
EDUCATIONAL SERVICES - 0.20%       
7,446  *    Apollo Group, Inc (Class A)    551,451   
4,928  *    Career Education Corp    168,833   
4,420  *    Corinthian Colleges, Inc    69,482   
2,964  *    DeVry, Inc    56,079   
1,500  *    Educate, Inc    20,805   
3,636  *    Education Management Corp    101,626   
2,344  *    ITT Educational Services, Inc    113,684   
1,868  *    Laureate Education, Inc    79,932   
506  *    Learning Tree International, Inc    7,292   
1,212  *    Princeton Review, Inc    6,678   
737    Strayer Education, Inc    83,517   
479  *    Universal Technical Institute, Inc    17,627   
 
      TOTAL EDUCATIONAL SERVICES    1,277,006   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 3.81%       
30,878  *    AES Corp    505,798   
3,769    AGL Resources, Inc    131,651   
6,766  *    Allegheny Energy, Inc    139,786   
1,680    Allete, Inc    70,308   
5,529    Alliant Energy Corp    148,067   
13,572  *    Allied Waste Industries, Inc    99,211   
9,550    Ameren Corp    468,046   
19,156    American Electric Power Co, Inc    652,453   
887    American States Water Co    22,441   
4,600    Aqua America, Inc    112,056   
10,871  *    Aquila, Inc    41,636   
3,872    Atmos Energy Corp    104,544   
2,407    Avista Corp    42,123   
1,864    Black Hills Corp    61,643   
1,114    California Water Service Group    37,174   
23,085  *    Calpine Corp    64,638   
545    Cascade Natural Gas Corp    10,878   
1,122  *    Casella Waste Systems, Inc (Class A)    14,844   
13,189    Centerpoint Energy, Inc    158,664   
600    Central Vermont Public Service Corp    13,488   
880    CH Energy Group, Inc    40,216   
8,809    Cinergy Corp    356,941   
16,451    Citizens Communications Co    212,876   
2,440    Cleco Corp    51,972   
9,588  *    CMS Energy Corp    125,028   
403    Connecticut Water Service, Inc    10,051   
11,800    Consolidated Edison, Inc    497,724   
8,195    Constellation Energy Group, Inc    423,682   
147    Crosstex Energy, Inc    6,434   

 

143

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
16,665    Dominion Resources, Inc  $ 1,240,376   
6,275    DPL, Inc    156,875   
8,443    DTE Energy Co    383,988   
44,370    Duke Energy Corp    1,242,804   
3,778    Duquesne Light Holdings, Inc    67,702   
387  *    Duratek, Inc    7,721   
15,212  *    Dynegy, Inc (Class A)    59,479   
15,870    Edison International    551,007   
31,128    El Paso Corp    329,334   
2,486  *    El Paso Electric Co    47,234   
1,808    Empire District Electric Co    42,054   
1,857    Energen Corp    123,676   
7,174    Energy East Corp    188,102   
334    EnergySouth, Inc    9,564   
10,502    Entergy Corp    742,071   
3,130    Equitable Resources, Inc    179,787   
32,106    Exelon Corp    1,473,344   
16,021    FirstEnergy Corp    672,081   
18,018    FPL Group, Inc    723,423   
3,711    Great Plains Energy, Inc    113,482   
4,036    Hawaiian Electric Industries, Inc    102,999   
2,246    Idacorp, Inc    63,719   
7,788    KeySpan Corp    303,498   
4,786    Kinder Morgan, Inc    362,300   
1,366    Laclede Group, Inc    39,887   
5,721    MDU Resources Group, Inc    158,014   
1,058    MGE Energy, Inc    35,073   
493    Middlesex Water Co    8,948   
3,577    National Fuel Gas Co    102,266   
1,499    New Jersey Resources Corp    65,251   
2,245    Nicor, Inc    83,267   
12,794    NiSource, Inc    291,596   
6,307    Northeast Utilities    121,536   
1,384    Northwest Natural Gas Co    50,059   
3,943  *    NRG Energy, Inc    134,653   
2,430    NSTAR    131,949   
4,306    OGE Energy Corp    116,047   
5,028    Oneok, Inc    154,963   
1,256    Otter Tail Corp    31,450   
1,868    Peoples Energy Corp    78,307   
9,098    Pepco Holdings, Inc    190,967   
19,379    PG&E Corp    660,824   
3,922    Piedmont Natural Gas Co, Inc    90,363   
4,498    Pinnacle West Capital Corp    191,210   
3,261    PNM Resources, Inc    87,003   
9,255    PPL Corp    499,677   
12,063    Progress Energy, Inc    506,043   
328  v*    Progress Energy, Inc (Cvo)    3   
11,533    Public Service Enterprise Group, Inc    627,280   
4,827    Puget Energy, Inc    106,387   
4,084    Questar Corp    241,977   
14,406  *    Reliant Resources, Inc    163,940   
7,524    Republic Services, Inc    251,904   
850    Resource America, Inc (Class A)    29,788   
5,520    SCANA Corp    210,974   
9,992    Sempra Energy    398,081   
6,539  *    Sierra Pacific Resources    70,294   

 

144

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
327    SJW Corp  $ 11,488   
862    South Jersey Industries, Inc    48,617   
35,839    Southern Co    1,140,755   
3,273  *    Southern Union Co    82,185   
2,038    Southwest Gas Corp    49,238   
924    Southwest Water Co    9,637   
1,952  *    Stericycle, Inc    86,278   
9,695    TECO Energy, Inc    152,018   
11,812    TXU Corp    940,590   
2,560    UGI Corp    116,275   
804    UIL Holdings Corp    40,723   
1,952    Unisource Energy Corp    60,453   
3,766    Vectren Corp    100,326   
2,448  *    Waste Connections, Inc    85,068   
4,425    Westar Energy, Inc    95,757   
2,662    Western Gas Resources, Inc    91,706   
2,477    WGL Holdings, Inc    76,688   
27,028    Williams Cos, Inc    508,415   
5,778    Wisconsin Energy Corp    205,119   
1,635    WPS Resources Corp    86,524   
19,284    Xcel Energy, Inc    331,299   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    24,060,133   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.63%       
1,502  *    Actel Corp    23,101   
3,199    Adtran, Inc    56,430   
1,107  *    Advanced Energy Industries, Inc    10,705   
17,169  *    Advanced Micro Devices, Inc    276,764   
3,616  *    Aeroflex, Inc    33,737   
7,269  *     Agere Systems, Inc (Class A)    10,395   
71,838  *    Agere Systems, Inc (Class B)    102,010   
1,829  *    Alliance Semiconductor Corp    4,554   
18,152  *    Altera Corp    359,047   
8,466      American Power Conversion Corp    221,047   
1,417  *    American Superconductor Corp    14,142   
3,270      Ametek, Inc    131,617   
1,641  *    AMIS Holdings, Inc    18,527   
3,765  *    Amkor Technology, Inc    14,533   
3,377      Amphenol Corp (Class A)    125,084   
18,289      Analog Devices, Inc    660,964   
1,028  *    Anaren Microwave, Inc    12,470   
970  *    Applica, Inc    4,908   
16,997  *    Applied Micro Circuits Corp    55,920   
611      Applied Signal Technology, Inc    13,992   
3,011  *    Arris Group, Inc    20,806   
739  *    Artesyn Technologies, Inc    6,437   
578  *    Atheros Communications, Inc    5,936   
22,575  *    Atmel Corp    66,596   
1,191  *    ATMI, Inc    29,823   
4,955  *    Avanex Corp    6,441   
1,972      AVX Corp    24,157   
1,849      Baldor Electric Co    47,723   
854      Bel Fuse, Inc (Class B)    25,876   
2,354  *    Benchmark Electronics, Inc    74,928   
337  *    Bookham, Inc    1,075   

 

145

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
12,088  *    Broadcom Corp (Class A)  $ 361,673   
2,622  *    Broadwing Corp    10,855   
998      C&D Technologies, Inc    10,030   
1,312  *    California Micro Devices Corp    6,626   
5,178  *    Capstone Turbine Corp    8,026   
1,244  *    Carrier Access Corp    7,414   
784  *    Catapult Communications Corp    16,738   
1,076  *    C-COR, Inc    6,542   
938  *    Ceradyne, Inc    20,983   
2,507  *    Checkpoint Systems, Inc    42,318   
441  *    Cherokee International Corp    3,083   
27,587  *    CIENA Corp    47,450   
375  *    Comtech Telecommunications    19,537   
9,563  *    Comverse Technology, Inc    241,179   
18,226  *    Conexant Systems, Inc    27,339   
3,697  *    Cree, Inc    80,410   
2,206      CTS Corp    28,678   
356      Cubic Corp    6,743   
6,096  *    Cypress Semiconductor Corp    76,810   
1,623  *    DDi Corp    4,544   
945  *    Digital Theater Systems, Inc    17,114   
315  *    Diodes, Inc    8,546   
893  *    Ditech Communications Corp    11,136   
1,625  *    DSP Group, Inc    41,860   
603  *    Dupont Photomasks, Inc    16,082   
11,914  *    Eagle Broadband, Inc    4,051   
1,238  *    Electro Scientific Industries, Inc    24,005   
20,474      Emerson Electric Co    1,329,377   
506  *    EMS Technologies, Inc    6,882   
3,544  *    Energizer Holdings, Inc    211,990   
990  *    Energy Conversion Devices, Inc    22,503   
2,877  *    Entegris, Inc    28,453   
1,790  *    ESS Technology, Inc    9,433   
1,631  *    Exar Corp    21,855   
5,847  *    Fairchild Semiconductor International, Inc    89,634   
2,787  *    Finisar Corp    3,484   
882      Franklin Electric Co, Inc    33,278   
18,791  *    Freescale Semiconductor, Inc (Class B)    324,145   
940  *    FuelCell Energy, Inc    9,381   
13,373  *    Gemstar-TV Guide International, Inc    58,173   
515,621      General Electric Co    18,593,293   
1,381  *    Genesis Microchip, Inc    19,955   
600  *    Genlyte Group, Inc    53,982   
4,850  *    GrafTech International Ltd    27,597   
2,975      Harman International Industries, Inc    263,169   
3,616  *    Harmonic, Inc    34,569   
6,616      Harris Corp    216,012   
1,822      Helix Technology Corp    28,186   
1,372  *    Hexcel Corp    21,280   
2,992      Hubbell, Inc (Class B)    152,891   
1,522  *    Hutchinson Technology, Inc    52,935   
3,316  *    Integrated Circuit Systems, Inc    63,402   
5,633  *    Integrated Device Technology, Inc    67,765   
1,720  *    Integrated Silicon Solution, Inc    11,524   
315,916      Intel Corp    7,338,729   
2,821  *    Interdigital Communications Corp    43,218   
3,239  *    International Rectifier Corp    147,375   
7,292      Intersil Corp (Class A)    126,297   

 

146

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,180      Inter-Tel, Inc  $ 28,910   
2,035  *    InterVoice, Inc    22,853   
2,174  *    IXYS Corp    24,871   
8,049  *    Jabil Circuit, Inc    229,557   
66,628  *    JDS Uniphase Corp    111,269   
4,808  *    Kemet Corp    37,262   
4,055  *    Kopin Corp    12,449   
5,104      L-3 Communications Holdings, Inc    362,486   
670  *    LaserCard Corp    3,337   
5,853  *    Lattice Semiconductor Corp    31,431   
1,500  *     Leadis Technology, Inc    8,970   
508  *    Lifeline Systems, Inc    15,403   
15,050      Linear Technology Corp    576,565   
1,273  *    Littelfuse, Inc    36,471   
783      LSI Industries, Inc    8,793   
18,165  *    LSI Logic Corp    101,542   
1,473  *    Magnetek, Inc    7,851   
782  *    Mattson Technology, Inc    6,209   
15,696      Maxim Integrated Products, Inc    641,495   
3,973      Maytag Corp    55,503   
4,817  *    McData Corp (Class A)    18,164   
634  *    Medis Technologies Ltd    9,092   
4,588  *    MEMC Electronic Materials, Inc    61,709   
930  *    Mercury Computer Systems, Inc    25,649   
1,120  *    Merix Corp    12,555   
1,902      Methode Electronics, Inc    23,033   
653  *    Metrologic Instruments, Inc    14,679   
3,856  *    Micrel, Inc    35,552   
10,161      Microchip Technology, Inc    264,288   
27,923  *    Micron Technology, Inc    288,724   
3,298  *    Microsemi Corp    53,724   
2,600  *    Microtune, Inc    11,206   
1,159  *    Microvision, Inc    6,757   
1,049  *    MIPS Technologies, Inc    12,063   
1,538  *    Mobility Electronics, Inc    10,751   
6,711      Molex, Inc    176,902   
400  *    Monolithic Power Systems, Inc    3,532   
1,142  *    Monolithic System Technology, Inc    6,681   
1,007  *    Moog, Inc (Class A)    45,516   
113,373      Motorola, Inc    1,697,194   
2,269  *    MRV Communications, Inc    7,329   
2,166  *    Mykrolis Corp    30,974   
195      National Presto Industries, Inc    7,859   
17,484      National Semiconductor Corp    360,345   
493  *    NMS Communications Corp    2,115   
6,852  *    Novellus Systems, Inc    183,154   
8,042  *    Nvidia Corp    191,078   
2,761  *    Omnivision Technologies, Inc    41,829   
6,686  *    ON Semiconductor Corp    26,410   
2,299  *    Openwave Systems, Inc    28,025   
6,653  *    Oplink Communications, Inc    10,445   
803  *    Optical Communication Products, Inc    1,397   
655  *    OSI Systems, Inc    11,469   
2,450  *    Paradyne Networks, Inc    5,120   
976      Park Electrochemical Corp    19,774   
934  *    Pericom Semiconductor Corp    8,004   
1,823  *    Photronics, Inc    32,996   
1,019  *    Pixelworks, Inc    8,305   

 

147

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,662      Plantronics, Inc  $ 101,369   
2,478  *    Plexus Corp    28,522   
2,713  *    Plug Power, Inc    17,906   
1,230  *    PLX Technology, Inc    12,915   
8,488  *    PMC-Sierra, Inc    74,694   
5,539  *    Polycom, Inc    93,886   
200  *    Portalplayer, Inc    4,566   
272  *    Powell Industries, Inc    5,037   
1,662  *    Power Integrations, Inc    34,719   
3,298  *    Power-One, Inc    16,028   
5,719  *    Powerwave Technologies, Inc    44,265   
4,736  *    QLogic Corp    191,808   
78,490      Qualcomm, Inc    2,876,658   
4,298  *    Rambus, Inc    64,771   
862      Raven Industries, Inc    17,602   
1,661  *    Rayovac Corp    69,098   
1,421      Regal-Beloit Corp    40,911   
3,669  *    Remec, Inc    19,372   
9,060  *    RF Micro Devices, Inc    47,293   
8,654      Rockwell Collins, Inc    411,844   
956  *    Rogers Corp    38,240   
25,269  *    Sanmina-SCI Corp    131,904   
1,997  *    SBA Communications Corp    18,293   
739  *    SBS Technologies, Inc    8,240   
7,494      Scientific-Atlanta, Inc    211,481   
618  *    Seachange International, Inc    8,003   
4,124  *    Semtech Corp    73,696   
1,030  *    Sigmatel, Inc    38,553   
3,669  *    Silicon Image, Inc    36,910   
2,092  *    Silicon Laboratories, Inc    62,153   
3,292  *    Silicon Storage Technology, Inc    12,246   
272  *    Siliconix, Inc    9,596   
1,256  *    Sipex Corp    2,914   
59,843  *    Sirius Satellite Radio, Inc    336,318   
7,262  *    Skyworks Solutions, Inc    46,114   
459      Smith (A.O.) Corp    13,251   
1,460  *    Spatialight, Inc    7,373   
1,085      Spectralink Corp    15,320   
636  *    Staktek Holdings, Inc    2,519   
245  *    Standard Microsystems Corp    4,253   
867  *    Stoneridge, Inc    10,586   
3,636  *    Stratex Networks, Inc    6,690   
545  *    Supertex, Inc    9,979   
7,980  *    Sycamore Networks, Inc    28,409   
2,492  *    Symmetricom, Inc    27,636   
917  *    Synaptics, Inc    21,274   
1,564      Technitrol, Inc    23,335   
2,657  *    Tekelec    42,352   
22,296  *    Tellabs, Inc    162,761   
3,755  *    Terayon Communication Systems, Inc    11,565   
1,399  *    Tessera Technologies, Inc    60,479   
83,822      Texas Instruments, Inc    2,136,623   
2,966  *    Thomas & Betts Corp    95,802   
9,853  *    Transmeta Corp    9,163   
966  *    Trident Microsystems, Inc    17,079   
2,129  *    Tripath Technology, Inc    1,895   
4,139  *    Triquint Semiconductor, Inc    13,990   
2,335  *    TTM Technologies, Inc    24,424   
1,511  *    Ulticom, Inc    16,817   

 

148

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,294  *    Universal Display Corp  $ 9,045   
701  *    Universal Electronics, Inc    11,833   
4,445  *    UTStarcom, Inc    48,673   
3,373  *    Valence Technology, Inc    10,355   
2,059  *    Varian Semiconductor Equipment Associates, Inc    78,263   
10,927  *    Verso Technologies, Inc    3,934   
4  *    Vialta, Inc    1   
1,106  *    Viasat, Inc    20,671   
882      Vicor Corp    9,208   
7,097  *    Vishay Intertechnology, Inc    88,228   
8,204  *    Vitesse Semiconductor Corp    21,987   
700  *    Volterra Semiconductor Corp    9,450   
2,762  *    Westell Technologies, Inc    15,219   
3,424      Whirlpool Corp    231,907   
1,230  *    Wilson Greatbatch Technologies, Inc    22,435   
496      Woodhead Industries, Inc    6,746   
16,786      Xilinx, Inc    490,655   
1,232  *    Zhone Technologies, Inc    3,142   
 
     
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 
  48,151,162   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.84%       
1,667  *    Accelrys, Inc    9,885   
701  *    Advisory Board Co    30,634   
3,181  *    Affymetrix, Inc    136,274   
2,498  *    Answerthink, Inc    10,317   
1,284  *    Antigenics, Inc    8,603   
3,531  *    Applera Corp (Celera Genomics Group)    36,193   
868  *    Ariad Pharmaceuticals, Inc    4,861   
488  *    Axonyx, Inc    600   
7,753  *    BearingPoint, Inc    67,994   
7,996  *    Celgene Corp    272,264   
4,406  *    Century Business Services, Inc    18,065   
715  *    Charles River Associates, Inc    35,285   
1,089  *    Ciphergen Biosystems, Inc    3,017   
884  *    Cornell Cos, Inc    11,138   
1,985      Corporate Executive Board Co    126,941   
1,975  *    Corrections Corp of America    76,235   
3,183  *    Covance, Inc    151,543   
2,736  *    CuraGen Corp    11,382   
1,234  *    CV Therapeutics, Inc    25,124   
2,687  *    Decode Genetics, Inc    15,316   
1,348  *    DiamondCluster International, Inc    21,703   
4,339  *    Digitas, Inc    43,824   
1,809  *    Diversa Corp    9,009   
1,629  *    Dyax Corp    5,245   
2,466  *    eResearch Technology, Inc    29,049   
3,518  *    Exelixis, Inc    23,852   
500  *    Exponent, Inc    11,945   
4,115      Fluor Corp    228,094   
623  *    Forrester Research, Inc    8,772   
2,089  *    FTI Consulting, Inc    43,117   
2,419  *    Gartner, Inc (Class A)    23,150   
104  *    Gartner, Inc (Class B)    972   
428  *    Genencor International, Inc    8,230   
2,414  *    Gen-Probe, Inc    107,568   
900  *    Greenfield Online, Inc    17,685   

 

149

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
24,530      Halliburton Co  $ 1,060,922   
2,314  *    Hewitt Associates, Inc    61,552   
3,144  *    Incyte Corp    21,474   
536  *    Infrasource Services, Inc    6,432   
2,829  *    Jacobs Engineering Group, Inc    146,882   
246  *    Keryx Biopharmaceuticals, Inc    3,287   
2,041  *    Kosan Biosciences, Inc    8,368   
452      Landauer, Inc    21,488   
812  *    LECG Corp    15,915   
3,541  *    Lexicon Genetics, Inc    18,095   
1,768  *    Lifecell Corp    15,735   
1,668  *    Luminex Corp    12,560   
1,761  *    Maxim Pharmaceuticals, Inc    3,099   
943      MAXIMUS, Inc    31,581   
1,529  *    Maxygen, Inc    13,119   
6,232      Moody's Corp    503,920   
311  *    MTC Technologies, Inc    10,107   
1,418  *    Myriad Genetics, Inc    26,077   
2,424  *    Navigant Consulting, Inc    66,006   
660  *    Neopharm, Inc    5,128   
3,776  *    Oscient Pharmaceuticals Corp    8,836   
1,612  *    Parexel International Corp    37,882   
16,094      Paychex, Inc    528,205   
1,249  *    Per-Se Technologies, Inc    19,172   
2,334  *    Pharmaceutical Product Development, Inc    113,082   
5,471  *    Pharmos Corp    3,447   
1,581  *    PRG-Schultz International, Inc    7,921   
4,079      Quest Diagnostics, Inc    428,825   
1,079  *    Regeneration Technologies, Inc    11,124   
2,161  *    Regeneron Pharmaceuticals, Inc    11,043   
2,578  *    Resources Connection, Inc    53,958   
622  *    Rigel Pharmaceuticals, Inc    9,977   
2,570  *    Seattle Genetics, Inc    13,210   
594  *    SFBC International, Inc    20,933   
905  *    Sourcecorp    18,227   
1,645  *    Symyx Technologies, Inc    36,272   
389  *    Tejon Ranch Co    17,349   
2,418  *    Telik, Inc    36,463   
2,474  *    Tetra Tech, Inc    31,222   
1,680  *    Transkaryotic Therapies, Inc    41,941   
595  *    TRC Cos, Inc    8,746   
693  *    Trimeris, Inc    7,803   
1,751  *    URS Corp    50,341   
449  *    Ventiv Health, Inc    10,327   
1,490  *    Washington Group International, Inc    67,035   
1,377      Watson Wyatt & Co Holdings    37,454   
 
     
TOTAL ENGINEERING AND MANAGEMENT SERVICES 
  5,316,428   
 
 
FABRICATED METAL PRODUCTS - 0.64%       
1,836  *    Alliant Techsystems, Inc    131,182   
5,580      Ball Corp    231,458   
854      CIRCOR International, Inc    21,051   
3,212      Commercial Metals Co    108,855   
1,200  *    Commercial Vehicle Group, Inc    24,000   
2,824      Crane Co    81,303   
8,064  *    Crown Holdings, Inc    125,476   

 

150

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
11,542      Danaher Corp  $ 616,458   
1,468  *    Griffon Corp    31,430   
311      Gulf Island Fabrication, Inc    7,296   
2,175      Harsco Corp    129,652   
12,295      Illinois Tool Works, Inc    1,100,771   
870  *    Intermagnetics General Corp    21,176   
3,728  *    Jacuzzi Brands, Inc    36,385   
444      Lifetime Hoan Corp    6,878   
21,304      Masco Corp    738,610   
872  *    Mobile Mini, Inc    35,237   
1,111  *    NCI Building Systems, Inc    42,885   
3,240  *    Shaw Group, Inc    70,632   
728      Silgan Holdings, Inc    47,305   
2,084      Simpson Manufacturing Co, Inc    64,396   
2,923      Snap-On, Inc    92,922   
3,507      Stanley Works    158,762   
1,318      Sturm Ruger & Co, Inc    9,134   
2,396  *    Taser International, Inc    28,752   
1,108      Valmont Industries, Inc    24,731   
617  *    Water Pik Technologies, Inc    12,155   
1,391      Watts Water Technologies, Inc (Class A)    45,360   
 
     
TOTAL FABRICATED METAL PRODUCTS 
  4,044,252   
 
 
FOOD AND KINDRED PRODUCTS - 3.04%       
881      American Italian Pasta Co (Class A)    24,139   
39,477      Anheuser-Busch Cos, Inc    1,870,815   
28,174      Archer Daniels Midland Co    692,517   
467  *    Boston Beer Co, Inc (Class A)    10,227   
932      Cal-Maine Foods, Inc    7,326   
11,202      Campbell Soup Co    325,082   
156      Coca-Cola Bottling Co Consolidated    8,160   
103,133      Coca-Cola Co    4,297,552   
11,387      Coca-Cola Enterprises, Inc    233,661   
25,550      Conagra Foods, Inc    690,388   
4,525  *    Constellation Brands, Inc (Class A)    239,237   
3,994      Corn Products International, Inc    103,804   
3,571  *    Darling International, Inc    14,248   
7,255  *    Dean Foods Co    248,846   
8,875  *    Del Monte Foods Co    96,294   
530      Farmer Brothers Co    12,693   
1,822      Flowers Foods, Inc    51,399   
14,102      General Mills, Inc    693,113   
900  *    Gold Kist, Inc    14,310   
17,106      H.J. Heinz Co    630,185   
374  *    Hansen Natural Corp    22,466   
5,377  *    Hercules, Inc    77,913   
8,431      Hershey Foods Corp    509,738   
3,669      Hormel Foods Corp    114,143   
272      J & J Snack Foods Corp    12,738   
2,856      J.M. Smucker Co    143,657   
11,959      Kellogg Co    517,466   
12,840      Kraft Foods, Inc (Class A)    424,362   
1,079      Lancaster Colony Corp    45,911   
1,379      Lance, Inc    22,160   
517  *    M&F Worldwide Corp    6,897   
6,775      McCormick & Co, Inc (Non-Vote)    233,263   

 

151

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
492      MGP Ingredients, Inc  $ 4,103   
1,946      Molson Coors Brewing Co (Class B)    150,173   
234  *    National Beverage Corp    1,907   
557  *    Peets Coffee & Tea, Inc    13,730   
7,436      Pepsi Bottling Group, Inc    207,093   
3,435      PepsiAmericas Inc    77,837   
83,305      PepsiCo, Inc    4,417,664   
1,118    Pilgrim's Pride Corp    39,935   
1,396    Ralcorp Holdings, Inc    66,101   
641    Sanderson Farms, Inc    27,698   
38,329    Sara Lee Corp    849,371   
1,978    Sensient Technologies Corp    42,646   
4,602  *    Smithfield Foods, Inc    145,193   
834    Tootsie Roll Industries, Inc    25,020   
2,018    Topps Co, Inc    18,586   
10,637    Tyson Foods, Inc (Class A)    177,442   
7,690    Wrigley (Wm.) Jr Co    504,233   
 
      TOTAL FOOD AND KINDRED PRODUCTS    19,163,442   
 
 
FOOD STORES - 0.46% 
     
1,513  *    7-Eleven, Inc    36,342   
17,794    Albertson's, Inc    367,446   
70    Arden Group, Inc (Class A)    4,969   
736  *    Great Atlantic & Pacific Tea Co, Inc    10,966   
467    Ingles Markets, Inc (Class A)    6,221   
35,803  *    Kroger Co    573,922   
1,640  *    Panera Bread Co (Class A)    92,709   
722  *    Pantry, Inc    22,360   
1,649  *    Pathmark Stores, Inc    10,405   
1,284    Ruddick Corp    29,725   
21,633  *    Safeway, Inc    400,860   
19,250  *    Starbucks Corp    994,455   
775    Weis Markets, Inc    28,574   
3,163    Whole Foods Market, Inc    323,037   
1,775  *    Wild Oats Markets, Inc    18,868   
 
      TOTAL FOOD STORES    2,920,859   
 
 
FORESTRY - 0.13% 
     
11,647    Weyerhaeuser Co    797,820   
 
      TOTAL FORESTRY    797,820   
 
 
FURNITURE AND FIXTURES - 0.27%       
510    Bassett Furniture Industries, Inc    10,047   
1,652    Ethan Allen Interiors, Inc    52,864   
1,940    Furniture Brands International, Inc    42,311   
3,110    Herman Miller, Inc    93,673   
2,689    Hillenbrand Industries, Inc    149,159   
2,539    HNI Corp    114,128   
808    Hooker Furniture Corp    15,263   
1,830  *    Interface, Inc (Class A)    12,481   
9,254    Johnson Controls, Inc    516,003   

 

152

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,651    Kimball International, Inc (Class B)  $ 23,939   
1,674    La-Z-Boy, Inc    23,319   
9,417    Leggett & Platt, Inc    271,963   
13,331    Newell Rubbermaid, Inc    292,482   
1,864  *    Select Comfort Corp    38,100   
234    Stanley Furniture Co, Inc    11,064   
716  *    Tempur-Pedic International, Inc    13,361   
 
      TOTAL FURNITURE AND FIXTURES    1,680,157   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.38%       
14,620  *    Bed Bath & Beyond, Inc    534,215   
12,838    Best Buy Co, Inc    693,380   
9,608    Circuit City Stores, Inc (Circuit City Group)    154,208   
742  *    Cost Plus, Inc    19,945   
656  *    Electronics Boutique Holdings Corp    28,188   
1,578  *    GameStop Corp (Class B)    35,189   
1,415  *    Guitar Center, Inc    77,584   
701    Haverty Furniture Cos, Inc    10,690   
678  *    Kirkland's, Inc    7,499   
2,507  *    Linens 'n Things, Inc    62,249   
2,636  *    Mohawk Industries, Inc    222,215   
4,944    Pier 1 Imports, Inc    90,129   
7,870    RadioShack Corp    192,815   
1,637  *    Restoration Hardware, Inc    9,331   
2,426    Steelcase, Inc (Class A)    33,479   
1,705  *    The Bombay Co, Inc    9,037   
1,345  *    Trans World Entertainment Corp    19,812   
4,666  *    Williams-Sonoma, Inc    171,476   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    2,371,441   
 
 
GENERAL BUILDING CONTRACTORS - 0.47%       
2,134    Beazer Homes U.S.A., Inc    106,401   
556    Brookfield Homes Corp    23,469   
6,040    Centex Corp    345,911   
15,169    D.R. Horton, Inc    443,541   
378  *    Dominion Homes, Inc    6,400   
1,632  *    Hovnanian Enterprises, Inc (Class A)    83,232   
1,802    KB Home    211,663   
6,141    Lennar Corp (Class A)    348,072   
793    Levitt Corp (Class A)    20,333   
454    M/I Homes, Inc    22,214   
1,621    MDC Holdings, Inc    112,903   
1,116  *    Meritage Homes Corp    65,755   
251  *    NVR, Inc    197,035   
935  *    Palm Harbor Homes, Inc    15,203   
531  *    Perini Corp    7,322   
5,206    Pulte Homes, Inc    383,318   
2,402    Ryland Group, Inc    148,972   
1,673    Standard-Pacific Corp    120,774   
572    Technical Olympic U.S.A., Inc    17,274   
2,435  *    Toll Brothers, Inc    192,000   
1,229    Walter Industries, Inc    52,294   
1,306  *    WCI Communities, Inc    39,284   
300  *    William Lyon Homes, Inc    23,010   
 
      TOTAL GENERAL BUILDING CONTRACTORS    2,986,380   
 
 

 

153

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
GENERAL MERCHANDISE STORES - 2.13%       
3,121  *    99 Cents Only Stores  $  41,104   
5,752  *    Big Lots, Inc    69,139   
3,455  *    BJ's Wholesale Club, Inc    107,312   
1,147  *    Brookstone, Inc    18,604   
700  *    Cabela's, Inc    14,441   
2,810    Casey's General Stores, Inc    50,496   
431  *    Conn's, Inc    8,103   
22,311    Costco Wholesale Corp    985,700   
3,020    Dillard's, Inc (Class A)    81,238   
14,377    Dollar General Corp    315,000   
5,618  *    Dollar Tree Stores, Inc    161,405   
7,387    Family Dollar Stores, Inc    224,269   
8,293    Federated Department Stores, Inc    527,766   
1,677    Fred's, Inc    28,794   
356  *    Gander Mountain Co    4,664   
11,856    J.C. Penney Co, Inc    615,563   
14,600  *    Kohl's Corp    753,798   
14,064    May Department Stores Co    520,649   
2,302    Neiman Marcus Group, Inc (Class A)    210,656   
30    Neiman Marcus Group, Inc (Class B)    2,708   
923  *    Retail Ventures, Inc    8,409   
6,175    Saks, Inc    111,459   
873  *    ShopKo Stores, Inc    19,398   
995  *    Stein Mart, Inc    22,388   
44,275    Target Corp    2,214,635   
1,501  *    Tuesday Morning Corp    43,334   
125,165    Wal-Mart Stores, Inc    6,272,018   
 
      TOTAL GENERAL MERCHANDISE STORES    13,433,050   
 
 
HEALTH SERVICES - 1.03%       
2,422  *    Accredo Health, Inc    107,561   
578  *    Amedisys, Inc    17,484   
661  *    America Service Group, Inc    14,628   
1,199  *    American Healthways, Inc    39,591   
981  *    Amsurg Corp    24,819   
2,436  *    Apria Healthcare Group, Inc    78,196   
5,290  *    Beverly Enterprises, Inc    65,490   
1,379  *    Bio-Reference Labs, Inc    19,196   
22,510  *    Caremark Rx, Inc    895,448   
3,063  *    Community Health Systems, Inc    106,929   
272  *    Corvel Corp    5,799   
5,163  *    Coventry Health Care, Inc    351,807   
1,547  *    Cross Country Healthcare, Inc    25,928   
4,822  *    DaVita, Inc    201,801   
1,146  *    Enzo Biochem, Inc    16,525   
3,223  *    Express Scripts, Inc    281,013   
634  *    Genesis HealthCare Corp    27,192   
1,208  *    Gentiva Health Services, Inc    19,545   
20,807    HCA, Inc    1,114,631   
11,873    Health Management Associates, Inc (Class A)    310,835   
2,891    Hooper Holmes, Inc    11,044   
896  *    Kindred Healthcare, Inc    31,450   
461  *    LabOne, Inc    15,895   
6,977  *    Laboratory Corp of America Holdings    336,291   
910    LCA-Vision, Inc    30,303   

 

154

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,924  *    LifePoint Hospitals, Inc  $  84,348   
4,855  *    Lincare Holdings, Inc    214,737   
1,375  *    Magellan Health Services, Inc    46,819   
4,415    Manor Care, Inc    160,529   
705  *    Matria Healthcare, Inc    21,651   
375  *    Medcath Corp    10,987   
13,179  *    Medco Health Solutions, Inc    653,283   
584    National Healthcare Corp    19,979   
2,337  *    NeighborCare, Inc    68,357   
1,100  *    OCA, Inc    4,675   
1,121  *    Odyssey HealthCare, Inc    13,183   
876    Option Care, Inc    18,037   
1,051  *    Pediatrix Medical Group, Inc    72,088   
1,877  *    Province Healthcare Co    45,217   
717  *    Psychiatric Solutions, Inc    32,982   
900  *    Radiation Therapy Services, Inc    17,082   
408  *    RehabCare Group, Inc    11,714   
3,279  *    Renal Care Group, Inc    124,405   
352  *    Specialty Laboratories, Inc    3,362   
821  *    Sunrise Senior Living, Inc    39,901   
515  *    Symbion, Inc    11,006   
22,570  *    Tenet Healthcare Corp    260,232   
3,785  *    Triad Hospitals, Inc    189,678   
1,449  *    United Surgical Partners International, Inc    66,321   
2,416    Universal Health Services, Inc (Class B)    126,598   
583  *    VistaCare, Inc (Class A)    11,934   
 
      TOTAL HEALTH SERVICES    6,478,506   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%       
1,870    Granite Construction, Inc    49,125   
1,290  *    Insituform Technologies, Inc (Class A)    18,718   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    67,843   
 
       
HOLDING AND OTHER INVESTMENT OFFICES - 3.06%       
860  *    4Kids Entertainment, Inc    19,015   
1,100      Aames Investment Corp    9,020   
625      Acadia Realty Trust    10,050   
1,436      Affordable Residential Communities    18,165   
834      Alabama National Bancorp    51,616   
1,164      Alexandria Real Estate Equities, Inc    74,938   
6,321      Allied Capital Corp    164,978   
4,022      AMB Property Corp    152,032   
1,484      Amcore Financial, Inc    41,923   
900      American Campus Communities, Inc    18,900   
5,378      American Financial Realty Trust    78,680   
1,368      American Home Mortgage Investment Corp    39,179   
974      AMLI Residential Properties Trust    26,678   
6,366      Annaly Mortgage Management, Inc    119,426   
2,332      Anthracite Capital, Inc    25,978   
1,220      Anworth Mortgage Asset Corp    11,651   
4,659      Apartment Investment & Management Co (Class A)    173,315   
3,457      Apollo Investment Corp    58,008   
436      Arbor Realty Trust, Inc    10,791   
9,591      Archstone-Smith Trust    327,149   

 

155

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
3,424      Arden Realty, Inc  $  115,902   
1,145      Ashford Hospitality Trust, Inc    11,679   
3,519      AvalonBay Communities, Inc    235,386   
717      Bedford Property Investors    15,652   
1,400      BioMed Realty Trust, Inc    28,840   
4,083      Boston Properties, Inc    245,919   
2,446      Brandywine Realty Trust    69,466   
2,453      BRE Properties, Inc (Class A)    86,591   
2,667      Brookline Bancorp, Inc    39,738   
2,612      Camden Property Trust    122,842   
1,936      Capital Automotive REIT    64,120   
2,308      Capital Lease Funding, Inc    25,503   
170      Capital Southwest Corp    13,447   
500      Capital Trust, Inc    16,590   
687      Capitol Bancorp Ltd    20,782   
924      Capstead Mortgage Corp    7,900   
2,647      CarrAmerica Realty Corp    83,513   
5,022      Catellus Development Corp    133,836   
1,241      CBL & Associates Properties, Inc    88,744   
1,000      Cedar Shopping Centers, Inc    14,240   
2,382      Centerpoint Properties Trust    97,662   
313      Cherokee, Inc    10,479   
811      Colonial Properties Trust    31,151   
2,370      Commercial Net Lease Realty, Inc    43,726   
621      Community Banks, Inc    15,519   
3,993      Cornerstone Realty Income Trust, Inc    39,611   
1,373      Corporate Office Properties Trust    36,357   
867      Correctional Properties Trust    21,892   
1,972      Cousins Properties, Inc    51,016   
3,857      Crescent Real Estate Equities Co    63,023   
1,401      CRT Properties, Inc    30,514   
4,919      Developers Diversified Realty Corp    195,530   
500      Digital Realty Trust, Inc    7,185   
7,034      Duke Realty Corp    209,965   
1,204      Eastgroup Properties, Inc    45,391   
154  *    Enstar Group, Inc    9,240   
1,254      Entertainment Properties Trust    51,953   
2,135      Equity Inns, Inc    23,549   
659      Equity Lifestyle Properties, Inc    23,230   
19,576      Equity Office Properties Trust    589,825   
1,113      Equity One, Inc    22,917   
13,646      Equity Residential    439,538   
1,324      Essex Property Trust, Inc    91,488   
1,500      Extra Space Storage, Inc    20,250   
2,528      Federal Realty Investment Trust    122,229   
1,668  *    FelCor Lodging Trust, Inc    20,733   
1,272  *    First Acceptance Corp    13,483   
501      First Indiana Corp    12,124   
2,224      First Industrial Realty Trust, Inc    84,134   
5,633      First Niagara Financial Group, Inc    74,412   
672      First Place Financial Corp    12,298   
3,450      Fremont General Corp    75,865   
6,702      Friedman Billings Ramsey Group, Inc    106,361   
1,664      Gables Residential Trust    55,411   
10,569      General Growth Properties, Inc    360,403   
444      German American Bancorp    6,882   
445      Gladstone Capital Corp    9,443   
823      Glenborough Realty Trust, Inc    15,736   

 

156

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,061      Glimcher Realty Trust  $  48,846   
700      Global Signal, Inc    20,972   
1,100      GMH Communities Trust    12,881   
1,100      Government Properties Trust, Inc    10,956   
500      Gramercy Capital Corp    9,750   
772      Harris & Harris Group, Inc    9,295   
6,440      Health Care Property Investors, Inc    151,147   
2,568      Health Care REIT, Inc    82,176   
2,502      Healthcare Realty Trust, Inc    91,173   
1,589      Heritage Property Investment Trust    47,162   
1,051      Highland Hospitality Corp    10,878   
3,033      Highwoods Properties, Inc    81,345   
1,661      Home Properties, Inc    64,447   
2,300      HomeBanc Corp    20,332   
3,227      Hospitality Properties Trust    130,306   
16,782      Host Marriott Corp    277,910   
8,504      HRPT Properties Trust    101,283   
3,699      IMPAC Mortgage Holdings, Inc    70,947   
1,530      Innkeepers U.S.A. Trust    19,752   
3,224      Investors Real Estate Trust    30,080   
5,090      iShares Russell 2000 Index Fund    621,743   
5,424      iStar Financial, Inc    223,360   
1,484      Kilroy Realty Corp    60,710   
4,841      Kimco Realty Corp    260,930   
900      Kite Realty Group Trust    12,960   
1,397      Kramont Realty Trust    32,690   
9,179  *    La Quinta Corp    78,022   
1,024      LaSalle Hotel Properties    29,747   
2,095      Lexington Corporate Properties Trust    45,964   
4,124      Liberty Property Trust    161,042   
676      LTC Properties, Inc    11,729   
870      Luminent Mortgage Capital, Inc    9,553   
2,904      Macerich Co    154,725   
3,013      Mack-Cali Realty Corp    127,601   
1,912      Maguire Properties, Inc    45,659   
2,709  *    Meristar Hospitality Corp    18,963   
3,930      MFA Mortgage Investments, Inc    29,907   
717      Mid-America Apartment Communities, Inc    26,171   
2,875      Mills Corp    152,088   
1,970      Mission West Properties, Inc    20,882   
1,400      MortgageIT Holdings, Inc    22,330   
679      National Health Investors, Inc    17,640   
3,671      Nationwide Health Properties, Inc    74,191   
1,967      New Century Financial Corp    92,095   
4,851      New Plan Excel Realty Trust    121,809   
1,741      Newcastle Investment Corp    51,534   
1,155      Novastar Financial, Inc    41,592   
2,583      Omega Healthcare Investors, Inc    28,361   
1,059      Oriental Financial Group, Inc    24,802   
512      Origen Financial, Inc    3,538   
2,003      Pan Pacific Retail Properties, Inc    113,670   
474      Parkway Properties, Inc    22,136   
1,580      Pennsylvania Real Estate Investment Trust    63,706   
8,942      Plum Creek Timber Co, Inc    319,229   

 

157

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
12,938      Popular, Inc  $  314,652   
1,674      Post Properties, Inc    51,961   
2,239      Prentiss Properties Trust    76,484   
812      PrivateBancorp, Inc    25,505   
8,851      Prologis    328,372   
870      Prosperity Bancshares, Inc    23,046   
562      PS Business Parks, Inc    22,649   
4,057      Public Storage, Inc    231,006   
802      RAIT Investment Trust    21,510   
642      Ramco-Gershenson Properties    17,430   
3,988      Realty Income Corp    91,245   
3,769      Reckson Associates Realty Corp    115,708   
760      Redwood Trust, Inc    38,897   
3,000      Regency Centers Corp    142,890   
966      Sandy Spring Bancorp, Inc    31,221   
884      Saul Centers, Inc    28,288   
1,900      Saxon Capital, Inc    32,680   
2,755      Senior Housing Properties Trust    45,953   
2,369      Shurgard Storage Centers, Inc (Class A)    97,082   
7,673      Simon Property Group, Inc    464,830   
2,037      SL Green Realty Corp    114,520   
959      Sovran Self Storage, Inc    38,005   
30,000      SPDR Trust Series 1    3,538,800   
600      Strategic Hotel Capital, Inc    8,820   
581      Suffolk Bancorp    19,190   
603      Sun Communities, Inc    21,587   
800      Sunstone Hotel Investors, Inc    17,160   
1,763      Susquehanna Bancshares, Inc    42,982   
1,592      Tanger Factory Outlet Centers, Inc    35,024   
517  *    Tarragon Realty Investors, Inc    10,438   
2,792      Taubman Centers, Inc    77,450   
4,426      Thornburg Mortgage, Inc    124,105   
463      Tompkins Trustco, Inc    19,701   
728      Town & Country Trust    19,256   
4,902      Trizec Properties, Inc    93,138   
6,253      United Dominion Realty Trust, Inc    130,500   
584      Universal Health Realty Income Trust    16,498   
961      Urstadt Biddle Properties, Inc (Class A)    14,655   
1,300      U-Store-It Trust    22,620   
4,053      Ventas, Inc    101,163   
4,732      Vornado Realty Trust    327,786   
42,473      Washington Mutual, Inc    1,677,683   
2,010      Washington Real Estate Investment Trust    57,788   
3,788      Weingarten Realty Investors    130,724   
346      Westfield Financial, Inc    8,650   
872      Winston Hotels, Inc    10,202   
 
     
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 
  19,305,278   
 
 
HOTELS AND OTHER LODGING PLACES - 0.40%       
494      Ameristar Casinos, Inc    27,012   
812  *    Bluegreen Corp    10,434   
2,518      Boyd Gaming Corp    131,314   
978      Choice Hotels International, Inc    60,587   
533  *    Empire Resorts, Inc    3,853   
18,531    Hilton Hotels Corp    414,190   
1,000  *    Las Vegas Sands Corp    45,000   

 

158

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
3,287  *    Mandalay Resort Group  $  231,701   
1,068    Marcus Corp    21,894   
9,429    Marriott International, Inc (Class A)    630,423   
2,952  *    MGM Mirage    209,061   
1,368  *    Pinnacle Entertainment, Inc    22,846   
10,105    Starwood Hotels & Resorts Worldwide, Inc    606,603   
581  *    Vail Resorts, Inc    14,670   
1,680  *    Wynn Resorts Ltd    113,803   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    2,543,391   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.98%       
37,945    3M Co    3,251,507   
646  *    Aaon, Inc    10,633   
1,375  *    Actuant Corp    61,765   
6,169  *    Adaptec, Inc    29,550   
2,908  *    Advanced Digital Information Corp    23,846   
4,410  *    AGCO Corp    80,483   
1,031    Albany International Corp (Class A)    31,837   
9,071    American Standard Cos, Inc    421,620   
39,028  *    Apple Computer, Inc    1,626,297   
81,612    Applied Materials, Inc    1,326,211   
660  *    Astec Industries, Inc    14,553   
350  *    ASV, Inc    13,876   
2,452  *    Asyst Technologies, Inc    11,745   
1,699  *    Authentidate Holding Corp    6,779   
2,394  *    Avocent Corp    61,455   
4,924  *    Axcelis Technologies, Inc    35,952   
16,132    Baker Hughes, Inc    717,713   
3,942    Black & Decker Corp    311,379   
938    Black Box Corp    35,091   
209  *    Blount International, Inc    3,549   
2,480    Briggs & Stratton Corp    90,297   
2,461  *    Brooks Automation, Inc    37,358   
300    Bucyrus International, Inc (Class A)    11,718   
629    Cascade Corp    22,015   
16,671    Caterpillar, Inc    1,524,396   
4,749  *    Cirrus Logic, Inc    21,465   
330,275  *    Cisco Systems, Inc    5,908,620   
2,684  *    Cooper Cameron Corp    153,552   
2,124  *    Cray, Inc    5,416   
2,021    Cummins, Inc    142,177   
738  *    Cuno, Inc    37,926   
1,690  *    Cymer, Inc    45,241   
12,078    Deere & Co    810,796   
123,593  *    Dell, Inc    4,748,443   
3,618    Diebold, Inc    198,447   
3,790    Donaldson Co, Inc    122,341   
2,098  *    Dot Hill Systems Corp    12,483   
9,907    Dover Corp    374,386   
350  *    Dril-Quip, Inc    10,759   
7,348    Eaton Corp    480,559   
3,034  *    Electronics For Imaging, Inc    54,127   
117,192  *    EMC Corp    1,443,805   
4,442  *    Emulex Corp    83,687   
1,286    Engineered Support Systems, Inc    68,827   
936  *    EnPro Industries, Inc    25,740   

 

159

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,330  *    Esterline Technologies Corp  $  45,952   
1,723  *    FalconStor Software, Inc    10,286   
813  *    Flanders Corp    9,171   
2,675  *    Flowserve Corp    69,202   
3,267  *    FMC Technologies, Inc    108,399   
1,858  *    FSI International, Inc    7,859   
973  *    Gardner Denver, Inc    38,443   
10,829  *    Gateway, Inc    43,641   
166  *    General Binding Corp    3,486   
1,904  *    Global Power Equipment Group, Inc    18,240   
388    Gorman-Rupp Co    8,326   
3,472    Graco, Inc    140,130   
5,981  *    Grant Prideco, Inc    144,501   
141,821    Hewlett-Packard Co    3,111,553   
969  *    Hydril    56,599   
2,871  *    Hypercom Corp    13,580   
2,589    IDEX Corp    104,466   
1,626  *    InFocus Corp    9,333   
82,273    International Business Machines Corp    7,518,107   
16,901    International Game Technology    450,581   
1,041  *    Intevac, Inc    9,817   
2,698  *    Iomega Corp    11,574   
4,534    ITT Industries, Inc    409,148   
1,591    JLG Industries, Inc    34,286   
3,744    Joy Global, Inc    131,265   
734  *    Kadant, Inc    13,616   
1,548    Kaydon Corp    48,607   
1,829    Kennametal, Inc    86,859   
1,393  *    Komag, Inc    31,134   
2,658  *    Kulicke & Soffa Industries, Inc    16,719   
6,514  *    Lam Research Corp    187,994   
2,316    Lennox International, Inc    50,767   
6,402  *    Lexmark International, Inc    511,968   
1,273    Lincoln Electric Holdings, Inc    38,292   
545    Lindsay Manufacturing Co    10,399   
272    Lufkin Industries, Inc    13,135   
1,162    Manitowoc Co, Inc    46,933   
11,087  *    Maxtor Corp    58,983   
593  *    Maxwell Technologies, Inc    5,438   
78  *    Mestek, Inc    1,759   
1,958  *    Micros Systems, Inc    71,878   
278    Middleby Corp    13,733   
5,500  *    Milacron, Inc    16,775   
957    Modine Manufacturing Co    28,069   
132    Nacco Industries, Inc (Class A)    13,456   
8,114  *    National Oilwell Varco, Inc    378,924   
446  *    Netgear, Inc    6,730   
15,084  *    Network Appliance, Inc    417,223   
1,121    Nordson Corp    41,275   
819  *    Oil States International, Inc    16,830   
1,354  *    Omnicell, Inc    9,762   
419  *    Overland Storage, Inc    6,151   
6,218    Pall Corp    168,632   
2,101  *    PalmOne, Inc    53,323   
5,834    Parker Hannifin Corp    355,468   
1,351  *    Paxar Corp    28,830   
4,844    Pentair, Inc    188,916   
11,253    Pitney Bowes, Inc    507,735   

 

160

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
810  *    Planar Systems, Inc  $  7,306   
2,522  *    Presstek, Inc    19,470   
1,160  *    ProQuest Co    41,934   
5,111  *    Quantum Corp    14,873   
623    Robbins & Myers, Inc    13,712   
9,048    Rockwell Automation, Inc    512,479   
7,892  *    Sandisk Corp    219,398   
701    Sauer-Danfoss, Inc    15,864   
311    Schawk, Inc    5,676   
3,701  *    Scientific Games Corp (Class A)    84,568   
778  *    Semitool, Inc    7,936   
9,826  *    Silicon Graphics, Inc    11,693   
5,156    Smith International, Inc    323,436   
45,268  *    Solectron Corp    157,080   
3,788    SPX Corp    163,945   
644    Standex International Corp    17,581   
1,401    Stewart & Stevenson Services, Inc    32,069   
5,217  *    Storage Technology Corp    160,684   
11,379    Symbol Technologies, Inc    164,882   
964    Tecumseh Products Co (Class A)    38,184   
467    Tennant Co    18,068   
2,467  *    Terex Corp    106,821   
502    Thomas Industries, Inc    19,899   
3,508    Timken Co    95,909   
1,146    Toro Co    101,421   
531  *    Transact Technologies, Inc    5,315   
1,184  *    Ultratech, Inc    17,286   
2,709  *    UNOVA, Inc    55,941   
1,366  *    Veeco Instruments, Inc    20,558   
10,172  *    Western Digital Corp    129,693   
733    Woodward Governor Co    52,556   
46,470  *    Xerox Corp    704,020   
11,001  *    Xybernaut Corp    4,620   
2,124    York International Corp    83,218   
2,902  *    Zebra Technologies Corp (Class A)    137,816   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    44,030,591   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 2.89%       
1,086  *    Abaxis, Inc    9,611   
948  *    Abiomed, Inc    10,030   
588  *    ADE Corp    13,054   
2,035  *    Advanced Medical Optics, Inc    73,687   
920  *    Advanced Neuromodulation Systems, Inc    24,665   
23,321  *    Agilent Technologies, Inc    517,748   
1,396  *    Aksys Ltd    4,425   
2,938  *    Align Technology, Inc    18,333   
2,840  *    American Medical Systems Holdings, Inc    48,791   
650    Analogic Corp    28,113   
9,846    Applera Corp (Applied Biosystems Group)    194,360   
1,367    Arrow International, Inc    46,956   
1,223  *    Arthrocare Corp    34,856   
1,005  *    August Technology Corp    11,779   
5,146    Bard (C.R.), Inc    350,340   
2,668    Bausch & Lomb, Inc    195,564   
29,753    Baxter International, Inc    1,011,007   
3,125    Beckman Coulter, Inc    207,656   

 

161

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
12,303    Becton Dickinson & Co  $  718,741   
822    BEI Technologies, Inc    19,703   
1,237    Biolase Technology, Inc    10,515   
12,405    Biomet, Inc    450,302   
674  *    Bio-Rad Laboratories, Inc (Class A)    32,831   
32,063  *    Boston Scientific Corp    939,125   
1,108  *    Bruker BioSciences Corp    3,900   
782  *    Candela Corp    6,975   
4,271  *    Cardiac Science, Inc    4,912   
1,946  *    Cardiodynamics International Corp    5,682   
2,773  *    Cepheid, Inc    26,815   
272  *    Closure Medical Corp    7,262   
2,284    Cognex Corp    56,826   
1,323  *    Coherent, Inc    44,664   
1,056    Cohu, Inc    16,843   
1,587  *    Conceptus, Inc    12,379   
1,172  *    Conmed Corp    35,301   
2,073      Cooper Cos, Inc    151,122   
5,387  *    Credence Systems Corp    42,611   
1,735  *    CTI Molecular Imaging, Inc    35,168   
1,119  *    Cyberonics, Inc    49,426   
461  *    Cyberoptics Corp    5,753   
5,475  *    Cytyc Corp    125,980   
717      Datascope Corp    21,926   
4,034      Dentsply International, Inc    219,490   
1,312  *    Depomed, Inc    5,169   
1,055  *    Dionex Corp    57,498   
1,011  *    DJ Orthopedics, Inc    25,326   
881  *    DRS Technologies, Inc    37,443   
13,890      Eastman Kodak Co    452,120   
762      EDO Corp    22,898   
2,994  *    Edwards Lifesciences Corp    129,401   
1,914  *    Encore Medical Corp    10,297   
767  *    ESCO Technologies, Inc    61,628   
301  *    Exactech, Inc    5,108   
745  *    Excel Technology, Inc    18,312   
410      E-Z-Em-Inc    4,887   
158  *    Faro Technologies, Inc    3,719   
776  *    FEI Co    17,964   
5,381  *    Fisher Scientific International, Inc    306,287   
3,784  *    Flir Systems, Inc    114,655   
1,625  *    Formfactor, Inc    36,790   
2,132  *    Fossil, Inc    55,272   
15,178      Guidant Corp    1,121,654   
1,114  *    Haemonetics Corp    46,966   
1,182  *    Hanger Orthopedic Group, Inc    7,033   
528  *    Herley Industries, Inc    9,034   
998  *    Hologic, Inc    31,811   
590  *    ICU Medical, Inc    20,945   
1,028  *    I-Flow Corp    16,273   
1,378  *    II-VI, Inc    24,032   
1,610  *    Illumina, Inc    13,009   
1,748  *    Inamed Corp    122,150   
4,066  *    Input/Output, Inc    26,226   
813  *    Integra LifeSciences Holding    28,634   
400  *    Intralase Corp    6,696   
1,584  *    Intuitive Surgical, Inc    72,024   
1,356      Invacare Corp    60,518   

 

162

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
458  *    Ista Pharmaceuticals, Inc  $  4,525   
1,197  *    Itron, Inc    35,479   
1,544  *    Ixia    27,468   
618      Keithley Instruments, Inc    9,968   
593  *    Kensey Nash Corp    16,058   
9,670      KLA-Tencor Corp    444,917   
897  *    KVH Industries, Inc    8,172   
1,348  *    Kyphon, Inc    33,929   
562  *    Laserscope    17,838   
485  *    LeCroy Corp    8,308   
2,432  *    Lexar Media, Inc    12,111   
3,441  *    LTX Corp    15,278   
665  *    Measurement Specialties, Inc    15,295   
393  *    Medical Action Industries, Inc    7,428   
58,775      Medtronic, Inc    2,994,586   
2,424      Mentor Corp    77,810   
1,358  *    Merit Medical Systems, Inc    16,282   
2,000  *    Mettler-Toledo International, Inc    95,000   
505  *    Micro Therapeutics, Inc    1,949   
2,432  *    Millipore Corp    105,549   
1,301      Mine Safety Appliances Co    50,401   
1,817  *    MKS Instruments, Inc    28,854   
834  *    Molecular Devices Corp    15,846   
856      Movado Group, Inc    15,836   
1,014      MTS Systems Corp    29,436   
2,816  *    Nanogen, Inc    9,800   
2,229  *    Newport Corp    32,298   
830      Oakley, Inc    10,641   
2,030  *    Orbital Sciences Corp    19,650   
2,148  *    Orthologic Corp    10,869   
2,524  *    Orthovita, Inc    8,582   
147  *    Palomar Medical Technologies, Inc    3,965   
6,252      PerkinElmer, Inc    128,999   
834  *    Photon Dynamics, Inc    15,896   
3,603  *    Pinnacle Systems, Inc    20,141   
934  *    Possis Medical, Inc    7,818   
1,947  *    RAE Systems, Inc    5,977   
21,888      Raytheon Co    847,066   
1,603  *    Resmed, Inc    90,409   
1,540  *    Respironics, Inc    89,736   
200  *    Retractable Technologies, Inc    800   
587  *    Rofin-Sinar Technologies, Inc    18,866   
2,147      Roper Industries, Inc    140,629   
592  *    Rudolph Technologies, Inc    8,916   
682  *    Sirf Technology Holdings, Inc    7,611   
1,146  *    Sonic Innovations, Inc    6,395   
548  *    Sonic Solutions, Inc    8,247   
721  *    SonoSite, Inc    18,732   
17,124  *    St. Jude Medical, Inc    616,464   
4,241  *    Star Scientific, Inc    22,435   
3,458  *    Steris Corp    87,314   
13,884      Stryker Corp    619,365   
1,715  *    Sybron Dental Specialties, Inc    61,604   
269    Sypris Solutions, Inc    2,884   
2,102  *    Techne Corp    84,458   
4,398    Tektronix, Inc    107,883   
1,616    Teleflex, Inc    82,707   
9,498  *    Teradyne, Inc    138,671   

 

163

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
8,075  *    Thermo Electron Corp  $  204,217   
2,475  *    Thermogenesis    12,375   
1,370  *    Thoratec Corp    16,741   
2,707  *    Trimble Navigation Ltd    91,524   
1,711  *    TriPath Imaging, Inc    12,045   
467    United Industrial Corp    13,833   
875  *    Urologix, Inc    4,016   
6,694  *    Varian Medical Systems, Inc    229,470   
1,472  *    Varian, Inc    55,774   
1,002  *    Ventana Medical Systems, Inc    37,535   
1,348  *    Viasys Healthcare, Inc    25,739   
1,422  *    Viisage Technology, Inc    4,792   
2,731  *    Visx, Inc    64,015   
234    Vital Signs, Inc    9,334   
5,805  *    Waters Corp    207,761   
953  *    Wright Medical Group, Inc    22,872   
1,107    X-Rite, Inc    16,649   
220    Young Innovations, Inc    8,063   
11,971  *    Zimmer Holdings, Inc    931,464   
467  *    Zoll Medical Corp    10,522   
701  *    Zygo Corp    9,085   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    18,228,983   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.25%       
15,235    AON Corp    347,967   
2,707    Brown & Brown, Inc    124,766   
856    Clark, Inc    13,251   
1,257    Crawford & Co (Class B)    8,988   
4,456    Gallagher (Arthur J.) & Co    128,333   
1,849    Hilb, Rogal & Hamilton Co    66,194   
25,432    Marsh & McLennan Cos, Inc    773,641   
1,876    National Financial Partners Corp    74,665   
362  *    United America Indemnity Ltd (Class A)    6,820   
1,993  *    USI Holdings Corp    23,478   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    1,568,103   
 
 
INSURANCE CARRIERS - 4.94%       
2,166    21st Century Insurance Group    30,216   
14,784    Aetna, Inc    1,108,061   
24,730    Aflac, Inc    921,440   
2,525    Alfa Corp    36,486   
175  *    Alleghany Corp    48,475   
2,614  *    Allmerica Financial Corp    93,973   
34,081    Allstate Corp    1,842,419   
5,338    Ambac Financial Group, Inc    399,016   
1,162    American Equity Investment Life Holding Co    14,862   
1,452    American Financial Group, Inc    44,722   
112,263    American International Group, Inc    6,220,548   
579    American National Insurance Co    61,316   
425  *    American Physicians Capital, Inc    14,565   
2,396  *    AMERIGROUP Corp    87,598   
1,799    AmerUs Group Co    85,003   
1,829  *    Argonaut Group, Inc    38,811   
3,972    Assurant, Inc    133,856   

 

164

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
314    Baldwin & Lyons, Inc (Class B)  $  8,145   
3,558    Berkley (W.R.) Corp    176,477   
241    Bristol West Holdings, Inc    3,736   
2,094  *    Centene Corp    62,799   
1,876  *    Ceres Group, Inc    10,187   
9,296    Chubb Corp    736,894   
6,563    Cigna Corp    586,076   
7,265    Cincinnati Financial Corp    316,827   
1,412  *    Citizens, Inc    8,119   
1,334  *    CNA Financial Corp    37,432   
801  *    CNA Surety Corp    10,894   
1,184    Commerce Group, Inc    73,384   
7,473  *    Conseco, Inc    152,599   
2,553  *    Danielson Holdings Corp    44,039   
1,415    Delphi Financial Group, Inc (Class A)    60,845   
485    Direct General Corp    9,962   
220    Donegal Group, Inc    3,997   
78    EMC Insurance Group, Inc    1,487   
1,500    Erie Indemnity Co (Class A)    78,180   
615    FBL Financial Group, Inc (Class A)    17,220   
7,905    Fidelity National Financial, Inc    260,391   
3,863    First American Corp    127,247   
499  *    FPIC Insurance Group, Inc    16,043   
7,060    Genworth Financial, Inc    194,291   
311    Great American Financial Resources, Inc    5,268   
1,126    Harleysville Group, Inc    22,362   
14,256    Hartford Financial Services Group, Inc    977,391   
2,983    HCC Insurance Holdings, Inc    107,865   
5,520  *    Health Net, Inc    180,559   
783  *    HealthExtras, Inc    13,037   
2,355    Horace Mann Educators Corp    41,778   
7,965  *    Humana, Inc    254,402   
437    Independence Holding Co    7,879   
1,085    Infinity Property & Casualty Corp    33,917   
6,823    Jefferson-Pilot Corp    334,668   
175    Kansas City Life Insurance Co    8,533   
878    Landamerica Financial Group, Inc    43,926   
3,951    Leucadia National Corp    135,717   
8,511    Lincoln National Corp    384,187   
7,215    Loews Corp    530,591   
500  *    Markel Corp    172,605   
7,062    MBIA, Inc    369,201   
1,423    Mercury General Corp    78,635   
19,503    MetLife, Inc    762,567   
4,845    MGIC Investment Corp    298,791   
389    Midland Co    12,257   
345  *    Molina Healthcare, Inc    15,901   
136  *    National Western Life Insurance Co (Class A)    23,248   
2,808    Nationwide Financial Services, Inc (Class A)    100,807   
533  *    Navigators Group, Inc    17,666   
39    NYMAGIC, Inc    924   
427    Odyssey Re Holdings Corp    10,692   
2,416  *    Ohio Casualty Corp    55,520   
8,839    Old Republic International Corp    205,860   
4,257  *    Pacificare Health Systems, Inc    242,308   
709  *    Philadelphia Consolidated Holding Corp    54,969   
4,711    Phoenix Cos, Inc    60,207   
195  *    Pico Holdings, Inc    5,052   
1,596  *    PMA Capital Corp (Class A)    12,768   

 

165

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
4,799    PMI Group, Inc  $  182,410   
1,646    Presidential Life Corp    26,797   
15,539    Principal Financial Group    598,096   
1,034  *    ProAssurance Corp    40,843   
9,737    Progressive Corp    893,467   
3,406    Protective Life Corp    133,856   
25,617    Prudential Financial, Inc    1,470,416   
4,640    Radian Group, Inc    221,514   
1,527    Reinsurance Group of America, Inc    65,020   
893    RLI Corp    37,015   
6,289    Safeco Corp    306,337   
467    Safety Insurance Group, Inc    14,458   
1,101    Selective Insurance Group, Inc    50,899   
1,331  *    Sierra Health Services, Inc    84,971   
32,419    St. Paul Travelers Cos, Inc    1,190,750   
1,560    Stancorp Financial Group, Inc    132,257   
1,101    State Auto Financial Corp    29,309   
843    Stewart Information Services Corp    31,629   
5,469    Torchmark Corp    285,482   
1,110    Transatlantic Holdings, Inc    73,504   
380  *    Triad Guaranty, Inc    19,992   
1,940    UICI    47,045   
1,000    United Fire & Casualty Co    33,830   
32,410    UnitedHealth Group, Inc    3,091,266   
2,246    Unitrin, Inc    101,968   
1,545  *    Universal American Financial Corp    26,729   
14,418    UnumProvident Corp    245,394   
2,244  *    Vesta Insurance Group, Inc    7,966   
500  *    WellCare Health Plans, Inc    15,230   
1,175  *    WellChoice, Inc    62,639   
14,328  *    WellPoint, Inc    1,796,015   
67    Wesco Financial Corp    25,794   
662    Zenith National Insurance Corp    34,331   
 
      TOTAL INSURANCE CARRIERS    31,137,925   
 
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.00%       
623  *    Geo Group, Inc    17,805   
 
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY    17,805   
 
 
LEATHER AND LEATHER PRODUCTS - 0.12%       
723    Brown Shoe Co, Inc    24,777   
9,229  *    Coach, Inc    522,638   
1,302    K-Swiss, Inc (Class A)    43,005   
527  *    Steven Madden Ltd    8,796   
1,085  *    Timberland Co (Class A)    76,959   
142    Weyco Group, Inc    6,217   
3,417    Wolverine World Wide, Inc    73,226   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    755,618   
 
 
LEGAL SERVICES - 0.00%       
559    Pre-Paid Legal Services, Inc    18,917   
 
      TOTAL LEGAL SERVICES    18,917   
 

 

166

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%       
5,058  *    Laidlaw International, Inc  $  105,206   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    105,206   
 
 
LUMBER AND WOOD PRODUCTS - 0.11%       
526    American Woodmark Corp    19,083   
3,609  *    Champion Enterprises, Inc    33,924   
806    Deltic Timber Corp    31,515   
12,395    Georgia-Pacific Corp    439,898   
2,456    Rayonier, Inc    121,646   
424    Skyline Corp    16,320   
881    Universal Forest Products, Inc    34,227   
 
      TOTAL LUMBER AND WOOD PRODUCTS    696,613   
 
 
METAL MINING - 0.29% 
     
1,130    Cleveland-Cliffs, Inc    82,343   
8,434  *    Coeur D'alene Mines Corp    30,953   
7,490    Freeport-McMoRan Copper & Gold, Inc (Class A)    296,679   
4,547  *    Hecla Mining Co    24,918   
19,529    Newmont Mining Corp    825,100   
4,615    Phelps Dodge Corp    469,484   
892    Royal Gold, Inc    16,350   
876    Southern Peru Copper Corp    48,583   
1,462  *    Stillwater Mining Co    14,401   
 
      TOTAL METAL MINING    1,808,811   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.25%       
1,235    Blyth, Inc    39,322   
4,017    Callaway Golf Co    51,418   
798  *    Daktronics, Inc    17,277   
489    Escalade, Inc    6,665   
7,237    Fortune Brands, Inc    583,519   
7,538    Hasbro, Inc    154,152   
4,064  *    Identix, Inc    20,523   
761  *    Jakks Pacific, Inc    16,339   
1,272  *    K2, Inc    17,490   
1,509  *    Leapfrog Enterprises, Inc    17,127   
20,504    Mattel, Inc    437,761   
1,470    Nautilus, Inc    34,927   
506    Penn Engineering & Manufacturing Corp    9,133   
883  *    RC2 Corp    30,022   
545    Russ Berrie & Co, Inc    10,437   
2,146  *    Shuffle Master, Inc    62,148   
418  *    Steinway Musical Instruments, Inc    12,523   
2,393    Yankee Candle Co, Inc    75,858   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    1,596,641   
 
 
MISCELLANEOUS RETAIL - 1.50%       
953  *    1-800-Flowers.com, Inc (Class A)    7,214   
469  *    AC Moore Arts & Crafts, Inc    12,504   

 

167

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,733  *    Alloy, Inc  $  10,190   
14,416  *    Amazon.com, Inc    494,036   
2,680  *    Barnes & Noble, Inc    92,433   
964    Big 5 Sporting Goods Corp    23,811   
352    Blair Corp    11,605   
468    Blockbuster, Inc (Class B)    3,912   
233  *    Blue Nile, Inc    6,442   
3,873    Borders Group, Inc    103,099   
600  *    Build-A-Bear Workshop, Inc    18,390   
1,514    Cash America International, Inc    33,202   
1,197  *    Coldwater Creek, Inc    22,121   
19,284    CVS Corp    1,014,724   
1,646  *    Dick's Sporting Goods, Inc    60,458   
2,754  *    Drugstore.com, Inc    7,105   
50,346  *    eBay, Inc    1,875,892   
992    Hancock Fabrics, Inc    7,380   
732  *    Hibbett Sporting Goods, Inc    21,989   
766  *    Jill (J.) Group, Inc    10,540   
1,578    Longs Drug Stores Corp    53,999   
4,027  *    Marvel Enterprises, Inc    80,540   
6,750    Michaels Stores, Inc    245,025   
1,811    MSC Industrial Direct Co (Class A)    55,344   
15,171  *    Office Depot, Inc    336,493   
5,077    Omnicare, Inc    179,980   
677  *    Overstock.com, Inc    29,104   
1,660  *    Party City Corp    24,302   
350  *    PC Connection, Inc    2,055   
484  *    PC Mall, Inc    6,011   
2,077  *    Petco Animal Supplies, Inc    76,454   
7,062    Petsmart, Inc    203,033   
1,385  *    Priceline.com, Inc    34,902   
20,868  *    Rite Aid Corp    82,637   
4,042  *    Sears Holdings Corp    538,273   
729  *    Sharper Image Corp    12,109   
1,137  *    Sports Authority, Inc    31,268   
826  *    Stamps.com, Inc    13,712   
24,103    Staples, Inc    757,557   
7,234    Tiffany & Co    249,718   
10,444  *    Toys 'R' Us, Inc    269,037   
805  *    Valuevision International, Inc (Class A)    9,958   
49,656    Walgreen Co    2,205,719   
1,296    World Fuel Services Corp    40,824   
3,032  *    Zale Corp    90,111   
 
      TOTAL MISCELLANEOUS RETAIL    9,465,212   
 
 
MOTION PICTURES - 1.33%       
1,779  *    Avid Technology, Inc    96,279   
8,844    Blockbuster, Inc (Class A)    78,093   
477    Carmike Cinemas, Inc    17,783   
1,800  *    DreamWorks Animation SKG, Inc (Class A)    73,278   
130,874  *    Liberty Media Corp (Class A)    1,357,163   
2,843    Metro-Goldwyn-Mayer, Inc    33,974   
853    Movie Gallery, Inc    24,464   
1,772  *    NetFlix, Inc    19,226   
623  *    Reading International, Inc    4,392   
2,363    Regal Entertainment Group (Class A)    49,694   

 

168

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
214,236  *    Time Warner, Inc  $  3,759,842   
99,484    Walt Disney Co    2,858,204   
 
      TOTAL MOTION PICTURES    8,372,392   
 
           
NONDEPOSITORY INSTITUTIONS - 2.11%       
817  *    Accredited Home Lenders Holding Co    29,600   
2,800    Advance America Cash Advance Centers, Inc    43,344   
4,222    American Capital Strategies Ltd    132,613   
54,750    American Express Co    2,812,508   
7,710  *    AmeriCredit Corp    180,722   
577    Asta Funding, Inc    12,215   
822    Beverly Hills Bancorp, Inc    8,812   
11,709    Capital One Financial Corp    875,482   
3,274  *    CapitalSource, Inc    75,302   
2,507    CharterMac    53,901   
10,370    CIT Group, Inc    394,060   
1,061  *    CompuCredit Corp    28,244   
27,212    Countrywide Financial Corp    883,302   
662  *    Credit Acceptance Corp    13,094   
4,270    Doral Financial Corp    93,470   
755  *    Encore Capital Group, Inc    10,985   
47,101    Fannie Mae    2,564,649   
396    Federal Agricultural Mortgage Corp (Class C)    6,926   
1,053    Financial Federal Corp    37,245   
730  *    First Cash Financial Services, Inc    15,454   
1,086  *    First Marblehead Corp    62,478   
33,458    Freddie Mac    2,114,546   
55,065    MBNA Corp    1,351,846   
1,777    MCG Capital Corp    27,339   
1,807  *    Metris Cos, Inc    20,943   
504  *    Nelnet, Inc    16,042   
14,112  *    Providian Financial Corp    242,162   
21,319    SLM Corp    1,062,539   
207    Student Loan Corp    43,265   
200  *    United PanAm Financial Corp    4,078   
1,145    Westcorp    48,376   
634  *    WFS Financial, Inc    27,357   
727  *    World Acceptance Corp    18,553   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    13,311,452   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%       
1,240    Amcol International Corp    23,262   
839    Compass Minerals International, Inc    21,353   
4,990    Vulcan Materials Co    283,582   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    328,197   
 
 
OIL AND GAS EXTRACTION - 2.19%       
11,701    Anadarko Petroleum Corp    890,521   
15,808    Apache Corp    967,924   
230  *    Atlas America, Inc    8,319   
675  *    Atwood Oceanics, Inc    44,915   
626    Berry Petroleum Co (Class A)    32,208   
7,843    BJ Services Co    406,895   

 

169

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,780  *    Brigham Exploration Co  $  25,659   
19,193    Burlington Resources, Inc    960,994   
1,646    Cabot Oil & Gas Corp (Class A)    90,777   
2,178  *    Cal Dive International, Inc    98,663   
880  *    Callon Petroleum Co    13,675   
1,275  *    Cheniere Energy, Inc    82,250   
15,042    Chesapeake Energy Corp    330,021   
2,067  *    Cimarex Energy Co    80,613   
874  *    Clayton Williams Energy, Inc    22,637   
1,144  *    Comstock Resources, Inc    32,879   
887  *    Delta Petroleum Corp    12,897   
2,702  *    Denbury Resources, Inc    95,191   
23,196    Devon Energy Corp    1,107,609   
2,906    Diamond Offshore Drilling, Inc    145,009   
806  *    Edge Petroleum Corp    13,347   
894  *    Encore Acquisition Co    36,922   
597  *    Energy Partners Ltd    15,504   
7,362    ENSCO International, Inc    277,253   
11,382    EOG Resources, Inc    554,759   
2,449  *    Forest Oil Corp    99,185   
1,663  *    FX Energy, Inc    19,025   
4,803  *    Global Industries Ltd    45,148   
10,391  *    Grey Wolf, Inc    68,373   
3,279  *    Hanover Compressor Co    39,578   
1,428  *    Harvest Natural Resources, Inc    16,979   
2,760    Helmerich & Payne, Inc    109,544   
401  *    Houston Exploration Co    22,837   
2,425  b*    KCS Energy, Inc    37,248   
6,928    Kerr-McGee Corp    542,670   
6,423  *    Key Energy Services, Inc    73,672   
3,370  *    Magnum Hunter Resources, Inc    54,291   
16,751    Marathon Oil Corp    785,957   
296  *    McMoRan Exploration Co    5,950   
2,052  *    Meridian Resource Corp    10,588   
2,224  *    Mission Resources Corp    15,746   
3,170  *    Newfield Exploration Co    235,404   
2,610  *    Newpark Resources, Inc    15,373   
2,847    Noble Energy, Inc    193,653   
18,981    Occidental Petroleum Corp    1,350,878   
1,452  *    Oceaneering International, Inc    54,450   
5,267  *    Parker Drilling Co    30,285   
3,488    Patina Oil & Gas Corp    139,520   
8,122    Patterson-UTI Energy, Inc    203,212   
634    Penn Virginia Corp    29,101   
272  v*    PetroCorp, Inc (Escrow)    -   
811  *    Petroleum Development Corp    30,567   
7,135    Pioneer Natural Resources Co    304,807   
3,803  *    Plains Exploration & Production Co    132,725   
3,241    Pogo Producing Co    159,587   
5,535  *    Pride International, Inc    137,489   
1,536  *    Quicksilver Resources, Inc    74,849   
3,337    Range Resources Corp    77,952   
643  *    Remington Oil & Gas Corp    20,267   
5,212    Rowan Cos, Inc    155,995   
876    RPC, Inc    13,306   
820  *    Seacor Smit, Inc    52,275   
1,768  *    Southwestern Energy Co    100,352   

 

170

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
826  *    Spinnaker Exploration Co  $  29,348   
1,076    St. Mary Land & Exploration Co    53,854   
819  *    Stone Energy Corp    39,826   
3,074  *    Superior Energy Services, Inc    52,873   
1,301  *    Swift Energy Co    37,000   
1,646  *    Syntroleum Corp    20,147   
1,288  *    Tetra Technologies, Inc    36,631   
2,985    Tidewater, Inc    115,997   
750  *    Todco    19,380   
506  *    Transmontaigne, Inc    4,048   
1,863  *    Unit Corp    84,152   
12,777    Unocal Corp    788,213   
1,704  *    Veritas DGC, Inc    51,052   
1,914    Vintage Petroleum, Inc    60,214   
1,201  *    W-H Energy Services, Inc    28,740   
906  *    Whiting Petroleum Corp    36,947   
16,594    XTO Energy, Inc    544,947   
 
      TOTAL OIL AND GAS EXTRACTION    13,809,648   
 
 
PAPER AND ALLIED PRODUCTS - 0.69%       
5,180    Bemis Co    161,202   
2,728    Bowater, Inc    102,764   
2,329  *    Buckeye Technologies, Inc    25,153   
1,654  *    Caraustar Industries, Inc    21,337   
613    Chesapeake Corp    12,885   
1,467    Glatfelter    21,638   
4,652  *    Graphic Packaging Corp    20,515   
458    Greif, Inc (Class A)    31,913   
23,577    International Paper Co    867,434   
24,306    Kimberly-Clark Corp    1,597,633   
2,008    Longview Fibre Co    37,670   
9,772    MeadWestvaco Corp    310,945   
885    Neenah Paper, Inc    29,754   
4,347    OfficeMax, Inc    145,625   
2,474    Packaging Corp of America    60,093   
7,513  *    Pactiv Corp    175,429   
1,964  *    Playtex Products, Inc    17,676   
817    Pope & Talbot, Inc    14,363   
1,633    Potlatch Corp    76,865   
1,812    Rock-Tenn Co (Class A)    24,100   
834    Schweitzer-Mauduit International, Inc    27,981   
12,326  *    Smurfit-Stone Container Corp    190,683   
4,807    Sonoco Products Co    138,682   
2,729    Temple-Inland, Inc    197,989   
2,541    Wausau-Mosinee Paper Corp    35,930   
 
      TOTAL PAPER AND ALLIED PRODUCTS    4,346,259   
 
 
PERSONAL SERVICES - 0.18%       
2,456  b*    Alderwoods Group, Inc    30,553   
595    Angelica Corp    16,660   
6,102    Cintas Corp    252,074   
1,000  *    Coinstar, Inc    21,200   
855    G & K Services, Inc (Class A)    34,448   
8,045    H & R Block, Inc    406,916   
2,100    Jackson Hewitt Tax Service, Inc    43,932   

 

171

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,225    Regis Corp  $  91,069   
17,596    Service Corp International    131,618   
589    Unifirst Corp    23,501   
2,353  *    Weight Watchers International, Inc    101,132   
 
      TOTAL PERSONAL SERVICES    1,153,103   
 
 
PETROLEUM AND COAL PRODUCTS - 5.02%       
3,816    Amerada Hess Corp    367,137   
3,501    Ashland, Inc    236,213   
104,550    ChevronTexaco Corp    6,096,311   
33,469    ConocoPhillips    3,609,297   
900    ElkCorp    34,614   
319,498    ExxonMobil Corp    19,042,081   
1,340    Frontier Oil Corp    48,588   
600  *    Giant Industries, Inc    15,420   
1,349  *    Headwaters, Inc    44,274   
990    Holly Corp    36,897   
3,285    Lubrizol Corp    133,502   
4,079    Murphy Oil Corp    402,720   
2,263    Premcor, Inc    135,056   
3,716    Sunoco, Inc    384,680   
3,569  *    Tesoro Corp    132,124   
12,532    Valero Energy Corp    918,220   
1,156    WD-40 Co    37,559   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    31,674,693   
 
 
PRIMARY METAL INDUSTRIES - 0.57%       
5,327  *    AK Steel Holding Corp    58,917   
42,160    Alcoa, Inc    1,281,242   
1,148  *    Aleris International, Inc    28,643   
4,780    Allegheny Technologies, Inc    115,246   
7,893  *    Andrew Corp    92,427   
2,428    Belden CDT, Inc    53,926   
943  *    Brush Engineered Materials, Inc    17,945   
1,319    Carpenter Technology Corp    78,362   
584  *    Century Aluminum Co    17,672   
3,058  *    CommScope, Inc    45,748   
883    Curtiss-Wright Corp    50,331   
934  *    Encore Wire Corp    9,527   
1,145  *    General Cable Corp    13,820   
1,185    Gibraltar Industries, Inc    25,999   
806  *    International Steel Group, Inc    31,837   
989  *    Lone Star Technologies, Inc    38,996   
1,803    Matthews International Corp (Class A)    59,066   
2,465  *    Maverick Tube Corp    80,137   
1,918    Mueller Industries, Inc    53,992   
545    NN, Inc    6,714   
940  *    NS Group, Inc    29,525   
7,706    Nucor Corp    443,557   
1,652  *    Oregon Steel Mills, Inc    37,996   
3,271    Precision Castparts Corp    251,900   
1,433    Quanex Corp    76,408   
1,029  *    RTI International Metals, Inc    24,079   
947    Ryerson Tull, Inc    11,998   
1,119    Schnitzer Steel Industries, Inc (Class A)    37,744   

 

172

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
2,183    Steel Dynamics, Inc  $  75,204   
124    Steel Technologies, Inc    2,975   
1,090    Texas Industries, Inc    58,587   
405  *    Titanium Metals Corp    14,580   
1,524    Tredegar Corp    25,695   
5,616    United States Steel Corp    285,574   
100  *    Wheeling-Pittsburgh Corp    3,105   
3,773    Worthington Industries, Inc    72,743   
 
      TOTAL PRIMARY METAL INDUSTRIES    3,612,217   
 
 
PRINTING AND PUBLISHING - 0.79%       
3,548    American Greetings Corp (Class A)    90,403   
984    Banta Corp    42,115   
4,792    Belo (A.H.) Corp Series A    115,679   
1,940    Bowne & Co, Inc    29,178   
377  *    Consolidated Graphics, Inc    19,830   
401    Courier Corp    21,028   
387    CSS Industries, Inc    14,145   
2,700    Dex Media, Inc    55,755   
2,974    Dow Jones & Co, Inc    111,138   
804    Ennis, Inc    13,604   
3,260    EW Scripps Co    158,925   
12,441    Gannett Co, Inc    983,834   
1,357    Harland (John H.) Co    46,627   
2,656    Harte-Hanks, Inc    73,199   
3,271    Hollinger International, Inc    35,654   
1,156    Journal Communications, Inc    19,132   
1,509  *    Journal Register Co    25,200   
3,901    Knight Ridder, Inc    262,342   
2,280    Lee Enterprises, Inc    98,952   
700  *    Martha Stewart Living Omnimedia, Inc (Class A)    15,813   
939    McClatchy Co (Class A)    69,636   
9,380    McGraw-Hill Cos, Inc    818,405   
1,259    Media General, Inc (Class A)    77,869   
1,836    Meredith Corp    85,833   
7,234    New York Times Co (Class A)    264,620   
1,115  *    Playboy Enterprises, Inc (Class B)    14,384   
7,311  *    Primedia, Inc    31,803   
206    Pulitzer, Inc    13,128   
10,481    R.R. Donnelley & Sons Co    331,409   
4,892    Reader's Digest Association, Inc (Class A)    84,681   
1,635  *    Scholastic Corp    60,315   
870    Standard Register Co    10,962   
624    Thomas Nelson, Inc    14,758   
12,109    Tribune Co    482,786   
2,590  *    Valassis Communications, Inc    90,546   
250    Washington Post Co (Class B)    223,500   
2,178    Wiley (John) & Sons, Inc (Class A)    76,775   
 
      TOTAL PRINTING AND PUBLISHING    4,983,963   
 
 
RAILROAD TRANSPORTATION - 0.51%       
39,122  *    ADC Telecommunications, Inc    77,853   
17,997    Burlington Northern Santa Fe Corp    970,578   

 

173

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
10,383    CSX Corp  $  432,452   
1,060    Florida East Coast Industries    45,029   
858  *    Genesee & Wyoming, Inc (Class A)    22,231   
3,479  *    Kansas City Southern Industries, Inc    67,005   
19,059    Norfolk Southern Corp    706,136   
12,667    Union Pacific Corp    882,890   
 
      TOTAL RAILROAD TRANSPORTATION    3,204,174   
 
 
REAL ESTATE - 0.09% 
     
238  *    Avatar Holdings, Inc    11,150   
1,400  *    CB Richard Ellis Group, Inc    48,986   
285    Consolidated-Tomoka Land Co    16,311   
1,320    Forest City Enterprises, Inc (Class A)    84,216   
1,757  *    Jones Lang LaSalle, Inc    81,964   
684    Orleans Homebuilders, Inc    12,579   
2,745    St. Joe Co    184,738   
5,280    Stewart Enterprises, Inc (Class A)    32,472   
1,866  *    Trammell Crow Co    38,384   
1,807    Trustreet Properties, Inc    27,810   
 
      TOTAL REAL ESTATE    538,610   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.25%       
1,131  *    Applied Films Corp    26,149   
1,819    Aptargroup, Inc    94,551   
406    Bandag, Inc    19,074   
3,235    Cooper Tire & Rubber Co    59,395   
157  *    Deckers Outdoor Corp    5,611   
7,456  *    Goodyear Tire & Rubber Co    99,538   
1,592  *    Jarden Corp    73,041   
1,815    Myers Industries, Inc    25,610   
8,073    Nike, Inc (Class B)    672,561   
467    Quixote Corp    10,120   
2,628    Reebok International Ltd    116,420   
1,676    Schulman (A.), Inc    29,196   
4,166  *    Sealed Air Corp    216,382   
943  *    Skechers U.S.A., Inc (Class A)    14,598   
1,260    Spartech Corp    25,011   
639  *    Trex Co, Inc    28,378   
2,945    Tupperware Corp    59,960   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    1,575,595   
 
 
SECURITY AND COMMODITY BROKERS - 2.12%       
4,020    A.G. Edwards, Inc    180,096   
1,265  *    Affiliated Managers Group, Inc    78,468   
11,573  *    Ameritrade Holding Corp    118,160   
5,140    Bear Stearns Cos, Inc    513,486   
500    BKF Capital Group, Inc    20,005   
934    Blackrock, Inc    69,985   
1,200    Calamos Asset Management, Inc (Class A)    32,304   
48,393    Charles Schwab Corp    508,621   
1,655    Chicago Mercantile Exchange    321,120   
17,738  *    E*Trade Financial Corp    212,856   
6,760    Eaton Vance Corp    158,454   

 

174

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
3,698    Federated Investors, Inc (Class B)  $  104,690   
7,891    Franklin Resources, Inc    541,717   
330    Gabelli Asset Management, Inc (Class A)    14,735   
15,972    Goldman Sachs Group, Inc    1,756,760   
312    Greenhill & Co, Inc    11,170   
7,414  *    Instinet Group, Inc    43,594   
2,355  *    Investment Technology Group, Inc    41,213   
3,251    Investors Financial Services Corp    159,006   
11,716    Janus Capital Group, Inc    163,438   
2,859    Jefferies Group, Inc    107,727   
6,418  *    Knight Trading Group, Inc    61,870   
3,652  *    LaBranche & Co, Inc    33,964   
126  *    Ladenburg Thalmann Financial Services, Inc    86   
5,190    Legg Mason, Inc    405,547   
13,524    Lehman Brothers Holdings, Inc    1,273,420   
46,470    Merrill Lynch & Co, Inc    2,630,202   
53,343    Morgan Stanley    3,053,887   
1,089    Nuveen Investments, Inc    37,374   
1,134  *    Piper Jaffray Cos    41,493   
3,161    Raymond James Financial, Inc    95,778   
506    Sanders Morris Harris Group, Inc    9,148   
3,255    SEI Investments Co    117,701   
278  *    Stifel Financial Corp    6,060   
607    SWS Group, Inc    9,730   
5,432    T Rowe Price Group, Inc    322,552   
39    Value Line, Inc    1,521   
4,518    Waddell & Reed Financial, Inc (Class A)    89,185   
 
      TOTAL SECURITY AND COMMODITY BROKERS    13,347,123   
 
 
SOCIAL SERVICES - 0.01%       
942  *    Bright Horizons Family Solutions, Inc    31,783   
984  *    Res-Care, Inc    12,310   
 
      TOTAL SOCIAL SERVICES    44,093   
 
 
SPECIAL TRADE CONTRACTORS - 0.03%       
467    Chemed Corp    35,716   
2,192  *    Comfort Systems U.S.A., Inc    16,988   
2,427  *    Dycom Industries, Inc    55,797   
542  *    EMCOR Group, Inc    25,376   
2,063  *    Integrated Electrical Services, Inc    5,694   
613  *    Layne Christensen Co    10,587   
1,110  *    Matrix Service Co    4,828   
3,582  *    Quanta Services, Inc    27,331   
 
      TOTAL SPECIAL TRADE CONTRACTORS    182,317   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.21%       
333    Ameron International Corp    11,988   
612  *    Anchor Glass Container Corp    1,371   
1,599    Apogee Enterprises, Inc    22,834   
1,443  *    Cabot Microelectronics Corp    45,312   
734    CARBO Ceramics, Inc    51,490   
66,453  *    Corning, Inc    739,622   
618    Eagle Materials, Inc    50,021   

 

175

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,576    Florida Rock Industries, Inc  $  92,700   
1,835    Lafarge North America, Inc    107,256   
799    Libbey, Inc    16,779   
5,975  *    Owens-Illinois, Inc    150,211   
1,655  b*    USG Corp    54,880   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    1,344,464   
 
 
TOBACCO PRODUCTS - 1.22%       
100,194    Altria Group, Inc    6,551,686   
2,403    Loews Corp (Carolina Group)    79,539   
7,303    Reynolds American, Inc    588,549   
1,262    Universal Corp (Virginia)    57,762   
8,007    UST, Inc    413,962   
527    Vector Group Ltd    8,105   
 
      TOTAL TOBACCO PRODUCTS    7,699,603   
 
 
TRANSPORTATION BY AIR - 0.38%       
4,757  *    Airtran Holdings, Inc    43,051   
1,568  *    Alaska Air Group, Inc    46,162   
2,185  *    America West Holdings Corp (Class B)    11,865   
7,865  *    AMR Corp    84,156   
3,783  *    Continental Airlines, Inc (Class B)    45,547   
5,329  *    Delta Air Lines, Inc    21,583   
830  *    ExpressJet Holdings, Inc    9,470   
14,481    FedEx Corp    1,360,583   
2,820  *    FLYi, Inc    3,581   
838    Forward Air Corp    35,682   
1,654  *    Frontier Airlines, Inc    17,334   
3,918  *    JetBlue Airways Corp    74,599   
1,773  *    Mesa Air Group, Inc    12,411   
3,751  *    Northwest Airlines Corp    25,094   
656  *    Offshore Logistics, Inc    21,858   
1,107  *    Pinnacle Airlines Corp    11,756   
2,891    Skywest, Inc    53,744   
38,277    Southwest Airlines Co    545,064   
 
      TOTAL TRANSPORTATION BY AIR    2,423,540   
 
 
TRANSPORTATION EQUIPMENT - 2.54%       
1,512  *    AAR Corp    20,563   
891  *    Aftermarket Technology Corp    14,702   
2,021    American Axle & Manufacturing Holdings, Inc    49,514   
1,173    Arctic Cat, Inc    31,741   
3,419    ArvinMeritor, Inc    52,892   
4,744    Autoliv, Inc    226,052   
2,103  *    BE Aerospace, Inc    25,236   
40,803    Boeing Co    2,385,343   
4,706    Brunswick Corp    220,476   
1,484    Clarcor, Inc    77,109   
646    Coachmen Industries, Inc    8,786   
24    Curtiss-Wright Corp (Class B)    1,354   
7,190    Dana Corp    91,960   
23,281    Delphi Corp    104,299   

 

176

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
258  *    Ducommun, Inc  $  5,160   
2,752    Federal Signal Corp    41,748   
2,037  *    Fleetwood Enterprises, Inc    17,722   
85,141    Ford Motor Co    964,658   
2,462  *    GenCorp, Inc    49,240   
9,708    General Dynamics Corp    1,039,241   
22,864    General Motors Corp    672,002   
3,902    Gentex Corp    124,474   
8,537    Genuine Parts Co    371,274   
5,749    Goodrich Corp    220,129   
272    Greenbrier Cos, Inc    9,544   
14,387    Harley-Davidson, Inc    830,993   
2,047  *    Hayes Lemmerz International, Inc    10,644   
1,265    Heico Corp    25,427   
41,649    Honeywell International, Inc    1,549,759   
1,060    Kaman Corp (Class A)    13,197   
18,228    Lockheed Martin Corp    1,113,002   
396    Marine Products Corp    6,657   
131  v*    Mascotech (Escrow)    -   
1,276    Monaco Coach Corp    20,607   
3,123  *    Navistar International Corp    113,677   
395    Noble International Ltd    8,951   
17,523    Northrop Grumman Corp    945,892   
1,993    Oshkosh Truck Corp    163,406   
8,579    Paccar, Inc    621,034   
2,212    Polaris Industries, Inc    155,349   
387  *    Sequa Corp (Class A)    20,066   
1,129  *    Sports Resorts International, Inc    3,748   
867    Standard Motor Products, Inc    10,144   
130  *    Strattec Security Corp    6,965   
1,295    Superior Industries International, Inc    34,201   
1,597  *    Teledyne Technologies, Inc    49,986   
1,846  *    Tenneco Automotive, Inc    23,001   
5,824    Textron, Inc    434,587   
2,068    Thor Industries, Inc    61,854   
2,081    Trinity Industries, Inc    58,622   
678  *    Triumph Group, Inc    26,401   
1,192  *    TRW Automotive Holdings Corp    23,161   
2,379    United Defense Industries, Inc    174,666   
24,963    United Technologies Corp    2,537,739   
7,183  *    Visteon Corp    41,020   
1,636    Wabash National Corp    39,918   
2,271    Westinghouse Air Brake Technologies Corp    46,533   
1,515    Winnebago Industries, Inc    47,874   
 
      TOTAL TRANSPORTATION EQUIPMENT    16,044,300   
 
 
TRANSPORTATION SERVICES - 0.13%       
350    Ambassadors Group, Inc    11,697   
4,239    C.H. Robinson Worldwide, Inc    218,436   
1,624  *    EGL, Inc    37,027   
5,187    Expeditors International of Washington, Inc    277,764   
2,766    GATX Corp    91,803   
162  *    HUB Group, Inc    10,153   
875  *    Navigant International, Inc    11,952   
820  *    Pacer International, Inc    19,590   

 

177

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,927  *    RailAmerica, Inc  $  24,049   
6,756    Sabre Holdings Corp    147,843   
 
      TOTAL TRANSPORTATION SERVICES    850,314   
 
 
TRUCKING AND WAREHOUSING - 0.46%       
851    Arkansas Best Corp    32,151   
2,697    CNF, Inc    126,193   
389  *    Covenant Transport, Inc (Class A)    6,846   
2,335    Heartland Express, Inc    44,715   
3,118    Hunt (J.B.) Transport Services, Inc    136,475   
3,012  *    Landstar System, Inc    98,643   
569  *    Marten Transport Ltd    12,137   
475  *    Old Dominion Freight Line    14,796   
1,442    Overnite Corp    46,130   
201  *    P.A.M. Transportation Services    3,457   
600  *    Quality Distribution, Inc    6,510   
825  *    SCS Transportation, Inc    15,337   
720  *    Sirva, Inc    5,119   
2,314  *    Swift Transportation Co, Inc    51,232   
277  *    U.S. Xpress Enterprises, Inc (Class A)    4,529   
27,952    United Parcel Service, Inc (Class B)    2,033,228   
1,223    USF Corp    59,022   
2,715    Werner Enterprises, Inc    52,752   
2,487  *    Yellow Roadway Corp    145,589   
 
      TOTAL TRUCKING AND WAREHOUSING    2,894,861   
 
 
WATER TRANSPORTATION - 0.04%       
1,902    Alexander & Baldwin, Inc    78,363   
874  *    Gulfmark Offshore, Inc    22,645   
1,000  *    Hornbeck Offshore Services, Inc    25,060   
849  *    Kirby Corp    35,684   
1,374    Overseas Shipholding Group, Inc    86,438   
319  *    Seabulk International, Inc    6,632   
 
      TOTAL WATER TRANSPORTATION    254,822   
 
 
WHOLESALE TRADE-DURABLE GOODS - 2.00%       
270  *    1-800 Contacts, Inc    5,635   
872  *    Action Performance Cos, Inc    11,537   
4,741    Adesa, Inc    110,750   
1,670    Agilysys, Inc    32,832   
805  *    Alliance Imaging, Inc    7,688   
1,596  *    Anixter International, Inc    57,695   
1,554    Applied Industrial Technologies, Inc    42,269   
5,673  *    Arrow Electronics, Inc    143,811   
1,578  *    Audiovox Corp (Class A)    20,104   
1,221  *    Aviall, Inc    34,188   
5,854  *    Avnet, Inc    107,831   
329    Barnes Group, Inc    8,939   
900  *    Beacon Roofing Supply, Inc    19,696   
934  *    BioVeris Corp    4,932   
2,824    BorgWarner, Inc    137,472   
1,101  *    Brightpoint, Inc    20,622   

 

178

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
1,379    Carlisle Cos, Inc  $  96,213   
3,289    CDW Corp    186,420   
453  *    Department 56, Inc    7,909   
434  *    Digi International, Inc    5,954   
1,265  *    Global Imaging Systems, Inc    44,857   
1,184    Handleman Co    22,449   
3,236    Hughes Supply, Inc    96,271   
5,785    IKON Office Solutions, Inc    57,214   
878  *    Imagistics International, Inc    30,669   
6,417  *    Ingram Micro, Inc (Class A)    106,971   
2,329  *    Insight Enterprises, Inc    40,897   
548  *    Insurance Auto Auctions, Inc    15,262   
490  *    INTAC International    6,174   
144,995    Johnson & Johnson    9,737,931   
845  *    Keystone Automotive Industries, Inc    19,570   
2,078    Knight Transportation, Inc    51,264   
197    Lawson Products, Inc    9,220   
807  *    LKQ Corp    16,196   
2,407    Martin Marietta Materials, Inc    134,599   
683  *    Merge Technologies, Inc    11,987   
995    Metal Management, Inc    25,552   
1,197  *    Microtek Medical Holdings, Inc    4,285   
1,401  *    Navarre Corp    11,138   
1,968    Owens & Minor, Inc    53,431   
5,992  *    Patterson Cos, Inc    299,300   
3,192    Pep Boys-Manny Moe & Jack    56,115   
3,396  *    PSS World Medical, Inc    38,613   
1,654    Reliance Steel & Aluminum Co    66,177   
7,853  *    Safeguard Scientifics, Inc    11,151   
780  *    Scansource, Inc    40,427   
2,518    SCP Pool Corp  80,223   
717  *    TBC Corp  19,976   
3,200  *    Tech Data Corp  118,592   
3,773    W.W. Grainger, Inc  234,945   
1,285    Watsco, Inc  54,098   
1,328  *    WESCO International, Inc  37,184   
1,443  *    Zoran Corp  14,935   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  12,630,170   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.75%     
2,458    Acuity Brands, Inc  66,366   
622  *    Advanced Marketing Services, Inc  3,732   
3,028    Airgas, Inc  72,339   
1,124  *    Allscripts Healthcare Solutions, Inc  16,073   
5,119    AmerisourceBergen Corp  293,268   
2,757    Brown-Forman Corp (Class B)  150,946   
20,888    Cardinal Health, Inc  1,165,606   
763  *    Central European Distribution Corp  25,400   
2,334    Chiquita Brands International, Inc  62,505   
2,401    DIMON, Inc  15,006   
2,377  *    Endo Pharmaceuticals Holdings, Inc  53,601   
1,261    Getty Realty Corp  32,219   
1,215  *    Hain Celestial Group, Inc  22,648   
4,342  *    Henry Schein, Inc  155,617   
519    Kenneth Cole Productions, Inc (Class A)  15,124   
156  *    Maui Land & Pineapple Co  6,692   
14,187    McKesson Corp  535,559   
1,442  *    Men's Wearhouse, Inc  60,867   

 

179

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

           
SHARES         VALUE  
 
 
455  *    Metals USA, Inc  $  8,913   
366    Nash Finch Co  13,904   
2,969    Nu Skin Enterprises, Inc (Class A)  66,832   
392  *    Nuco2, Inc  10,310   
2,291  *    Performance Food Group Co  63,415   
3,455    Perrigo Co  66,163   
945  *    Perry Ellis International, Inc  21,206   
1,324  *    Priority Healthcare Corp (Class B)  28,638   
272  *    Provide Commerce, Inc  7,855   
878    Russell Corp  15,874   
1,064  *    School Specialty, Inc  41,666   
777  *    Smart & Final, Inc  9,448   
1,206    Standard Commercial Corp  22,432   
2,135    Stride Rite Corp  28,395   
6,597    Supervalu, Inc  220,010   
31,086    Sysco Corp  1,112,879   
1,735  *    Tractor Supply Co  75,733   
2,054  *    United Natural Foods, Inc  58,806   
1,596  *    United Stationers, Inc  72,219   
1,200    Valhi, Inc  23,580   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  4,721,846   
 
 
      TOTAL COMMON STOCKS  629,674,087   
(Cost $491,981,242)
 
 
      TOTAL PORTFOLIO - 99.82%  629,674,087   
      (Cost $491,981,242)     
 
      OTHER ASSETS AND LIABILITIES, NET - 0.18%  1,118,057   
 
 
      NET ASSETS - 100.00% 
$
630,792,144   
 
 
 
  *    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 March 31, 2005, 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 use more specific industry 
     
categories in following their investment limitations on industry concentration.
 
      Restricted security held by the Fund is as follows: 

      ACQUISITION    ACQUISITION       
  SECURITY    DATE    COST   
VALUE 
 
  McLeod (Escrow)    05/14/02 
$ 
- 
$    - 

 

180

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
COMMON STOCKS - 98.93%     
 
AMUSEMENT AND RECREATION SERVICES - 0.07%     
4,700    Harrah's Entertainment, Inc 
$
303,526   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  303,526   
 
 
APPAREL AND ACCESSORY STORES - 0.39%     
29,500    Gap, Inc  644,280   
15,274    Limited Brands, Inc  371,158   
5,000    Nordstrom, Inc  276,900   
19,300    TJX Cos, Inc  475,359   
 
      TOTAL APPAREL AND ACCESSORY STORES  1,767,697   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%     
4,900    Jones Apparel Group, Inc  164,101   
4,600    Liz Claiborne, Inc  184,598   
4,000    VF Corp  236,560   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  585,259   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.03%     
2,800    Ryder System, Inc  116,760   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  116,760   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.09%     
9,000  *    Autonation, Inc  170,460   
2,700  *    Autozone, Inc  231,390   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  401,850   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.17%     
88,100    Home Depot, Inc  3,368,944   
4,800    Louisiana-Pacific Corp  120,672   
31,000    Lowe's Cos  1,769,790   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  5,259,406   
 
 
BUSINESS SERVICES - 5.86%     
9,700    Adobe Systems, Inc  651,549   
5,000  *    Affiliated Computer Services, Inc (Class A)  266,200   
9,200  *    Autodesk, Inc  273,792   
23,400    Automatic Data Processing, Inc  1,051,830   

 

181

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

           
SHARES         VALUE  
 
 
8,800  *    BMC Software, Inc  $ 132,000   
42,300    Cendant Corp  868,842   
6,766  *    Citrix Systems, Inc  161,166   
21,300    Computer Associates International, Inc  577,230   
7,600  *    Computer Sciences Corp  348,460   
15,519  *    Compuware Corp  111,737   
5,700  *    Convergys Corp  85,101   
12,300  *    Electronic Arts, Inc  636,894   
20,700    Electronic Data Systems Corp  427,869   
5,400    Equifax, Inc  165,726   
32,108    First Data Corp  1,262,165   
7,700  *    Fiserv, Inc  306,460   
9,257    IMS Health, Inc  225,778   
16,900  *    Interpublic Group of Cos, Inc  207,532   
7,400  *    Intuit, Inc  323,898   
3,600  *    Mercury Interactive Corp  170,568   
406,291  d    Microsoft Corp  9,820,054   
4,800  *    Monster Worldwide, Inc  134,640   
7,400  *    NCR Corp  249,676   
15,200  *    Novell, Inc  90,592   
7,600    Omnicom Group, Inc  672,752   
180,410  *    Oracle Corp  2,251,517   
11,000  *    Parametric Technology Corp  61,490   
6,400    Robert Half International, Inc  172,544   
20,653  *    Siebel Systems, Inc  188,562   
135,600  *    Sun Microsystems, Inc  547,824   
11,600  *    SunGard Data Systems, Inc  400,200   
28,422  *    Symantec Corp  606,241   
13,500  *    Unisys Corp  95,310   
16,900  *    Veritas Software Corp  392,418   
22,800    Waste Management, Inc  657,780   
52,300  *    Yahoo!, Inc  1,772,970   
 
      TOTAL BUSINESS SERVICES  26,369,367   
 
 
CHEMICALS AND ALLIED PRODUCTS - 10.20%     
62,600    Abbott Laboratories  2,918,412   
9,100    Air Products & Chemicals, Inc  575,939   
3,400    Alberto-Culver Co  162,724   
5,400    Allergan, Inc  375,138   
50,300  *    Amgen, Inc  2,927,963   
4,200    Avery Dennison Corp  260,106   
18,900    Avon Products, Inc  811,566   
13,365  *    Biogen Idec, Inc  461,226   
78,400    Bristol-Myers Squibb Co  1,996,064   
5,838  *    Chiron Corp  204,680   
6,100    Clorox Co  384,239   
21,100    Colgate-Palmolive Co  1,100,787   
38,200    Dow Chemical Co  1,904,270   
40,000    Du Pont (E.I.) de Nemours & Co  2,049,600   
3,100    Eastman Chemical Co  182,900   
8,800      Ecolab, Inc    290,840   
4,900      Engelhard Corp    147,147   
14,100  *    Forest Laboratories, Inc    520,995   
9,900  *    Genzyme Corp    566,676   
17,300  *    Gilead Sciences, Inc    619,340   
39,800      Gillette Co    2,009,104   

 

182

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

           
SHARES         VALUE  
 
 
2,300      Great Lakes Chemical Corp  $ 73,876   
6,200  *    Hospira, Inc    200,074   
3,500      International Flavors & Fragrances, Inc    138,250   
9,700  *    King Pharmaceuticals, Inc    80,607   
45,400      Lilly (Eli) & Co    2,365,340   
9,900  *    MedImmune, Inc    235,719   
88,600      Merck & Co, Inc    2,867,982   
10,800      Monsanto Co    696,600   
10,800      Mylan Laboratories, Inc    191,376   
299,620 
d 
   Pfizer, Inc    7,871,018   
6,900      PPG Industries, Inc    493,488   
12,900      Praxair, Inc    617,394   
101,300      Procter & Gamble Co    5,368,900   
7,800      Rohm & Haas Co    374,400   
59,200      Schering-Plough Corp    1,074,480   
5,000      Sherwin-Williams Co    219,950   
2,900      Sigma-Aldrich Corp    177,625   
4,300  *    Watson Pharmaceuticals, Inc    132,139   
53,600      Wyeth    2,260,848   
 
     
TOTAL CHEMICALS AND ALLIED PRODUCTS 
  45,909,782   
 
 
COMMUNICATIONS - 4.55%       
12,300      Alltel Corp    674,655   
32,100      AT&T Corp    601,875   
19,200  *    Avaya, Inc    224,256   
73,500      BellSouth Corp    1,932,315   
5,400      CenturyTel, Inc    177,336   
21,100      Clear Channel Communications, Inc    727,317   
82,416  *    Comcast Corp (Class A)    2,784,012   
6,450  *    Comcast Corp (Special Class A)    215,430   
177,900  *    Lucent Technologies, Inc    489,225   
45,200  *    Nextel Communications, Inc (Class A)    1,284,584   
67,100  *    Qwest Communications International, Inc    248,270   
132,600      SBC Communications, Inc    3,141,294   
59,350      Sprint Corp    1,350,213   
11,700  *    Univision Communications, Inc (Class A)    323,973   
111,200      Verizon Communications, Inc    3,947,600   
68,400      Viacom, Inc (Class B)    2,382,372   
 
      TOTAL COMMUNICATIONS    20,504,727   
 
 
DEPOSITORY INSTITUTIONS - 9.52%       
14,200      AmSouth Bancorp    368,490   
162,704      Bank of America Corp    7,175,246   
31,200      Bank of New York Co, Inc    906,360   
22,000      BB&T Corp    859,760   
209,800      Citigroup, Inc    9,428,412   
6,800      Comerica, Inc    374,544   
4,900      Compass Bancshares, Inc    222,460   
20,830      Fifth Third Bancorp    895,274   
4,900      First Horizon National Corp    199,871   
11,300      Golden West Financial Corp    683,650   
9,300      Huntington Bancshares, Inc    222,270   
142,636      JPMorgan Chase & Co    4,935,206   

 

183

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

           
SHARES         VALUE  
 
 
16,300      KeyCorp  $ 528,935   
4,100      M & T Bank Corp    418,446   
8,300      Marshall & Ilsley Corp    346,525   
17,000      Mellon Financial Corp    485,180   
23,796      National City Corp    797,166   
18,850      North Fork Bancorp, Inc    522,899   
8,140      Northern Trust Corp    353,602   
11,300      PNC Financial Services Group, Inc    581,724   
18,621      Regions Financial Corp    603,320   
15,000      Sovereign Bancorp, Inc    332,400   
13,300      State Street Corp    581,476   
13,600      SunTrust Banks, Inc    980,152   
12,400      Synovus Financial Corp    345,464   
74,400      U.S. Bancorp    2,144,208   
63,664      Wachovia Corp    3,241,134   
68,100      Wells Fargo & Co    4,072,380   
3,600      Zions Bancorp    248,472   
 
      TOTAL DEPOSITORY INSTITUTIONS    42,855,026   
 
 
EATING AND DRINKING PLACES - 0.57%       
5,900      Darden Restaurants, Inc    181,012   
51,000      McDonald's Corp    1,588,140   
4,500      Wendy's International, Inc    175,680   
11,700      Yum! Brands, Inc    606,177   
 
     
TOTAL EATING AND DRINKING PLACES 
  2,551,009   
 
 
EDUCATIONAL SERVICES - 0.11%       
6,600  *    Apollo Group, Inc (Class A)    488,796   
 
      TOTAL EDUCATIONAL SERVICES    488,796   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 3.37%       
26,000  *    AES Corp    425,880   
5,500  *    Allegheny Energy, Inc    113,630   
12,300  *    Allied Waste Industries, Inc    89,913   
7,800      Ameren Corp    382,278   
15,300      American Electric Power Co, Inc    521,118   
21,800  *    Calpine Corp    61,040   
11,600      Centerpoint Energy, Inc    139,548   
7,600      Cinergy Corp    307,952   
13,400      Citizens Communications Co    173,396   
7,800  *    CMS Energy Corp    101,712   
9,700      Consolidated Edison, Inc    409,146   
7,100      Constellation Energy Group, Inc    367,070   
13,600      Dominion Resources, Inc    1,012,248   
7,200      DTE Energy Co    327,456   
37,600      Duke Energy Corp    1,053,176   
13,300  *    Dynegy, Inc (Class A)    52,003   
13,000      Edison International    451,360   
25,800      El Paso Corp    272,964   
8,700      Entergy Corp    614,742   
26,700      Exelon Corp    1,225,263   
13,200      FirstEnergy Corp    553,740   
15,700      FPL Group, Inc    630,355   

 

184

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

           
SHARES         VALUE  
 
 
6,400      KeySpan Corp  $ 249,408   
4,400      Kinder Morgan, Inc    333,080   
1,700      Nicor, Inc    63,053   
10,800      NiSource, Inc    246,132   
1,600      Peoples Energy Corp    67,072   
14,400      PG&E Corp    491,040   
3,900      Pinnacle West Capital Corp    165,789   
7,500      PPL Corp    404,925   
9,900      Progress Energy, Inc    415,305   
9,500      Public Service Enterprise Group, Inc    516,705   
9,500      Sempra Energy    378,480   
29,800      Southern Co    948,534   
8,200      TECO Energy, Inc    128,576   
9,600      TXU Corp    764,448   
22,900      Williams Cos, Inc    430,749   
16,100      Xcel Energy, Inc    276,598   
 
     
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 
  15,165,884   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.71%       
15,800  *    Advanced Micro Devices, Inc    254,696   
14,900  *    Altera Corp    294,722   
7,200      American Power Conversion Corp    187,992   
14,900      Analog Devices, Inc    538,486   
14,600  *    Applied Micro Circuits Corp    48,034   
11,600  *    Broadcom Corp (Class A)    347,072   
22,900  *    CIENA Corp    39,388   
7,900  *    Comverse Technology, Inc    199,238   
3,700      Cooper Industries Ltd (Class A)    264,624   
16,800      Emerson Electric Co    1,090,824   
16,085  *    Freescale Semiconductor, Inc (Class B)    277,466   
425,600 
d 
   General Electric Co    15,347,136   
250,000      Intel Corp    5,807,500   
7,300  *    Jabil Circuit, Inc    208,196   
58,000  *    JDS Uniphase Corp    96,860   
4,600      L-3 Communications Holdings, Inc    326,692   
12,300      Linear Technology Corp    471,213   
15,400  *    LSI Logic Corp    86,086   
13,100      Maxim Integrated Products, Inc    535,397   
3,300      Maytag Corp    46,101   
24,600  *    Micron Technology, Inc    254,364   
6,723      Molex, Inc    177,218   
98,400      Motorola, Inc    1,473,048   
14,200      National Semiconductor Corp    292,662   
5,600  *    Novellus Systems, Inc    149,688   
6,600  *    Nvidia Corp    156,816   
7,200  *    PMC-Sierra, Inc    63,360   
3,679  *    QLogic Corp    149,000   
66,000      Qualcomm, Inc    2,418,900   
7,400      Rockwell Collins, Inc    352,166   
21,000  *    Sanmina-SCI Corp    109,620   
6,100      Scientific-Atlanta, Inc    172,142   
18,500  *    Tellabs, Inc    135,050   
69,100      Texas Instruments, Inc    1,761,359   
2,800      Whirlpool Corp    189,644   
13,915      Xilinx, Inc    406,735   
 
     
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 
  34,729,495   
 

 

185

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

           
SHARES         VALUE  
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.52%       
3,400      Fluor Corp  $ 188,462   
20,200      Halliburton Co    873,650   
5,500      Moody's Corp    444,730   
14,200      Paychex, Inc    466,044   
3,700      Quest Diagnostics, Inc    388,981   
 
     
TOTAL ENGINEERING AND MANAGEMENT SERVICES 
  2,361,867   
 
 
FABRICATED METAL PRODUCTS - 0.57%       
4,400      Ball Corp    182,512   
11,000      Danaher Corp    587,510   
11,000      Illinois Tool Works, Inc    984,830   
17,900      Masco Corp    620,593   
2,300      Snap-On, Inc    73,117   
3,000      Stanley Works    135,810   
 
      TOTAL FABRICATED METAL PRODUCTS    2,584,372   
 
 
FOOD AND KINDRED PRODUCTS - 3.34%       
31,200      Anheuser-Busch Cos, Inc    1,478,568   
25,000    Archer Daniels Midland Co    614,500   
13,000    Campbell Soup Co    377,260   
90,900    Coca-Cola Co    3,787,803   
14,100    Coca-Cola Enterprises, Inc    289,332   
20,700    Conagra Foods, Inc    559,314   
14,600    General Mills, Inc    717,590   
14,000    H.J. Heinz Co    515,760   
4,500  *    Hercules, Inc    65,205   
8,900    Hershey Foods Corp    538,094   
14,300    Kellogg Co    618,761   
5,700    McCormick & Co, Inc (Non-Vote)    196,251   
3,200    Molson Coors Brewing Co (Class B)    246,944   
7,900    Pepsi Bottling Group, Inc    220,015   
67,300    PepsiCo, Inc    3,568,919   
31,700    Sara Lee Corp    702,472   
8,000    Wrigley (Wm.) Jr Co    524,560   
 
      TOTAL FOOD AND KINDRED PRODUCTS    15,021,348   
 
 
FOOD STORES - 0.43%       
14,700    Albertson's, Inc    303,555   
29,400  *    Kroger Co    471,282   
17,900  *    Safeway, Inc    331,687   
16,038  *    Starbucks Corp    828,523   
 
      TOTAL FOOD STORES    1,935,047   
 
 
FORESTRY - 0.15%       
9,700    Weyerhaeuser Co    664,450   
 
      TOTAL FORESTRY    664,450   
 

 

186

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

           
SHARES         VALUE  
 
 
FURNITURE AND FIXTURES - 0.20%       
7,600    Johnson Controls, Inc  $ 423,776   
7,600    Leggett & Platt, Inc    219,488   
11,000    Newell Rubbermaid, Inc    241,340   
 
      TOTAL FURNITURE AND FIXTURES    884,604   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.30%       
12,100  *    Bed Bath & Beyond, Inc    442,134   
12,100    Best Buy Co, Inc    653,521   
7,600    Circuit City Stores, Inc (Circuit City Group)    121,980   
6,300    RadioShack Corp    154,350   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    1,371,985   
 
 
GENERAL BUILDING CONTRACTORS - 0.19%       
5,200    Centex Corp    297,804   
1,700    KB Home    199,682   
4,700    Pulte Homes, Inc    346,061   
 
      TOTAL GENERAL BUILDING CONTRACTORS    843,547   
 
 
GENERAL MERCHANDISE STORES - 2.70%       
4,500  *    Big Lots, Inc    54,090   
18,880    Costco Wholesale Corp    834,118   
3,200    Dillard's, Inc (Class A)    86,080   
12,100    Dollar General Corp    265,111   
6,700    Family Dollar Stores, Inc    203,412   
6,700    Federated Department Stores, Inc    426,388   
11,400    J.C. Penney Co, Inc    591,888   
13,000  *    Kohl's Corp    671,190   
11,700    May Department Stores Co    433,134   
35,900    Target Corp    1,795,718   
136,000    Wal-Mart Stores, Inc    6,814,960   
 
      TOTAL GENERAL MERCHANDISE STORES    12,176,089   
 
 
HEALTH SERVICES - 0.73%       
18,300  *    Caremark Rx, Inc    727,974   
3,200  *    Express Scripts, Inc    279,008   
16,500    HCA, Inc    883,905   
9,800    Health Management Associates, Inc (Class A)    256,564   
5,400  *    Laboratory Corp of America Holdings    260,280   
3,700    Manor Care, Inc    134,532   
11,008  *    Medco Health Solutions, Inc    545,667   
18,800  *    Tenet Healthcare Corp    216,764   
 
      TOTAL HEALTH SERVICES    3,304,694   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 3.27%       
3,800    Apartment Investment & Management Co (Class A)    141,360   
8,000    Archstone-Smith Trust    272,880   
16,100    Equity Office Properties Trust    485,093   
11,300    Equity Residential    363,973   

 

187

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

           
SHARES         VALUE  
 
 
7,600    Plum Creek Timber Co, Inc  $ 271,320   
7,300    Prologis    270,830   
8,800    Simon Property Group, Inc    533,104   
93,283    SPDR Trust Series 1    11,003,663   
35,000    Washington Mutual, Inc    1,382,500   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    14,724,723   
 
 
HOTELS AND OTHER LODGING PLACES - 0.31%       
15,400    Hilton Hotels Corp    344,190   
8,000    Marriott International, Inc (Class A)    534,880   
8,500    Starwood Hotels & Resorts Worldwide, Inc    510,255   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    1,389,325   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.66%       
31,000    3M Co    2,656,390   
7,200    American Standard Cos, Inc    334,656   
32,800  *    Apple Computer, Inc    1,366,776   
66,900      Applied Materials, Inc    1,087,125   
13,500      Baker Hughes, Inc    600,615   
3,200      Black & Decker Corp    252,768   
13,700      Caterpillar, Inc    1,252,728   
259,600  *    Cisco Systems, Inc    4,644,244   
1,700      Cummins, Inc    119,595   
9,900      Deere & Co    664,587   
98,700  *    Dell, Inc    3,792,054   
8,100      Dover Corp    306,099   
6,100      Eaton Corp    398,940   
96,600  *    EMC Corp    1,190,112   
13,000  *    Gateway, Inc    52,390   
116,200      Hewlett-Packard Co    2,549,428   
6,900      Ingersoll-Rand Co Ltd    549,585   
65,500      International Business Machines Corp    5,985,390   
13,800      International Game Technology    367,908   
3,700      ITT Industries, Inc    333,888   
5,200  *    Lexmark International, Inc    415,844   
7,000  *    National Oilwell Varco, Inc    326,900   
14,700  *    Network Appliance, Inc    406,602   
4,900      Pall Corp    132,888   
4,800      Parker Hannifin Corp    292,416   
9,200      Pitney Bowes, Inc    415,104   
7,000      Rockwell Automation, Inc    396,480   
39,000  *    Solectron Corp    135,330   
9,700      Symbol Technologies, Inc    140,553   
80,800      Tyco International Ltd    2,731,040   
38,400  *    Xerox Corp    581,760   
 
     
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 
  34,480,195   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 2.55%       
17,300  *    Agilent Technologies, Inc    384,060   
7,800      Applera Corp (Applied Biosystems Group)    153,972   
4,200      Bard (C.R.), Inc    285,936   
2,300      Bausch & Lomb, Inc    168,590   

 

188

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

           
SHARES         VALUE  
 
 
24,800      Baxter International, Inc  $ 842,704   
10,100      Becton Dickinson & Co    590,042   
10,100      Biomet, Inc    366,630   
30,500  *    Boston Scientific Corp    893,345   
11,500      Eastman Kodak Co    374,325   
4,700  *    Fisher Scientific International, Inc    267,524   
12,900      Guidant Corp    953,310   
7,800      KLA-Tencor Corp    358,878   
48,500      Medtronic, Inc    2,471,075   
2,000  *    Millipore Corp    86,800   
5,200      PerkinElmer, Inc    107,276   
18,100      Raytheon Co    700,470   
14,400  *    St. Jude Medical, Inc    518,400   
15,000      Stryker Corp    669,150   
3,500      Tektronix, Inc    85,855   
7,700  *    Teradyne, Inc    112,420   
6,400  *    Thermo Electron Corp    161,856   
4,800  *    Waters Corp    171,792   
9,900  *    Zimmer Holdings, Inc    770,319   
 
     
TOTAL INSTRUMENTS AND RELATED PRODUCTS 
  11,494,729   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.21%       
12,700      AON Corp    290,068   
21,200      Marsh & McLennan Cos, Inc    644,904   
 
     
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE 
  934,972   
 
 
INSURANCE CARRIERS - 5.17%       
11,400      ACE Ltd    470,478   
11,800      Aetna, Inc    884,410   
20,100      Aflac, Inc    748,926   
27,200      Allstate Corp    1,470,432   
4,500      Ambac Financial Group, Inc    336,375   
104,600      American International Group, Inc    5,795,886   
7,600      Chubb Corp    602,452   
5,200      Cigna Corp    464,360   
6,300      Cincinnati Financial Corp    274,743   
11,800      Hartford Financial Services Group, Inc    809,008   
6,800  *    Humana, Inc    217,192   
5,400      Jefferson-Pilot Corp    264,870   
7,000      Lincoln National Corp    315,980   
6,400      Loews Corp    470,656   
5,800      MBIA, Inc    303,224   
29,400      MetLife, Inc    1,149,540   
4,000      MGIC Investment Corp    246,680   
12,000      Principal Financial Group    461,880   
8,150      Progressive Corp    747,844   
21,000      Prudential Financial, Inc    1,205,400   
5,092      Safeco Corp    248,031   
26,847      St. Paul Travelers Cos, Inc    986,090   
4,300      Torchmark Corp    224,460   
25,700      UnitedHealth Group, Inc    2,451,266   
11,900      UnumProvident Corp    202,538   
12,200  *    WellPoint, Inc    1,529,270   
5,500      XL Capital Ltd (Class A)    398,035   
 
      TOTAL INSURANCE CARRIERS    23,280,026   
 

 

189

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

           
SHARES         VALUE  
 
 
LEATHER AND LEATHER PRODUCTS - 0.10%       
7,800  *    Coach, Inc  $ 441,714   
       
 
      TOTAL LEATHER AND LEATHER PRODUCTS    441,714   
 
 
LUMBER AND WOOD PRODUCTS - 0.08%       
10,400    Georgia-Pacific Corp    369,096   
 
      TOTAL LUMBER AND WOOD PRODUCTS    369,096   
 
 
METAL MINING - 0.31%       
7,100    Freeport-McMoRan Copper & Gold, Inc (Class A)    281,231   
17,800    Newmont Mining Corp    752,050   
3,800    Phelps Dodge Corp    386,574   
 
      TOTAL METAL MINING    1,419,855   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%       
5,800    Fortune Brands, Inc    467,654   
6,700    Hasbro, Inc    137,015   
16,700    Mattel, Inc    356,545   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    961,214   
 
 
MISCELLANEOUS RETAIL - 1.46%       
16,000    CVS Corp    841,920   
48,556  *    eBay, Inc    1,809,197   
12,500  *    Office Depot, Inc    277,250   
5,788  *    Sears Holdings Corp    770,788   
19,884    Staples, Inc    624,954   
5,800    Tiffany & Co    200,216   
8,600  *    Toys 'R' Us, Inc    221,536   
41,000    Walgreen Co    1,821,220   
 
      TOTAL MISCELLANEOUS RETAIL    6,567,081   
 
 
MOTION PICTURES - 1.68%       
115,700    News Corp (Class A)    1,957,644   
184,500  *    Time Warner, Inc    3,237,975   
82,200    Walt Disney Co    2,361,606   
 
      TOTAL MOTION PICTURES    7,557,225   
 
 
NONDEPOSITORY INSTITUTIONS - 2.31%       
47,100    American Express Co    2,419,527   
9,900    Capital One Financial Corp    740,223   
8,400    CIT Group, Inc    319,200   
23,300    Countrywide Financial Corp    756,318   
38,800    Fannie Mae    2,112,660   
27,600    Freddie Mac    1,744,320   
51,300    MBNA Corp    1,259,415   

 

190

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

           
SHARES         VALUE  
 
 
11,700  *    Providian Financial Corp  $ 200,772   
17,200    SLM Corp    857,248   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    10,409,683   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%       
4,100    Vulcan Materials Co    233,003   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    233,003   
 
 
OIL AND GAS EXTRACTION - 2.34%       
9,500    Anadarko Petroleum Corp    722,950   
13,110    Apache Corp    802,725   
6,500    BJ Services Co    337,220   
15,500    Burlington Resources, Inc    776,085   
19,200    Devon Energy Corp    916,800   
9,800    EOG Resources, Inc    477,652   
6,500    Kerr-McGee Corp    509,145   
13,900    Marathon Oil Corp    652,188   
5,600  *    Nabors Industries Ltd    331,184   
5,400    Noble Corp    303,534   
15,900    Occidental Petroleum Corp    1,131,603   
4,300    Rowan Cos, Inc    128,699   
23,800    Schlumberger Ltd    1,677,424   
12,800  *    Transocean, Inc    658,688   
10,855    Unocal Corp    669,645   
13,866    XTO Energy, Inc    455,359   
 
      TOTAL OIL AND GAS EXTRACTION    10,550,901   
 
 
PAPER AND ALLIED PRODUCTS - 0.62%       
4,200    Bemis Co    130,704   
19,600    International Paper Co    721,084   
19,300    Kimberly-Clark Corp    1,268,589   
8,100    MeadWestvaco Corp    257,742   
3,700    OfficeMax, Inc    123,950   
5,900  *    Pactiv Corp    137,765   
2,400    Temple-Inland, Inc    174,120   
 
      TOTAL PAPER AND ALLIED PRODUCTS    2,813,954   
 
 
PERSONAL SERVICES - 0.13%       
6,000    Cintas Corp    247,860   
6,600    H & R Block, Inc    333,828   
 
      TOTAL PERSONAL SERVICES    581,688   
 
 
PETROLEUM AND COAL PRODUCTS - 5.50%       
3,400    Amerada Hess Corp    327,114   
2,600    Ashland, Inc    175,422   
84,500    ChevronTexaco Corp    4,927,195   
27,900    ConocoPhillips    3,008,736   
256,400  d    ExxonMobil Corp    15,281,440   

 

191

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

           
SHARES         VALUE  
 
 
2,800    Sunoco, Inc  $ 289,856   
10,300    Valero Energy Corp    754,681   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    24,764,444   
 
           
PRIMARY METAL INDUSTRIES - 0.41%       
35,000    Alcoa, Inc    1,063,650   
4,000    Allegheny Technologies, Inc    96,440   
6,448  *    Andrew Corp    75,506   
6,400    Nucor Corp    368,384   
4,700    United States Steel Corp    238,995   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,842,975   
 
 
PRINTING AND PUBLISHING - 0.63%       
2,800    Dow Jones & Co, Inc    104,636   
10,200    Gannett Co, Inc    806,616   
3,000    Knight Ridder, Inc    201,750   
7,600    McGraw-Hill Cos, Inc    663,100   
1,800    Meredith Corp    84,150   
5,800    New York Times Co (Class A)    212,164   
8,600    R.R. Donnelley & Sons Co    271,932   
11,900    Tribune Co    474,453   
 
      TOTAL PRINTING AND PUBLISHING    2,818,801   
 
 
RAILROAD TRANSPORTATION - 0.57%       
32,500  *    ADC Telecommunications, Inc    64,675   
15,100    Burlington Northern Santa Fe Corp    814,343   
8,600    CSX Corp    358,190   
16,000    Norfolk Southern Corp    592,800   
10,600    Union Pacific Corp    738,820   
 
      TOTAL RAILROAD TRANSPORTATION    2,568,828   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.27%       
3,200    Cooper Tire & Rubber Co    58,752   
7,000  *    Goodyear Tire & Rubber Co    93,450   
9,200    Nike, Inc (Class B)    766,452   
2,500    Reebok International Ltd    110,750   
3,300  *    Sealed Air Corp    171,402   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    1,200,806   
 
 
SECURITY AND COMMODITY BROKERS - 2.19%       
4,700    Bear Stearns Cos, Inc    469,530   
46,100    Charles Schwab Corp    484,511   
14,800  *    E*Trade Financial Corp    177,600   
3,800    Federated Investors, Inc (Class B)    107,578   
7,900    Franklin Resources, Inc    542,335   
17,900    Goldman Sachs Group, Inc    1,968,821   
9,400    Janus Capital Group, Inc    131,130   

 

192

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

           
SHARES         VALUE  
 
 
11,000    Lehman Brothers Holdings, Inc  $ 1,035,760   
37,300    Merrill Lynch & Co, Inc    2,111,180   
44,600    Morgan Stanley    2,553,350   
4,900    T Rowe Price Group, Inc    290,962   
 
      TOTAL SECURITY AND COMMODITY BROKERS    9,872,757   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.14%       
56,600  *    Corning, Inc    629,958   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    629,958   
 
 
TOBACCO PRODUCTS - 1.37%       
83,000    Altria Group, Inc    5,427,370   
4,800    Reynolds American, Inc    386,832   
6,600    UST, Inc    341,220   
 
      TOTAL TOBACCO PRODUCTS    6,155,422   
 
 
TRANSPORTATION BY AIR - 0.35%       
7,600  *    Delta Air Lines, Inc    30,780   
12,100    FedEx Corp    1,136,795   
29,500    Southwest Airlines Co    420,080   
 
      TOTAL TRANSPORTATION BY AIR    1,587,655   
 
 
TRANSPORTATION EQUIPMENT - 2.66%       
33,400    Boeing Co    1,952,564   
3,800    Brunswick Corp    178,030   
6,000    Dana Corp    76,740   
22,500    Delphi Corp    100,800   
73,500    Ford Motor Co    832,755   
8,000    General Dynamics Corp    856,400   
22,600    General Motors Corp    664,214   
7,000    Genuine Parts Co    304,430   
4,800    Goodrich Corp    183,792   
11,700    Harley-Davidson, Inc    675,792   
34,100    Honeywell International, Inc    1,268,861   
16,100    Lockheed Martin Corp    983,066   
2,900  *    Navistar International Corp    105,560   
14,400    Northrop Grumman Corp    777,312   
6,894    Paccar, Inc    499,057   
5,400    Textron, Inc    402,948   
20,500    United Technologies Corp    2,084,030   
4,900  *    Visteon Corp    27,979   
 
      TOTAL TRANSPORTATION EQUIPMENT    11,974,330   
 
 
TRANSPORTATION SERVICES - 0.02%       
5,200    Sabre Holdings Corp    113,776   
 
      TOTAL TRANSPORTATION SERVICES    113,776   
 

 

193

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

           
SHARES         VALUE  
 
 
TRUCKING AND WAREHOUSING - 0.73%       
44,900    United Parcel Service, Inc (Class B)  $ 3,266,026   
 
      TOTAL TRUCKING AND WAREHOUSING    3,266,026   
 
           
WATER TRANSPORTATION - 0.24%   
21,100    Carnival Corp  1,093,191  
 
      TOTAL WATER TRANSPORTATION  1,093,191  
 
 
WHOLESALE TRADE-DURABLE GOODS - 1.83%   
119,400    Johnson & Johnson  8,018,904  
3,300    W.W. Grainger, Inc  205,491  
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  8,224,395  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.66%   
4,400    AmerisourceBergen Corp  252,076  
3,600    Brown-Forman Corp (Class B)  197,100  
17,400    Cardinal Health, Inc  970,920  
11,800    McKesson Corp  445,450  
5,400    Supervalu, Inc  180,090  
25,500    Sysco Corp  912,900  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  2,958,536  
 
 
      TOTAL COMMON STOCKS  445,437,871  
(Cost $414,345,612) 
 
 
PRINCIPAL 
       
       
SHORT-TERM INVESTMENTS - 11.11%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 11.11%   
$50,000,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  49,996,306  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  49,996,306  
 
 
      TOTAL SHORT-TERM INVESTMENTS  49,996,306  
(Cost $50,000,000) 
 
 
      TOTAL PORTFOLIO - 110.04%  495,434,177  
      (Cost $464,345,612)   
 
      OTHER ASSETS AND LIABILITIES, NET - (10.04%)  (45,185,994 ) 
 
 
      NET ASSETS - 100.00% 
$
450,248,183  
 
 
  *    Non-income producing   
  d    All or 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 use more specific industry   
      categories in following their investment limitations on industry concentration.   

 

194

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
COMMON STOCKS - 99.88%     
 
AMUSEMENT AND RECREATION SERVICES - 0.61%     
1,205      Harrah's Entertainment, Inc 
$
77,819   
600      International Speedway Corp (Class A)  32,550   
800      Station Casinos, Inc  54,040   
 
     
TOTAL AMUSEMENT AND RECREATION SERVICES 
164,409   
 
 
APPAREL AND ACCESSORY STORES - 2.25%     
1,633      Abercrombie & Fitch Co (Class A)  93,473   
1,908      American Eagle Outfitters, Inc  56,381   
898  *    AnnTaylor Stores Corp  22,980   
3,388  *    Chico's FAS, Inc  95,745   
1,600      Claire's Stores, Inc  36,864   
1,180      Foot Locker, Inc  34,574   
397      Limited Brands, Inc  9,647   
1,412      Nordstrom, Inc  78,197   
1,479  *    Pacific Sunwear of California, Inc  41,383   
2,824      Ross Stores, Inc  82,291   
300      Talbots, Inc  9,594   
886  *    Urban Outfitters, Inc  42,501   
 
      TOTAL APPAREL AND ACCESSORY STORES  603,630   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.07%     
300  *    Columbia Sportswear Co  15,969   
100      Polo Ralph Lauren Corp  3,880   
 
     
TOTAL APPAREL AND OTHER TEXTILE PRODUCTS 
19,849   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.09%     
583      Ryder System, Inc  24,311   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  24,311   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.12%     
1,430  *    Advance Auto Parts  72,144   
1,038  *    Autozone, Inc  88,957   
2,015  *    Carmax, Inc  63,473   
1,283  *    Copart, Inc  30,227   
931  *    O'Reilly Automotive, Inc  46,112   
 
     
TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS 
300,913   
 

 

195

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

           
SHARES         VALUE  
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.24%     
1,183      Fastenal Co  $ 65,432   
 
     
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 
65,432   
 
 
BUSINESS SERVICES - 14.14%     
2,893  *    Activision, Inc  42,816   
1,433      Acxiom Corp  29,993   
4,435      Adobe Systems, Inc  297,899   
1,656  *    Affiliated Computer Services, Inc (Class A)  88,166   
2,072  *    Akamai Technologies, Inc  26,377   
843  *    Alliance Data Systems Corp  34,057   
1,128  *    Ask Jeeves, Inc  31,674   
4,362  *    Autodesk, Inc  129,813   
7,096  *    BEA Systems, Inc  56,555   
1,272  *    BMC Software, Inc  19,080   
1,038      Brink's Co  35,915   
2,949  *    Cadence Design Systems, Inc  44,088   
1,800  *    Ceridian Corp  30,690   
1,200      Certegy, Inc  41,544   
1,024  *    Checkfree Corp  41,738   
1,700  *    ChoicePoint, Inc  68,187   
3,200  *    Citrix Systems, Inc  76,224   
300  *    Cogent, Inc  7,554   
2,400  *    Cognizant Technology Solutions Corp  110,880   
1,352  *    DST Systems, Inc  62,435   
1,381  *    Dun & Bradstreet Corp  84,862   
1,692      Equifax, Inc  51,928   
1,168      Fair Isaac Corp  40,226   
3,684  *    Fiserv, Inc  146,623   
821  *    Getty Images, Inc  58,381   
2,304      GTECH Holdings Corp  54,213   
1,400      Henry (Jack) & Associates, Inc  25,186   
4,361      IMS Health, Inc  106,365   
5,406  *    Interpublic Group of Cos, Inc  66,386   
3,124  *    Intuit, Inc  136,738   
2,100  *    Iron Mountain, Inc  60,564   
9,987  *    Juniper Networks, Inc  220,313   
462  *    Kinetic Concepts, Inc  27,558   
1,300  *    Lamar Advertising Co  52,377   
1,300  *    Macromedia, Inc  43,550   
835      Manpower, Inc  36,339   
2,493  *    McAfee, Inc  56,242   
1,600  *    Mercury Interactive Corp  75,808   
800      MoneyGram International, Inc  15,112   
1,900  *    Monster Worldwide, Inc  53,295   
1,050      National Instruments Corp  28,403   
600  *    NAVTEQ Corp  26,010   
2,812  *    NCR Corp  94,877   
7,450  *    Novell, Inc    44,402   
460  *    Pixar    44,873   
3,142  *    Red Hat, Inc    34,279   
801  *    Rent-A-Center, Inc    21,875   
1,130    Reynolds & Reynolds Co (Class A)    30,578   
2,768    Robert Half International, Inc    74,625   
3,224    Servicemaster Co    43,524   
6,383  *    Siebel Systems, Inc    58,277   
4,828  *    SunGard Data Systems, Inc    166,566   

 

196

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

           
SHARES         VALUE  
 
 
2,800  *    Synopsys, Inc  $ 50,680   
3,112  *    TIBCO Software, Inc    23,184   
700    Total System Services, Inc    17,493   
336  *    Unisys Corp    2,372   
3,200  *    VeriSign, Inc    91,840   
7,993  *    Veritas Software Corp    185,598   
200    Viad Corp    5,380   
3,653  *    WebMD Corp    31,051   
1,467  *    Westwood One, Inc    29,853   
 
      TOTAL BUSINESS SERVICES    3,793,491   
 
 
CHEMICALS AND ALLIED PRODUCTS - 8.65%       
1,163    Alberto-Culver Co    55,661   
2,450    Allergan, Inc    170,202   
400  *    American Pharmaceutical Partners, Inc    20,696   
1,800  *    Amylin Pharmaceuticals, Inc    31,482   
1,390  *    Andrx Corp    31,511   
2,100    Avery Dennison Corp    130,053   
1,680  *    Barr Pharmaceuticals, Inc    82,034   
1,100  *    Cephalon, Inc    51,513   
1,100  *    Charles River Laboratories International, Inc    51,744   
2,091  *    Chiron Corp    73,311   
1,189    Church & Dwight Co, Inc    42,174   
1,453    Clorox Co    91,524   
708  *    Dade Behring Holdings, Inc    41,722   
3,480    Ecolab, Inc    115,014   
600  *    Eon Labs, Inc    18,144   
2,000    Estee Lauder Cos (Class A)    89,960   
100  *    Eyetech Pharmaceuticals, Inc    2,750   
4,565  *    Genzyme Corp    261,301   
500  *    ICOS Corp    11,230   
700  *    Idexx Laboratories, Inc    37,912   
1,299  *    ImClone Systems, Inc    44,816   
1,350    International Flavors & Fragrances, Inc    53,325   
491  *    Invitrogen Corp    33,977   
3,550  *    IVAX Corp    70,184   
495  *    Martek Biosciences Corp    28,804   
1,100    Medicis Pharmaceutical Corp (Class A)    32,978   
4,729  *    MedImmune, Inc    112,597   
1,367  *    MGI Pharma, Inc    34,544   
2,900  *    Millennium Pharmaceuticals, Inc    24,418   
5,006    Mylan Laboratories, Inc    88,706   
1,059  *    NBTY, Inc    26,570   
1,615  *    Nektar Therapeutics    22,513   
694  *    Neurocrine Biosciences, Inc    26,414   
891  *    OSI Pharmaceuticals, Inc    36,834   
1,760    Praxair, Inc    84,234   
323  *    Protein Design Labs, Inc    5,165   
100  *    Scotts Miracle-Gro Co (Class A)    7,023   
1,900  *    Sepracor, Inc    109,079   
201    Sherwin-Williams Co    8,842   
313    Sigma-Aldrich Corp    19,171   
1,210  *    VCA Antech, Inc    24,478   
544  *    Watson Pharmaceuticals, Inc    16,717   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    2,321,327   
 

 

197

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

           
SHARES         VALUE  
 
 
COAL MINING - 0.26%       
405    Arch Coal, Inc  $ 17,419   
1,092    Consol Energy, Inc    51,346   
 
      TOTAL COAL MINING    68,765   
 
 
COMMUNICATIONS - 3.33%       
7,982  *    Avaya, Inc    93,230   
2,860  *    Cablevision Systems Corp (Class A)    80,223   
479  *    Citadel Broadcasting Corp    6,577   
200  *    Cox Radio, Inc (Class A)    3,362   
1,876  *    Crown Castle International Corp    30,128   
398  *    Entercom Communications Corp    14,137   
1,534  *    Foundry Networks, Inc    15,187   
500    Global Payments, Inc    32,245   
1,123  *    IDT Corp    15,947   
13,139  *    Level 3 Communications, Inc    27,066   
1,915  *    Liberty Media International, Inc    83,762   
2,379  *    Nextel Partners, Inc (Class A)    52,243   
1,105  *    NII Holdings, Inc (Class B)    63,538   
800  *    Radio One, Inc (Class D)    11,800   
759  *    Spectrasite, Inc    43,999   
400    Telephone & Data Systems, Inc    32,640   
100  *    U.S. Cellular Corp    4,563   
5,296  *    UnitedGlobalcom, Inc (Class A)    50,100   
2,602  *    Univision Communications, Inc (Class A)    72,049   
300  *    West Corp    9,600   
1,470  *    Western Wireless Corp (Class A)    55,801   
3,018  *    XM Satellite Radio Holdings, Inc    95,067   
 
      TOTAL COMMUNICATIONS    893,264   
 
           
DEPOSITORY INSTITUTIONS - 1.86%       
2,652      Commerce Bancorp, Inc    86,110   
1,301      Hudson City Bancorp, Inc    47,552   
540      IndyMac Bancorp, Inc    18,360   
1,742      NewAlliance Bancshares, Inc    24,388   
1,647      North Fork Bancorp, Inc    45,688   
1,133      Northern Trust Corp    49,217   
3,951      Synovus Financial Corp    110,075   
2,418      TCF Financial Corp    65,649   
876      UCBH Holdings, Inc    34,952   
137      Valley National Bancorp    3,532   
1,246      W Holding Co, Inc    12,547   
 
      TOTAL DEPOSITORY INSTITUTIONS    498,070   
 
 
EATING AND DRINKING PLACES - 2.30%       
1,600      Applebee's International, Inc    44,096   
1,894      Aramark Corp (Class B)    49,774   
1,600   *   Brinker International, Inc    57,952   
1,375      Darden Restaurants, Inc    42,185   
1,000      Outback Steakhouse, Inc    45,790   
1,300      Ruby Tuesday, Inc    31,577   

 

198

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

           
SHARES         VALUE  
 
 
1,500   *   The Cheesecake Factory, Inc  $ 53,175   
300      Wendy's International, Inc    11,712   
5,418      Yum! Brands, Inc    280,707   
 
      TOTAL EATING AND DRINKING PLACES    616,968   
 
 
EDUCATIONAL SERVICES - 0.84%       
1,970   *   Career Education Corp    67,492   
1,751   *   Corinthian Colleges, Inc    27,526   
1,200   *   DeVry, Inc    22,704   
1,400   *   Education Management Corp    39,130   
900   *   ITT Educational Services, Inc    43,650   
551   *   Laureate Education, Inc    23,577   
 
      TOTAL EDUCATIONAL SERVICES    224,079   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.06%       
11,968   *   AES Corp    196,036   
464   *   Allegheny Energy, Inc    9,586   
2,400   *   Allied Waste Industries, Inc    17,544   
330      Kinder Morgan, Inc    24,981   
800   *   Stericycle, Inc    35,360   
 
     
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 
  283,507   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.96%       
1,235      Adtran, Inc    21,785   
3,886   *   Advanced Micro Devices, Inc    62,642   
32,600   *   Agere Systems, Inc (Class B)    46,292   
7,067   *   Altera Corp    139,785   
1,821      American Power Conversion Corp    47,546   
921      Ametek, Inc    37,070   
2,000   *   Amkor Technology, Inc    7,720   
1,318      Amphenol Corp (Class A)    48,819   
3,000   *   Applied Micro Circuits Corp    9,870   
8,055   *   Atmel Corp    23,762   
400      AVX Corp    4,900   
926   *   CIENA Corp    1,593   
2,090   *   Comverse Technology, Inc    52,710   
4,938   *   Conexant Systems, Inc    7,407   
1,400   *   Cree, Inc    30,450   
2,373   *   Cypress Semiconductor Corp    29,900   
400   *   Dolby Laboratories, Inc (Class A)    9,400   
590   *   Energizer Holdings, Inc    35,282   
1,258   *   Fairchild Semiconductor International, Inc    19,285   
100   *   Freescale Semiconductor, Inc    1,695   
5,800   *   Freescale Semiconductor, Inc (Class B)    100,050   
1,831   *   Gemstar-TV Guide International, Inc    7,965   
1,130      Harman International Industries, Inc    99,960   
1,702      Harris Corp    55,570   
1,300   *   Integrated Circuit Systems, Inc    24,856   
1,056   *   International Rectifier Corp    48,048   
1,300      Intersil Corp (Class A)    22,516   
3,100   *   Jabil Circuit, Inc    88,412   
25,752   *   JDS Uniphase Corp    43,006   
1,000      L-3 Communications Holdings, Inc    71,020   

 

199

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

           
SHARES         VALUE  
 
 
5,863      Linear Technology Corp  $ 224,611   
2,900   *    LSI Logic Corp    16,211   
844      Maytag Corp    11,791   
1,384   *    MEMC Electronic Materials, Inc    18,615   
3,940      Microchip Technology, Inc    102,479   
5,300   *    Micron Technology, Inc    54,802   
2,205      Molex, Inc    58,124   
6,800      National Semiconductor Corp    140,148   
1,950   *    Novellus Systems, Inc    52,124   
3,100   *    Nvidia Corp    73,656   
924      Plantronics, Inc    35,186   
3,300   *    PMC-Sierra, Inc    29,040   
1,252   *    Polycom, Inc    21,221   
1,545   *    QLogic Corp    62,573   
1,600   *    Rambus, Inc    24,112   
3,320      Rockwell Collins, Inc    157,999   
5,000   *    Sanmina-SCI Corp    26,100   
1,414   *    Semtech Corp    25,268   
700   *    Silicon Laboratories, Inc    20,797   
3,552  *    Tellabs, Inc    25,930   
1,536  *    UTStarcom, Inc    16,819   
542  *    Vishay Intertechnology, Inc    6,737   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    2,403,659   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 2.97%       
1,200  *    Affymetrix, Inc    51,408   
600  *    BearingPoint, Inc    5,262   
3,076  *    Celgene Corp    104,738   
700    Corporate Executive Board Co    44,765   
1,204  *    Covance, Inc    57,322   
626    Fluor Corp    34,699   
951  *    Gen-Probe, Inc    42,377   
700  *    Hewitt Associates, Inc    18,620   
900  *    Jacobs Engineering Group, Inc    46,728   
2,338    Moody's Corp    189,051   
900  *    Pharmaceutical Product Development, Inc    43,605   
1,500    Quest Diagnostics, Inc    157,695   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    796,270   
 
 
FABRICATED METAL PRODUCTS - 0.36%       
476  *    Alliant Techsystems, Inc    34,010   
1,142    Ball Corp    47,370   
273    Harsco Corp    16,274   
 
      TOTAL FABRICATED METAL PRODUCTS    97,654   
 
 
FOOD AND KINDRED PRODUCTS - 1.32%       
2,171    Campbell Soup Co    63,003   
2,505    Hershey Foods Corp    151,452   
2,000    McCormick & Co, Inc (Non-Vote)    68,860   
2,581    Pepsi Bottling Group, Inc    71,881   
 
      TOTAL FOOD AND KINDRED PRODUCTS    355,196   
 

 

200

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

           
SHARES         VALUE  
 
 
FOOD STORES - 0.49%       
443  *    7-Eleven, Inc  $ 10,641   
1,190    Whole Foods Market, Inc    121,535   
 
      TOTAL FOOD STORES    132,176   
 
 
FURNITURE AND FIXTURES - 0.76%       
1,300    Herman Miller, Inc    39,156   
246    Hillenbrand Industries, Inc    13,646   
1,116    HNI Corp    50,164   
909    Johnson Controls, Inc    50,686   
1,400    Leggett & Platt, Inc    40,432   
395    Newell Rubbermaid, Inc    8,666   
 
      TOTAL FURNITURE AND FIXTURES    202,750   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 1.55%       
5,599  *    Bed Bath & Beyond, Inc    204,587   
668    Circuit City Stores, Inc (Circuit City Group)    10,721   
42  *    GameStop Corp (Class B)    937   
527  *    Mohawk Industries, Inc    44,426   
778    Pier 1 Imports, Inc    14,183   
3,022    RadioShack Corp    74,039   
1,800  *    Williams-Sonoma, Inc    66,150   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    415,043   
 
 
GENERAL BUILDING CONTRACTORS - 1.68%       
1,156    Centex Corp    66,204   
3,198    D.R. Horton, Inc    93,510   
496  *    Hovnanian Enterprises, Inc (Class A)    25,296   
1,077    Lennar Corp (Class A)    61,044   
334    MDC Holdings, Inc    23,263   
100  *    NVR, Inc    78,500   
851    Pulte Homes, Inc    62,659   
120    Ryland Group, Inc    7,442   
416  *    Toll Brothers, Inc    32,802   
 
      TOTAL GENERAL BUILDING CONTRACTORS    450,720   
 
 
GENERAL MERCHANDISE STORES - 1.04%       
700  *    Big Lots, Inc    8,414   
5,528    Dollar General Corp    121,118   
2,205  *    Dollar Tree Stores, Inc    63,350   
2,837    Family Dollar Stores, Inc    86,131   
 
      TOTAL GENERAL MERCHANDISE STORES    279,013   
 
 
HEALTH SERVICES - 3.54%       
926  *    Accredo Health, Inc    41,124   
500  *    Community Health Systems, Inc    17,455   
1,990  *    Coventry Health Care, Inc    135,599   

 

201

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

           
SHARES         VALUE  
 
 
1,850  *    DaVita, Inc  $ 77,423   
1,186  *    Express Scripts, Inc    103,407   
3,986    Health Management Associates, Inc (Class A)    104,353   
2,499  *    Laboratory Corp of America Holdings    120,452   
1,900  *    Lincare Holdings, Inc    84,037   
1,368    Manor Care, Inc    49,740   
2,270  *    Medco Health Solutions, Inc    112,524   
1,252  *    Renal Care Group, Inc    47,501   
600  *    Triad Hospitals, Inc    30,060   
498    Universal Health Services, Inc (Class B)    26,095   
 
      TOTAL HEALTH SERVICES    949,770   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.06%       
1,999    Catellus Development Corp    53,273   
182      CBL & Associates Properties, Inc    13,015   
892      Fremont General Corp    19,615   
1,400      Friedman Billings Ramsey Group, Inc    22,218   
581      General Growth Properties, Inc    19,812   
400      iShares Russell Midcap Growth Index Fund    33,164   
425      Mills Corp    22,483   
687      Regency Centers Corp    32,722   
895      Ventas, Inc    22,339   
1,328      Weingarten Realty Investors    45,829   
 
     
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 
  284,470   
 
 
HOTELS AND OTHER LODGING PLACES - 2.27%       
359      Choice Hotels International, Inc    22,240   
6,121      Hilton Hotels Corp    136,804   
1,310  *    Mandalay Resort Group    92,342   
3,174      Marriott International, Inc (Class A)    212,214   
226  *    MGM Mirage    16,005   
1,443      Starwood Hotels & Resorts Worldwide, Inc    86,623   
642  *    Wynn Resorts Ltd    43,489   
 
     
TOTAL HOTELS AND OTHER LODGING PLACES 
  609,717   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 9.30%       
3,528      American Standard Cos, Inc    163,981   
7,622  *    Apple Computer, Inc    317,609   
800  *    Avocent Corp    20,528   
6,226      Baker Hughes, Inc    276,995   
1,348      Black & Decker Corp    106,478   
670      Briggs & Stratton Corp    24,395   
230  *    Cooper Cameron Corp    13,158   
1,400      Donaldson Co, Inc    45,192   
3,080      Dover Corp    116,393   
1,300  *    FMC Technologies, Inc    43,134   
1,300      Graco, Inc    52,468   
2,372  *    Grant Prideco, Inc    57,308   
668      ITT Industries, Inc    60,280   
2,500  *    Lam Research Corp    72,150   
2,432  *    Lexmark International, Inc    194,487   
1,600  *    Maxtor Corp    8,512   
1,256  *    National Oilwell Varco, Inc    58,655   

 

202

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

           
SHARES         VALUE  
 
 
6,040  *    Network Appliance, Inc  $ 167,066   
210      Pall Corp    5,695   
2,413      Pitney Bowes, Inc    108,875   
2,252      Rockwell Automation, Inc    127,553   
2,739  *    Sandisk Corp    76,144   
2,026      Smith International, Inc    127,091   
17,482  *    Solectron Corp    60,663   
95      SPX Corp    4,112   
474  *    Storage Technology Corp    14,599   
4,400      Symbol Technologies, Inc    63,756   
667      Timken Co    18,236   
1,141  *    Western Digital Corp    14,548   
1,451  *    Xerox Corp    21,983   
1,100  *    Zebra Technologies Corp (Class A)    52,239   
 
     
TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 
  2,494,283   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 5.91%       
2,000      Bard (C.R.), Inc    136,160   
633      Bausch & Lomb, Inc    46,399   
1,200      Beckman Coulter, Inc    79,740   
4,739      Biomet, Inc    172,026   
773      Cooper Cos, Inc    56,352   
2,139  *    Cytyc Corp    49,218   
1,564      Dentsply International, Inc    85,097   
1,100  *    Edwards Lifesciences Corp    47,542   
2,091  *    Fisher Scientific International, Inc    119,020   
1,306  *    Flir Systems, Inc    39,572   
765  *    Fossil, Inc    19,833   
680  *    Inamed Corp    47,518   
3,716      KLA-Tencor Corp    170,973   
487  *    Mettler-Toledo International, Inc    23,132   
1,000  *    Millipore Corp    43,400   
1,300      PerkinElmer, Inc    26,819   
700  *    Resmed, Inc    39,480   
700  *    Respironics, Inc    40,789   
632      Roper Industries, Inc    41,396   
1,415      Tektronix, Inc    34,710   
3,700  *    Teradyne, Inc    54,020   
1,779  *    Thermo Electron Corp    44,991   
2,556  *    Varian Medical Systems, Inc    87,620   
2,220  *    Waters Corp    79,454   
 
     
TOTAL INSTRUMENTS AND RELATED PRODUCTS 
  1,585,261   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.37%       
1,100      Brown & Brown, Inc    50,699   
1,675      Gallagher (Arthur J.) & Co    48,240   
 
     
TOTAL INSURANCE AGENTS, BROKERS AND SERVICE 
  98,939   
 
           
INSURANCE CARRIERS - 2.33%       
503    Ambac Financial Group, Inc    37,599   
100    Berkley (W.R.) Corp    4,960   
391    Genworth Financial, Inc    10,760   

 

203

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

           
SHARES         VALUE  
 
 
400    HCC Insurance Holdings, Inc  $ 14,464   
75  *    Markel Corp    25,891   
381  *    Pacificare Health Systems, Inc    21,687   
637    Radian Group, Inc    30,410   
386    Unitrin, Inc    17,524   
100  *    WellChoice, Inc    5,331   
3,645  *    WellPoint, Inc    456,901   
 
      TOTAL INSURANCE CARRIERS    625,527   
 
 
LEATHER AND LEATHER PRODUCTS - 0.86%       
3,573  *    Coach, Inc    202,339   
400  *    Timberland Co (Class A)    28,372   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    230,711   
 
 
METAL MINING - 0.46%       
2,939    Freeport-McMoRan Copper & Gold, Inc (Class A)    116,414   
100    Southern Peru Copper Corp    5,546   
 
      TOTAL METAL MINING    121,960   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.06%       
2,569    Fortune Brands, Inc    207,138   
3,594    Mattel, Inc    76,732   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    283,870   
 
 
MISCELLANEOUS RETAIL - 1.60%       
100  *    Barnes & Noble, Inc    3,449   
1,400  *    Marvel Enterprises, Inc    28,000   
2,564    Michaels Stores, Inc    93,073   
614    MSC Industrial Direct Co (Class A)    18,764   
1,630    Omnicare, Inc    57,783   
778  *    Petco Animal Supplies, Inc    28,638   
2,709    Petsmart, Inc    77,884   
7,100  *    Rite Aid Corp    28,116   
2,740    Tiffany & Co    94,585   
 
      TOTAL MISCELLANEOUS RETAIL    430,292   
 
 
MOTION PICTURES - 0.24%       
613  *    Avid Technology, Inc    33,176   
1,000    Blockbuster, Inc (Class A)    8,830   
300  *    DreamWorks Animation SKG, Inc (Class A)    12,213   
250    Metro-Goldwyn-Mayer, Inc    2,988   
677  *    NetFlix, Inc    7,345   
 
      TOTAL MOTION PICTURES    64,552   
 
 
NONDEPOSITORY INSTITUTIONS - 0.50%       
571    American Capital Strategies Ltd    17,935   
1,248  *    CapitalSource, Inc    28,704   

 

204

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

           
SHARES         VALUE  
 
 
1,602    Doral Financial Corp  $ 35,068   
341  *    First Marblehead Corp    19,618   
1,616  *    Providian Financial Corp    27,730   
100    Westcorp    4,225   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    133,280   
 
 
OIL AND GAS EXTRACTION - 2.74%       
3,000    BJ Services Co    155,640   
500    Diamond Offshore Drilling, Inc    24,950   
1,635    ENSCO International, Inc    61,574   
600  *    Newfield Exploration Co    44,556   
1,369    Patina Oil & Gas Corp    54,760   
2,944    Patterson-UTI Energy, Inc    73,659   
486    Pioneer Natural Resources Co    20,762   
252    Pogo Producing Co    12,408   
1,100  *    Pride International, Inc    27,324   
1,000    Rowan Cos, Inc    29,930   
500    Tidewater, Inc    19,430   
6,352    XTO Energy, Inc    208,600   
 
      TOTAL OIL AND GAS EXTRACTION    733,593   
 
 
PAPER AND ALLIED PRODUCTS - 0.17%       
1,900  *    Pactiv Corp    44,365   
 
      TOTAL PAPER AND ALLIED PRODUCTS    44,365   
 
 
PERSONAL SERVICES - 1.13%       
2,322    Cintas Corp    95,922   
3,103    H & R Block, Inc    156,950   
362    Regis Corp    14,816   
800  *    Weight Watchers International, Inc    34,384   
 
      TOTAL PERSONAL SERVICES    302,072   
 
 
PRIMARY METAL INDUSTRIES - 0.65%       
1,360  *    Andrew Corp    15,925   
1,516    Nucor Corp    87,261   
670    Precision Castparts Corp    51,597   
1,056    Worthington Industries, Inc    20,360   
 
      TOTAL PRIMARY METAL INDUSTRIES    175,143   
 
 
PRINTING AND PUBLISHING - 1.69%       
1,142    Belo (A.H.) Corp Series A    27,568   
700    Dex Media, Inc    14,455   
1,137    Dow Jones & Co, Inc    42,490   
1,224      EW Scripps Co  59,670   
1,000      Harte-Hanks, Inc  27,560   
200      Knight Ridder, Inc  13,450   
220      Media General, Inc (Class A)  13,607   
706      Meredith Corp  33,005   
2,527      New York Times Co (Class A)  92,438   

 

205

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

           
SHARES         VALUE  
 
 
106      Washington Post Co (Class B)  $ 94,764   
950      Wiley (John) & Sons, Inc (Class A)  33,487   
 
      TOTAL PRINTING AND PUBLISHING  452,494   
 
 
RAILROAD TRANSPORTATION - 0.08%     
10,904  *    ADC Telecommunications, Inc  21,699   
 
      TOTAL RAILROAD TRANSPORTATION  21,699   
 
 
REAL ESTATE - 0.27%     
1,073      St. Joe Co  72,213   
 
      TOTAL REAL ESTATE  72,213   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%     
200      Reebok International Ltd  8,860   
1,385  *    Sealed Air Corp  71,937   
 
     
TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS 
80,797   
 
 
SECURITY AND COMMODITY BROKERS - 2.89%     
4,500  *    Ameritrade Holding Corp  45,945   
350      Blackrock, Inc  26,225   
641      Chicago Mercantile Exchange  124,373   
4,050  *    E*Trade Financial Corp  48,600   
2,640      Eaton Vance Corp  61,882   
1,400      Federated Investors, Inc (Class B)  39,634   
1,300      Investors Financial Services Corp  63,583   
1,987      Legg Mason, Inc  155,264   
300      Nuveen Investments, Inc  10,296   
1,242      SEI Investments Co  44,911   
2,081      T Rowe Price Group, Inc  123,570   
1,600      Waddell & Reed Financial, Inc (Class A)  31,584   
 
      TOTAL SECURITY AND COMMODITY BROKERS  775,867   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.03%     
150      Florida Rock Industries, Inc  8,823   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS  8,823   
 
 
TRANSPORTATION BY AIR - 0.80%     
1,484  *    AMR Corp  15,879   
1,700  *    JetBlue Airways Corp  32,368   
11,643      Southwest Airlines Co  165,796   
 
      TOTAL TRANSPORTATION BY AIR  214,043   
 
 
TRANSPORTATION EQUIPMENT - 1.05%     
1,069      Brunswick Corp  50,083   
1,500      Gentex Corp  47,850   

 

206

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

           
SHARES         VALUE  
 
 
600  *    Navistar International Corp  $ 21,840   
611      Oshkosh Truck Corp  50,096   
851      Polaris Industries, Inc  59,766   
701      United Defense Industries, Inc  51,467   
 
      TOTAL TRANSPORTATION EQUIPMENT  281,102   
 
 
TRANSPORTATION SERVICES - 0.71%     
1,625      C.H. Robinson Worldwide, Inc  83,736   
2,000      Expeditors International of Washington, Inc  107,100   
 
      TOTAL TRANSPORTATION SERVICES  190,836   
 
 
TRUCKING AND WAREHOUSING - 0.24%     
277      CNF, Inc  12,961   
1,109      Hunt (J.B.) Transport Services, Inc  48,541   
362  *    Sirva, Inc  2,574   
 
      TOTAL TRUCKING AND WAREHOUSING  64,076   
 
 
WHOLESALE TRADE-DURABLE GOODS - 0.82%     
256      BorgWarner, Inc  12,462   
1,200      CDW Corp  68,016   
514      Hughes Supply, Inc  15,292   
250  *    Ingram Micro, Inc (Class A)  4,167   
2,276  *    Patterson Cos, Inc  113,686   
104      W.W. Grainger, Inc  6,476   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  220,099   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.86%     
589      AmerisourceBergen Corp  33,744   
569      Brown-Forman Corp (Class B)  31,153   
900  *    Endo Pharmaceuticals Holdings, Inc  20,295   
1,478  *    Henry Schein, Inc  52,971   
2,459      McKesson Corp  92,827   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  230,990   
 
 
      TOTAL COMMON STOCKS  26,791,340   
(Cost $19,707,119)
 
 
      TOTAL PORTFOLIO - 99.88%  26,791,340   
      (Cost $19,707,119)     
 
      OTHER ASSETS AND LIABILITIES, NET - 0.12%  32,235   
 
 
      NET ASSETS - 100.00% 
$
 26,823,575   
 
       
  *    Non-income producing 
 
      For ease of presentation, we have grouped a number of industry classification categories 
      together in the Statement of Investments. Note that the Funds use more specific industry 
      categories in following their investment limitations on industry concentration. 

 

207

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
PREFERRED STOCKS - 0.02%     
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.02%     
142  *    Simon Property Group L.P. 
$
7,871   
 
     
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 
7,871   
 
 
      TOTAL PREFERRED STOCKS  7,871   
(Cost $4,545)
 
 
COMMON STOCKS - 99.37%     
 
AMUSEMENT AND RECREATION SERVICES - 0.49%     
6,513  *    Caesars Entertainment, Inc  128,892   
1,046      Harrah's Entertainment, Inc  67,551   
170      International Speedway Corp (Class A)  9,222   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  205,665   
 
 
APPAREL AND ACCESSORY STORES - 0.69%     
200      American Eagle Outfitters, Inc  5,910   
441  *    AnnTaylor Stores Corp  11,285   
200      Claire's Stores, Inc  4,608   
1,852      Foot Locker, Inc  54,264   
7,165      Limited Brands, Inc  174,109   
740      Nordstrom, Inc  40,981   
 
      TOTAL APPAREL AND ACCESSORY STORES  291,157   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.75%     
2,592      Jones Apparel Group, Inc  86,806   
2,286      Liz Claiborne, Inc  91,737   
800      Polo Ralph Lauren Corp  31,040   
1,800      VF Corp  106,452   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  316,035   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.22%     
1,417      Lear Corp  62,858   
734      Ryder System, Inc  30,608   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  93,466   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%     
3,600  *    Autonation, Inc  68,184   
 
     
TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS 
68,184   
 

 

208

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

           
SHARES         VALUE  
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%     
2,233      Louisiana-Pacific Corp  $ 56,138   
 
     
TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES 
56,138   
 
 
BUSINESS SERVICES - 2.88%     
8,012  *    3Com Corp  28,523   
616  *    Activision, Inc  9,117   
770  *    Affiliated Computer Services, Inc (Class A)  40,995   
3,280  *    BMC Software, Inc  49,200   
100      Brink's Co  3,460   
2,507  *    Cadence Design Systems, Inc  37,479   
1,214  *    Ceridian Corp  20,699   
600  *    Checkfree Corp  24,456   
200  *    Cogent, Inc  5,036   
3,963  *    Computer Sciences Corp  181,703   
7,905  *    Compuware Corp  56,916   
2,953  *    Convergys Corp  44,088   
1,086      Deluxe Corp  43,288   
10,584      Electronic Data Systems Corp  218,771   
914      Equifax, Inc  28,051   
211      Fair Isaac Corp  7,267   
2,842  *    Interpublic Group of Cos, Inc  34,900   
337  *    Lamar Advertising Co  13,578   
959      Manpower, Inc  41,736   
548  *    McAfee, Inc  12,363   
1,011      MoneyGram International, Inc  19,098   
200  *    NAVTEQ Corp  8,670   
828  *    NCR Corp  27,937   
442  *    Rent-A-Center, Inc  12,071   
100      Reynolds & Reynolds Co (Class A)  2,706   
2,521      Servicemaster Co  34,033   
2,086  *    Siebel Systems, Inc  19,045   
740  *    SunGard Data Systems, Inc  25,530   
1,988  *    Sybase, Inc  36,698   
758  *    TIBCO Software, Inc  5,647   
6,506  *    Unisys Corp  45,932   
1,647  *    VeriSign, Inc  47,269   
252      Viad Corp  6,779   
2,549  *    WebMD Corp  21,666   
 
      TOTAL BUSINESS SERVICES  1,214,707   
 
 
CHEMICALS AND ALLIED PRODUCTS - 5.61%     
4,780      Air Products & Chemicals, Inc  302,526   
237      Alberto-Culver Co  11,343   
1,279      Cabot Corp  42,757   
800  *    Celanese Corp (Series A)  14,392   
661      Clorox Co  41,636   
108  *    Dade Behring Holdings, Inc    6,365   
1,600      Eastman Chemical Co    94,400   
2,557      Engelhard Corp    76,787   

 

209

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

           
SHARES         VALUE  
 
 
3,208  *    Hospira, Inc  $ 103,522   
1,000  *    Huntsman Corp    23,320   
645  *    ICOS Corp    14,487   
300      International Flavors & Fragrances, Inc    11,850   
559  *    Invitrogen Corp    38,683   
4,971  *    King Pharmaceuticals, Inc    41,309   
4,200      Lyondell Chemical Co    117,264   
3,000  *    Millennium Pharmaceuticals, Inc    25,260   
5,600      Monsanto Co    361,200   
700  *    Nalco Holding Co    13,181   
3,633      PPG Industries, Inc    259,832   
4,861      Praxair, Inc    232,648   
1,585  *    Protein Design Labs, Inc    25,344   
3,393      Rohm & Haas Co    162,864   
2,400      RPM International, Inc    43,872   
400  *    Scotts Miracle-Gro Co (Class A)    28,092   
2,258      Sherwin-Williams Co    99,329   
1,092      Sigma-Aldrich Corp    66,885   
1,156      Valspar Corp    53,800   
1,639  *    Watson Pharmaceuticals, Inc    50,366   
 
     
TOTAL CHEMICALS AND ALLIED PRODUCTS 
  2,363,314   
 
 
COAL MINING - 0.60%       
889      Arch Coal, Inc    38,236   
690      Consol Energy, Inc    32,444   
1,558      Massey Energy Co    62,382   
2,628      Peabody Energy Corp    121,834   
 
      TOTAL COAL MINING    254,896   
 
 
COMMUNICATIONS - 1.61%       
4,421  *    American Tower Corp (Class A)    80,595   
475  *    Cablevision Systems Corp (Class A)    13,324   
2,900      CenturyTel, Inc    95,236   
574  *    Citadel Broadcasting Corp    7,881   
600  *    Cox Radio, Inc (Class A)    10,086   
1,926  *    Crown Castle International Corp    30,931   
379  *    Entercom Communications Corp    13,462   
823  *    Foundry Networks, Inc    8,148   
600      Hearst-Argyle Television, Inc    15,300   
1,193  *    Liberty Media International, Inc    52,182   
1,509  *    NTL, Inc    96,078   
31,286  *    Qwest Communications International, Inc    115,758   
900  *    Radio One, Inc (Class D)    13,275   
581      Telephone & Data Systems, Inc    47,410   
200  *    U.S. Cellular Corp    9,126   
1,608  *    UnitedGlobalcom, Inc (Class A)    15,212   
1,878  *    Univision Communications, Inc (Class A)    52,002   
100  *    West Corp    3,200   
 
      TOTAL COMMUNICATIONS    679,206   
 

 

210

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

           
SHARES         VALUE  
 
 
DEPOSITORY INSTITUTIONS - 8.54%       
7,396      AmSouth Bancorp  $ 191,926   
2,762      Associated Banc-Corp    86,257   
2,350      Astoria Financial Corp    59,455   
1,120      Bank of Hawaii Corp    50,691   
318  *    BOK Financial Corp    12,936   
500      Capitol Federal Financial    17,320   
900      City National Corp    62,838   
3,000      Colonial Bancgroup, Inc    61,560   
3,611      Comerica, Inc    198,894   
1,289      Commerce Bancshares, Inc    62,130   
2,600      Compass Bancshares, Inc    118,040   
1,100      Cullen/Frost Bankers, Inc    49,665   
2,550      First Horizon National Corp    104,014   
1,700      FirstMerit Corp    45,492   
2,420      Fulton Financial Corp    52,732   
3,353      Hibernia Corp (Class A)    107,330   
923      Hudson United Bancorp    32,536   
4,921      Huntington Bancshares, Inc    117,612   
1,706      Independence Community Bank Corp    66,534   
635      IndyMac Bancorp, Inc    21,590   
716      International Bancshares Corp    24,824   
1,654      M & T Bank Corp    168,807   
4,600      Marshall & Ilsley Corp    192,050   
1,622      Mercantile Bankshares Corp    82,495   
5,642      New York Community Bancorp, Inc    102,459   
7,261      North Fork Bancorp, Inc    201,420   
2,835      Northern Trust Corp    123,152   
850      People's Bank    34,808   
9,677      Regions Financial Corp    313,535   
2,100      Sky Financial Group, Inc    56,322   
1,430      South Financial Group, Inc    43,672   
7,740      Sovereign Bancorp, Inc    171,518   
1,919      Synovus Financial Corp    53,463   
358      TCF Financial Corp    9,720   
1,834  *    TD Banknorth, Inc    57,294   
1,247      UnionBanCal Corp    76,379   
1,912      Valley National Bancorp    49,291   
924      W Holding Co, Inc    9,305   
1,730      Washington Federal, Inc    40,326   
1,075      Webster Financial Corp    48,816   
900    Whitney Holding Corp    40,059   
1,400    Wilmington Trust Corp    49,140   
1,900    Zions Bancorp    131,138   
 
      TOTAL DEPOSITORY INSTITUTIONS    3,599,545   
 
 
EATING AND DRINKING PLACES - 0.35%       
175  *    Brinker International, Inc    6,338   
1,848    Darden Restaurants, Inc    56,697   
154    Outback Steakhouse, Inc    7,052   
2,020    Wendy's International, Inc    78,861   
 
      TOTAL EATING AND DRINKING PLACES    148,948   
 

 

211

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

           
SHARES         VALUE  
 
 
EDUCATIONAL SERVICES - 0.01%       
134  *    Laureate Education, Inc  $ 5,734   
 
      TOTAL EDUCATIONAL SERVICES    5,734   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 14.35%       
1,536    AGL Resources, Inc    53,652   
2,317  *    Allegheny Energy, Inc    47,869   
605    Allete, Inc    25,319   
2,400    Alliant Energy Corp    64,272   
3,304  *    Allied Waste Industries, Inc    24,152   
4,058    Ameren Corp    198,883   
1,875    Aqua America, Inc    45,675   
5,600    Centerpoint Energy, Inc    67,368   
4,009    Cinergy Corp    162,445   
7,122    Citizens Communications Co    92,159   
5,065    Consolidated Edison, Inc    213,642   
3,500    Constellation Energy Group, Inc    180,950   
2,600    DPL, Inc    65,000   
3,576    DTE Energy Co    162,636   
5,700  *    Dynegy, Inc (Class A)    22,287   
6,909    Edison International    239,880   
13,216    El Paso Corp    139,825   
3,200    Energy East Corp    83,904   
1,300    Equitable Resources, Inc    74,672   
7,818    FPL Group, Inc    313,893   
1,600    Great Plains Energy, Inc    48,928   
1,800    Hawaiian Electric Industries, Inc    45,936   
3,400    KeySpan Corp    132,498   
1,652    Kinder Morgan, Inc    125,056   
2,398    MDU Resources Group, Inc    66,233   
8,100  b*    Mirant Corp    2,308   
1,600    National Fuel Gas Co    45,744   
5,600    NiSource, Inc    127,624   
2,700    Northeast Utilities    52,029   
1,616  *    NRG Energy, Inc    55,186   
1,100    NSTAR    59,730   
1,900    OGE Energy Corp    51,205   
2,113    Oneok, Inc    65,123   
4,050    Pepco Holdings, Inc    85,010   
8,400    PG&E Corp    286,440   
1,881    Pinnacle West Capital Corp    79,961   
3,965    PPL Corp    214,070   
5,184    Progress Energy, Inc    217,469   
4,978    Public Service Enterprise Group, Inc    270,753   
2,200    Puget Energy, Inc    48,488   
1,800    Questar Corp    106,650   
6,399  *    Reliant Resources, Inc    72,821   
3,300    Republic Services, Inc    110,484   
2,300    SCANA Corp    87,906   
4,319    Sempra Energy    172,069   
4,100    TECO Energy, Inc    64,288   
5,152    TXU Corp    410,254   
1,007    UGI Corp    45,738   
1,700    Vectren Corp    45,288   

 

212

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

           
SHARES         VALUE  
 
 
1,760    Westar Energy, Inc  $ 38,086   
1,088    Western Gas Resources, Inc    37,482   
11,686    Williams Cos, Inc    219,814   
2,600    Wisconsin Energy Corp    92,300   
818    WPS Resources Corp    43,289   
8,300    Xcel Energy, Inc    142,594   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    6,047,337   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.71%       
3,807  *    Advanced Micro Devices, Inc    61,369   
1,661    American Power Conversion Corp    43,369   
421    Ametek, Inc    16,945   
3,300  *    Applied Micro Circuits Corp    10,857   
700    AVX Corp    8,575   
10,696  *    CIENA Corp    18,397   
1,789  *    Comverse Technology, Inc    45,119   
4,234  *    Conexant Systems, Inc    6,351   
968  *    Energizer Holdings, Inc    57,886   
1,117  *    Fairchild Semiconductor International, Inc    17,124   
1,600  *    Freescale Semiconductor, Inc (Class B)    27,600   
3,246  *    Gemstar-TV Guide International, Inc    14,120   
956    Harris Corp    31,213   
1,240    Hubbell, Inc (Class B)    63,364   
248  *    International Rectifier Corp    11,284   
1,567    Intersil Corp (Class A)    27,141   
1,059    L-3 Communications Holdings, Inc    75,210   
4,500  *    LSI Logic Corp    25,155   
726    Maytag Corp    10,142   
6,558  *    Micron Technology, Inc    67,810   
488      Molex, Inc    12,864   
752  *    Novellus Systems, Inc    20,101   
752  *    Polycom, Inc    12,746   
303  *    QLogic Corp    12,272   
5,500  *    Sanmina-SCI Corp    28,710   
3,146      Scientific-Atlanta, Inc    88,780   
27,832  *    Sirius Satellite Radio, Inc    156,416   
5,654  *    Tellabs, Inc    41,274   
220  *    UTStarcom, Inc    2,409   
2,451  *    Vishay Intertechnology, Inc    30,466   
1,417      Whirlpool Corp    95,973   
 
     
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 
  1,141,042   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.23%       
2,758  *    BearingPoint, Inc    24,188   
1,053      Fluor Corp    58,368   
273  *    Jacobs Engineering Group, Inc    14,174   
 
     
TOTAL ENGINEERING AND MANAGEMENT SERVICES 
  96,730   
 
 
FABRICATED METAL PRODUCTS - 0.56%       
262  *    Alliant Techsystems, Inc    18,720   
1,152      Ball Corp    47,785   
1,100      Crane Co    31,669   

 

213

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

           
SHARES         VALUE  
 
 
567      Harsco Corp  $ 33,799   
1,200      Snap-On, Inc    38,148   
1,442      Stanley Works    65,279   
 
      TOTAL FABRICATED METAL PRODUCTS    235,400   
 
 
FOOD AND KINDRED PRODUCTS - 2.52%       
12,183      Archer Daniels Midland Co    299,458   
2,376      Campbell Soup Co    68,951   
1,874  *    Constellation Brands, Inc (Class A)    99,078   
3,132  *    Dean Foods Co    107,428   
3,763  *    Del Monte Foods Co    40,829   
796      Hershey Foods Corp    48,126   
1,600      Hormel Foods Corp    49,776   
1,176      J.M. Smucker Co    59,153   
709      McCormick & Co, Inc (Non-Vote)    24,411   
850      Molson Coors Brewing Co (Class B)    65,594   
292      Pepsi Bottling Group, Inc    8,132   
1,451      PepsiAmericas Inc    32,880   
301      Pilgrim's Pride Corp    10,752   
1,735  *    Smithfield Foods, Inc    54,739   
522      Tootsie Roll Industries, Inc    15,660   
4,600      Tyson Foods, Inc (Class A)    76,728   
 
      TOTAL FOOD AND KINDRED PRODUCTS    1,061,695   
 
 
FOOD STORES - 1.38%       
7,775      Albertson's, Inc    160,554   
15,503  *    Kroger Co    248,513   
9,396  *    Safeway, Inc    174,108   
 
      TOTAL FOOD STORES    583,175   
 
 
FURNITURE AND FIXTURES - 0.96%       
869      Hillenbrand Industries, Inc    48,203   
2,959      Johnson Controls, Inc    164,994   
2,452      Leggett & Platt, Inc    70,814   
5,429      Newell Rubbermaid, Inc    119,112   
 
      TOTAL FURNITURE AND FIXTURES    403,123   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.32%       
3,600      Circuit City Stores, Inc (Circuit City Group)    57,780   
19  *    GameStop Corp (Class B)    424   
520  *    Mohawk Industries, Inc    43,836   
974      Pier 1 Imports, Inc    17,756   
1,000      Steelcase, Inc (Class A)    13,800   
 
     
TOTAL FURNITURE AND HOMEFURNISHINGS STORES 
  133,596   
 
 
GENERAL BUILDING CONTRACTORS - 1.43%       
1,325      Centex Corp    75,883   
2,925      D.R. Horton, Inc    85,527   

 

214

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

           
SHARES         VALUE  
 
 
172  *    Hovnanian Enterprises, Inc (Class A)  $ 8,772   
695      KB Home    81,635   
1,406      Lennar Corp (Class A)    79,692   
200      Lennar Corp (Class B)    10,542   
280      MDC Holdings, Inc    19,502   
1,278      Pulte Homes, Inc    94,099   
900      Ryland Group, Inc    55,818   
655      Standard-Pacific Corp    47,284   
581  *    Toll Brothers, Inc    45,812   
 
      TOTAL GENERAL BUILDING CONTRACTORS    604,566   
 
 
GENERAL MERCHANDISE STORES - 2.24%       
1,414  *    Big Lots, Inc    16,996   
1,431  *    BJ's Wholesale Club, Inc    44,447   
1,227      Dillard's, Inc (Class A)    33,006   
3,624      Federated Department Stores, Inc    230,632   
5,136      J.C. Penney Co, Inc    266,661   
6,130      May Department Stores Co    226,933   
879      Neiman Marcus Group, Inc (Class A)    80,437   
2,500      Saks, Inc    45,125   
 
      TOTAL GENERAL MERCHANDISE STORES    944,237   
 
           
HEALTH SERVICES - 0.98%       
700  *    Community Health Systems, Inc    24,437   
551      Health Management Associates, Inc (Class A)    14,425   
200  *    Laboratory Corp of America Holdings    9,640   
369      Manor Care, Inc    13,417   
3,247  *    Medco Health Solutions, Inc    160,954   
9,988  *    Tenet Healthcare Corp    115,162   
993  *    Triad Hospitals, Inc    49,749   
464      Universal Health Services, Inc (Class B)    24,314   
 
      TOTAL HEALTH SERVICES    412,098   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 9.51%       
2,625      Allied Capital Corp    68,513   
1,702      AMB Property Corp    64,336   
2,400      Annaly Mortgage Management, Inc    45,024   
1,956      Apartment Investment & Management Co (Class A)    72,763   
4,034      Archstone-Smith Trust    137,600   
1,349      Arden Realty, Inc    45,664   
1,469      AvalonBay Communities, Inc    98,261   
1,700      Boston Properties, Inc    102,391   
1,100      BRE Properties, Inc (Class A)    38,830   
982      Camden Property Trust    46,183   
257      CBL & Associates Properties, Inc    18,378   
1,000      Centerpoint Properties Trust    41,000   
1,700      Crescent Real Estate Equities Co    27,778   
11      Cross Timbers Royalty Trust    430   
2,195      Developers Diversified Realty Corp    87,251   
3,039      Duke Realty Corp    90,714   
8,515      Equity Office Properties Trust    256,557   
5,868      Equity Residential    189,008   
1,062      Federal Realty Investment Trust    51,348   
356      Fremont General Corp    7,828   

 

215

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

           
SHARES         VALUE  
 
 
1,230      Friedman Billings Ramsey Group, Inc  $ 19,520   
4,343      General Growth Properties, Inc    148,096   
2,800      Health Care Property Investors, Inc    65,716   
1,058      Health Care REIT, Inc    33,856   
1,380      Hospitality Properties Trust    55,724   
7,326      Host Marriott Corp    121,319   
4,149      HRPT Properties Trust    49,415   
2,620      iShares Russell Midcap Value Index Fund    295,719   
2,368      iStar Financial, Inc    97,514   
2,000      Kimco Realty Corp    107,800   
1,836      Liberty Property Trust    71,696   
1,220      Macerich Co    65,002   
1,343      Mack-Cali Realty Corp    56,876   
651      Mills Corp    34,438   
2,123      New Plan Excel Realty Trust    53,309   
870      Pan Pacific Retail Properties, Inc    49,373   
3,800      Plum Creek Timber Co, Inc    135,660   
5,571      Popular, Inc    135,487   
3,736      Prologis    138,606   
1,700      Public Storage, Inc    96,798   
1,672      Reckson Associates Realty Corp    51,330   
500      Regency Centers Corp    23,815   
985      Shurgard Storage Centers, Inc (Class A)    40,365   
3,353      Simon Property Group, Inc    203,125   
893      SL Green Realty Corp    50,204   
1,948      Thornburg Mortgage, Inc    54,622   
2,000      Trizec Properties, Inc    38,000   
2,833      United Dominion Realty Trust, Inc    59,125   
864      Ventas, Inc    21,565   
1,975      Vornado Realty Trust    136,808   
170      Weingarten Realty Investors    5,867   
 
     
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 
  4,006,607   
 
 
HOTELS AND OTHER LODGING PLACES - 0.71%       
1,173      Hilton Hotels Corp    26,217   
482      Marriott International, Inc (Class A)    32,226   
1,078  *    MGM Mirage    76,344   
2,747      Starwood Hotels & Resorts Worldwide, Inc    164,902   
 
     
TOTAL HOTELS AND OTHER LODGING PLACES 
  299,689   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.78%       
1,855  *    AGCO Corp    33,854   
8,418  *    Apple Computer, Inc    350,778   
200  *    Avocent Corp    5,132   
201      Black & Decker Corp    15,877   
206      Briggs & Stratton Corp    7,500   
872  *    Cooper Cameron Corp    49,887   
887      Cummins, Inc    62,401   
1,500      Diebold, Inc    82,275   
825      Dover Corp    31,177   
3,199      Eaton Corp    209,215   
1,203      ITT Industries, Inc    108,559   
2,954  *    Maxtor Corp    15,715   
2,140  *    National Oilwell Varco, Inc    99,938   
2,369      Pall Corp    64,247   

 

216

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

           
SHARES         VALUE  
 
 
2,558      Parker Hannifin Corp  $ 155,833   
2,057      Pentair, Inc    80,223   
2,116      Pitney Bowes, Inc    95,474   
1,348      Rockwell Automation, Inc    76,351   
543  *    Sandisk Corp    15,095   
1,467      SPX Corp    63,492   
1,825  *    Storage Technology Corp    56,210   
663    Timken Co    18,126   
3,094  *    Western Digital Corp    39,449   
18,185  *    Xerox Corp    275,503   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    2,012,311   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 1.06%       
4,143    Applera Corp (Applied Biosystems Group)    81,783   
412    Bausch & Lomb, Inc    30,200   
6,041    Eastman Kodak Co    196,634   
387  *    Mettler-Toledo International, Inc    18,382   
1,400    PerkinElmer, Inc    28,882   
80    Roper Industries, Inc    5,240   
258    Tektronix, Inc    6,329   
773    Teleflex, Inc    39,562   
1,509  *    Thermo Electron Corp    38,163   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    445,175   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.37%       
6,694    AON Corp    152,891   
100    Gallagher (Arthur J.) & Co    2,880   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    155,771   
 
 
INSURANCE CARRIERS - 8.80%       
97  *    Alleghany Corp    26,869   
1,092  *    Allmerica Financial Corp    39,257   
1,800    Ambac Financial Group, Inc    134,550   
800    American Financial Group, Inc    24,640   
200    American National Insurance Co    21,180   
1,643    Assurant, Inc    55,369   
1,361    Berkley (W.R.) Corp    67,506   
2,804    Cigna Corp    250,397   
3,161    Cincinnati Financial Corp    137,851   
500  *    CNA Financial Corp    14,030   
3,165  *    Conseco, Inc    64,629   
581    Erie Indemnity Co (Class A)    30,282   
3,308    Fidelity National Financial, Inc    108,966   
1,610    First American Corp    53,033   
2,562    Genworth Financial, Inc    70,506   
978    HCC Insurance Holdings, Inc    35,364   
2,321  *    Health Net, Inc    75,920   
3,400  *    Humana, Inc    108,596   
2,972    Jefferson-Pilot Corp    145,777   
1,606    Leucadia National Corp    55,166   
3,600    Lincoln National Corp    162,504   

 

217

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

           
SHARES         VALUE  
 
 
3,158    Loews Corp  $ 232,239   
100  *    Markel Corp    34,521   
3,008    MBIA, Inc    157,258   
600    Mercury General Corp    33,156   
2,034    MGIC Investment Corp    125,437   
1,191    Nationwide Financial Services, Inc (Class A)    42,757   
200    Odyssey Re Holdings Corp    5,008   
3,750    Old Republic International Corp    87,338   
1,384  *    Pacificare Health Systems, Inc    78,777   
2,000    PMI Group, Inc    76,020   
6,369    Principal Financial Group    245,143   
1,400    Protective Life Corp    55,020   
1,272    Radian Group, Inc    60,725   
600    Reinsurance Group of America, Inc    25,548   
2,672    Safeco Corp    130,153   
600    Stancorp Financial Group, Inc    50,868   
2,246    Torchmark Corp    117,241   
588    Transatlantic Holdings, Inc    38,937   
562    Unitrin, Inc    25,515   
6,200    UnumProvident Corp    105,524   
342  *    WellChoice, Inc    18,232   
2,150  *    WellPoint, Inc    269,503   
24    Wesco Financial Corp    9,240   
 
      TOTAL INSURANCE CARRIERS    3,706,552   
 
 
LUMBER AND WOOD PRODUCTS - 0.57%       
5,300    Georgia-Pacific Corp    188,097   
1,068    Rayonier, Inc    52,898   
 
      TOTAL LUMBER AND WOOD PRODUCTS    240,995   
 
 
METAL MINING - 0.52%       
2,024    Phelps Dodge Corp    205,901   
200    Southern Peru Copper Corp    11,092   
 
      TOTAL METAL MINING    216,993   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.44%       
188    Fortune Brands, Inc    15,158   
3,186    Hasbro, Inc    65,154   
4,884    Mattel, Inc    104,273   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    184,585   
 
 
MISCELLANEOUS RETAIL - 1.47%       
988  *    Barnes & Noble, Inc    34,076   
1,588    Borders Group, Inc    42,273   
6,700  *    Office Depot, Inc    148,606   
404    Omnicare, Inc    14,322   
1,021  *    Rite Aid Corp    4,043   
1,962  *    Sears Holdings Corp    261,279   
4,500  *    Toys 'R' Us, Inc    115,920   
 
      TOTAL MISCELLANEOUS RETAIL    620,519   
 

 

218

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

           
SHARES         VALUE  
 
 
MOTION PICTURES - 0.15%       
2,600      Blockbuster, Inc (Class A)  $ 22,958   
400  *    DreamWorks Animation SKG, Inc (Class A)    16,284   
877      Metro-Goldwyn-Mayer, Inc    10,480   
584      Regal Entertainment Group (Class A)    12,282   
 
      TOTAL MOTION PICTURES    62,004   
 
 
NONDEPOSITORY INSTITUTIONS - 0.94%       
1,146      American Capital Strategies Ltd    35,996   
3,439  *    AmeriCredit Corp    80,610   
4,458      CIT Group, Inc    169,404   
4,324  *    Providian Financial Corp    74,200   
100      Student Loan Corp    20,901   
298      Westcorp    12,590   
71  *    WFS Financial, Inc    3,064   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    396,765   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.28%       
2,096      Vulcan Materials Co    119,116   
 
     
TOTAL NONMETALLIC MINERALS, EXCEPT FUELS 
  119,116   
 
 
OIL AND GAS EXTRACTION - 4.22%       
6,587      Chesapeake Energy Corp    144,519   
600      Diamond Offshore Drilling, Inc    29,940   
1,394      ENSCO International, Inc    52,498   
5,004      EOG Resources, Inc    243,895   
3,035      Kerr-McGee Corp    237,732   
7,263      Marathon Oil Corp    340,780   
696  *    Newfield Exploration Co    51,685   
1,197      Noble Energy, Inc    81,420   
242      Patterson-UTI Energy, Inc    6,055   
2,476      Pioneer Natural Resources Co    105,775   
1,060      Pogo Producing Co    52,194   
1,200  *    Pride International, Inc    29,808   
1,070      Rowan Cos, Inc    32,025   
700      Tidewater, Inc    27,202   
5,566      Unocal Corp    343,366   
 
      TOTAL OIL AND GAS EXTRACTION    1,778,894   
 
 
PAPER AND ALLIED PRODUCTS - 1.40%       
2,200      Bemis Co    68,464   
1,200      Bowater, Inc    45,204   
4,200      MeadWestvaco Corp    133,644   
1,899      OfficeMax, Inc    63,617   
1,200      Packaging Corp of America    29,148   
1,046  *    Pactiv Corp    24,424   
5,209  *    Smurfit-Stone Container Corp    80,583   
2,100      Sonoco Products Co    60,585   
1,138      Temple-Inland, Inc    82,562   
 
      TOTAL PAPER AND ALLIED PRODUCTS    588,231   
 

 

219

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

           
SHARES         VALUE  
 
 
PERSONAL SERVICES - 0.17%       
523      Regis Corp  $ 21,407   
6,882      Service Corp International    51,477   
 
      TOTAL PERSONAL SERVICES    72,884   
 
 
PETROLEUM AND COAL PRODUCTS - 2.58%       
1,595      Amerada Hess Corp    153,455   
1,500      Ashland, Inc    101,205   
1,400      Lubrizol Corp    56,896   
1,785      Murphy Oil Corp    176,233   
799      Premcor, Inc    47,684   
1,500      Sunoco, Inc    155,280   
5,400      Valero Energy Corp    395,658   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    1,086,411   
 
 
PRIMARY METAL INDUSTRIES - 0.72%       
1,852  *    Andrew Corp    21,687   
322  *    International Steel Group, Inc    12,719   
1,656      Nucor Corp    95,319   
631      Precision Castparts Corp    48,593   
2,400      United States Steel Corp    122,040   
249      Worthington Industries, Inc    4,801   
 
      TOTAL PRIMARY METAL INDUSTRIES    305,159   
 
 
PRINTING AND PUBLISHING - 0.88%       
831      Belo (A.H.) Corp Series A    20,060   
400      Dex Media, Inc    8,260   
200      Harte-Hanks, Inc    5,512   
1,428      Knight Ridder, Inc    96,033   
900      Lee Enterprises, Inc    39,060   
400      McClatchy Co (Class A)    29,664   
300      Media General, Inc (Class A)    18,555   
287      New York Times Co (Class A)    10,499   
4,566      R.R. Donnelley & Sons Co    144,377   
 
      TOTAL PRINTING AND PUBLISHING    372,020   
 
 
RAILROAD TRANSPORTATION - 2.19%       
5,119  *    ADC Telecommunications, Inc    10,187   
7,746      Burlington Northern Santa Fe Corp    417,742   
4,519      CSX Corp    188,216   
8,278      Norfolk Southern Corp    306,700   
 
      TOTAL RAILROAD TRANSPORTATION    922,845   
 
           
REAL ESTATE - 0.11%       
700    Forest City Enterprises, Inc (Class A)    44,660   
 
      TOTAL REAL ESTATE    44,660   
 

 

220

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

           
SHARES         VALUE  
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.13%       
900    Reebok International Ltd  $ 39,870   
279  *    Sealed Air Corp    14,491   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    54,361   
 
 
SECURITY AND COMMODITY BROKERS - 1.25%       
1,637    A.G. Edwards, Inc    73,338   
2,373    Bear Stearns Cos, Inc    237,063   
3,500  *    E*Trade Financial Corp    42,000   
162    Federated Investors, Inc (Class B)    4,586   
2,500  *    Instinet Group, Inc    14,700   
4,949    Janus Capital Group, Inc    69,038   
1,036    Jefferies Group, Inc    39,036   
124    Nuveen Investments, Inc    4,256   
1,400    Raymond James Financial, Inc    42,420   
 
      TOTAL SECURITY AND COMMODITY BROKERS    526,437   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.30%       
445    Florida Rock Industries, Inc    26,175   
700    Lafarge North America, Inc    40,915   
2,400  *    Owens-Illinois, Inc    60,336   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    127,426   
 
 
TOBACCO PRODUCTS - 1.12%       
1,281    Loews Corp (Carolina Group)    42,401   
3,100    Reynolds American, Inc    249,829   
3,440    UST, Inc    177,848   
 
      TOTAL TOBACCO PRODUCTS    470,078   
 
 
TRANSPORTATION BY AIR - 0.16%       
1,707  *    AMR Corp    18,265   
3,421    Southwest Airlines Co    48,715   
 
      TOTAL TRANSPORTATION BY AIR    66,980   
 
 
TRANSPORTATION EQUIPMENT - 2.37%       
866    American Axle & Manufacturing Holdings, Inc    21,217   
1,950    Autoliv, Inc    92,917   
830    Brunswick Corp    38,885   
3,100    Dana Corp    39,649   
10,265    Delphi Corp    45,987   
3,591    Genuine Parts Co    156,173   
2,500    Goodrich Corp    95,725   
602  *    Navistar International Corp    21,913   
71    Oshkosh Truck Corp    5,821   
3,712    Paccar, Inc    268,712   
2,538    Textron, Inc    189,386   

 

221

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

           
SHARES         VALUE  
 
 
497  *    TRW Automotive Holdings Corp  $ 9,657   
187    United Defense Industries, Inc    13,729   
 
      TOTAL TRANSPORTATION EQUIPMENT    999,771   
 
 
TRANSPORTATION SERVICES - 0.15%       
2,861    Sabre Holdings Corp    62,599   
 
      TOTAL TRANSPORTATION SERVICES    62,599   
 
 
TRUCKING AND WAREHOUSING - 0.22%       
755    CNF, Inc    35,326   
983  *    Yellow Roadway Corp    57,545   
 
      TOTAL TRUCKING AND WAREHOUSING    92,871   
 
 
WHOLESALE TRADE-DURABLE GOODS - 1.23%       
2,015    Adesa, Inc    47,070   
2,361  *    Arrow Electronics, Inc    59,851   
2,600  *    Avnet, Inc    47,892   
882    BorgWarner, Inc    42,936   
638    Carlisle Cos, Inc    44,513   
906    Hughes Supply, Inc    26,954   
2,502    IKON Office Solutions, Inc    24,745   
2,114  *    Ingram Micro, Inc (Class A)    35,240   
1,000    Martin Marietta Materials, Inc    55,920   
1,188  *    Tech Data Corp    44,027   
1,465    W.W. Grainger, Inc    91,226   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS    520,374   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.85%       
1,686    AmerisourceBergen Corp    96,591   
566    Brown-Forman Corp (Class B)    30,988   
202  *    Henry Schein, Inc    7,240   
3,377    McKesson Corp    127,482   
2,800    Supervalu, Inc    93,380   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS    355,681   
 
 
      TOTAL COMMON STOCKS    41,874,758   
(Cost $29,826,951) 
 
 
      TOTAL PORTFOLIO - 99.39%    41,882,629   
      (Cost $29,831,496)       
 
      OTHER ASSETS AND LIABILITIES, NET - 0.61%    256,682   
 
           
      NET ASSETS - 100.00% 
$
42,139,311   
 
 
 
* 
  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 use more specific industry     
      categories in following their investment limitations on industry concentration.     

 

222

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
PREFERRED STOCKS - 0.01%     
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.01%     
172  *    Simon Property Group L.P. 
$
9,534   
 
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES  9,534   
 
 
 
      TOTAL PREFERRED STOCKS  9,534   
(Cost $5,511) 
 
 
COMMON STOCKS - 99.91%     
 
AMUSEMENT AND RECREATION SERVICES - 0.53%     
5,300  *    Caesars Entertainment, Inc  104,887   
2,000    Harrah's Entertainment, Inc  129,160   
600    International Speedway Corp (Class A)  32,550   
743    Station Casinos, Inc  50,190   
 
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  316,787   
 
 
 
APPAREL AND ACCESSORY STORES - 1.33%     
1,569    Abercrombie & Fitch Co (Class A)  89,810   
1,978    American Eagle Outfitters, Inc  58,450   
1,333  *    AnnTaylor Stores Corp  34,111   
3,200  *    Chico's FAS, Inc  90,432   
1,500    Claire's Stores, Inc  34,560   
2,700    Foot Locker, Inc  79,110   
6,128    Limited Brands, Inc  148,910   
1,900    Nordstrom, Inc  105,222   
1,473  *    Pacific Sunwear of California, Inc  41,215   
2,600    Ross Stores, Inc  75,764   
324    Talbots, Inc  10,362   
758  *    Urban Outfitters, Inc  36,361   
 
 
      TOTAL APPAREL AND ACCESSORY STORES  804,307   
 
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.47%     
300  *    Columbia Sportswear Co  15,969   
2,200    Jones Apparel Group, Inc  73,678   
1,900    Liz Claiborne, Inc  76,247   
667    Polo Ralph Lauren Corp  25,880   
1,500    VF Corp  88,710   
 
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  280,484   
 
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.16%     
1,200    Lear Corp  53,232   
1,086    Ryder System, Inc  45,286   
 
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  98,518   
 
 

 

223

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

           
SHARES         VALUE  
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.55%     
1,331  *    Advance Auto Parts  $ 67,149   
3,000  *    Autonation, Inc  56,820   
974  *    Autozone, Inc  83,472   
1,800  *    Carmax, Inc  56,700   
1,097  *    Copart, Inc  25,845   
900  *    O'Reilly Automotive, Inc  44,577   
 
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  334,563   
 
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.18%     
1,100    Fastenal Co  60,841   
2,007    Louisiana-Pacific Corp  50,456   
 
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  111,297   
 
 
 
BUSINESS SERVICES - 7.48%     
6,700  *    3Com Corp  23,852   
3,290  *    Activision, Inc  48,692   
1,255    Acxiom Corp  26,267   
4,200    Adobe Systems, Inc  282,114   
2,141  *    Affiliated Computer Services, Inc (Class A)  113,987   
2,072  *    Akamai Technologies, Inc  26,377   
743  *    Alliance Data Systems Corp  30,017   
994  *    Ask Jeeves, Inc  27,911   
4,200  *    Autodesk, Inc  124,992   
6,638  *    BEA Systems, Inc  52,905   
3,900  *    BMC Software, Inc  58,500   
942    Brink's Co  32,593   
4,800  *    Cadence Design Systems, Inc  71,760   
2,667  *    Ceridian Corp  45,472   
1,056    Certegy, Inc  36,559   
1,400  *    Checkfree Corp  57,064   
1,500  *    ChoicePoint, Inc  60,165   
3,000  *    Citrix Systems, Inc  71,460   
500  *    Cogent, Inc  12,590   
2,300  *    Cognizant Technology Solutions Corp  106,260   
3,300  *    Computer Sciences Corp  151,305   
6,700  *    Compuware Corp  48,240   
2,400  *    Convergys Corp  35,832   
800    Deluxe Corp  31,888   
1,200  *    DST Systems, Inc  55,416   
1,282  *    Dun & Bradstreet Corp  78,779   
8,744    Electronic Data Systems Corp  180,738   
2,300    Equifax, Inc  70,587   
1,172    Fair Isaac Corp    40,364   
3,337  *    Fiserv, Inc    132,813   
816  *    Getty Images, Inc    58,026   
2,000    GTECH Holdings Corp    47,060   
1,200    Henry (Jack) & Associates, Inc    21,588   
4,104    IMS Health, Inc    100,097   

 

224

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

           
SHARES         VALUE  
 
 
7,200  *    Interpublic Group of Cos, Inc  $ 88,416   
2,930  *    Intuit, Inc    128,246   
2,000  *    Iron Mountain, Inc    57,680   
9,102  *    Juniper Networks, Inc    200,790   
510  *    Kinetic Concepts, Inc    30,421   
1,479  *    Lamar Advertising Co    59,589   
1,300  *    Macromedia, Inc    43,550   
1,600    Manpower, Inc    69,632   
2,700  *    McAfee, Inc    60,912   
1,448  *    Mercury Interactive Corp    68,606   
1,473    MoneyGram International, Inc    27,825   
1,800  *    Monster Worldwide, Inc    50,490   
900    National Instruments Corp    24,345   
700  *    NAVTEQ Corp    30,345   
3,300  *    NCR Corp    111,342   
6,700  *    Novell, Inc    39,932   
444  *    Pixar    43,312   
2,988  *    Red Hat, Inc    32,599   
1,100  *    Rent-A-Center, Inc    30,041   
1,100    Reynolds & Reynolds Co (Class A)    29,766   
2,500    Robert Half International, Inc    67,400   
5,000    Servicemaster Co    67,500   
7,500  *    Siebel Systems, Inc    68,475   
5,000  *    SunGard Data Systems, Inc    172,500   
1,609  *    Sybase, Inc    29,702   
2,571  *    Synopsys, Inc    46,535   
3,595  *    TIBCO Software, Inc    26,783   
700    Total System Services, Inc    17,493   
6,034  *    Unisys Corp    42,600   
4,418  *    VeriSign, Inc    126,797   
7,401  *    Veritas Software Corp    171,851   
368    Viad Corp    9,899   
5,400  *    WebMD Corp    45,900   
1,257  *    Westwood One, Inc    25,580   
 
      TOTAL BUSINESS SERVICES    4,509,124   
 
 
CHEMICALS AND ALLIED PRODUCTS - 6.84%       
3,973    Air Products & Chemicals, Inc    251,451   
1,283    Alberto-Culver Co    61,404   
2,282    Allergan, Inc    158,531   
347  *    American Pharmaceutical Partners, Inc    17,954   
1,700  *    Amylin Pharmaceuticals, Inc    29,733   
1,400  *    Andrx Corp    31,738   
1,900    Avery Dennison Corp    117,667   
1,564  *    Barr Pharmaceuticals, Inc    76,370   
1,100    Cabot Corp    36,773   
900  *    Celanese Corp (Series A)    16,191   
1,031  *    Cephalon, Inc    48,282   
1,000  *    Charles River Laboratories International, Inc    47,040   
1,920  *    Chiron Corp    67,315   
1,050    Church & Dwight Co, Inc    37,243   
1,888    Clorox Co    118,925   
707  *    Dade Behring Holdings, Inc    41,664   
1,400    Eastman Chemical Co    82,600   
3,200    Ecolab, Inc    105,760   
2,200    Engelhard Corp    66,066   

 

225

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

           
SHARES         VALUE  
 
 
438  *    Eon Labs, Inc  $ 13,245   
1,900    Estee Lauder Cos (Class A)    85,462   
113  *    Eyetech Pharmaceuticals, Inc    3,107   
4,277  *    Genzyme Corp    244,815   
2,691  *    Hospira, Inc    86,839   
1,100  *    Huntsman Corp    25,652   
900  *    ICOS Corp    20,214   
600  *    Idexx Laboratories, Inc    32,496   
1,226  *    ImClone Systems, Inc    42,297   
1,498    International Flavors & Fragrances, Inc    59,171   
900  *    Invitrogen Corp    62,280   
3,306  *    IVAX Corp    65,360   
4,500  *    King Pharmaceuticals, Inc    37,395   
3,400    Lyondell Chemical Co    94,928   
531  *    Martek Biosciences Corp    30,899   
931    Medicis Pharmaceutical Corp (Class A)    27,911   
4,332  *    MedImmune, Inc    103,145   
1,170  *    MGI Pharma, Inc    29,566   
5,300  *    Millennium Pharmaceuticals, Inc    44,626   
4,600    Monsanto Co    296,700   
4,655    Mylan Laboratories, Inc    82,487   
700  *    Nalco Holding Co    13,181   
1,105  *    NBTY, Inc    27,724   
1,387  *    Nektar Therapeutics    19,335   
600  *    Neurocrine Biosciences, Inc    22,836   
877  *    OSI Pharmaceuticals, Inc    36,255   
3,000    PPG Industries, Inc    214,560   
5,698    Praxair, Inc    272,706   
1,700  *    Protein Design Labs, Inc    27,183   
2,758    Rohm & Haas Co    132,384   
2,000    RPM International, Inc    36,560   
400  *    Scotts Miracle-Gro Co (Class A)    28,092   
1,821  *    Sepracor, Inc    104,544   
2,100    Sherwin-Williams Co    92,379   
1,200    Sigma-Aldrich Corp    73,500   
852    Valspar Corp    39,652   
1,042  *    VCA Antech, Inc    21,080   
1,900  *    Watson Pharmaceuticals, Inc    58,387   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    4,121,660   
 
 
COAL MINING - 0.47% 
     
1,107    Arch Coal, Inc    47,612   
1,595    Consol Energy, Inc    74,997   
1,360    Massey Energy Co    54,454   
2,324    Peabody Energy Corp    107,741   
 
      TOTAL COAL MINING    284,804   
 
 
COMMUNICATIONS - 2.33%       
3,800  *    American Tower Corp (Class A)    69,274   
7,430  *    Avaya, Inc    86,782   
3,059  *    Cablevision Systems Corp (Class A)    85,805   
2,407    CenturyTel, Inc    79,046   
898  *    Citadel Broadcasting Corp    12,330   
700  *    Cox Radio, Inc (Class A)    11,767   

 

226

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

           
SHARES         VALUE  
 
 
3,171  *    Crown Castle International Corp  $ 50,926   
700  *    Entercom Communications Corp    24,864   
2,100  *    Foundry Networks, Inc    20,790   
500    Global Payments, Inc    32,245   
661    Hearst-Argyle Television, Inc    16,855   
900  *    IDT Corp    12,780   
300  *    IDT Corp (Class B)    4,437   
11,676  *    Level 3 Communications, Inc    24,053   
2,838  *    Liberty Media International, Inc    124,134   
2,036  *    Nextel Partners, Inc (Class A)    44,711   
1,046  *    NII Holdings, Inc (Class B)    60,145   
1,245  *    NTL, Inc    79,269   
25,600  *    Qwest Communications International, Inc    94,720   
1,500  *    Radio One, Inc (Class D)    22,125   
649  *    Spectrasite, Inc    37,622   
922    Telephone & Data Systems, Inc    75,235   
300  *    U.S. Cellular Corp    13,689   
6,171  *    UnitedGlobalcom, Inc (Class A)    58,378   
4,033  *    Univision Communications, Inc (Class A)    111,674   
300  *    West Corp    9,600   
1,458  *    Western Wireless Corp (Class A)    55,346   
2,800  *    XM Satellite Radio Holdings, Inc    88,200   
 
      TOTAL COMMUNICATIONS    1,406,802   
 
 
DEPOSITORY INSTITUTIONS - 5.73%       
6,100    AmSouth Bancorp    158,295   
2,200    Associated Banc-Corp    68,706   
2,150    Astoria Financial Corp    54,395   
886    Bank of Hawaii Corp    40,100   
315  *    BOK Financial Corp    12,814   
400    Capitol Federal Financial    13,856   
700    City National Corp    48,874   
2,500    Colonial Bancgroup, Inc    51,300   
2,978    Comerica, Inc    164,028   
2,400    Commerce Bancorp, Inc    77,928   
1,102    Commerce Bancshares, Inc    53,117   
2,135    Compass Bancshares, Inc    96,929   
900    Cullen/Frost Bankers, Inc    40,635   
2,200    First Horizon National Corp    89,738   
1,500    FirstMerit Corp    40,140   
2,090    Fulton Financial Corp    45,541   
2,695    Hibernia Corp (Class A)    86,267   
1,200    Hudson City Bancorp, Inc    43,860   
800    Hudson United Bancorp    28,200   
4,100    Huntington Bancshares, Inc    97,990   
1,476    Independence Community Bank Corp    57,564   
1,000    IndyMac Bancorp, Inc    34,000   
600    International Bancshares Corp    20,802   
1,352    M & T Bank Corp    137,985   
3,891    Marshall & Ilsley Corp    162,449   
1,400    Mercantile Bankshares Corp    71,204   
4,533    New York Community Bancorp, Inc    82,319   
1,488    NewAlliance Bancshares, Inc    20,832   
7,467    North Fork Bancorp, Inc    207,135   
3,344    Northern Trust Corp    145,263   
700    People's Bank    28,665   
8,058    Regions Financial Corp    261,079   

 

227

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

           
SHARES         VALUE  
 
 
1,800    Sky Financial Group, Inc  $ 48,276   
1,189    South Financial Group, Inc    36,312   
6,500    Sovereign Bancorp, Inc    144,040   
5,263    Synovus Financial Corp    146,627   
2,500    TCF Financial Corp    67,875   
1,621  *    TD Banknorth, Inc    50,640   
749    UCBH Holdings, Inc    29,885   
1,025    UnionBanCal Corp    62,781   
1,880    Valley National Bancorp    48,467   
1,821    W Holding Co, Inc    18,338   
1,551    Washington Federal, Inc    36,154   
900    Webster Financial Corp    40,869   
700    Whitney Holding Corp    31,157   
1,200    Wilmington Trust Corp    42,120   
1,600    Zions Bancorp    110,432   
       
 
      TOTAL DEPOSITORY INSTITUTIONS    3,455,983   
 
 
EATING AND DRINKING PLACES - 1.15%       
1,350    Applebee's International, Inc    37,206   
1,885    Aramark Corp (Class B)    49,538   
1,500  *    Brinker International, Inc    54,330   
2,800    Darden Restaurants, Inc    85,904   
1,100    Outback Steakhouse, Inc    50,369   
1,200    Ruby Tuesday, Inc    29,148   
1,350  *    The Cheesecake Factory, Inc    47,858   
2,000    Wendy's International, Inc    78,080   
5,008    Yum! Brands, Inc    259,464   
 
      TOTAL EATING AND DRINKING PLACES    691,897   
 
 
EDUCATIONAL SERVICES - 0.35%       
1,800  *    Career Education Corp    61,668   
1,600  *    Corinthian Colleges, Inc    25,152   
1,100  *    DeVry, Inc    20,812   
1,215  *    Education Management Corp    33,959   
775  *    ITT Educational Services, Inc    37,588   
689  *    Laureate Education, Inc    29,482   
 
      TOTAL EDUCATIONAL SERVICES    208,661   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 8.77%       
10,982  *    AES Corp    179,885   
1,330    AGL Resources, Inc    46,457   
2,508  *    Allegheny Energy, Inc    51,815   
600    Allete, Inc    25,110   
2,100    Alliant Energy Corp    56,238   
4,800  *    Allied Waste Industries, Inc    35,088   
3,400    Ameren Corp    166,634   
1,625    Aqua America, Inc    39,585   
4,700    Centerpoint Energy, Inc    56,541   
3,300    Cinergy Corp    133,716   
5,800    Citizens Communications Co    75,052   
4,200    Consolidated Edison, Inc    177,156   
2,900    Constellation Energy Group, Inc    149,930   
2,200    DPL, Inc    55,000   
3,000    DTE Energy Co    136,440   

 

228

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

           
SHARES         VALUE  
 
 
5,300  *    Dynegy, Inc (Class A)  $ 20,723   
5,709    Edison International    198,217   
11,100    El Paso Corp    117,438   
2,600    Energy East Corp    68,172   
1,100    Equitable Resources, Inc    63,184   
6,434    FPL Group, Inc    258,325   
1,300    Great Plains Energy, Inc    39,754   
1,400    Hawaiian Electric Industries, Inc    35,728   
2,800    KeySpan Corp    109,116   
1,700    Kinder Morgan, Inc    128,690   
2,100    MDU Resources Group, Inc    58,002   
1,300    National Fuel Gas Co    37,167   
4,700    NiSource, Inc    107,113   
2,200    Northeast Utilities    42,394   
1,402  *    NRG Energy, Inc    47,878   
1,000    NSTAR    54,300   
1,600    OGE Energy Corp    43,120   
1,802    Oneok, Inc    55,538   
3,300    Pepco Holdings, Inc    69,267   
6,924    PG&E Corp    236,108   
1,600    Pinnacle West Capital Corp    68,016   
3,300    PPL Corp    178,167   
4,292    Progress Energy, Inc    180,050   
4,100    Public Service Enterprise Group, Inc    222,999   
1,700    Puget Energy, Inc    37,468   
1,500    Questar Corp    88,875   
5,100  *    Reliant Resources, Inc    58,038   
2,662    Republic Services, Inc    89,124   
1,900    SCANA Corp    72,618   
3,510    Sempra Energy    139,838   
821  *    Stericycle, Inc    36,288   
3,500    TECO Energy, Inc    54,880   
4,150    TXU Corp    330,465   
948    UGI Corp    43,058   
1,300    Vectren Corp    34,632   
1,619    Westar Energy, Inc    35,035   
881    Western Gas Resources, Inc    30,350   
9,600    Williams Cos, Inc    180,576   
2,100    Wisconsin Energy Corp    74,550   
700    WPS Resources Corp    37,044   
6,900    Xcel Energy, Inc    118,542   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    5,285,494   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.28%       
1,056    Adtran, Inc    18,628   
6,900  *    Advanced Micro Devices, Inc    111,228   
29,673  *    Agere Systems, Inc (Class B)    42,136   
6,418  *    Altera Corp    126,948   
3,100    American Power Conversion Corp    80,941   
1,152    Ametek, Inc    46,368   
2,300  *    Amkor Technology, Inc    8,878   
1,127    Amphenol Corp (Class A)    41,744   
6,164  *    Applied Micro Circuits Corp    20,279   
7,900  *    Atmel Corp    23,305   
1,000    AVX Corp    12,250   
9,827  *    CIENA Corp    16,902   
3,447  *    Comverse Technology, Inc    86,933   
9,795  *    Conexant Systems, Inc    14,692   

 

229

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

           
SHARES         VALUE  
 
 
1,400  *    Cree, Inc  $ 30,450   
2,300  *    Cypress Semiconductor Corp    28,980   
500  *    Dolby Laboratories, Inc (Class A)    11,750   
1,300  *    Energizer Holdings, Inc    77,740   
1,980  *    Fairchild Semiconductor International, Inc    30,353   
100  *    Freescale Semiconductor, Inc    1,695   
6,600  *    Freescale Semiconductor, Inc (Class B)    113,850   
4,326  *    Gemstar-TV Guide International, Inc    18,818   
1,077    Harman International Industries, Inc    95,271   
2,400    Harris Corp    78,360   
1,100    Hubbell, Inc (Class B)    56,210   
1,205  *    Integrated Circuit Systems, Inc    23,040   
1,200  *    International Rectifier Corp    54,600   
2,600    Intersil Corp (Class A)    45,032   
2,800  *    Jabil Circuit, Inc    79,856   
23,800  *    JDS Uniphase Corp    39,746   
1,780    L-3 Communications Holdings, Inc    126,416   
5,338    Linear Technology Corp    204,499   
6,900  *    LSI Logic Corp    38,571   
1,300    Maytag Corp    18,161   
1,562  *    MEMC Electronic Materials, Inc    21,009   
3,600    Microchip Technology, Inc    93,636   
10,000  *    Micron Technology, Inc    103,400   
2,400    Molex, Inc    63,264   
6,159    National Semiconductor Corp    126,937   
2,456  *    Novellus Systems, Inc    65,649   
2,956  *    Nvidia Corp    70,235   
791    Plantronics, Inc    30,121   
3,200  *    PMC-Sierra, Inc    28,160   
1,800  *    Polycom, Inc    30,510   
1,700  *    QLogic Corp    68,850   
1,700  *    Rambus, Inc    25,619   
3,100    Rockwell Collins, Inc    147,529   
9,200  *    Sanmina-SCI Corp    48,024   
2,800    Scientific-Atlanta, Inc    79,016   
1,234  *    Semtech Corp    22,052   
629  *    Silicon Laboratories, Inc    18,688   
23,124  *    Sirius Satellite Radio, Inc    129,957   
8,205  *    Tellabs, Inc    59,896   
1,500  *    UTStarcom, Inc    16,425   
2,420  *    Vishay Intertechnology, Inc    30,081   
1,200    Whirlpool Corp    81,276   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    3,184,964   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 1.37%       
1,104  *    Affymetrix, Inc    47,295   
2,900  *    BearingPoint, Inc    25,433   
2,800  *    Celgene Corp    95,340   
713    Corporate Executive Board Co    45,596   
1,142  *    Covance, Inc    54,371   
1,500    Fluor Corp    83,145   
917  *    Gen-Probe, Inc    40,862   
703  *    Hewitt Associates, Inc    18,700   
934  *    Jacobs Engineering Group, Inc    48,493   
2,200    Moody's Corp    177,892   
900  *    Pharmaceutical Product Development, Inc    43,605   
1,400    Quest Diagnostics, Inc    147,182   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    827,914   
 

 

230

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

           
SHARES         VALUE  
 
 
FABRICATED METAL PRODUCTS - 0.48%       
719  *    Alliant Techsystems, Inc  $ 51,372   
2,000    Ball Corp    82,960   
900    Crane Co    25,911   
683    Harsco Corp    40,714   
1,000    Snap-On, Inc    31,790   
1,200    Stanley Works    54,324   
 
      TOTAL FABRICATED METAL PRODUCTS    287,071   
 
 
FOOD AND KINDRED PRODUCTS - 2.03%       
10,069    Archer Daniels Midland Co    247,496   
4,119    Campbell Soup Co    119,533   
1,600  *    Constellation Brands, Inc (Class A)    84,592   
2,600  *    Dean Foods Co    89,180   
3,300  *    Del Monte Foods Co    35,805   
3,074    Hershey Foods Corp    185,854   
1,300    Hormel Foods Corp    40,443   
952    J.M. Smucker Co    47,886   
2,400    McCormick & Co, Inc (Non-Vote)    82,632   
700    Molson Coors Brewing Co (Class B)    54,019   
2,733    Pepsi Bottling Group, Inc    76,114   
1,180    PepsiAmericas Inc    26,739   
251    Pilgrim's Pride Corp    8,966   
1,511  *    Smithfield Foods, Inc    47,672   
436    Tootsie Roll Industries, Inc    13,080   
3,900    Tyson Foods, Inc (Class A)    65,052   
 
      TOTAL FOOD AND KINDRED PRODUCTS    1,225,063   
 
 
FOOD STORES - 1.00% 
     
420  *    7-Eleven, Inc    10,088   
6,307    Albertson's, Inc    130,240   
12,744  *    Kroger Co    204,286   
7,700  *    Safeway, Inc    142,681   
1,127    Whole Foods Market, Inc    115,101   
 
      TOTAL FOOD STORES    602,396   
 
 
FURNITURE AND FIXTURES - 0.87%       
1,300    Herman Miller, Inc    39,156   
1,000    Hillenbrand Industries, Inc    55,470   
1,000    HNI Corp    44,950   
3,300    Johnson Controls, Inc    184,008   
3,400    Leggett & Platt, Inc    98,192   
4,765    Newell Rubbermaid, Inc    104,544   
 
      TOTAL FURNITURE AND FIXTURES    526,320   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.82%       
5,190  *    Bed Bath & Beyond, Inc    189,643   
3,500    Circuit City Stores, Inc (Circuit City Group)    56,175   

 

231

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

           
SHARES         VALUE  
 
 
900  *    Mohawk Industries, Inc  $ 75,870   
1,600    Pier 1 Imports, Inc    29,168   
2,900    RadioShack Corp    71,050   
1,000    Steelcase, Inc (Class A)    13,800   
1,600  *    Williams-Sonoma, Inc    58,800   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    494,506   
 
 
GENERAL BUILDING CONTRACTORS - 1.55%       
2,150    Centex Corp    123,130   
5,493    D.R. Horton, Inc    160,615   
604  *    Hovnanian Enterprises, Inc (Class A)    30,804   
585    KB Home    68,714   
2,144    Lennar Corp (Class A)    121,522   
160    Lennar Corp (Class B)    8,434   
543    MDC Holdings, Inc    37,820   
100  *    NVR, Inc    78,500   
1,849    Pulte Homes, Inc    136,142   
900    Ryland Group, Inc    55,818   
566    Standard-Pacific Corp    40,860   
900  *    Toll Brothers, Inc    70,965   
 
      TOTAL GENERAL BUILDING CONTRACTORS    933,324   
 
 
GENERAL MERCHANDISE STORES - 1.73%       
1,900  *    Big Lots, Inc    22,838   
1,160  *    BJ's Wholesale Club, Inc    36,030   
200  *    Cabela's, Inc    4,126   
996    Dillard's, Inc (Class A)    26,792   
5,100    Dollar General Corp    111,741   
2,100  *    Dollar Tree Stores, Inc    60,333   
2,600    Family Dollar Stores, Inc    78,936   
3,001    Federated Department Stores, Inc    190,984   
4,247    J.C. Penney Co, Inc    220,504   
5,018    May Department Stores Co    185,766   
713    Neiman Marcus Group, Inc (Class A)    65,247   
2,100    Saks, Inc    37,905   
 
      TOTAL GENERAL MERCHANDISE STORES    1,041,202   
 
 
HEALTH SERVICES - 2.02%       
905  *    Accredo Health, Inc    40,191   
1,100  *    Community Health Systems, Inc    38,401   
1,872  *    Coventry Health Care, Inc    127,558   
1,700  *    DaVita, Inc    71,145   
1,100  *    Express Scripts, Inc    95,909   
4,200    Health Management Associates, Inc (Class A)    109,956   
2,449  *    Laboratory Corp of America Holdings    118,042   
1,733  *    Lincare Holdings, Inc    76,651   
1,600    Manor Care, Inc    58,176   
4,701  *    Medco Health Solutions, Inc    233,028   
1,200  *    Renal Care Group, Inc    45,528   
8,000  *    Tenet Healthcare Corp    92,240   

 

232

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

           
SHARES         VALUE  
 
 
1,300  *    Triad Hospitals, Inc  $ 65,130   
900    Universal Health Services, Inc (Class B)    47,160   
 
      TOTAL HEALTH SERVICES    1,219,115   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 7.00%       
2,300    Allied Capital Corp    60,030   
1,370    AMB Property Corp    51,786   
2,000    Annaly Mortgage Management, Inc    37,520   
1,665    Apartment Investment & Management Co (Class A)    61,938   
3,356    Archstone-Smith Trust    114,473   
1,085    Arden Realty, Inc    36,727   
1,300    AvalonBay Communities, Inc    86,957   
1,500    Boston Properties, Inc    90,345   
835    BRE Properties, Inc (Class A)    29,476   
960    Camden Property Trust    45,149   
1,825    Catellus Development Corp    48,636   
400    CBL & Associates Properties, Inc    28,604   
800    Centerpoint Properties Trust    32,800   
1,400    Crescent Real Estate Equities Co    22,876   
1,789    Developers Diversified Realty Corp    71,113   
2,430    Duke Realty Corp    72,536   
7,099    Equity Office Properties Trust    213,893   
4,900    Equity Residential    157,829   
900    Federal Realty Investment Trust    43,515   
1,056    Fremont General Corp    23,221   
2,491    Friedman Billings Ramsey Group, Inc    39,532   
4,160    General Growth Properties, Inc    141,856   
2,400    Health Care Property Investors, Inc    56,328   
851    Health Care REIT, Inc    27,232   
1,200    Hospitality Properties Trust    48,456   
5,944    Host Marriott Corp    98,433   
3,500    HRPT Properties Trust    41,685   
11,450    iShares Russell Midcap Index Fund    901,573   
1,900    iStar Financial, Inc    78,242   
1,716    Kimco Realty Corp    92,492   
1,509    Liberty Property Trust    58,926   
1,000    Macerich Co    53,280   
1,048    Mack-Cali Realty Corp    44,383   
890    Mills Corp    47,081   
1,711    New Plan Excel Realty Trust    42,963   
746    Pan Pacific Retail Properties, Inc    42,336   
3,200    Plum Creek Timber Co, Inc    114,240   
4,605    Popular, Inc    111,994   
3,110    Prologis    115,381   
1,462    Public Storage, Inc    83,246   
1,307    Reckson Associates Realty Corp    40,125   
1,008    Regency Centers Corp    48,011   
843    Shurgard Storage Centers, Inc (Class A)    34,546   
2,769    Simon Property Group, Inc    167,746   
740    SL Green Realty Corp    41,603   
1,700    Thornburg Mortgage, Inc    47,668   
1,500    Trizec Properties, Inc    28,500   
2,300    United Dominion Realty Trust, Inc    48,001   
1,393    Ventas, Inc    34,769   

 

233

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

           
SHARES         VALUE  
 
 
1,700    Vornado Realty Trust  $ 117,759   
1,300    Weingarten Realty Investors    44,863   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    4,222,674   
 
 
HOTELS AND OTHER LODGING PLACES - 1.35%       
307    Choice Hotels International, Inc    19,019   
6,566    Hilton Hotels Corp    146,750   
1,220  *    Mandalay Resort Group    85,998   
3,398    Marriott International, Inc (Class A)    227,190   
1,087  *    MGM Mirage    76,981   
3,537    Starwood Hotels & Resorts Worldwide, Inc    212,326   
649  *    Wynn Resorts Ltd    43,963   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    812,227   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.62%       
1,700  *    AGCO Corp    31,025   
3,190    American Standard Cos, Inc    148,271   
14,000  *    Apple Computer, Inc    583,380   
871  *    Avocent Corp    22,350   
5,830    Baker Hughes, Inc    259,377   
1,400    Black & Decker Corp    110,586   
844    Briggs & Stratton Corp    30,730   
900  *    Cooper Cameron Corp    51,489   
700    Cummins, Inc    49,245   
1,300    Diebold, Inc    71,305   
1,300    Donaldson Co, Inc    41,964   
3,477    Dover Corp    131,396   
2,602    Eaton Corp    170,171   
1,200  *    FMC Technologies, Inc    39,816   
1,200    Graco, Inc    48,432   
2,229  *    Grant Prideco, Inc    53,853   
1,639    ITT Industries, Inc    147,903   
2,300  *    Lam Research Corp    66,378   
2,258  *    Lexmark International, Inc    180,572   
4,707  *    Maxtor Corp    25,041   
2,938  *    National Oilwell Varco, Inc    137,205   
5,700  *    Network Appliance, Inc    157,662   
2,288    Pall Corp    62,050   
2,100    Parker Hannifin Corp    127,932   
1,700    Pentair, Inc    66,300   
4,040    Pitney Bowes, Inc    182,285   
3,200    Rockwell Automation, Inc    181,248   
3,182  *    Sandisk Corp    88,460   
1,833    Smith International, Inc    114,984   
16,129  *    Solectron Corp    55,968   
1,300    SPX Corp    56,264   
1,800  *    Storage Technology Corp    55,440   
4,300    Symbol Technologies, Inc    62,307   
1,125    Timken Co    30,757   
3,700  *    Western Digital Corp    47,175   
16,690  *    Xerox Corp    252,853   
1,000  *    Zebra Technologies Corp (Class A)    47,490   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    3,989,664   
 

 

234

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

           
SHARES         VALUE  
 
 
INSTRUMENTS AND RELATED PRODUCTS - 3.04%       
3,500    Applera Corp (Applied Biosystems Group)  $ 69,090   
1,800    Bard (C.R.), Inc    122,544   
980    Bausch & Lomb, Inc    71,834   
1,100    Beckman Coulter, Inc    73,095   
4,426    Biomet, Inc    160,664   
738    Cooper Cos, Inc    53,800   
2,036  *    Cytyc Corp    46,848   
1,400    Dentsply International, Inc    76,174   
4,961    Eastman Kodak Co    161,481   
1,000  *    Edwards Lifesciences Corp    43,220   
1,910  *    Fisher Scientific International, Inc    108,717   
1,116  *    Flir Systems, Inc    33,815   
654  *    Fossil, Inc    16,955   
689  *    Inamed Corp    48,147   
3,400    KLA-Tencor Corp    156,434   
735  *    Mettler-Toledo International, Inc    34,912   
919  *    Millipore Corp    39,885   
2,320    PerkinElmer, Inc    47,862   
600  *    Resmed, Inc    33,840   
600  *    Respironics, Inc    34,962   
711    Roper Industries, Inc    46,570   
1,600    Tektronix, Inc    39,248   
600    Teleflex, Inc    30,708   
3,500  *    Teradyne, Inc    51,100   
2,900  *    Thermo Electron Corp    73,341   
2,372  *    Varian Medical Systems, Inc    81,312   
2,086  *    Waters Corp    74,658   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    1,831,216   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.36%       
5,432    AON Corp    124,067   
900    Brown & Brown, Inc    41,481   
1,700    Gallagher (Arthur J.) & Co    48,960   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    214,508   
 
 
INSURANCE CARRIERS - 6.04%       
87  *    Alleghany Corp    24,099   
883  *    Allmerica Financial Corp    31,744   
1,900    Ambac Financial Group, Inc    142,025   
600    American Financial Group, Inc    18,480   
134    American National Insurance Co    14,191   
1,325    Assurant, Inc    44,652   
1,183    Berkley (W.R.) Corp    58,677   
2,300    Cigna Corp    205,390   
2,615    Cincinnati Financial Corp    114,040   
400  *    CNA Financial Corp    11,224   
2,793  *    Conseco, Inc    57,033   
500    Erie Indemnity Co (Class A)    26,060   
2,740    Fidelity National Financial, Inc    90,256   
1,300    First American Corp    42,822   
2,604    Genworth Financial, Inc    71,662   
1,100    HCC Insurance Holdings, Inc    39,776   
2,000  *    Health Net, Inc    65,420   

 

235

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

           
SHARES         VALUE  
 
 
2,800  *    Humana, Inc  $ 89,432   
2,424    Jefferson-Pilot Corp    118,897   
1,400    Leucadia National Corp    48,090   
2,996    Lincoln National Corp    135,239   
2,567    Loews Corp    188,777   
140  *    Markel Corp    48,329   
2,499    MBIA, Inc    130,648   
500    Mercury General Corp    27,630   
1,740    MGIC Investment Corp    107,306   
1,032    Nationwide Financial Services, Inc (Class A)    37,049   
341    Odyssey Re Holdings Corp    8,539   
3,000    Old Republic International Corp    69,870   
1,500  *    Pacificare Health Systems, Inc    85,380   
1,600    PMI Group, Inc    60,816   
5,199    Principal Financial Group    200,109   
1,200    Protective Life Corp    47,160   
1,662    Radian Group, Inc    79,344   
500    Reinsurance Group of America, Inc    21,290   
2,200    Safeco Corp    107,162   
500    Stancorp Financial Group, Inc    42,390   
1,950    Torchmark Corp    101,790   
500    Transatlantic Holdings, Inc    33,110   
800    Unitrin, Inc    36,320   
5,100    UnumProvident Corp    86,802   
432  *    WellChoice, Inc    23,030   
5,102  *    WellPoint, Inc    639,536   
19    Wesco Financial Corp    7,315   
 
      TOTAL INSURANCE CARRIERS    3,638,911   
 
 
LEATHER AND LEATHER PRODUCTS - 0.36%       
3,300  *    Coach, Inc    186,879   
400  *    Timberland Co (Class A)    28,372   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    215,251   
 
 
LUMBER AND WOOD PRODUCTS - 0.33%       
4,400    Georgia-Pacific Corp    156,156   
830    Rayonier, Inc    41,110   
 
      TOTAL LUMBER AND WOOD PRODUCTS    197,266   
 
 
METAL MINING - 0.47%       
2,700    Freeport-McMoRan Copper & Gold, Inc (Class A)    106,947   
1,600    Phelps Dodge Corp    162,768   
300    Southern Peru Copper Corp    16,638   
 
      TOTAL METAL MINING    286,353   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.69%       
2,529    Fortune Brands, Inc    203,913   
2,700    Hasbro, Inc    55,215   
7,317    Mattel, Inc    156,218   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    415,346   
 

 

236

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

           
SHARES         VALUE  
 
 
MISCELLANEOUS RETAIL - 1.46%       
883  *    Barnes & Noble, Inc  $ 30,455   
1,300    Borders Group, Inc    34,606   
1,181  *    Marvel Enterprises, Inc    23,620   
2,400    Michaels Stores, Inc    87,120   
536    MSC Industrial Direct Co (Class A)    16,380   
5,400  *    Office Depot, Inc    119,772   
1,824    Omnicare, Inc    64,661   
684  *    Petco Animal Supplies, Inc    25,178   
2,635    Petsmart, Inc    75,756   
7,953  *    Rite Aid Corp    31,494   
1,414  *    Sears Holdings Corp    188,302   
2,540    Tiffany & Co    87,681   
3,753  *    Toys 'R' Us, Inc    96,677   
 
      TOTAL MISCELLANEOUS RETAIL    881,702   
 
 
MOTION PICTURES - 0.19%       
625  *    Avid Technology, Inc    33,825   
3,036    Blockbuster, Inc (Class A)    26,808   
500  *    DreamWorks Animation SKG, Inc (Class A)    20,355   
942    Metro-Goldwyn-Mayer, Inc    11,257   
580  *    NetFlix, Inc    6,293   
718    Regal Entertainment Group (Class A)    15,099   
 
      TOTAL MOTION PICTURES    113,637   
 
 
NONDEPOSITORY INSTITUTIONS - 0.76%       
1,500    American Capital Strategies Ltd    47,115   
2,700  *    AmeriCredit Corp    63,288   
1,068  *    CapitalSource, Inc    24,564   
3,700    CIT Group, Inc    140,600   
1,433    Doral Financial Corp    31,368   
392  *    First Marblehead Corp    22,552   
5,035  *    Providian Financial Corp    86,401   
81    Student Loan Corp    16,930   
478    Westcorp    20,195   
109  *    WFS Financial, Inc    4,703   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    457,716   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.17%       
1,800    Vulcan Materials Co    102,294   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    102,294   
 
 
OIL AND GAS EXTRACTION - 3.57%       
2,800    BJ Services Co    145,264   
5,522    Chesapeake Energy Corp    121,153   
1,100    Diamond Offshore Drilling, Inc    54,890   
2,600    ENSCO International, Inc    97,916   
4,000    EOG Resources, Inc    194,960   
2,526    Kerr-McGee Corp    197,862   
6,038    Marathon Oil Corp    283,303   

 

237

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

           
SHARES         VALUE  
 
 
1,136  *    Newfield Exploration Co  $ 84,359   
1,000    Noble Energy, Inc    68,020   
1,271    Patina Oil & Gas Corp    50,840   
2,874    Patterson-UTI Energy, Inc    71,907   
2,515    Pioneer Natural Resources Co    107,441   
1,100    Pogo Producing Co    54,164   
2,100  *    Pride International, Inc    52,164   
1,800    Rowan Cos, Inc    53,874   
1,100    Tidewater, Inc    42,746   
4,565    Unocal Corp    281,615   
5,894    XTO Energy, Inc    193,559   
 
      TOTAL OIL AND GAS EXTRACTION    2,156,037   
 
 
PAPER AND ALLIED PRODUCTS - 0.90%       
1,800    Bemis Co    56,016   
1,000    Bowater, Inc    37,670   
3,500    MeadWestvaco Corp    111,370   
1,555    OfficeMax, Inc    52,093   
1,100    Packaging Corp of America    26,719   
2,700  *    Pactiv Corp    63,045   
4,500  *    Smurfit-Stone Container Corp    69,615   
1,800    Sonoco Products Co    51,930   
1,019    Temple-Inland, Inc    73,928   
 
      TOTAL PAPER AND ALLIED PRODUCTS    542,386   
 
 
PERSONAL SERVICES - 0.57%       
2,200    Cintas Corp    90,882   
2,900    H & R Block, Inc    146,682   
736    Regis Corp    30,125   
6,000    Service Corp International    44,880   
741  *    Weight Watchers International, Inc    31,848   
 
      TOTAL PERSONAL SERVICES    344,417   
 
 
PETROLEUM AND COAL PRODUCTS - 1.50%       
1,385    Amerada Hess Corp    133,251   
1,300    Ashland, Inc    87,711   
1,159    Lubrizol Corp    47,102   
1,400    Murphy Oil Corp    138,222   
700    Premcor, Inc    41,776   
1,256    Sunoco, Inc    130,021   
4,476    Valero Energy Corp    327,956   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    906,039   
 
 
PRIMARY METAL INDUSTRIES - 0.68%       
2,968  *    Andrew Corp    34,755   
382  *    International Steel Group, Inc    15,089   
2,700    Nucor Corp    155,412   
1,100    Precision Castparts Corp    84,711   
1,982    United States Steel Corp    100,785   
1,100    Worthington Industries, Inc    21,208   
 
      TOTAL PRIMARY METAL INDUSTRIES    411,960   
 

 

238

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

           
SHARES         VALUE  
 
 
PRINTING AND PUBLISHING - 1.17%       
1,700    Belo (A.H.) Corp Series A  $ 41,038   
900    Dex Media, Inc    18,585   
971    Dow Jones & Co, Inc    36,286   
1,000    EW Scripps Co    48,750   
1,000    Harte-Hanks, Inc    27,560   
1,408    Knight Ridder, Inc    94,688   
800    Lee Enterprises, Inc    34,720   
400    McClatchy Co (Class A)    29,664   
393    Media General, Inc (Class A)    24,307   
600    Meredith Corp    28,050   
2,600    New York Times Co (Class A)    95,108   
3,800    R.R. Donnelley & Sons Co    120,156   
91    Washington Post Co (Class B)    81,354   
800    Wiley (John) & Sons, Inc (Class A)    28,200   
 
      TOTAL PRINTING AND PUBLISHING    708,466   
 
 
RAILROAD TRANSPORTATION - 1.30%       
14,905  *    ADC Telecommunications, Inc    29,661   
6,456    Burlington Northern Santa Fe Corp    348,172   
3,700    CSX Corp    154,105   
6,800    Norfolk Southern Corp    251,940   
 
      TOTAL RAILROAD TRANSPORTATION    783,878   
 
 
REAL ESTATE - 0.17% 
     
611    Forest City Enterprises, Inc (Class A)    38,982   
918    St. Joe Co    61,781   
 
      TOTAL REAL ESTATE    100,763   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.19%       
900    Reebok International Ltd    39,870   
1,500  *    Sealed Air Corp    77,910   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    117,780   
 
 
SECURITY AND COMMODITY BROKERS - 1.89%       
1,400    A.G. Edwards, Inc    62,720   
4,100  *    Ameritrade Holding Corp    41,861   
2,000    Bear Stearns Cos, Inc    199,800   
300    Blackrock, Inc    22,479   
549    Chicago Mercantile Exchange    106,522   
6,300  *    E*Trade Financial Corp    75,600   
2,200    Eaton Vance Corp    51,568   
1,500    Federated Investors, Inc (Class B)    42,465   
2,200  *    Instinet Group, Inc    12,936   
1,200    Investors Financial Services Corp    58,692   
4,300    Janus Capital Group, Inc    59,985   
900    Jefferies Group, Inc    33,912   
1,854    Legg Mason, Inc    144,872   
400    Nuveen Investments, Inc    13,728   
1,050    Raymond James Financial, Inc    31,815   
1,063    SEI Investments Co    38,438   
1,900    T Rowe Price Group, Inc    112,822   
1,400    Waddell & Reed Financial, Inc (Class A)    27,636   
 
      TOTAL SECURITY AND COMMODITY BROKERS    1,137,851   
 

 

239

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

           
SHARES         VALUE  
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.20%       
574    Florida Rock Industries, Inc  $ 33,763   
600    Lafarge North America, Inc    35,070   
2,031  *    Owens-Illinois, Inc    51,059   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    119,892   
 
 
TOBACCO PRODUCTS - 0.65%       
1,038    Loews Corp (Carolina Group)    34,358   
2,630    Reynolds American, Inc    211,952   
2,850    UST, Inc    147,345   
 
      TOTAL TOBACCO PRODUCTS    393,655   
 
 
TRANSPORTATION BY AIR - 0.43%       
3,051  *    AMR Corp    32,646   
1,689  *    JetBlue Airways Corp    32,158   
13,621    Southwest Airlines Co    193,963   
 
      TOTAL TRANSPORTATION BY AIR    258,767   
 
 
TRANSPORTATION EQUIPMENT - 1.82%       
800    American Axle & Manufacturing Holdings, Inc    19,600   
1,675    Autoliv, Inc    79,814   
1,673    Brunswick Corp    78,380   
2,600    Dana Corp    33,254   
8,200    Delphi Corp    36,736   
1,300    Gentex Corp    41,470   
2,998    Genuine Parts Co    130,383   
2,100    Goodrich Corp    80,409   
1,100  *    Navistar International Corp    40,040   
585    Oshkosh Truck Corp    47,964   
3,050    Paccar, Inc    220,790   
800    Polaris Industries, Inc    56,184   
2,100    Textron, Inc    156,702   
600  *    TRW Automotive Holdings Corp    11,658   
874    United Defense Industries, Inc    64,169   
       
 
      TOTAL TRANSPORTATION EQUIPMENT  1,097,553   
 
 
 
TRANSPORTATION SERVICES - 0.38%     
1,518    C.H. Robinson Worldwide, Inc  78,222   
1,800    Expeditors International of Washington, Inc  96,390   
2,510    Sabre Holdings Corp  54,919   
 
 
      TOTAL TRANSPORTATION SERVICES  229,531   
 
 
 
TRUCKING AND WAREHOUSING - 0.24%     
900    CNF, Inc  42,111   
998    Hunt (J.B.) Transport Services, Inc  43,683   
835  *    Sirva, Inc  5,937   
897  *    Yellow Roadway Corp  52,510   
 
 
      TOTAL TRUCKING AND WAREHOUSING  144,241   
 
 

 

240

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

           
SHARES         VALUE  
 
 
WHOLESALE TRADE-DURABLE GOODS - 1.07%     
1,700    Adesa, Inc  $ 39,712   
2,100  *    Arrow Electronics, Inc  53,235   
2,100  *    Avnet, Inc  38,682   
900    BorgWarner, Inc  43,812   
593    Carlisle Cos, Inc  41,374   
1,100    CDW Corp  62,348   
1,118    Hughes Supply, Inc  33,260   
2,000    IKON Office Solutions, Inc  19,780   
2,200  *    Ingram Micro, Inc (Class A)  36,674   
800    Martin Marietta Materials, Inc  44,736   
2,100  *    Patterson Cos, Inc  104,895   
1,000  *    Tech Data Corp  37,060   
1,400    W.W. Grainger, Inc  87,178   
 
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  642,746   
 
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.85%     
1,900    AmerisourceBergen Corp  108,851   
1,035    Brown-Forman Corp (Class B)  56,666   
810  *    Endo Pharmaceuticals Holdings, Inc  18,266   
1,600  *    Henry Schein, Inc  57,344   
5,100    McKesson Corp  192,525   
2,400    Supervalu, Inc  80,040   
 
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  513,692   
 
 
 
      TOTAL COMMON STOCKS 60,240,675   
(Cost $43,402,939) 
 
 
      TOTAL PORTFOLIO - 99.92%  60,250,209   
      (Cost $43,408,450)     
 
      OTHER ASSETS AND LIABILITIES, NET - 0.08%  45,526   
 
 
 
      NET ASSETS - 100.00% 
$
60,295,735   
 
 
  *    Non-income producing     
 
      For ease of presentation, we have grouped a number of industry classification categories     
      together in the Statement of Investments. Note that the Funds use more specific industry     
      categories in following their investment limitations on industry concentration.     

 

241

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
COMMON STOCKS - 99.87%     
 
AGRICULTURAL PRODUCTION-CROPS - 0.12%     
3,102    Delta & Pine Land Co 
$
83,754   
 
      TOTAL AGRICULTURAL PRODUCTION-CROPS  83,754   
 
 
AMUSEMENT AND RECREATION SERVICES - 0.93%     
7,100  *    Alliance Gaming Corp  68,089   
1,948  *    Argosy Gaming Co  89,452   
285    Dover Downs Gaming & Entertainment, Inc  3,548   
804  *    Isle of Capri Casinos, Inc  21,338   
700  *    Life Time Fitness, Inc  18,886   
2,525  *    MTR Gaming Group, Inc  31,310   
3,300  *    Multimedia Games, Inc  25,608   
596  *    Nevada Gold & Casinos, Inc  7,629   
8,800  *    Penn National Gaming, Inc  258,544   
1,164    Speedway Motorsports, Inc  41,555   
2,717  *    WMS Industries, Inc  76,511   
1,755    World Wrestling Federation Entertainment, Inc  21,060   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  663,530   
 
 
APPAREL AND ACCESSORY STORES - 1.44%     
7,690  *    Aeropostale, Inc  251,847   
1,306    Bebe Stores, Inc  44,339   
1,292  *    Cache, Inc  17,507   
939  *    Carter's, Inc  37,325   
3,908  *    Casual Male Retail Group, Inc  25,363   
1,566  *    Charlotte Russe Holding, Inc  20,233   
2,360  *    Children's Place Retail Stores, Inc  112,690   
5,150    Christopher & Banks Corp  90,640   
1,304  *    Dress Barn, Inc  23,759   
4,656    Finish Line, Inc (Class A)  107,786   
1,133  *    Genesco, Inc  32,200   
300    Goody's Family Clothing, Inc  2,709   
3,461  *    Gymboree Corp  43,401   
6,188  *    Hot Topic, Inc  135,208   
1,400  *    JOS A. Bank Clothiers, Inc  41,020   
800  *    New York & Co, Inc  16,056   
470    Oshkosh B'gosh, Inc (Class A)  14,335   
400  *    Shoe Carnival, Inc  7,000   
 
      TOTAL APPAREL AND ACCESSORY STORES  1,023,418   
 

 

242

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

           
SHARES         VALUE  
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.65%     
3,300  *    DHB Industries, Inc  $ 29,040   
2,017  *    Guess?, Inc  27,633   
1,884    Oxford Industries, Inc  68,935   
8,099  *    Quiksilver, Inc  235,114   
4,100  *    Warnaco Group, Inc  98,564   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  459,286   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.21%     
510  *    Amerco, Inc  23,613   
1,209  *    Midas, Inc  27,601   
1,159  *    Monro Muffler Brake, Inc  29,914   
4,100  *    Wright Express Corp  70,110   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  151,238   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.26%     
800  *    America's Car Mart, Inc  28,048   
5,656  *    CSK Auto Corp  99,828   
100  *    MarineMax, Inc  3,118   
964  *    Rush Enterprises, Inc  16,253   
1,621  *    West Marine, Inc  34,463   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  181,710   
 
 
BUSINESS SERVICES - 16.40%     
4,800  *    @Road, Inc  19,680   
3,945  *    24/7 Real Media, Inc  12,821   
5,301    Aaron Rents, Inc  106,020   
6,969  *    Actuate Corp  16,726   
3,000    Administaff, Inc  43,800   
3,200  *    Advent Software, Inc  58,176   
3,600    Advo, Inc  134,820   
4,424  *    Agile Software Corp  32,207   
2,813  *    Altiris, Inc  67,090   
1,545  *    AMN Healthcare Services, Inc  24,581   
900  *    Ansoft Corp  24,282   
3,700  *    Ansys, Inc  126,577   
3,755  *    Anteon International Corp  146,182   
6,600  *    Aquantive, Inc  73,062   
4,321    Arbitron, Inc  185,371   
2,002  *    Ariba, Inc  15,535   
3,966  *    Armor Holdings, Inc  147,099   
2,159  *    Ascential Software Corp  40,006   
2,000  *    Asiainfo Holdings, Inc  10,040   
5,705  *    Aspect Communications Corp  59,389   
5,800  *    Aspen Technology, Inc  32,944   
1,067  *    Asset Acceptance Capital Corp  20,358   
600  *    Atari, Inc  1,896   
5,700  *    Autobytel, Inc    28,728   
900      Blackbaud, Inc    11,340   
700  *    Blackboard, Inc    12,208   
1,412  *    Blue Coat Systems, Inc    33,182   
4,749  *    Borland Software Corp    38,562   

 

243

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

           
SHARES         VALUE  
 
 
2,592      Brady Corp (Class A)  $ 83,851   
29,280  *    Brocade Communications Systems, Inc    173,338   
4,069  *    CACI International, Inc (Class A)    224,731   
500  *    CallWave, Inc    2,950   
2,756  *    Captaris, Inc    11,162   
2,823  *    Carreker Corp    15,837   
4,861      Catalina Marketing Corp    125,900   
894  *    CCC Information Services Group, Inc    20,428   
1,477      CDI Corp    32,686   
3,903  *    Cerner Corp    204,946   
9,908  *    Chordiant Software, Inc    16,546   
4,500  *    Ciber, Inc    32,715   
61,930  *    CMGI, Inc    128,814   
17,667  *    CNET Networks, Inc    166,776   
800      Computer Programs & Systems, Inc    22,464   
2,556  *    Concord Communications, Inc    25,867   
3,600  *    Concur Technologies, Inc    29,232   
4,390  *    Corillian Corp    15,277   
2,200  *    CoStar Group, Inc    81,070   
3,116  *    Covansys Corp    46,475   
4,898  *    CSG Systems International, Inc    79,788   
2,300  *    Cyberguard Corp    18,952   
3,700  *    Cybersource Corp    19,055   
4,997  *    Dendrite International, Inc    70,158   
1,114  *    Digimarc Corp    6,851   
4,800  *    Digital Insight Corp    78,720   
4,712  *    Digital River, Inc    146,826   
11,867  *    DoubleClick, Inc    91,376   
953  *    E.piphany, Inc    3,383   
16,391  *    Earthlink, Inc    147,519   
3,852  *    Echelon Corp    26,348   
5,000  *    Eclipsys Corp    77,400   
2,200  *    eCollege.com, Inc    28,468   
2,853  *    Embarcadero Technologies, Inc    18,801   
16,290  *    Enterasys Networks, Inc    22,806   
8,741  *    Entrust, Inc    32,779   
5,783  *    Epicor Software Corp    75,757   
1,514  *    Equinix, Inc    64,103   
3,300  *    eSpeed, Inc (Class A)    30,360   
11,100  *    Extreme Networks, Inc    65,379   
5,066  *    F5 Networks, Inc    255,782   
4,280      Factset Research Systems, Inc    141,283   
5,684  *    Filenet Corp    129,482   
3,531  *    FindWhat.com    36,616   
335  *    First Advantage Corp    7,035   
3,206      Gevity HR, Inc    61,299   
684  *    Greg Manning Auctions, Inc    6,888   
2,700  *    GSI Commerce, Inc    36,531   
7,200  *    Harris Interactive, Inc    33,192   
1,862      Healthcare Services Group    45,154   
2,368  *    Heidrick & Struggles International, Inc    87,071   
2,232  *    Hudson Highland Group, Inc    38,145   
5,399  *    Hyperion Solutions Corp    238,150   
2,878  *    IDX Systems Corp    99,953   
2,116  *    iGate Corp    7,893   
2,326  *    Infocrossing, Inc    36,844   
11,907  *    Informatica Corp    98,471   

 

244

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

           
SHARES         VALUE  
 
 
4,420  *    Infospace, Inc  $ 180,469   
4,400      infoUSA, Inc    46,244   
943  *    Innovative Solutions & Support, Inc    29,940   
660  *    Interactive Data Corp    13,695   
400  *    Interchange Corp    4,054   
3,450  *    Intergraph Corp    99,394   
1,770  *    Internet Security Systems, Inc    32,391   
1,013  *    Intersections, Inc    14,739   
1,086  *    Intervideo, Inc    11,946   
2,400  *    Intrado, Inc    29,520   
6,144  *    Ipass, Inc    37,601   
1,409  *    iPayment, Inc    59,460   
787  *    IVAX Diagnostics, Inc    3,187   
4,302  *    iVillage, Inc    26,199   
700  *    Jamdat Mobile, Inc    12,068   
411  *    JDA Software Group, Inc    5,770   
2,315  *    Jupitermedia Corp    35,906   
700  *    Kanbay International, Inc    14,322   
4,158  *    Keane, Inc    54,179   
1,200  *    Keynote Systems, Inc    14,244   
3,858  *    Kforce, Inc    42,399   
5,066  *    KFX ,Inc    67,884   
976  *    Kintera, Inc    5,173   
4,627  *    Korn/Ferry International    88,052   
4,345  *    Kronos, Inc    222,073   
5,705  *    Labor Ready, Inc    106,398   
1,138  *    Lawson Software, Inc    6,714   
6,404  *    Lionbridge Technologies    36,439   
13,000  *    Looksmart Ltd    11,570   
6,843  *    Macrovision Corp    155,952   
3,400  *    Magma Design Automation, Inc    40,358   
4,132  *    Manhattan Associates, Inc    84,169   
1,461  *    Mantech International Corp (Class A)    33,705   
3,276  *    Manugistics Group, Inc    5,504   
3,500  *    MAPICS, Inc    44,555   
475  *    Mapinfo Corp    5,719   
528  *    Marchex, Inc    9,842   
665  *    Marlin Business Services, Inc    13,553   
7,100  *    Matrixone, Inc    33,867   
2,650      McGrath RentCorp    61,957   
10,549  *    Mentor Graphics Corp    144,521   
10,862  *    Micromuse, Inc    49,205   
1,700  *    MicroStrategy, Inc    92,259   
5,600  *    Midway Games, Inc    57,456   
13,734  *    Mindspeed Technologies, Inc    30,627   
600  *    Motive, Inc    6,000   
4,100  *    MPS Group, Inc    43,091   
449  *    MRO Software, Inc    6,299   
1,407  *    NDCHealth Corp    22,484   
300  *    Neoforma, Inc    2,385   
1,480  *    Ness Technologies, Inc    17,730   
1,103  *    Netratings, Inc    16,821   
2,100  *    Netscout Systems, Inc    9,345   
2,457  *    Network Equipment Technologies, Inc    13,833   
4,400  *    NIC, Inc    20,988   
1,786  *    Open Solutions, Inc    35,416   
1,700  *    Opnet Technologies, Inc    14,212   
8,100  *    Opsware, Inc    41,796   
4,542  *    Packeteer, Inc    69,901   

 

245

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

           
SHARES         VALUE  
 
 
2,056  *    PalmSource, Inc  $ 18,586   
19,804  *    Parametric Technology Corp    110,704   
2,298  *    PC-Tel, Inc    16,913   
2,000  *    PDF Solutions, Inc    28,000   
1,142  *    PDI, Inc    23,411   
201  *    PEC Solutions, Inc    2,529   
1,157  *    Pegasus Solutions, Inc    13,676   
1,100  *    Pegasystems, Inc    5,918   
2,676  *    Perot Systems Corp (Class A)    35,965   
400  *    Phase Forward, Inc    2,612   
700  *    PlanetOut, Inc    5,901   
1,977  *    PLATO Learning, Inc    15,421   
4,360  *    Portal Software, Inc    10,551   
1,700  *    Portfolio Recovery Associates, Inc    57,851   
1,000  *    PRA International    26,930   
4,000  *    Progress Software Corp    104,880   
417  *    Proxymed, Inc    3,624   
1,800      QAD, Inc    14,886   
928      Quality Systems, Inc    39,292   
6,854  *    Quest Software, Inc    94,859   
2,068  *    Radisys Corp    29,283   
15,512  *    RealNetworks, Inc    89,659   
1,000      Renaissance Learning, Inc    17,120   
2,387  *    Rent-Way, Inc    19,573   
7,700  *    Retek, Inc    86,394   
2,304  *    Rewards Network, Inc    9,585   
700  *    RightNow Technologies, Inc    8,582   
4,050      Rollins, Inc    75,330   
9,662  *    RSA Security, Inc    153,143   
9,721  *    S1 Corp    67,464   
1,630  *    SafeNet, Inc    47,775   
1,200  *    Salesforce.com, Inc    17,988   
10,800  *    Sapient Corp    79,326   
8,679  *    Scansoft, Inc    32,286   
4,900  *    Secure Computing Corp    41,993   
6,900  *    Seebeyond Technology Corp    21,804   
3,500  *    Serena Software, Inc    83,160   
879  *    SI International, Inc    24,287   
3,087  *    Sohu.com, Inc    54,269   
4,619  *    SonicWALL, Inc    23,511   
6,285  *    Sotheby's Holdings, Inc (Class A)    106,594   
2,630  *    Source Interlink Cos, Inc    29,587   
1,800  *    SPSS, Inc    31,302   
1,807  *    SRA International, Inc (Class A)    108,872   
1,900      SS&C Technologies, Inc    43,320   
1,500      Startek, Inc    25,200   
1,700  *    Stellent, Inc    14,297   
1,250  *    Stratasys, Inc    35,412   
5,000  *    SupportSoft, Inc    26,400   
1,200  *    Sykes Enterprises, Inc    8,244   
1,000      Syntel, Inc    17,700   
5,092  *    Take-Two Interactive Software, Inc    199,097   
793      Talx Corp    14,401   
3,768  *    TeleTech Holdings, Inc    48,683   
2,341  *    THQ, Inc    65,876   
11,543  *    Titan Corp    209,621   
567  *    TNS, Inc    10,178   
2,700  *    TradeStation Group, Inc    16,308   
5,470  *    Transaction Systems Architects, Inc    126,631   

 

246

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

           
SHARES         VALUE  
 
 
200  *    Travelzoo, Inc  $ 9,944   
3,283  *    Trizetto Group, Inc    30,565   
6,655  *    Tumbleweed Communications Corp    18,368   
5,104  *    Tyler Technologies, Inc    38,841   
2,272  *    Ultimate Software Group, Inc    36,307   
7,308  *    United Online, Inc    76,515   
10,908  *    Valueclick, Inc    115,734   
1,653  *    Verint Systems, Inc    57,756   
584  *    Verity, Inc    5,519   
21,798  *    Vignette Corp    28,555   
2,700  *    WatchGuard Technologies, Inc    8,721   
4,179  *    WebEx Communications, Inc    90,225   
4,942  *    webMethods, Inc    27,082   
3,200  *    Websense, Inc    172,160   
700  *    WebSideStory, Inc    8,575   
9,813  *    Wind River Systems, Inc    147,980   
3,280  *    Witness Systems, Inc    57,564   
2,620  *    Zix Corp    9,799   
 
      TOTAL BUSINESS SERVICES    11,636,919   
 
 
CHEMICALS AND ALLIED PRODUCTS - 8.16%       
5,024  *    Abgenix, Inc    35,168   
2,500  *    Able Laboratories, Inc    58,650   
3,450    Aceto Corp    25,599   
5,300  *    Adolor Corp    52,682   
1,128  *    Advancis Pharmaceutical Corp    4,174   
400  *    Albany Molecular Research, Inc    4,112   
3,753  *    Alexion Pharmaceuticals, Inc    81,309   
12,419  *    Alkermes, Inc    128,909   
678    American Vanguard Corp    30,422   
4,415  *    Array Biopharma, Inc    30,949   
2,724  *    Atherogenics, Inc    35,657   
9,965  *    Avant Immunotherapeutics, Inc    16,243   
724  *    Barrier Therapeutics, Inc    11,215   
2,200  *    Benthley Pharmaceuticals, Inc    16,192   
2,211  *    BioCryst Pharmaceuticals, Inc    10,193   
4,223  *    Bioenvision, Inc    24,282   
8,800  *    BioMarin Pharmaceutical, Inc    45,320   
1,884  *    Biosite, Inc    98,024   
2,319  *    Bone Care International, Inc    60,155   
1,800  *    Bradley Pharmaceuticals, Inc    17,208   
2,152  *    CancerVax Corp    14,182   
1,119  *    Caraco Pharmaceutical Laboratories Ltd    9,153   
8,300  *    Cell Therapeutics, Inc    29,797   
1,700  *    Chattem, Inc    75,599   
4,300  *    Connetics Corp    108,747   
531  *    Corcept Therapeutics, Inc    2,411   
781  *    Corgentech, Inc    1,812   
7,971  *    Corixa Corp    24,471   
5,431  *    Cubist Pharmaceuticals, Inc    57,677   
6,604  *    Curis, Inc    23,642   
4,076  *    Cypress Bioscience, Inc    37,255   
2,200  *    Cytogen Corp    12,738   
845  *    Cytokinetics, Inc    5,543   
7,904  *    Dendreon Corp    43,077   
3,100    Diagnostic Products Corp    149,730   
1,900  *    Digene Corp    39,425   
7,400  *    Discovery Laboratories, Inc    41,662   

 

247

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

           
SHARES         VALUE  
 
 
1,900  *    Dov Pharmaceutical, Inc  $ 25,992   
4,100  *    Durect Corp    14,924   
2,027  *    Dusa Pharmaceuticals, Inc    17,696   
789  *    Dynavax Technologies Corp    3,685   
3,101  *    Elizabeth Arden, Inc    73,618   
7,892  *    Encysive Pharmaceuticals, Inc    80,656   
3,581  *    Enzon, Inc    36,490   
3,076  *    EPIX Pharmaceuticals, Inc    21,532   
3,387  *    First Horizon Pharmaceutical    57,173   
7,786  *    Genaera Corp    17,752   
12,186  *    Genelabs Technologies    7,312   
8,050  *    Genta, Inc    9,096   
2,120    Georgia Gulf Corp    97,478   
7,550  *    Geron Corp    46,130   
692  *    GTx, Inc    6,297   
3,497  *    Guilford Pharmaceuticals, Inc    8,043   
1,950  *    Hollis-Eden Pharmaceuticals    13,738   
700  *    Idenix Pharmaceuticals, Inc    13,895   
6,139  *    Immucor, Inc    185,336   
4,641  *    Immunogen, Inc    24,272   
6,000  *    Immunomedics, Inc    14,580   
6,775  *    Impax Laboratories, Inc    108,400   
5,219  *    Indevus Pharmaceuticals, Inc    14,509   
6,613  *    Inkine Pharmaceutical Co    20,500   
5,600  *    Inspire Pharmaceuticals, Inc    45,696   
684    Inter Parfums, Inc    9,850   
3,976  *    InterMune, Inc    43,736   
1,038  *    Inverness Medical Innovations, Inc    24,393   
7,000  *    Isis Pharmaceuticals, Inc    27,090   
2,796  *    Isolagen, Inc    17,587   
1,627  *    Kos Pharmaceuticals, Inc    67,813   
417    Kronos Worldwide, Inc    17,727   
4,950  *    KV Pharmaceutical Co (Class A)    114,840   
900  *    Lannett Co, Inc    5,670   
10,163  *    Ligand Pharmaceuticals, Inc (Class B)    58,234   
3,702    MacDermid, Inc    120,315   
1,925    Mannatech, Inc    37,634   
1,500  *    MannKind Corp    21,345   
888  *    Marshall Edwards, Inc    7,406   
5,091  *    Medarex, Inc    36,299   
6,500  *    Medicines Co    147,290   
800  *    Momenta Pharmaceuticals, Inc    6,776   
17,600  *    Mosaic Co    300,256   
2,535  *    Myogen, Inc    20,001   
7,876 
* 
  Nabi Biopharmaceuticals    98,292   
382 
  Nature's Sunshine Products, Inc    6,559   
2,408 
* 
  Neose Technologies, Inc    6,213   
3,312 
* 
  Neurogen Corp    23,449   
1,143 
* 
  NitroMed, Inc    19,785   
400 
* 
  NL Industries, Inc    9,240   
3,263 
* 
  Northfield Laboratories, Inc    36,709   
3,200 
* 
  Noven Pharmaceuticals, Inc    54,272   
5,100 
* 
  NPS Pharmaceuticals, Inc    64,362   
1,053 
* 
  Nutraceutical International Corp    16,701   
5,026 
* 
  Nuvelo, Inc    32,669   
3,739 
  Olin Corp    83,380   
2,296 
* 
  Omnova Solutions, Inc    12,330   
4,832 
* 
  Onyx Pharmaceuticals, Inc    151,483   
5,400 
* 
  OraSure Technologies, Inc    39,744   

 

248

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

           
SHARES         VALUE  
 
 
4,400 
* 
  Pain Therapeutics, Inc  $ 22,352   
7,500 
* 
  Palatin Technologies, Inc    17,550   
4,780 
* 
  Par Pharmaceutical Cos, Inc    159,843   
2,700 
* 
  Penwest Pharmaceuticals Co    33,372   
17,338 
* 
  Peregrine Pharmaceuticals, Inc    25,487   
1,466 
* 
  PetMed Express, Inc    10,863   
2,646 
* 
  Pharmacyclics, Inc    21,247   
2,042 
* 
  Pharmion Corp    59,218   
3,825 
  PolyMedica Corp    121,482   
3,300 
* 
  Pozen, Inc    17,193   
2,300 
* 
  Prestige Brands Holdings, Inc    40,595   
1,600 
* 
  Progenics Pharmaceuticals    26,896   
380 
  Quaker Chemical Corp    7,805   
3,900 
* 
  Quidel Corp    15,249   
699 
* 
  Renovis, Inc    5,641   
4,973 
* 
  Salix Pharmaceuticals Ltd    82,005   
1,015 
* 
  Santarus, Inc    4,933   
6,100 
* 
  Sciclone Pharmaceuticals, Inc    17,324   
3,549 
* 
  Serologicals Corp    86,738   
6,800 
* 
  SuperGen, Inc    33,048   
2,009 
* 
  SurModics, Inc    64,107   
3,300 
* 
  Tanox, Inc    31,680   
716 
* 
  Tercica, Inc    5,463   
3,900 
* 
  Third Wave Technologies, Inc    22,464   
1,300 
* 
  UAP Holding Corp    20,930   
2,800 
* 
  United Therapeutics Corp    127,946   
1,420 
* 
  USANA Health Sciences, Inc    67,166   
9,699 
  Valeant Pharmaceuticals International    218,421   
5,453 
* 
  Vertex Pharmaceuticals, Inc    51,040   
3,386 
* 
  Vicuron Pharmaceuticals, Inc    53,363   
9,072 
* 
  Vion Pharmaceuticals, Inc    25,855   
1,844 
  West Pharmaceutical Services, Inc    44,072   
500 
  Westlake Chemical Corp    16,175   
6,108 
* 
  Zila, Inc    24,676   
2,628 
* 
  Zymogenetics, Inc    40,103   
 
 
  TOTAL CHEMICALS AND ALLIED PRODUCTS    5,789,936   
 
 
COAL MINING - 0.08% 
     
2,000 
* 
  Alpha Natural Resources, Inc    57,340   
 
 
  TOTAL COAL MINING    57,340   
 
 
COMMUNICATIONS - 1.87%       
4,166 
* 
  Airspan Networks, Inc    21,288   
11,408 
* 
  Alamosa Holdings, Inc    133,131   
800 
* 
  Beasley Broadcast Group, Inc (Class A)    14,224   
1,480 
* 
  Boston Communications Group    10,538   
1,507 
* 
  Commonwealth Telephone Enterprises, Inc    71,040   
1,089 
* 
  Crown Media Holdings, Inc (Class A)    9,812   
3,905 
* 
  Cumulus Media, Inc (Class A)    55,646   
8,102 
* 
  Dobson Communications Corp (Class A)    16,366   
3,210 
* 
  Emmis Communications Corp (Class A)    61,696   
3,620 
* 
  Entravision Communications Corp (Class A)    32,109   
717 
* 
  Fisher Communications, Inc    37,076   
1,185 
  Golden Telecom, Inc    30,336   

 

249

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

           
SHARES         VALUE  
 
 
800 
* 
  InPhonic, Inc  $ 18,172   
3,106 
* 
  Insight Communications Co, Inc    36,806   
26,025 
* 
  Internap Network Services Corp    15,355   
1,100 
  Iowa Telecommunications Services, Inc    21,450   
600 
* 
  ITC Deltacom, Inc    474   
2,600 
* 
  j2 Global Communications, Inc    89,206   
1,500 
* 
  Lodgenet Entertainment Corp    28,260   
4,646 
* 
  Mediacom Communications Corp    30,385   
4,829 
* 
  Net2Phone, Inc    7,775   
1,347 
* 
  Nexstar Broadcasting Group, Inc    9,496   
2,144 
  North Pittsburgh Systems, Inc    42,376   
2,595 
* 
  Novatel Wireless, Inc    27,896   
4,000 
* 
  Paxson Communications Corp    2,760   
8,600 
* 
  Premiere Global Services, Inc    97,352   
5,300 
bv* 
  RCN Corp    -   
2,391 
* 
  Regent Communications, Inc    12,792   
2,200 
* 
  Saga Communications, Inc (Class A)    35,420   
1,300 
* 
  Salem Communications Corp (Class A)    26,780   
100 
  Shenandoah Telecom Co    3,100   
3,936 
  Sinclair Broadcast Group, Inc (Class A)    31,606   
5,000 
* 
  Spanish Broadcasting System, Inc (Class A)    51,300   
1,650 
  SureWest Communications    38,049   
35,518 
* 
  Terremark Worldwide, Inc    23,087   
6,400 
* 
  Tivo, Inc    33,088   
9,633 
* 
  Ubiquitel, Inc    64,541   
899  *    USA Mobility, Inc    29,128   
700    Valor Communications Group, Inc    10,129   
6,455  *    Wireless Facilities, Inc    40,344   
1,200  *    Young Broadcasting, Inc (Class A)    10,368   
 
      TOTAL COMMUNICATIONS    1,330,757   
 
 
DEPOSITORY INSTITUTIONS - 5.31%       
1,220  *    ACE Cash Express, Inc    27,755   
1,287    Arrow Financial Corp    35,045   
300    Atlantic Coast Federal    3,738   
1,500    Bank of The Ozarks, Inc    47,625   
544    BankAtlantic Bancorp, Inc (Class A)    9,466   
100    Berkshire Hills Bancorp, Inc    3,375   
1,170  *    BFC Financial Corp    11,056   
533    Boston Private Financial Holdings, Inc    12,659   
200    Bryn Mawr Bank Corp    4,084   
225    Capital City Bank Group, Inc    9,115   
100    Capital Corp of the West    4,648   
572  *    Capital Crossing Bank    18,819   
2,281    Cascade Bancorp    44,274   
4,118    Cathay General Bancorp    129,717   
1,270    Center Financial Corp    22,390   
675    Charter Financial Corp    22,525   
100    City Bank    3,234   
321    City Holding Co    9,481   
400    Clifton Savings Bancorp, Inc    4,480   
1,816    Coastal Financial Corp    27,313   
1,850    CoBiz, Inc    35,853   
166    Columbia Bancorp    5,289   
3,121    Commercial Capital Bancorp, Inc    63,512   
5,356    CVB Financial Corp    97,158   

 

250

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

           
SHARES         VALUE  
 
 
6,997    East West Bancorp, Inc  $ 258,329   
300  *    EuroBancshares, Inc    5,073   
3,400  *    Euronet Worldwide, Inc    97,070   
738    Fidelity Bankshares, Inc    16,959   
4,438    First Bancorp (Puerto Rico)    187,506   
1,051    First Busey Corp (Class A)    20,337   
100    First Financial Bankshares, Inc    4,463   
1,508    First Financial Holdings, Inc    41,892   
2,913    First Midwest Bancorp, Inc    94,614   
3,500    Flagstar Bancorp, Inc    68,425   
3,985    FNB Corp    76,313   
779    Frontier Financial Corp    29,524   
1,957    Glacier Bancorp, Inc    59,689   
2,375    Gold Banc Corp, Inc    33,321   
686    Great Southern Bancorp, Inc    22,274   
691    Greater Bay Bancorp    16,867   
3,802    Hanmi Financial Corp    62,923   
571    Harbor Florida Bancshares, Inc    19,471   
3,727    Harleysville National Corp    79,199   
1,145    Independent Bank Corp (Massachusetts)    33,205   
1,298    Independent Bank Corp (Michigan)    37,343   
132    Macatawa Bank Corp    4,432   
794    Main Street Banks, Inc    21,025   
1,100    MB Financial, Inc    42,130   
228    MBT Financial Corp    4,302   
688    Mercantile Bank Corp    28,125   
611    Midwest Banc Holdings, Inc    12,165   
2,500    Nara Bancorp, Inc    35,125   
438    NASB Financial, Inc    17,345   
100    Oak Hill Financial, Inc    3,366   
5,088  *    Ocwen Financial Corp    41,060   
1,932    Old Second Bancorp, Inc    58,298   
2,473    Pacific Capital Bancorp    73,646   
733    Park National Corp    82,463   
1,040    Peapack Gladstone Financial Corp    28,080   
368    Pennrock Financial Services Corp    12,851   
412    PFF Bancorp, Inc    11,371   
100    Placer Sierra Bancshares    2,297   
4,914    Provident Bancorp, Inc    60,147   
113    Provident Financial Services, Inc    1,932   
100  *    QC Holdings, Inc    1,503   
3,821    R & G Financial Corp (Class B)    119,101   
150    S & T Bancorp, Inc    5,310   
1,084    S.Y. Bancorp, Inc    23,848   
700    Seacoast Banking Corp of Florida    13,776   
100  *    Signature Bank    2,651   
4,100  *    Silicon Valley Bancshares    180,646   
702    Smithtown Bancorp, Inc    19,670   
100    Southern Community Financial Corp    940   
8,942    Southwest Bancorp of Texas, Inc    164,086   
220    State Bancorp, Inc    5,722   
1,158    Sterling Bancorp    28,105   
757    Sterling Financial Corp (Pennsylvania)    19,697   
2,145  *    Texas Capital Bancshares, Inc    45,045   
2,883    Texas Regional Bancshares, Inc (Class A)    86,807   
10,268    Trustco Bank Corp NY    117,979   
110    U.S.B. Holding Co, Inc    2,441   

 

251

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

           
SHARES         VALUE  
 
 
2,658    United Community Banks, Inc  $ 63,074   
1,077    Univest Corp of Pennsylvania    42,875   
1,000  *    Virginia Commerce Bancorp    27,040   
2,318    West Bancorporation    39,506   
2,627    Westamerica Bancorp    136,000   
151  *    Western Sierra Bancorp    5,154   
1,908    Wilshire Bancorp, Inc    24,880   
2,942    Wintrust Financial Corp    138,539   
 
      TOTAL DEPOSITORY INSTITUTIONS    3,771,963   
 
 
EATING AND DRINKING PLACES - 2.06%       
1,600  *    BJ's Restaurants, Inc    31,024   
830  *    Buffalo Wild Wings, Inc    31,399   
2,127  *    California Pizza Kitchen, Inc    49,857   
1,163    CBRL Group, Inc    48,032   
5,185  *    CEC Entertainment, Inc    189,771   
7,200  *    CKE Restaurants, Inc    114,120   
2,987  *    Cosi, Inc    20,312   
2,000    Domino's Pizza, Inc    37,380   
7,684  *    Krispy Kreme Doughnuts, Inc    58,629   
341  *    O'Charley's, Inc    7,413   
3,500  *    P.F. Chang's China Bistro, Inc    209,300   
680  *    Papa John's International, Inc    23,610   
4,700  *    Rare Hospitality International, Inc    145,136   
1,700  *    Red Robin Gourmet Burgers, Inc    86,547   
8,275  *    Sonic Corp    276,385   
900  *    Texas Roadhouse, Inc (Class A)    25,272   
2,976  *    The Steak N Shake Co    57,585   
800    Triarc Cos (Class A)    11,360   
2,983    Triarc Cos (Class B)    41,255   
 
      TOTAL EATING AND DRINKING PLACES    1,464,387   
 
EDUCATIONAL SERVICES - 0.51%       
2,500  *    Educate, Inc  $ 34,675   
1,300  *    Learning Tree International, Inc    18,733   
1,791  *    Princeton Review, Inc    9,868   
2,014    Strayer Education, Inc    228,226   
1,997  *    Universal Technical Institute, Inc    73,490   
 
      TOTAL EDUCATIONAL SERVICES    364,992   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 0.53%       
2,692  *    Casella Waste Systems, Inc (Class A)    35,615   
380    Crosstex Energy, Inc    16,633   
904    Duquesne Light Holdings, Inc    16,200   
1,400  *    Duratek, Inc    27,930   
200    MGE Energy, Inc    6,630   
266    Middlesex Water Co    4,828   
200    Ormat Technologies, Inc    3,132   
941    Resource America, Inc (Class A)    32,977   
6,700  *    Waste Connections, Inc    232,825   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    376,770   
 

 

252

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

           
SHARES         VALUE  
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.89%       
3,023  *    Actel Corp    46,494   
2,900  *    Advanced Energy Industries, Inc    28,043   
8,584  *    Aeroflex, Inc    80,089   
3,900  *    American Superconductor Corp    38,922   
4,367  *    AMIS Holdings, Inc    49,303   
1,800  *    Anaren Microwave, Inc    21,834   
1,300    Applied Signal Technology, Inc    29,770   
9,516  *    Arris Group, Inc    65,756   
2,663  *    Artesyn Technologies, Inc    23,195   
1,233  *    Atheros Communications, Inc    12,663   
4,333  *    ATMI, Inc    108,498   
9,373  *    Avanex Corp    12,185   
4,500    Baldor Electric Co    116,145   
1,523    Bel Fuse, Inc (Class B)    46,147   
2,908  *    Benchmark Electronics, Inc    92,562   
2,854  *    California Micro Devices Corp    14,413   
8,501  *    Capstone Turbine Corp    13,176   
2,710  *    Carrier Access Corp    16,152   
164  *    Catapult Communications Corp    3,501   
3,662  *    C-COR, Inc    22,265   
2,260  *    Ceradyne, Inc    50,556   
953  *    Cherokee International Corp    6,661   
300  *    Color Kinetics, Inc    3,024   
1,469  *    Comtech Telecommunications    76,535   
2,175    CTS Corp    28,275   
1,773  *    DDi Corp    4,964   
2,360  *    Digital Theater Systems, Inc    42,740   
950  *    Diodes, Inc    25,773   
4,149  *    Ditech Communications Corp    51,738   
4,008  *    DSP Group, Inc    103,246   
1,076  *    Dupont Photomasks, Inc    28,697   
1,144  *    EMS Technologies, Inc    15,558   
2,800  *    Energy Conversion Devices, Inc    63,644   
400  *    EnerSys    5,240   
5,289  *    Entegris, Inc    52,308   
4,055  *    ESS Technology, Inc    21,370   
1,757  *    Exar Corp    23,544   
20,335  *    Finisar Corp    25,419   
2,246    Franklin Electric Co, Inc    84,742   
5,818  *    FuelCell Energy, Inc    58,064   
2,266  *    Genesis Microchip, Inc    32,744   
2,422  *    GrafTech International Ltd    13,781   
9,900  *    Harmonic, Inc    94,644   
3,603    Helix Technology Corp    55,738   
3,896  *    Hexcel Corp    60,427   
11,624  *    Integrated Device Technology, Inc    139,837   
728  *    Integrated Silicon Solution, Inc    4,878   
7,711  *    Interdigital Communications Corp    118,132   
2,900      Inter-Tel, Inc    71,050   
5,000  *    InterVoice, Inc    56,150   
2,500  *    IXYS Corp    28,600   
9,668  *    Kopin Corp    29,681   
1,400  *    LaserCard Corp    6,972   
7,301  *    Lattice Semiconductor Corp    39,206   
700  *    Leadis Technology, Inc    4,186   
1,549  *    Lifeline Systems, Inc    46,966   
2,755  *    Littelfuse, Inc    78,931   

 

253

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

           
SHARES         VALUE  
 
 
5,509  *    Mattson Technology, Inc  $ 43,741   
1,765  *    Medis Technologies Ltd    25,310   
2,900  *    Mercury Computer Systems, Inc    79,982   
1,096  *    Merix Corp    12,286   
1,423  *    Metrologic Instruments, Inc    31,989   
9,473  *    Micrel, Inc    87,341   
8,222  *    Microsemi Corp    133,936   
6,100  *    Microtune, Inc    26,291   
2,675  *    Microvision, Inc    15,595   
5,745  *    MIPS Technologies, Inc    66,068   
3,548  *    Mobility Electronics, Inc    24,801   
610  *    Monolithic Power Systems, Inc    5,386   
3,000  *    Monolithic System Technology, Inc    17,550   
1,200  *    MRV Communications, Inc    3,876   
600  *    Multi-Fineline Electronix, Inc    10,590   
5,685  *    Mykrolis Corp    81,296   
6,492  *    NMS Communications Corp    27,851   
7,630  *    Omnivision Technologies, Inc    115,594   
15,864  *    ON Semiconductor Corp    62,663   
9,353  *    Openwave Systems, Inc    114,013   
8,800  *    Oplink Communications, Inc    13,816   
1,600  *    Optical Communication Products, Inc    2,784   
1,300  *    OSI Systems, Inc    22,763   
5,626  *    Paradyne Networks, Inc    11,758   
1,842  *    Pericom Semiconductor Corp    15,786   
1,448  *    Photronics, Inc    26,209   
5,600  *    Pixelworks, Inc    45,640   
2,477  *    Plexus Corp    28,510   
6,749  *    Plug Power, Inc    44,543   
2,837  *    PLX Technology, Inc    29,788   
700  *    Portalplayer, Inc    15,981   
3,800  *    Power Integrations, Inc    79,382   
4,358  *    Power-One, Inc    21,180   
6,588  *    Powerwave Technologies, Inc    50,991   
2,100      Raven Industries, Inc    42,882   
6,513  *    Rayovac Corp    270,941   
374      Regal-Beloit Corp    10,767   
5,000  *    Remec, Inc    26,400   
25,714  *    RF Micro Devices, Inc    134,227   
2,300  *    Rogers Corp    92,000   
6,400  *    SBA Communications Corp    58,624   
979  *    SBS Technologies, Inc    10,916   
3,400  *    Seachange International, Inc    44,030   
3,400  *    Sigmatel, Inc    127,262   
10,844  *    Silicon Image, Inc    109,091   
11,294  *    Silicon Storage Technology, Inc    42,014   
771  *    Siliconix, Inc    27,201   
2,705  *    Sipex Corp    6,276   
19,571  *    Skyworks Solutions, Inc    124,276   
3,180  *    Spatialight, Inc    16,059   
2,600      Spectralink Corp    36,712   
1,345  *    Staktek Holdings, Inc    5,326   
1,200  *    Standard Microsystems Corp    20,832   
13,100  *    Stratex Networks, Inc    24,104   
1,200  *    Supertex, Inc    21,972   
5,325  *    Symmetricom, Inc    59,054   
3,175  *    Synaptics, Inc    73,660   
751      Technitrol, Inc    11,205   
6,879  *    Tekelec    109,651   

 

254

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

           
SHARES         VALUE  
 
 
9,707  *    Terayon Communication Systems, Inc  $ 29,898   
3,542  *    Tessera Technologies, Inc    153,121   
22,000  *    Transmeta Corp    20,460   
2,636  *    Trident Microsystems, Inc    46,604   
4,084  *    Tripath Technology, Inc    3,635   
10,968  *    Triquint Semiconductor, Inc    37,072   
5,718  *    TTM Technologies, Inc    59,810   
1,021  *    Ulticom, Inc    11,364   
1,903  *    Ultralife Batteries, Inc    32,579   
2,900  *    Universal Display Corp    20,271   
1,800  *    Universal Electronics, Inc    30,384   
2,800  *    Valence Technology, Inc    8,596   
5,080  *    Varian Semiconductor Equipment Associates, Inc    193,091   
18,400  *    Verso Technologies, Inc    6,624   
2,900  *    Viasat, Inc    54,201   
2,700      Vicor Corp    28,188   
30,101  *    Vitesse Semiconductor Corp    80,671   
616  *    Volterra Semiconductor Corp    8,316   
6,800  *    Westell Technologies, Inc    37,468   
2,656  *    Wilson Greatbatch Technologies, Inc    48,445   
179      Woodhead Industries, Inc    2,434   
 
     
TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 
  6,309,138   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 3.67%       
2,425  *    Advisory Board Co    105,972   
6,089  *    Answerthink, Inc    25,148   
3,500  *    Antigenics, Inc    23,450   
7,100  *    Ariad Pharmaceuticals, Inc    39,760   
6,992  *    Axonyx, Inc    8,600   
1,400  *    Charles River Associates, Inc    69,090   
3,000  *    Ciphergen Biosystems, Inc    8,310   
2,718  *    Corrections Corp of America    104,915   
3,352  *    CuraGen Corp    13,944   
4,971  *    CV Therapeutics, Inc    101,210   
6,491  *    Decode Genetics, Inc    36,999   
3,247  *    DiamondCluster International, Inc    52,277   
9,768  *    Digitas, Inc    98,657   
3,300  *    Diversa Corp    16,434   
3,647  *    Dyax Corp    11,743   
6,150  *    eResearch Technology, Inc    72,447   
9,221  *    Exelixis, Inc    62,518   
1,561  *    Forrester Research, Inc    21,979   
910  *    FTI Consulting, Inc    18,782   
8,780  *    Gartner, Inc (Class A)    84,025   
900  *    Genencor International, Inc    17,307   
600  *    Greenfield Online, Inc    11,790   
400  *    Huron Consulting Group, Inc    8,284   
4,797  *    Incyte Corp    32,763   
400  *    Infrasource Services, Inc    4,800   
2,933  *    Keryx Biopharmaceuticals, Inc    39,185   
2,900  *    Kosan Biosciences, Inc    11,890   
800    Landauer, Inc    38,032   
1,827  *    LECG Corp    35,809   
8,716  *    Lexicon Genetics, Inc    44,539   
3,845  *    Lifecell Corp    34,220   
3,600  *    Luminex Corp    27,108   
3,822  *    Maxim Pharmaceuticals, Inc    6,727   

 

255

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

           
SHARES         VALUE  
 
 
1,000  *    MTC Technologies, Inc  $ 32,500   
4,213  *    Myriad Genetics, Inc    77,477   
6,300  *    Navigant Consulting, Inc    171,549   
2,399  *    Neopharm, Inc    18,640   
2,592  *    Parexel International Corp    60,912   
3,138  *    Per-Se Technologies, Inc    48,168   
13,116  *    Pharmos Corp    8,263   
400  *    PRG-Schultz International, Inc    2,004   
3,300  *    Regeneration Technologies, Inc    34,023   
5,200  *    Regeneron Pharmaceuticals, Inc    26,572   
6,458  *    Resources Connection, Inc    135,166   
1,421  *    Rigel Pharmaceuticals, Inc    22,793   
2,067  *    Seattle Genetics, Inc    10,624   
2,045  *    SFBC International, Inc    72,066   
3,893  *    Symyx Technologies, Inc    85,841   
1,100  *    Tejon Ranch Co    49,060   
7,000  *    Telik, Inc    105,560   
6,319  *    Tetra Tech, Inc    79,746   
3,808  *    Transkaryotic Therapies, Inc    95,067   
761  *    TRC Cos, Inc    11,187   
2,100  *    Trimeris, Inc    23,646   
2,799  *    Ventiv Health, Inc    64,377   
2,879    Watson Wyatt & Co Holdings    78,309   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    2,602,264   
 
 
FABRICATED METAL PRODUCTS - 1.14%       
600  *    Commercial Vehicle Group, Inc    12,000   
12,501  *    Crown Holdings, Inc    194,516   
1,000  *    Drew Industries, Inc    37,650   
300  *    Griffon Corp    6,423   
1,000    Gulf Island Fabrication, Inc    23,460   
3,867  *    Intermagnetics General Corp    94,123   
922  *    Jacuzzi Brands, Inc    8,999   
967    Lifetime Hoan Corp    14,979   
1,072  *    Mobile Mini, Inc    43,319   
1,712  *    NCI Building Systems, Inc    66,083   
789    Silgan Holdings, Inc    51,269   
5,090    Simpson Manufacturing Co, Inc    157,281   
2,700    Sturm Ruger & Co, Inc    18,711   
6,622  *    Taser International, Inc    79,464   
 
      TOTAL FABRICATED METAL PRODUCTS    808,277   
 
 
FOOD AND KINDRED PRODUCTS - 0.51%       
900  *    Boston Beer Co, Inc (Class A)    19,710   
1,219    Cal-Maine Foods, Inc    9,581   
324    Coca-Cola Bottling Co Consolidated    16,949   
8,800  *    Darling International, Inc    35,112   
500  *    Gold Kist, Inc    7,950   
813  *    Hansen Natural Corp    48,837   
7,978  *    Hercules, Inc    115,601   
465    Lancaster Colony Corp    19,786   
100    Lance, Inc    1,607   
982    MGP Ingredients, Inc    8,190   
200  *    National Beverage Corp    1,630   
1,600  *    Peets Coffee & Tea, Inc    39,440   
811    Sanderson Farms, Inc    35,043   
300    Topps Co, Inc    2,763   
 
      TOTAL FOOD AND KINDRED PRODUCTS    362,199   
 

 

256

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

           
SHARES         VALUE  
 
 
FOOD STORES - 0.43% 
     
49    Arden Group, Inc (Class A)  $ 3,478   
3,976  *    Panera Bread Co (Class A)    224,763   
1,110  *    Pantry, Inc    34,377   
4,049  *    Wild Oats Markets, Inc    43,041   
 
      TOTAL FOOD STORES    305,659   
 
 
FURNITURE AND FIXTURES - 0.38%       
2,007    Ethan Allen Interiors, Inc    64,224   
884    Furniture Brands International, Inc    19,280   
300    Hooker Furniture Corp    5,667   
5,027  *    Select Comfort Corp    102,752   
588    Stanley Furniture Co, Inc    27,801   
2,508  *    Tempur-Pedic International, Inc    46,799   
 
      TOTAL FURNITURE AND FIXTURES    266,523   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.64%       
3,000  *    Cost Plus, Inc    80,640   
400  *    Design Within Reach, Inc    6,294   
1,282  *    Electronics Boutique Holdings Corp    55,087   
1,000  *    GameStop Corp (Class B)    22,300   
3,585  *    Guitar Center, Inc    196,565   
1,281  *    Kirkland's, Inc    14,168   
1,000    Knoll, Inc    16,680   
1,114  *    Linens 'n Things, Inc    27,661   
3,560  *    Restoration Hardware, Inc    20,292   
2,569  *    The Bombay Co, Inc    13,616   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    453,303   
 
 
GENERAL BUILDING CONTRACTORS - 0.47%       
1,613    Brookfield Homes Corp    68,085   
2,048    Levitt Corp (Class A)    52,511   
2,650  *    Meritage Homes Corp    156,138   
620  *    Palm Harbor Homes, Inc    10,081   
100  *    Perini Corp    1,379   
568  *    William Lyon Homes, Inc    43,565   
 
      TOTAL GENERAL BUILDING CONTRACTORS    331,759   
 
 
GENERAL MERCHANDISE STORES - 0.71%       
6,776  *    99 Cents Only Stores    89,240   
300    Bon-Ton Stores, Inc    5,427   
2,815  *    Brookstone, Inc    45,659   
3,263    Casey's General Stores, Inc    58,636   
800  *    Conn's, Inc    15,040   
5,422    Fred's, Inc    93,096   
748  *    Gander Mountain Co    9,799   
726  *    Retail Ventures, Inc    6,614   
3,452  *    Stein Mart, Inc    77,670   
3,544  *    Tuesday Morning Corp    102,315   
 
      TOTAL GENERAL MERCHANDISE STORES    503,496   
 

 

257

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

           
SHARES         VALUE  
 
 
HEALTH SERVICES - 3.06%       
1,776  *    Amedisys, Inc  $ 53,724   
1,440  *    America Service Group, Inc    31,867   
4,000  *    American Healthways, Inc    132,080   
4,150  *    Amsurg Corp    104,995   
6,924  *    Apria Healthcare Group, Inc    222,261   
13,530  *    Beverly Enterprises, Inc    167,501   
1,141  *    Bio-Reference Labs, Inc    15,883   
900  *    Corvel Corp    19,188   
518  *    Cross Country Healthcare, Inc    8,682   
900  *    Dynacq Healthcare, Inc    4,455   
3,454  *    Enzo Biochem, Inc    49,807   
3,100  *    Gentiva Health Services, Inc    50,158   
2,054    Hooper Holmes, Inc    7,846   
900  b*    Impath, Inc    3,969   
2,384  *    LabOne, Inc    82,200   
2,139    LCA-Vision, Inc    71,229   
5,332  *    LifePoint Hospitals, Inc    233,755   
845  *    Magellan Health Services, Inc    28,772   
1,634  *    Matria Healthcare, Inc    50,180   
767    National Healthcare Corp    26,239   
5,185  *    NeighborCare, Inc    151,661   
5,050  *    Odyssey HealthCare, Inc    59,388   
1,331    Option Care, Inc    27,405   
2,921  *    Pediatrix Medical Group, Inc    200,351   
500  *    Province Healthcare Co    12,045   
1,942  *    Psychiatric Solutions, Inc    89,332   
400  *    Radiation Therapy Services, Inc    7,592   
500  *    RehabCare Group, Inc    14,355   
700  *    Specialty Laboratories, Inc    6,685   
600  *    Stereotaxis, Inc    4,650   
100  *    Sunrise Senior Living, Inc    4,860   
1,173  *    Symbion, Inc    25,067   
3,881  *    United Surgical Partners International, Inc    177,633   
1,218  *    VistaCare, Inc (Class A)    24,933   
 
      TOTAL HEALTH SERVICES    2,170,748   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.02%       
1,174  *    Insituform Technologies, Inc (Class A)    17,035   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    17,035   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 2.63%       
100  *    4Kids Entertainment, Inc    2,211   
400    Aames Investment Corp    3,280   
287  *    Alexander's, Inc    69,311   
372    Alexandria Real Estate Equities, Inc    23,949   
300    American Campus Communities, Inc    6,300   
2,112    American Home Mortgage Investment Corp    60,488   

 

258

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

           
SHARES         VALUE  
 
 
230  *    Bancorp, Inc  $ 3,220   
200    BioMed Realty Trust, Inc    4,120   
192    Capital Southwest Corp    15,187   
813    Capitol Bancorp Ltd    24,593   
620    Cherokee, Inc    20,758   
2,716  *    Circle Group Holdings, Inc    1,956   
500    Cohen & Steers, Inc    8,250   
1,982    Cousins Properties, Inc    51,274   
500    ECC Capital Corp    3,000   
200    Education Realty Trust, Inc    3,326   
1,400    Equity Lifestyle Properties, Inc    49,350   
2,669    Equity One, Inc    54,955   
726    Essex Property Trust, Inc    50,167   
300    Extra Space Storage, Inc    4,050   
2,800  *    First Acceptance Corp    29,680   
200    German American Bancorp    3,100   
176    Gladstone Capital Corp    3,735   
1,904    Glimcher Realty Trust    45,125   
100    Global Signal, Inc    2,996   
300    GMH Communities Trust    3,513   
2,181    Harris & Harris Group, Inc    26,259   
300    HomeBanc Corp    2,652   
8,856    iShares Russell 2000 Growth Index Fund    554,208   
100    Kite Realty Group Trust    1,440   
1,600    MortgageIT Holdings, Inc    25,520   
5,145    New Century Financial Corp    240,889   
438    Novastar Financial, Inc    15,772   
1,558    Oriental Financial Group, Inc    36,488   
2,300    PrivateBancorp, Inc    72,243   
560    Sandy Spring Bancorp, Inc    18,099   
500    Saxon Capital, Inc    8,600   
600    Spirit Finance Corp    6,516   
100    Strategic Hotel Capital, Inc    1,470   
1,543    Suffolk Bancorp    50,965   
200    Sunstone Hotel Investors, Inc    4,290   
1,118    Tanger Factory Outlet Centers, Inc    24,596   
3,200    Taubman Centers, Inc    88,768   
2,456    Town & Country Trust    64,961   
300    U-Store-It Trust    5,220   
2,194    Washington Real Estate Investment Trust    63,078   
200    Westfield Financial, Inc    5,000   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    1,864,928   
 
 
HOTELS AND OTHER LODGING PLACES - 0.61%       
1,067    Ameristar Casinos, Inc    58,344   
663  *    Bluegreen Corp    8,519   
6,299    Boyd Gaming Corp    328,493   
601  *    Empire Resorts, Inc    4,345   
1,300  *    Great Wolf Resorts, Inc    32,435   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    432,136   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.33%       
1,000  *    Aaon, Inc    16,460   
3,597  *    Actuant Corp    161,577   

 

259

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

           
SHARES         VALUE  
 
 
3,670  *    Advanced Digital Information Corp  $ 30,094   
491  *    Astec Industries, Inc    10,827   
1,100  *    ASV, Inc    43,609   
6,500  *    Asyst Technologies, Inc    31,135   
4,016  *    Authentidate Holding Corp    16,024   
10,940  *    Axcelis Technologies, Inc    79,862   
500  *    Blount International, Inc    8,490   
6,200  *    Brooks Automation, Inc    94,116   
1,100    Bucyrus International, Inc (Class A)    42,966   
11,620  *    Cirrus Logic, Inc    52,522   
11,809  *    Cray, Inc    30,113   
2,342  *    Cuno, Inc    120,355   
5,105  *    Cymer, Inc    136,661   
6,048  *    Dot Hill Systems Corp    35,986   
5,006  *    Electronics For Imaging, Inc    89,307   
2,919  *    Emulex Corp    54,994   
3,316    Engineered Support Systems, Inc    177,472   
3,727  *    FalconStor Software, Inc    22,250   
1,226  *    Flanders Corp    13,829   
3,712  *    FSI International, Inc    15,702   
8,602  *    Gateway, Inc    34,666   
900  *    General Binding Corp    18,900   
900  *    Global Power Equipment Group, Inc    8,622   
1,515  *    Hydril    88,491   
4,660  *    Hypercom Corp    22,042   
3,594    IDEX Corp    145,018   
2,264  *    Intevac, Inc    21,350   
4,553  *    Iomega Corp    19,532   
2,176    JLG Industries, Inc    46,893   
5,628    Joy Global, Inc    197,318   
886  *    Kadant, Inc    16,435   
1,575    Kaydon Corp    49,455   
477  *    Komag, Inc    10,661   
7,000  *    Kulicke & Soffa Industries, Inc    44,030   
619    Lennox International, Inc    13,568   
4,689    Lincoln Electric Holdings, Inc    141,045   
1,500    Lindsay Manufacturing Co    28,620   
4,084    Manitowoc Co, Inc    164,953   
1,484  *    Maxwell Technologies, Inc    13,608   
4,506  *    Micros Systems, Inc    165,415   
505    Middleby Corp    24,947   
2,996  *    Netgear, Inc    45,210   
3,660    Nordson Corp    134,761   
1,241  *    Oil States International, Inc    25,503   
2,948  *    Omnicell, Inc    21,255   
1,500  *    Overland Storage, Inc    22,020   
731  *    Paxar Corp    15,600   
405  *    Planar Systems, Inc    3,653   
3,621  *    Presstek, Inc    27,954   
3,361  *    ProQuest Co    121,500   
11,200  *    Quantum Corp    32,592   
200    Sauer-Danfoss, Inc    4,526   
1,500    Schawk, Inc    27,375   
10,600  *    Scientific Games Corp (Class A)    242,210   
2,201  *    Semitool, Inc    22,450   
1,500  *    Simpletech, Inc    5,910   
100    Tennant Co    3,869   
1,750  *    Terex Corp    75,775   

 

260

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

           
SHARES         VALUE  
 
 
2,978    Toro Co  $ 263,553   
1,158  *    Transact Technologies, Inc    11,592   
2,482  *    Ultratech, Inc    36,237   
537  *    UNOVA, Inc    11,089   
3,212  *    Veeco Instruments, Inc    48,341   
4,965  *    WJ Communications    11,817   
24,952  *    Xybernaut Corp    10,480   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    3,785,192   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 8.46%       
2,365  *    Abaxis, Inc    20,930   
2,061  *    Abiomed, Inc    21,805   
1,280  *    ADE Corp    28,416   
4,943  *    Advanced Medical Optics, Inc    178,986   
2,800  *    Advanced Neuromodulation Systems, Inc    75,068   
1,090  *    Aksys Ltd    3,455   
7,246  *    Align Technology, Inc    45,215   
6,984  *    American Medical Systems Holdings, Inc    119,985   
948    Analogic Corp    41,001   
526  *    Animas Corp    10,631   
2,700    Arrow International, Inc    92,745   
2,900  *    Arthrocare Corp    82,650   
1,700  *    Aspect Medical Systems, Inc    36,703   
2,406  *    August Technology Corp    28,198   
1,500    BEI Technologies, Inc    35,955   
2,815    Biolase Technology, Inc    23,928   
840  *    Bio-Rad Laboratories, Inc (Class A)    40,916   
2,830  *    Bruker BioSciences Corp    9,962   
2,700  *    Candela Corp    24,084   
6,200  *    Cardiac Science, Inc    7,130   
5,100  *    Cardiodynamics International Corp    14,892   
5,700  *    Cepheid, Inc    55,119   
1,000  *    Closure Medical Corp    26,700   
5,500    Cognex Corp    136,840   
1,896  *    Coherent, Inc    64,009   
3,595  *    Conceptus, Inc    28,041   
12,019  *    Credence Systems Corp    95,070   
4,348  *    CTI Molecular Imaging, Inc    88,134   
2,553  *    Cyberonics, Inc    112,766   
1,002  *    Cyberoptics Corp    12,505   
2,802  *    Depomed, Inc    11,040   
2,600  *    Dionex Corp    141,700   
2,203  *    DJ Orthopedics, Inc    55,185   
473  *    DRS Technologies, Inc    20,103   
1,640    EDO Corp    49,282   
5,139  *    Encore Medical Corp    27,648   
978  *    ESCO Technologies, Inc    78,582   
900  *    Exactech, Inc    15,273   
1,601  *    Excel Technology, Inc    39,353   
1,432  *    Faro Technologies, Inc    33,709   
2,876  *    FEI Co    66,579   
3,797  *    Formfactor, Inc    85,964   
511  *    Foxhollow Technologies, Inc    14,410   
1,637  *    Haemonetics Corp    69,016   

 

261

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

           
SHARES         VALUE  
 
 
500  *    Herley Industries, Inc  $ 8,555   
745  *    Hologic, Inc    23,747   
1,500  *    ICU Medical, Inc    53,250   
2,556  *    I-Flow Corp    40,462   
3,100  *    II-VI, Inc    54,064   
3,881  *    Illumina, Inc    31,359   
600  *    Immunicon Corp    3,534   
8,796  *    Input/Output, Inc    56,734   
2,800  *    Integra LifeSciences Holding    98,616   
900  *    Intralase Corp    15,066   
4,100  *    Intuitive Surgical, Inc    186,427   
1,176  *    Ista Pharmaceuticals, Inc    11,619   
2,874  *    Itron, Inc    85,185   
3,900  *    Ixia    69,381   
1,700    Keithley Instruments, Inc    27,421   
1,300  *    Kensey Nash Corp    35,204   
2,035  *    KVH Industries, Inc    18,539   
3,226  *    Kyphon, Inc    81,199   
2,500  *    Laserscope    79,350   
9,820  *    Lexar Media, Inc    48,904   
8,425  *    LTX Corp    37,407   
1,447  *    Measurement Specialties, Inc    33,281   
1,100  *    Medical Action Industries, Inc    20,790   
5,044    Mentor Corp    161,912   
3,279  *    Merit Medical Systems, Inc    39,315   
2,000  *    Micro Therapeutics, Inc    7,720   
3,003    Mine Safety Appliances Co    116,336   
3,725  *    MKS Instruments, Inc    59,153   
1,586  *    Molecular Devices Corp    30,134   
206    MTS Systems Corp    5,980   
6,603  *    Nanogen, Inc    22,979   
2,882  *    Newport Corp    41,760   
997  *    NuVasive, Inc    12,881   
2,898    Oakley, Inc    37,152   
7,692  *    Orbital Sciences Corp    74,459   
5,200  *    Orthologic Corp    26,312   
6,543  *    Orthovita, Inc    22,246   
1,626  *    Palomar Medical Technologies, Inc    43,853   
2,300  *    Photon Dynamics, Inc    43,838   
4,923  *    Pinnacle Systems, Inc    27,520   
2,202  *    Possis Medical, Inc    18,431   
4,675  *    RAE Systems, Inc    14,352   
1,700  *    Rudolph Technologies, Inc    25,602   
1,336  *    Sirf Technology Holdings, Inc    14,910   
2,489  *    Sonic Innovations, Inc    13,889   
2,600  *    Sonic Solutions, Inc    39,130   
2,000  *    SonoSite, Inc    51,960   
3,800  *    Star Scientific, Inc    20,102   
8,229  *    Steris Corp    207,782   
3,727  *    Sybron Dental Specialties, Inc    133,799   
100    Sypris Solutions, Inc    1,072   
4,555  *    Techne Corp    183,020   
6,229  *    Thermogenesis    31,145   
6,200  *    Thoratec Corp    75,764   
7,007  *    Trimble Navigation Ltd    236,907   
3,800  *    TriPath Imaging, Inc    26,752   
1,342    United Industrial Corp    39,750   

 

262

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

           
SHARES         VALUE  
 
 
2,004  *    Urologix, Inc  $ 9,198   
4,860  *    Varian, Inc    184,145   
3,800  *    Ventana Medical Systems, Inc    142,348   
4,197  *    Viisage Technology, Inc    14,144   
6,732  *    Visx, Inc    157,798   
600  *    Vnus Medical Technologies, Inc    6,948   
3,646  *    Wright Medical Group, Inc    87,504   
3,000    X-Rite, Inc    45,120   
700    Young Innovations, Inc    25,655   
793  *    Zoll Medical Corp    17,866   
1,082  *    Zygo Corp    14,023   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    6,002,443   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.50%       
300    Clark, Inc    4,644   
3,292    Hilb, Rogal & Hamilton Co    117,854   
4,654    National Financial Partners Corp    185,229   
4,233  *    USI Holdings Corp    49,865   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    357,592   
 
 
INSURANCE CARRIERS - 1.52%       
100    Affirmative Insurance Holdings, Inc    1,475   
654    American Equity Investment Life Holding Co    8,365   
5,620  *    AMERIGROUP Corp    205,467   
1,633    Bristol West Holdings, Inc    25,311   
5,472  *    Centene Corp    164,105   
6,403  *    Danielson Holdings Corp    110,452   
2,191    Direct General Corp    45,003   
2,600  *    HealthExtras, Inc    43,290   
100    Independence Holding Co    1,803   
224    Infinity Property & Casualty Corp    7,002   
1,333  *    Molina Healthcare, Inc    61,438   
394  *    Philadelphia Consolidated Holding Corp    30,547   
396    RLI Corp    16,414   
251    Selective Insurance Group, Inc    11,604   
3,163  *    Sierra Health Services, Inc    201,926   
873    State Auto Financial Corp    23,239   
500    Tower Group, Inc    6,670   
3,610  *    Vesta Insurance Group, Inc    12,816   
900  *    WellCare Health Plans, Inc    27,414   
1,400    Zenith National Insurance Corp    72,604   
 
      TOTAL INSURANCE CARRIERS    1,076,945   
 
 
LEATHER AND LEATHER PRODUCTS - 0.22%       
3,600    K-Swiss, Inc (Class A)    118,908   
1,741    Wolverine World Wide, Inc    37,310   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    156,218   
 

 

263

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

           
SHARES         VALUE  
 
 
LEGAL SERVICES - 0.06% 
     
1,352    Pre-Paid Legal Services, Inc  $ 45,752   
 
      TOTAL LEGAL SERVICES    45,752   
 
 
LUMBER AND WOOD PRODUCTS - 0.17%       
308    American Woodmark Corp    11,174   
9,700  *    Champion Enterprises, Inc    91,180   
284    Deltic Timber Corp    11,105   
200    Universal Forest Products, Inc    7,770   
         
 
      TOTAL LUMBER AND WOOD PRODUCTS    121,229   
 
 
METAL MINING - 0.48% 
     
1,700    Cleveland-Cliffs, Inc    123,879   
32,722  *    Coeur D'alene Mines Corp    120,089   
8,000  *    Hecla Mining Co    43,840   
2,300    Royal Gold, Inc    42,159   
1,215  *    Stillwater Mining Co    11,968   
 
      TOTAL METAL MINING    341,935   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.83%       
948    Blyth, Inc    30,184   
2,000  *    Daktronics, Inc    43,300   
1,064    Escalade, Inc    14,502   
12,197  *    Identix, Inc    61,595   
792  *    K2, Inc    10,890   
3,590  *    Leapfrog Enterprises, Inc    40,747   
1,250  *    RC2 Corp    42,500   
4,783  *    Shuffle Master, Inc    138,516   
6,432    Yankee Candle Co, Inc    203,894   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    586,128   
 
 
MISCELLANEOUS RETAIL - 1.45%       
3,100  *    1-800-Flowers.com, Inc (Class A)    23,467   
1,900  *    AC Moore Arts & Crafts, Inc    50,654   
2,849    Big 5 Sporting Goods Corp    70,370   
270  *    Blue Nile, Inc    7,466   
700  *    Build-A-Bear Workshop, Inc    21,455   
2,380    Cash America International, Inc    52,193   
4,500  *    Coldwater Creek, Inc    83,160   
4,180  *    Dick's Sporting Goods, Inc    153,531   
6,300  *    Drugstore.com, Inc    16,254   
3,268  *    Hibbett Sporting Goods, Inc    98,171   
2,500  *    Jill (J.) Group, Inc    34,400   
1,673  *    Overstock.com, Inc    71,922   
1,600  *    Party City Corp    23,424   
1,155  *    PC Mall, Inc    14,345   
2,223  *    Priceline.com, Inc    56,020   
1,654  *    Sharper Image Corp    27,473   
1,270  *    Sports Authority, Inc    34,925   
2,274  *    Stamps.com, Inc    37,748   
1,697  *    Valuevision International, Inc (Class A)    20,992   

 

264

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

           
SHARES         VALUE  
 
 
3,216    World Fuel Services Corp  $ 101,304   
908  *    Zale Corp    26,986   
 
      TOTAL MISCELLANEOUS RETAIL    1,026,260   
 
 
MOTION PICTURES - 0.07%       
2,397  *    Hollywood Entertainment Corp    31,569   
534    Movie Gallery, Inc    15,315   
 
      TOTAL MOTION PICTURES    46,884   
 
 
NONDEPOSITORY INSTITUTIONS - 0.48%       
2,245  *    Accredited Home Lenders Holding Co    81,336   
2,300    Advance America Cash Advance Centers, Inc    35,604   
700    Ares Capital Corp    11,480   
1,017    Asta Funding, Inc    21,530   
300  *    Collegiate Funding Services LLC    4,674   
300  *    Credit Acceptance Corp    5,934   
1,641  *    Encore Capital Group, Inc    23,876   
71    Federal Agricultural Mortgage Corp (Class C)    1,242   
1,586  *    First Cash Financial Services, Inc    33,576   
1,125  *    Nelnet, Inc    35,809   
1,050    NGP Capital Resources Co    16,884   
654  *    United PanAm Financial Corp    13,335   
2,300  *    World Acceptance Corp    58,696   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    343,976   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.01%       
418    Amcol International Corp    7,842   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    7,842   
 
 
OIL AND GAS EXTRACTION - 4.82%       
277  *    Atlas America, Inc    10,019   
1,623  *    Atwood Oceanics, Inc    107,994   
651    Berry Petroleum Co (Class A)    33,494   
1,000  *    Bill Barrett Corp    28,910   
3,307  *    Brigham Exploration Co    30,524   
1,750    Cabot Oil & Gas Corp (Class A)    96,512   
5,277  *    Cal Dive International, Inc    239,048   
953  *    Callon Petroleum Co    14,810   
3,755  *    Cheniere Energy, Inc    242,235   
600  *    Clayton Williams Energy, Inc    15,540   
4,217  *    Comstock Resources, Inc    121,197   
2,648  *    Delta Petroleum Corp    38,502   
7,601  *    Denbury Resources, Inc    267,783   
1,819  *    Edge Petroleum Corp    30,123   
301  *    Encore Acquisition Co    12,431   
4,322  *    FX Energy, Inc    49,444   
25,900  *    Grey Wolf, Inc    170,422   
3,863    Helmerich & Payne, Inc    153,322   
6,821  b*    KCS Energy, Inc    104,771   
7,568  *    Magnum Hunter Resources, Inc    121,920   

 

265

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

           
SHARES         VALUE  
 
 
1,300  *    McMoRan Exploration Co  $ 26,130   
5,698  *    Mission Resources Corp    40,342   
6,763  *    Newpark Resources, Inc    39,834   
2,539    Penn Virginia Corp    116,540   
2,229  *    Petroleum Development Corp    84,011   
2,100  *    Plains Exploration & Production Co    73,290   
4,100  *    Quicksilver Resources, Inc    199,793   
5,289    Range Resources Corp    123,551   
2,560  *    Remington Oil & Gas Corp    80,691   
150    RPC, Inc    2,278   
1,150  *    Southwestern Energy Co    65,274   
1,520  *    Spinnaker Exploration Co    54,006   
678  *    Stone Energy Corp    32,930   
4,070  *    Superior Energy Services, Inc    70,004   
2,133  *    Syntroleum Corp    26,108   
3,100  *    Tetra Technologies, Inc    88,164   
5,257  *    Unit Corp    237,459   
1,600  *    Veritas DGC, Inc    47,936   
900    W&T Offshore, Inc    18,684   
960  *    W-H Energy Services, Inc    22,973   
2,079  *    Whiting Petroleum Corp    84,782   
 
      TOTAL OIL AND GAS EXTRACTION    3,423,781   
 
 
PAPER AND ALLIED PRODUCTS - 0.10%       
9,234  *    Graphic Packaging Corp    40,722   
3,000  *    Playtex Products, Inc    27,000   
421    Wausau-Mosinee Paper Corp    5,953   
 
      TOTAL PAPER AND ALLIED PRODUCTS    73,675   
 
 
PERSONAL SERVICES - 0.20%       
3,495  *    Coinstar, Inc    74,094   
3,100    Jackson Hewitt Tax Service, Inc    64,852   
 
      TOTAL PERSONAL SERVICES    138,946   
 
 
PETROLEUM AND COAL PRODUCTS - 0.64%       
2,469    ElkCorp    94,958   
3,700    Frontier Oil Corp    134,162   
5,600  *    Headwaters, Inc    183,792   
1,259    WD-40 Co    40,905   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    453,817   
 
 
PRIMARY METAL INDUSTRIES - 2.02%       
8,196  *    AK Steel Holding Corp    90,648   
1,743  *    Aleris International, Inc    43,488   
13,205    Allegheny Technologies, Inc    318,372   
1,404    Belden CDT, Inc    31,183   
2,606  *    Century Aluminum Co    78,857   
4,617  *    CommScope, Inc    69,070   
837    Curtiss-Wright Corp    47,709   
2,148  *    Encore Wire Corp    21,910   
451  *    General Cable Corp    5,444   

 

266

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

           
SHARES         VALUE  
 
 
1,161    Gibraltar Industries, Inc  $ 25,472   
3,182  *    Lone Star Technologies, Inc    125,466   
4,500    Matthews International Corp (Class A)    147,420   
5,858  *    Maverick Tube Corp    190,444   
1,300    Mueller Industries, Inc    36,595   
1,700    Ryerson Tull, Inc    21,539   
200    Schnitzer Steel Industries, Inc (Class A)    6,746   
4,636    Steel Dynamics, Inc    159,710   
474  *    Wheeling-Pittsburgh Corp    14,718   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,434,791   
 
 
PRINTING AND PUBLISHING - 1.23%       
2,852    Banta Corp    122,065   
2,400    Bowne & Co, Inc    36,096   
1,058  *    Consolidated Graphics, Inc    55,651   
350    Courier Corp    18,354   
3,402    Harland (John H.) Co    116,893   
5,368    Hollinger International, Inc    58,511   
1,170    Journal Communications, Inc    19,363   
3,436  *    Journal Register Co    57,381   
700  *    Martha Stewart Living Omnimedia, Inc (Class A)    15,813   
2,733  *    Playboy Enterprises, Inc (Class B)    35,256   
9,239    Reader's Digest Association, Inc (Class A)    159,927   
200    Standard Register Co    2,520   
1,357    Thomas Nelson, Inc    32,093   
4,137  *    Valassis Communications, Inc    144,630   
 
      TOTAL PRINTING AND PUBLISHING    874,553   
 
 
RAILROAD TRANSPORTATION - 0.14%       
143    Florida East Coast Industries    6,074   
259  *    Genesee & Wyoming, Inc (Class A)    6,711   
4,353  *    Kansas City Southern Industries, Inc    83,839   
 
      TOTAL RAILROAD TRANSPORTATION    96,624   
 
 
REAL ESTATE - 0.24% 
     
2,100  *    CB Richard Ellis Group, Inc    73,479   
826    Consolidated-Tomoka Land Co    47,272   
979  *    Jones Lang LaSalle, Inc    45,670   
100    Orleans Homebuilders, Inc    1,839   
 
      TOTAL REAL ESTATE    168,260   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.61%       
972  *    Applied Films Corp    22,473   
1,313  *    Deckers Outdoor Corp    46,927   
3,616  *    Jarden Corp    165,902   
1,000    Quixote Corp    21,670   
126  *    Skechers U.S.A., Inc (Class A)    1,950   
1,453  *    Trex Co, Inc    64,528   
5,485    Tupperware Corp    111,674   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    435,124   
 

 

267

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

           
SHARES         VALUE  
 
 
SECURITY AND COMMODITY BROKERS - 0.45%       
3,332  *    Affiliated Managers Group, Inc  $ 206,684   
536    BKF Capital Group, Inc    21,445   
1,500    Calamos Asset Management, Inc (Class A)    40,380   
501    Gabelli Asset Management, Inc (Class A)    22,370   
439    Greenhill & Co, Inc    15,716   
781  *    Ladenburg Thalmann Financial Services, Inc    531   
302  *    Piper Jaffray Cos    11,050   
 
      TOTAL SECURITY AND COMMODITY BROKERS    318,176   
 
 
SOCIAL SERVICES - 0.18% 
     
3,700  *    Bright Horizons Family Solutions, Inc    124,838   
 
      TOTAL SOCIAL SERVICES    124,838   
 
 
SPECIAL TRADE CONTRACTORS - 0.25%       
5,149  *    Dycom Industries, Inc    118,376   
1,853  *    Integrated Electrical Services, Inc    5,114   
682  *    Layne Christensen Co    11,778   
1,221  *    Matrix Service Co    5,311   
4,978  *    Quanta Services, Inc    37,982   
 
      TOTAL SPECIAL TRADE CONTRACTORS    178,561   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.36%       
733  *    Anchor Glass Container Corp    1,642   
3,400  *    Cabot Microelectronics Corp    106,692   
1,804    CARBO Ceramics, Inc    126,551   
231    Eagle Materials, Inc    18,697   
100    Libbey, Inc    2,100   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    255,682   
 
 
TOBACCO PRODUCTS - 0.07%       
3,257    Vector Group Ltd    50,093   
 
      TOTAL TOBACCO PRODUCTS    50,093   
 
 
TRANSPORTATION BY AIR - 0.57%       
11,700  *    Airtran Holdings, Inc    105,885   
621  *    America West Holdings Corp (Class B)    3,372   
4,400  *    ExpressJet Holdings, Inc    50,204   
2,987    Forward Air Corp    127,187   
1,812  *    Frontier Airlines, Inc    18,990   
3,900  *    Mesa Air Group, Inc    27,300   
2,653  *    Pinnacle Airlines Corp    28,175   
200  *    Republic Airways Holdings, Inc    2,500   
2,255    Skywest, Inc    41,920   
 
      TOTAL TRANSPORTATION BY AIR    405,533   
 

 

268

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

           
SHARES         VALUE  
 
 
TRANSPORTATION EQUIPMENT - 1.51%       
800  *    AAR Corp  $ 10,880   
1,034  *    Aftermarket Technology Corp    17,061   
300    Arctic Cat, Inc    8,118   
7,710  *    BE Aerospace, Inc    92,520   
3,500    Clarcor, Inc    181,860   
7,454  *    Fleetwood Enterprises, Inc    64,850   
100    Heico Corp    2,010   
1,800    Marine Products Corp    30,258   
3,611    Monaco Coach Corp    58,318   
858    Noble International Ltd    19,442   
200  *    Strattec Security Corp    10,716   
4,476  *    Teledyne Technologies, Inc    140,099   
4,997    Thor Industries, Inc    149,460   
2,349    Wabash National Corp    57,315   
5,526    Westinghouse Air Brake Technologies Corp    113,228   
3,600    Winnebago Industries, Inc    113,760   
 
      TOTAL TRANSPORTATION EQUIPMENT    1,069,895   
 
 
TRANSPORTATION SERVICES - 0.39%       
1,100    Ambassadors Group, Inc    36,762   
4,925  *    EGL, Inc    112,290   
750  *    HUB Group, Inc    47,002   
2,647  *    Pacer International, Inc    63,237   
1,119  *    RailAmerica, Inc    13,965   
 
      TOTAL TRANSPORTATION SERVICES    273,256   
 
 
TRUCKING AND WAREHOUSING - 0.89%       
2,107    Arkansas Best Corp    79,603   
961  *    Central Freight Lines, Inc    3,421   
5,643    Heartland Express, Inc    108,064   
7,742  *    Landstar System, Inc    253,551   
100  *    Marten Transport Ltd    2,133   
2,300  *    Old Dominion Freight Line    71,645   
600  *    Quality Distribution, Inc    6,510   
1,348  *    SCS Transportation, Inc    25,059   
1,353  *    Swift Transportation Co, Inc    29,955   
400  *    U.S. Xpress Enterprises, Inc (Class A)    6,540   
2,410    Werner Enterprises, Inc    46,826   
 
      TOTAL TRUCKING AND WAREHOUSING    633,307   
 
 
WATER TRANSPORTATION - 0.14%       
1,005  *    Gulfmark Offshore, Inc  26,039   
300  *    Hornbeck Offshore Services, Inc  7,518   
1,522  *    Kirby Corp  63,970   
 
 
      TOTAL WATER TRANSPORTATION  97,527   
 
 
 
WHOLESALE TRADE-DURABLE GOODS - 2.13%     
1,000  *    1-800 Contacts, Inc  20,870   
1,940  *    Anixter International, Inc  70,131   
1,200  *    Audiovox Corp (Class A)  15,288   

 

269

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

           
SHARES         VALUE  
 
 
700  *    Beacon Roofing Supply, Inc  $ 15,320   
2,173  *    BioVeris Corp  11,473   
300    Compx International, Inc  5,094   
2,219  *    Digi International, Inc  30,445   
3,162  *    Global Imaging Systems, Inc  112,125   
2,355  *    Imagistics International, Inc  82,260   
2,004  *    Insight Enterprises, Inc  35,190   
1,064  *    INTAC International  13,406   
2,104  *    Keystone Automotive Industries, Inc  48,729   
5,089    Knight Transportation, Inc  125,546   
1,009  *    LKQ Corp  20,251   
1,475  *    Merge Technologies, Inc  25,886   
1,336  *    Microtek Medical Holdings, Inc  4,783   
3,031  *    Navarre Corp  24,096   
2,150    Owens & Minor, Inc  58,373   
7,562    Pep Boys-Manny Moe & Jack  132,940   
9,347  *    PSS World Medical, Inc  106,275   
2,918    Reliance Steel & Aluminum Co  116,749   
6,898  *    Safeguard Scientifics, Inc  9,795   
1,700  *    Scansource, Inc  88,111   
7,348    SCP Pool Corp  234,107   
2,628  *    WESCO International, Inc  73,584   
3,182  *    Zoran Corp  32,934   
 
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  1,513,761   
 
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.66%     
5,931    Acuity Brands, Inc  160,137   
264  *    Advanced Marketing Services, Inc  1,584   
1,477    Airgas, Inc  35,286   
2,388  *    Allscripts Healthcare Solutions, Inc  34,148   
1,700  *    Central European Distribution Corp  56,593   
339    Getty Realty Corp  8,661   
1,093    Kenneth Cole Productions, Inc (Class A)  31,850   
406  *    Maui Land & Pineapple Co  17,417   
300  *    Men's Wearhouse, Inc  12,663   
5,689    Nu Skin Enterprises, Inc (Class A)  128,059   
1,151  *    Nuco2, Inc  30,271   
3,875  *    Performance Food Group Co  107,260   
2,478    Perrigo Co  47,454   
3,973  *    Priority Healthcare Corp (Class B)  85,936   
596  *    Provide Commerce, Inc  17,213   
824  *    School Specialty, Inc  32,268   
100  *    Smart & Final, Inc  1,216   
700    Standard Commercial Corp  13,020   
4,300  *    Tractor Supply Co  187,695   
5,440  *    United Natural Foods, Inc  155,747   
300  *    United Stationers, Inc  13,575   
 
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  1,178,053   
 
 
 
      TOTAL COMMON STOCKS  70,880,114   
(Cost $56,696,574)
 
 
      TOTAL PORTFOLIO - 99.87%  70,880,114   
      (Cost $56,696,574)     

 

270

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

           
SHARES         VALUE  
 
 
 
      OTHER ASSETS AND LIABILITIES, NET - 0.13%  $ 91,312   
 
 
 
      NET ASSETS - 100.00% 
$
70,971,426   
 
 
  *    Non-income producing     
  b    In bankruptcy     
  v    Security valued at fair value.     
 
      For ease of presentation, we have grouped a number of industry classification categories     
      together in the Statement of Investments. Note that the Funds use more specific industry     
      categories in following their investment limitations on industry concentration.     

 

271

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
COMMON STOCKS - 99.75%     
 
AGRICULTURAL PRODUCTION-CROPS - 0.12%     
400  *    Alico, Inc 
$
21,080   
1,700    Delta & Pine Land Co  45,900   
700  *    John B. Sanfilippo & Son  17,206   
 
      TOTAL AGRICULTURAL PRODUCTION-CROPS  84,186   
 
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.06%     
36    Seaboard Corp  38,628   
 
      TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK  38,628   
 
 
AMUSEMENT AND RECREATION SERVICES - 0.89%     
1,435  *    Argosy Gaming Co  65,895   
4,054  *    Aztar Corp  115,782   
927    Churchill Downs, Inc  36,700   
881    Dover Downs Gaming & Entertainment, Inc  10,968   
1,900    Dover Motorsport, Inc  9,595   
3,682  *    Gaylord Entertainment Co  148,753   
800  *    Isle of Capri Casinos, Inc  21,232   
1,714  *    Lakes Entertainment, Inc  30,852   
800  *    Life Time Fitness, Inc  21,584   
4,300  *    Magna Entertainment Corp (Class A)  26,402   
575  *    MTR Gaming Group, Inc  7,130   
420  *    Nevada Gold & Casinos, Inc  5,376   
10,937  *    Six Flags, Inc  45,061   
700    Speedway Motorsports, Inc  24,990   
2,097  *    Sunterra Corp  31,623   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  601,943   
 
 
APPAREL AND ACCESSORY STORES - 1.20%     
900    Buckle, Inc  31,419   
2,135    Burlington Coat Factory Warehouse Corp  61,275   
2,384    Cato Corp (Class A)  76,884   
13,536  *    Charming Shoppes, Inc  110,048   
593    Deb Shops, Inc  16,734   
1,229  *    Dress Barn, Inc  22,392   
428    Finish Line, Inc (Class A)  9,908   
1,575  *    Genesco, Inc  44,761   
1,849    Goody's Family Clothing, Inc  16,696   
555  *    Gymboree Corp  6,960   
2,215  *    Jo-Ann Stores, Inc  62,219   
600  *    New York & Co, Inc  12,042   
419    Oshkosh B'gosh, Inc (Class A)  12,780   
7,983  *    Payless Shoesource, Inc  126,052   

272

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

SHARES 
     
VALUE   
 
500  *    Shoe Carnival, Inc  $ 8,750   
2,325  *    Stage Stores, Inc  89,257   
3,990  *    Too, Inc  98,433   
 
      TOTAL APPAREL AND ACCESSORY STORES  806,610   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.35%     
2,400  *    Collins & Aikman Corp  2,952   
2,375  *    Hartmarx Corp  22,658   
3,181    Kellwood Co  91,581   
2,881    Phillips-Van Heusen Corp  76,750   
1,877  *    Warnaco Group, Inc  45,123   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  239,064   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.34%     
586  *    Amerco, Inc  27,132   
2,200    Central Parking Corp  37,796   
3,000  *    Dollar Thrifty Automotive Group, Inc  98,340   
2,323  *    Exide Technologies  29,966   
654  *    Midas, Inc  14,931   
79  *    Monro Muffler Brake, Inc  2,039   
1,300  *    Wright Express Corp  22,230   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  232,434   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.48%     
1,500  *    Asbury Automotive Group, Inc  23,100   
730  *    CSK Auto Corp  12,885   
2,248  *    Group 1 Automotive, Inc  59,122   
1,787    Lithia Motors, Inc (Class A)  45,765   
1,300  *    MarineMax, Inc  40,534   
200  *    Rush Enterprises, Inc  3,372   
3,200    Sonic Automotive, Inc  72,672   
2,206    United Auto Group, Inc  61,393   
186  *    West Marine, Inc  3,954   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  322,797   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.24%     
1,600    Building Materials Holding Corp  71,168   
2,000  *    Central Garden & Pet Co  87,720   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  158,888   
 
 
BUSINESS SERVICES - 4.70%     
4,420    ABM Industries, Inc  84,997   
5,121  *    ActivCard Corp  32,518   
642    Advo, Inc  24,043   
2,282  *    Agile Software Corp    16,613   
424  *    Ansys, Inc    14,505   
5,729  *    Ariba, Inc    44,457   
5,062  *    Ascential Software Corp    93,799   

273

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

SHARES 
     
VALUE   
 
2,454  *    Asiainfo Holdings, Inc  $ 12,319   
553  *    Atari, Inc    1,748   
14,418  *    Bisys Group, Inc    226,074   
200      Blackbaud, Inc    2,520   
5,344  *    Borland Software Corp    43,393   
2,074      Brady Corp (Class A)    67,094   
5,528  *    Brocade Communications Systems, Inc    32,726   
100  *    CallWave, Inc    590   
1,234  *    Captaris, Inc    4,998   
1,902      Catalina Marketing Corp    49,262   
129  *    CCC Information Services Group, Inc    2,948   
217      CDI Corp    4,802   
2,233  *    Ciber, Inc    16,234   
1,935  *    CSG Systems International, Inc    31,521   
840  *    Digimarc Corp    5,166   
3,300  *    DoubleClick, Inc    25,410   
8,406  *    E.piphany, Inc    29,841   
1,543  *    Earthlink, Inc    13,887   
5,545  *    eFunds Corp    123,765   
2,200  *    Electro Rent Corp    29,524   
10,750  *    Enterasys Networks, Inc    15,050   
1,589  *    EPIQ Systems, Inc    20,625   
156  *    Equinix, Inc    6,605   
3,350  *    Extreme Networks, Inc    19,732   
189      Healthcare Services Group    4,583   
13,564  *    Homestore, Inc    30,112   
402  *    Hudson Highland Group, Inc    6,870   
643  *    iGate Corp    2,398   
4,273      Imation Corp    148,487   
3,619  *    Interactive Data Corp    75,094   
940  *    Intergraph Corp    27,082   
500  *    Intermix Media, Inc    3,675   
4,436  *    Internet Capital Group, Inc    31,141   
3,221  *    Internet Security Systems, Inc    58,944   
200      Interpool, Inc    4,420   
100  *    Intervideo, Inc    1,100   
4,741  *    Interwoven, Inc    36,932   
100  *    Jamdat Mobile, Inc    1,724   
2,600  *    JDA Software Group, Inc    36,504   
100  *    Kanbay International, Inc    2,046   
2,400  *    Keane, Inc    31,272   
2,040      Kelly Services, Inc (Class A)    58,732   
856  *    Keynote Systems, Inc    10,161   
1,400  *    KFX ,Inc    18,760   
5,500  *    Lawson Software, Inc    32,450   
719  *    Mantech International Corp (Class A)    16,587   
4,729  *    Manugistics Group, Inc    7,945   
1,905  *    Mapinfo Corp    22,936   
200  *    Marlin Business Services, Inc    4,076   
1,407  *    Medical Staffing Network Holdings, Inc    9,300   
521  *    Midway Games, Inc    5,346   
300  *    Motive, Inc    3,000   
8,762  *    MPS Group, Inc    92,089   
1,925  *    MRO Software, Inc    27,008   
3,288  *    NCO Group, Inc    64,280   
3,002  *    NDCHealth Corp    47,972   
855  *    Neoforma, Inc    6,797   
400  *    Ness Technologies, Inc    4,792   
6,732  *    NETIQ Corp    76,947   

274

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

SHARES 
     
VALUE   
 
400  *    Netratings, Inc  $ 6,100   
400  *    Netscout Systems, Inc    1,780   
770  *    Network Equipment Technologies, Inc    4,335   
14,575  *    Parametric Technology Corp    81,474   
500  *    PC-Tel, Inc    3,680   
1,181  *    PEC Solutions, Inc    14,857   
1,559  *    Pegasus Solutions, Inc    18,427   
100  *    Pegasystems, Inc    538   
6,535  *    Perot Systems Corp (Class A)    87,830   
200  *    PlanetOut, Inc    1,686   
964  *    PLATO Learning, Inc    7,519   
200  *    PRA International    5,386   
300  *    Progress Software Corp    7,866   
303  *    Proxymed, Inc    2,633   
2,700  *    R.H. Donnelley Corp    156,843   
415  *    Radisys Corp    5,876   
3,351  *    Redback Networks, Inc    20,039   
593  *    Redback Networks, Inc Wts 01/02/11    1,345   
1,020  *    Rent-Way, Inc    8,364   
300  *    RightNow Technologies, Inc    3,678   
1,402  *    SafeNet, Inc    41,093   
300  *    Salesforce.com, Inc    4,497   
2,054  *    Scansoft, Inc    7,641   
6,597  *    Sitel Corp    12,930   
2,960  *    SonicWALL, Inc    15,066   
7,033  *    Spherion Corp    52,677   
700  *    Stellent, Inc    5,887   
1,900  *    Sykes Enterprises, Inc    13,053   
762  *    SYNNEX Corp    13,274   
914  *    Take-Two Interactive Software, Inc    35,737   
1,734      Talx Corp    31,489   
1,280  *    TeleTech Holdings, Inc    16,538   
2,512  *    THQ, Inc    70,688   
2,600  *    Tier Technologies, Inc (Class B)    19,162   
198  *    Trizetto Group, Inc    1,843   
5,023  *    United Rentals, Inc    101,515   
2,058  *    Universal Compression Holdings, Inc    77,937   
3,030  *    Verity, Inc    28,634   
570  *    Vertrue, Inc    20,201   
15,656  *    Vignette Corp    20,509   
1,000  *    Volt Information Sciences, Inc    24,150   
1,500  *    WatchGuard Technologies, Inc    4,845   
801  *    webMethods, Inc    4,389   
200  *    WebSideStory, Inc    2,450   
 
      TOTAL BUSINESS SERVICES    3,174,789   
 
 
CHEMICALS AND ALLIED PRODUCTS - 4.73%       
5,289  *    Abgenix, Inc    37,023   
2,506  *    Albany Molecular Research, Inc    25,762   
4,100    Albemarle Corp    149,076   
5,000    Alpharma, Inc (Class A)    61,600   
2,800    Arch Chemicals, Inc    79,716   
2,013  *    Atherogenics, Inc    26,350   
200  *    Barrier Therapeutics, Inc    3,098   
3,800    Calgon Carbon Corp    32,452   

275

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

SHARES 
     
VALUE   
 
3,023    Cambrex Corp  $ 64,390   
5,850  *    Cell Genesys, Inc    26,501   
477  *    Chattem, Inc    21,212   
13,700    Crompton Corp    200,020   
1,039  *    Cubist Pharmaceuticals, Inc    11,034   
4,593    Cytec Industries, Inc    249,170   
100  *    Cytokinetics, Inc    656   
2,028  *    Enzon, Inc    20,665   
4,860    Ferro Corp    91,465   
245  *    First Horizon Pharmaceutical    4,136   
4,254  *    FMC Corp    227,376   
1,630    Georgia Gulf Corp    74,947   
5,949    Great Lakes Chemical Corp    191,082   
1,904  *    Guilford Pharmaceuticals, Inc    4,379   
3,411    H.B. Fuller Co    98,919   
15,014  *    Human Genome Sciences, Inc    138,429   
300  *    Indevus Pharmaceuticals, Inc    834   
662  *    Inverness Medical Innovations, Inc    15,557   
8    Kronos Worldwide, Inc    340   
300  *    MannKind Corp    4,269   
6,041  *    Medarex, Inc    43,072   
2,469    Minerals Technologies, Inc    162,411   
751    Nature's Sunshine Products, Inc    12,895   
389  *    Neose Technologies, Inc    1,004   
1,608  *    NewMarket Corp    29,909   
100  *    NitroMed, Inc    1,731   
700  *    NL Industries, Inc    16,170   
1,386    Octel Corp    25,683   
4,896    Olin Corp    109,181   
3,305  *    OM Group, Inc    100,538   
2,864  *    Omnova Solutions, Inc    15,380   
350  *    Pharmacopeia Drug Discovery, Inc    1,764   
10,814  *    PolyOne Corp    96,028   
7,587  *    Praecis Pharmaceuticals, Inc    7,966   
1,400  *    Prestige Brands Holdings, Inc    24,710   
639    Quaker Chemical Corp    13,125   
800  *    Quidel Corp    3,128   
600  *    Renovis, Inc    4,842   
17,006  *    Revlon, Inc (Class A)    48,977   
816  *    Serologicals Corp    19,943   
700    Stepan Co    16,457   
5,694  *    Terra Industries, Inc    44,185   
2,200  *    UAP Holding Corp    35,420   
9,766    USEC, Inc    158,991   
2,380    Valeant Pharmaceuticals International    53,598   
4,569  *    Vertex Pharmaceuticals, Inc    42,766   
3,213  *    Vicuron Pharmaceuticals, Inc    50,637   
3,700    Wellman, Inc    53,502   

276

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

SHARES 
     
VALUE   
 
1,850    West Pharmaceutical Services, Inc  $ 44,215   
1,000    Westlake Chemical Corp    32,350   
7,521  b*    WR Grace & Co    64,079   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    3,195,115   
 
 
COAL MINING - 0.08% 
     
1,800  *    Alpha Natural Resources, Inc    51,606   
 
      TOTAL COAL MINING    51,606   
 
 
COMMUNICATIONS - 1.77%       
1,974  *    Alamosa Holdings, Inc    23,037   
1,695    Alaska Communications Systems Group, Inc    17,035   
887  *    Boston Communications Group    6,315   
1,378  *    Centennial Communications Corp    14,951   
31,379  *    Charter Communications, Inc (Class A)    50,206   
28,539  *    Cincinnati Bell, Inc    121,291   
1,245  *    Commonwealth Telephone Enterprises, Inc    58,689   
832  *    Crown Media Holdings, Inc (Class A)    7,496   
2,331    CT Communications, Inc    24,545   
2,438  *    Cumulus Media, Inc (Class A)    34,741   
1,400    D&E Communications, Inc    12,782   
5,653  *    Dobson Communications Corp (Class A)    11,419   
3,016 
* 
  Emmis Communications Corp (Class A)    57,968   
2,524 
* 
  Entravision Communications Corp (Class A)    22,388   
200 
* 
  Fisher Communications, Inc    10,342   
5,200 
* 
  General Communication, Inc (Class A)    47,476   
660 
  Golden Telecom, Inc    16,896   
5,148 
  Gray Television, Inc    74,492   
100 
* 
  InPhonic, Inc    2,272   
2,632 
* 
  Insight Communications Co, Inc    31,189   
9,895 
* 
  Internap Network Services Corp    5,838   
1,400 
  Iowa Telecommunications Services, Inc    27,300   
1,100 
* 
  ITC Deltacom, Inc    869   
1,858 
  Liberty Corp    75,342   
3,156 
* 
  Lin TV Corp (Class A)    53,431   
300 
* 
  Lodgenet Entertainment Corp    5,652   
2,600 
* 
  Mastec, Inc    21,346   
3,824 
* 
  Mediacom Communications Corp    25,009   
2,500 
* 
  Paxson Communications Corp    1,725   
4,784 
* 
  Price Communications Corp    83,720   
9,000 
* 
  Primus Telecommunications Group    14,130   
2,600 
bv* 
  RCN Corp    -   
2,100 
* 
  Regent Communications, Inc    11,235   
711 
  Shenandoah Telecom Co    22,041   
1,906 
  Sinclair Broadcast Group, Inc (Class A)    15,305   
295 
  SureWest Communications    6,803   
3,105 
* 
  Talk America Holdings, Inc    20,027   
8,545 
* 
  Terremark Worldwide, Inc    5,554   
6,856 
* 
  Time Warner Telecom, Inc (Class A)    27,218   
4,444 
* 
  Triton PCS Holdings, Inc (Class A)    9,866   
2,049 
* 
  USA Mobility, Inc    66,388   
2,900 
  Valor Communications Group, Inc    41,963   
956 
* 
  Young Broadcasting, Inc (Class A)    8,260   
 
 
  TOTAL COMMUNICATIONS    1,194,552   
 

277

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

SHARES 
     
VALUE   
 
DEPOSITORY INSTITUTIONS - 12.14%       
1,402 
  1st Source Corp  $ 29,905   
1,440 
  ABC Bancorp    24,322   
1,230 
* 
  AmericanWest Bancorp    23,702   
2,200 
  Anchor Bancorp Wisconsin, Inc    61,842   
66 
  Associated Banc-Corp    2,061   
706 
  Atlantic Coast Federal    8,797   
421 
  Bancfirst Corp    29,057   
9,069 
  Bancorpsouth, Inc    187,184   
1,000 
  BancTrust Financial Group, Inc    20,240   
8,064 
  Bank Mutual Corp    95,317   
1,600 
  Bank of Granite Corp    29,584   
4,486 
  BankAtlantic Bancorp, Inc (Class A)    78,056   
3,114 
  BankUnited Financial Corp (Class A)    83,642   
1,200 
  Banner Corp    32,364   
500 
  Berkshire Hills Bancorp, Inc    16,875   
2,752 
  Boston Private Financial Holdings, Inc    65,360   
496 
  Bryn Mawr Bank Corp    10,128   
957 
  Camden National Corp    33,830   
900 
  Capital City Bank Group, Inc    36,459   
644 
  Capital Corp of the West    29,933   
1,610 
  Cathay General Bancorp    50,715   
1,375 
* 
  Central Coast Bancorp    23,059   
3,196 
  Central Pacific Financial Corp    107,545   
400 
  Century Bancorp, Inc (Class A)    11,468   
3,058 
  Chemical Financial Corp    99,400   
5,375 
  Chittenden Corp    140,126   
5,156 
  Citizens Banking Corp    151,380   
1,000 
  Citizens First Bancorp, Inc    22,340   
900 
  City Bank    29,106   
1,821 
  City Holding Co    53,783   
1,031 
  Clifton Savings Bancorp, Inc    11,547   
520 
  Columbia Bancorp    16,567   
1,693 
  Columbia Banking System, Inc    40,209   
1,644 
  Commercial Capital Bancorp, Inc    33,455   
4,761 
  Commercial Federal Corp    131,642   
3,206 
  Community Bank System, Inc    73,450   
1,428 
  Community Trust Bancorp, Inc    41,141   
1,900 
  Corus Bankshares, Inc    90,611   
988 
  CVB Financial Corp    17,922   
3,570 
  Dime Community Bancshares    54,264   
2,278 
  Downey Financial Corp    140,165   
800 
* 
  EuroBancshares, Inc    13,528   
600 
  Farmers Capital Bank Corp    20,280   
1,693 
  Fidelity Bankshares, Inc    38,905   
1,100 
  Financial Institutions, Inc    21,791   
1,282 
  First Bancorp (North Carolina)    29,024   
312 
  First Bancorp (Puerto Rico)    13,182   
861 
  First Busey Corp (Class A)    16,660   
3,414 
  First Charter Corp    77,122   
707 
  First Citizens Bancshares, Inc (Class A)    103,491   
8,120 
  First Commonwealth Financial Corp    111,244   
1,500 
  First Community Bancorp    66,450   
1,112 
  First Community Bancshares, Inc    31,214   
4,000 
  First Financial Bancorp    73,000   

278

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

SHARES 
     
VALUE   
 
1,515 
  First Financial Bankshares, Inc  $ 67,614   
1,700 
  First Financial Corp (Indiana)    50,235   
200 
  First Financial Holdings, Inc    5,556   
2,215 
  First Merchants Corp    57,369   
3,154 
  First Midwest Bancorp, Inc    102,442   
900 
  First Oak Brook Bancshares, Inc    26,361   
400      First of Long Island Corp    16,928   
2,400      First Republic Bank    77,688   
1,656      First State Bancorp    28,111   
2,004  *    FirstFed Financial Corp    102,224   
752      Flagstar Bancorp, Inc    14,702   
1,950      Flushing Financial Corp    35,490   
2,714      FNB Corp    51,973   
800      FNB Corp (Virginia)    20,624   
1,145  *    Franklin Bank Corp    19,751   
1,219      Frontier Financial Corp    46,200   
1,032      GB&T Bancshares, Inc    22,353   
1,308      Glacier Bancorp, Inc    39,894   
2,679      Gold Banc Corp, Inc    37,586   
600      Great Southern Bancorp, Inc    19,482   
5,352      Greater Bay Bancorp    130,642   
3,200      Hancock Holding Co    104,000   
262      Hanmi Financial Corp    4,336   
2,022      Harbor Florida Bancshares, Inc    68,950   
1,245      Heartland Financial U.S.A., Inc    24,726   
1,265      Horizon Financial Corp    23,757   
779      IberiaBank Corp    43,827   
824      Independent Bank Corp (Massachusetts)    23,896   
1,137      Independent Bank Corp (Michigan)    32,711   
1,892      Integra Bank Corp    41,889   
1,800      Interchange Financial Services Corp    31,050   
75      International Bancshares Corp    2,600   
2,100      Irwin Financial Corp    48,342   
600  *    Itla Capital Corp    29,976   
548      K-Fed Bancorp    6,921   
3,458      KNBT Bancorp, Inc    52,907   
2,056      Lakeland Bancorp, Inc    32,012   
700      Lakeland Financial Corp    26,915   
911      Macatawa Bank Corp    30,587   
3,290      MAF Bancorp, Inc    136,667   
1,216      Main Street Banks, Inc    32,200   
1,189      MainSource Financial Group, Inc    26,134   
1,350      MB Financial, Inc    51,705   
1,683      MBT Financial Corp    31,758   
253      Mercantile Bank Corp    10,343   
2,700      Mid-State Bancshares    71,820   
914      Midwest Banc Holdings, Inc    18,198   
100      NASB Financial, Inc    3,960   
4,023      National Penn Bancshares, Inc    98,845   
700      NBC Capital Corp    16,926   
3,900      NBT Bancorp, Inc    87,399   
5,948      NetBank, Inc    50,439   
2,430      Northwest Bancorp, Inc    52,026   
400      Oak Hill Financial, Inc    13,464   
1,027      OceanFirst Financial Corp    23,590   
8,235      Old National Bancorp    167,171   
1,274      Omega Financial Corp    37,946   

279

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

SHARES 
     
VALUE   
 
3,166      Pacific Capital Bancorp  $ 94,283   
1,098      Park National Corp    123,525   
3,654      Partners Trust Financial Group, Inc    38,732   
1,000      Pennfed Financial Services, Inc    14,840   
558      Pennrock Financial Services Corp    19,485   
1,294      Peoples Bancorp, Inc    34,809   
1,200      Peoples Holding Co    37,320   
1,762      PFF Bancorp, Inc    48,631   
500      Placer Sierra Bancshares    11,485   
1,284      Provident Bancorp, Inc    15,716   
3,899      Provident Bankshares Corp    128,511   
534      Provident Financial Holdings    15,881   
8,248      Provident Financial Services, Inc    141,041   
487  *    QC Holdings, Inc    7,320   
1,102      Republic Bancorp, Inc (Class A) (Kentucky)    24,481   
8,363      Republic Bancorp, Inc (Michigan)    113,235   
2,100  *    Riggs National Corp    40,089   
595      Royal Bancshares of Pennsylvania (Class A)    13,513   
2,745      S & T Bancorp, Inc    97,173   
426      S.Y. Bancorp, Inc    9,372   
660      Santander Bancorp    17,378   
1,050      SCBT Financial Corp    31,532   
680      Seacoast Banking Corp of Florida    13,382   
503      Security Bank Corp    20,719   
616  *    Signature Bank    16,330   
672  *    Silicon Valley Bancshares    29,608   
1,700      Simmons First National Corp (Class A)    42,194   
1,362      Southern Community Financial Corp    12,803   
1,273      Southside Bancshares, Inc    26,529   
598      Southwest Bancorp of Texas, Inc    10,973   
1,200      Southwest Bancorp, Inc    22,140   
743      State Bancorp, Inc    19,326   
745      State Financial Services Corp (Class A)    27,528   
930      Sterling Bancorp    22,571   
5,084      Sterling Bancshares, Inc    72,193   
1,821      Sterling Financial Corp (Pennsylvania)    47,382   
2,742  *    Sterling Financial Corp (Spokane)    97,889   
1,145  *    Sun Bancorp, Inc (New Jersey)    26,203   
400      Taylor Capital Group, Inc    13,060   
506  *    Texas Capital Bancshares, Inc    10,626   
2,341      Texas Regional Bancshares, Inc (Class A)    70,488   
2,122      TierOne Corp    49,867   
1,100      Trico Bancshares    23,045   
5,591    Trustmark Corp    162,139   
1,284    U.S.B. Holding Co, Inc    28,492   
1,793    UMB Financial Corp    102,058   
5,256    Umpqua Holdings Corp    122,728   
1,000    Union Bankshares Corp    32,020   
4,385    United Bankshares, Inc    145,319   
1,061    United Community Banks, Inc    25,178   
3,120    United Community Financial Corp    34,601   
2,566    Unizan Financial Corp    66,716   
802    Virginia Financial Group, Inc    26,382   
1,455    Washington Trust Bancorp, Inc    39,983   
2,123    Wesbanco, Inc    58,404   
1,751    West Coast Bancorp    41,674   
1,512    Westamerica Bancorp    78,276   

280

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

SHARES 
     
VALUE   
 
559  *    Western Sierra Bancorp  $ 19,079   
686    WSFS Financial Corp    36,056   
1,000    Yardville National Bancorp    32,620   
 
      TOTAL DEPOSITORY INSTITUTIONS    8,192,595   
 
 
EATING AND DRINKING PLACES - 1.37%       
4,135    Bob Evans Farms, Inc    96,966   
378  *    California Pizza Kitchen, Inc    8,860   
4,967    CBRL Group, Inc    205,137   
1,200  *    Dave & Buster's, Inc    22,440   
1,200    Domino's Pizza, Inc    22,428   
2,328    IHOP Corp    110,999   
4,289  *    Jack In The Box, Inc    159,122   
2,213    Landry's Restaurants, Inc    64,000   
1,800    Lone Star Steakhouse & Saloon, Inc    52,029   
2,337  *    O'Charley's, Inc    50,806   
687  *    Papa John's International, Inc    23,853   
4,929  *    Ryan's Restaurant Group, Inc    71,618   
600  *    Texas Roadhouse, Inc (Class A)    16,848   
400  *    The Steak N Shake Co    7,740   
900    Triarc Cos (Class A)    12,780   
 
      TOTAL EATING AND DRINKING PLACES    925,626   
 
 
EDUCATIONAL SERVICES - 0.01%       
700  *    Princeton Review, Inc    3,857   
 
      TOTAL EDUCATIONAL SERVICES    3,857   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 6.75%       
1,934    American States Water Co    48,930   
27,800  *    Aquila, Inc    106,474   
9,048    Atmos Energy Corp    244,296   
5,640    Avista Corp    98,700   
3,845    Black Hills Corp    127,154   
2,100    California Water Service Group    70,077   
52,506  *    Calpine Corp    147,017   
1,500    Cascade Natural Gas Corp    29,940   
1,400    Central Vermont Public Service Corp    31,472   
1,900    CH Energy Group, Inc    86,830   
5,600    Cleco Corp    119,280   
23,070  *    CMS Energy Corp    300,833   
1,026    Connecticut Water Service, Inc    25,588   
8,213    Duquesne Light Holdings, Inc    147,177   
5,595  *    El Paso Electric Co    106,305   
2,975    Empire District Electric Co    69,199   
4,307    Energen Corp    286,846   
800    EnergySouth, Inc    22,908   
4,973    Idacorp, Inc    141,084   
2,400    Laclede Group, Inc    70,080   
2,198    MGE Energy, Inc    72,864   
1,124    Middlesex Water Co    20,401   
3,327    New Jersey Resources Corp    144,824   
5,243    Nicor, Inc    194,463   
3,167    Northwest Natural Gas Co    114,550   

281

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

SHARES 
     
VALUE   
 
700    Ormat Technologies, Inc  $ 10,962   
3,442    Otter Tail Corp    86,188   
4,458    Peoples Energy Corp    186,879   
8,699    Piedmont Natural Gas Co, Inc    200,425   
7,074    PNM Resources, Inc    188,734   
922    Resource America, Inc (Class A)    32,312   
13,657  *    Sierra Pacific Resources    146,813   
800    SJW Corp    28,104   
1,700    South Jersey Industries, Inc    95,880   
10,085  *    Southern Union Co    253,234   
4,100    Southwest Gas Corp    99,056   
2,100    Southwest Water Co    21,903   
1,500    UIL Holdings Corp    75,975   
4,100    Unisource Energy Corp    126,977   
5,725    WGL Holdings, Inc    177,246   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    4,557,980   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.51%       
406  *    Actel Corp    6,244   
500  *    Aeroflex, Inc    4,665   
2,529  *    Alliance Semiconductor Corp    6,297   
917  *    Anaren Microwave, Inc    11,123   
2,500  *    Applica, Inc    12,650   
2,195  *    Arris Group, Inc    15,167   
1,790  *    Artesyn Technologies, Inc    15,591   
2,386  *    Benchmark Electronics, Inc    75,946   
312  *    Bookham, Inc    995   
250  *    Brillian Corp    443   
6,232  *    Broadwing Corp    25,800   
2,947    C&D Technologies, Inc    29,617   
2,500  *    Capstone Turbine Corp    3,875   
630  *    Catapult Communications Corp    13,451   
2,540  *    C-COR, Inc    15,443   
907  *    Ceradyne, Inc    20,290   
4,316  *    Checkpoint Systems, Inc    72,854   
300  *    Color Kinetics, Inc    3,024   
427  *    Comtech Telecommunications    22,247   
2,600    CTS Corp    33,800   
1,781    Cubic Corp    33,732   
1,542  *    DDi Corp    4,318   
808  *    Dupont Photomasks, Inc    21,549   
21,744  *    Eagle Broadband, Inc    7,393   
2,900  *    Electro Scientific Industries, Inc    56,231   
340  *    EMS Technologies, Inc    4,624   
1,000  *    EnerSys    13,100   
563  *    Entegris, Inc    5,568   
513  *    ESS Technology, Inc    2,704   
3,228  *    Exar Corp    43,255   
2,319  *    Finisar Corp    2,899   
1,810  *    Genesis Microchip, Inc    26,155   
1,445  *    Genlyte Group, Inc    130,007   
9,320  *    GrafTech International Ltd    53,031   
3,103  *    Hutchinson Technology, Inc    107,922   
2,424  *    Integrated Device Technology, Inc    29,161   
3,450  *    Integrated Silicon Solution, Inc    23,115   
300  *    IXYS Corp    3,432   

282

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

SHARES 
     
VALUE   
 
10,172  *    Kemet Corp  $ 78,833   
6,985  *    Lattice Semiconductor Corp    37,509   
100  *    Leadis Technology, Inc    598   
300  *    Littelfuse, Inc    8,595   
2,250    LSI Industries, Inc    25,268   
3,558  *    Magnetek, Inc    18,964   
13,780  *    McData Corp (Class A)    51,951   
1,139  *    Merix Corp    12,768   
4,200    Methode Electronics, Inc    50,862   
392  *    Microtune, Inc    1,690   
300  *    Monolithic System Technology, Inc    1,755   
3,062  *    Moog, Inc (Class A)    138,402   
11,515  *    MRV Communications, Inc    37,193   
100  *    Multi-Fineline Electronix, Inc    1,765   
600    National Presto Industries, Inc    24,180   
1,200  *    ON Semiconductor Corp    4,740   
5,500  *    Oplink Communications, Inc    8,635   
800  *    Optical Communication Products, Inc    1,392   
604  *    OSI Systems, Inc    10,576   
2,100    Park Electrochemical Corp    42,546   
1,067  *    Pericom Semiconductor Corp    9,144   
2,553  *    Photronics, Inc    46,209   
2,849  *    Plexus Corp    32,792   
300  *    Portalplayer, Inc    6,849   
900  *    Powell Industries, Inc    16,668   
3,791  *    Power-One, Inc    18,424   
6,567  *    Powerwave Technologies, Inc    50,829   
258  *    Rayovac Corp    10,733   
20  b*    Read-Rite Corp    -   
2,576    Regal-Beloit Corp    74,163   
2,800  *    Remec, Inc    14,784   
949  *    SBS Technologies, Inc    10,581   
1,932  *    Skyworks Solutions, Inc    12,268   
2,000    Smith (A.O.) Corp    57,740   
1,099  *    Standard Microsystems Corp    19,079   
1,756  *    Stoneridge, Inc    21,441   
17  *    Supertex, Inc    311   
20,334  *    Sycamore Networks, Inc    72,389   
878  *    Symmetricom, Inc    9,737   
4,055    Technitrol, Inc    60,501   
6,889  *    Thomas & Betts Corp    222,515   
6,897  *    Triquint Semiconductor, Inc    23,312   
4,500    Turnstone Systems, Inc    64   
400  *    Ulticom, Inc    4,452   
4,335  *    Valence Technology, Inc    13,308   
200  *    Volterra Semiconductor Corp    2,700   
511  *    Wilson Greatbatch Technologies, Inc    9,321   
1,274    Woodhead Industries, Inc    17,326   
5,924  *    Zhone Technologies, Inc    15,106   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    2,368,686   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 1.37%       
3,100  *    Accelrys, Inc    18,383   
8,495  *    Applera Corp (Celera Genomics Group)    87,074   
7,987  *    Century Business Services, Inc    32,747   
1,700  *    Cornell Cos, Inc    21,420   

283

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

SHARES 
     
VALUE   
 
2,016  *    Corrections Corp of America  $ 77,818   
2,100  *    CuraGen Corp    8,736   
658  *    Exponent, Inc    15,720   
100  *    Forrester Research, Inc    1,408   
4,188  *    FTI Consulting, Inc    86,440   
300  *    Greenfield Online, Inc    5,895   
300  *    Huron Consulting Group, Inc    6,213   
4,165  *    Incyte Corp    28,447   
630  *    Infrasource Services, Inc    7,560   
400    Landauer, Inc    19,016   
2,165    MAXIMUS, Inc    72,506   
2,700  *    Maxygen, Inc    23,166   
7,072  *    Oscient Pharmaceuticals Corp    16,548   
900  *    Parexel International Corp    21,150   
4,600  *    PRG-Schultz International, Inc    23,046   
1,908  *    Seattle Genetics, Inc    9,807   
2,000  *    Sourcecorp    40,280   
1,125  *    Tetra Tech, Inc    14,198   
300  *    Transkaryotic Therapies, Inc    7,490   
400  *    TRC Cos, Inc    5,880   
3,618  *    URS Corp    104,017   
2,958  *    Washington Group International, Inc    133,080   
1,231    Watson Wyatt & Co Holdings    33,483   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    921,528   
 
 
FABRICATED METAL PRODUCTS - 1.47%       
1,700    CIRCOR International, Inc    41,905   
6,918    Commercial Metals Co    234,451   
700  *    Commercial Vehicle Group, Inc    14,000   
8,805  *    Crown Holdings, Inc    137,006   
2,688  *    Griffon Corp    57,550   
202    Gulf Island Fabrication, Inc    4,739   
7,989  *    Jacuzzi Brands, Inc    77,973   
745  *    Mobile Mini, Inc    30,105   
892  *    NCI Building Systems, Inc    34,431   
7,300  *    Shaw Group, Inc    159,140   
584    Silgan Holdings, Inc    37,948   
160    Sturm Ruger & Co, Inc    1,109   
7,500  b*    Tower Automotive, Inc    1,350   
1,800    Valmont Industries, Inc    40,176   
1,331  *    Water Pik Technologies, Inc    26,221   
2,908    Watts Water Technologies, Inc (Class A)    94,830   
 
      TOTAL FABRICATED METAL PRODUCTS    992,934   
 
 
FISHING, HUNTING, AND TRAPPING - 0.01%       
900  *    Omega Protein Corp    6,138   
 
      TOTAL FISHING, HUNTING, AND TRAPPING    6,138   
 
 
FOOD AND KINDRED PRODUCTS - 1.63%       
1,869    American Italian Pasta Co (Class A)    51,211   
300  *    Boston Beer Co, Inc (Class A)    6,570   

284

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

SHARES 
     
VALUE   
 
734    Cal-Maine Foods, Inc  $ 5,769   
224    Coca-Cola Bottling Co Consolidated    11,718   
8,584    Corn Products International, Inc    223,098   
777    Farmer Brothers Co    18,609   
4,200    Flowers Foods, Inc    118,482   
1,100  *    Gold Kist, Inc    17,490   
5,984  *    Hercules, Inc    86,708   
596    J & J Snack Foods Corp    27,911   
2,920    Lancaster Colony Corp    124,246   
2,896    Lance, Inc    46,539   
1,400  *    M&F Worldwide Corp    18,676   
300    MGP Ingredients, Inc    2,502   
300  *    National Beverage Corp    2,445   
3,355    Ralcorp Holdings, Inc    158,859   
530    Sanderson Farms, Inc    22,901   
5,390    Sensient Technologies Corp    116,209   
4,107    Topps Co, Inc    37,825   
 
      TOTAL FOOD AND KINDRED PRODUCTS    1,097,768   
 
 
FOOD STORES - 0.33% 
     
70    Arden Group, Inc (Class A)    4,968   
1,913  *    Great Atlantic & Pacific Tea Co, Inc    28,504   
1,200    Ingles Markets, Inc (Class A)    15,984   
406  *    Pantry, Inc    12,574   
3,600  *    Pathmark Stores, Inc    22,716   
3,893    Ruddick Corp    90,123   
1,326    Weis Markets, Inc    48,890   
 
      TOTAL FOOD STORES    223,759   
 
 
FURNITURE AND FIXTURES - 0.55%       
1,100    Bassett Furniture Industries, Inc    21,670   
2,087    Ethan Allen Interiors, Inc    66,784   
4,976    Furniture Brands International, Inc    108,526   
518    Hooker Furniture Corp    9,785   
5,100  *    Interface, Inc (Class A)    34,782   
2,500    Kimball International, Inc (Class B)    36,250   
6,391    La-Z-Boy, Inc    89,027   
145    Stanley Furniture Co, Inc    6,856   
 
      TOTAL FURNITURE AND FIXTURES    373,680   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.44%       
300  *    Design Within Reach, Inc    4,720   
283  *    Electronics Boutique Holdings Corp    12,160   
3,600  *    GameStop Corp (Class B)    80,280   
2,500    Haverty Furniture Cos, Inc    38,125   
181  *    Kirkland's, Inc    2,002   
4,372  *    Linens 'n Things, Inc    108,557   
1,929  *    The Bombay Co, Inc    10,224   
2,564  *    Trans World Entertainment Corp    37,768   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    293,836   
 

285

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

SHARES 
     
VALUE   
 
GENERAL BUILDING CONTRACTORS - 0.96%       
4,827    Beazer Homes U.S.A., Inc  $ 240,674   
526    Brookfield Homes Corp    22,202   
500  *    Dominion Homes, Inc    8,465   
1,459    M/I Homes, Inc    71,389   
304  *    Meritage Homes Corp    17,912   
600  *    Palm Harbor Homes, Inc    9,756   
683  *    Perini Corp    9,419   
908    Technical Olympic U.S.A., Inc    27,422   
2,900    Walter Industries, Inc    123,395   
3,918  *    WCI Communities, Inc    117,853   
 
      TOTAL GENERAL BUILDING CONTRACTORS    648,487   
 
 
GENERAL MERCHANDISE STORES - 0.23%       
252    Bon-Ton Stores, Inc    4,559   
3,137    Casey's General Stores, Inc    56,372   
200  *    Conn's, Inc    3,760   
818  *    Retail Ventures, Inc    7,452   
3,600  *    ShopKo Stores, Inc    79,992   
 
      TOTAL GENERAL MERCHANDISE STORES    152,135   
 
 
HEALTH SERVICES - 1.09%       
1,500  *    Beverly Enterprises, Inc    18,570   
2,222  *    Cross Country Healthcare, Inc    37,241   
2,281  *    Genesis HealthCare Corp    97,832   
400  *    Gentiva Health Services, Inc    6,472   
4,927    Hooper Holmes, Inc    18,821   
400  b*    Impath, Inc    1,764   
3,100  *    Kindred Healthcare, Inc    108,810   
2,434  *    Magellan Health Services, Inc    82,878   
471  *    Matria Healthcare, Inc    14,464   
667  *    Medcath Corp    19,543   
200    National Healthcare Corp    6,842   
5,064  *    OCA, Inc    21,522   
400    Option Care, Inc    8,236   
200  *    Pediatrix Medical Group, Inc    13,718   
5,400  *    Province Healthcare Co    130,086   
600  *    Radiation Therapy Services, Inc    11,388   
1,600  *    RehabCare Group, Inc    45,936   
300  *    Specialty Laboratories, Inc    2,865   
1,829  *    Sunrise Senior Living, Inc    88,890   
 
      TOTAL HEALTH SERVICES    735,878   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.20%       
3,949    Granite Construction, Inc    103,740   
2,171  *    Insituform Technologies, Inc (Class A)    31,501   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    135,241   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 13.82%       
1,500  *    4Kids Entertainment, Inc    33,165   

286

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

SHARES 
     
VALUE   
 
4,000    Aames Investment Corp  $ 32,800   
3,026    Acadia Realty Trust    48,658   
3,193    Affordable Residential Communities    40,391   
1,517    Alabama National Bancorp    93,887   
2,047    Alexandria Real Estate Equities, Inc    131,786   
3,036    Amcore Financial, Inc    85,767   
1,400    American Campus Communities, Inc    29,400   
13,062    American Financial Realty Trust    191,097   
2,296    American Home Mortgage Investment Corp    65,757   
3,000    AMLI Residential Properties Trust    82,170   
6,215    Anthracite Capital, Inc    69,235   
5,581    Anworth Mortgage Asset Corp    53,299   
7,198    Apollo Investment Corp    120,782   
757    Arbor Realty Trust, Inc    18,736   
3,116    Ashford Hospitality Trust, Inc    31,783   
601  *    Bancorp, Inc    8,414   
1,600    Bedford Property Investors    34,928   
2,200    Bimini Mortgage Management, Inc (Class A)    30,470   
3,500    BioMed Realty Trust, Inc    72,100   
5,699    Brandywine Realty Trust    161,852   
6,988    Brookline Bancorp, Inc    104,121   
4,456    Capital Automotive REIT    147,583   
2,635    Capital Lease Funding, Inc    29,117   
106    Capital Southwest Corp    8,385   
1,433    Capital Trust, Inc    47,547   
500    Capitol Bancorp Ltd    15,125   
2,582    Capstead Mortgage Corp    22,076   
6,367    CarrAmerica Realty Corp    200,879   
1,915    Cedar Shopping Centers, Inc    27,270   
177    Cherokee, Inc    5,926   
500    Cohen & Steers, Inc    8,250   
2,200    Colonial Properties Trust    84,502   
6,321    Commercial Net Lease Realty, Inc    116,622   
1,179    Community Banks, Inc    29,463   
6,027    Cornerstone Realty Income Trust, Inc    59,788   
4,431    Corporate Office Properties Trust    117,333   
1,300    Correctional Properties Trust    32,825   
2,704    Cousins Properties, Inc    69,952   
3,700    CRT Properties, Inc    80,586   
2,200    Digital Realty Trust, Inc    31,614   
2,500    Eastgroup Properties, Inc    94,250   
6,300    ECC Capital Corp    37,800   
2,100    Education Realty Trust, Inc    34,923   
423  *    Enstar Group, Inc    25,380   
3,052    Entertainment Properties Trust    126,444   
6,113      Equity Inns, Inc    67,426   
1,000      Equity Lifestyle Properties, Inc    35,250   
1,562      Equity One, Inc    32,162   
2,135      Essex Property Trust, Inc    147,528   
2,300      Extra Space Storage, Inc    31,050   
5,746  *    FelCor Lodging Trust, Inc    71,423   
1,407      First Indiana Corp    34,049   
4,907      First Industrial Realty Trust, Inc    185,632   
13,834      First Niagara Financial Group, Inc    182,747   
1,600      First Place Financial Corp    29,280   
3,531      Gables Residential Trust    117,582   
748      German American Bancorp    11,594   
1,180      Gladstone Capital Corp    25,040   

287

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

SHARES 
     
VALUE   
 
3,811      Glenborough Realty Trust, Inc  $ 72,866   
2,509      Glimcher Realty Trust    59,463   
1,100      Global Signal, Inc    32,956   
3,300      GMH Communities Trust    38,643   
2,248      Government Properties Trust, Inc    22,390   
1,100      Gramercy Capital Corp    21,450   
5,506      Healthcare Realty Trust, Inc    200,639   
3,199      Heritage Property Investment Trust    94,946   
3,832      Highland Hospitality Corp    39,661   
6,301      Highwoods Properties, Inc    168,993   
3,923      Home Properties, Inc    152,212   
4,600      HomeBanc Corp    40,664   
8,831      IMPAC Mortgage Holdings, Inc    169,379   
4,400      Innkeepers U.S.A. Trust    56,804   
5,199      Investors Real Estate Trust    48,507   
726      iShares Russell 2000 Value Index Fund    133,766   
3,300      Kilroy Realty Corp    135,003   
1,900      Kite Realty Group Trust    27,360   
2,900      Kramont Realty Trust    67,860   
22,400  *    La Quinta Corp    190,400   
3,300      LaSalle Hotel Properties    95,865   
5,700      Lexington Corporate Properties Trust    125,058   
1,800      LTC Properties, Inc    31,230   
4,619      Luminent Mortgage Capital, Inc    50,717   
4,050      Maguire Properties, Inc    96,714   
10,400  *    Meristar Hospitality Corp    72,800   
9,640      MFA Mortgage Investments, Inc    73,360   
2,116      Mid-America Apartment Communities, Inc    77,234   
2,000      Mission West Properties, Inc    21,200   
500      MortgageIT Holdings, Inc    7,975   
2,604      National Health Investors, Inc    67,652   
7,699      Nationwide Health Properties, Inc    155,597   
922      New Century Financial Corp    43,168   
4,287      Newcastle Investment Corp    126,895   
2,868      Novastar Financial, Inc    103,277   
6,011      Omega Healthcare Investors, Inc    66,001   
845      Oriental Financial Group, Inc    19,790   
833      Origen Financial, Inc    5,756   
1,600      Parkway Properties, Inc    74,720   
3,734      Pennsylvania Real Estate Investment Trust    150,555   
4,680      Post Properties, Inc    145,267   
5,234      Prentiss Properties Trust    178,793   
2,009      Prosperity Bancshares, Inc    53,218   
1,900      PS Business Parks, Inc    76,570   
2,900      RAIT Investment Trust    77,778   
1,700      Ramco-Gershenson Properties    46,155   
9,442      Realty Income Corp    216,033   
2,032      Redwood Trust, Inc    103,998   
1,293      Sandy Spring Bancorp, Inc    41,790   
1,322      Saul Centers, Inc    42,304   
5,500      Saxon Capital, Inc    94,600   
6,400      Senior Housing Properties Trust    106,752   
1,804      Sovran Self Storage, Inc    71,493   
7,500      Spirit Finance Corp    81,450   
2,300      Strategic Hotel Capital, Inc    33,810   
1,825      Sun Communities, Inc    65,335   
2,500      Sunstone Hotel Investors, Inc    53,625   
5,471      Susquehanna Bancshares, Inc    133,383   
2,062      Tanger Factory Outlet Centers, Inc    45,364   

288

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

SHARES 
     
VALUE   
 
1,315  *    Tarragon Realty Investors, Inc  $ 26,550   
3,105      Taubman Centers, Inc    86,133   
1,047      Tompkins Trustco, Inc    44,550   
2,600      Trustreet Properties, Inc    40,014   
1,400      Universal Health Realty Income Trust    39,550   
2,500      Urstadt Biddle Properties, Inc (Class A)    38,125   
2,900      U-Store-It Trust    50,460   
2,982      Washington Real Estate Investment Trust    85,732   
419      Westfield Financial, Inc    10,475   
2,800      Winston Hotels, Inc    32,760   
 
     
TOTAL HOLDING AND OTHER INVESTMENT OFFICES 
  9,326,594   
 
 
HOTELS AND OTHER LODGING PLACES - 0.38%       
430      Ameristar Casinos, Inc    23,512   
1,261  *    Bluegreen Corp    16,204   
446  *    Empire Resorts, Inc    3,225   
1,300  *    Great Wolf Resorts, Inc    32,435   
2,200      Marcus Corp    45,100   
4,700  *    Pinnacle Entertainment, Inc    78,490   
2,200  *    Vail Resorts, Inc    55,550   
 
     
TOTAL HOTELS AND OTHER LODGING PLACES 
  254,516   
 
           
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.15%       
200  *    Aaon, Inc    3,292   
12,650  *    Adaptec, Inc    60,593   
4,352  *    Advanced Digital Information Corp    35,686   
3,100    Albany International Corp (Class A)    95,728   
1,187  *    Astec Industries, Inc    26,173   
2,258  *    Axcelis Technologies, Inc    16,483   
1,906    Black Box Corp    71,303   
400  *    Blount International, Inc    6,792   
400    Bucyrus International, Inc (Class A)    15,624   
1,200    Cascade Corp    42,000   
700  *    Dril-Quip, Inc    21,518   
2,109  *    Electronics For Imaging, Inc    37,625   
7,215  *    Emulex Corp    135,931   
2,415  *    EnPro Industries, Inc    66,413   
2,914  *    Esterline Technologies Corp    100,679   
600  *    Flanders Corp    6,768   
6,298  *    Flowserve Corp    162,929   
900  *    FSI International, Inc    3,807   
2,361  *    Gardner Denver, Inc    93,283   
18,713  *    Gateway, Inc    75,413   
3,500  *    Global Power Equipment Group, Inc    33,530   
1,000    Gorman-Rupp Co    21,460   
589  *    Hydril    34,403   
2,900  *    Hypercom Corp    13,717   
2,850    IDEX Corp    114,998   
4,600  *    InFocus Corp    26,404   
2,244  *    Iomega Corp    9,627   
3,491    JLG Industries, Inc    75,231   
4,425    Joy Global, Inc    155,141   
926  *    Kadant, Inc    17,177   

289

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

SHARES 
     
VALUE   
 
1,986    Kaydon Corp  $ 62,360   
4,300    Kennametal, Inc    204,207   
3,050  *    Komag, Inc    68,168   
4,710    Lennox International, Inc    103,243   
200    Lindsay Manufacturing Co    3,816   
800    Lufkin Industries, Inc    38,632   
4,550  *    Milacron, Inc    13,877   
2,700    Modine Manufacturing Co    79,191   
600    Nacco Industries, Inc (Class A)    61,164   
2,584  *    Oil States International, Inc    53,101   
400  *    Overland Storage, Inc    5,872   
4,863  *    PalmOne, Inc    123,423   
3,414  *    Paxar Corp    72,855   
1,354  *    Planar Systems, Inc    12,213   
12,100  *    Quantum Corp    35,211   
1,400    Robbins & Myers, Inc    30,814   
1,006    Sauer-Danfoss, Inc    22,766   
33,600  *    Silicon Graphics, Inc    39,984   
1,120  *    Simpletech, Inc    4,413   
1,500    Standex International Corp    40,950   
3,300    Stewart & Stevenson Services, Inc    75,537   
1,920    Tecumseh Products Co (Class A)    76,051   
818    Tennant Co    31,648   
4,245  *    Terex Corp    183,809   
1,637    Thomas Industries, Inc    64,891   
355  *    Ultratech, Inc    5,183   
5,134  *    UNOVA, Inc    106,017   
400  *    Veeco Instruments, Inc    6,020   
1,128    Woodward Governor Co    80,878   
4,900    York International Corp    191,982   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    3,478,004   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 1.99%       
567    Analogic Corp    24,523   
200  *    Animas Corp    4,042   
1,312  *    Bio-Rad Laboratories, Inc (Class A)    63,908   
2,116  *    Cardiac Science, Inc    2,433   
1,890  *    Coherent, Inc    63,806   
2,500    Cohu, Inc    39,875   
3,476  *    Conmed Corp    104,697   
600  *    Credence Systems Corp    4,746   
1,450    Datascope Corp    44,341   
2,399  *    DRS Technologies, Inc    101,957   
533    EDO Corp    16,017   
700  *    ESCO Technologies, Inc    56,245   
769    E-Z-Em-Inc    9,166   
351  *    FEI Co    8,126   
200  *    Foxhollow Technologies, Inc    5,640   
923  *    Haemonetics Corp    38,914   
2,700  *    Hanger Orthopedic Group, Inc    16,065   
950  *    Herley Industries, Inc    16,255   
1,730  *    Hologic, Inc    55,144   
325  *    Immunicon Corp    1,914   
222  *    Intralase Corp    3,716   
429  *    Intuitive Surgical, Inc    19,507   
2,988    Invacare Corp    133,354   
891  *    LeCroy Corp    15,263   

290

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

SHARES 
     
VALUE   
 
515    Mentor Corp  $ 16,531   
600  *    MKS Instruments, Inc    9,528   
656  *    Molecular Devices Corp    12,464   
1,700    Movado Group, Inc    31,450   
2,109    MTS Systems Corp    61,224   
2,544  *    Newport Corp    36,863   
3,783  *    Pinnacle Systems, Inc    21,147   
1,800  *    Rofin-Sinar Technologies, Inc    57,852   
200  *    Rudolph Technologies, Inc    3,012   
100  *    Sirf Technology Holdings, Inc    1,116   
1,132  *    Steris Corp    28,583   
1,375  *    Sybron Dental Specialties, Inc    49,363   
700    Sypris Solutions, Inc    7,504   
968  *    Techne Corp    38,894   
96    Tektronix, Inc    2,355   
3,634  *    Viasys Healthcare, Inc    69,337   
600    Vital Signs, Inc    23,934   
385  *    Zoll Medical Corp    8,674   
1,189  *    Zygo Corp    15,409   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    1,344,894   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.11%       
1,700    Clark, Inc    26,316   
1,400    Crawford & Co (Class B)    10,010   
848    Hilb, Rogal & Hamilton Co    30,358   
208  *    United America Indemnity Ltd (Class A)    3,919   
435  *    USI Holdings Corp    5,124   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    75,727   
 
 
INSURANCE CARRIERS - 4.12%       
2,480    21st Century Insurance Group    34,596   
1,000    Affirmative Insurance Holdings, Inc    14,750   
4,000    Alfa Corp    57,800   
2,193    American Equity Investment Life Holding Co    28,048   
1,000  *    American Physicians Capital, Inc    34,270   
1,062  *    AMERIGROUP Corp    38,827   
4,680    AmerUs Group Co    221,130   
2,725  *    Argonaut Group, Inc    57,824   
1,000    Baldwin & Lyons, Inc (Class B)    25,940   
331    Bristol West Holdings, Inc    5,131   
3,381  *    Ceres Group, Inc    18,359   
3,549  *    Citizens, Inc    20,407   
2,000  *    CNA Surety Corp    27,200   
2,900    Commerce Group, Inc    179,742   
2,881    Delphi Financial Group, Inc (Class A)    123,883   
933    Donegal Group, Inc    16,953   
700    EMC Insurance Group, Inc    13,342   
1,400    FBL Financial Group, Inc (Class A)    39,200   
897  *    FPIC Insurance Group, Inc    28,839   
700    Great American Financial Resources, Inc    11,858   
1,556    Harleysville Group, Inc    30,902   
4,900    Horace Mann Educators Corp    86,926   
520    Independence Holding Co    9,376   
2,302    Infinity Property & Casualty Corp    71,960   

291

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

SHARES 
     
VALUE   
 
500    Kansas City Life Insurance Co  $ 24,380   
2,105    Landamerica Financial Group, Inc    105,313   
1,000    Midland Co    31,510   
100  *    Molina Healthcare, Inc    4,609   
255  *    National Western Life Insurance Co (Class A)    43,590   
944  *    Navigators Group, Inc    31,289   
300    NYMAGIC, Inc    7,110   
7,100  *    Ohio Casualty Corp    163,158   
1,695  *    Philadelphia Consolidated Holding Corp    131,413   
11,018    Phoenix Cos, Inc    140,810   
900  *    Pico Holdings, Inc    23,319   
3,000  *    PMA Capital Corp (Class A)    24,000   
2,481    Presidential Life Corp    40,391   
3,022  *    ProAssurance Corp    119,369   
2,400    RLI Corp    99,480   
1,226    Safety Insurance Group, Inc    37,957   
3,050    Selective Insurance Group, Inc    141,001   
830    State Auto Financial Corp    22,095   
2,100    Stewart Information Services Corp    78,792   
1,500    Tower Group, Inc    20,010   
1,100  *    Triad Guaranty, Inc    57,871   
4,397    UICI    106,627   
1,800    United Fire & Casualty Co    60,894   
3,100  *    Universal American Financial Corp    53,630   
1,004  *    Vesta Insurance Group, Inc    3,564   
200  *    WellCare Health Plans, Inc    6,092   
100    Zenith National Insurance Corp    5,186   
 
      TOTAL INSURANCE CARRIERS    2,780,723   
 
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.04%       
1,003  *    Geo Group, Inc    28,666   
 
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY    28,666   
 
 
LEATHER AND LEATHER PRODUCTS - 0.34%       
2,200    Brown Shoe Co, Inc    75,394   
1,300  *    Steven Madden Ltd    21,697   
275    Weyco Group, Inc    12,039   
5,634    Wolverine World Wide, Inc    120,737   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    229,867   
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.38%       
12,284  *    Laidlaw International, Inc    255,507   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    255,507   
 
 
LUMBER AND WOOD PRODUCTS - 0.25%       
954    American Woodmark Corp    34,611   
939    Deltic Timber Corp    36,715   
800    Skyline Corp    30,792   
1,729    Universal Forest Products, Inc    67,172   
 
      TOTAL LUMBER AND WOOD PRODUCTS    169,290   
 

292

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

SHARES 
     
VALUE   
 
METAL MINING - 0.22%       
1,044    Cleveland-Cliffs, Inc  $ 76,076   
7,100  *    Hecla Mining Co    38,908   
3,735  *    Stillwater Mining Co    36,790   
 
      TOTAL METAL MINING    151,774   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.72%       
2,554    Blyth, Inc    81,319   
8,000    Callaway Golf Co    102,400   
3,127  *    Jakks Pacific, Inc    67,137   
4,328  *    K2, Inc    59,510   
300  *    Leapfrog Enterprises, Inc    3,405   
3,288    Nautilus, Inc    78,123   
1,900  *    Oneida Ltd    4,750   
1,100    Penn Engineering & Manufacturing Corp    19,855   
949  *    RC2 Corp    32,266   
900    Russ Berrie & Co, Inc    17,235   
731  *    Steinway Musical Instruments, Inc    21,901   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    487,901   
 
 
MISCELLANEOUS RETAIL - 0.72%       
3,551  *    Alloy, Inc    20,880   
900    Blair Corp    29,673   
187  *    Blue Nile, Inc    5,171   
500  *    Build-A-Bear Workshop, Inc    15,325   
1,261    Cash America International, Inc    27,654   
2,700  b*    Friedman's, Inc (Class A)    3,537   
2,171    Hancock Fabrics, Inc    16,152   
3,547    Longs Drug Stores Corp    121,378   
900  *    PC Connection, Inc    5,283   
909  *    Priceline.com, Inc    22,907   
1,549  *    Sports Authority, Inc    42,598   
1,300  *    Systemax, Inc    7,072   
652  *    Valuevision International, Inc (Class A)    8,065   
5,488  *    Zale Corp    163,103   
 
      TOTAL MISCELLANEOUS RETAIL    488,798   
 
 
MOTION PICTURES - 0.24%       
827    Carmike Cinemas, Inc    30,831   
4,079  *    Hollywood Entertainment Corp    53,720   
2,280    Movie Gallery, Inc    65,390   
1,502  *    Reading International, Inc    10,589   
 
      TOTAL MOTION PICTURES    160,530   
 
 
NONDEPOSITORY INSTITUTIONS - 0.86%       
5,800    Advance America Cash Advance Centers, Inc    89,784   
300    Advanta Corp (Class A)    6,240   
2,152    Advanta Corp (Class B)    49,496   
600    Ares Capital Corp    9,840   
1,427    Beverly Hills Bancorp, Inc    15,297   

293

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

SHARES 
     
VALUE   
 
5,199    CharterMac  $ 111,779   
800  *    Collegiate Funding Services LLC    12,464   
2,156  *    CompuCredit Corp    57,393   
984  *    Credit Acceptance Corp    19,464   
1,700  b*    DVI, Inc    2   
905    Federal Agricultural Mortgage Corp (Class C)    15,828   
1,979    Financial Federal Corp    69,997   
4,000    MCG Capital Corp    61,540   
3,700  *    Metris Cos, Inc    42,883   
1,190    NGP Capital Resources Co    19,135   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    581,142   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.13%       
2,175    Amcol International Corp    40,803   
1,756    Compass Minerals International, Inc    44,690   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    85,493   
 
 
OIL AND GAS EXTRACTION - 5.19%       
1,555    Berry Petroleum Co (Class A)    80,005   
800  *    Bill Barrett Corp    23,128   
2,467    Cabot Oil & Gas Corp (Class A)    136,055   
529  *    Callon Petroleum Co    8,221   
4,887  *    Cimarex Energy Co    190,593   
100  *    Clayton Williams Energy, Inc    2,590   
519  *    Comstock Resources, Inc    14,916   
400  *    Edge Petroleum Corp    6,624   
2,647  *    Encore Acquisition Co    109,321   
2,800  *    Energy Partners Ltd    72,716   
5,968  *    Forest Oil Corp    241,704   
9,900  *    Global Industries Ltd    93,060   
8,934  *    Hanover Compressor Co    107,833   
4,386  *    Harvest Natural Resources, Inc    52,150   
2,622    Helmerich & Payne, Inc    104,067   
1,500  *    Houston Exploration Co    85,425   
15,652  *    Key Energy Services, Inc    179,528   
3,854  *    Magnum Hunter Resources, Inc    62,088   
1,100  *    McMoRan Exploration Co    22,110   
7,200  *    Meridian Resource Corp    37,152   
3,939  *    Newpark Resources, Inc    23,201   
2,892  *    Oceaneering International, Inc    108,450   
11,300  *    Parker Drilling Co    64,975   
800  v*    PetroCorp, Inc (Escrow)    -   
7,309  *    Plains Exploration & Production Co    255,084   
5,082    Range Resources Corp    118,716   
272  *    Remington Oil & Gas Corp    8,573   
1,429    RPC, Inc    21,707   
2,198  *    Seacor Smit, Inc    140,122   
3,275  *    Southwestern Energy Co    185,889   
1,710  *    Spinnaker Exploration Co    60,756   
3,381    St. Mary Land & Exploration Co    169,219   
2,174  *    Stone Energy Corp    105,591   
2,848  *    Superior Energy Services, Inc    48,986   
3,400  *    Swift Energy Co    96,696   
1,372  *    Syntroleum Corp    16,793   
1,412  *    Todco    36,486   

294

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

SHARES 
     
VALUE   
 
2,300  *    Transmontaigne, Inc  $ 18,400   
2,700  *    Veritas DGC, Inc    80,892   
5,922    Vintage Petroleum, Inc    186,306   
700    W&T Offshore, Inc    14,532   
2,046  *    W-H Energy Services, Inc    48,961   
1,468  *    Whiting Petroleum Corp    59,865   
 
      TOTAL OIL AND GAS EXTRACTION    3,499,486   
 
 
PAPER AND ALLIED PRODUCTS - 1.16%       
3,500  *    Buckeye Technologies, Inc    37,800   
3,500  *    Caraustar Industries, Inc    45,150   
2,400    Chesapeake Corp    50,448   
3,300    Glatfelter    48,675   
1,516    Greif, Inc (Class A)    105,635   
5,970    Longview Fibre Co    111,997   
1,300  *    Playtex Products, Inc    11,700   
1,800    Pope & Talbot, Inc    31,644   
3,500    Potlatch Corp    164,745   
3,700    Rock-Tenn Co (Class A)    49,210   
1,700    Schweitzer-Mauduit International, Inc    57,035   
4,915    Wausau-Mosinee Paper Corp    69,498   
 
      TOTAL PAPER AND ALLIED PRODUCTS    783,537   
 
 
PERSONAL SERVICES - 0.37%       
4,800  b*    Alderwoods Group, Inc    59,712   
1,000    Angelica Corp    28,000   
2,100    G & K Services, Inc (Class A)    84,609   
1,800    Jackson Hewitt Tax Service, Inc    37,656   
1,000    Unifirst Corp    39,900   
 
      TOTAL PERSONAL SERVICES    249,877   
 
 
PETROLEUM AND COAL PRODUCTS - 0.65%       
200    ElkCorp    7,692   
1,221  *    Giant Industries, Inc    31,380   
2,308    Holly Corp    86,019   
7,607  *    Tesoro Corp    281,611   
1,000    WD-40 Co    32,490   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    439,192   
 
 
PRIMARY METAL INDUSTRIES - 2.24%       
5,896  *    AK Steel Holding Corp    65,210   
1,614  *    Aleris International, Inc    40,269   
4,250    Belden CDT, Inc    94,392   
2,300  *    Brush Engineered Materials, Inc    43,769   
2,800    Carpenter Technology Corp    166,348   
2,402  *    CommScope, Inc    35,934   
1,787    Curtiss-Wright Corp    101,859   
4,196  *    General Cable Corp    50,646   
1,698    Gibraltar Industries, Inc    37,254   
710  *    Lone Star Technologies, Inc    27,995   

295

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

SHARES 
     
VALUE   
 
3,015    Mueller Industries, Inc  $ 84,872   
1,912    NN, Inc    23,556   
2,200  *    NS Group, Inc    69,102   
3,860  *    Oregon Steel Mills, Inc    88,780   
2,910    Quanex Corp    155,161   
2,500  *    RTI International Metals, Inc    58,500   
1,400    Ryerson Tull, Inc    17,738   
2,150    Schnitzer Steel Industries, Inc (Class A)    72,520   
475    Steel Dynamics, Inc    16,364   
1,139    Steel Technologies, Inc    27,325   
2,465    Texas Industries, Inc    132,494   
710  *    Titanium Metals Corp    25,560   
3,500    Tredegar Corp    59,010   
629  *    Wheeling-Pittsburgh Corp    19,530   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,514,188   
 
 
PRINTING AND PUBLISHING - 1.36%       
7,425    American Greetings Corp (Class A)    189,189   
586    Banta Corp    25,081   
2,100    Bowne & Co, Inc    31,584   
426  *    Consolidated Graphics, Inc    22,407   
536    Courier Corp    28,108   
794    CSS Industries, Inc    29,021   
3,000    Ennis, Inc    50,760   
500    Harland (John H.) Co    17,180   
2,104    Hollinger International, Inc    22,934   
1,273    Journal Communications, Inc    21,068   
1,909  *    Journal Register Co    31,880   
900  *    Martha Stewart Living Omnimedia, Inc (Class A)    20,331   
15,891  *    Primedia, Inc    69,126   
953    Pulitzer, Inc    60,735   
3,703    Reader's Digest Association, Inc (Class A)    64,099   
3,483  *    Scholastic Corp    128,488   
1,100    Standard Register Co    13,860   
2,591  *    Valassis Communications, Inc    90,581   
 
      TOTAL PRINTING AND PUBLISHING    916,432   
 
 
RAILROAD TRANSPORTATION - 0.33%       
2,484    Florida East Coast Industries    105,520   
1,930  *    Genesee & Wyoming, Inc (Class A)    50,006   
3,649  *    Kansas City Southern Industries, Inc    70,280   
 
      TOTAL RAILROAD TRANSPORTATION    225,806   
 
 
REAL ESTATE - 0.55% 
     
536  *    Avatar Holdings, Inc    25,112   
1,200  *    CB Richard Ellis Group, Inc    41,988   
2,892  *    Jones Lang LaSalle, Inc    134,912   
200    Orleans Homebuilders, Inc    3,678   
12,800    Stewart Enterprises, Inc (Class A)    78,720   
3,800  *    Trammell Crow Co    78,166   
500  *    ZipRealty, Inc    7,045   
 
      TOTAL REAL ESTATE    369,621   
 

296

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

SHARES 
     
VALUE   
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.36%       
923  *    Applied Films Corp  $ 21,340   
4,320    Aptargroup, Inc    224,554   
1,325    Bandag, Inc    62,248   
7,206    Cooper Tire & Rubber Co    132,302   
18,071  *    Goodyear Tire & Rubber Co    241,248   
318  *    Jarden Corp    14,590   
2,750    Myers Industries, Inc    38,802   
100    Quixote Corp    2,167   
3,578    Schulman (A.), Inc    62,329   
2,300  *    Skechers U.S.A., Inc (Class A)    35,604   
3,000    Spartech Corp    59,550   
1,300    Tupperware Corp    26,468   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    921,202   
 
 
SECURITY AND COMMODITY BROKERS - 0.82%       
1,200  *    Archipelago Holdings, Inc    21,240   
287    BKF Capital Group, Inc    11,483   
1,500    Calamos Asset Management, Inc (Class A)    40,380   
500    Gabelli Asset Management, Inc (Class A)    22,325   
600  *    GFI Group, Inc    16,098   
300    Greenhill & Co, Inc    10,740   
5,105  *    Investment Technology Group, Inc    89,338   
12,814  *    Knight Trading Group, Inc    123,527   
6,160  *    LaBranche & Co, Inc    57,288   
600  *    MarketAxess Holdings, Inc    6,702   
2,083  *    Piper Jaffray Cos    76,217   
1,418    Sanders Morris Harris Group, Inc    25,637   
834  *    Stifel Financial Corp    18,181   
1,900    SWS Group, Inc    30,457   
134    Value Line, Inc    5,226   
 
      TOTAL SECURITY AND COMMODITY BROKERS    554,839   
 
 
SOCIAL SERVICES - 0.04%       
1,975  *    Res-Care, Inc    24,707   
 
      TOTAL SOCIAL SERVICES    24,707   
 
 
SPECIAL TRADE CONTRACTORS - 0.45%       
1,400    Chemed Corp    107,072   
4,276  *    Comfort Systems U.S.A., Inc    33,139   
1,342  *    Dycom Industries, Inc    30,853   
1,739  *    EMCOR Group, Inc    81,420   
2,413  *    Integrated Electrical Services, Inc    6,660   
494  *    Layne Christensen Co    8,531   
1,002  *    Matrix Service Co    4,359   
4,173  *    Quanta Services, Inc    31,840   
 
      TOTAL SPECIAL TRADE CONTRACTORS    303,874   
 

297

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

SHARES 
     
VALUE   
 
STONE, CLAY, AND GLASS PRODUCTS - 0.62%       
900    Ameron International Corp  $ 32,400   
1,655  *    Anchor Glass Container Corp    3,707   
3,100    Apogee Enterprises, Inc    44,268   
2,005    Eagle Materials, Inc    162,285   
1,462    Libbey, Inc    30,702   
2,316  *    U.S. Concrete, Inc    14,521   
3,869  b*    USG Corp    128,296   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    416,179   
 
 
TOBACCO PRODUCTS - 0.20%       
2,933    Universal Corp (Virginia)    134,243   
 
      TOTAL TOBACCO PRODUCTS    134,243   
 
 
TRANSPORTATION BY AIR - 0.80%       
3,100  *    Alaska Air Group, Inc    91,264   
3,574  *    America West Holdings Corp (Class B)    19,407   
7,813  *    Continental Airlines, Inc (Class B)    94,068   
12,674  *    Delta Air Lines, Inc    51,330   
677  *    ExpressJet Holdings, Inc    7,725   
8,000  *    FLYi, Inc    10,160   
2,680  *    Frontier Airlines, Inc    28,086   
107  *    Mesa Air Group, Inc    749   
8,707  *    Northwest Airlines Corp    58,250   
2,400  *    Offshore Logistics, Inc    79,968   
370  *    Republic Airways Holdings, Inc    4,625   
5,002    Skywest, Inc    92,987   
 
      TOTAL TRANSPORTATION BY AIR    538,619   
 
 
TRANSPORTATION EQUIPMENT - 1.62%       
3,156  *    AAR Corp    42,922   
501  *    Aftermarket Technology Corp    8,266   
1,390    Arctic Cat, Inc    37,613   
8,315    ArvinMeritor, Inc    128,633   
1,500    Coachmen Industries, Inc    20,400   
900  *    Ducommun, Inc    18,000   
5,558    Federal Signal Corp    84,315   
5,591  *    GenCorp, Inc    111,820   
600    Greenbrier Cos, Inc    21,054   
4,472  *    Hayes Lemmerz International, Inc    23,254   
2,329    Heico Corp    46,813   
150    Heico Corp (Class A)    2,381   
2,462    Kaman Corp (Class A)    30,652   
688  *    Sequa Corp (Class A)    35,673   
1,351    Standard Motor Products, Inc    15,807   
236  *    Strattec Security Corp    12,645   
2,671    Superior Industries International, Inc    70,541   
4,877  *    Tenneco Automotive, Inc    60,767   
4,400    Trinity Industries, Inc    123,948   
1,900  *    Triumph Group, Inc    73,986   

298

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

SHARES 
     
VALUE   
 
15,178  *    Visteon Corp  $ 86,666   
1,630    Wabash National Corp    39,772   
 
      TOTAL TRANSPORTATION EQUIPMENT    1,095,928   
 
 
TRANSPORTATION SERVICES - 0.43%       
5,862    GATX Corp    194,560   
200  *    HUB Group, Inc    12,534   
1,704  *    Navigant International, Inc    23,277   
946  *    Pacer International, Inc    22,600   
3,148  *    RailAmerica, Inc    39,287   
 
      TOTAL TRANSPORTATION SERVICES    292,258   
 
 
TRUCKING AND WAREHOUSING - 0.81%       
677    Arkansas Best Corp    25,577   
628  *    Central Freight Lines, Inc    2,236   
997  *    Covenant Transport, Inc (Class A)    17,547   
492    Heartland Express, Inc    9,422   
436  *    Landstar System, Inc    14,279   
904  *    Marten Transport Ltd    19,282   
3,229    Overnite Corp    103,296   
743  *    P.A.M. Transportation Services    12,779   
500  *    Quality Distribution, Inc    5,425   
591  *    SCS Transportation, Inc    10,987   
4,048  *    Swift Transportation Co, Inc    89,623   
456  *    U.S. Xpress Enterprises, Inc (Class A)    7,455   
3,291    USF Corp    158,824   
3,501    Werner Enterprises, Inc    68,024   
 
      TOTAL TRUCKING AND WAREHOUSING    544,756   
 
 
WATER TRANSPORTATION - 0.76%       
5,066    Alexander & Baldwin, Inc    208,719   
720  *    Gulfmark Offshore, Inc    18,655   
426  *    Hornbeck Offshore Services, Inc    10,676   
1,351  *    Kirby Corp    56,782   
3,193    Overseas Shipholding Group, Inc    200,872   
769  *    Seabulk International, Inc    15,988   
 
      TOTAL WATER TRANSPORTATION    511,692   
 
 
WHOLESALE TRADE-DURABLE GOODS - 1.59%       
1,800  *    Action Performance Cos, Inc    23,814   
3,000    Agilysys, Inc    58,980   
1,100  *    Alliance Imaging, Inc    10,505   
1,869  *    Anixter International, Inc    67,564   
3,042    Applied Industrial Technologies, Inc    82,742   
800  *    Audiovox Corp (Class A)    10,192   
2,824  *    Aviall, Inc    79,072   
1,674    Barnes Group, Inc    45,483   
1,100  *    Beacon Roofing Supply, Inc    24,074   
595  *    BioVeris Corp    3,142   

299

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

SHARES 
     
VALUE   
 
2,236  *    Brightpoint, Inc  $ 41,880   
100    Compx International, Inc    1,698   
1,500  *    Department 56, Inc    26,190   
511  *    Digi International, Inc    7,011   
2,800    Handleman Co    53,088   
3,952  *    Insight Enterprises, Inc    69,397   
1,000  *    Insurance Auto Auctions, Inc    27,850   
598    Lawson Products, Inc    27,986   
835  *    LKQ Corp    16,758   
2,013    Metal Management, Inc    51,694   
3,689  *    Microtek Medical Holdings, Inc    13,207   
2,681    Owens & Minor, Inc    72,789   
397    Pep Boys-Manny Moe & Jack    6,979   
878    Reliance Steel & Aluminum Co    35,129   
8,215  *    Safeguard Scientifics, Inc    11,665   
2,300  *    TBC Corp  64,078   
2,700    Watsco, Inc  113,670   
2,253  *    Zoran Corp  23,319   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  1,069,956   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.91%     
1,400  *    Advanced Marketing Services, Inc  8,400   
5,674    Airgas, Inc  135,552   
1,221  *    Allscripts Healthcare Solutions, Inc  17,460   
4,691    Chiquita Brands International, Inc  125,625   
5,400    DIMON, Inc  33,750   
1,753    Getty Realty Corp  44,789   
3,100  *    Hain Celestial Group, Inc  57,784   
3,448  *    Men's Wearhouse, Inc  145,540   
2,282  *    Metals USA, Inc  44,704   
1,338    Nash Finch Co  50,831   
1,330    Nu Skin Enterprises, Inc (Class A)  29,938   
2,124  *    Performance Food Group Co  58,792   
5,200    Perrigo Co  99,580   
600  *    Perry Ellis International, Inc  13,464   
3,500    Russell Corp  63,280   
2,073  *    School Specialty, Inc  81,179   
1,300  *    Smart & Final, Inc  15,808   
600    Standard Commercial Corp  11,160   
4,300    Stride Rite Corp  57,190   
3,756  *    United Stationers, Inc  169,959   
1,343    Valhi, Inc  26,390   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  1,291,175   
 
 
      TOTAL COMMON STOCKS  67,327,733   
(Cost $53,876,874) 
 
 
      TOTAL PORTFOLIO - 99.75%  67,327,733   
      (Cost $53,876,874)     
 
      OTHER ASSETS AND LIABILITIES, NET - 0.25%  170,735   
 
 
      NET ASSETS - 100.00% 
$
67,498,468   
 

300

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

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

301

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES 
     
VALUE   
 
COMMON STOCKS - 99.75%     
 
AGRICULTURAL PRODUCTION-CROPS - 0.13%     
500  *    Alico, Inc 
$
26,350   
4,858    Delta & Pine Land Co  131,166   
800  *    John B. Sanfilippo & Son  19,664   
 
      TOTAL AGRICULTURAL PRODUCTION-CROPS  177,180   
 
 
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.03%     
38    Seaboard Corp  40,774   
 
      TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK  40,774   
 
 
AGRICULTURAL SERVICES - 0.00%     
1  *    Cadiz, Inc  15   
 
      TOTAL AGRICULTURAL SERVICES  15   
 
 
AMUSEMENT AND RECREATION SERVICES - 0.91%     
6,633  *    Alliance Gaming Corp  63,610   
3,300  *    Argosy Gaming Co  151,536   
4,446  *    Aztar Corp  126,978   
1,000    Churchill Downs, Inc  39,590   
1,075    Dover Downs Gaming & Entertainment, Inc  13,384   
2,117    Dover Motorsport, Inc  10,691   
3,884  *    Gaylord Entertainment Co  156,914   
1,717  *    Isle of Capri Casinos, Inc  45,569   
1,824  *    Lakes Entertainment, Inc  32,832   
1,400  *    Life Time Fitness, Inc  37,772   
4,380  *    Magna Entertainment Corp (Class A)  26,893   
2,800  *    MTR Gaming Group, Inc  34,720   
3,289  *    Multimedia Games, Inc  25,523   
1,693  *    Nevada Gold & Casinos, Inc  21,670   
8,064  *    Penn National Gaming, Inc  236,920   
11,846  *    Six Flags, Inc  48,806   
1,982    Speedway Motorsports, Inc  70,757   
2,436  *    Sunterra Corp  36,735   
2,482  *    WMS Industries, Inc  69,893   
1,500    World Wrestling Federation Entertainment, Inc  18,000   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  1,268,793   
 

302

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

SHARES 
     
VALUE   
 
APPAREL AND ACCESSORY STORES - 1.30%     
6,957  *    Aeropostale, Inc  $ 227,842   
1,150    Bebe Stores, Inc  39,043   
1,000    Buckle, Inc  34,910   
2,291    Burlington Coat Factory Warehouse Corp  65,752   
1,126  *    Cache, Inc  15,257   
888  *    Carter's, Inc  35,298   
3,296  *    Casual Male Retail Group, Inc  21,391   
2,435    Cato Corp (Class A)  78,529   
1,400  *    Charlotte Russe Holding, Inc  18,088   
14,400  *    Charming Shoppes, Inc  117,072   
2,132  *    Children's Place Retail Stores, Inc  101,803   
4,950    Christopher & Banks Corp  87,120   
600    Deb Shops, Inc  16,932   
3,094  *    Dress Barn, Inc  56,373   
4,702    Finish Line, Inc (Class A)  108,851   
2,772  *    Genesco, Inc  78,780   
2,300    Goody's Family Clothing, Inc  20,769   
3,999  *    Gymboree Corp  50,147   
5,719  *    Hot Topic, Inc  124,960   
2,400  *    Jo-Ann Stores, Inc  67,416   
1,350  *    JOS A. Bank Clothiers, Inc  39,555   
1,200  *    New York & Co, Inc  24,084   
852    Oshkosh B'gosh, Inc (Class A)  25,986   
8,726  *    Payless Shoesource, Inc  137,784   
987  *    Shoe Carnival, Inc  17,272   
2,361  *    Stage Stores, Inc  90,639   
4,394  *    Too, Inc  108,400   
 
      TOTAL APPAREL AND ACCESSORY STORES  1,810,053   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.50%     
4,900  *    Collins & Aikman Corp  6,027   
3,100  *    DHB Industries, Inc  27,280   
1,801  *    Guess?, Inc  24,674   
2,719  *    Hartmarx Corp  25,939   
3,344    Kellwood Co  96,274   
1,800    Oxford Industries, Inc  65,862   
3,098    Phillips-Van Heusen Corp  82,531   
7,540  *    Quiksilver, Inc  218,886   
6,183  *    Warnaco Group, Inc  148,639   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  696,112   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.29%     
1,259  *    Amerco, Inc  58,292   
2,187    Central Parking Corp  37,573   
3,251  *    Dollar Thrifty Automotive Group, Inc  106,568   
2,524  *    Exide Technologies  32,559   
2,000  *    Midas, Inc  45,660   
1,200  *    Monro Muffler Brake, Inc  30,972   
5,300  *    Wright Express Corp  90,630   
       
 
 
  TOTAL AUTO REPAIR, SERVICES AND PARKING    402,254   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.37%       
900 
* 
  America's Car Mart, Inc    31,554   
1,382 
* 
  Asbury Automotive Group, Inc    21,283   
5,781 
* 
  CSK Auto Corp    102,035   
2,600 
* 
  Group 1 Automotive, Inc    68,380   

303

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

SHARES 
     
VALUE   
 
1,800 
  Lithia Motors, Inc (Class A)  $ 46,098   
1,597 
* 
  MarineMax, Inc    49,794   
1,019 
* 
  Rush Enterprises, Inc    17,180   
3,491 
  Sonic Automotive, Inc    79,280   
2,443 
  United Auto Group, Inc    67,989   
1,776 
* 
  West Marine, Inc    37,758   
 
 
  TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS    521,351   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%       
1,800 
  Building Materials Holding Corp    80,064   
2,200 
* 
  Central Garden & Pet Co    96,492   
 
 
  TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES    176,556   
 
 
BUSINESS SERVICES - 10.19%       
4,836 
* 
  @Road, Inc    19,828   
3,650 
* 
  24/7 Real Media, Inc    11,862   
4,825 
  Aaron Rents, Inc    96,500   
4,715 
  ABM Industries, Inc    90,669   
5,500 
* 
  ActivCard Corp    34,925   
5,958 
* 
  Actuate Corp    14,299   
2,900 
  Administaff, Inc    42,340   
3,040 
* 
  Advent Software, Inc    55,267   
3,814 
  Advo, Inc    142,834   
6,600 
* 
  Agile Software Corp    48,048   
2,773 
* 
  Altiris, Inc    66,136   
1,430 
* 
  AMN Healthcare Services, Inc    22,751   
900 
* 
  Ansoft Corp    24,282   
3,840 
* 
  Ansys, Inc    131,366   
3,515 
* 
  Anteon International Corp    136,839   
6,051 
* 
  Aquantive, Inc    66,985   
3,932 
  Arbitron, Inc    168,683   
8,111 
* 
  Ariba, Inc    62,941   
3,596 
* 
  Armor Holdings, Inc    133,376   
7,629 
* 
  Ascential Software Corp    141,365   
4,065 
* 
  Asiainfo Holdings, Inc    20,406   
5,085 
* 
  Aspect Communications Corp    52,935   
5,300 
* 
  Aspen Technology, Inc    30,104   
1,014 
* 
  Asset Acceptance Capital Corp    19,347   
1,000 
* 
  Atari, Inc    3,160   
5,500 
* 
  Autobytel, Inc    27,720   
15,454 
* 
  Bisys Group, Inc    242,319   
1,000 
  Blackbaud, Inc    12,600   
800 
* 
  Blackboard, Inc    13,952   
1,393 
* 
  Blue Coat Systems, Inc    32,736   
9,900 
* 
  Borland Software Corp    80,388   
4,600 
  Brady Corp (Class A)    148,810   
32,610 
* 
  Brocade Communications Systems, Inc    193,051   
3,728 
* 
  CACI International, Inc (Class A)    205,897   
600 
* 
  CallWave, Inc    3,540   
3,763 
* 
  Captaris, Inc    15,240   
3,062 
* 
  Carreker Corp    17,178   
6,653 
  Catalina Marketing Corp    172,313   
920 
* 
  CCC Information Services Group, Inc    21,022   

304

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

SHARES 
     
VALUE   
 
1,500 
  CDI Corp  $ 33,195   
3,667 
* 
  Cerner Corp    192,554   
8,465 
* 
  Chordiant Software, Inc    14,137   
6,550 
* 
  Ciber, Inc    47,619   
55,511 
* 
  CMGI, Inc    115,463   
15,928 
* 
  CNET Networks, Inc    150,360   
800 
  Computer Programs & Systems, Inc    22,464   
2,160 
* 
  Concord Communications, Inc    21,859   
3,100 
* 
  Concur Technologies, Inc    25,172   
4,618 
* 
  Corillian Corp    16,071   
2,006 
* 
  CoStar Group, Inc    73,921   
3,246 
* 
  Covansys Corp    48,414   
24 
bv* 
  Cross Media Marketing Corp    -   
6,319 
* 
  CSG Systems International, Inc    102,936   
2,800 
* 
  Cyberguard Corp    23,072   
3,228 
* 
  Cybersource Corp    16,624   
4,480 
* 
  Dendrite International, Inc    62,899   
1,896 
* 
  Digimarc Corp    11,660   
4,381 
* 
  Digital Insight Corp    71,848   
4,351 
* 
  Digital River, Inc    135,577   
14,168 
* 
  DoubleClick, Inc    109,094   
9,673 
* 
  E.piphany, Inc    34,339   
16,830 
* 
  Earthlink, Inc    151,470   
3,325 
* 
  Echelon Corp    22,743   
4,501 
* 
  Eclipsys Corp    69,675   
2,200 
* 
  eCollege.com, Inc    28,468   
6,175 
* 
  eFunds Corp    137,826   
2,100 
* 
  Electro Rent Corp    28,182   
2,466 
* 
  Embarcadero Technologies, Inc    16,251   
27,503 
* 
  Enterasys Networks, Inc    38,504   
8,145 
* 
  Entrust, Inc    30,544   
5,142 
* 
  Epicor Software Corp    67,360   
1,617 
* 
  EPIQ Systems, Inc    20,989   
1,572 
* 
  Equinix, Inc    66,558   
3,300 
* 
  eSpeed, Inc (Class A)    30,360   
13,900 
* 
   Extreme Networks, Inc    81,871   
4,702 
* 
   F5 Networks, Inc    237,404   
3,936 
  Factset Research Systems, Inc    129,927   
5,200 
* 
   Filenet Corp    118,456   
3,331 
* 
   FindWhat.com    34,542   
316 
* 
   First Advantage Corp    6,636   
3,031 
  Gevity HR, Inc    57,953   
599 
* 
   Greg Manning Auctions, Inc    6,032   
2,600 
* 
   GSI Commerce, Inc    35,178   
7,034 
* 
   Harris Interactive, Inc    32,427   
2,000 
  Healthcare Services Group    48,500   
2,138 
* 
   Heidrick & Struggles International, Inc    78,614   
14,500 
* 
   Homestore, Inc    32,190   
2,600 
* 
   Hudson Highland Group, Inc    44,434   
5,032 
* 
   Hyperion Solutions Corp    221,962   
2,638 
* 
   IDX Systems Corp    91,618   
2,684 
* 
   iGate Corp    10,011   
4,592 
  Imation Corp    159,572   
2,117 
* 
   Infocrossing, Inc    33,533   
10,584 
* 
   Informatica Corp    87,530   
4,047 
* 
   Infospace, Inc    165,239   
4,000 
  infoUSA, Inc    42,040   
1,038 
* 
   Innovative Solutions & Support, Inc    32,957   
4,662 
* 
   Interactive Data Corp    96,736   

305

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

SHARES 
     
VALUE   
 
500 
* 
   Interchange Corp  $ 5,068   
4,268 
* 
   Intergraph Corp    122,961   
5,022 
* 
   Internet Capital Group, Inc    35,254   
4,900 
* 
   Internet Security Systems, Inc    89,670   
192 
  Interpool, Inc    4,243   
952 
* 
   Intersections, Inc    13,852   
1,704 
* 
   Intervideo, Inc    18,744   
4,942 
* 
   Interwoven, Inc    38,498   
2,400 
* 
   Intrado, Inc    29,520   
5,851 
* 
   Ipass, Inc    35,808   
1,436 
* 
   iPayment, Inc    60,599   
660 
* 
   IVAX Diagnostics, Inc    2,673   
4,341 
* 
   iVillage, Inc    26,437   
800 
* 
   Jamdat Mobile, Inc    13,792   
3,254 
* 
   JDA Software Group, Inc    45,686   
2,007 
* 
   Jupitermedia Corp    31,129   
900 
* 
   Kanbay International, Inc    18,414   
6,215 
* 
   Keane, Inc    80,981   
2,200 
  Kelly Services, Inc (Class A)    63,338   
1,946 
* 
   Keynote Systems, Inc    23,099   
3,367 
* 
   Kforce, Inc    37,003   
6,318 
* 
   KFX ,Inc    84,661   
838 
* 
   Kintera, Inc    4,441   
4,205 
* 
   Korn/Ferry International    80,021   
3,997 
* 
   Kronos, Inc    204,287   
5,095 
* 
   Labor Ready, Inc    95,022   
7,053 
* 
   Lawson Software, Inc    41,613   
6,165 
* 
   Lionbridge Technologies    35,079   
13,000 
* 
   Looksmart Ltd    11,570   
6,242 
* 
   Macrovision Corp    142,255   
3,200 
* 
   Magma Design Automation, Inc    37,984   
3,763 
* 
   Manhattan Associates, Inc    76,652   
2,215 
* 
   Mantech International Corp (Class A)    51,100   
6,445 
* 
   Manugistics Group, Inc    10,828   
2,989 
* 
   MAPICS, Inc    38,050   
2,422 
* 
   Mapinfo Corp    29,161   
704 
* 
   Marchex, Inc    13,123   
839 
* 
   Marlin Business Services, Inc    17,099   
6,687 
* 
   Matrixone, Inc    31,897   
2,400 
  McGrath RentCorp    56,112   
1,500 
* 
   Medical Staffing Network Holdings, Inc    9,915   
9,540 
* 
   Mentor Graphics Corp    130,698   
9,979 
* 
   Micromuse, Inc    45,205   
1,601 
* 
   MicroStrategy, Inc    86,886   
5,902 
* 
   Midway Games, Inc    60,555   
14,150 
* 
   Mindspeed Technologies, Inc    31,555   
700 
* 
   Motive, Inc    7,000   
13,471 
* 
   MPS Group, Inc    141,580   
2,400 
* 
   MRO Software, Inc    33,672   
3,400 
* 
   NCO Group, Inc    66,470   
4,503 
* 
   NDCHealth Corp    71,958   
1,700 
* 
   Neoforma, Inc    13,515   
1,600 
* 
   Ness Technologies, Inc    19,168   
7,038 
* 
   NETIQ Corp    80,444   
1,500 
* 
   Netratings, Inc    22,875   
3,000 
* 
   Netscout Systems, Inc    13,350   
2,836 
* 
   Network Equipment Technologies, Inc    15,967   
3,800 
* 
   NIC, Inc    18,126   

306

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

SHARES 
     
VALUE   
 
1,584 
* 
   Open Solutions, Inc  $ 31,411   
1,500 
* 
   Opnet Technologies, Inc    12,540   
7,642 
* 
   Opsware, Inc    39,433   
4,186 
* 
   Packeteer, Inc    64,423   
1,882 
* 
   PalmSource, Inc    17,013   
34,368 
* 
   Parametric Technology Corp    192,117   
2,641 
* 
   PC-Tel, Inc    19,438   
1,700 
* 
   PDF Solutions, Inc    23,800   
1,169 
* 
   PDI, Inc    23,964   
1,399 
* 
   PEC Solutions, Inc    17,599   
3,231 
* 
   Pegasus Solutions, Inc    38,190   
1,300  *    Pegasystems, Inc    6,994   
24  *    Penton Media, Inc    4   
9,503  *    Perot Systems Corp (Class A)    127,720   
700  *    Phase Forward, Inc    4,571   
737  *    PlanetOut, Inc    6,213   
2,491  *    PLATO Learning, Inc    19,430   
5,280  *    Portal Software, Inc    12,778   
1,527  *    Portfolio Recovery Associates, Inc    51,964   
1,147  *    PRA International    30,889   
4,000  *    Progress Software Corp    104,880   
777  *    Proxymed, Inc    6,752   
1,500    QAD, Inc    12,405   
938    Quality Systems, Inc    39,715   
6,295  *    Quest Software, Inc    87,123   
2,900  *    R.H. Donnelley Corp    168,461   
2,483  *    Radisys Corp    35,159   
14,483  *    RealNetworks, Inc    83,712   
3,822  *    Redback Networks, Inc    22,856   
185  *    Redback Networks, Inc Wts 01/02/11    509   
1,300    Renaissance Learning, Inc    22,256   
3,100  *    Rent-Way, Inc    25,420   
7,200  *    Retek, Inc    80,784   
2,210  *    Rewards Network, Inc    9,194   
800  *    RightNow Technologies, Inc    9,808   
3,750    Rollins, Inc    69,750   
8,741  *    RSA Security, Inc    138,545   
8,638  *    S1 Corp    59,948   
3,044  *    SafeNet, Inc    89,220   
1,400  *    Salesforce.com, Inc    20,986   
9,653  *    Sapient Corp    70,901   
10,452  *    Scansoft, Inc    38,881   
4,600  *    Secure Computing Corp    39,422   
6,000  *    Seebeyond Technology Corp    18,960   
3,200  *    Serena Software, Inc    76,032   
914  *    SI International, Inc    25,254   
8,804  *    Sitel Corp    17,256   
2,976  *    Sohu.com, Inc    52,318   
67  b*    SONICblue, Inc    -   
7,700  *    SonicWALL, Inc    39,193   
5,926  *    Sotheby's Holdings, Inc (Class A)    100,505   
2,422  *    Source Interlink Cos, Inc    27,248   
7,520  *    Spherion Corp    56,325   
1,900  *    SPSS, Inc    33,041   
1,649  *    SRA International, Inc (Class A)    99,352   
1,905    SS&C Technologies, Inc    43,434   
1,300    Startek, Inc    21,840   

307

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

SHARES 
     
VALUE   
 
2,700  *    Stellent, Inc  $ 22,707   
1,700  v*    StorageNetworks, Inc    -   
1,250  *    Stratasys, Inc    35,412   
5,056  *    SupportSoft, Inc    26,696   
3,000  *    Sykes Enterprises, Inc    20,610   
914  *    SYNNEX Corp    15,922   
900    Syntel, Inc    15,930   
5,716  *    Take-Two Interactive Software, Inc    223,496   
2,700    Talx Corp    49,032   
4,700  *    TeleTech Holdings, Inc    60,724   
4,874  *    THQ, Inc    137,154   
2,400  *    Tier Technologies, Inc (Class B)    17,688   
10,618  *    Titan Corp    192,823   
696  *    TNS, Inc    12,493   
2,400  *    TradeStation Group, Inc    14,496   
5,025  *    Transaction Systems Architects, Inc    116,329   
269  *    Travelzoo, Inc    13,375   
3,800  *    Trizetto Group, Inc    35,378   
7,034  *    Tumbleweed Communications Corp    19,414   
4,379  *    Tyler Technologies, Inc    33,324   
2,164  *    Ultimate Software Group, Inc    34,581   
6,552  *    United Online, Inc    68,599   
5,559  *    United Rentals, Inc    112,347   
2,230  *    Universal Compression Holdings, Inc    84,450   
9,900  *    Valueclick, Inc    105,039   
1,643  *    Verint Systems, Inc    57,406   
3,491  *    Verity, Inc    32,990   
848  *    Vertrue, Inc    30,053   
36,734  *    Vignette Corp    48,122   
1,000  *    Volt Information Sciences, Inc    24,150   
4,777  *    WatchGuard Technologies, Inc    15,430   
3,775  *    WebEx Communications, Inc    81,502   
6,096  *    webMethods, Inc    33,406   
3,000  *    Websense, Inc    161,400   
800  *    WebSideStory, Inc    9,800   
9,038  *    Wind River Systems, Inc    136,293   
2,940  *    Witness Systems, Inc    51,597   
3,893  *    Zix Corp    14,560   
 
      TOTAL BUSINESS SERVICES    14,226,911   
 
 
CHEMICALS AND ALLIED PRODUCTS - 6.36%       
10,006  *    Abgenix, Inc    70,042   
2,302  *    Able Laboratories, Inc    54,005   
2,800    Aceto Corp    20,776   
4,999  *    Adolor Corp    49,690   
1,219  *    Advancis Pharmaceutical Corp    4,510   
2,755  *    Albany Molecular Research, Inc    28,321   
4,500    Albemarle Corp    163,620   
3,400 
* 
  Alexion Pharmaceuticals, Inc    73,661   
11,189 
* 
  Alkermes, Inc    116,142   
4,966      Alpharma, Inc (Class A)    61,181   
778      American Vanguard Corp    34,909   
2,900      Arch Chemicals, Inc    82,563   
3,725 
* 
  Array Biopharma, Inc    26,112   
4,870 
* 
  Atherogenics, Inc    63,748   

308

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

SHARES 
     
VALUE   
 
9,000 
* 
  Avant Immunotherapeutics, Inc  $ 14,670   
1,009 
* 
  Barrier Therapeutics, Inc    15,629   
1,900 
* 
  Benthley Pharmaceuticals, Inc    13,984   
2,532 
* 
  BioCryst Pharmaceuticals, Inc    11,673   
4,011 
* 
  Bioenvision, Inc    23,063   
8,114 
* 
  BioMarin Pharmaceutical, Inc    41,787   
1,821 
* 
  Biosite, Inc    94,747   
2,080 
* 
  Bone Care International, Inc    53,955   
1,700 
* 
  Bradley Pharmaceuticals, Inc    16,252   
4,100      Calgon Carbon Corp    35,014   
3,246      Cambrex Corp    69,140   
2,130 
* 
  CancerVax Corp    14,037   
1,020 
* 
  Caraco Pharmaceutical Laboratories Ltd    8,344   
5,900 
* 
  Cell Genesys, Inc    26,727   
7,300 
* 
  Cell Therapeutics, Inc    26,207   
2,146 
* 
  Chattem, Inc    95,433   
3,989 
* 
  Connetics Corp    100,882   
497 
* 
  Corcept Therapeutics, Inc    2,256   
748 
* 
  Corgentech, Inc    1,735   
6,967 
* 
  Corixa Corp    21,389   
14,675   
  Crompton Corp    214,255   
6,175 
* 
  Cubist Pharmaceuticals, Inc    65,579   
5,460 
* 
  Curis, Inc    19,547   
3,931 
* 
  Cypress Bioscience, Inc    35,929   
4,964      Cytec Industries, Inc    269,297   
1,952 
* 
  Cytogen Corp    11,302   
938 
* 
  Cytokinetics, Inc    6,153   
7,385 
* 
  Dendreon Corp    40,248   
2,900      Diagnostic Products Corp    140,070   
1,880 
* 
  Digene Corp    39,010   
6,900 
* 
  Discovery Laboratories, Inc    38,847   
1,748 
* 
  Dov Pharmaceutical, Inc    23,913   
4,400 
* 
  Durect Corp    16,016   
2,095 
* 
  Dusa Pharmaceuticals, Inc    18,289   
763 
* 
  Dynavax Technologies Corp    3,563   
2,902 
* 
  Elizabeth Arden, Inc    68,893   
7,052 
* 
  Encysive Pharmaceuticals, Inc    72,071   
5,491 
* 
  Enzon, Inc    55,953   
2,716 
* 
  EPIX Pharmaceuticals, Inc    19,012   
5,800 
  Ferro Corp    109,156   
3,275 
* 
  First Horizon Pharmaceutical    55,282   
4,669 
* 
  FMC Corp    249,558   
7,991 
* 
  Genaera Corp    18,219   
17,287 
* 
  Genelabs Technologies    10,372   
10,485 
* 
  Genta, Inc    11,848   
3,625 
  Georgia Gulf Corp    166,678   
6,935 
* 
  Geron Corp    42,373   
6,497      Great Lakes Chemical Corp    208,684   
685 
* 
  GTx, Inc    6,234   
5,910 
* 
  Guilford Pharmaceuticals, Inc    13,593   
3,695 
  H.B. Fuller Co    107,155   
1,807 
* 
  Hollis-Eden Pharmaceuticals    12,730   
16,603 
* 
  Human Genome Sciences, Inc    153,080   
700 
* 
  Idenix Pharmaceuticals, Inc    13,895   
5,752 
* 
  Immucor, Inc    173,653   
4,978 
* 
  Immunogen, Inc    26,035   

309

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

SHARES 
     
VALUE   
 
5,148 
* 
  Immunomedics, Inc  $ 12,510   
6,087 
* 
  Impax Laboratories, Inc    97,392   
4,860 
* 
  Indevus Pharmaceuticals, Inc    13,511   
5,693 
* 
  Inkine Pharmaceutical Co    17,648   
5,109 
* 
  Inspire Pharmaceuticals, Inc    41,689   
700 
  Inter Parfums, Inc    10,080   
3,700 
* 
  InterMune, Inc    40,700   
1,837 
* 
   Inverness Medical Innovations, Inc    43,170   
6,800 
* 
   Isis Pharmaceuticals, Inc    26,316   
2,954 
* 
   Isolagen, Inc    18,581   
1,625 
* 
  Kos Pharmaceuticals, Inc    67,730   
531      Kronos Worldwide, Inc    22,573   
4,600 
* 
  KV Pharmaceutical Co (Class A)    106,720   
800 
* 
  Lannett Co, Inc    5,040   
9,035 
* 
  Ligand Pharmaceuticals, Inc (Class B)    51,771   
3,358 
  MacDermid, Inc    109,135   
2,016 
  Mannatech, Inc    39,413   
1,500 
* 
  MannKind Corp    21,345   
900 
* 
  Marshall Edwards, Inc    7,506   
13,200 
* 
  Medarex, Inc    94,116   
6,041 
* 
  Medicines Co    136,889   
2,600 
  Minerals Technologies, Inc    171,028   
800 
* 
  Momenta Pharmaceuticals, Inc    6,776   
16,212 
* 
  Mosaic Co    276,577   
2,903 
* 
  Myogen, Inc    22,905   
7,037 
* 
  Nabi Biopharmaceuticals    87,822   
1,334 
  Nature's Sunshine Products, Inc    22,905   
3,900 
* 
  Neose Technologies, Inc    10,062   
3,240 
* 
  Neurogen Corp    22,939   
1,907 
* 
  NewMarket Corp    35,470   
1,610 
* 
  NitroMed, Inc    27,869   
1,200  *    NL Industries, Inc    27,720   
2,990  *    Northfield Laboratories, Inc    33,637   
3,000  *    Noven Pharmaceuticals, Inc    50,880   
4,584  *    NPS Pharmaceuticals, Inc    57,850   
1,097  *    Nutraceutical International Corp    17,398   
4,494  *    Nuvelo, Inc    29,211   
1,500    Octel Corp    27,795   
8,900    Olin Corp    198,470   
3,637  *    OM Group, Inc    110,638   
4,700  *    Omnova Solutions, Inc    25,239   
4,401  *    Onyx Pharmaceuticals, Inc    137,971   
4,636  *    OraSure Technologies, Inc    34,121   
3,700  *    Pain Therapeutics, Inc    18,796   
6,000  *    Palatin Technologies, Inc    14,040   
4,396  *    Par Pharmaceutical Cos, Inc    147,002   
2,500  *    Penwest Pharmaceuticals Co    30,900   
14,900  *    Peregrine Pharmaceuticals, Inc    21,903   
1,332  *    PetMed Express, Inc    9,870   
2,312  *    Pharmacyclics, Inc    18,565   
1,972  *    Pharmion Corp    57,188   
3,473    PolyMedica Corp    110,302   
11,738  *    PolyOne Corp    104,233   
3,000  *    Pozen, Inc    15,630   
6,400  *    Praecis Pharmaceuticals, Inc    6,720   
3,700  *    Prestige Brands Holdings, Inc    65,305   
1,600  *    Progenics Pharmaceuticals    26,896   
1,200    Quaker Chemical Corp    24,648   

310

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

SHARES 
     
VALUE   
 
3,700  *    Quidel Corp  $ 14,467   
639  *    Renovis, Inc    5,157   
17,818  *    Revlon, Inc (Class A)    51,316   
4,562  *    Salix Pharmaceuticals Ltd    75,227   
1,094  *    Santarus, Inc    5,317   
4,993  *    Sciclone Pharmaceuticals, Inc    14,180   
4,200  *    Serologicals Corp    102,648   
700    Stepan Co    16,457   
6,617  *    SuperGen, Inc    32,159   
1,924  *    SurModics, Inc    61,395   
2,816  *    Tanox, Inc    27,034   
1,181  *    Tercica, Inc    9,011   
6,156  *    Terra Industries, Inc    47,771   
3,300  *    Third Wave Technologies, Inc    19,008   
3,500  *    UAP Holding Corp    56,350   
2,600  *    United Therapeutics Corp    118,807   
1,400  *    USANA Health Sciences, Inc    66,220   
10,721    USEC, Inc    174,538   
11,830    Valeant Pharmaceuticals International    266,412   
9,872  *    Vertex Pharmaceuticals, Inc    92,402   
6,437  *    Vicuron Pharmaceuticals, Inc    101,447   
7,377  *    Vion Pharmaceuticals, Inc    21,024   
1,200  *    Virbac Corp    4,230   
4,039    Wellman, Inc    58,404   
3,846    West Pharmaceutical Services, Inc    91,919   
1,600    Westlake Chemical Corp    51,760   
8,367  b*    WR Grace & Co    71,287   
6,648  *    Zila, Inc    26,858   
2,541  *    Zymogenetics, Inc    38,776   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    8,885,393   
 
 
COAL MINING - 0.08% 
     
3,800  *    Alpha Natural Resources, Inc    108,946   
 
      TOTAL COAL MINING    108,946   
 
 
COMMUNICATIONS - 1.82%       
4,353  *    Airspan Networks, Inc    22,244   
12,966  *    Alamosa Holdings, Inc    151,313   
1,836    Alaska Communications Systems Group, Inc    18,452   
500  *    Beasley Broadcast Group, Inc (Class A)    8,890   
2,600  *    Boston Communications Group    18,512   
1,300  *    Centennial Communications Corp    14,105   
33,523  *    Charter Communications, Inc (Class A)    53,637   
30,756  *    Cincinnati Bell, Inc    130,713   
2,759  *    Commonwealth Telephone Enterprises, Inc    130,059   
2,000  *    Crown Media Holdings, Inc (Class A)    18,020   
2,100    CT Communications, Inc    22,113   
6,340  *    Cumulus Media, Inc (Class A)    90,345   
1,500    D&E Communications, Inc    13,695   
15,089  *    Dobson Communications Corp (Class A)    30,480   
6,200  *    Emmis Communications Corp (Class A)    119,164   
6,042  *    Entravision Communications Corp (Class A)    53,592   
975  *    Fisher Communications, Inc    50,417   
5,798  *    General Communication, Inc (Class A)    52,936   

311

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

SHARES 
     
VALUE   
 
1,900    Golden Telecom, Inc  $ 48,640   
5,700    Gray Television, Inc    82,479   
1,000  *    InPhonic, Inc    22,715   
5,644  *    Insight Communications Co, Inc    66,881   
33,261  *    Internap Network Services Corp    19,624   
2,500    Iowa Telecommunications Services, Inc    48,750   
5,319  *    ITC Deltacom, Inc    4,202   
2,400  *    j2 Global Communications, Inc    82,344   
2,047    Liberty Corp    83,006   
3,412  *    Lin TV Corp (Class A)    57,765   
1,759  *    Lodgenet Entertainment Corp    33,140   
2,800  *    Mastec, Inc    22,988   
8,371  *    Mediacom Communications Corp    54,746   
4,800  *    Net2Phone, Inc    7,728   
1,307  *    Nexstar Broadcasting Group, Inc    9,214   
1,900    North Pittsburgh Systems, Inc    37,554   
2,644  *    Novatel Wireless, Inc    28,423   
9,208  *    Paxson Communications Corp    6,354   
7,800  *    Premiere Global Services, Inc    88,296   
4,908  *    Price Communications Corp    85,890   
10,300  *    Primus Telecommunications Group    16,171   
7,600  bv*    RCN Corp    -   
4,200  *    Regent Communications, Inc    22,470   
2,000  *    Saga Communications, Inc (Class A)    32,200   
1,215  *    Salem Communications Corp (Class A)    25,029   
900    Shenandoah Telecom Co    27,900   
5,800    Sinclair Broadcast Group, Inc (Class A)    46,574   
4,700  *    Spanish Broadcasting System, Inc (Class A)    48,222   
1,769    SureWest Communications    40,793   
3,000  *    Talk America Holdings, Inc    19,350   
43,374  *    Terremark Worldwide, Inc    28,193   
7,100  *    Time Warner Telecom, Inc (Class A)    28,187   
6,600  *    Tivo, Inc    34,122   
74  b*    Touch America Holdings, Inc    -   
5,049  *    Triton PCS Holdings, Inc (Class A)    11,209   
58  *    U.S. Unwired, Inc (Class A)    244   
8,896  *    Ubiquitel, Inc    59,603   
3,133  *    USA Mobility, Inc    101,509   
3,900    Valor Communications Group, Inc    56,433   
6,028  *    Wireless Facilities, Inc    37,675   
2,314  *    Young Broadcasting, Inc (Class A)    19,993   
 
      TOTAL COMMUNICATIONS    2,545,303   
 
 
DEPOSITORY INSTITUTIONS - 8.88%       
1,491    1st Source Corp    31,803   
1,460    ABC Bancorp    24,659   
1,143  *    ACE Cash Express, Inc    26,003   
1,220  *    AmericanWest Bancorp    23,509   
2,607    Anchor Bancorp Wisconsin, Inc    73,283   
1,058    Arrow Financial Corp    28,809   
800    Atlantic Coast Federal    9,968   
500    Bancfirst Corp    34,510   
9,896    Bancorpsouth, Inc    204,253   
1,100    BancTrust Financial Group, Inc    22,264   
8,999    Bank Mutual Corp    106,368   
1,575    Bank of Granite Corp    29,122   
1,400    Bank of The Ozarks, Inc    44,450   
5,294    BankAtlantic Bancorp, Inc (Class A)    92,116   

312

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

SHARES 
     
VALUE   
 
3,320    BankUnited Financial Corp (Class A)  $ 89,175   
1,289    Banner Corp    34,764   
700    Berkshire Hills Bancorp, Inc    23,625   
1,196  *    BFC Financial Corp    11,302   
3,400    Boston Private Financial Holdings, Inc    80,750   
1,000    Bryn Mawr Bank Corp    20,420   
1,000    Camden National Corp    35,350   
1,200    Capital City Bank Group, Inc    48,612   
700    Capital Corp of the West    32,536   
606  *    Capital Crossing Bank    19,937   
2,225    Cascade Bancorp    43,187   
5,486    Cathay General Bancorp    172,809   
1,100    Center Financial Corp    19,393   
1,412  *    Central Coast Bancorp    23,679   
3,831    Central Pacific Financial Corp    128,913   
594    Century Bancorp, Inc (Class A)    17,030   
591    Charter Financial Corp    19,722   
3,155    Chemical Financial Corp    102,553   
5,925    Chittenden Corp    154,465   
5,462    Citizens Banking Corp    160,364   
1,000    Citizens First Bancorp, Inc    22,340   
1,000    City Bank    32,340   
2,200    City Holding Co    64,977   
1,637    Clifton Savings Bancorp, Inc    18,334   
1,656    Coastal Financial Corp    24,906   
1,550    CoBiz, Inc    30,039   
900    Columbia Bancorp    28,674   
1,990    Columbia Banking System, Inc    47,263   
4,699    Commercial Capital Bancorp, Inc    95,625   
5,182    Commercial Federal Corp    143,282   
3,322    Community Bank System, Inc    76,107   
1,509    Community Trust Bancorp, Inc    43,474   
2,000    Corus Bankshares, Inc    95,380   
5,712    CVB Financial Corp    103,616   
3,750    Dime Community Bancshares    57,000   
2,547    Downey Financial Corp    156,717   
6,300    East West Bancorp, Inc    232,596   
1,000  *    EuroBancshares, Inc    16,910   
3,168  *    Euronet Worldwide, Inc    90,446   
800    Farmers Capital Bank Corp    27,040   
2,700    Fidelity Bankshares, Inc    62,046   
1,080    Financial Institutions, Inc    21,395   
1,400    First Bancorp (North Carolina)    31,696   
4,416    First Bancorp (Puerto Rico)    186,576   
1,700    First Busey Corp (Class A)    32,895   
3,800    First Charter Corp    85,842   
792    First Citizens Bancshares, Inc (Class A)    115,933   
8,697    First Commonwealth Financial Corp    119,149   
1,677    First Community Bancorp    74,291   
1,220      First Community Bancshares, Inc    34,245   
4,300      First Financial Bancorp    78,475   
1,900      First Financial Bankshares, Inc    84,797   
1,700      First Financial Corp (Indiana)    50,235   
1,800      First Financial Holdings, Inc    50,004   
2,415      First Merchants Corp    62,549   
5,948      First Midwest Bancorp, Inc    193,191   
900      First Oak Brook Bancshares, Inc    26,361   
500      First of Long Island Corp    21,160   

313

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

SHARES 
     
VALUE   
 
2,500      First Republic Bank  $ 80,925   
1,900      First State Bancorp    32,253   
2,172 
* 
  FirstFed Financial Corp    110,794   
4,100      Flagstar Bancorp, Inc    80,155   
1,996      Flushing Financial Corp    36,327   
7,176      FNB Corp    137,420   
1,000      FNB Corp (Virginia)    25,780   
1,245 
* 
  Franklin Bank Corp    21,476   
2,000      Frontier Financial Corp    75,800   
1,333      GB&T Bancshares, Inc    28,873   
3,100      Glacier Bancorp, Inc    94,550   
5,000      Gold Banc Corp, Inc    70,150   
1,307      Great Southern Bancorp, Inc    42,438   
6,593      Greater Bay Bancorp    160,935   
3,500      Hancock Holding Co    113,750   
3,696      Hanmi Financial Corp    61,169   
2,800      Harbor Florida Bancshares, Inc    95,480   
3,381      Harleysville National Corp    71,846   
1,100      Heartland Financial U.S.A., Inc    21,846   
1,300      Horizon Financial Corp    24,414   
900      IberiaBank Corp    50,634   
1,845      Independent Bank Corp (Massachusetts)    53,505   
2,464      Independent Bank Corp (Michigan)    70,889   
2,000      Integra Bank Corp    44,280   
2,050      Interchange Financial Services Corp    35,363   
75      International Bancshares Corp    2,600   
2,200      Irwin Financial Corp    50,644   
759 
* 
  Itla Capital Corp    37,920   
409      K-Fed Bancorp    5,166   
3,890      KNBT Bancorp, Inc    59,517   
2,075      Lakeland Bancorp, Inc    32,308   
800      Lakeland Financial Corp    30,760   
1,055      Macatawa Bank Corp    35,422   
3,587      MAF Bancorp, Inc    149,004   
1,900      Main Street Banks, Inc    50,312   
1,223      MainSource Financial Group, Inc    26,882   
2,500      MB Financial, Inc    95,750   
1,938      MBT Financial Corp    36,570   
935      Mercantile Bank Corp    38,223   
3,000      Mid-State Bancshares    79,800   
1,300      Midwest Banc Holdings, Inc    25,883   
2,373      Nara Bancorp, Inc    33,341   
400      NASB Financial, Inc    15,840   
4,293      National Penn Bancshares, Inc    105,479   
1,000      NBC Capital Corp    24,180   
4,100      NBT Bancorp, Inc    91,881   
6,086      NetBank, Inc    51,609   
2,571      Northwest Bancorp, Inc    55,045   
400      Oak Hill Financial, Inc    13,464   
1,400      OceanFirst Financial Corp    32,158   
5,100 
* 
  Ocwen Financial Corp    41,157   
8,967      Old National Bancorp    182,030   
1,714      Old Second Bancorp, Inc    51,720   
1,369      Omega Financial Corp    40,776   
5,719      Pacific Capital Bancorp    170,312   
1,879      Park National Corp    211,388   
4,354      Partners Trust Financial Group, Inc    46,152   

314

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

SHARES 
     
VALUE   
 
968      Peapack Gladstone Financial Corp  $ 26,136   
1,100      Pennfed Financial Services, Inc    16,324   
990      Pennrock Financial Services Corp    34,571   
1,265      Peoples Bancorp, Inc    34,029   
1,250      Peoples Holding Co    38,875   
2,320      PFF Bancorp, Inc    64,032   
700      Placer Sierra Bancshares    16,079   
5,739      Provident Bancorp, Inc    70,245   
4,166      Provident Bankshares Corp    137,311   
750      Provident Financial Holdings    22,305   
9,256      Provident Financial Services, Inc    158,278   
700 
* 
  QC Holdings, Inc    10,521   
3,444      R & G Financial Corp (Class B)    107,349   
1,002      Republic Bancorp, Inc (Class A) (Kentucky)    22,259   
9,018      Republic Bancorp, Inc (Michigan)    122,104   
2,200 
* 
  Riggs National Corp    41,998   
624      Royal Bancshares of Pennsylvania (Class A)    14,171   
3,049      S & T Bancorp, Inc    107,935   
1,598      S.Y. Bancorp, Inc    35,156   
760      Santander Bancorp    20,011   
1,050      SCBT Financial Corp    31,531   
1,440      Seacoast Banking Corp of Florida    28,339   
600      Security Bank Corp    24,714   
760 
* 
  Signature Bank    20,148   
4,517 
* 
  Silicon Valley Bancshares    199,019   
1,800      Simmons First National Corp (Class A)    44,676   
695      Smithtown Bancorp, Inc    19,474   
1,976      Southern Community Financial Corp    18,574   
1,283    Southside Bancshares, Inc    26,738   
8,700    Southwest Bancorp of Texas, Inc    159,645   
1,300    Southwest Bancorp, Inc    23,985   
1,045    State Bancorp, Inc    27,180   
900    State Financial Services Corp (Class A)    33,255   
2,078    Sterling Bancorp    50,433   
5,600    Sterling Bancshares, Inc    79,520   
2,750    Sterling Financial Corp (Pennsylvania)    71,555   
2,877  *    Sterling Financial Corp (Spokane)    102,709   
1,281  *    Sun Bancorp, Inc (New Jersey)    29,316   
500    Taylor Capital Group, Inc    16,325   
2,816  *    Texas Capital Bancshares, Inc    59,136   
5,190    Texas Regional Bancshares, Inc (Class A)    156,271   
2,296    TierOne Corp    53,956   
1,300    Trico Bancshares    27,235   
9,522    Trustco Bank Corp NY    109,408   
6,003    Trustmark Corp    174,087   
1,557    U.S.B. Holding Co, Inc    34,550   
1,985    UMB Financial Corp    112,986   
5,636    Umpqua Holdings Corp    131,601   
1,049    Union Bankshares Corp    33,589   
4,748    United Bankshares, Inc    157,349   
3,500    United Community Banks, Inc    83,055   
3,379    United Community Financial Corp    37,473   
986    Univest Corp of Pennsylvania    39,253   
2,677    Unizan Financial Corp    69,602   
875  *    Virginia Commerce Bancorp    23,660   
899    Virginia Financial Group, Inc    29,573   
1,603    Washington Trust Bancorp, Inc    44,050   
2,643    Wesbanco, Inc    72,709   

315

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

SHARES 
     
VALUE   
 
2,005    West Bancorporation  $ 34,165   
1,900    West Coast Bancorp    45,220   
4,054    Westamerica Bancorp    209,876   
880  *    Western Sierra Bancorp    30,034   
2,054    Wilshire Bancorp, Inc    26,784   
2,742    Wintrust Financial Corp    129,121   
900    WSFS Financial Corp    47,304   
1,013    Yardville National Bancorp    33,044   
 
      TOTAL DEPOSITORY INSTITUTIONS    12,403,870   
 
 
EATING AND DRINKING PLACES - 1.70%       
1,300  *    BJ's Restaurants, Inc    25,207   
5,003    Bob Evans Farms, Inc    117,320   
741  *    Buffalo Wild Wings, Inc    28,032   
2,400  *    California Pizza Kitchen, Inc    56,256   
6,379    CBRL Group, Inc    263,453   
4,650  *    CEC Entertainment, Inc    170,190   
6,400  *    CKE Restaurants, Inc    101,440   
3,051  *    Cosi, Inc    20,747   
1,400  *    Dave & Buster's, Inc    26,180   
3,100    Domino's Pizza, Inc    57,939   
2,600    IHOP Corp    123,968   
4,700  *    Jack In The Box, Inc    174,370   
7,021  *    Krispy Kreme Doughnuts, Inc    53,570   
2,745    Landry's Restaurants, Inc    79,385   
1,900    Lone Star Steakhouse & Saloon, Inc    54,920   
2,727  *    O'Charley's, Inc    59,285   
3,251  *    P.F. Chang's China Bistro, Inc    194,410   
1,375  *    Papa John's International, Inc    47,740   
4,400  *    Rare Hospitality International, Inc    135,872   
1,581  *    Red Robin Gourmet Burgers, Inc    80,489   
5,336  *    Ryan's Restaurant Group, Inc    77,532   
7,646  *    Sonic Corp    255,376   
1,300  *    Texas Roadhouse, Inc (Class A)    36,504   
3,600  *    The Steak N Shake Co    69,660   
1,500    Triarc Cos (Class A)    21,300   
3,000    Triarc Cos (Class B)    41,490   
 
      TOTAL EATING AND DRINKING PLACES    2,372,635   
 
 
EDUCATIONAL SERVICES - 0.25%       
2,100  *    Educate, Inc    29,127   
1,100  *    Learning Tree International, Inc    15,851   
2,100  *    Princeton Review, Inc    11,571   
1,954    Strayer Education, Inc    221,427   
1,939  *    Universal Technical Institute, Inc    71,355   
 
      TOTAL EDUCATIONAL SERVICES    349,331   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 3.78%       
2,100    American States Water Co    53,130   
29,500  *    Aquila, Inc    112,985   
9,847    Atmos Energy Corp    265,869   
6,090    Avista Corp    106,575   

316

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

SHARES 
     
VALUE   
 
4,010    Black Hills Corp  $ 132,611   
2,200    California Water Service Group    73,414   
56,007  *    Calpine Corp    156,820   
1,400    Cascade Natural Gas Corp    27,944   
2,301  *    Casella Waste Systems, Inc (Class A)    30,442   
1,500    Central Vermont Public Service Corp    33,720   
2,055    CH Energy Group, Inc    93,913   
6,100    Cleco Corp    129,930   
24,944  *    CMS Energy Corp    325,270   
1,000    Connecticut Water Service, Inc    24,940   
389    Crosstex Energy, Inc    17,027   
9,738    Duquesne Light Holdings, Inc    174,505   
1,302  *    Duratek, Inc    25,975   
5,931  *    El Paso Electric Co    112,689   
3,269    Empire District Electric Co    76,037   
4,700    Energen Corp    313,020   
1,000    EnergySouth, Inc    28,635   
5,350    Idacorp, Inc    151,780   
2,600    Laclede Group, Inc    75,920   
2,556    MGE Energy, Inc    84,731   
1,333    Middlesex Water Co    24,194   
3,500    New Jersey Resources Corp    152,355   
5,533    Nicor, Inc    205,219   
3,500    Northwest Natural Gas Co    126,595   
1,000    Ormat Technologies, Inc    15,660   
3,611    Otter Tail Corp    90,419   
4,767    Peoples Energy Corp    199,833   
9,730    Piedmont Natural Gas Co, Inc    224,179   
7,750    PNM Resources, Inc    206,770   
2,100    Resource America, Inc (Class A)    73,594   
15,011  *    Sierra Pacific Resources    161,368   
900    SJW Corp    31,617   
1,800    South Jersey Industries, Inc    101,520   
10,927  *    Southern Union Co    274,377   
4,800    Southwest Gas Corp    115,968   
2,249    Southwest Water Co    23,457   
1,700    UIL Holdings Corp    86,105   
4,400    Unisource Energy Corp    136,268   
6,052  *    Waste Connections, Inc    210,307   
6,160    WGL Holdings, Inc    190,714   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    5,278,401   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.02%       
3,294  *    Actel Corp    50,662   
2,500  *    Advanced Energy Industries, Inc    24,175   
8,453  *    Aeroflex, Inc    78,866   
4,100  *    Alliance Semiconductor Corp    10,209   
3,630  *    American Superconductor Corp    36,227   
4,110  *    AMIS Holdings, Inc    46,402   
2,261  *    Anaren Microwave, Inc    27,426   
2,500  *    Applica, Inc    12,650   
1,300    Applied Signal Technology, Inc    29,770   
10,762  *    Arris Group, Inc    74,365   
4,400  *    Artesyn Technologies, Inc    38,324   
1,094  *    Atheros Communications, Inc    11,235   
4,000  *    ATMI, Inc    100,160   

317

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

SHARES 
     
VALUE   
 
9,819  *    Avanex Corp  $ 12,765   
4,200    Baldor Electric Co    108,402   
1,400    Bel Fuse, Inc (Class B)    42,420   
5,209  *    Benchmark Electronics, Inc    165,802   
6,710  *    Broadwing Corp    27,779   
3,351    C&D Technologies, Inc    33,678   
2,432  *    California Micro Devices Corp    12,282   
11,973  *    Capstone Turbine Corp    18,558   
2,378  *    Carrier Access Corp    14,173   
1,044  *    Catapult Communications Corp    22,289   
6,060  *    C-COR, Inc    36,845   
3,062  *    Ceradyne, Inc    68,497   
5,112  *    Checkpoint Systems, Inc    86,291   
765  *    Cherokee International Corp    5,347   
482  *    Color Kinetics, Inc    4,859   
1,897  *    Comtech Telecommunications    98,834   
4,503    CTS Corp    58,539   
2,111    Cubic Corp    39,982   
4,585  *    DDi Corp    12,838   
2,256  *    Digital Theater Systems, Inc    40,856   
900  *    Diodes, Inc    24,417   
3,857  *    Ditech Communications Corp    48,097   
3,698  *    DSP Group, Inc    95,260   
2,000  *    Dupont Photomasks, Inc    53,340   
25,694  *    Eagle Broadband, Inc    8,736   
3,585  *    Electro Scientific Industries, Inc    69,513   
1,295  *    EMS Technologies, Inc    17,612   
2,600  *    Energy Conversion Devices, Inc    59,098   
1,300  *    EnerSys    17,030   
5,582  *    Entegris, Inc    55,206   
4,000  *    ESS Technology, Inc    21,080   
5,020  *    Exar Corp    67,268   
21,800  *    Finisar Corp    27,250   
2,092    Franklin Electric Co, Inc    78,931   
5,427  *    FuelCell Energy, Inc    54,161   
3,998  *    Genesis Microchip, Inc    57,771   
1,600  *    Genlyte Group, Inc    143,952   
12,100  *    GrafTech International Ltd    68,849   
8,905  *    Harmonic, Inc    85,132   
3,290    Helix Technology Corp    50,896   
3,500  *    Hexcel Corp    54,285   
3,400  *    Hutchinson Technology, Inc    118,252   
13,187  *    Integrated Device Technology, Inc    158,640   
4,992  *    Integrated Silicon Solution, Inc    33,446   
6,923  *    Interdigital Communications Corp    106,060   
2,500    Inter-Tel, Inc    61,250   
4,629  *    InterVoice, Inc    51,984   
2,100  *    IXYS Corp    24,024   
10,900  *    Kemet Corp    84,475   
8,205  *    Kopin Corp    25,189   
1,200  *    LaserCard Corp    5,976   
14,900  *    Lattice Semiconductor Corp    80,013   
800  *    Leadis Technology, Inc    4,784   
1,700  *    Lifeline Systems, Inc    51,544   
2,800  *    Littelfuse, Inc    80,220   
2,575    LSI Industries, Inc    28,917   
2,876  *    Magnetek, Inc    15,329   
5,052  *    Mattson Technology, Inc    40,113   

318

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

SHARES 
     
VALUE   
 
14,608  *    McData Corp (Class A)  $ 55,072   
1,614  *    Medis Technologies Ltd    23,145   
2,697  *    Mercury Computer Systems, Inc    74,383   
2,114  *    Merix Corp    23,698   
4,500    Methode Electronics, Inc    54,495   
1,267  *    Metrologic Instruments, Inc    28,482   
8,672  *    Micrel, Inc    79,956   
7,467  *    Microsemi Corp    121,637   
6,900  *    Microtune, Inc    29,739   
2,051  *    Microvision, Inc    11,957   
5,147  *    MIPS Technologies, Inc    59,191   
2,960  *    Mobility Electronics, Inc    20,690   
1,500  *    Monolithic Power Systems, Inc    13,245   
2,800  *    Monolithic System Technology, Inc    16,380   
3,371  *    Moog, Inc (Class A)    152,369   
13,603  *    MRV Communications, Inc    43,938   
800  *    Multi-Fineline Electronix, Inc    14,120   
5,141  *    Mykrolis Corp    73,516   
700    National Presto Industries, Inc    28,210   
6,224  *    NMS Communications Corp    26,701   
6,987  *    Omnivision Technologies, Inc    105,853   
15,209  *    ON Semiconductor Corp    60,076   
8,366  *    Openwave Systems, Inc    101,982   
12,500  *    Oplink Communications, Inc    19,625   
2,330  *    Optical Communication Products, Inc    4,054   
1,800  *    OSI Systems, Inc    31,518   
4,909  *    Paradyne Networks, Inc    10,260   
2,230    Park Electrochemical Corp    45,180   
2,600  *    Pericom Semiconductor Corp    22,282   
4,000  *    Photronics, Inc    72,400   
5,053  *    Pixelworks, Inc    41,182   
5,400  *    Plexus Corp    62,154   
6,487  *    Plug Power, Inc    42,814   
2,965  *    PLX Technology, Inc    31,133   
1,050  *    Portalplayer, Inc    23,972   
900  *    Powell Industries, Inc    16,668   
3,494  *    Power Integrations, Inc    72,990   
8,009  *    Power-One, Inc    38,924   
13,146  *    Powerwave Technologies, Inc    101,750   
2,000    Raven Industries, Inc    40,840   
6,350  *    Rayovac Corp    264,160   
81  b*    Read-Rite Corp    -   
3,000    Regal-Beloit Corp    86,370   
7,782  *    Remec, Inc    41,089   
23,795  *    RF Micro Devices, Inc    124,210   
2,102  *    Rogers Corp    84,080   
5,927  *    SBA Communications Corp    54,291   
1,900  *    SBS Technologies, Inc    21,185   
3,169  *    Seachange International, Inc    41,039   
3,100  *    Sigmatel, Inc    116,033   
10,039  *    Silicon Image, Inc    100,992   
10,495  *    Silicon Storage Technology, Inc    39,041   
700  *    Siliconix, Inc    24,696   
4,950  *    Sipex Corp    11,484   
20,156  *    Skyworks Solutions, Inc    127,991   
2,200    Smith (A.O.) Corp    63,514   
2,983  *    Spatialight, Inc    15,064   

319

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

SHARES 
     
VALUE 
2,497    Spectralink Corp  $ 35,258 
1,829  *    Staktek Holdings, Inc    7,243 
2,475  *    Standard Microsystems Corp    42,966 
2,500  *    Stoneridge, Inc    30,525 
12,889  *    Stratex Networks, Inc    23,716 
300  *    Suntron Corp    645 
1,100  *    Supertex, Inc    20,141 
21,878  *    Sycamore Networks, Inc    77,886 
5,700  *    Symmetricom, Inc    63,213 
2,990  *    Synaptics, Inc    69,368 
4,964    Technitrol, Inc    74,063 
6,197  *    Tekelec    98,780 
9,000  *    Terayon Communication Systems, Inc    27,720 
3,229  *    Tessera Technologies, Inc    139,590 
7,535  *    Thomas & Betts Corp    243,381 
19,900  *    Transmeta Corp    18,507 
2,494  *    Trident Microsystems, Inc    44,094 
7,433  *    Tripath Technology, Inc    6,615 
17,100  *    Triquint Semiconductor, Inc    57,798 
5,153  *    TTM Technologies, Inc    53,900 
4,528    Turnstone Systems, Inc    65 
1,100  *    Ulticom, Inc    12,243 
1,743  *    Ultralife Batteries, Inc    29,840 
2,500  *    Universal Display Corp    17,475 
1,705  *    Universal Electronics, Inc    28,780 
8,400  *    Valence Technology, Inc    25,788 
4,509  *    Varian Semiconductor Equipment Associates, Inc    171,387 
16,970  *    Verso Technologies, Inc    6,109 
2,755  *    Viasat, Inc    51,491 
2,300    Vicor Corp   
24,012 
 
26,875 
* 
  Vitesse Semiconductor Corp   
72,025 
 
617 
* 
  Volterra Semiconductor Corp   
8,330
 
6,400 
* 
  Westell Technologies, Inc  
35,264
 
2,800 
* 
  Wilson Greatbatch Technologies, Inc   
51,072 
 
1,590 
Woodhead Industries, Inc   
21,624 
 
8,450 
* 
  Zhone Technologies, Inc   
21,548
 
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT   
8,403,889
 
 
 
ENGINEERING AND MANAGEMENT SERVICES - 2.44%     
3,000  *    Accelrys, Inc    17,790 
2,300  *    Advisory Board Co    100,510 
5,251  *    Answerthink, Inc    21,687 
3,400  *    Antigenics, Inc    22,780 
9,180  *    Applera Corp (Celera Genomics Group)    94,095 
6,800  *    Ariad Pharmaceuticals, Inc    38,080 
9,738  *    Axonyx, Inc    11,978 
7,538  *    Century Business Services, Inc    30,906 
1,305  *    Charles River Associates, Inc    64,402 
3,758  *    Ciphergen Biosystems, Inc    10,410 
1,612  *    Cornell Cos, Inc    20,311 
4,982  *    Corrections Corp of America    192,305 
4,880  *    CuraGen Corp    20,301 
4,524  *    CV Therapeutics, Inc    92,109 
6,300  *    Decode Genetics, Inc    35,910 
62  b*    Deltagen, Inc    10 

320

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

SHARES 
     
VALUE   
 
3,036  *    DiamondCluster International, Inc  $ 48,880   
9,092  *    Digitas, Inc    91,829   
2,800  *    Diversa Corp    13,944   
3,276  *    Dyax Corp    10,549   
5,500  *    eResearch Technology, Inc    64,790   
8,501  *    Exelixis, Inc    57,637   
827  *    Exponent, Inc    19,757   
1,711  *    Forrester Research, Inc    24,091   
5,407  *    FTI Consulting, Inc    111,600   
8,121  *    Gartner, Inc (Class A)    77,718   
900  *    Genencor International, Inc    17,307   
800  *    Greenfield Online, Inc    15,720   
700  *    Huron Consulting Group, Inc    14,497   
8,551  *    Incyte Corp    58,403   
1,015  *    Infrasource Services, Inc    12,180   
2,922  *    Keryx Biopharmaceuticals, Inc    39,038   
2,716  *    Kosan Biosciences, Inc    11,135   
1,200    Landauer, Inc    57,048   
1,599  *    LECG Corp    31,340   
7,982  *    Lexicon Genetics, Inc    40,788   
3,333  *    Lifecell Corp    29,664   
3,463  *    Luminex Corp    26,076   
3,649  *    Maxim Pharmaceuticals, Inc    6,422   
2,400    MAXIMUS, Inc    80,376   
2,600  *    Maxygen, Inc    22,308   
1,000  *    MTC Technologies, Inc    32,500   
3,986  *    Myriad Genetics, Inc    73,302   
5,738  *    Navigant Consulting, Inc    156,246   
2,100  *    Neopharm, Inc    16,317   
7,039  *    Oscient Pharmaceuticals Corp    16,471   
3,300  *    Parexel International Corp    77,550   
3,020  *    Per-Se Technologies, Inc    46,357   
12,967  *    Pharmos Corp    8,169   
5,000  *    PRG-Schultz International, Inc    25,050   
2,900  *    Regeneration Technologies, Inc    29,899   
5,000  *    Regeneron Pharmaceuticals, Inc    25,550   
5,846  *    Resources Connection, Inc    122,357   
1,255  *    Rigel Pharmaceuticals, Inc    20,130   
3,640  *    Seattle Genetics, Inc    18,710   
1,977  *    SFBC International, Inc    69,669   
2,078  *    Sourcecorp    41,851   
3,638  *    Symyx Technologies, Inc    80,218   
1,000  *    Tejon Ranch Co    44,600   
6,469  *    Telik, Inc    97,552   
7,300  *    Tetra Tech, Inc    92,126   
3,697  *    Transkaryotic Therapies, Inc    92,296   
1,191  *    TRC Cos, Inc    17,508   
1,900  *    Trimeris, Inc    21,394   
4,045  *    URS Corp    116,294   
2,491  *    Ventiv Health, Inc    57,293   
3,219  *    Washington Group International, Inc    144,823   
3,985    Watson Wyatt & Co Holdings    108,392   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    3,409,305   
 
 
FABRICATED METAL PRODUCTS - 1.33%       
2,000    CIRCOR International, Inc    49,300   
7,400    Commercial Metals Co    250,786   

321

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

SHARES 
     
VALUE   
 
1,333  *    Commercial Vehicle Group, Inc  $ 26,660   
21,216  *    Crown Holdings, Inc    330,121   
1,000  *    Drew Industries, Inc    37,650   
3,045  *    Griffon Corp    65,193   
1,554    Gulf Island Fabrication, Inc    36,457   
3,535  *    Intermagnetics General Corp    86,042   
9,321  *    Jacuzzi Brands, Inc    90,973   
1,039    Lifetime Hoan Corp    16,094   
1,900  *    Mobile Mini, Inc    76,779   
2,800  *    NCI Building Systems, Inc    108,080   
7,990  *    Shaw Group, Inc    174,182   
1,400    Silgan Holdings, Inc    90,972 
4,700    Simpson Manufacturing Co, Inc    145,230 
2,700    Sturm Ruger & Co, Inc    18,711 
6,154  *    Taser International, Inc    73,848 
8,900  b*    Tower Automotive, Inc    1,602 
1,900    Valmont Industries, Inc    42,408 
1,933  *    Water Pik Technologies, Inc    38,080 
3,060    Watts Water Technologies, Inc (Class A)    99,787 
      TOTAL FABRICATED METAL PRODUCTS    1,858,955 
 
FISHING, HUNTING, AND TRAPPING - 0.00%     
800  *    Omega Protein Corp    5,456 
      TOTAL FISHING, HUNTING, AND TRAPPING    5,456 
 
FOOD AND KINDRED PRODUCTS - 1.11%     
2,000    American Italian Pasta Co (Class A)    54,800 
1,200  *    Boston Beer Co, Inc (Class A)    26,280 
2,060    Cal-Maine Foods, Inc    16,192 
500    Coca-Cola Bottling Co Consolidated    26,155 
9,352    Corn Products International, Inc    243,058 
7,200  *    Darling International, Inc    28,728 
875    Farmer Brothers Co    20,956 
4,599    Flowers Foods, Inc    129,738 
1,700  *    Gold Kist, Inc    27,030 
798  *    Hansen Natural Corp    47,936 
13,896  *    Hercules, Inc    201,353 
917    J & J Snack Foods Corp    42,943 
3,523    Lancaster Colony Corp    149,904 
3,300    Lance, Inc    53,031 
1,300  *    M&F Worldwide Corp    17,342 
918    MGP Ingredients, Inc    7,656 
1,000  *    National Beverage Corp    8,150 
1,500  *    Peets Coffee & Tea, Inc    36,975 
3,705    Ralcorp Holdings, Inc    175,432 
1,387    Sanderson Farms, Inc    59,932 
6,000    Sensient Technologies Corp    129,360 
4,700    Topps Co, Inc    43,287 
      TOTAL FOOD AND KINDRED PRODUCTS    1,546,238 
FOOD STORES - 0.38% 
 
200    Arden Group, Inc (Class A)    14,196 
2,000  *    Great Atlantic & Pacific Tea Co, Inc    29,800 
1,900    Ingles Markets, Inc (Class A)    25,308 

322

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

SHARES 
     
VALUE   
 
3,654  *    Panera Bread Co (Class A)  $ 206,561 
1,412  *    Pantry, Inc    43,730 
3,500  *    Pathmark Stores, Inc    22,085 
13  b*    Penn Traffic Co    - 
4,200    Ruddick Corp    97,230 
1,400    Weis Markets, Inc    51,618 
3,337  *    Wild Oats Markets, Inc    35,472 
      TOTAL FOOD STORES    526,000 
 
FURNITURE AND FIXTURES - 0.46%     
1,237    Bassett Furniture Industries, Inc    24,369 
4,100    Ethan Allen Interiors, Inc    131,200 
6,314    Furniture Brands International, Inc    137,708 
800    Hooker Furniture Corp    15,112 
5,758  *    Interface, Inc (Class A)    39,270 
2,601    Kimball International, Inc (Class B)    37,715 
6,509    La-Z-Boy, Inc    90,670 
4,679  *    Select Comfort Corp    95,639 
700    Stanley Furniture Co, Inc    33,096 
2,238  *    Tempur-Pedic International, Inc    41,761 
      TOTAL FURNITURE AND FIXTURES    646,540 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.54%     
2,748  *    Cost Plus, Inc    73,866 
600  *    Design Within Reach, Inc    9,441 
1,557  *    Electronics Boutique Holdings Corp    66,904 
4,800  *    GameStop Corp (Class B)    107,040 
3,299  *    Guitar Center, Inc    180,884 
2,500    Haverty Furniture Cos, Inc    38,125 
1,700  *    Kirkland's, Inc    18,802 
1,600    Knoll, Inc    26,688 
5,636  *    Linens 'n Things, Inc    139,942 
3,800  *    Restoration Hardware, Inc    21,660 
4,800  *    The Bombay Co, Inc    25,440 
2,647  *    Trans World Entertainment Corp    38,991 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    747,783 
 
GENERAL BUILDING CONTRACTORS - 0.73%     
5,245    Beazer Homes U.S.A., Inc    261,516 
2,055    Brookfield Homes Corp    86,741 
506  *    Dominion Homes, Inc    8,566 
2,025    Levitt Corp (Class A)    51,921 
1,600    M/I Homes, Inc    78,288 
2,700  *    Meritage Homes Corp    159,084 
1,180  *    Palm Harbor Homes, Inc    19,187 
958  *    Perini Corp    13,211 
1,253    Technical Olympic U.S.A., Inc    37,841 
2,998    Walter Industries, Inc    127,565 
4,283  *    WCI Communities, Inc    128,832 
578  *    William Lyon Homes, Inc    44,333 
      TOTAL GENERAL BUILDING CONTRACTORS    1,017,085 

323

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

SHARES 
     
VALUE   
 
GENERAL MERCHANDISE STORES - 0.45%     
6,037  *    99 Cents Only Stores  $ 79,507 
588    Bon-Ton Stores, Inc    10,637 
2,675  *    Brookstone, Inc    43,389 
6,300    Casey's General Stores, Inc    113,211 
1,222  *    Conn's, Inc    22,974 
4,997    Fred's, Inc    85,798 
766  *    Gander Mountain Co    10,035 
1,648  *    Retail Ventures, Inc    15,013 
3,800  *    ShopKo Stores, Inc    84,436 
3,090  *    Stein Mart, Inc    69,525 
3,315  *    Tuesday Morning Corp    95,704 
      TOTAL GENERAL MERCHANDISE STORES    630,229 
 
HEALTH SERVICES - 2.01%     
1,814  *    Amedisys, Inc    54,873 
1,265  *    America Service Group, Inc    27,994 
3,700  *    American Healthways, Inc    122,174 
3,900  *    Amsurg Corp    98,670 
6,421  *    Apria Healthcare Group, Inc    206,114 
13,752  *    Beverly Enterprises, Inc    170,250 
1,003  *    Bio-Reference Labs, Inc    13,962 
850  *    Corvel Corp    18,122 
3,400  *    Cross Country Healthcare, Inc    56,984 
3,110  *    Enzo Biochem, Inc    44,846 
2,494  *    Genesis HealthCare Corp    106,968 
3,300  *    Gentiva Health Services, Inc    53,394 
6,800    Hooper Holmes, Inc    25,976 
3,400  *    Kindred Healthcare, Inc    119,340 
2,165  *    LabOne, Inc    74,649 
2,080    LCA-Vision, Inc    69,264 
4,910  *    LifePoint Hospitals, Inc    215,254 
3,423  *    Magellan Health Services, Inc    116,553 
2,050  *    Matria Healthcare, Inc    62,956 
1,067  *    Medcath Corp    31,263 
900    National Healthcare Corp    30,789 
5,055  *    NeighborCare, Inc    147,859 
4,929  *    OCA, Inc    20,948 
4,700  *    Odyssey HealthCare, Inc    55,272 
1,600    Option Care, Inc    32,944 
2,865  *    Pediatrix Medical Group, Inc    196,510 
6,200  *    Province Healthcare Co    149,358 
1,869  *    Psychiatric Solutions, Inc    85,974 
700  *    Radiation Therapy Services, Inc    13,286 
2,100  *    RehabCare Group, Inc    60,291 
1,100  *    Specialty Laboratories, Inc    10,505 
700  *    Stereotaxis, Inc    5,425 
2,100  *    Sunrise Senior Living, Inc    102,060 
1,021  *    Symbion, Inc    21,819 
3,631  *    United Surgical Partners International, Inc    166,191 
1,046  *    VistaCare, Inc (Class A)    21,412 
      TOTAL HEALTH SERVICES    2,810,249 
 

324

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

SHARES 
     
VALUE   
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.11%  $  
4,168    Granite Construction, Inc    109,493 
3,400  *    Insituform Technologies, Inc (Class A)    49,334 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    158,827 
 
HOLDING AND OTHER INVESTMENT OFFICES - 8.65%     
1,700  *    4Kids Entertainment, Inc    37,587 
4,700    Aames Investment Corp    38,540 
3,441    Acadia Realty Trust    55,331 
2,999    Affordable Residential Communities    37,937 
1,650    Alabama National Bancorp    102,119 
200  *    Alexander's, Inc    48,300 
2,460    Alexandria Real Estate Equities, Inc    158,375 
3,200    Amcore Financial, Inc    90,400 
2,000    American Campus Communities, Inc    42,000 
13,859    American Financial Realty Trust    202,757 
4,330    American Home Mortgage Investment Corp    124,011 
3,200    AMLI Residential Properties Trust    87,648 
6,774    Anthracite Capital, Inc    75,462 
6,000    Anworth Mortgage Asset Corp    57,300 
7,717    Apollo Investment Corp    129,491 
1,142    Arbor Realty Trust, Inc    28,265 
3,304    Ashford Hospitality Trust, Inc    33,701 
1,146  *    Bancorp, Inc    16,044 
1,900    Bedford Property Investors    41,477 
2,300    Bimini Mortgage Management, Inc (Class A)    31,855 
4,000    BioMed Realty Trust, Inc    82,400 
6,200    Brandywine Realty Trust    176,080 
7,400    Brookline Bancorp, Inc    110,260 
4,710    Capital Automotive REIT    155,995 
2,732    Capital Lease Funding, Inc    30,189 
353    Capital Southwest Corp    27,922 
1,602    Capital Trust, Inc    53,154 
1,300    Capitol Bancorp Ltd    39,325 
2,700    Capstead Mortgage Corp    23,085 
6,823    CarrAmerica Realty Corp    215,266 
1,954    Cedar Shopping Centers, Inc    27,825 
900    Cherokee, Inc    30,132 
4,133  *    Circle Group Holdings, Inc    2,976 
1,000    Cohen & Steers, Inc    16,500 
2,400      Colonial Properties Trust    92,184   
6,636      Commercial Net Lease Realty, Inc    122,434   
1,286      Community Banks, Inc    32,137   
6,946      Cornerstone Realty Income Trust, Inc    68,904   
4,600      Corporate Office Properties Trust    121,808   
1,300      Correctional Properties Trust    32,825   
4,569      Cousins Properties, Inc    118,200   
4,000      CRT Properties, Inc    87,120   
2,500      Digital Realty Trust, Inc    35,925   
2,700      Eastgroup Properties, Inc    101,790   
7,400      ECC Capital Corp    44,400   
2,500      Education Realty Trust, Inc    41,575   
500 
* 
  Enstar Group, Inc    30,000   
3,300      Entertainment Properties Trust    136,719   
6,900      Equity Inns, Inc    76,107   

325

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

SHARES 
     
VALUE   
 
2,529      Equity Lifestyle Properties, Inc  $ 89,147   
4,400      Equity One, Inc    90,596   
2,955      Essex Property Trust, Inc    204,191   
3,300      Extra Space Storage, Inc    44,550   
6,390 
* 
  FelCor Lodging Trust, Inc    79,428   
3,008 
* 
  First Acceptance Corp    31,885   
1,401      First Indiana Corp    33,904   
5,300      First Industrial Realty Trust, Inc    200,499   
15,200      First Niagara Financial Group, Inc    200,792   
1,671      First Place Financial Corp    30,579   
3,700      Gables Residential Trust    123,210   
1,160      German American Bancorp    17,980   
1,200      Gladstone Capital Corp    25,464   
3,999      Glenborough Realty Trust, Inc    76,461   
4,600      Glimcher Realty Trust    109,020   
1,100      Global Signal, Inc    32,956   
3,800      GMH Communities Trust    44,498   
2,847      Government Properties Trust, Inc    28,356   
1,700      Gramercy Capital Corp    33,150   
2,176      Harris & Harris Group, Inc    26,199   
5,995      Healthcare Realty Trust, Inc    218,458   
3,500      Heritage Property Investment Trust    103,880   
4,415      Highland Hospitality Corp    45,695   
6,900      Highwoods Properties, Inc    185,058   
4,153      Home Properties, Inc    161,136   
5,000      HomeBanc Corp    44,200   
9,503      IMPAC Mortgage Holdings, Inc    182,268   
4,600      Innkeepers U.S.A. Trust    59,386   
5,600      Investors Real Estate Trust    52,248   
6,918      iShares Russell 2000 Index Fund    845,034   
3,595      Kilroy Realty Corp    147,071   
2,400      Kite Realty Group Trust    34,560   
3,600      Kramont Realty Trust    84,240   
24,100 
* 
  La Quinta Corp    204,850   
3,800      LaSalle Hotel Properties    110,390   
6,200      Lexington Corporate Properties Trust    136,028   
2,029      LTC Properties, Inc    35,203   
4,693      Luminent Mortgage Capital, Inc    51,529   
4,223      Maguire Properties, Inc    100,845   
10,800 
* 
  Meristar Hospitality Corp    75,600   
10,300      MFA Mortgage Investments, Inc    78,383   
2,300      Mid-America Apartment Communities, Inc    83,950   
2,600      Mission West Properties, Inc    27,560   
1,800      MortgageIT Holdings, Inc    28,710   
3,007      National Health Investors, Inc    78,122   
8,400      Nationwide Health Properties, Inc    169,764   
5,950      New Century Financial Corp    278,579   
5,000      Newcastle Investment Corp    148,000   
3,500      Novastar Financial, Inc    126,035   
6,248      Omega Healthcare Investors, Inc    68,603   
2,247      Oriental Financial Group, Inc    52,625   
1,533      Origen Financial, Inc    10,593   
1,800      Parkway Properties, Inc    84,060   
4,020      Pennsylvania Real Estate Investment Trust    162,086   
5,000      Post Properties, Inc    155,200   
5,564      Prentiss Properties Trust    190,066   
2,100      PrivateBancorp, Inc    65,961   
2,600      Prosperity Bancshares, Inc    68,874   

326

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

SHARES 
     
VALUE   
 
2,000      PS Business Parks, Inc  $ 80,600   
3,200      RAIT Investment Trust    85,824   
1,800      Ramco-Gershenson Properties    48,870   
10,116      Realty Income Corp    231,454   
2,364      Redwood Trust, Inc    120,990   
1,800      Sandy Spring Bancorp, Inc    58,176   
1,400      Saul Centers, Inc    44,800   
6,300      Saxon Capital, Inc    108,360   
7,400      Senior Housing Properties Trust    123,432   
2,000      Sovran Self Storage, Inc    79,260   
8,800      Spirit Finance Corp    95,568   
2,400      Strategic Hotel Capital, Inc    35,280   
1,400      Suffolk Bancorp    46,242   
2,100      Sun Communities, Inc    75,180   
3,000      Sunstone Hotel Investors, Inc    64,350   
5,880      Susquehanna Bancshares, Inc    143,355   
3,464      Tanger Factory Outlet Centers, Inc    76,208   
1,400 
* 
  Tarragon Realty Investors, Inc    28,266   
6,400      Taubman Centers, Inc    177,536   
1,080      Tompkins Trustco, Inc    45,954   
2,200      Town & Country Trust    58,190   
2,818      Trustreet Properties, Inc    43,369   
1,600      Universal Health Realty Income Trust    45,200   
2,700      Urstadt Biddle Properties, Inc (Class A)    41,175   
3,700      U-Store-It Trust    64,380   
5,300      Washington Real Estate Investment Trust    152,375   
816      Westfield Financial, Inc    20,400   
2,671      Winston Hotels, Inc    31,251   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    12,075,597   
 
 
HOTELS AND OTHER LODGING PLACES - 0.49%       
1,500      Ameristar Casinos, Inc    82,020   
2,145 
* 
  Bluegreen Corp    27,563   
5,800 
  Boyd Gaming Corp    302,470   
1,122 
* 
  Empire Resorts, Inc    8,112   
2,600 
* 
  Great Wolf Resorts, Inc    64,870   
2,600 
  Marcus Corp    53,300   
4,935 
* 
  Pinnacle Entertainment, Inc    82,415   
2,500 
* 
  Vail Resorts, Inc    63,125   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    683,875   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.20%       
1,100 
* 
  Aaon, Inc    18,106   
3,400 
* 
  Actuant Corp    152,728   
13,311 
* 
  Adaptec, Inc    63,760   
7,842 
* 
  Advanced Digital Information Corp    64,304   
3,398 
  Albany International Corp (Class A)    104,930   
1,679 
* 
  Astec Industries, Inc    37,022   
1,000 
* 
  ASV, Inc    39,645   
6,677 
* 
  Asyst Technologies, Inc    31,983   
3,336 
* 
  Authentidate Holding Corp    13,311   
12,188 
* 
  Axcelis Technologies, Inc    88,972   
2,034 
  Black Box Corp    76,092   
900 
* 
  Blount International, Inc    15,282   

327

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

SHARES 
     
VALUE 
  
 
5,497 
* 
  Brooks Automation, Inc  $ 83,444   
1,650 
  Bucyrus International, Inc (Class A)    64,449   
1,300 
  Cascade Corp    45,500   
10,611 
* 
   Cirrus Logic, Inc    47,962   
11,021 
* 
  Cray, Inc    28,104   
2,200 
* 
  Cuno, Inc    113,058   
4,675 
* 
  Cymer, Inc    125,150   
5,660 
* 
  Dot Hill Systems Corp    33,677   
787 
* 
  Dril-Quip, Inc    24,192   
6,642 
* 
  Electronics For Imaging, Inc    118,493   
10,506 
* 
  Emulex Corp    197,933   
3,038 
  Engineered Support Systems, Inc    162,594   
2,634 
* 
  EnPro Industries, Inc    72,435   
2,993 
* 
  Esterline Technologies Corp    103,408   
3,627 
* 
  FalconStor Software, Inc    21,653   
1,635 
* 
  Flanders Corp    18,443   
6,900 
* 
  Flowserve Corp    178,503   
3,487 
* 
  FSI International, Inc    14,750   
2,600 
* 
  Gardner Denver, Inc    102,726   
28,578 
* 
  Gateway, Inc    115,169   
800 
* 
  General Binding Corp    16,800   
4,003 
  Global Power Equipment Group, Inc    38,349   
1,150 
  Gorman-Rupp Co    24,679   
2,000 
* 
  Hydril    116,820   
6,782 
* 
  Hypercom Corp    32,079   
6,464 
  IDEX Corp    260,822   
4,700 
* 
  InFocus Corp    26,978   
2,140 
* 
  Intevac, Inc    20,180   
6,400 
* 
  Iomega Corp    27,456   
6,344 
  JLG Industries, Inc    136,713   
10,346 
  Joy Global, Inc    362,731   
1,700 
* 
   Kadant, Inc    31,535   
3,600 
  Kaydon Corp    113,040   
4,700 
  Kennametal, Inc    223,203   
3,482 
* 
   Komag, Inc    77,823   
6,604 
* 
   Kulicke & Soffa Industries, Inc    41,539   
5,643 
  Lennox International, Inc    123,695   
4,357 
  Lincoln Electric Holdings, Inc    131,058   
1,500 
  Lindsay Manufacturing Co    28,620   
1,000 
  Lufkin Industries, Inc    48,290   
3,792 
  Manitowoc Co, Inc    153,159   
1,248 
* 
   Maxwell Technologies, Inc    11,444   
4,046 
* 
  Micros Systems, Inc    148,529   
424 
  Middleby Corp    20,946   
5,052 
* 
   Milacron, Inc    15,409   
3,026 
  Modine Manufacturing Co    88,753   
600 
  Nacco Industries, Inc (Class A)    61,164   
2,951 
* 
   Netgear, Inc    44,531   
3,322 
  Nordson Corp    122,316   
4,100 
* 
  Oil States International, Inc    84,255   
2,564 
* 
  Omnicell, Inc    18,486   
1,600 
* 
  Overland Storage, Inc    23,488   
5,666 
* 
  PalmOne, Inc    143,803   
4,443 
* 
  Paxar Corp    94,814   
1,875 
* 
  Planar Systems, Inc    16,912   
3,047 
* 
  Presstek, Inc    23,523   
3,039 
* 
  ProQuest Co    109,860   

328

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

SHARES 
       
VALUE
 
 
22,128 
* 
   Quantum Corp  $ 64,392   
1,300      Robbins & Myers, Inc    28,613   
1,195      Sauer-Danfoss, Inc    27,043   
1,254      Schawk, Inc    22,886   
9,657  *    Scientific Games Corp (Class A)    220,662   
2,069  *    Semitool, Inc    21,104   
33,222  *    Silicon Graphics, Inc    39,534   
2,510  *    Simpletech, Inc    9,889   
1,533    Standex International Corp    41,851   
3,547    Stewart & Stevenson Services, Inc    81,191   
9,800  b*    Surebeam Corp (Class A)    142   
2,139    Tecumseh Products Co (Class A)    84,726   
1,010    Tennant Co    39,077   
6,300  *    Terex Corp    272,790   
1,916    Thomas Industries, Inc    75,950   
2,767    Toro Co    244,880   
1,326  *    Transact Technologies, Inc    13,273   
2,800  *    Ultratech, Inc    40,880   
6,030  *    UNOVA, Inc    124,520   
3,300  *    Veeco Instruments, Inc    49,665   
4,150  *    WJ Communications    9,877   
1,200    Woodward Governor Co    86,040   
23,163  *    Xybernaut Corp    9,728   
5,274    York International Corp    206,635   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    7,256,928   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 5.03%       
2,263  *    Abaxis, Inc    20,028   
1,993  *    Abiomed, Inc    21,086   
1,280  *    ADE Corp    28,416   
4,518  *    Advanced Medical Optics, Inc    163,597   
2,510  *    Advanced Neuromodulation Systems, Inc    67,293   
1,162  *    Aksys Ltd    3,684   
6,488  *    Align Technology, Inc    40,485   
6,596  *    American Medical Systems Holdings, Inc    113,319   
1,500    Analogic Corp    64,875   
691  *    Animas Corp    13,965   
2,371    Arrow International, Inc    81,444   
2,692  *    Arthrocare Corp    76,722   
1,743  *    Aspect Medical Systems, Inc    37,631   
2,437  *    August Technology Corp    28,562   
1,454    BEI Technologies, Inc    34,852   
2,811    Biolase Technology, Inc    23,893   
2,189  *    Bio-Rad Laboratories, Inc (Class A)    106,626   
3,573  *    Bruker BioSciences Corp    12,577   
2,200  *    Candela Corp    19,624   
9,291  *    Cardiac Science, Inc    10,685   
5,000  *    Cardiodynamics International Corp    14,600   
5,335  *    Cepheid, Inc    51,589   
900  *    Closure Medical Corp    24,030   
5,000    Cognex Corp    124,400   
3,816  *    Coherent, Inc    128,828   
2,600    Cohu, Inc    41,470   
3,420  *    Conceptus, Inc    26,676   
3,858  *    Conmed Corp    116,203   

329

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

SHARES 
   
  VALUE
   
11,672  *    Credence Systems Corp  $ 92,325   
3,997  *    CTI Molecular Imaging, Inc    81,019   
2,265  *    Cyberonics, Inc    100,045   
856  *    Cyberoptics Corp    10,683   
1,600    Datascope Corp    48,928   
2,748  *    Depomed, Inc    10,827   
2,400  *    Dionex Corp    130,800   
2,301  *    DJ Orthopedics, Inc    57,640   
3,014  *    DRS Technologies, Inc    128,095   
2,000    EDO Corp    60,100   
4,626  *    Encore Medical Corp    24,888   
1,700  *    ESCO Technologies, Inc    136,595   
800  *    Exactech, Inc    13,576   
1,450  *    Excel Technology, Inc    35,641   
692    E-Z-Em-Inc    8,249   
1,251  *    Faro Technologies, Inc    29,449   
3,021  *    FEI Co    69,936   
3,523  *    Formfactor, Inc    79,761   
600  *    Foxhollow Technologies, Inc    16,920   
2,495  *    Haemonetics Corp    105,189   
3,400  *    Hanger Orthopedic Group, Inc    20,230   
2,100  *    Herley Industries, Inc    35,931   
2,600  *    Hologic, Inc    82,875   
1,300  *    ICU Medical, Inc    46,150   
2,151  *    I-Flow Corp    34,050   
2,994  *    II-VI, Inc    52,215   
3,394  *    Illumina, Inc    27,424   
652  *    Immunicon Corp    3,840   
8,102  *    Input/Output, Inc    52,258   
2,591  *    Integra LifeSciences Holding    91,255   
1,000  *    Intralase Corp    16,740   
4,301  *    Intuitive Surgical, Inc    195,566   
3,310    Invacare Corp    147,725   
1,548  *    Ista Pharmaceuticals, Inc    15,294   
2,639  *    Itron, Inc    78,220   
3,400  *    Ixia    60,486   
1,500    Keithley Instruments, Inc    24,195   
1,171  *    Kensey Nash Corp    31,711   
1,900  *    KVH Industries, Inc    17,309   
2,968  *    Kyphon, Inc    74,705   
2,300  *    Laserscope    73,002   
1,012  *    LeCroy Corp    17,336   
8,895  *    Lexar Media, Inc    44,297   
7,912  *    LTX Corp    35,129   
1,351  *    Measurement Specialties, Inc    31,073   
1,000  *    Medical Action Industries, Inc    18,900   
5,300    Mentor Corp    170,130   
3,146  *    Merit Medical Systems, Inc    37,721   
1,500  *    Micro Therapeutics, Inc    5,790   
2,700    Mine Safety Appliances Co    104,598   
4,003  *    MKS Instruments, Inc    63,568   
2,050  *    Molecular Devices Corp    38,950   
1,900    Movado Group, Inc    35,150   
2,597    MTS Systems Corp    75,391   
6,493  *    Nanogen, Inc    22,596   
5,307  *    Newport Corp    76,898   
992  *    NuVasive, Inc    12,817   

330

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

SHARES 
     
VALUE   
 
2,563    Oakley, Inc  $ 32,858   
7,148  *    Orbital Sciences Corp    69,193   
4,400  *    Orthologic Corp    22,264   
5,310  *    Orthovita, Inc    18,054   
1,620  *    Palomar Medical Technologies, Inc    43,691   
2,200  *    Photon Dynamics, Inc    41,932   
8,900  *    Pinnacle Systems, Inc    49,751   
2,032  *    Possis Medical, Inc    17,008   
4,863  *    RAE Systems, Inc    14,929   
2,020  *    Rofin-Sinar Technologies, Inc    64,923   
1,500  *    Rudolph Technologies, Inc    22,590   
1,333  *    Sirf Technology Holdings, Inc    14,876   
2,127  *    Sonic Innovations, Inc    11,869   
2,600  *    Sonic Solutions, Inc    39,130   
2,000  *    SonoSite, Inc    51,960   
3,200  *    Star Scientific, Inc    16,928   
8,811  *    Steris Corp    222,478   
4,855  *    Sybron Dental Specialties, Inc    174,295   
915    Sypris Solutions, Inc    9,808   
5,275  *    Techne Corp    211,950   
528    Tektronix, Inc    12,952   
5,170  *    Thermogenesis    25,850   
5,600  *    Thoratec Corp    68,432   
6,366  *    Trimble Navigation Ltd    215,234   
3,249  *    TriPath Imaging, Inc    22,873   
1,300    United Industrial Corp    38,506   
1,689  *    Urologix, Inc    7,752   
4,356  *    Varian, Inc    165,049   
3,500  *    Ventana Medical Systems, Inc    131,110   
3,899  *    Viasys Healthcare, Inc    74,393   
4,330  *    Viisage Technology, Inc    14,592   
6,137  *    Visx, Inc    143,851   
700    Vital Signs, Inc    27,923   
700  *    Vnus Medical Technologies, Inc    8,106   
3,436  *    Wright Medical Group, Inc    82,464   
2,500    X-Rite, Inc    37,600   
700    Young Innovations, Inc    25,655   
1,200  *    Zoll Medical Corp    27,036   
2,100  *    Zygo Corp    27,216   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    7,016,432   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.30%       
2,000    Clark, Inc    30,960   
1,400    Crawford & Co (Class B)    10,010   
4,060    Hilb, Rogal & Hamilton Co    145,348   
4,325    National Financial Partners Corp    172,135   
30  *    United America Indemnity Ltd (Class A)    565   
4,580  *    USI Holdings Corp    53,953   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    412,971   
 
 
INSURANCE CARRIERS - 2.88%       
2,800    21st Century Insurance Group    39,060   
1,000    Affirmative Insurance Holdings, Inc    14,750   
4,000    Alfa Corp    57,800   

331

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

SHARES 
     
VALUE   
 
2,545    American Equity Investment Life Holding Co  $ 32,551   
1,043  *    American Physicians Capital, Inc    35,744   
6,264  *    AMERIGROUP Corp    229,012   
5,003    AmerUs Group Co    236,392   
3,036  *    Argonaut Group, Inc    64,424   
1,000    Baldwin & Lyons, Inc (Class B)    25,940   
1,895    Bristol West Holdings, Inc    29,373   
5,200  *    Centene Corp    155,948   
4,052  *    Ceres Group, Inc    22,002   
3,708  *    Citizens, Inc    21,321   
2,000  *    CNA Surety Corp    27,200   
3,061    Commerce Group, Inc    189,721   
5,865  *    Danielson Holdings Corp    101,171   
3,125    Delphi Financial Group, Inc (Class A)    134,375   
2,093    Direct General Corp    42,990   
1,066    Donegal Group, Inc    19,369   
689    EMC Insurance Group, Inc    13,132   
2,000    FBL Financial Group, Inc (Class A)    56,000   
1,081  *    FPIC Insurance Group, Inc    34,754   
902    Great American Financial Resources, Inc    15,280   
1,733    Harleysville Group, Inc    34,417   
2,300  *    HealthExtras, Inc    38,295   
5,500    Horace Mann Educators Corp    97,570   
727    Independence Holding Co    13,108   
2,680    Infinity Property & Casualty Corp    83,777   
500    Kansas City Life Insurance Co    24,380   
2,246    Landamerica Financial Group, Inc    112,367   
1,056    Midland Co    33,275   
1,288  *    Molina Healthcare, Inc    59,364   
300  *    National Western Life Insurance Co (Class A)    51,282   
999  *    Navigators Group, Inc    33,112   
300    NYMAGIC, Inc    7,110   
7,900  *    Ohio Casualty Corp    181,542   
2,300  *    Philadelphia Consolidated Holding Corp    178,319   
12,124    Phoenix Cos, Inc    154,945   
1,006  *    Pico Holdings, Inc    26,065   
3,100  *    PMA Capital Corp (Class A)    24,800   
2,500    Presidential Life Corp    40,700   
3,308  *    ProAssurance Corp    130,666   
2,900    RLI Corp    120,205   
1,200    Safety Insurance Group, Inc    37,152   
3,602    Selective Insurance Group, Inc    166,520   
3,003  *    Sierra Health Services, Inc    191,711   
1,800    State Auto Financial Corp    47,916   
2,161    Stewart Information Services Corp    81,081   
2,400    Tower Group, Inc    32,016   
1,200  *    Triad Guaranty, Inc    63,132   
4,725    UICI    114,581   
1,830    United Fire & Casualty Co    61,909   
3,200  *    Universal American Financial Corp    55,360   
5,053  *    Vesta Insurance Group, Inc    17,938   
1,100  *    WellCare Health Plans, Inc    33,506   
1,400    Zenith National Insurance Corp    72,604   
 
      TOTAL INSURANCE CARRIERS    4,019,034   
 

332

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

SHARES 
   
  VALUE 
 
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%       
1,073  *    Geo Group, Inc  $ 30,666    
 
      TOTAL JUSTICE, PUBLIC ORDER AND SAFETY    30,666   
 
 
LEATHER AND LEATHER PRODUCTS - 0.29%       
2,330    Brown Shoe Co, Inc    79,849   
3,300    K-Swiss, Inc (Class A)    108,999   
1,576  *    Steven Madden Ltd    26,303   
400    Weyco Group, Inc    17,512   
7,693    Wolverine World Wide, Inc    164,861   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    397,524   
 
 
LEGAL SERVICES - 0.03%       
1,216    Pre-Paid Legal Services, Inc    41,149   
 
      TOTAL LEGAL SERVICES    41,149   
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.20%       
13,312  *    Laidlaw International, Inc    276,890   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    276,890   
 
 
LUMBER AND WOOD PRODUCTS - 0.21%       
1,300    American Woodmark Corp    47,164   
9,000  *    Champion Enterprises, Inc    84,600   
1,219    Deltic Timber Corp    47,663   
1,000    Skyline Corp    38,490   
2,000    Universal Forest Products, Inc    77,700   
 
      TOTAL LUMBER AND WOOD PRODUCTS    295,617   
 
 
METAL MINING - 0.35% 
         
2,800    Cleveland-Cliffs, Inc    204,036   
30,140  *    Coeur D'alene Mines Corp    110,614   
14,511  *    Hecla Mining Co    79,520   
2,300    Royal Gold, Inc    42,159   
5,075  *    Stillwater Mining Co    49,989   
 
      TOTAL METAL MINING    486,318   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.77%       
4,103    Blyth, Inc    130,640   
8,442    Callaway Golf Co    108,058   
1,827  *    Daktronics, Inc    39,555   
827    Escalade, Inc    11,272   
10,770  *    Identix, Inc    54,389   
3,154  *    Jakks Pacific, Inc    67,716   
5,191  *    K2, Inc    71,376   
3,575  *    Leapfrog Enterprises, Inc    40,576   

333

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

SHARES 
   
  VALUE
 
3,591    Nautilus, Inc  $ 85,322   
2,100  *    Oneida Ltd    5,250   
1,200    Penn Engineering & Manufacturing Corp    21,660   
2,043  *    RC2 Corp    69,462   
982    Russ Berrie & Co, Inc    18,805   
4,480  *    Shuffle Master, Inc    129,741   
989  *    Steinway Musical Instruments, Inc    29,630   
6,176    Yankee Candle Co, Inc    195,779   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    1,079,231   
 
 
MISCELLANEOUS RETAIL - 1.04%       
2,600  *    1-800-Flowers.com, Inc (Class A)    19,682   
1,800  *    AC Moore Arts & Crafts, Inc    47,988   
4,215  *    Alloy, Inc    24,784   
2,573    Big 5 Sporting Goods Corp    63,553   
1,000    Blair Corp    32,970   
482  *    Blue Nile, Inc    13,327   
1,100  *    Build-A-Bear Workshop, Inc    33,715   
3,554    Cash America International, Inc    77,939   
4,077  *    Coldwater Creek, Inc    75,343   
3,900  *    Dick's Sporting Goods, Inc    143,247   
6,680  *    Drugstore.com, Inc    17,235   
50  bv*    FAO, Inc    -   
900  b*    Friedman's, Inc (Class A)    1,179   
2,200    Hancock Fabrics, Inc    16,368   
2,971  *    Hibbett Sporting Goods, Inc    89,249   
2,500  *    Jill (J.) Group, Inc    34,400   
3,756    Longs Drug Stores Corp    128,530   
1,500  *    Overstock.com, Inc    64,485   
1,400  *    Party City Corp    20,496   
900  *    PC Connection, Inc    5,283   
1,022  *    PC Mall, Inc    12,693   
2,993  *    Priceline.com, Inc    75,424   
1,400  *    Sharper Image Corp    23,254   
2,815  *    Sports Authority, Inc    77,413   
2,000  *    Stamps.com, Inc    33,200   
1,300  *    Systemax, Inc    7,072   
2,500  *    Valuevision International, Inc (Class A)    30,925   
2,782    World Fuel Services Corp    87,633   
6,700  *    Zale Corp    199,124   
 
      TOTAL MISCELLANEOUS RETAIL    1,456,511   
 
 
MOTION PICTURES - 0.17%       
1,036    Carmike Cinemas, Inc    38,622   
7,313  *    Hollywood Entertainment Corp    96,312   
3,100    Movie Gallery, Inc    88,908   
1,800  *    Reading International, Inc    12,690   
 
      TOTAL MOTION PICTURES    236,532   
 
 
NONDEPOSITORY INSTITUTIONS - 0.68%       
2,028  *    Accredited Home Lenders Holding Co    73,474   

334

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

SHARES 
   
  VALUE
 
8,400    Advance America Cash Advance Centers, Inc  $ 130,032   
2,597    Advanta Corp (Class A)    54,018   
1,400    Ares Capital Corp    22,960   
1,151    Asta Funding, Inc    24,367   
1,874    Beverly Hills Bancorp, Inc    20,089   
5,583    CharterMac    120,034   
1,000  *    Collegiate Funding Services LLC    15,580   
2,624  *    CompuCredit Corp    69,851   
1,146  *    Credit Acceptance Corp    22,668   
1,700  b*    DVI, Inc    2   
1,716  *    Encore Capital Group, Inc    24,968   
1,020    Federal Agricultural Mortgage Corp (Class C)    17,840   
2,138    Financial Federal Corp    75,621   
1,492  *    First Cash Financial Services, Inc    31,586   
4,100    MCG Capital Corp    63,078   
4,100  *    Metris Cos, Inc    47,519   
995  *    Nelnet, Inc    31,671   
1,996    NGP Capital Resources Co    32,096   
700  *    United PanAm Financial Corp    14,273   
2,000  *    World Acceptance Corp    51,040   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    942,767   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%       
2,849    Amcol International Corp    53,447   
1,989    Compass Minerals International, Inc    50,620   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    104,067   
 
 
OIL AND GAS EXTRACTION - 4.98%       
359  *    Atlas America, Inc    12,985   
1,546  *    Atwood Oceanics, Inc    102,871   
2,300    Berry Petroleum Co (Class A)    118,335   
1,700  *    Bill Barrett Corp    49,147   
3,006  *    Brigham Exploration Co    27,745   
4,222    Cabot Oil & Gas Corp (Class A)    232,843   
4,900  *    Cal Dive International, Inc    221,970   
1,465  *    Callon Petroleum Co    22,766   
3,477  *    Cheniere Energy, Inc    224,301   
5,197  *    Cimarex Energy Co    202,683   
700  *    Clayton Williams Energy, Inc    18,130   
4,500  *    Comstock Resources, Inc    129,330   
2,659  *    Delta Petroleum Corp    38,662   
7,044  *    Denbury Resources, Inc    248,160   
2,045  *    Edge Petroleum Corp    33,865   
3,053  *    Encore Acquisition Co    126,089   
3,400  *    Energy Partners Ltd    88,298   
6,476  *    Forest Oil Corp    262,278   
4,059  *    FX Energy, Inc    46,435   
10,000  *    Global Industries Ltd    94,000   
23,900  *    Grey Wolf, Inc    157,262   
9,514  *    Hanover Compressor Co    114,834   
4,561  *    Harvest Natural Resources, Inc    54,230   
6,358    Helmerich & Payne, Inc    252,349   
1,698  *    Houston Exploration Co    96,701   
6,259  b*    KCS Energy, Inc    96,138   

335

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

SHARES 
   
  VALUE
 
16,762  *    Key Energy Services, Inc  $ 192,260   
11,161  *    Magnum Hunter Resources, Inc    179,804   
2,400  *    McMoRan Exploration Co    48,240   
7,900  *    Meridian Resource Corp    40,764   
5,389  *    Mission Resources Corp    38,154   
10,500  *    Newpark Resources, Inc    61,845   
3,100  *    Oceaneering International, Inc    116,250   
12,000  *    Parker Drilling Co    69,000   
2,300    Penn Virginia Corp    105,570   
800  v*    PetroCorp, Inc (Escrow)    -   
2,100  *    Petroleum Development Corp    79,149   
9,914  *    Plains Exploration & Production Co    345,999   
3,800  *    Quicksilver Resources, Inc    185,174   
10,441    Range Resources Corp    243,902   
2,800  *    Remington Oil & Gas Corp    88,256   
1,850    RPC, Inc    28,102   
2,400  *    Seacor Smit, Inc    153,000   
4,622  *    Southwestern Energy Co    262,345   
3,162  *    Spinnaker Exploration Co    112,346   
3,700    St. Mary Land & Exploration Co    185,185   
3,021  *    Stone Energy Corp    146,730   
6,888  *    Superior Energy Services, Inc    118,474   
3,600  *    Swift Energy Co    102,384   
3,624  *    Syntroleum Corp    44,358   
2,900  *    Tetra Technologies, Inc    82,476   
1,426  *    Todco    36,848   
2,600  *    Transmontaigne, Inc    20,800   
4,785  *    Unit Corp    216,138   
4,229  *    Veritas DGC, Inc    126,701   
6,444    Vintage Petroleum, Inc    202,728   
1,600    W&T Offshore, Inc    33,216   
3,000  *    W-H Energy Services, Inc    71,790   
3,381  *    Whiting Petroleum Corp    137,877   
 
      TOTAL OIL AND GAS EXTRACTION    6,948,272   
 
 
PAPER AND ALLIED PRODUCTS - 0.66%       
3,760  *    Buckeye Technologies, Inc    40,608   
3,646  *    Caraustar Industries, Inc    47,033   
3,122    Chesapeake Corp    65,624   
3,600    Glatfelter    53,100   
8,465  *    Graphic Packaging Corp    37,331   
1,681    Greif, Inc (Class A)    117,132   
6,303    Longview Fibre Co    118,244   
4,400  *    Playtex Products, Inc    39,600   
1,989    Pope & Talbot, Inc    34,967   
3,800    Potlatch Corp    178,866   
3,800    Rock-Tenn Co (Class A)    50,540   
1,900    Schweitzer-Mauduit International, Inc    63,745   
5,600    Wausau-Mosinee Paper Corp    79,184   
 
      TOTAL PAPER AND ALLIED PRODUCTS    925,974   
 
 
PERSONAL SERVICES - 0.29%       
5,516  b*    Alderwoods Group, Inc    68,619   
1,100    Angelica Corp    30,800   

336

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

SHARES 
   
  VALUE
 
3,191  *    Coinstar, Inc  $ 67,649   
2,240    G & K Services, Inc (Class A)    90,250   
4,800    Jackson Hewitt Tax Service, Inc    100,416   
1,200    Unifirst Corp    47,880   
 
      TOTAL PERSONAL SERVICES    405,614   
 
 
PETROLEUM AND COAL PRODUCTS - 0.65%       
2,600    ElkCorp    99,996   
3,367    Frontier Oil Corp    122,088   
1,422  *    Giant Industries, Inc    36,545   
5,100  *    Headwaters, Inc    167,382   
2,622    Holly Corp    97,722   
8,300  *    Tesoro Corp    307,266   
2,200    WD-40 Co    71,478   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    902,477   
 
 
PRIMARY METAL INDUSTRIES - 2.13%       
13,800  *    AK Steel Holding Corp    152,628   
3,260  *    Aleris International, Inc    81,337   
12,250    Allegheny Technologies, Inc    295,348   
5,957    Belden CDT, Inc    132,305   
2,500  *    Brush Engineered Materials, Inc    47,575   
3,100    Carpenter Technology Corp    184,171   
2,378  *    Century Aluminum Co    71,958   
7,013  *    CommScope, Inc    104,914   
2,726    Curtiss-Wright Corp    155,382   
2,000  *    Encore Wire Corp    20,400   
5,000  *    General Cable Corp    60,350   
2,996    Gibraltar Industries, Inc    65,732   
3,700  *    Lone Star Technologies, Inc    145,891   
4,174    Matthews International Corp (Class A)    136,740   
5,458  *    Maverick Tube Corp    177,440   
4,400    Mueller Industries, Inc    123,860   
2,003    NN, Inc    24,677   
2,500  *    NS Group, Inc    78,525   
4,397  *    Oregon Steel Mills, Inc    101,131   
3,144    Quanex Corp    167,638   
2,700  *    RTI International Metals, Inc    63,180   
2,847    Ryerson Tull, Inc    36,072   
2,499    Schnitzer Steel Industries, Inc (Class A)    84,291   
4,721    Steel Dynamics, Inc    162,638   
1,249    Steel Technologies, Inc    29,964   
2,686    Texas Industries, Inc    144,373   
850  *    Titanium Metals Corp    30,600   
3,578    Tredegar Corp    60,325   
1,102  *    Wheeling-Pittsburgh Corp    34,217   
 
      TOTAL PRIMARY METAL INDUSTRIES    2,973,662   
 
 
PRINTING AND PUBLISHING - 1.30%     
8,155    American Greetings Corp (Class A)    207,789   
3,200    Banta Corp    136,960   
4,400    Bowne & Co, Inc    66,176   
1,400  *    Consolidated Graphics, Inc    73,640   

337

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

SHARES 
     
VALUE   
 
950    Courier Corp  $ 49,818   
806    CSS Industries, Inc    29,459   
3,200    Ennis, Inc    54,144   
3,600    Harland (John H.) Co    123,696   
7,045    Hollinger International, Inc    76,791   
2,626    Journal Communications, Inc    43,460   
5,771  *    Journal Register Co    96,376   
1,600  *    Martha Stewart Living Omnimedia, Inc (Class A)    36,144   
2,400  *    Playboy Enterprises, Inc (Class B)    30,960   
16,242  *    Primedia, Inc    70,653   
1,100    Pulitzer, Inc    70,103   
12,654    Reader's Digest Association, Inc (Class A)    219,041   
3,932  *    Scholastic Corp    145,051   
1,500    Standard Register Co    18,900   
1,288    Thomas Nelson, Inc    30,461   
6,711  *    Valassis Communications, Inc    234,617   
 
      TOTAL PRINTING AND PUBLISHING    1,814,239   
 
 
RAILROAD TRANSPORTATION - 0.24%       
2,795    Florida East Coast Industries    118,731   
2,270  *    Genesee & Wyoming, Inc (Class A)    58,816   
8,054  *    Kansas City Southern Industries, Inc    155,120   
 
      TOTAL RAILROAD TRANSPORTATION    332,667   
 
 
REAL ESTATE - 0.40% 
     
649  *    Avatar Holdings, Inc    30,406   
3,100  *    CB Richard Ellis Group, Inc    108,469   
800    Consolidated-Tomoka Land Co    45,784   
4,100  *    Jones Lang LaSalle, Inc    191,265   
45  *    MI Developments, Inc (Class A)    1,429   
400    Orleans Homebuilders, Inc    7,356   
13,377    Stewart Enterprises, Inc (Class A)    82,268   
4,100  *    Trammell Crow Co    84,337   
600  *    ZipRealty, Inc    8,454   
 
      TOTAL REAL ESTATE    559,768   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 1.02%       
2,075  *    Applied Films Corp    47,974   
4,715    Aptargroup, Inc    245,086   
1,451    Bandag, Inc    68,168   
8,311    Cooper Tire & Rubber Co    152,590   
1,245  *    Deckers Outdoor Corp    44,496   
19,538  *    Goodyear Tire & Rubber Co    260,832   
3,736  *    Jarden Corp    171,408   
2,922    Myers Industries, Inc    41,230   
1,000    Quixote Corp    21,670   
3,900    Schulman (A.), Inc    67,938   
2,600  *    Skechers U.S.A., Inc (Class A)    40,248   
3,186    Spartech Corp    63,242   
1,347  *    Trex Co, Inc    59,820   
6,648    Tupperware Corp    135,353   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    1,420,055   
 
 

338

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

SHARES 
     
VALUE   
 
SECURITY AND COMMODITY BROKERS - 0.65%       
3,108  *    Affiliated Managers Group, Inc  $ 192,789   
1,400  *    Archipelago Holdings, Inc    24,780   
879    BKF Capital Group, Inc    35,169   
2,900    Calamos Asset Management, Inc (Class A)    78,068   
968    Gabelli Asset Management, Inc (Class A)    43,221   
800  *    GFI Group, Inc    21,464   
700    Greenhill & Co, Inc    25,060   
5,654  *    Investment Technology Group, Inc    98,945   
14,279  *    Knight Trading Group, Inc    137,649   
6,623  *    LaBranche & Co, Inc    61,594   
944  *    Ladenburg Thalmann Financial Services, Inc    642   
700  *    MarketAxess Holdings, Inc    7,819   
2,578  *    Piper Jaffray Cos    94,329   
1,500    Sanders Morris Harris Group, Inc    27,120   
926  *    Stifel Financial Corp    20,187   
2,000    SWS Group, Inc    32,060   
200    Value Line, Inc    7,800   
 
      TOTAL SECURITY AND COMMODITY BROKERS    908,696   
 
 
SOCIAL SERVICES - 0.10%       
3,300  *    Bright Horizons Family Solutions, Inc    111,342   
2,061  *    Res-Care, Inc    25,783   
 
      TOTAL SOCIAL SERVICES    137,125   
 
 
SPECIAL TRADE CONTRACTORS - 0.36%       
1,618    Chemed Corp    123,745   
5,067  *    Comfort Systems U.S.A., Inc    39,269   
6,213  *    Dycom Industries, Inc    142,837   
2,000  *    EMCOR Group, Inc    93,640   
4,300  *    Integrated Electrical Services, Inc    11,868   
1,137  *    Layne Christensen Co    19,636   
2,100  *    Matrix Service Co    9,135   
8,888  *    Quanta Services, Inc    67,815   
 
      TOTAL SPECIAL TRADE CONTRACTORS    507,945   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.50%       
1,080    Ameron International Corp    38,880   
1,327  *    Anchor Glass Container Corp    2,973   
3,500    Apogee Enterprises, Inc    49,980   
3,210  *    Cabot Microelectronics Corp    100,730   
1,626    CARBO Ceramics, Inc    114,064   
2,431    Eagle Materials, Inc    196,765   
1,736    Libbey, Inc    36,456   
2,441  *    U.S. Concrete, Inc    15,305   
4,096  b*    USG Corp    135,823   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    690,976   
 
 
TOBACCO PRODUCTS - 0.15%       
3,270    Universal Corp (Virginia)    149,668   

339

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

SHARES 
     
VALUE   
 
3,637    Vector Group Ltd  $ 55,937   
 
      TOTAL TOBACCO PRODUCTS    205,605   
 
 
TRANSPORTATION BY AIR - 0.69%       
10,800  *    Airtran Holdings, Inc    97,740   
3,400  *    Alaska Air Group, Inc    100,096   
4,100  *    America West Holdings Corp (Class B)    22,263   
8,183  *    Continental Airlines, Inc (Class B)    98,523   
15,557  *    Delta Air Lines, Inc    63,006   
4,800  *    ExpressJet Holdings, Inc    54,768   
8,362  *    FLYi, Inc    10,620   
2,805    Forward Air Corp    119,437   
4,737  *    Frontier Airlines, Inc    49,644   
3,700  *    Mesa Air Group, Inc    25,900   
9,245  *    Northwest Airlines Corp    61,849   
2,500  *    Offshore Logistics, Inc    83,300   
2,281  *    Pinnacle Airlines Corp    24,224   
664  *    Republic Airways Holdings, Inc    8,300   
7,543    Skywest, Inc    140,224   
53  b*    UAL Corp    52   
 
      TOTAL TRANSPORTATION BY AIR    959,946   
 
 
TRANSPORTATION EQUIPMENT - 1.56%       
4,082  *    AAR Corp    55,515   
1,390  *    Aftermarket Technology Corp    22,935   
1,713    Arctic Cat, Inc    46,354   
8,824    ArvinMeritor, Inc    136,507   
7,029  *    BE Aerospace, Inc    84,348   
3,208    Clarcor, Inc    166,688   
1,778    Coachmen Industries, Inc    24,181   
900  *    Ducommun, Inc    18,000   
5,963    Federal Signal Corp    90,459   
6,810  *    Fleetwood Enterprises, Inc    59,247   
5,923  *    GenCorp, Inc    118,460   
700    Greenbrier Cos, Inc    24,563   
5,021  *    Hayes Lemmerz International, Inc    26,109   
2,536    Heico Corp    50,974   
2,514    Kaman Corp (Class A)    31,299   
91  *    Magna International, Inc (Class A)    6,088   
1,850    Marine Products Corp    31,098   
3,285    Monaco Coach Corp    53,053   
991    Noble International Ltd    22,456   
935  *    Sequa Corp (Class A)    48,480   
200  *    Sports Resorts International, Inc    664   
1,549    Standard Motor Products, Inc    18,123   
514  *    Strattec Security Corp    27,540   
2,987    Superior Industries International, Inc    78,887   
4,129  *    Teledyne Technologies, Inc    129,238   
5,119  *    Tenneco Automotive, Inc    63,783   
4,500    Thor Industries, Inc    134,595   
4,703    Trinity Industries, Inc    132,483   
1,998  *    Triumph Group, Inc    77,802   
16,296  *    Visteon Corp    93,050   
3,821    Wabash National Corp    93,232   
5,433    Westinghouse Air Brake Technologies Corp    111,322   
3,368    Winnebago Industries, Inc    106,429   
 
      TOTAL TRANSPORTATION EQUIPMENT    2,183,962   
 

340

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

SHARES 
     
VALUE   
 
TRANSPORTATION SERVICES - 0.42%       
1,100    Ambassadors Group, Inc  $ 36,762   
4,500  *    EGL, Inc    102,600   
6,246    GATX Corp    207,305   
972  *    HUB Group, Inc    60,915   
2,000  *    Navigant International, Inc    27,320   
4,000  *    Pacer International, Inc    95,560   
4,700  *    RailAmerica, Inc    58,656   
 
      TOTAL TRANSPORTATION SERVICES    589,118   
 
 
TRUCKING AND WAREHOUSING - 0.85%       
2,700    Arkansas Best Corp    102,006   
2,055  *    Central Freight Lines, Inc    7,316   
1,100  *    Covenant Transport, Inc (Class A)    19,360   
5,800    Heartland Express, Inc    111,070   
7,500  *    Landstar System, Inc    245,625   
1,054  *    Marten Transport Ltd    22,482   
2,023  *    Old Dominion Freight Line    63,016   
3,538    Overnite Corp    113,181   
800  *    P.A.M. Transportation Services    13,760   
1,120  *    Quality Distribution, Inc    12,152   
1,800  *    SCS Transportation, Inc    33,462   
6,068  *    Swift Transportation Co, Inc    134,345   
900  *    U.S. Xpress Enterprises, Inc (Class A)    14,715   
3,596    USF Corp    173,543   
6,154    Werner Enterprises, Inc    119,572   
 
      TOTAL TRUCKING AND WAREHOUSING    1,185,605   
 
 
WATER TRANSPORTATION - 0.46%       
5,425    Alexander & Baldwin, Inc    223,510   
1,900  *    Gulfmark Offshore, Inc    49,229   
765  *    Hornbeck Offshore Services, Inc    19,171   
2,800  *    Kirby Corp    117,684   
3,451    Overseas Shipholding Group, Inc    217,102   
929  *    Seabulk International, Inc    19,314   
 
      TOTAL WATER TRANSPORTATION    646,010   
 
 
WHOLESALE TRADE-DURABLE GOODS - 1.84%       
900  *    1-800 Contacts, Inc    18,783   
1,901  *    Action Performance Cos, Inc    25,150   
3,400    Agilysys, Inc    66,844   
1,600  *    Alliance Imaging, Inc    15,280   
3,838  *    Anixter International, Inc    138,744   
3,248    Applied Industrial Technologies, Inc    88,346   
2,000  *    Audiovox Corp (Class A)    25,480   
3,023  *    Aviall, Inc    84,644   
2,000    Barnes Group, Inc    54,340   
1,700  *    Beacon Roofing Supply, Inc    37,204   
3,100  *    BioVeris Corp    16,368   
2,360  *    Brightpoint, Inc    44,203   
329    Compx International, Inc    5,586   
1,500  *    Department 56, Inc    26,190   

341

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

SHARES 
   
  VALUE
 
2,767  *    Digi International, Inc  $ 37,963   
2,969  *    Global Imaging Systems, Inc    105,281   
2,900    Handleman Co    54,984   
2,100  *    Imagistics International, Inc    73,353   
6,114  *    Insight Enterprises, Inc    107,362   
1,026  *    Insurance Auto Auctions, Inc    28,574   
1,140  *    INTAC International    14,364   
1,900  *    Keystone Automotive Industries, Inc    44,004   
4,700    Knight Transportation, Inc    115,949   
700    Lawson Products, Inc    32,760   
1,768  *    LKQ Corp    35,484   
1,309  *    Merge Technologies, Inc    22,973   
2,289    Metal Management, Inc    58,781   
5,057  *    Microtek Medical Holdings, Inc    18,104   
2,639  *    Navarre Corp    20,980   
5,000    Owens & Minor, Inc    135,750   
7,272    Pep Boys-Manny Moe & Jack    127,842   
8,535  *    PSS World Medical, Inc    97,043   
3,601    Reliance Steel & Aluminum Co    144,076   
16,692  *    Safeguard Scientifics, Inc    23,703   
1,600  *    Scansource, Inc    82,928   
7,065    SCP Pool Corp    225,091   
2,500  *    TBC Corp    69,650   
2,900    Watsco, Inc    122,090   
2,600  *    WESCO International, Inc    72,800   
5,395  *    Zoran Corp    55,838   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS    2,574,889   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.82%       
5,338    Acuity Brands, Inc    144,126   
1,928  *    Advanced Marketing Services, Inc    11,568   
7,689    Airgas, Inc    183,690   
3,558  *    Allscripts Healthcare Solutions, Inc    50,879   
1,650  *    Central European Distribution Corp    54,929   
5,600    Chiquita Brands International, Inc    149,968   
83  b*    Daisytek International Corp    -   
5,984    DIMON, Inc    37,400   
2,200    Getty Realty Corp    56,210   
3,200  *    Hain Celestial Group, Inc    59,648   
1,062    Kenneth Cole Productions, Inc (Class A)    30,947   
400  *    Maui Land & Pineapple Co    17,160   
4,079  *    Men's Wearhouse, Inc    172,175   
2,594  *    Metals USA, Inc    50,816   
1,600    Nash Finch Co    60,784   
6,975    Nu Skin Enterprises, Inc (Class A)    157,007   
1,063  *    Nuco2, Inc    27,957   
5,990  *    Performance Food Group Co    165,803   
8,107    Perrigo Co    155,249   
1,000  *    Perry Ellis International, Inc    22,440   
3,636  *    Priority Healthcare Corp (Class B)    78,647   
761  *    Provide Commerce, Inc    21,978   
4,100    Russell Corp    74,128   
2,900  *    School Specialty, Inc    113,564   
1,356  *    Smart & Final, Inc    16,489   
1,200    Standard Commercial Corp    22,320   

342

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

SHARES 
   
  VALUE 
 
4,400    Stride Rite Corp  $ 58,520    
4,000  *    Tractor Supply Co    174,600   
5,002  *    United Natural Foods, Inc    143,207   
4,300  *    United Stationers, Inc    194,575   
2,006    Valhi, Inc    39,418   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS    2,546,202   
 
 
      TOTAL COMMON STOCKS    139,255,350   
(Cost $108,991,100) 
 
 
      TOTAL PORTFOLIO -99.75%  $ 139,255,350   
      (Cost $108,991,100)       
 
      OTHER ASSETS AND LIABILITIES, NET - 0.25%    352,294   
 
 
      NET ASSETS - 100.00%  $ 139,607,644   
 
 
  *    Non-income producing       
  b    In bankruptcy       
  v    Security valued at fair value.       
 
      For ease of presentation, we have grouped a number of industry classification categories       
      together in the Statement of Investments. Note that the Funds use more specific industry       
      categories in following their investment limitations on industry concentration.       

343

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES         
VALUE
 
 
 
PREFERRED STOCKS - 0.15%       
 
CHEMICALS AND ALLIED PRODUCTS - 0.06%       
990    Henkel KGaA  $  89,744   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    89,744   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 0.01%       
197    Fresenius Medical Care AG.    11,381   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    11,381   
 
 
MOTION PICTURES - 0.01%       
831    ProSieben SAT.1 Media AG.    15,617   
 
      TOTAL MOTION PICTURES    15,617   
 
 
TRANSPORTATION EQUIPMENT - 0.07%       
131    Porsche AG.    95,342   
 
      TOTAL TRANSPORTATION EQUIPMENT    95,342   
 
 
      TOTAL PREFERRED STOCKS    212,084   
(Cost $166,664) 
 
 
COMMON STOCKS - 99.45%       
 
AGRICULTURAL SERVICES - 0.16%       
1,782    Syngenta AG.    186,737   
3,460    Yara International ASA    52,741   
 
      TOTAL AGRICULTURAL SERVICES    239,478   
 
 
AMUSEMENT AND RECREATION SERVICES - 0.34%       
12,960    EMI Group plc    57,856   
1,825    Gamesa Corp Tecnologica S.A.    24,312   
2,650    OPAP S.A.    77,423   
800    Oriental Land Co Ltd    52,356   
800    Sankyo Co Ltd (Gunma)    38,818   
1,100    Sega Sammy Holdings, Inc    67,053   
8,671    TABCORP Holdings Ltd    112,886   
6,587  *    William Hill plc    68,582   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES    499,286   
 
 

344

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
APPAREL AND ACCESSORY STORES - 0.25%       
336    Douglas Holding AG.  $ 12,362   
1,000    Fast Retailing Co Ltd    60,677   
7,912    Hennes & Mauritz AB (B Shs)    272,975   
200    Shimamura Co Ltd    15,352   
 
      TOTAL APPAREL AND ACCESSORY STORES    361,366   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.26%       
2,392    Ansell Ltd    18,207   
500    Aoyama Trading Co Ltd    13,533   
463    Benetton Group S.p.A.    4,477   
14,500    Esprit Holdings Ltd    98,999   
2,000    Gunze Ltd    9,330   
6,000    Kuraray Co Ltd    53,684   
9,000    Mitsubishi Rayon Co Ltd    33,321   
1,000    Nisshinbo Industries, Inc    8,162   
3,000    Onward Kashiyama Co Ltd    44,400   
2,000    Tokyo Style Co Ltd    22,045   
10,000    Toyobo Co Ltd    24,402   
2,000    Wacoal Corp    26,608   
600    World Co Ltd    21,765   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS    378,933   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.09%       
2,900    Aisin Seiki Co Ltd    66,156   
30,000    ComfortDelgro Corp Ltd    30,376   
1,500    NOK Corp    35,831   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING    132,363   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.00%       
200    Autobacs Seven Co Ltd    6,470   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS    6,470   
 
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.15%       
4,000    Cheung Kong Infrastructure Holdings Ltd    11,488   
9,764    Wolseley plc    204,426   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES    215,914   
 
 
BUSINESS SERVICES - 2.52%       
477    Acciona S.A.    43,147   
2,183    Adecco S.A. (Regd)    120,332   
9,703    Aegis Group plc    18,702   
500    Aeon Credit Service Co Ltd    33,844   
300    Asatsu-DK, Inc    9,620   
948  *    Atos Origin    64,252   
4,764    Autostrade S.p.A.    123,645   

345

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
1,116  *    Business Objects  $ 29,951   
2,080  *    Cap Gemini S.A.    72,718   
300    Capcom Co Ltd    2,937   
11,031    Capita Group plc    78,374   
3,274    Cintra Concesiones de Infraestructuras de Transporte S.A.    35,317   
4,355    Computershare Ltd    18,899   
1,100    CSK Corp    45,868   
945    Dassault Systemes S.A.    44,705   
2,000  *    Datacraft Asia Ltd    1,920   
25    Dentsu, Inc    68,484   
8,346    Deutsche Post AG. (Regd)    204,247   
19    Dolmen Computer Applications    243   
200    Fuji Soft ABC, Inc    6,133   
4,903    Getronics NV    11,406   
3    Goodwill Group, Inc    6,255   
18,960    Group 4 Securicor plc    49,083   
1,449    Haw Par Corp Ltd    4,612   
28,502    Hays plc    71,630   
200    Hitachi Software Engineering Co Ltd    3,768   
2,095    Indra Sistemas S.A.    37,683   
704    Intracom S.A.    3,532   
781    ISS a/s    63,628   
300    Itochu Techno-Science Corp    9,733   
3,000    Keppel Land Ltd    4,184   
900    Konami Corp    20,026   
6,384    LogicaCMG plc    21,352   
300    Meitec Corp    10,490   
5,350    Misys plc    22,392   
600    Namco Ltd    7,814   
5    NET One Systems Co Ltd    12,855   
200    Nomura Research Institute Ltd    18,699   
23    NTT Data Corp    79,562   
300    Obic Co Ltd    58,676   
300    Oracle Corp Japan    13,912   
1,739    Public Power Corp    50,264   
2,118    Publicis Groupe S.A.    65,183   
80    Rakuten, Inc    69,933   
771    Randstad Holdings NV    34,410   
30,168    Rentokil Initial plc    92,349   
23,886    Reuters Group plc    184,151   
21,293    Sage Group plc    80,973   
3,417    SAP AG.    552,049   
4,000    Secom Co Ltd    166,791   
4,929    Securitas AB (B Shs)    79,080   
1,600    Seiko Epson Corp    59,536   
3,788    Serco Group plc    17,483   
72    SGS S.A.    52,071   
1,381    Tietoenator Corp    47,329   
700    TIS, Inc    27,421   
1,450  *    Tiscali S.p.A.    5,164   
17,000    Tokyu Corp    88,846   
100    Trans Cosmos, Inc    3,777   
1,500    Trend Micro, Inc    64,650   
18,000    Wharf Holdings Ltd    56,889   
2,247    WM-Data AB (B Shs)    5,583   
19,748    WPP Group plc    224,828   
38  *    Yahoo! Japan Corp    89,174   
18  *    Yahoo! Japan Corp (When Issued)    42,408   
 
      TOTAL BUSINESS SERVICES    3,714,972   
 

346

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
CHEMICALS AND ALLIED PRODUCTS - 10.18%       
4,530    Akzo Nobel NV  $ 207,355   
100    Alfresa Holdings Corp    4,142   
22,000    Asahi Kasei Corp    108,601   
7,217    Astellas Pharma, Inc    244,930   
27,515    AstraZeneca plc (United Kingdom)    1,084,559   
8,631    BASF AG.    613,473   
10,955    Bayer AG.    362,633   
280    Beiersdorf AG.    31,332   
8,273    BOC Group plc    159,297   
12,342    Boots Group plc    145,409   
4,700    Chugai Pharmaceutical Co Ltd    72,372   
3,397    CSL Ltd    89,816   
6,000    Daicel Chemical Industries Ltd    33,096   
4,200    Daiichi Pharmaceutical Co Ltd    98,560   
12,000    Dainippon Ink & Chemicals, Inc    32,872   
4,000    Denki Kagaku Kogyo KK    14,510   
1,262    DSM NV    89,143   
4,400    Eisai Co Ltd    149,738   
6,507  *    Elan Corp plc    20,296   
117    Givaudan S.A. (Regd)    75,389   
97,107    GlaxoSmithKline plc    2,225,773   
1,800    Hitachi Chemical Co Ltd    32,244   
19,823    Imperial Chemical Industries plc    100,199   
2,000    Ishihara Sangyo Kaisha Ltd    4,637   
3,000    JSR Corp    59,321   
4,000    Kaneka Corp    44,278   
5,000    Kansai Paint Co Ltd    31,040   
8,000    Kao Corp    184,368   
5,000    Kingboard Chemical Holdings Ltd    14,937   
6,000    Kyowa Hakko Kogyo Co Ltd    46,055   
1,819    L'Air Liquide S.A.    335,461   
667  *    Lanxess    13,783   
630    Lonza Group AG. (Regd)    38,691   
5,070    L'Oreal S.A.    406,885   
800    MEDICEO Holdings Co Ltd    10,658   
843    Merck KGaA    60,258   
29,000    Mitsubishi Chemical Corp    92,726   
3,000    Mitsubishi Gas Chemical Co, Inc    14,108   
9,000    Mitsui Chemicals, Inc    50,402   
1,000    Nippon Kayaku Co Ltd    5,797   
1,000    Nippon Shokubai Co Ltd    9,069   
1,000    Nissan Chemical Industries Ltd    8,648   
39,343    Novartis AG. (Regd)    1,841,882   
4,013    Novo Nordisk a/s (B Shs)    224,026   
876    Novozymes a/s    43,095   
164    Omega Pharma S.A.    8,479   
4,536    Orica Ltd    64,036   
612    Orion Oyj    9,401   
2,202  *    Qiagen NV    26,157   
10,267    Reckitt Benckiser plc    326,317   
11,709    Roche Holding AG. (Genusscheine)    1,259,413   
6,200    Sankyo Co Ltd    131,002   
16,243    Sanofi-Aventis    1,373,219   
2,751    Schering AG.    182,914   
2,058  *    SciGen Ltd    81   
7,000    Sekisui Chemical Co Ltd    50,982   

347

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
108    Serono S.A. (B Shs)  $ 78,651   
6,000    Shin-Etsu Chemical Co Ltd    227,749   
4,000    Shionogi & Co Ltd    55,273   
5,000    Shiseido Co Ltd    66,146   
17,000    Showa Denko KK    44,662   
898  *    SNIA S.p.A.    294   
1,057    Solvay S.A.    126,314   
1,347  *    Sorin S.p.A.    4,315   
1,000    Sumitomo Bakelite Co Ltd    6,255   
22,000    Sumitomo Chemical Co Ltd    109,013   
400    Suzuken Co Ltd    9,873   
2,000    Taisho Pharmaceutical Co Ltd    42,633   
4,000    Taiyo Nippon Sanso Corp    23,485   
14,800    Takeda Pharmaceutical Co Ltd    707,068   
15,000    Teijin Ltd    64,230   
20,000    Toray Industries, Inc    89,940   
7,000    Tosoh Corp    34,686   
15,000    UBE Industries Ltd    30,993   
1,459    UCB S.A.    70,785   
6,273    Wesfarmers Ltd    192,838   
2,509    Zeltia S.A.    21,065   
1,000    Zeon Corp    7,498   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    14,981,631   
 
 
COMMUNICATIONS - 7.99%       
324    Antena 3 Television S.A.    26,507   
2,713    Belgacom S.A.    112,478   
20,860    British Sky Broadcasting Group plc    228,816   
142,267    BT Group plc    552,441   
39,251    Cable & Wireless plc    95,863   
1,000    COMSYS Holdings Corp    8,405   
1,930    Cosmote Mobile Telecommunications S.A.    34,163   
45,474    Deutsche Telekom AG. (Regd)    910,144   
4,843    Eircom Group plc    12,777   
2,366    Elisa Oyj    40,282   
247,050    Ericsson (LM) (B Shs)    698,020   
24,670    France Telecom S.A.    740,641   
9    Fuji Television Network, Inc    21,288   
3,000    Fujikura Ltd    13,183   
3,663    GN Store Nord    42,175   
4,094    Hellenic Telecommunications Organization S.A.    72,469   
13,000  *    Hutchison Telecommunications International Ltd    12,418   
1,200    i-CABLE Communications Ltd    435   
50,000    ITV plc    120,462   
36,154    KPN NV    324,214   
1,933  *    Marconi Corp plc    19,687   
9,843    Mediaset S.p.A.    141,996   
609  *    Modern Times Group AB (B Shs)    18,504   
87    Nippon Telegraph & Telephone Corp    381,479   
337    NTT DoCoMo, Inc    567,128   
12,637    Portugal Telecom SGPS S.A. (Regd)    148,470   
515    PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.    12,884   
1,815    Publishing & Broadcasting Ltd    21,607   
67,622    Seat Pagine Gialle S.p.A.    28,255   
110,214    Singapore Telecommunications Ltd    172,408   

348

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
968    Sky Network Television Ltd  $ 4,438   
1,975    Societe Television Francaise 1 (T.F.1)    62,630   
630  *    Sogecable S.A.    25,292   
441    Swisscom AG. (Regd)    162,244   
2,239    Tandberg ASA    23,491   
1,650    Tele2 AB (B Shs)    54,702   
32,367    Telecom Corp of New Zealand Ltd    139,841   
217,848    Telecom Italia S.p.A.    828,144   
74,336    Telefonica S.A.    1,298,449   
5,833    Telekom Austria AG.    114,471   
13,120    Telenor ASA    118,434   
3,000    Television Broadcasts Ltd    15,117   
35,063    TeliaSonera AB    209,088   
35,255    Telstra Corp Ltd    138,812   
21,085    TIM S.p.A.    141,537   
300    Tokyo Broadcasting System, Inc    5,862   
620,000    Vodafone Group plc    1,646,029   
44,829    Vodafone Group plc (Spon ADR)    1,190,658   
 
      TOTAL COMMUNICATIONS    11,758,838   
 
           
DEPOSITORY INSTITUTIONS - 17.94%       
5,000    77 Bank Ltd    36,322   
26,962    ABN Amro Holding NV    670,688   
14,434    Allied Irish Banks plc    302,960   
3,324    Alpha Bank S.A.    112,580   
7,000  v*    Ashikaga Financial Group, Inc    -   
30,343  *    Australia & New Zealand Banking Group Ltd    483,989   
3,843    Banca Antonveneta S.p.A.    124,864   
4,901    Banca Fideuram S.p.A.    25,128   
60,626    Banca Intesa S.p.A.    308,867   
8,428    Banca Intesa S.p.A. (Rnc)    38,830   
18,363    Banca Monte dei Paschi di Siena S.p.A.    61,931   
27,521  *    Banca Nazionale del Lavoro S.p.A.    88,704   
6,571    Banca Popolare di Milano    62,982   
5,614    Banche Popolari Unite Scrl    118,053   
53,687    Banco Bilbao Vizcaya Argentaria S.A.    876,365   
5,699    Banco BPI S.A. (Regd)    23,331   
35,287    Banco Comercial Portugues S.A. (Regd)    96,308   
1,750    Banco Espirito Santo S.A. (Regd)    30,477   
6,171    Banco Popolare di Verona e Novara Scrl    115,410   
2,836    Banco Popular Espanol    183,922   
99,024    Banco Santander Central Hispano S.A.    1,208,460   
613    Bank Austria Creditanstalt AG.    60,548   
22,157    Bank of East Asia Ltd    63,778   
10,000    Bank of Fukuoka Ltd    62,921   
1,325    Bank of Ireland (Dublin)    20,923   
14,793    Bank of Ireland (London)    234,169   
21,000  *    Bank of Yokohama Ltd    128,403   
107,154    Barclays plc    1,095,406   
10,635  *    Bayerische Hypo-und Vereinsbank AG.    260,817   
13,270    BNP Paribas    942,513   
61,500    BOC Hong Kong Holdings Ltd    113,154   
23,910    Capitalia S.p.A.    124,842   
13,000    Chiba Bank Ltd    84,349   
648  *    Commercial Bank of Greece    17,163   
7,473    Commerzbank AG.    162,584   
21,229    Commonwealth Bank of Australia    574,103   

349

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
11,051    Credit Agricole S.A.  $ 301,180   
18,951    Credit Suisse Group    816,456   
7,283    Danske Bank a/s    211,863   
20,000    DBS Group Holdings Ltd    180,683   
5,883    Depfa Bank plc    93,279   
8,158    Deutsche Bank AG. (Regd)    705,599   
10,414    Dexia    248,359   
11,059    DNB NOR Holding ASA    113,403   
3,102    EFG Eurobank Ergasias S.A.    95,708   
2,012    Erste Bank Der Oesterreichischen Sparkassen AG.    105,511   
2,630    FinecoGroup S.p.A.    23,243   
19,473    Fortis    556,272   
6,000    Gunma Bank Ltd    34,723   
12,700    Hang Seng Bank Ltd    168,533   
17,000    Hokuhoku Financial Group, Inc    51,655   
184,223    HSBC Holdings plc (United Kingdom)    2,913,660   
11,000    Joyo Bank Ltd    59,340   
3,052    KBC Groupe S.A.    258,023   
93,214    Lloyds TSB Group plc    841,935   
3,700    Macquarie Bank Ltd    137,468   
78    Mitsubishi Tokyo Financial Group, Inc    678,197   
9,000    Mitsui Trust Holdings, Inc    89,697   
129    Mizuho Financial Group, Inc    611,472   
25,853    National Australia Bank Ltd    566,960   
4,419    National Bank of Greece S.A.    149,896   
35,429    Nordea Bank AB (Sweden)    359,662   
17,000    Oversea-Chinese Banking Corp Ltd    142,242   
2,790    Piraeus Bank S.A.    50,764   
74,000  *    Resona Holdings, Inc    148,747   
52,847    Royal Bank of Scotland Group plc    1,681,636   
18,110    Sanpaolo IMI S.p.A.    284,323   
17,000    Shinsei Bank Ltd    96,952   
9,000    Shizuoka Bank Ltd    91,128   
7,860    Skandinaviska Enskilda Banken (A Shs)    149,540   
5,556    Societe Generale (A Shs)    578,751   
73    Sumitomo Mitsui Financial Group Inc    495,494   
22,000    Sumitomo Trust & Banking Co Ltd    143,773   
9,033    Suncorp-Metway Ltd    135,767   
2,000    Suruga Bank Ltd    17,820   
8,666    Svenska Handelsbanken AB (A Shs)    205,478   
17,818    UBS AG. (Regd)    1,509,873   
66    UFJ Holdings, Inc    348,018   
73,673    UniCredito Italiano S.p.A.    433,743   
20,000    United Overseas Bank Ltd    174,620   
29,718    Westpac Banking Corp    437,469   
 
      TOTAL DEPOSITORY INSTITUTIONS    26,414,759   
 
 
EATING AND DRINKING PLACES - 0.37%       
1,907    Autogrill S.p.A.    28,601   
35,872    Compass Group plc    163,698   
5,823    Enterprise Inns plc    84,834   
8,722    Mitchells & Butlers plc    56,777   
4,166    Punch Taverns plc    54,160   
200    Saizeriya Co Ltd    2,896   
700    Skylark Co Ltd    11,839   
1,590    Sodexho Alliance S.A.    53,128   
36    Valora Holding AG.    8,238   

350

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
4,971    Whitbread plc  $ 87,498   
 
      TOTAL EATING AND DRINKING PLACES    551,669   
 
 
EDUCATIONAL SERVICES - 0.03%       
1,200    Benesse Corp    40,838   
 
      TOTAL EDUCATIONAL SERVICES    40,838   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 5.84%       
569    Aguas de Barcelona S.A. (A Shs)    12,342   
7,609    Australian Gas Light Co Ltd    83,580   
58,902    BG Group plc    457,726   
63,745    Centrica plc    277,944   
11,100    Chubu Electric Power Co, Inc    267,226   
32,000    CLP Holdings Ltd    182,169   
2,898    Contact Energy Ltd    13,430   
10,380    E.ON AG.    892,927   
13,754  *    Edison S.p.A.    28,100   
457    Electrabel S.A.    205,563   
2,300    Electric Power Development Co    70,961   
15,881    Endesa S.A.    358,099   
60,970    Enel S.p.A.    584,789   
33,550    Energias de Portugal S.A.    93,747   
27    Exmar NV    1,790   
2,612    Gas Natural SDG S.A.    75,294   
3,000    Hokkaido Electric Power Co, Inc    61,144   
60,000    Hong Kong & China Gas Co Ltd    118,087   
23,000    Hong Kong Electric Holdings Ltd    102,329   
12,772    Iberdrola S.A.    334,970   
24,524    International Power plc    83,065   
11,800    Kansai Electric Power Co, Inc    237,192   
6,261    Kelda Group plc    70,748   
1,000    Kurita Water Industries Ltd    15,763   
6,700    Kyushu Electric Power Co, Inc    142,820   
51,469    National Grid Transco plc    476,796   
1,342    NGC Holdings Ltd    2,937   
103    Oest Elektrizitatswirts (A Shs)    23,426   
34,000    Osaka Gas Co Ltd    104,899   
276    Puma AG. Rudolf Dassler Sport    69,276   
7,535    RWE AG.    456,837   
14,293    Scottish & Southern Energy plc    238,076   
31,049    Scottish Power plc    239,961   
5,582    Severn Trent plc    96,512   
14,664    Snam Rete Gas S.p.A.    81,854   
1,900  *    Sojitz Holdings Corp    9,379   
13,401    Suez S.A.(France)    361,569   
7,100    Tohoku Electric Power Co, Inc    131,897   
19,100    Tokyo Electric Power Co, Inc    464,286   
43,000    Tokyo Gas Co Ltd    173,672   
1,666    Tomra Systems ASA    7,467   
3,554    Union Fenosa S.A.    105,820   
9,258    United Utilities plc    110,387   
3,087    United Utilities plc (A Shs)    26,279   
16,978    Vivendi Universal S.A.    521,407   

351

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
29    West Japan Railway Co  $ 118,484   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES    8,593,026   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.09%       
31,054  *    ABB Ltd    193,583   
1,100    Advantest Corp    84,536   
392  *    Aixtron AG.    1,702   
20,372  *    Alcatel S.A.    247,820   
3,000    Alps Electric Co Ltd    47,878   
72,541  *    Alstom    62,223   
13,672    ARM Holdings plc    27,191   
1,500    ASM Pacific Technology Ltd    6,462   
8,059  *    ASML Holding NV    136,475   
105    Bang & Olufsen a/s    7,052   
197    Barco NV    16,053   
10,000  *    Chartered Semiconductor Manufacturing Ltd    6,002   
4,016    Electrocomponents plc    18,782   
4,741    Electrolux AB Series B    110,730   
466  *    Epcos AG.    6,456   
2,400    Fisher & Paykel Appliances Holdings Ltd    5,082   
7,700    Fisher & Paykel Healthcare Corp    16,414   
300    Fuji Machine Manufacturing Co Ltd    2,998   
31,000    Fujitsu Ltd    186,649   
11,000  *    Furukawa Electric Co Ltd    50,496   
240    Germanos S.A.    7,405   
600    Hirose Electric Co Ltd    61,425   
10,488  *    Infineon Technologies AG.    100,867   
14,000    Johnson Electric Holdings Ltd    12,655   
5,321    Kesa Electricals plc    30,390   
7,484    Kidde plc    23,617   
21,934    Koninklijke Philips Electronics NV    605,763   
270    Kudelski S.A. (Br)    9,775   
2,700    Kyocera Corp    193,110   
300    Mabuchi Motor Co Ltd    18,063   
37,000    Matsushita Electric Industrial Co Ltd    546,559   
4,000    Matsushita Electric Works Ltd    34,517   
306  *    Micronas Semiconductor Holdings, Inc    12,811   
30,000    Mitsubishi Electric Corp    155,666   
473    Mobistar S.A.    41,648   
3,800    Murata Manufacturing Co Ltd    204,282   
27,000    NEC Corp    163,575   
700    NEC Electronics Corp    32,723   
2,000    NGK Spark Plug Co Ltd    20,737   
2,700    Nitto Denko Corp    141,866   
77,727    Nokia Oyj    1,208,174   
8,000    Oki Electric Industry Co Ltd    33,807   
2,500    Pioneer Corp    45,087   
300    Rinnai Corp    7,629   
1,700    Rohm Co Ltd    164,501   
3,000    Sanken Electric Co Ltd    39,379   
25,000    Sanyo Electric Co Ltd    78,067   
3,692    Schneider Electric S.A.    290,058   
16,000    Sharp Corp    242,633   
15,400    Sony Corp    614,791   
2,500    Stanley Electric Co Ltd    37,958   

352

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
9,801    STMicroelectronics NV  $ 163,554   
12,000    Sumitomo Electric Industries Ltd    128,010   
1,000    Taiyo Yuden Co Ltd    10,854   
1,900    TDK Corp    130,385   
16,666    Terna S.p.A.    44,403   
3,872    Thomson    104,671   
2,900    Tokyo Electron Ltd    165,660   
49,000    Toshiba Corp    205,236   
189    Unaxis Holding AG. (Regd)    26,640   
2,000    Uniden Corp    41,604   
2,000    Venture Corp Ltd    16,128   
2,700    Yamaha Corp    39,051   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    7,490,318   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.06%       
9,000    SembCorp Industries Ltd    10,586   
23,000    Singapore Technologies Engineering Ltd    35,700   
2,769    Vedior NV    49,375   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    95,661   
 
 
FABRICATED METAL PRODUCTS - 0.42%       
14,661    Amcor Ltd    81,202   
4,912    Assa Abloy AB (B Shs)    69,741   
128    Boehler-Uddeholm AG.    17,510   
4,047    European Aeronautic Defense & Space Co    121,288   
59    Geberit AG. (Regd)    43,363   
12,036    GKN plc    57,711   
1,000    Hitachi Cable Ltd    4,114   
4,100    JS Group Corp    75,437   
3,373    Novar plc    11,871   
800    SMC Corp    90,725   
2,400    Toyo Seikan Kaisha Ltd    44,675   
 
      TOTAL FABRICATED METAL PRODUCTS    617,637   
 
 
FOOD AND KINDRED PRODUCTS - 4.21%       
10,000    Ajinomoto Co, Inc    122,289   
100    Ariake Japan Co Ltd    2,506   
6,500    Asahi Breweries Ltd    84,410   
34,469    Cadbury Schweppes plc    345,528   
308    Carlsberg a/s    15,313   
239    Carlsberg a/s (A Shs)    11,112   
8,658    Coca-Cola Amatil Ltd    57,464   
1,770    Coca-Cola Hellenic Bottling Co S.A.    44,627   
400    Coca-Cola West Japan Co Ltd    9,424   
851    Danisco a/s    57,751   
1,324    DCC plc    30,870   
50,196    Diageo plc    707,583   
33,356    Foster's Group Ltd    132,367   
1,800    Fraser & Neave Ltd    16,589   
1,643    Greencore Group plc    6,897   
4,021    Groupe Danone    401,087   
4,083    Heineken NV    141,842   

353

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
154    Hermes International  $ 31,083   
600    House Foods Corp    8,684   
2,939    InBev NV    103,169   
300    Ito En Ltd    14,613   
22,670    J. Sainsbury plc    123,907   
400    Katokichi Co Ltd    2,954   
800  *    Katokichi Co Ltd (When Issued)    5,864   
2,166    Kerry Group (Class A)    52,500   
3,000    Kikkoman Corp    30,151   
12,000    Kirin Brewery Co Ltd    117,240   
4,897    Lion Nathan Ltd    27,464   
4,083    LVMH Moet Hennessy Louis Vuitton S.A.    306,183   
2,000    Meiji Dairies Corp    11,257   
3,000    Meiji Seika Kaisha Ltd    14,978   
6,725    Nestle S.A. (Regd)    1,846,427   
2,000    Nichirei Corp    7,610   
3,000    Nippon Meat Packers, Inc    38,117   
3,000    Nisshin Seifun Group, Inc    31,975   
1,300    Nissin Food Products Co Ltd    34,092   
3,185    Orkla ASA    117,021   
3,592  v*    Parmalat Finanziaria S.p.A.    -   
822    Pernod-Ricard    115,057   
900    Q.P. Corp    7,909   
2,495  *    Royal Numico NV    102,337   
6,536    Sampo Oyj (A Shs)    95,139   
2,000    Sapporo Holdings Ltd    9,387   
13,415    Scottish & Newcastle plc    116,732   
1,853    Singapore Food Industries Ltd    1,180   
1,000  *    Snow Brand Milk Products Co Ltd    3,310   
10,547    Southcorp Ltd    34,511   
536    Suedzucker AG.    10,811   
1,000    Takara Holdings, Inc    7,021   
6,848    Tate & Lyle plc    68,776   
2,000    Toyo Suisan Kaisha Ltd    31,320   
46,067    Unilever plc    455,262   
1,000    Yakult Honsha Co Ltd    19,306   
1,000    Yamazaki Baking Co Ltd    9,461   
 
      TOTAL FOOD AND KINDRED PRODUCTS    6,200,467   
 
 
FOOD STORES - 1.73% 
     
244    Axfood AB    5,976   
9,548    Carrefour S.A.    508,027   
545    Casino Guichard-Perrachon S.A.    45,934   
19,530    Coles Myer Ltd    142,161   
293    Colruyt S.A. Rts    45,619   
1,171    Delhaize Group    80,432   
1,200    FamilyMart Co Ltd    35,452   
5,600    Ito-Yokado Co Ltd    224,084   
353  *    Jeronimo Martins SGPS S.A.    5,391   
1,100    Lawson, Inc    40,520   
25,891  *    Royal Ahold NV    217,374   
6,100    Seven-Eleven Japan Co Ltd    179,076   
129,076    Tesco plc    771,949   
3,000    UNY Co Ltd    36,126   
17,391    Woolworths Ltd    215,918   
 
      TOTAL FOOD STORES    2,554,039   
 

354

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
FURNITURE AND FIXTURES - 0.01%       
6,191    MFI Furniture Group plc  $ 13,687   
 
      TOTAL FURNITURE AND FIXTURES    13,687   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.26%       
45,000    Hitachi Ltd    280,198   
150    Nitori Co Ltd    9,705   
800    Shimachu Co Ltd    20,942   
1,300    Yamada Denki Co Ltd    68,306   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    379,151   
 
 
GENERAL BUILDING CONTRACTORS - 0.72%       
3,000    Allgreen Properties Ltd    2,146   
2,740    Amec plc    16,516   
4,001    Barratt Developments plc    49,860   
1,047    Bellway plc    17,410   
1,186  *    Berkeley Group Holdings plc    18,164   
3,327    Bouygues S.A.    132,226   
1,600    Daito Trust Construction Co Ltd    67,315   
10,000    Daiwa House Industry Co Ltd    115,183   
7,641    Fletcher Building Ltd    36,172   
532    Imerys S.A.    40,309   
1,169    Leighton Holdings Ltd    9,224   
783    NH Hoteles S.A.    10,095   
2,000    Nishimatsu Construction Co Ltd    7,592   
9,000    Obayashi Corp    55,619   
4,487    Persimmon plc    64,056   
8,000    Shimizu Corp    41,062   
6,175    Skanska AB (B Shs)    74,961   
7,000    Sumitomo Realty & Development Co Ltd    84,686   
14,000    Taisei Corp    52,618   
9,482    Taylor Woodrow plc    54,826   
950    Titan Cement Co S.A.    31,583   
4,000    Toda Corp    19,746   
6,508    Wimpey (George) plc    54,109   
 
      TOTAL GENERAL BUILDING CONTRACTORS    1,055,478   
 
 
GENERAL MERCHANDISE STORES - 0.75%       
9,600    Aeon Co Ltd    162,543   
2,000  *    Daiei, Inc    4,114   
2,000    Daimaru, Inc    17,857   
14,000    Giordano International Ltd    9,514   
5,236  *    Hagemeyer NV    13,338   
1,000    Hankyu Department Stores, Inc    7,816   
2,800    Isetan Co Ltd    36,571   
382    KarstadtQuelle AG.    3,843   
991    Kesko Oyj (B Shs)    25,527   
39,038    Kingfisher plc    213,000   
27,436    Marks & Spencer Group plc    179,377   
5,300    Marui Co Ltd    71,403   

355

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
2,431    Metro AG.  $ 130,833   
7,000    Mitsukoshi Ltd    36,649   
1,122    Pinault-Printemps-Redoute S.A.    120,302   
9,579    Sonae SPGS S.A.    14,441   
5,000    Takashimaya Co Ltd    51,327   
1,000    Warehouse Group Ltd    2,830   
8,756  *    Waterford Wedgwood plc (Units)    432   
 
      TOTAL GENERAL MERCHANDISE STORES    1,101,717   
 
 
HEALTH SERVICES - 0.12%       
756  *    Capio AB    11,485   
272    Coloplast a/s (B Shs)    14,188   
287  *    Elekta AB    10,391   
2,668    Getinge AB (B Shs)    39,964   
1,432    Intertek Group plc    20,930   
200    Nichii Gakkan Co    6,039   
4,000    Parkway Holdings Ltd    3,953   
4,077    Sonic Healthcare Ltd    38,003   
129    Straumann Holding AG.    28,032   
 
      TOTAL HEALTH SERVICES    172,985   
 
 
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.52%       
3,858    Abertis Infraestructuras S.A.    87,395   
4,411    ACS Actividades Cons y Serv    109,496   
1,155    Autoroutes du Sud de La France    58,738   
3,719    Balfour Beatty plc    21,961   
6,001    Brisa-Auto Estradas de Portugal S.A.    50,773   
762    Fomento de Construcciones y Contratas S.A.    39,049   
1,052    Grupo Ferrovial S.A.    59,734   
678    Hellenic Technodomiki Tev S.A.    3,102   
600  *    Hopewell Highway Infrastructure Ltd    115   
4,000    JGC Corp    43,755   
12,000    Kajima Corp    49,701   
2,000    Okumura Corp    12,191   
629    Technical Olympic S.A.    3,875   
8,989    Transurban Group    49,091   
82  *    VA Technologie AG.    6,714   
1,214    Vinci S.A.    175,448   
 
      TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING    771,138   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 1.32%       
2,000    CapitaCommercial Trust    1,734   
5,000    CapitaMall Trust    6,184   
420    Castellum AB    13,775   
8,700    Compagnie Financiere Richemont AG. (Units) (A Shs)    274,088   
729    Corio NV    40,863   
1,207    Great Portland Estates plc    7,475   
36,000    Hutchison Whampoa Ltd    305,795   
4,001  *    IMMOFINANZ Immobilien Anlagen AG.    36,555   
6,826    ING Industrial Fund    10,772   
24,045    Investa Property Group    38,688   
5    Japan Real Estate Investment Corp    40,903   
5    Japan Retail Fund Investment Corp    39,828   

356

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
8,800    JFE Holdings, Inc  $ 245,999   
7,783    Land Securities Group plc    190,158   
5,980    Lend Lease Corp Ltd    58,285   
2,414    London Stock Exchange plc    20,698   
32,283    Macquarie Infrastructure Group    89,901   
6    Nippon Building Fund, Inc    51,384   
147    Nobel Biocare Holding AG.    31,049   
747    Rodamco Europe NV    56,017   
1,113    Schroders plc    14,869   
3,800  *    Softbank Corp    157,031   
423  *    Stockland (New)    1,891   
16,000    Sumitomo Corp    137,472   
346    Wereldhave NV    35,525   
1,375    Wihlborgs Fastigheter AB    31,919   
3,500    Wing Tai Holdings Ltd    1,974   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    1,940,832   
 
 
HOTELS AND OTHER LODGING PLACES - 0.35%       
3,271    Accor S.A.    160,524   
5,168    Aristocrat Leisure Ltd    40,697   
26,289    Hilton Group plc    149,524   
10,513    Intercontinental Hotels Group plc    122,669   
1,000    Overseas Union Enterprise Ltd    4,941   
16,153    Shangri-La Asia Ltd    23,610   
4,330    Sky City Entertainment Group Ltd    15,188   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    517,153   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.31%       
1,996    Aggreko plc    6,789   
1,396    Alfa Laval AB    22,992   
6,000    Amada Co Ltd    37,023   
2,000    Amano Corp    22,457   
3,196    Atlas Copco AB (B Shs)    140,442   
450    Creative Technology Ltd    4,338   
3,400    Daikin Industries Ltd    85,826   
5,000    Dainippon Screen Manufacturing Co Ltd    33,891   
31,872    Dixons Group plc    91,994   
185    East Asiatic Co Ltd a/s    10,537   
2,000    Ebara Corp    8,882   
5,191    FKI plc    10,422   
231    FLSmidth & Co a/s (B Shs)    4,272   
6,575    Futuris Corp Ltd    10,579   
1,000    Hitachi Construction Machinery Co Ltd    13,828   
247    Hoganas AB (B Shs)    7,119   
19,000  *    Ishikawajima-Harima Heavy Industries Co Ltd    30,731   
126    KCI Konecranes Oyj    5,217   
16,000    Komatsu Ltd    120,568   
631  *    Kone Oyj (B Shs)    49,180   
1,000    Koyo Seiko Co Ltd    13,566   
17,000    Kubota Corp    90,912   
1,391    Linde AG.    95,814   
718  *    Logitech International S.A. (Regd)    43,825   
1,000    Makita Corp    18,306   
4,199    Meggitt plc    20,887   
1,703    Metso Oyj    30,588   

357

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
3,000    Minebea Co Ltd  $ 12,902   
49,000    Mitsubishi Heavy Industries Ltd    130,563   
400    Mori Seiki Co Ltd    4,245   
800    Nidec Corp    99,850   
7,000    NSK Ltd    36,126   
6,000    NTN Corp    33,377   
852    OCE NV    13,653   
3,500    Omron Corp    76,571   
43    Rieter Holding AG.    13,637   
743,500    Rolls-Royce Group plc (B Shs)    1,440   
2,810    Sagem S.A.    63,363   
1,000    Sanden Corp    5,021   
3,514    Sandvik AB    146,683   
1,583    Scania AB    67,651   
1,559    SKF AB (B Shs)    73,156   
61    Sulzer AG. (Regd)    26,357   
1,500    THK Co Ltd    30,362   
2,769  *    Vestas Wind Systems a/s    40,094   
977    Wartsila Oyj (B Shs)    25,903   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    1,931,939   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 1.83%       
14,200    Canon, Inc    763,369   
3,300    Casio Computer Co Ltd    43,657   
4,600    Citizen Watch Co Ltd    44,254   
905    Cochlear Ltd    22,962   
1,627    Essilor International S.A.    117,885   
2,400    Fanuc Ltd    150,561   
753    Fresenius Medical Care AG.    61,116   
7,800    Fuji Photo Film Co Ltd    285,864   
2,923    Gambro AB (A Shs)    40,048   
876    Gambro AB (B Shs)    11,940   
5,823    IMI plc    45,168   
52,432  *    Invensys plc    15,357   
500    Keyence Corp    116,118   
8,000    Konica Corp    81,077   
2,275    Luxottica Group S.p.A.    46,805   
4,000    Nikon Corp    46,111   
233    Nobel Biocare Holding AG. (Stockholm)    49,060   
3,000    Olympus Corp    70,120   
59,000    PCCW Ltd    33,096   
709    Phonak Holding AG.    24,508   
12,000    Ricoh Co Ltd    206,432   
15,641    Smith & Nephew plc    147,037   
9,000  *    STATS ChipPAC Ltd    5,784   
766    Synthes, Inc    85,475   
302    The Swatch Group AG. (Br)    41,655   
2,290    The Swatch Group AG. (Regd)    63,979   
1,000    Ushio, Inc    19,166   
274  *    William Demant Holding    13,719   
3,500    Yokogawa Electric Corp    47,513   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    2,699,836   
 
 

358

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.00%       
530    MLP AG.  $ 7,722   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    7,722   
 
 
INSURANCE CARRIERS - 5.02%       
23,290    Aegon NV    315,099   
7,758    Alleanza Assicurazioni S.p.A.    101,533   
5,129    Allianz AG. (Regd)    652,925   
31,001    AMP Ltd    169,784   
15,950    Assicurazioni Generali S.p.A.    516,162   
37,952    Aviva plc    455,384   
23,637    AXA    631,292   
11,614    AXA Asia Pacific Holdings Ltd    37,733   
577    CNP Assurances    40,982   
1,792    Corporacion Mapfre S.A.    27,668   
31,536    Friends Provident plc    105,624   
31,232    ING Groep NV    945,763   
26,547    Insurance Australia Group Ltd    130,195   
108,331    Legal & General Group plc    231,825   
3,979    Liberty International plc    72,443   
4,233    Mediolanum S.p.A.    28,965   
25    Millea Holdings, Inc    364,622   
22,000    Mitsui Sumitomo Insurance Co Ltd    202,188   
3,061    Muenchener Rueckver AG. (Regd)    369,737   
462    Pohjola Group plc (D Shs)    5,590   
39,262    Prudential plc    375,398   
12,407    QBE Insurance Group Ltd    142,906   
5,031    RAS S.p.A.    118,674   
48,472    Royal & Sun Alliance Insurance Group plc    71,900   
86    Schindler Holding AG. (Pt Cert)    31,964   
17,070    Skandia Forsakrings AB    87,008   
13,000    Sompo Japan Insurance, Inc    136,004   
3,941    Storebrand ASA    35,887   
5,368    Swiss Reinsurance Co (Regd)    385,745   
3,000    T&D Holdings, Inc    152,861   
214  *    Topdanmark a/s    15,979   
2,422  *    Tower Ltd    3,056   
2,400    Zurich Financial Services AG.    422,653   
 
      TOTAL INSURANCE CARRIERS    7,385,549   
 
 
LEATHER AND LEATHER PRODUCTS - 0.01%       
5,000    Yue Yuen Industrial Holdings    14,232   
       
 
      TOTAL LEATHER AND LEATHER PRODUCTS    14,232   
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.51%       
19    Central Japan Railway Co    163,071   
59    East Japan Railway Co    317,726   
9,000    Keio Electric Railway Co Ltd    53,515   
22,325    MTR Corp    34,349   
8,000    SMRT Corp Ltd    4,511   

359

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
5,063    Veolia Environnement  $ 180,032   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    753,204   
 
 
LUMBER AND WOOD PRODUCTS - 0.08%       
880    Holmen AB (B Shs)    27,800   
9,000    Sekisui House Ltd    96,344   
332    Tenon Ltd    992   
 
      TOTAL LUMBER AND WOOD PRODUCTS    125,136   
 
 
METAL MINING - 0.91% 
     
19,349      Alumina Ltd    88,158   
2,239    Iluka Resources Ltd    9,838   
3,600    Johnson Matthey plc    67,277   
16,000    Mitsubishi Materials Corp    38,295   
10,000    Mitsui Mining & Smelting Co Ltd    44,409   
5,487    Newcrest Mining Ltd    73,896   
4,000    Nippon Light Metal Co Ltd    10,434   
1,510    Outokumpu Oyj    27,062   
5,190    Rio Tinto Ltd    181,225   
17,748    Rio Tinto plc    573,811   
8,000    Sumitomo Metal Mining Co Ltd    60,359   
403    Umicore    41,010   
19,436    WMC Resources Ltd    119,827   
 
      TOTAL METAL MINING    1,335,601   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.58%       
300    Aderans Co Ltd    6,381   
1,190    Amer Sports Corp    21,420   
23,624    Anglo American plc    560,230   
1,400    Bandai Co Ltd    28,470   
2,224    Bulgari S.p.A.    26,505   
1,700    Nintendo Co Ltd    185,957   
189  *    RHI AG.    5,858   
366    Societe BIC S.A.    20,820   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    855,641   
 
 
MISCELLANEOUS RETAIL - 0.43%       
400    Circle K Sunkus Co Ltd    9,218   
17,951  *    Cookson Group plc    13,568   
116    Folli-Follie S.A. (Regd)    3,302   
16,872    GUS plc    290,439   
3,578    HMV Group plc    16,919   
400  *    Kanebo Ltd    5,565   
300    Matsumotokiyoshi Co Ltd    8,919   
4,365    Next plc    131,310   
12,500    Nippon Mining Holdings, Inc    68,834   
5,082    Pacific Brands Ltd    9,867   
200    Ryohin Keikaku Co Ltd    9,910   
28,784    Signet Group plc    58,470   
 
      TOTAL MISCELLANEOUS RETAIL    626,321   
 

360

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
MOTION PICTURES - 0.06%       
10,016    Rank Group plc  $ 51,810   
2,200    Toho Co Ltd    36,036   
 
      TOTAL MOTION PICTURES    87,846   
 
 
NONDEPOSITORY INSTITUTIONS - 1.43%       
1,200    Acom Co Ltd    81,339   
800    Aiful Corp    64,174   
200  *    Aiful Corp (When Issued)    15,707   
1,916  *    Australian Wealth Management Ltd    1,541   
3,366    Cattles plc    21,498   
10  *    CFS Gandel Retail Trust (New)    12   
2,300    Credit Saison Co Ltd    83,003   
567    D Carnegie AB    6,481   
65,372    HBOS plc    1,019,096   
500    Hitachi Capital Corp    9,630   
2,174    Hypo Real Estate Holding    90,838   
4,420    ICAP plc    22,926   
4,491    Irish Life & Permanent plc    79,963   
7,788    Mediobanca S.p.A.    135,529   
1,300    ORIX Corp    166,146   
639    Perpetual Trustees Australia Ltd    28,259   
1,450    Promise Co Ltd    99,369   
4,251    Provident Financial plc    56,871   
1,850    Takefuji Corp    124,878   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    2,107,260   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.01%       
3,000    Dowa Mining Co Ltd    20,279   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    20,279   
 
 
OIL AND GAS EXTRACTION - 2.91%       
1,152    Groupe Bruxelles Lambert S.A.    105,328   
531    IHC Caland NV    33,816   
6    INPEX Corp    32,199   
1,607  *    Lundin Petroleum AB    12,435   
275    OMV AG.    87,600   
13,015    Origin Energy Ltd    71,783   
159,899    Shell Transport & Trading Co plc    1,435,188   
321    Smedvig ASA    6,049   
10,948    Statoil ASA    187,252   
3,190  *    Stolt Offshore S.A.    24,704   
321    Technip S.A.    53,817   
9,490    Total S.A.    2,226,229   
 
      TOTAL OIL AND GAS EXTRACTION    4,276,400   
 
 
PAPER AND ALLIED PRODUCTS - 0.70%       
614    Billerud AB    9,066   
24    Buhrmann NV    243   

361

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
7,238    Bunzl plc  $ 70,710   
6,729    Carter Holt Harvey Ltd    9,451   
1,707    De La Rue plc    12,322   
42    Mayr-Melnhof Karton AG.    6,694   
1,000    Mitsubishi Paper Mills Ltd    1,580   
4,000    NGK Insulators Ltd    39,828   
17    Nippon Paper Group, Inc    78,674   
1,775    Norske Skogindustrier ASA    35,559   
13,000    OJI Paper Co Ltd    73,168   
9,075    Rexam plc    81,411   
10,421    Stora Enso Oyj (R Shs)    146,678   
3,243    Svenska Cellulosa AB (B Shs)    122,708   
3,066    TDC a/s    129,573   
400    Uni-Charm Corp    17,988   
8,727    UPM-Kymmene Oyj    193,949   
 
      TOTAL PAPER AND ALLIED PRODUCTS    1,029,602   
 
 
PERSONAL SERVICES - 0.01%       
2,062    Davis Service Group plc    17,027   
 
      TOTAL PERSONAL SERVICES    17,027   
 
 
PETROLEUM AND COAL PRODUCTS - 6.04%       
59,677    BHP Billiton Ltd    824,936   
204,586    BP plc    2,120,421   
24,382    BP plc (Spon ADR)    1,521,437   
43,380    ENI S.p.A.    1,129,268   
5,691    Fortum Oyj    111,093   
825    Hellenic Petroleum S.A.    8,277   
22,000    Nippon Oil Corp    156,526   
2,420    Norsk Hydro ASA    200,440   
182  *    Petroleum Geo-Services ASA    12,034   
3,690    Premier Farnell plc    11,836   
15,260    Repsol YPF S.A.    404,983   
34,724    Royal Dutch Petroleum Co    2,081,351   
9,755    Santos Ltd    67,914   
2,500    Showa Shell Sekiyu KK    24,308   
2,000    Teikoku Oil Co Ltd    14,622   
5,000    TonenGeneral Sekiyu KK    51,374   
7,777    Woodside Petroleum Ltd    146,186   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    8,887,006   
 
 
PRIMARY METAL INDUSTRIES - 1.19%       
3,071    Acerinox S.A.    50,489   
75    Aluminum of Greece S.A.I.C.    1,207   
7,997    Arcelor    183,234   
239    Bekaert S.A.    20,143   
40,785    BHP Billiton plc    547,948   
12,488    BlueScope Steel Ltd    84,043   
66,544  *    Corus Group plc    67,900   
40,000    Kobe Steel Ltd    70,681   
103,000    Nippon Steel Corp    260,967   
13,000    Nisshin Steel Co Ltd    34,153   

362

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
4,995    OneSteel Ltd  $ 10,007   
710    Rautaruukki Oyj    9,578   
1,196    Ssab Svenskt Stal AB (Series A)    29,802   
232    Ssab Svenskt Stal AB (Series B)    5,567   
8,000    Sumitomo Heavy Industries Ltd    31,563   
61,000    Sumitomo Metal Industries Ltd    110,069   
5,145    ThyssenKrupp AG.    106,252   
1,297    Trelleborg AB (B Shs)    22,558   
2,528    TUI AG.    66,926   
847    Viohalco S.A.    6,781   
429    Voestalpine AG.    33,208   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,753,076   
 
 
PRINTING AND PUBLISHING - 1.27%       
1,351    Arnoldo Mondadori Editore S.p.A.    14,468   
12,000    Dai Nippon Printing Co Ltd    196,223   
5,027    Daily Mail & General Trust plc    68,393   
4,232    Emap plc    66,373   
2,636    Eniro AB    31,251   
1,721    Gruppo Editoriale L'Espresso S.p.A.    10,820   
9,280    Independent News & Media plc    30,634   
1,390    Independent Newspapers Ltd    5,946   
15,364    John Fairfax Holdings Ltd    49,678   
2,111    Lagardere S.C.A.    160,224   
13,346    Pearson plc    162,660   
864    Promotora de Informaciones S.A. (PRISA)    17,506   
11,717    Reed Elsevier NV    177,102   
21,205    Reed Elsevier plc    219,778   
548    Schibsted ASA    14,450   
8,000    SCMP Group Ltd    3,564   
27,000    Singapore Press Holdings Ltd    74,650   
13,330  *    Telecom Italia Media S.p.A.    7,467   
2,762    Telefonica Publicidad e Informacion S.A.    24,984   
10,000    Toppan Printing Co Ltd    109,761   
4,920    Trinity Mirror plc    65,171   
5,602    United Business Media plc    56,315   
4,018    VNU NV    117,495   
4,713    Wolters Kluwer NV    86,305   
11,679    Yell Group plc    104,384   
 
      TOTAL PRINTING AND PUBLISHING    1,875,602   
 
 
RAILROAD TRANSPORTATION - 0.36%       
16,127    Brambles Industries Ltd    99,177   
12,062    Brambles Industries plc    69,061   
3,921    Firstgroup plc    25,432   
5,000    Keihin Electric Express Railway Co Ltd    30,993   
25,000    Kintetsu Corp    85,078   
7,710    Mayne Group Ltd    23,021   
14,000    Nippon Express Co Ltd    73,822   
11,000    Odakyu Electric Railway Co Ltd    67,362   
13,000    Tobu Railway Co Ltd    52,627   
 
      TOTAL RAILROAD TRANSPORTATION    526,573   
 

363

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
REAL ESTATE - 1.59% 
     
5,500    Ascendas Real Estate Investment Trust  $ 6,269   
8,636    British Land Co plc    131,201   
10,000    CapitaLand Ltd    14,248   
12,775    Centro Properties Group (New)    51,189   
24,589    CFS Gandel Retail Trust    30,243   
26,000    Cheung Kong Holdings Ltd    230,853   
10,000    City Developments Ltd    39,108   
400  *    City Developments Ltd Wts 05/10/06    970   
46    Cofinimmo    7,443   
22,279    Commonwealth Property Office Fund    21,370   
40,771    DB RREEF Trust    40,685   
568    Gecina S.A.    65,036   
33,613    General Property Trust    92,305   
4,607    Hammerson plc    72,385   
31,000    Hang Lung Properties Ltd    44,914   
4,763    Harvey Norman Holdings Ltd    9,985   
12,000    Henderson Land Development Co Ltd    53,389   
6,000    Hopewell Holdings    14,155   
10,054    Hysan Development Co Ltd    19,916   
4,500    Kerry Properties Ltd    9,837   
385    Klepierre    34,700   
1,900    Leopalace21 Corp    31,406   
17,471    Macquarie Goodman Group    51,356   
708    Metrovacesa S.A.    37,956   
13,896    Mirvac Group    47,404   
17,000    Mitsubishi Estate Co Ltd    198,037   
11,000    Mitsui Fudosan Co Ltd    129,478   
37,287    New World Development Co Ltd    36,573   
1,774    Sacyr Vallehermoso S.A.    31,886   
1,000    Singapore Land Ltd    3,244   
14,205    Sino Land Co Ltd    12,840   
6,969    Slough Estates plc    64,197   
20,676    Stockland Trust Group    93,405   
24,000    Sun Hung Kai Properties Ltd    217,710   
3,000    Tokyu Land Corp    12,650   
709    Unibail    84,267   
2,000    United Overseas Land Ltd    2,656   
23,844    Westfield Group    298,617   
 
      TOTAL REAL ESTATE    2,343,883   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.52%       
764    Adidas-Salomon AG.    121,555   
12,000    Bridgestone Corp    221,129   
2,181    Continental AG.    169,590   
2,390    Michelin (C.G.D.E.) (B Shs)    157,483   
167    Nokian Renkaat Oyj    26,978   
43,186    Pirelli & C S.p.A.    53,882   
1,000    Sanwa Shutter Corp    5,507   
500    Toyoda Gosei Co Ltd    9,050   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    765,174   
 

364

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
SECURITY AND COMMODITY BROKERS - 1.34%       
10,232    3i Group plc  $ 129,830   
12,159    Amvescap plc    76,681   
1,712    Australian Stock Exchange Ltd    26,831   
1,221    Close Brothers Group plc    17,881   
21,000    Daiwa Securities Group, Inc    138,613   
1,770    Deutsche Boerse AG.    133,422   
1,628    Euronext NV    58,080   
16,000    Hong Kong Exchanges & Clearing Ltd    41,337   
22,000    Itochu Corp    111,069   
500  *    Jafco Co Ltd    31,460   
4,551    Man Group plc    118,158   
21,000    Marubeni Corp    67,539   
18,200    Mitsubishi Corp    236,348   
22,000    Mitsui & Co Ltd    203,422   
26,000    Nikko Cordial Corp    130,292   
31,100    Nomura Holdings, Inc    436,144   
442  *    OMX AB    5,240   
6,000    Singapore Exchange Ltd    7,640   
 
      TOTAL SECURITY AND COMMODITY BROKERS    1,969,987   
 
 
SPECIAL TRADE CONTRACTORS - 0.03%       
3,630    Grafton Group plc    42,978   
1,000    Kinden Corp    7,844   
 
      TOTAL SPECIAL TRADE CONTRACTORS    50,822   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 1.37%       
14,000    Asahi Glass Co Ltd    147,906   
9,676    Boral Ltd    45,658   
8,280    BPB plc    77,682   
2,000    Central Glass Co Ltd    12,734   
3,359    Cimpor Cimentos de Portugal S.A.    18,903   
5,113    Compagnie de Saint-Gobain    312,320   
3,597    CRH plc    94,759   
5,256    CRH plc (Ireland)    138,122   
15,278    CSR Ltd    29,073   
12,176    Hanson plc    115,154   
1,087    Heidelberger Zement AG. (Germany)    68,559   
2,682    Holcim Ltd (Regd)    165,501   
1,700    Hoya Corp    187,547   
700    Italcementi S.p.A.    11,808   
7,650  *    James Hardie Industries NV    35,447   
2,846    Lafarge S.A. (Br)    276,300   
3,000    Nippon Sheet Glass Co Ltd    12,734   
9,381    Pilkington plc    21,006   
15,687    Rinker Group Ltd    131,054   
3,000    Sumitomo Osaka Cement Co Ltd    7,881   
14,000    Taiheiyo Cement Corp    39,398   
3,000    Toto Ltd    25,804   
1,051    Wienerberger AG.    47,958   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    2,023,308   
 

365

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
TOBACCO PRODUCTS - 0.25%       
4,484    Altadis S.A.  $ 183,862   
16    Japan Tobacco, Inc    178,010   
 
      TOTAL TOBACCO PRODUCTS    361,872   
 
 
TRANSPORTATION BY AIR - 0.65%       
2,020    Air France-KLM    36,413   
9,000    All Nippon Airways Co Ltd    30,796   
2,484    Auckland International Airport Ltd    14,345   
16,664    BAA plc    183,734   
9,024  *    British Airways plc    45,017   
18,000    Cathay Pacific Airways Ltd    33,926   
3,816    Deutsche Lufthansa AG. (Regd)    55,149   
100    Flughafen Wien AG.    6,733   
7,812    Iberia Lineas Aereas de Espana    26,194   
11,000    Japan Airlines System Corp    32,190   
1  v*    KLM (Royal Dutch Airlines) NV    14   
55    Kobenhavns Lufthavne As    13,155   
15,253  *    Qantas Airways Ltd    41,886   
527  *    Ryanair Holdings plc (Spon ADR)    23,067   
13,300    SABMiller plc    208,216   
688  *    SAS AB    6,911   
10,000    Singapore Airlines Ltd    72,152   
15,500    Swire Pacific Ltd (A Shs)    122,718   
 
      TOTAL TRANSPORTATION BY AIR    952,616   
 
 
TRANSPORTATION EQUIPMENT - 4.84%       
53,180    BAE Systems plc    260,769   
4,433    BBA Group plc    25,276   
1,793    Cobham plc    47,331   
13,294    DaimlerChrysler AG. (Regd)    596,594   
1,054    DaimlerChrysler AG. (U.S.)    47,135   
8,800    Denso Corp    219,671   
351    DSV a/s    26,851   
8,671  *    Fiat S.p.A.    63,221   
98,439    Finmeccanica S.p.A.    100,046   
2,000    Hino Motors Ltd    12,603   
12,500    Honda Motor Co Ltd    627,571   
834    Jardine Cycle & Carriage Ltd    5,916   
20,000    Kawasaki Heavy Industries Ltd    34,592   
10,000    Keppel Corp Ltd    66,089   
210  *    Kvaerner ASA    2,511   
2,349    MAN AG.    105,324   
6,000    Mitsui Engineering & Shipbuilding Co Ltd    11,387   
41,400    Nissan Motor Co Ltd    425,380   
9,439    Patrick Corp Ltd    42,933   
2,836    Peugeot Citroen S.A.    180,678   
3,087    Renault S.A.    276,428   
25,253    Rolls-Royce Group plc    116,432   
4,000    SembCorp Marine Ltd    4,681   
1,100    Shimano, Inc    37,023   
13,289    Siemens AG.    1,054,397   
9,352    Smiths Group plc    150,473   

366

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
1,289    Thales S.A.  $ 53,893   
12,877    Tomkins plc    64,298   
3,300    Toyota Industries Corp    93,175   
48,100    Toyota Motor Corp    1,794,306   
1,232    Valeo S.A.    54,984   
5,043    Volkswagen AG.    240,668   
5,338    Volvo AB (B Shs)    236,842  
2,900    Yamaha Motor Co Ltd    49,752  
 
      TOTAL TRANSPORTATION EQUIPMENT    7,129,230  
 
 
TRANSPORTATION SERVICES - 0.12%     
179  *    Aker ASA    2,537  
5,408    Amadeus Global Travel Distribution S.A. (A Shs)    51,167  
1,844    Arriva plc    18,293  
47    Kuoni Reisen Holding (Regd)    20,860  
1,353    National Express Group plc    23,074  
240    Ship Finance International Ltd    4,872  
6,550    Stagecoach Group plc    13,676  
4,066    Toll Holdings Ltd    43,971  
 
      TOTAL TRANSPORTATION SERVICES    178,450  
 
 
TRUCKING AND WAREHOUSING - 0.21%     
1,000    Mitsubishi Logistics Corp    11,340  
2,000    Seino Transportation Co Ltd    19,671  
12,000    Singapore Post Ltd    6,221  
6,404    TNT NV    182,689  
6,000    Yamato Transport Co Ltd    86,051  
 
      TOTAL TRUCKING AND WAREHOUSING    305,972  
 
 
WATER TRANSPORTATION - 0.56%     
18    A.P. Moller-Maersk a/s    167,998  
2,967    Associated British Ports Holdings plc    26,939  
569    Attica Enterprises Holding S.A.    2,152  
2,833    Carnival plc    155,565  
135    Compagnie Maritime Belge S.A.    5,155  
162    Euronav NV    5,390  
4,904    Exel plc    78,581  
677    Frontline Ltd    32,486  
4,000    Kamigumi Co Ltd    33,508  
7,000    Kawasaki Kisen Kaisha Ltd    48,429  
15,000    Mitsui OSK Lines Ltd    96,625  
16,000    Nippon Yusen Kabushiki Kaisha    96,634  
12,279    Peninsular & Oriental Steam Navigation Co    67,171  
546    Uponor Oyj    11,496  
 
      TOTAL WATER TRANSPORTATION    828,129  
 
 
WHOLESALE TRADE-DURABLE GOODS - 0.22%     
1,610    AGFA Gevaert NV    56,475  
22    D'ieteren NV    5,181  
9,000    Fuji Electric Co Ltd    28,440  

367

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES 
     
VALUE   
 
1,160    Kingspan Group plc  $ 13,749  
330  *    M.J. Maillis S.A.    1,707  
600    Mitsumi Electric Co Ltd    6,715  
3,000    Orient Overseas International Ltd    14,463  
400    Sanrio Co Ltd    3,773  
2,000    SembCorp Logistics Ltd    1,976  
1,702    SSL International plc    9,737  
14,500    Techtronic Industries Co    32,070  
2,800    Terumo Corp    84,555  
390    USS Co Ltd    30,264  
628    Zodiac S.A.    29,211  
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS    318,316  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.41%     
4,178    Alliance Unichem plc    61,066  
1,170    Altana AG.    74,585  
26,708    British American Tobacco plc    470,861  
567    Celesio AG.    46,476  
1,121    Ciba Specialty Chemicals AG. (Regd)    72,796  
3,836    Clariant AG.    66,460  
3,199    Fyffes plc    9,355  
716    H. Lundbeck a/s    17,425  
12,097    Imperial Tobacco Group plc    317,504  
713    Inchcape plc    26,703  
3,636    Inditex S.A.    109,018  
600    Kokuyo Co Ltd    7,668  
28,000    Li & Fung Ltd    50,979  
298    Oriflame Cosmetics S.A. (SDR)    6,241  
7,435    PaperlinX Ltd    23,580  
5,329    Swedish Match AB    65,447  
9,526    Unilever NV (Cert)    649,974  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS    2,076,138  
 
 
      TOTAL COMMON STOCKS    146,419,555  
(Cost $118,170,072)
 
 
PRINCIPAL 
         
         
SHORT-TERM INVESTMENTS - 37.08%     
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 37.08%     
$54,600,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05    54,595,966  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES    54,595,966  
 
 
      TOTAL SHORT-TERM INVESTMENTS    54,595,966  
(Cost $54,600,000) 
 
 
      TOTAL PORTFOLIO -136.68%    201,227,605  
      (Cost $172,936,736)     
 
      OTHER ASSETS AND LIABILITIES, NET - (36.68%)    (54,004,222 ) 
 
           
      NET ASSETS -100.00% 
$
147,223,383   
 
 

368

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

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

369

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
REAL ESTATE SECURITIES FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
 
COMMON STOCKS - 98.79%     
 
HOLDING AND OTHER INVESTMENT OFFICES - 86.41%     
162,311    Aames Investment Corp 
$
1,330,950   
90,000    Acadia Realty Trust  1,447,200   
640,000    Affordable Residential Communities  8,096,000   
127,973    Alexandria Real Estate Equities, Inc  8,238,902   
86,600    AMB Property Corp  3,273,480   
24,000    American Land Lease, Inc  555,360   
5,500    AMLI Residential Properties Trust  150,645   
325,000    Archstone-Smith Trust  11,085,750   
500,000    Ashford Hospitality Trust, Inc  5,100,000   
75,000    AvalonBay Communities, Inc  5,016,750   
725,000    Bimini Mortgage Management, Inc (Class A)  10,041,250   
170,000    BNP Residential Properties, Inc  2,720,000   
172,000    Boston Properties, Inc  10,359,560   
95,000    BRE Properties, Inc (Class A)  3,353,500   
53,000    Camden Property Trust  2,492,590   
75,000    Capital Automotive REIT  2,484,000   
118,000    Capital Lease Funding, Inc  1,303,900   
250,000    Catellus Development Corp  6,662,500   
90,000    Cedar Shopping Centers, Inc  1,281,600   
115,000    Centerpoint Properties Trust  4,715,000   
125,000    Corporate Office Properties Trust  3,310,000   
68,684    Correctional Properties Trust  1,734,271   
140,000    Cousins Properties, Inc  3,621,800   
105,000  v*    Crystal River Capital, Inc  2,625,000   
175,000  v*    Deerfield Triarc Capital Corp  2,625,000   
150,000    Developers Diversified Realty Corp  5,962,500   
275,000    Duke Realty Corp  8,208,750   
250,000    Eagle Hospitality Properties Trust, Inc  2,242,500   
1,400,000    ECC Capital Corp  8,400,000   
223,000    Equity Inns, Inc  2,459,690   
20,000    Equity Lifestyle Properties, Inc  705,000   
290,631    Equity Residential  9,361,225   
50,000    Essex Property Trust, Inc  3,455,000   
125,000    Extra Space Storage, Inc  1,687,500   
29,000    Federal Realty Investment Trust  1,402,150   
400,000    Feldman Mall Properties, Inc  4,844,000   
330,000    General Growth Properties, Inc  11,253,000   
539,519    GMH Communities Trust  6,317,767   
400,000      Gramercy Capital Corp  7,800,000   
295,000    Hersha Hospitality Trust  2,941,150   
80,000    Home Properties, Inc  3,104,000   
550,000    HomeBanc Corp  4,862,000   
455,000    Host Marriott Corp  7,534,800   
328,000    Innkeepers U.S.A. Trust  4,234,480   
100,000    iStar Financial, Inc  4,118,000   
175,000  v*    JER Investors Trust, Inc  2,625,000   
175,000  v*    KKR Financial Corp  1,750,000   
150,000    Kimco Realty Corp  8,085,000   

370

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

SHARES 
     
VALUE   
 
289,000    LaSalle Hotel Properties  $ 8,395,450   
50,000    Liberty Property Trust  1,952,500   
153,785    LTC Properties, Inc  2,668,170   
105,000    Macerich Co  5,594,400   
74,000    Mack-Cali Realty Corp  3,133,900   
130,000  *    Meristar Hospitality Corp  910,000   
125,000    Mills Corp  6,612,500   
820,000    Monmouth REIT (Class A)  6,921,620   
30,000    New Century Financial Corp  1,404,600   
255,000    Newcastle Investment Corp  7,548,000   
50,000  *    NorthStar Realty Finance Corp  484,000   
233,312    Novastar Financial, Inc  8,401,565   
400,000    Omega Healthcare Investors, Inc  4,392,000   
220,000  v*    Origen Financial Co  2,200,000   
112,114    Origen Financial, Inc  774,708   
75,000    Pan Pacific Retail Properties, Inc  4,256,250   
100,000    Parkway Properties, Inc  4,670,000   
220,000  v*    People's Choice Financial  2,200,000   
290,000    Prologis  10,759,000   
63,700    Public Storage, Inc  3,627,078   
270,000    Reckson Associates Realty Corp  8,289,000   
202,000    Regency Centers Corp  9,621,260   
272,000    Simon Property Group, Inc  16,477,760   
715,000    Sizeler Property Investors  8,479,900   
60,000    SL Green Realty Corp  3,373,200   
625,000    Spirit Finance Corp  6,787,500   
325,375    Strategic Hotel Capital, Inc  4,783,013   
230,000    Sunset Financial Resources, Inc  2,244,800   
16,721    Sunstone Hotel Investors, Inc  358,665   
150,000    Trizec Properties, Inc  2,850,000   
239,000    United Dominion Realty Trust, Inc  4,987,930   
225,000    U-Store-It Trust  3,915,000   
180,000    Ventas, Inc  4,492,800   
160,000    Vornado Realty Trust  11,083,200   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES  391,628,289   
 
 
HOTELS AND OTHER LODGING PLACES - 9.17%     
175,000  v*    Diamondrock Hospitality Co  1,750,000   
155,000  *    Fairmont Hotels & Resorts  5,136,700   
187,000    Hilton Hotels Corp  4,179,450   
223,273  *    Interstate Hotels & Resorts, Inc  1,076,176   
2,950,000  *    Jameson Inns, Inc  4,336,500   
709,923  *    Lodgian, Inc  7,276,711   
296,858    Starwood Hotels & Resorts Worldwide, Inc  17,820,385   
 
      TOTAL HOTELS AND OTHER LODGING PLACES  41,575,922   
 
 
REAL ESTATE - 3.21%     
100,000  *    Brookfield Properties Corp  3,850,000   
165,000  *    CB Richard Ellis Group, Inc  5,773,350   
395,902    Thomas Properties Group, Inc  4,901,267   
 
      TOTAL REAL ESTATE  14,524,617   
 
 

371

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

SHARES 
     
VALUE   
 
      TOTAL COMMON STOCKS  $ 447,728,828   
(Cost $448,773,995)
 
 
      TOTAL PORTFOLIO - 98.79%  447,728,828   
      (Cost $448,773,995)     
 
      OTHER ASSETS AND LIABILITIES, NET - 1.21%  5,479,262   
 
 
      NET ASSETS - 100.00% 
$
453,208,090   
 
 
  *    Non-income producing     
  v    Security valued at fair value.     
 
      For ease of presentation, we have grouped a number of industry classification categories     
      together in the Statement of Investments. Note that the Funds use more specific industry     
      categories in following their investment limitations on industry concentration.     

372

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES        VALUE   
 
COMMON STOCKS - 99.87%     
 
AMUSEMENT AND RECREATION SERVICES - 0.11%     
2,970  *    Gaylord Entertainment Co 
$
119,988   
500    International Speedway Corp (Class A)  27,125   
700  *    Sunterra Corp  10,556   
 
      TOTAL AMUSEMENT AND RECREATION SERVICES  157,669   
 
 
APPAREL AND ACCESSORY STORES - 0.59%     
600    American Eagle Outfitters, Inc  17,730   
1,600  *    Chico's FAS, Inc  45,216   
1,100    Foot Locker, Inc  32,230   
11,600    Gap, Inc  253,344   
7,036    Limited Brands, Inc  170,975   
1,300    Nordstrom, Inc  71,994   
600    Oshkosh B'gosh, Inc (Class A)  18,300   
1,500    Ross Stores, Inc  43,710   
8,000    TJX Cos, Inc  197,040   
 
      TOTAL APPAREL AND ACCESSORY STORES  850,539   
 
 
APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%     
3,000  *    Collins & Aikman Corp  3,690   
100  *    Columbia Sportswear Co  5,323   
1,100  *    Hartmarx Corp  10,494   
400    Kellwood Co  11,516   
1,976    Liz Claiborne, Inc  79,297   
100    Phillips-Van Heusen Corp  2,664   
 
      TOTAL APPAREL AND OTHER TEXTILE PRODUCTS  112,984   
 
 
AUTO REPAIR, SERVICES AND PARKING - 0.01%     
160    Central Parking Corp  2,749   
161  *    Midas, Inc  3,675   
200    Ryder System, Inc  8,340   
 
      TOTAL AUTO REPAIR, SERVICES AND PARKING  14,764   
 
 
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%     
500  *    Autozone, Inc  42,850   
1,102  *    Carmax, Inc  34,713   
500  *    Copart, Inc  11,780   
400  *    Rush Enterprises, Inc  6,744   
 
      TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS  96,087   
 

373

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.51%     
200    Fastenal Co  $ 11,062   
36,200    Home Depot, Inc  1,384,288   
13,800    Lowe's Cos  787,842   
 
      TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES  2,183,192   
 
 
BUSINESS SERVICES - 5.96%     
3,800  *    3Com Corp  13,528   
2,975    Adobe Systems, Inc  199,831   
800  *    Akamai Technologies, Inc  10,184   
200  *    Ariba, Inc  1,552   
900  *    Aspect Communications Corp  9,369   
200  *    Aspen Technology, Inc  1,136   
1,700  *    Autodesk, Inc  50,592   
15,500    Automatic Data Processing, Inc  696,725   
1,600  *    BEA Systems, Inc  12,752   
700  *    Bisys Group, Inc  10,976   
1,000  *    BMC Software, Inc  15,000   
1,100  *    Brocade Communications Systems, Inc  6,512   
1,600  *    Cadence Design Systems, Inc  23,920   
1,700  *    Ceridian Corp  28,985   
100  *    Checkfree Corp  4,076   
559  *    Ciber, Inc  4,064   
500  *    Citrix Systems, Inc  11,910   
2,034  *    Cognizant Technology Solutions Corp  93,971   
2,385  *    Compuware Corp  17,172   
1,500  *    Convergys Corp  22,395   
900  *    Corillian Corp  3,132   
200  *    CSG Systems International, Inc  3,258   
100    Deluxe Corp  3,986   
1,000  *    DST Systems, Inc  46,180   
800  *    Dun & Bradstreet Corp  49,160   
100  *    Earthlink, Inc  900   
500  *    eFunds Corp  11,160   
3,514  *    Electronic Arts, Inc  181,955   
11,512    Electronic Data Systems Corp  237,953   
300  *    Equinix, Inc  12,702   
300    Fair Isaac Corp  10,332   
400  *    First Advantage Corp  8,400   
4,100  *    Fiserv, Inc  163,180   
615  *    Getty Images, Inc  43,733   
404  *    GSI Commerce, Inc  5,466   
700    Henry (Jack) & Associates, Inc  12,593   
1,385  *    iGate Corp  5,166   
3,688    IMS Health, Inc  89,950   
3,200  *    Innovative Solutions & Support, Inc  101,600   
380  *    Intrado, Inc  4,674   
1,600  *    Intuit, Inc    70,032   
7,100  *    Ipass, Inc    43,452   
1,849  *    Iron Mountain, Inc    53,325   
6,869  *    Juniper Networks, Inc    151,530   
2,200  *    KFX ,Inc    29,480   
1,300  *    Lamar Advertising Co    52,377   
1,100      Manpower, Inc    47,872   
400  *    Mercury Interactive Corp    18,952   
128,177      Microsoft Corp    3,098,038   

374

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
1,400  *    Mindspeed Technologies, Inc  $ 3,122   
1,615  *    Monster Worldwide, Inc    45,301   
900  *    MPS Group, Inc    9,459   
1,600  *    NCR Corp    53,984   
500  *    NDCHealth Corp    7,990   
500  *    Network Equipment Technologies, Inc    2,815   
1,078  *    NIC, Inc    5,142   
3,000  *    Novell, Inc    17,880   
4,400      Omnicom Group, Inc    389,488   
51,500  *    Oracle Corp    642,720   
227  *    PalmSource, Inc    2,052   
400  *    PDI, Inc    8,200   
700  *    Perot Systems Corp (Class A)    9,408   
400  *    Pixar    39,020   
277  *    Portal Software, Inc    670   
1,200  *    Red Hat, Inc    13,092   
700  *    Retek, Inc    7,854   
1,700  *    Rewards Network, Inc    7,072   
2,193      Robert Half International, Inc    59,123   
172  *    Scansoft, Inc    640   
3,400  *    Siebel Systems, Inc    31,042   
4,800  *    Sitel Corp    9,408   
1,308  *    Spherion Corp    9,797   
600      Startek, Inc    10,080   
50,200  *    Sun Microsystems, Inc    202,808   
5,800  *    SunGard Data Systems, Inc    200,100   
1,200  *    Sykes Enterprises, Inc    8,244   
7,900  *    Symantec Corp    168,507   
600  *    Synopsys, Inc    10,860   
500  *    TeleTech Holdings, Inc    6,460   
1,800      Total System Services, Inc    44,982   
200  *    Travelzoo, Inc    9,944   
397  *    Trizetto Group, Inc    3,696   
5,300  *    Unisys Corp    37,418   
600  *    United Rentals, Inc    12,126   
700  *    Universal Compression Holdings, Inc    26,509   
2,400  *    VeriSign, Inc    68,880   
4,954  *    Veritas Software Corp    115,032   
15,402  *    Yahoo!, Inc    522,128   
 
     
TOTAL BUSINESS SERVICES 
  8,618,241   
 
 
CHEMICALS AND ALLIED PRODUCTS - 8.58%       
622  *    Abgenix, Inc    4,354   
1,380  *    Able Laboratories, Inc    32,375   
300  *    Adolor Corp    2,982   
3,400  *    Advancis Pharmaceutical Corp    12,580   
8,200      Air Products & Chemicals, Inc    518,978   
100  *    Alexion Pharmaceuticals, Inc    2,166   
300  *    Alkermes, Inc    3,114   
4,800      Allergan, Inc    333,456   
1,400  *    American Pharmaceutical Partners, Inc    72,436   
22,624  *    Amgen, Inc    1,316,943   
700  *    Amylin Pharmaceuticals, Inc    12,243   
694  *    Array Biopharma, Inc    4,865   
200  *    Atherogenics, Inc    2,618   
3,243  *    Avant Immunotherapeutics, Inc    5,286   
2,800      Avery Dennison Corp    173,404   

375

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
6,300      Avon Products, Inc  $ 270,522   
2,225  *    Barr Pharmaceuticals, Inc    108,647   
2,722  *    Benthley Pharmaceuticals, Inc    20,034   
700  *    BioCryst Pharmaceuticals, Inc    3,227   
4,400  *    Bioenvision, Inc    25,300   
5,811  *    Biogen Idec, Inc    200,538   
1,300  *    BioMarin Pharmaceutical, Inc    6,695   
908  *    Biosite, Inc    47,243   
1,300  *    Bone Care International, Inc    33,722   
600  *    Bradley Pharmaceuticals, Inc    5,736   
800      Cabot Corp    26,744   
400  *    Cell Therapeutics, Inc    1,436   
900  *    Cephalon, Inc    42,147   
300  *    Charles River Laboratories International, Inc    14,112   
1,301  *    Chattem, Inc    57,855   
1,600      Clorox Co    100,784   
9,600      Colgate-Palmolive Co    500,832   
400  *    Cubist Pharmaceuticals, Inc    4,248   
4,200  *    Curis, Inc    15,036   
400  *    Cypress Bioscience, Inc    3,656   
1,700  *    Cytogen Corp    9,843   
400  *    Dade Behring Holdings, Inc    23,572   
603  *    Dendreon Corp    3,286   
2,100      Diagnostic Products Corp    101,430   
282  *    Digene Corp    5,851   
1,376  *    Dov Pharmaceutical, Inc    18,824   
6,334  *    Durect Corp    23,056   
800  *    Dusa Pharmaceuticals, Inc    6,984   
4,900    Ecolab, Inc    161,945   
563  *    Encysive Pharmaceuticals, Inc    5,754   
5,100    Engelhard Corp    153,153   
135  *    Enzon, Inc    1,376   
2,200  *    Eon Labs, Inc    66,528   
300  *    EPIX Pharmaceuticals, Inc    2,100   
1,899  *    First Horizon Pharmaceutical    32,055   
8,235  *    Forest Laboratories, Inc    304,283   
6,800  *    Genaera Corp    15,504   
2,200  *    Genelabs Technologies    1,320   
282  *    Genta, Inc    319   
4,401  *    Genzyme Corp    251,913   
500  *    Geron Corp    3,055   
7,814  *    Gilead Sciences, Inc    279,741   
18,700    Gillette Co    943,976   
1,400  *    Guilford Pharmaceuticals, Inc    3,220   
300    H.B. Fuller Co    8,700   
2,938  *    Hollis-Eden Pharmaceuticals    20,698   
1,305  *    Human Genome Sciences, Inc    12,032   
500  *    ICOS Corp    11,230   
300  *    Idexx Laboratories, Inc    16,248   
800  *    Immunogen, Inc    4,184   
1,033  *    Immunomedics, Inc    2,510   
1,828  *    Impax Laboratories, Inc    29,248   
1,300  *    Indevus Pharmaceuticals, Inc    3,614   
1,200  *    Inkine Pharmaceutical Co    3,720   
1,712  *    Inspire Pharmaceuticals, Inc    13,970   
100  *    InterMune, Inc    1,100   
1,157  *    Inverness Medical Innovations, Inc    27,189   

376

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
500  *    Invitrogen Corp  $ 34,600   
1,150  *    Isis Pharmaceuticals, Inc    4,451   
400  *    Isolagen, Inc    2,516   
8,800  *    King Pharmaceuticals, Inc    73,128   
300  *    Kos Pharmaceuticals, Inc    12,504   
1,850  *    KV Pharmaceutical Co (Class A)    42,920   
1,600  *    Lannett Co, Inc    10,080   
596  *    Ligand Pharmaceuticals, Inc (Class B)    3,415   
900    Mannatech, Inc    17,595   
800  *    Martek Biosciences Corp    46,552   
830  *    Medarex, Inc    5,918   
2,200    Medicis Pharmaceutical Corp (Class A)    65,956   
4,141  *    MedImmune, Inc    98,597   
36,342    Merck & Co, Inc    1,176,390   
600  *    MGI Pharma, Inc    15,162   
4,400  *    Millennium Pharmaceuticals, Inc    37,048   
8,225    Mylan Laboratories, Inc    145,747   
400  *    Myogen, Inc    3,156   
1,200  *    Nabi Biopharmaceuticals    14,976   
400  *    NBTY, Inc    10,036   
1,700  *    Nektar Therapeutics    23,698   
1,782  *    Neose Technologies, Inc    4,598   
200  *    Neurocrine Biosciences, Inc    7,612   
600  *    Neurogen Corp    4,248   
300  *    Northfield Laboratories, Inc    3,375   
1,029  *    Noven Pharmaceuticals, Inc    17,452   
100  *    NPS Pharmaceuticals, Inc    1,262   
2,100  *    Nutraceutical International Corp    33,306   
800  *    Nuvelo, Inc    5,200   
100  *    OraSure Technologies, Inc    736   
643  *    OSI Pharmaceuticals, Inc    26,582   
5,070  *    Pain Therapeutics, Inc    25,756   
6,452  *    Palatin Technologies, Inc    15,098   
700  *    Par Pharmaceutical Cos, Inc    23,408   
2,000  *    Penwest Pharmaceuticals Co    24,720   
5,800  *    Peregrine Pharmaceuticals, Inc    8,526   
400  *    Pharmacyclics, Inc    3,212   
1,400  *    Pharmion Corp    40,600   
1,000  *    Pozen, Inc    5,210   
5,892  *    Praecis Pharmaceuticals, Inc    6,187   
9,700    Praxair, Inc    464,242   
45,302    Procter & Gamble Co    2,401,006   
600  *    Progenics Pharmaceuticals    10,086   
800  *    Protein Design Labs, Inc    12,792   
7,400    Rohm & Haas Co    355,200   
1,305  *    Salix Pharmaceuticals Ltd    21,519   
1,293  *    Sciclone Pharmaceuticals, Inc    3,672   
1,600  *    Sepracor, Inc    91,856   
280  *    Serologicals Corp    6,843   
1,100    Sigma-Aldrich Corp    67,375   
887  *    SuperGen, Inc    4,311   
300  *    Tanox, Inc    2,880   
495  *    Third Wave Technologies, Inc    2,851   
400  *    USANA Health Sciences, Inc    18,920   
1,527  *    Vertex Pharmaceuticals, Inc    14,293   
599  *    Vicuron Pharmaceuticals, Inc    9,440   
2,000  *    Vion Pharmaceuticals, Inc    5,700   
4,300  *    Watson Pharmaceuticals, Inc    132,139   

377

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
3,500    Wellman, Inc  $ 50,610   
8,400  *    Zila, Inc    33,936   
1,903  *    Zymogenetics, Inc    29,040   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS    12,400,089   
 
 
COMMUNICATIONS - 4.78% 
     
200    Alltel Corp    10,970   
14,036    AT&T Corp    263,175   
4,860  *    Avaya, Inc    56,765   
32,500    BellSouth Corp    854,425   
29,972  *    Comcast Corp (Class A)    1,012,454   
4,600  *    Comcast Corp (Special Class A)    153,640   
500  *    Foundry Networks, Inc    4,950   
6,962  *    IAC/InterActiveCorp    155,044   
2,397  *    Liberty Media International, Inc    104,845   
58,711  *    Lucent Technologies, Inc    161,455   
3,000  *    Mastec, Inc    24,630   
9,964  *    Nextel Communications, Inc (Class A)    283,177   
300  *    Novatel Wireless, Inc    3,225   
171  *    NTL, Inc    10,888   
70,100    SBC Communications, Inc    1,660,669   
16,650    Sprint Corp    378,788   
3,500  *    Terremark Worldwide, Inc    2,275   
900  *    UnitedGlobalcom, Inc (Class A)    8,514   
1,400  *    Univision Communications, Inc (Class A)    38,766   
47,231    Verizon Communications, Inc    1,676,700   
100  *    West Corp    3,200   
1,249  *    XM Satellite Radio Holdings, Inc    39,343   
 
      TOTAL COMMUNICATIONS    6,907,898   
 
 
DEPOSITORY INSTITUTIONS - 9.63%       
7,900    AmSouth Bancorp    205,005   
16,000    BB&T Corp    625,280   
3,700    Comerica, Inc    203,796   
300    Compass Bancshares, Inc    13,620   
15,683    Fifth Third Bancorp    674,055   
6,800    Golden West Financial Corp    411,400   
300    IndyMac Bancorp, Inc    10,200   
68,920    JPMorgan Chase & Co    2,384,632   
12,500    KeyCorp    405,625   
1,900    M & T Bank Corp    193,914   
3,200    Marshall & Ilsley Corp    133,600   
11,000    Mellon Financial Corp    313,940   
19,484    National City Corp    652,714   
3,133    New York Community Bancorp, Inc    56,895   
8,732    North Fork Bancorp, Inc    242,226   
2,700    Northern Trust Corp    117,288   
8,100    PNC Financial Services Group, Inc    416,988   
13,532    Regions Financial Corp    438,437   
2,600    Sovereign Bancorp, Inc    57,616   
6,500    State Street Corp    284,180   
9,900    SunTrust Banks, Inc    713,493   

378

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
4,200    Synovus Financial Corp  $ 117,012   
196  *    TD Banknorth, Inc    6,123   
47,700    U.S. Bancorp    1,374,714   
1,800    UnionBanCal Corp    110,250   
35,029    Wachovia Corp    1,783,326   
33,000    Wells Fargo & Co    1,973,400   
 
      TOTAL DEPOSITORY INSTITUTIONS    13,919,729   
 
 
EATING AND DRINKING PLACES - 1.06%       
450    Applebee's International, Inc    12,402   
800    Bob Evans Farms, Inc    18,760   
2,350    Darden Restaurants, Inc    72,098   
41,874    McDonald's Corp    1,303,956   
900    Outback Steakhouse, Inc    41,211   
2,200    Wendy's International, Inc    85,888   
 
      TOTAL EATING AND DRINKING PLACES    1,534,315   
 
 
EDUCATIONAL SERVICES - 0.15%       
2,419  *    Apollo Group, Inc (Class A)    179,151   
900  *    Career Education Corp    30,834   
49  *    Laureate Education, Inc    2,097   
 
      TOTAL EDUCATIONAL SERVICES    212,082   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 5.59%       
17,995  *    AES Corp    294,758   
1,400    AGL Resources, Inc    48,902   
6,833    Allete, Inc    285,961   
375    Aqua America, Inc    9,135   
15,876  *    Aquila, Inc    60,805   
5,900    Atmos Energy Corp    159,300   
8,433    Avista Corp    147,577   
6,500    Black Hills Corp    214,955   
800    Cascade Natural Gas Corp    15,968   
811  *    Casella Waste Systems, Inc (Class A)    10,730   
800    Citizens Communications Co    10,352   
9,007    Cleco Corp    191,849   
1,600    Connecticut Water Service, Inc    39,904   
2,300    Crosstex Energy, Inc    100,671   
13,500    DPL, Inc    337,500   
10,600    Empire District Electric Co    246,556   
900    Energen Corp    59,940   
619    EnergySouth, Inc    17,725   
6,500    Equitable Resources, Inc    373,360   
11,200    Hawaiian Electric Industries, Inc    285,824   
8,200    Idacorp, Inc    232,634   
9,100    KeySpan Corp    354,627   
10,300    Kinder Morgan, Inc    779,710   
2,424    MGE Energy, Inc    80,356   
7,700    National Fuel Gas Co    220,143   
200      New Jersey Resources Corp    8,706   
800      Nicor, Inc    29,672   
22,219      NiSource, Inc    506,371   
21,300      OGE Energy Corp    574,035   

379

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
5,222      Otter Tail Corp  $ 130,759   
2,400      Peoples Energy Corp    100,608   
21,300      Pepco Holdings, Inc    447,087   
400      Piedmont Natural Gas Co, Inc    9,216   
22,800      Puget Energy, Inc    502,512   
5,200      Questar Corp    308,100   
1,390      Resource America, Inc (Class A)    48,713   
7,622  *    Sierra Pacific Resources    81,937   
720  *    Southern Union Co    18,079   
400  *    Stericycle, Inc    17,680   
100      UGI Corp    4,542   
6,427      Unisource Energy Corp    199,044   
450  *    Waste Connections, Inc    15,637   
4,300      Western Gas Resources, Inc    148,135   
1,900      WGL Holdings, Inc    58,824   
15,181      Williams Cos, Inc    285,555   
 
     
TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 
  8,074,454   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.10%       
200      Adtran, Inc    3,528   
4,000  *    Advanced Micro Devices, Inc    64,480   
174  *    Agere Systems, Inc (Class A)    249   
8,400  *    Agere Systems, Inc (Class B)    11,928   
3,500  *    Altera Corp    69,230   
2,793      American Power Conversion Corp    72,925   
1,100      Ametek, Inc    44,275   
800  *    Amkor Technology, Inc    3,088   
5,000      Analog Devices, Inc    180,700   
440  *    Arris Group, Inc    3,040   
953  *    Artesyn Technologies, Inc    8,301   
1,497  *    Avanex Corp    1,946   
1,634      AVX Corp    20,017   
500      Baldor Electric Co    12,905   
2,765  *    Broadcom Corp (Class A)    82,729   
376  *    Broadwing Corp    1,557   
400  *    California Micro Devices Corp    2,020   
2,500  *    Capstone Turbine Corp    3,875   
900  *    Carrier Access Corp    5,364   
462  *    C-COR, Inc    2,809   
10,300  *    CIENA Corp    17,716   
1,800  *    Comverse Technology, Inc    45,396   
3,100  *    Conexant Systems, Inc    4,650   
100  *    Cree, Inc    2,175   
100  *    Cypress Semiconductor Corp    1,260   
7,124  *    DDi Corp    19,947   
300  *    Ditech Communications Corp    3,741   
10,800  *    Eagle Broadband, Inc    3,672   
15,800      Emerson Electric Co    1,025,894   
400  *    Energizer Holdings, Inc    23,920   
1,000  *    Finisar Corp    1,250   
1,100      Harman International Industries, Inc    97,306   
1,000  *    Harmonic, Inc    9,560   
1,300      Hubbell, Inc (Class B)    66,430   
95,900      Intel Corp    2,227,757   
500  *    Interdigital Communications Corp    7,660   

380

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
100  *    International Rectifier Corp  $ 4,550   
500      Intersil Corp (Class A)    8,660   
726  *    InterVoice, Inc    8,153   
1,441  *    Jabil Circuit, Inc    41,097   
14,939  *    JDS Uniphase Corp    24,948   
497  *    Kemet Corp    3,852   
355      LSI Industries, Inc    3,987   
4,400  *    LSI Logic Corp    24,596   
4,000  *    Magnetek, Inc    21,320   
4,100      Maxim Integrated Products, Inc    167,567   
3,652  *    McData Corp (Class A)    13,768   
900  *    Merix Corp    10,089   
1,100      Microchip Technology, Inc    28,611   
8,347  *    Micron Technology, Inc    86,308   
3,354      Molex, Inc    88,411   
35,800      Motorola, Inc    535,926   
3,600  *    MRV Communications, Inc    11,628   
617  *    Mykrolis Corp    8,823   
3,200      National Semiconductor Corp    65,952   
900  *    NMS Communications Corp    3,861   
800  *    Novellus Systems, Inc    21,384   
4,957  *    Optical Communication Products, Inc    8,625   
500  *    PMC-Sierra, Inc    4,400   
300  *    Polycom, Inc    5,085   
600  *    Powerwave Technologies, Inc    4,644   
700  *    QLogic Corp    28,350   
24,424      Qualcomm, Inc    895,140   
600  *    Rambus, Inc    9,042   
500  *    RF Micro Devices, Inc    2,610   
1,500      Scientific-Atlanta, Inc    42,330   
500  *    Silicon Storage Technology, Inc    1,860   
15,755  *    Sirius Satellite Radio, Inc    88,543   
600  *    Skyworks Solutions, Inc    3,810   
400  *    Stratex Networks, Inc    736   
2,000  *    Sycamore Networks, Inc    7,120   
6,317  *    Tellabs, Inc    46,114   
4,100  *    Terayon Communication Systems, Inc    12,628   
25,900    Texas Instruments, Inc    660,191   
886  *    Thomas & Betts Corp    28,618   
2,000  *    Tripath Technology, Inc    1,780   
1,000  *    UTStarcom, Inc    10,950   
1,475  *    Vishay Intertechnology, Inc    18,334   
1,500  *    Westell Technologies, Inc    8,265   
300  *    Wilson Greatbatch Technologies, Inc    5,472   
700    Woodhead Industries, Inc    9,520   
4,300    Xilinx, Inc    125,689   
1,900  *    Zhone Technologies, Inc    4,845   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT    7,371,492   
 
 
ENGINEERING AND MANAGEMENT SERVICES - 0.56%       
1,748  *    Accelrys, Inc    10,366   
427  *    Affymetrix, Inc    18,293   
700  *    Answerthink, Inc    2,891   
600  *    Antigenics, Inc    4,020   

381

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
1,200  *    Applera Corp (Celera Genomics Group)  $ 12,300   
793  *    Ariad Pharmaceuticals, Inc    4,441   
900  *    Axonyx, Inc    1,107   
2,300  *    BearingPoint, Inc    20,171   
967  *    Ciphergen Biosystems, Inc    2,678   
200    Corporate Executive Board Co    12,790   
100  *    Covance, Inc    4,761   
1,013  *    CuraGen Corp    4,214   
100  *    CV Therapeutics, Inc    2,036   
1,300  *    Decode Genetics, Inc    7,410   
700  *    Dyax Corp    2,254   
130  *    Gartner, Inc (Class B)    1,215   
200  *    Gen-Probe, Inc    8,912   
34  *    Hewitt Associates, Inc    904   
2,093  *    Incyte Corp    14,295   
1,608  *    Kosan Biosciences, Inc    6,593   
570  *    Lexicon Genetics, Inc    2,913   
500  *    Luminex Corp    3,765   
1,400  *    Maxim Pharmaceuticals, Inc    2,464   
3,200    Moody's Corp    258,752   
300  *    Neopharm, Inc    2,331   
1,300  *    Oscient Pharmaceuticals Corp    3,042   
9,500    Paychex, Inc    311,790   
600  *    Pharmaceutical Product Development, Inc    29,070   
1,500  *    Pharmos Corp    945   
1,000  *    PRG-Schultz International, Inc    5,010   
969  *    Regeneron Pharmaceuticals, Inc    4,952   
1,600  *    Seattle Genetics, Inc    8,224   
600  *    Sourcecorp    12,084   
200  *    Telik, Inc    3,016   
931  *    TRC Cos, Inc    13,686   
900  *    Trimeris, Inc    10,134   
 
      TOTAL ENGINEERING AND MANAGEMENT SERVICES    813,829   
 
 
FABRICATED METAL PRODUCTS - 1.31%       
3,678    Commercial Metals Co    124,647   
6,100  *    Crown Holdings, Inc    94,916   
700    Gulf Island Fabrication, Inc    16,422   
2,100    Harsco Corp    125,181   
10,200    Illinois Tool Works, Inc    913,206   
600  *    Jacuzzi Brands, Inc    5,856   
13,000    Masco Corp    450,710   
1,200  *    Shaw Group, Inc    26,160   
400    Silgan Holdings, Inc    25,992   
900    Snap-On, Inc    28,611   
1,700    Stanley Works    76,959   
400    Valmont Industries, Inc    8,928   
 
      TOTAL FABRICATED METAL PRODUCTS    1,897,588   
 
 
FOOD AND KINDRED PRODUCTS - 3.45%       
5,000    Campbell Soup Co    145,100   
41,700    Coca-Cola Co    1,737,639   
2,800    Coca-Cola Enterprises, Inc    57,456   
6,900    General Mills, Inc    339,135   

382

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
7,000    H.J. Heinz Co  $ 257,880   
2,700    Hershey Foods Corp    163,242   
7,600    Kellogg Co    328,852   
500    Pepsi Bottling Group, Inc    13,925   
32,400    PepsiCo, Inc    1,718,172   
3,500    Wrigley (Wm.) Jr Co    229,495   
 
      TOTAL FOOD AND KINDRED PRODUCTS    4,990,896   
 
 
FOOD STORES - 0.75% 
     
10,600    Albertson's, Inc    218,890   
16    Arden Group, Inc (Class A)    1,136   
14,200  *    Kroger Co    227,626   
3,200  *    Pathmark Stores, Inc    20,192   
8,900  *    Safeway, Inc    164,917   
7,807  *    Starbucks Corp    403,310   
500    Whole Foods Market, Inc    51,065   
 
      TOTAL FOOD STORES    1,087,136   
 
 
FURNITURE AND FIXTURES - 0.46%       
1,900    Hillenbrand Industries, Inc    105,393   
7,000    Johnson Controls, Inc    390,320   
4,400    Leggett & Platt, Inc    127,072   
2,100    Newell Rubbermaid, Inc    46,074   
 
      TOTAL FURNITURE AND FIXTURES    668,859   
 
 
FURNITURE AND HOMEFURNISHINGS STORES - 0.27%       
3,800  *    Bed Bath & Beyond, Inc    138,852   
3,600    Best Buy Co, Inc    194,436   
1,553    Circuit City Stores, Inc (Circuit City Group)    24,926   
1,100    RadioShack Corp    26,950   
300  *    Williams-Sonoma, Inc    11,025   
 
      TOTAL FURNITURE AND HOMEFURNISHINGS STORES    396,189   
 
 
GENERAL BUILDING CONTRACTORS - 0.54%       
1,900    Centex Corp    108,813   
6,733    D.R. Horton, Inc    196,873   
600    KB Home    70,476   
2,500    Lennar Corp (Class A)    141,700   
60    Lennar Corp (Class B)    3,163   
2,100    Pulte Homes, Inc    154,623   
400    Ryland Group, Inc    24,808   
1,000  *    Toll Brothers, Inc    78,850   
 
      TOTAL GENERAL BUILDING CONTRACTORS    779,306   
 
 
GENERAL MERCHANDISE STORES - 1.26%       
600  *    99 Cents Only Stores    7,902   
400  *    Big Lots, Inc    4,808   
7,370    Costco Wholesale Corp    325,607   

383

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
2,100    Dollar General Corp  $ 46,011   
567  *    Dollar Tree Stores, Inc    16,290   
1,300    Family Dollar Stores, Inc    39,468   
3,500    J.C. Penney Co, Inc    181,720   
3,743  *    Kohl's Corp    193,251   
5,200    May Department Stores Co    192,504   
200    Neiman Marcus Group, Inc (Class A)    18,302   
600  *    Retail Ventures, Inc    5,466   
500    Saks, Inc    9,025   
15,600    Target Corp    780,312   
 
      TOTAL GENERAL MERCHANDISE STORES    1,820,666   
 
 
HEALTH SERVICES - 0.69% 
     
100  *    Accredo Health, Inc    4,441   
100  *    Apria Healthcare Group, Inc    3,210   
300  *    Bio-Reference Labs, Inc    4,176   
7,167  *    Caremark Rx, Inc    285,103   
1,094  *    Coventry Health Care, Inc    74,545   
450  *    DaVita, Inc    18,833   
900  *    Express Scripts, Inc    78,471   
4,600    Health Management Associates, Inc (Class A)    120,428   
162  *    LifePoint Hospitals, Inc    7,102   
800  *    Lincare Holdings, Inc    35,384   
900    Manor Care, Inc    32,724   
4,801  *    Medco Health Solutions, Inc    237,986   
400  *    NeighborCare, Inc    11,700   
800  *    OCA, Inc    3,400   
200    Option Care, Inc    4,118   
762  *    Specialty Laboratories, Inc    7,277   
800  *    Triad Hospitals, Inc    40,080   
300    Universal Health Services, Inc (Class B)    15,720   
800  *    VistaCare, Inc (Class A)    16,376   
 
      TOTAL HEALTH SERVICES    1,001,074   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 3.02%       
7,090    Allied Capital Corp    185,049   
300    AMB Property Corp    11,340   
1,600    American Financial Realty Trust    23,408   
7,858    Archstone-Smith Trust    268,036   
1,200    AvalonBay Communities, Inc    80,268   
2,600    Boston Properties, Inc    156,598   
300    Capstead Mortgage Corp    2,565   
200    CarrAmerica Realty Corp    6,310   
1,781    Cherokee, Inc    59,628   
1,000    Crescent Real Estate Equities Co    16,340   
400    Developers Diversified Realty Corp    15,900   
3,327    Duke Realty Corp    99,311   
17,800    Equity Office Properties Trust    536,314   
10,113    Equity Residential    325,740   
200  *    FelCor Lodging Trust, Inc    2,486   
1,100    Fremont General Corp    24,189   
1,100    Friedman Billings Ramsey Group, Inc    17,457   

384

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
3,770    General Growth Properties, Inc  $ 128,557   
800    Harris & Harris Group, Inc    9,632   
1,000    Health Care Property Investors, Inc    23,470   
200    Highwoods Properties, Inc    5,364   
500    Hospitality Properties Trust    20,190   
4,900    Host Marriott Corp    81,144   
2,500    HRPT Properties Trust    29,775   
2,100    iStar Financial, Inc    86,478   
1,800    Kimco Realty Corp    97,020   
200    Liberty Property Trust    7,810   
700  *    Meristar Hospitality Corp    4,900   
1,400    MFA Mortgage Investments, Inc    10,654   
665    New Plan Excel Realty Trust    16,698   
600    Popular, Inc    14,592   
4,400    Prologis    163,240   
2,538    Public Storage, Inc    144,514   
6,400    Simon Property Group, Inc    387,712   
2,800    Vornado Realty Trust    193,956   
27,800    Washington Mutual, Inc    1,098,100   
450    Weingarten Realty Investors    15,529   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES    4,370,274   
 
 
HOTELS AND OTHER LODGING PLACES - 0.09%       
1,300    Choice Hotels International, Inc    80,535   
2,600    Marcus Corp    53,300   
 
      TOTAL HOTELS AND OTHER LODGING PLACES    133,835   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.50%       
18,600    3M Co    1,593,834   
500  *    AGCO Corp    9,125   
4,300    American Standard Cos, Inc    199,864   
10,994  *    Apple Computer, Inc    458,120   
24,548    Applied Materials, Inc    398,905   
179  *    Astec Industries, Inc    3,947   
400  *    Authentidate Holding Corp    1,596   
1,400    Black & Decker Corp    110,586   
194  *    Brooks Automation, Inc    2,945   
91,400  *    Cisco Systems, Inc    1,635,146   
900  *    Cooper Cameron Corp    51,489   
700    Cummins, Inc    49,245   
6,200    Deere & Co    416,206   
37,100  *    Dell, Inc    1,425,382   
200    Donaldson Co, Inc    6,456   
500  *    Dril-Quip, Inc    15,370   
34,700  *    EMC Corp    427,504   
400  *    Emulex Corp    7,536   
200  *    FMC Technologies, Inc    6,636   
1,500  *    Global Power Equipment Group, Inc    14,370   
1,200    Graco, Inc    48,432   
2,200  *    Grant Prideco, Inc    53,152   
50,888    Hewlett-Packard Co    1,116,483   
940  *    InFocus Corp    5,396   
29,206    International Business Machines Corp    2,668,844   
600  *    Lam Research Corp    17,316   

385

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
1,500  *    Lexmark International, Inc  $ 119,955   
395    Lincoln Electric Holdings, Inc    11,882   
405    Lufkin Industries, Inc    19,557   
1,900  *    Maxtor Corp    10,108   
5,026  *    Milacron, Inc    15,329   
1,200    Modine Manufacturing Co    35,196   
3,188  *    National Oilwell Varco, Inc    148,880   
3,800  *    Network Appliance, Inc    105,108   
600    Nordson Corp    22,092   
1,100  *    Oil States International, Inc    22,605   
926  *    PalmOne, Inc    23,502   
2,064    Pentair, Inc    80,496   
6,300    Pitney Bowes, Inc    284,256   
800  *    Quantum Corp    2,328   
1,900  *    Sandisk Corp    52,820   
400    Sauer-Danfoss, Inc    9,052   
2,031  *    Semitool, Inc    20,716   
3,200  *    Silicon Graphics, Inc    3,808   
2,700    Smith International, Inc    169,371   
12,339  *    Solectron Corp    42,816   
2,100    SPX Corp    90,888   
400  *    Storage Technology Corp    12,320   
300  *    UNOVA, Inc    6,195   
800  *    Western Digital Corp    10,200   
1,400  *    WJ Communications    3,332   
14,100  *    Xerox Corp    213,615   
150  *    Zebra Technologies Corp (Class A)    7,123   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT    12,287,435   
 
 
INSTRUMENTS AND RELATED PRODUCTS - 3.28%       
400  *    Aksys Ltd    1,268   
500  *    Align Technology, Inc    3,120   
100    Analogic Corp    4,325   
3,800    Applera Corp (Applied Biosystems Group)    75,012   
1,400    Bard (C.R.), Inc    95,312   
300    Bausch & Lomb, Inc    21,990   
15,148    Baxter International, Inc    514,729   
400    Beckman Coulter, Inc    26,580   
6,600    Becton Dickinson & Co    385,572   
5,474    Biomet, Inc    198,706   
11,400  *    Boston Scientific Corp    333,906   
638  *    Bruker BioSciences Corp    2,246   
100  *    Cardiac Science, Inc    115   
1,173  *    Closure Medical Corp    31,319   
400  *    Credence Systems Corp    3,164   
300  *    Cyberoptics Corp    3,744   
380  *    Cytyc Corp    8,744   
900    Dentsply International, Inc    48,969   
4,727  *    Depomed, Inc    18,624   
100  *    DJ Orthopedics, Inc    2,505   
100  *    Edwards Lifesciences Corp    4,322   
400  *    Faro Technologies, Inc    9,416   
1,180  *    Fisher Scientific International, Inc    67,166   
4,950    Guidant Corp    365,805   
900  *    Hanger Orthopedic Group, Inc    5,355   
700  *    Illumina, Inc    5,656   

386

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
531  *    Input/Output, Inc  $ 3,425   
1,300  *    Ista Pharmaceuticals, Inc    12,844   
1,900    KLA-Tencor Corp    87,419   
800  *    Lexar Media, Inc    3,984   
1,100  *    LTX Corp    4,884   
22,800    Medtronic, Inc    1,161,660   
200  *    Millipore Corp    8,680   
847  *    MKS Instruments, Inc    13,450   
1,300  *    Nanogen, Inc    4,524   
551    Oakley, Inc    7,064   
300  *    Orthologic Corp    1,518   
1,200    PerkinElmer, Inc    24,756   
6,400  *    St. Jude Medical, Inc    230,400   
6,600    Stryker Corp    294,426   
100  *    Techne Corp    4,018   
700    Tektronix, Inc    17,171   
2,800    Teleflex, Inc    143,304   
2,400  *    Thermo Electron Corp    60,696   
500  *    TriPath Imaging, Inc    3,520   
1,200  *    Varian Medical Systems, Inc    41,136   
1,100  *    Waters Corp    39,369   
4,200  *    Zimmer Holdings, Inc    326,802   
857  *    Zygo Corp    11,107   
 
      TOTAL INSTRUMENTS AND RELATED PRODUCTS    4,743,827   
 
 
INSURANCE AGENTS, BROKERS AND SERVICE - 0.31%       
400    Brown & Brown, Inc    18,436   
4,100    Crawford & Co (Class B)    29,315   
1,500    Gallagher (Arthur J.) & Co    43,200   
11,900    Marsh & McLennan Cos, Inc    361,998   
 
      TOTAL INSURANCE AGENTS, BROKERS AND SERVICE    452,949   
 
 
INSURANCE CARRIERS - 5.92%       
5,800    Aetna, Inc    434,710   
10,900    Aflac, Inc    406,134   
200    Ambac Financial Group, Inc    14,950   
40,000    American International Group, Inc    2,216,400   
3,100    Chubb Corp    245,737   
2,300    Cigna Corp    205,390   
3,600    Cincinnati Financial Corp    156,996   
100    Erie Indemnity Co (Class A)    5,212   
1,552    Fidelity National Financial, Inc    51,123   
5,300    Hartford Financial Services Group, Inc    363,368   
1,900  *    Health Net, Inc    62,149   
2,000  *    Humana, Inc    63,880   
1,500    Jefferson-Pilot Corp    73,575   
3,900    Lincoln National Corp    176,046   
1,300    MBIA, Inc    67,964   
100    MGIC Investment Corp    6,167   
1,000  *    Pacificare Health Systems, Inc    56,920   
700    Phoenix Cos, Inc    8,946   
34  *    PMA Capital Corp (Class A)    272   
9,700    Principal Financial Group    373,353   

387

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
2,820    Progressive Corp  $ 258,763   
14,400    Prudential Financial, Inc    826,560   
2,400    Safeco Corp    116,904   
14,347    St. Paul Travelers Cos, Inc    526,965   
12,045    UnitedHealth Group, Inc    1,148,852   
4,400    UnumProvident Corp    74,888   
4,918  *    WellPoint, Inc    616,471   
 
      TOTAL INSURANCE CARRIERS    8,558,695   
 
 
LEATHER AND LEATHER PRODUCTS - 0.13%       
3,074  *    Coach, Inc    174,081   
400    Weyco Group, Inc    17,512   
 
      TOTAL LEATHER AND LEATHER PRODUCTS    191,593   
 
 
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%       
1,100  *    Laidlaw International, Inc    22,880   
 
      TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT    22,880   
 
 
LUMBER AND WOOD PRODUCTS - 0.00%       
700  *    Champion Enterprises, Inc    6,580   
 
      TOTAL LUMBER AND WOOD PRODUCTS    6,580   
 
 
METAL MINING - 0.13% 
     
1,386    Cleveland-Cliffs, Inc    100,998   
4,826    Royal Gold, Inc    88,460   
 
      TOTAL METAL MINING    189,458   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.28%       
1,486    Callaway Golf Co    19,021   
800  *    K2, Inc    11,000   
1,600  *    Leapfrog Enterprises, Inc    18,160   
14,510    Mattel, Inc    309,788   
300    Nautilus, Inc    7,128   
1,997    Russ Berrie & Co, Inc    38,242   
110  *    Steinway Musical Instruments, Inc    3,296   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES    406,635   
 
 
MISCELLANEOUS RETAIL - 1.69%       
3,848  *    Amazon.com, Inc    131,871   
6,900    CVS Corp    363,078   
14,500  *    eBay, Inc    540,270   
1,300    Hancock Fabrics, Inc    9,672   
450  *    Marvel Enterprises, Inc    9,000   
400    Michaels Stores, Inc    14,520   
1,888  *    Office Depot, Inc    41,876   

388

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
1,300    Omnicare, Inc  $ 46,085   
130  *    Overstock.com, Inc    5,589   
984    Petsmart, Inc    28,290   
8,559    Staples, Inc    269,009   
700    Tiffany & Co    24,164   
2,000  *    Toys 'R' Us, Inc    51,520   
18,300    Walgreen Co    812,886   
2,816    World Fuel Services Corp    88,704   
 
      TOTAL MISCELLANEOUS RETAIL    2,436,534   
 
 
MOTION PICTURES - 1.98% 
     
48,056  *    Liberty Media Corp (Class A)    498,341   
8,965    Metro-Goldwyn-Mayer, Inc    107,132   
900  *    Reading International, Inc    6,345   
1,000    Regal Entertainment Group (Class A)    21,030   
69,729  *    Time Warner, Inc    1,223,744   
34,900    Walt Disney Co    1,002,677   
 
      TOTAL MOTION PICTURES    2,859,269   
 
 
NONDEPOSITORY INSTITUTIONS - 4.10%       
440    Advanta Corp (Class A)    9,152   
200    Advanta Corp (Class B)    4,600   
4,540    American Capital Strategies Ltd    142,601   
26,200    American Express Co    1,345,894   
1,500    Beverly Hills Bancorp, Inc    16,080   
4,900    Capital One Financial Corp    366,373   
600  *    CapitalSource, Inc    13,800   
1,100    CharterMac    23,650   
5,810    CIT Group, Inc    220,780   
9,174    Countrywide Financial Corp    297,788   
18,715    Fannie Mae    1,019,032   
700    Federal Agricultural Mortgage Corp (Class C)    12,243   
1,000  *    First Marblehead Corp    57,530   
16,900    Freddie Mac    1,068,080   
29,450    MBNA Corp    722,998   
2,200    MCG Capital Corp    33,847   
6,100  *    Providian Financial Corp    104,676   
9,400    SLM Corp    468,496   
 
      TOTAL NONDEPOSITORY INSTITUTIONS    5,927,620   
 
 
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%       
3,000    Amcol International Corp    56,280   
2,600    Vulcan Materials Co    147,758   
 
      TOTAL NONMETALLIC MINERALS, EXCEPT FUELS    204,038   
 
 
OIL AND GAS EXTRACTION - 4.67%       
11,500    Anadarko Petroleum Corp    875,150   
14,194    Apache Corp    869,099   
900    Berry Petroleum Co (Class A)    46,305   
800    Cabot Oil & Gas Corp (Class A)    44,120   

389

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
2,500  *    Callon Petroleum Co  $ 38,850   
800  *    Cheniere Energy, Inc    51,608   
9,174    Chesapeake Energy Corp    201,277   
1,578  *    Cimarex Energy Co    61,542   
709  *    Clayton Williams Energy, Inc    18,363   
500  *    Comstock Resources, Inc    14,370   
700  *    Delta Petroleum Corp    10,178   
2,100  *    Denbury Resources, Inc    73,983   
17,986    Devon Energy Corp    858,832   
1,400  *    Edge Petroleum Corp    23,184   
400  *    Encore Acquisition Co    16,520   
1,200  *    Energy Partners Ltd    31,164   
7,500    ENSCO International, Inc    282,450   
10,000    EOG Resources, Inc    487,400   
2,100  *    Forest Oil Corp    85,050   
1,600  *    FX Energy, Inc    18,304   
3,700  *    Global Industries Ltd    34,780   
5,300  *    Grey Wolf, Inc    34,874   
2,361  *    Harvest Natural Resources, Inc    28,072   
2,100    Helmerich & Payne, Inc    83,349   
1,100  *    Houston Exploration Co    62,645   
1,409  b*    KCS Energy, Inc    21,642   
2,168  *    Magnum Hunter Resources, Inc    34,926   
3,033  *    Meridian Resource Corp    15,650   
3,800  *    Mission Resources Corp    26,904   
2,400  *    Newfield Exploration Co    178,224   
2,700    Noble Energy, Inc    183,654   
1,300    Patina Oil & Gas Corp    52,000   
3,700    Patterson-UTI Energy, Inc    92,574   
200  *    Petroleum Development Corp    7,538   
6,169    Pioneer Natural Resources Co    263,540   
2,135  *    Plains Exploration & Production Co    74,512   
3,300    Pogo Producing Co    162,492   
4,100  *    Pride International, Inc    101,844   
1,200  *    Quicksilver Resources, Inc    58,476   
2,500    Range Resources Corp    58,400   
2,100    Rowan Cos, Inc    62,853   
700    St. Mary Land & Exploration Co    35,035   
1,200  *    Stone Energy Corp    58,284   
1,600  *    Swift Energy Co    45,504   
3,500    Tidewater, Inc    136,010   
9,793  *    Transmontaigne, Inc    78,344   
1,200  *    Unit Corp    54,204   
1,100  *    Veritas DGC, Inc    32,956   
3,300    Vintage Petroleum, Inc    103,818   
1,000  *    Whiting Petroleum Corp    40,780   
12,676    XTO Energy, Inc    416,280   
 
      TOTAL OIL AND GAS EXTRACTION    6,747,913   
 
 
PAPER AND ALLIED PRODUCTS - 0.84%       
1,200    Bowater, Inc    45,204   
11,700    Kimberly-Clark Corp    769,041   
7,800    MeadWestvaco Corp    248,196   
300    Packaging Corp of America    7,287   
700    Pope & Talbot, Inc    12,306   

390

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
1,600    Sonoco Products Co  $ 46,160   
1,100    Temple-Inland, Inc    79,805   
 
      TOTAL PAPER AND ALLIED PRODUCTS    1,207,999   
 
 
PERSONAL SERVICES - 0.01%       
400  *    Weight Watchers International, Inc    17,192   
 
      TOTAL PERSONAL SERVICES    17,192   
 
 
PETROLEUM AND COAL PRODUCTS - 0.73%       
2,931    Frontier Oil Corp    106,278   
1,300  *    Giant Industries, Inc    33,410   
811  *    Headwaters, Inc    26,617   
3,300    Sunoco, Inc    341,616   
7,500    Valero Energy Corp    549,525   
 
      TOTAL PETROLEUM AND COAL PRODUCTS    1,057,446   
 
 
PRIMARY METAL INDUSTRIES - 0.92%       
2,600  *    Aleris International, Inc    64,870   
1,287  *    Andrew Corp    15,071   
567    Belden CDT, Inc    12,593   
2,468  *    Century Aluminum Co    74,682   
400  *    General Cable Corp    4,828   
1,500    Gibraltar Industries, Inc    32,910   
2,600  *    International Steel Group, Inc    102,700   
2,100  *    Lone Star Technologies, Inc    82,803   
1,300  *    Maverick Tube Corp    42,263   
2,600    Mueller Industries, Inc    73,190   
1,800  *    NS Group, Inc    56,538   
5,700    Nucor Corp    328,092   
900    Quanex Corp    47,988   
4,300    Ryerson Tull, Inc    54,481   
1,272    Schnitzer Steel Industries, Inc (Class A)    42,905   
2,512    Steel Dynamics, Inc    86,538   
1,500    Steel Technologies, Inc    35,985   
183    Tredegar Corp    3,085   
1,200  *    Wheeling-Pittsburgh Corp    37,260   
6,800    Worthington Industries, Inc    131,104   
 
      TOTAL PRIMARY METAL INDUSTRIES    1,329,886   
 
 
PRINTING AND PUBLISHING - 0.81%       
600    Dow Jones & Co, Inc    22,422   
100    EW Scripps Co    4,875   
100    Harte-Hanks, Inc    2,756   
6,000    McGraw-Hill Cos, Inc    523,500   
1,700    New York Times Co (Class A)    62,186   
5,500    R.R. Donnelley & Sons Co    173,910   
807    Standard Register Co    10,168   
7,200    Tribune Co    287,064   
100    Washington Post Co (Class B)    89,400   
 
      TOTAL PRINTING AND PUBLISHING    1,176,281   
 

391

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
RAILROAD TRANSPORTATION - 0.45%       
6,200  *    ADC Telecommunications, Inc  $ 12,338   
2,400  *    Kansas City Southern Industries, Inc    46,224   
16,000    Norfolk Southern Corp    592,800   
 
      TOTAL RAILROAD TRANSPORTATION    651,362   
 
 
REAL ESTATE - 0.01% 
     
2,796    Stewart Enterprises, Inc (Class A)    17,195   
 
      TOTAL REAL ESTATE    17,195   
 
 
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.08%       
400    Bandag, Inc    18,792   
1,500    Cooper Tire & Rubber Co    27,540   
500    Reebok International Ltd    22,150   
700  *    Sealed Air Corp    36,358   
400  *    Skechers U.S.A., Inc (Class A)    6,192   
 
      TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS    111,032   
 
 
SECURITY AND COMMODITY BROKERS - 1.99%       
600    A.G. Edwards, Inc    26,880   
3,099  *    Ameritrade Holding Corp    31,641   
18,300    Charles Schwab Corp    192,333   
300    Chicago Mercantile Exchange    58,209   
4,000    Franklin Resources, Inc    274,600   
8,163    Goldman Sachs Group, Inc    897,848   
5,100  *    Instinet Group, Inc    29,988   
200  *    Investment Technology Group, Inc    3,500   
2,700    Janus Capital Group, Inc    37,665   
1,050    Legg Mason, Inc    82,047   
20,000    Merrill Lynch & Co, Inc    1,132,000   
226  *    Piper Jaffray Cos    8,269   
600    SEI Investments Co    21,696   
1,400    T Rowe Price Group, Inc    83,132   
 
      TOTAL SECURITY AND COMMODITY BROKERS    2,879,808   
 
 
SPECIAL TRADE CONTRACTORS - 0.02%       
2,200  *    Integrated Electrical Services, Inc    6,072   
500  *    Layne Christensen Co    8,635   
2,322  *    Quanta Services, Inc    17,717   
 
      TOTAL SPECIAL TRADE CONTRACTORS    32,424   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.20%       
4,000  *    Anchor Glass Container Corp    8,960   
173  *    Cabot Microelectronics Corp    5,429   
200    CARBO Ceramics, Inc    14,030   
19,981  *    Corning, Inc    222,389   
26    Eagle Materials, Inc    2,104   

392

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
89    Eagle Materials, Inc (Class B)  $ 7,013   
500    Florida Rock Industries, Inc    29,410   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS    289,335   
 
 
TRANSPORTATION BY AIR - 0.73%       
700  *    Airtran Holdings, Inc    6,335   
700  *    Alaska Air Group, Inc    20,608   
2,370  *    AMR Corp    25,359   
2,600  *    Continental Airlines, Inc (Class B)    31,304   
2,673  *    Delta Air Lines, Inc    10,826   
500  *    ExpressJet Holdings, Inc    5,705   
5,884    FedEx Corp    552,802   
5,000  *    FLYi, Inc    6,350   
3,155  *    Frontier Airlines, Inc    33,064   
1,050  *    JetBlue Airways Corp    19,992   
2,884  *    Mesa Air Group, Inc    20,188   
458    Skywest, Inc    8,514   
21,900    Southwest Airlines Co    311,856   
 
      TOTAL TRANSPORTATION BY AIR    1,052,903   
 
 
TRANSPORTATION EQUIPMENT - 1.28%       
500  *    Aftermarket Technology Corp    8,250   
1,500    American Axle & Manufacturing Holdings, Inc    36,750   
2,100    ArvinMeritor, Inc    32,487   
3,700    Autoliv, Inc    176,305   
9,700  *    BE Aerospace, Inc    116,400   
2,341    Brunswick Corp    109,676   
1,200    Coachmen Industries, Inc    16,320   
7,100    Dana Corp    90,809   
22,800    Delphi Corp    102,144   
300    Federal Signal Corp    4,551   
1,500  *    Fleetwood Enterprises, Inc    13,050   
1,626    Gentex Corp    51,869   
7,500    Genuine Parts Co    326,175   
828    Greenbrier Cos, Inc    29,055   
7,700    Harley-Davidson, Inc    444,752   
750    Marine Products Corp    12,608   
690    Noble International Ltd    15,635   
300  *    Sports Resorts International, Inc    996   
3,200    Standard Motor Products, Inc    37,440   
200  *    Strattec Security Corp    10,716   
2,100    Superior Industries International, Inc    55,461   
1,800  *    Tenneco Automotive, Inc    22,428   
300    Thor Industries, Inc    8,973   
2,800  *    TRW Automotive Holdings Corp    54,404   
8,400  *    Visteon Corp    47,964   
471    Wabash National Corp    11,492   
500    Westinghouse Air Brake Technologies Corp    10,245   
 
      TOTAL TRANSPORTATION EQUIPMENT    1,846,955   
 
 
TRANSPORTATION SERVICES - 0.11%       
2,300    GATX Corp    76,337   

393

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES 
     
VALUE   
 
1,400  *    Navigant International, Inc  $ 19,124   
650  *    RailAmerica, Inc    8,112   
2,305    Sabre Holdings Corp    50,433   
 
      TOTAL TRANSPORTATION SERVICES    154,006   
 
 
TRUCKING AND WAREHOUSING - 0.64%       
12,729    United Parcel Service, Inc (Class B)    925,907   
 
      TOTAL TRUCKING AND WAREHOUSING    925,907   
 
 
WATER TRANSPORTATION - 0.06%       
1,600  *    Gulfmark Offshore, Inc    41,456   
1,600  *    Hornbeck Offshore Services, Inc    40,096   
 
      TOTAL WATER TRANSPORTATION    81,552   
 
 
WHOLESALE TRADE-DURABLE GOODS - 3.17%       
1,200  *    Action Performance Cos, Inc    15,876   
2,700    Adesa, Inc    63,072   
5,400  *    Aviall, Inc    151,200   
3,400    Barnes Group, Inc    92,378   
800  *    BioVeris Corp    4,224   
1,200    BorgWarner, Inc    58,416   
300    CDW Corp    17,004   
400    Compx International, Inc  6,792  
1,900    IKON Office Solutions, Inc  18,791  
600  *    Ingram Micro, Inc (Class A)  10,002  
56,939    Johnson & Johnson  3,824,023  
200    Metal Management, Inc  5,136  
1,255  *    Microtek Medical Holdings, Inc  4,493  
1,500  *    Patterson Cos, Inc  74,925  
2,100    Reliance Steel & Aluminum Co  84,021  
100  *    Safeguard Scientifics, Inc  142  
200  *    Tech Data Corp  7,412  
2,400    W.W. Grainger, Inc  149,448  
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS  4,587,355  
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 1.05%   
500  *    Allscripts Healthcare Solutions, Inc  7,150  
9,268    Cardinal Health, Inc  517,155  
3,500  *    Endo Pharmaceuticals Holdings, Inc  78,925  
400  *    Henry Schein, Inc  14,336  
8,400    McKesson Corp  317,100  
2,100  *    Metals USA, Inc  41,139  
3,767    Perrigo Co  72,138  
1,672  *    Priority Healthcare Corp (Class B)  36,165  
1,500    Russell Corp  27,120  
1,700    Stride Rite Corp  22,610  
10,800    Sysco Corp  386,640  
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS  1,520,478  
 
 
      TOTAL COMMON STOCKS  144,387,729  
(Cost $135,871,219)
 

394

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

PRINCIPAL 
     
VALUE   
 
SHORT-TERM INVESTMENTS - 0.52%   
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.52%   
$750,000      Federal Home Loan Bank (FHLB), 2.400%, 04/01/05  $ 749,945  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES  749,945  
 
 
      TOTAL SHORT-TERM INVESTMENTS  749,945  
(Cost $750,000)
 
 
      TOTAL PORTFOLIO - 100.39%  145,137,674  
      (Cost $136,621,219)   
 
      OTHER ASSETS AND LIABILITIES, NET - (0.39%)  (555,680 ) 
 
 
      NET ASSETS - 100.00% 
$
144,581,994  
 
 
 
  *    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 use more specific industry   
      categories in following their investment limitations on industry concentration.   

395

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
                     
       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
BONDS - 96.00% 
             
 
CORPORATE BONDS - 25.58% 
             
 
AGRICULTURAL SERVICES - 0.08% 
             
$   1,000,000  g    Yara International ASA 
5.250 
  12/15/14    Baa2   
$
986,783   
 
      TOTAL AGRICULTURAL SERVICES 
          986,783   
 
 
ASSET BACKED - 2.28% 
             
2,000,000      Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2
(Class 1A2) 
3.777 
  01/25/22    Aaa    1,989,388   
1,000,000      Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2
(Class 1B) 
5.700 
  02/25/34    Baa2    979,949   
1,000,000      Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2
(Class 1M1) 
5.700 
  02/25/34    Aa2    1,011,644   
1,500,000  v    CIT Equipment Collateral Series 2005-VT1 (Class A4) 
4.360 
  11/20/12    Aaa    1,500,900   
2,210,000      CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6) 
6.200 
  02/25/30    Aaa    2,292,015   
1,273,611      Countrywide Home Equity Loan Trust Series 2004-B (Class A1) 
3.030 
  02/15/29    Aaa    1,269,951   
1,100,000      Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3) 
5.875 
  03/01/10    Aaa    1,130,380   
3,000,000  v    Golden Securities Corp Series 2003-A (Class A1) 
1.950 
  12/02/13    Aaa    3,001,050   
550,000      Peco Energy Transition Trust Series 1999-A (Class A7) 
6.130 
  03/01/09    Aaa    575,787   
892,731      Public Service New Hampshire Funding LLC Series 2001-1 (Class A2) 
5.730 
  11/01/10    Aaa    913,238   
8,000,000      Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1) 
3.470 
  11/25/34    Aa1    8,023,336   
911,141      Residential Asset Securities Corp Series 1999-KS2 (Class AI9) 
7.150 
  07/25/30    Aaa    918,531   
965,812      Residential Asset Securities Corp Series 2001-KS2 (Class AI6) 
6.489 
  10/25/30    Aaa    996,951   
2,524,155      Wells Fargo Home Equity Trust Series 2004-2N (Class N1) 
4.450 
  10/26/34    NR    2,521,851   
 
      TOTAL ASSET BACKED 
          27,124,971   
 
 
BUSINESS SERVICES - 0.10% 
             
410,000      Cendant Corp (Sr Note) 
7.375 
  01/15/13    Baa1    462,454   
750,000      Equifax, Inc 
6.300 
  07/01/05    Baa1    755,340   
 
      TOTAL BUSINESS SERVICES 
          1,217,794   
 
 
CHEMICALS AND ALLIED PRODUCTS - 0.72% 
             
650,000  g    Clorox Co 
5.000 
  01/15/15    A3    645,253   
280,000      Colgate-Palmolive Co 
6.450 
  06/16/28    Aa3    320,545   
280,000      EI Du Pont de Nemours & Co 
3.375 
  11/15/07    Aa3    273,107   
1,645,000      EI Du Pont de Nemours & Co 
4.125 
  03/06/13    Aa3    1,562,672   
250,000      Lubrizol Corp (Sr Note) 
4.625 
  10/01/09    Baa3    246,270   
830,000      Merck & Co, Inc 
5.250 
  07/01/06    Aaa    843,037   

396

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$ 1,100,000      Merck & Co, Inc (Deb) 
5.950 
  12/01/28    Aaa    $ 1,133,682   
550,000      Procter & Gamble Co 
6.875 
  09/15/09    Aa3    601,715   
2,900,000      Procter & Gamble Co 
4.950 
  08/15/14    Aa3    2,890,467   
 
      TOTAL CHEMICALS AND ALLIED PRODUCTS 
          8,516,748   
 
 
COMMUNICATIONS - 2.33% 
             
550,000      360 Communications Co (Sr Note) 
7.500 
  03/01/06    A2    568,165   
1,000,000      America Movil SA de CV 
6.375 
  03/01/35    A3    903,423   
16,000      AT&T Corp 
6.000 
  03/15/09    Ba1    16,609   
280,000      BellSouth Corp 
6.875 
  10/15/31    A1    309,855   
1,500,000  d    British Telecommunications plc 
8.875 
  12/15/30    Baa1    1,992,699   
1,000,000  h    Cingular Wireless LLC (Sr Note) 
6.500 
  12/15/11    Baa2    1,078,016   
250,000      Comcast Cable Communications Holdings, Inc (Guarantee Note) 
8.375 
  03/15/13    Baa3    297,335   
940,000      Comcast Corp (Guarantee Note) 
6.500 
  01/15/15    Baa3    1,007,854   
410,000      Comcast Corp (Guarantee Note) 
7.050 
  03/15/33    Baa3    460,035   
500,000      COX Communications, Inc 
4.625 
  06/01/13    Baa2    467,938   
1,500,000  g    COX Communications, Inc 
5.450 
  12/15/14    Baa3    1,458,757   
1,930,000  g    COX Enterprises, Inc 
4.375 
  05/01/08    Baa1    1,902,858   
550,000      Deutsche Telekom International Finance BV (Guarantee Note) 
3.875 
  07/22/08    Baa1    538,348   
1,410,000  h    Deutsche Telekom International Finance BV (Guarantee Note) 
8.750 
  06/15/30    Baa1    1,842,895   
500,000      France Telecom S.A. 
8.500 
  03/01/11    Baa2    571,470   
970,000      New Cingular Wireless Services, Inc (Sr Note) 
7.875 
  03/01/11    Baa2    1,104,657   
550,000      New Cingular Wireless Services, Inc (Sr Note) 
8.750 
  03/01/31    Baa2    725,157   
500,000      SBC Communications, Inc 
4.125 
  09/15/09    A2    486,194   
2,000,000      SBC Communications, Inc 
5.100 
  09/15/14    A2    1,949,680   
3,000,000      Sprint Capital Corp 
8.375 
  03/15/12    Baa3    3,507,254   
750,000      Sprint Capital Corp (Guarantee Note) 
7.625 
  01/30/11    Baa3    838,234   
1,000,000  gh    Telecom Italia Capital S.A. (Guarantee Note) 
4.000 
  01/15/10    Baa2    957,794   
1,660,000      Verizon New Jersey, Inc (Deb) 
5.875 
  01/17/12    Aa3    1,719,116   
750,000      Verizon Virginia, Inc (Deb) 
4.625 
  03/15/13    Aa3    721,534   
830,000      Verizon Wireless Capital LLC 
5.375 
  12/15/06    A3    846,184   
1,380,000      Verizon/New England (Sr Note) 
6.500 
  09/15/11    Aa3    1,492,690   
 
      TOTAL COMMUNICATIONS 
          27,764,751   
 
 
DEPOSITORY INSTITUTIONS - 2.90% 
             
1,000,000      Bank of America Corp (Sr Note) 
3.375 
  02/17/09    Aa2    958,603   
910,000      Bank of America Corp (Sr Note) 
4.875 
  01/15/13    Aa2    900,153   
500,000      Bank of America Corp (Sr Note) 
5.375 
  06/15/14    Aa2    508,727   
2,250,000      Bank of America Corp (Sub Note) 
4.750 
  08/15/13    Aa3    2,197,714   
2,000,000      Bank One Corp 
2.625 
  06/30/08    Aa3    1,884,476   
1,100,000      Bank One NA 
5.500 
  03/26/07    Aa2    1,127,037   
410,000      BB&T Corp (Sub Note) 
6.500 
  08/01/11    A2    445,095   
1,100,000      Citigroup, Inc 
5.850 
  12/11/34    Aa1    1,124,697   
3,525,000      Citigroup, Inc (Sub Note) 
5.000 
  09/15/14    Aa2    3,461,539   
410,000      Golden West Financial Corp (Sr Note) 
4.750 
  10/01/12    A1    402,060   
410,000      Greenpoint Financial Corp (Sr Note) 
3.200 
  06/06/08    A2    393,440   
410,000      JPMorgan Chase & Co 
4.500 
  11/15/10    Aa3    401,877   
2,000,000      JPMorgan Chase & Co 
4.750 
  03/01/15    Aa3    1,913,861   
550,000      JPMorgan Chase & Co (Sub Note) 
7.875 
  06/15/10    A1    625,116   
2,000,000      JPMorgan Chase & Co (Sub Note) 
5.125 
  09/15/14    A1    1,967,826   
1,250,000      M&I Marshall & Ilsley Bank 
4.400 
  03/15/10    Aa3    1,231,348   
830,000      M&I Marshall & Ilsley Bank (Sr Note) 
4.125 
  09/04/07    Aa3    826,145   
1,100,000      Mellon Funding Corp (Guarantee Note) 
4.875 
  06/15/07    A1    1,114,548   
550,000      Mellon Funding Corp (Guarantee Note) 
6.400 
  05/14/11    A2    593,323   

397

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$   550,000      National Westminster Bank plc (Sub Note) 
7.375 
  10/01/09    Aa2    $ 610,215   
550,000      PNC Funding Corp (Guarantee Note) 
5.750 
  08/01/06    A2    561,950   
1,000,000      Popular North America, Inc (Guarantee Note) 
4.700 
  06/30/09    A3    998,007   
1,100,000      Regions Financial Corp (Sub Note) 
6.375 
  05/15/12    A2    1,186,645   
550,000      Suntrust Bank (Sub Note) 
7.250 
  09/15/06    Aa3    574,981   
830,000      US Bancorp (Sr Note) 
5.100 
  07/15/07    Aa2    845,223   
550,000      Wachovia Bank NA 
4.850 
  07/30/07    Aa2    556,881   
1,500,000      Wachovia Bank NA (Sub Note) 
4.875 
  02/01/15    Aa3    1,456,714   
2,000,000      Wachovia Corp (Sr Note) 
3.625 
  02/17/09    Aa3    1,934,104   
1,400,000      Wachovia Corp (Sub Note) 
5.250 
  08/01/14    A1    1,400,552   
1,500,000      Wells Fargo & Co (Sr Note) 
4.200 
  01/15/10    Aa1    1,466,698   
830,000 
    Wells Fargo Bank NA (Sub Note) 
6.450 
 
02/01/11 
  Aa1      895,674   
 
      TOTAL DEPOSITORY INSTITUTIONS 
 
        34,565,229   
 
 
ELECTRIC, GAS, AND SANITARY SERVICES - 1.78% 
 
           
550,000 
    American Electric Power Co, Inc 
6.125 
 
05/15/06 
  Baa3      562,522   
500,000 
h    Carolina Power & Light Co (First Mortgage) 
5.700 
 
04/01/35 
  A3      495,313   
410,000 
    CenterPoint Energy Resources Corp (Sr Note) 
7.875 
 
04/01/13 
  Ba1      475,256   
410,000 
    Consolidated Edison Co of New York (Deb) 
4.875 
 
02/01/13 
  A1      406,853   
1,000,000 
    Consolidated Edison Co of New York (Sr Note) 
4.700 
 
06/15/09 
  A1      1,002,561   
1,389,000 
    Consolidated Natural Gas Co (Sr Note) 
6.250 
 
11/01/11 
  A3      1,482,144   
500,000 
    Consolidated Natural Gas Co (Sr Note) 
5.000 
 
12/01/14 
  A3      487,117   
750,000 
    Consumers Energy Co (First Mortgage) 
4.400 
 
08/15/09 
  Baa3      736,086   
500,000 
    Duke Capital LLC 
5.668 
 
08/15/14 
  Baa3      504,464   
1,340,000 
    FirstEnergy Corp 
6.450 
 
11/15/11 
  Baa3      1,413,760   
1,500,000 
    Florida Power & Light Co (First Mortgage) 
4.850 
 
02/01/13 
  Aa3      1,490,877   
500,000 
    Florida Power Corp (First Mortgage) 
4.800 
 
03/01/13 
  A2      487,337   
550,000 
    FPL Group Capital, Inc (Guarantee Note) 
7.625 
 
09/15/06 
  A2      577,550   
2,000,000 
    KeySpan Corp 
4.900 
 
05/16/08 
  A3      2,023,032   
2,500,000 
h    Kinder Morgan Energy Partners LP 
5.125 
 
11/15/14 
  Baa1      2,431,676   
2,500,000 
    Kinder Morgan Energy Partners LP 
5.800 
 
03/15/35 
  Baa1      2,370,450   
410,000 
    National Fuel Gas Co 
5.250 
 
03/01/13 
  A3      408,837   
500,000 
    Nisource Finance Corp (Guarantee Note) 
7.875 
 
11/15/10 
  Baa3      566,871   
1,000,000 
    Pacific Gas & Electric Co (First Mortgage) 
6.050 
 
03/01/34 
  Baa1      1,023,195   
410,000 
    Public Service Co of Colorado 
5.500 
 
04/01/14 
  A3      421,911   
250,000 
    Southern California Edison Co (First Mortgage) 
6.000 
 
01/15/34 
  A3      260,098   
1,100,000 
    Texas Eastern Transmission LP (Sr Note) 
5.250 
 
07/15/07 
  Baa2      1,112,246   
340,000 
    TXU Electric Delivery Co 
7.250 
 
01/15/33 
  Baa1      399,067   
 
      TOTAL ELECTRIC, GAS, AND SANITARY SERVICES 
 
        21,139,223   
 
 
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.22% 
 
           
550,000 
    Cooper Industries, Inc (Guarantee Note) 
5.250 
 
07/01/07 
  A3      559,583   
1,100,000 
    Emerson Electric Co 
5.000 
 
12/15/14 
  A2      1,092,112   
1,000,000 
    General Electric Co 
5.000 
 
02/01/13 
  Aaa      999,061   
 
      TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT 
 
        2,650,756   
 
 
FABRICATED METAL PRODUCTS - 0.17% 
 
           
2,000,000 
    Illinois Tool Works, Inc 
5.750 
 
03/01/09 
  Aa3      2,076,371   
 
      TOTAL FABRICATED METAL PRODUCTS 
 
        2,076,371   
 

398

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
FOOD AND KINDRED PRODUCTS - 0.36% 
 
           
$   410,000 
    Bottling Group LLC (Guarantee Note) 
4.625 
 
11/15/12 
  Aa3    $ 403,043   
550,000 
    ConAgra Foods, Inc 
7.875 
 
09/15/10 
  Baa1      628,715   
1,100,000 
    Coors Brewing Co (Guarantee Note) 
6.375 
 
05/15/12 
  Baa2      1,177,819   
550,000 
    Kellogg Co 
6.600 
 
04/01/11 
  Baa2      596,792   
500,000 
    Kraft Foods, Inc 
6.500 
 
11/01/31 
  A3      551,336   
550,000 
    PepsiAmericas, Inc 
4.875 
 
01/15/15 
  Baa1      536,228   
400,000 
    Sara Lee Corp 
3.875 
 
06/15/13 
  A3      370,154   
 
      TOTAL FOOD AND KINDRED PRODUCTS 
 
        4,264,087   
 
 
FOOD STORES - 0.15% 
 
           
1,100,000 
    Kroger Co (Guarantee Note) 
6.800 
 
04/01/11 
  Baa2      1,200,123   
550,000 
    Safeway, Inc (Deb) 
7.250 
 
02/01/31 
  Baa2      598,914   
 
      TOTAL FOOD STORES 
 
        1,799,037   
 
 
FORESTRY - 0.05% 
 
           
550,000 
    Weyerhaeuser Co 
6.000 
 
08/01/06 
  Baa2      563,572   
 
      TOTAL FORESTRY 
 
        563,572   
 
 
FURNITURE AND FIXTURES - 0.17% 
 
           
830,000 
    Masco Corp 
4.625 
 
08/15/07 
  Baa1      831,758   
1,100,000 
    Newell Rubbermaid, Inc 
6.000 
 
03/15/07 
  Baa2      1,131,059   
 
      TOTAL FURNITURE AND FIXTURES 
 
        1,962,817   
 
 
GENERAL BUILDING CONTRACTORS - 0.30% 
 
           
410,000 
    Centex Corp 
4.750 
 
01/15/08 
  Baa2      409,680   
1,500,000 
g    Lennar Corp (Sr Note) 
5.500 
 
09/01/14 
  Baa3      1,476,837   
1,250,000 
    MDC Holdings, Inc (Guarantee Note) 
5.500 
 
05/15/13 
  Baa3      1,246,390   
500,000 
    Ryland Group, Inc 
5.375 
 
01/15/15 
  Baa3      486,296   
 
      TOTAL GENERAL BUILDING CONTRACTORS 
 
        3,619,203   
 
 
GENERAL MERCHANDISE STORES - 0.44% 
 
           
1,000,000 
g    May Department Stores Co 
3.950 
 
07/15/07 
  Baa2      987,520   
830,000 
    Target Corp 
4.000 
 
06/15/13 
  A2      782,467   
2,000,000 
    Wal-Mart Stores, Inc 
4.000 
 
01/15/10 
  Aa2      1,947,964   
1,380,000 
    Wal-Mart Stores, Inc (Sr Note) 
6.875 
 
08/10/09 
  Aa2      1,503,712   
 
      TOTAL GENERAL MERCHANDISE STORES 
 
        5,221,663   
 
 
HEALTH SERVICES - 0.04% 
 
           
410,000 
    Laboratory Corp Of America Holdings (Sr Note) 
5.500 
 
02/01/13 
  Baa3      411,426   
 
      TOTAL HEALTH SERVICES 
 
        411,426   
 
 
HOLDING AND OTHER INVESTMENT OFFICES - 0.38% 
 
           
410,000 
    Boston Properties LP (Sr Note) 
6.250 
 
01/15/13 
  Baa2      430,722   
500,000 
    Chelsea Property Group, Inc 
6.000 
 
01/15/13 
  Baa2      514,995   

399

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$   410,000 
    EOP Operating LP (Guarantee Note) 
5.875 
 
01/15/13 
  Baa2    $ 418,461   
2,000,000 
    iStar Financial, Inc (Sr Note) 
5.150 
 
03/01/12 
  Baa3      1,935,852   
750,000 
g    iStar Financial, Inc (Sr Note) 
5.700 
 
03/01/14 
  Baa3      739,927   
500,000 
g    Mantis Reef Ltd 
4.799 
 
11/03/09 
  A3      491,785   
 
      TOTAL HOLDING AND OTHER INVESTMENT OFFICES 
 
        4,531,742   
 
 
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.18% 
 
           
1,250,000 
    Hewlett-Packard Co 
6.500 
 
07/01/12 
  A3      1,363,244   
750,000 
    International Business Machines Corp (Deb) 
6.220 
 
08/01/27 
  A1      807,603   
 
      TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT 
 
        2,170,847   
 
 
INSURANCE CARRIERS - 0.65% 
 
           
500,000 
    Allstate Corp 
5.000 
 
08/15/14 
  A1      493,588   
550,000 
    Hartford Financial Services Group, Inc (Sr Note) 
6.375 
 
11/01/08 
  A3      578,491   
410,000 
    Lincoln National Corp 
5.250 
 
06/15/07 
  A3      417,010   
1,250,000 
    Metlife, Inc (Sr Note) 
6.375 
 
06/15/34 
  A2      1,348,275   
1,500,000 
    Prudential Financial, Inc 
4.750 
 
04/01/14 
  A3      1,452,646   
2,000,000 
    UnitedHealth Group, Inc 
3.375 
 
08/15/07 
  A2      1,955,652   
500,000 
    WellPoint, Inc 
3.500 
 
09/01/07 
  Baa1      490,959   
1,000,000 
gh    WellPoint, Inc 
4.250 
 
12/15/09 
  Baa1      975,755   
 
      TOTAL INSURANCE CARRIERS 
 
        7,712,376   
 
 
METAL MINING - 0.24% 
 
           
500,000 
    Barrick Gold Corp 
5.800 
 
11/15/34 
  Baa1      504,498   
500,000      Barrick Gold Finance Co 
4.875 
 
11/15/14 
  Baa1      484,348   
900,000  g    Corp Nacional del Cobre de Chile - CODELCO (Sr Note) 
4.750 
 
10/15/14 
  A2      853,899   
550,000      Falconbridge Ltd 
5.375 
 
06/01/15 
  Baa3      542,728   
410,000      Placer Dome, Inc (Deb) 
6.375 
 
03/01/33 
  Baa2      435,530   
 
      TOTAL METAL MINING 
 
        2,821,003   
 
 
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.08% 
 
           
500,000  d    Tyco International Group S.A. (Guarantee Note) 
5.800 
 
08/01/06 
  Baa3      510,076   
410,000      Tyco International Group S.A. (Guarantee Note) 
6.000 
 
11/15/13 
  Baa3      429,814   
 
      TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES 
 
        939,890   
 
 
MISCELLANEOUS RETAIL - 0.08% 
 
           
1,000,000  g    CVS Corp 
4.875 
 
09/15/14 
  A3      983,735   
 
      TOTAL MISCELLANEOUS RETAIL 
 
        983,735   
 
 
MOTION PICTURES - 0.59% 
 
           
280,000      Historic TW, Inc 
7.750 
 
06/15/05 
  Baa1      282,355   
550,000      Historic TW, Inc (Guarantee Note) 
6.625 
 
05/15/29 
  Baa1      577,465   
500,000      News America, Inc (Guarantee Note) 
7.625 
 
11/30/28 
  Baa3      575,868   
1,000,000  g    News America, Inc (Guarantee Note) 
6.200 
 
12/15/34 
  Baa3      988,766   
1,850,000      Time Warner, Inc (Guarantee Note) 
6.875 
 
05/01/12 
  Baa1      2,021,983   
1,160,000      Time Warner, Inc (Guarantee Note) 
7.700 
 
05/01/32 
  Baa1      1,376,182   
690,000      Time Warner, Inc (Guarantee Note) 
5.625 
 
12/15/34 
  Baa1      691,056   
550,000      Walt Disney Co 
5.500 
 
12/29/06 
  Baa1      561,732   
 
      TOTAL MOTION PICTURES 
 
        7,075,407   
 

400

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
NATIONAL SECURITY AND INTERNATIONAL AFFAIRS - 0.07% 
 
           
$   280,000      Inter-American Development Bank 
6.125 
 
03/08/06 
  Aaa    $ 286,437   
500,000      Inter-American Development Bank 
4.375 
 
09/20/12 
  Aaa      494,705   
 
      TOTAL NATIONAL SECURITY AND INTERNATIONAL AFFAIRS 
 
        781,142   
 
 
NONDEPOSITORY INSTITUTIONS - 3.36% 
 
           
2,000,000      American General Finance Corp (Sr Note) 
4.625 
 
05/15/09 
  A1      1,985,433   
2,000,000      American Honda Finance Corp 
4.500 
 
05/26/09 
  A1      1,995,424   
1,500,000      Capital One Bank (Sr Note) 
5.125 
 
02/15/14 
  Baa2      1,473,864   
1,100,000      CIT Group, Inc (Sr Note) 
4.125 
 
02/21/06 
  A2      1,102,625   
500,000      CIT Group, Inc (Sr Note) 
4.250 
 
02/01/10 
  A2      486,123   
500,000      CIT Group, Inc (Sr Note) 
5.125 
 
09/30/14 
  A2      490,121   
500,000      Countrywide Home Loans, Inc 
4.125 
 
09/15/09 
  A3      482,116   
750,000      European Investment Bank (Sr Note) 
4.000 
 
03/03/10 
  Aaa      737,464   
750,000      Ford Motor Credit Co 
5.700 
 
01/15/10 
  A3      707,224   
1,000,000      Ford Motor Credit Co 
7.375 
 
02/01/11 
  A3      1,000,060   
2,000,000      Ford Motor Credit Co 
7.000 
 
10/01/13 
  A3      1,944,854   
750,000      Ford Motor Credit Co (Sr Note) 
5.800 
 
01/12/09 
  A3      723,571   
1,000,000  d    General Electric Capital Corp 
4.125 
 
03/04/08 
  Aaa      992,295   
1,500,000      General Electric Capital Corp 
3.125 
 
04/01/09 
  Aaa      1,421,547   
1,500,000      General Electric Capital Corp 
3.250 
 
06/15/09 
  Aaa      1,423,266   
2,750,000      General Electric Capital Corp 
4.375 
 
11/21/11 
  Aaa      2,670,463   
3,400,000      General Electric Capital Corp 
5.875 
 
02/15/12 
  Aaa      3,576,336   
3,000,000      General Motors Acceptance Corp 
5.625 
 
05/15/09 
  Baa1      2,746,695   
1,660,000      General Motors Acceptance Corp 
7.750 
 
01/19/10 
  A3      1,597,565   
1,000,000      General Motors Acceptance Corp 
6.750 
 
12/01/14 
  Baa1      860,984   
500,000      HSBC Capital Funding LP/Jersey Channel Islands 
4.610 
 
12/29/49 
  A1      474,955   
3,000,000  h    HSBC Finance Corp 
4.125 
 
11/16/09 
  A1      2,917,918   
2,280,000      HSBC Finance Corp 
6.375 
 
11/27/12 
  A1      2,455,636   
3,000,000      International Finance Corp 
3.750 
 
06/30/09 
  Aaa      2,951,208   
410,000      MBNA America Bank NA 
5.375 
 
01/15/08 
  Baa1      418,654   
830,000      National Rural Utilities Cooperative Finance Corp 
5.750 
 
08/28/09 
  A2      863,648   
500,000  g    Rabobank Capital Funding Trust (Sub Note) 
5.254 
 
12/30/16 
  Aa2      495,206   
410,000      SLM Corp 
4.000 
 
01/15/09 
  A2      401,505   
690,000      Toyota Motor Credit Corp 
2.875 
 
07/08/08 
  Aaa      658,142   
 
      TOTAL NONDEPOSITORY INSTITUTIONS 
 
        40,054,902   
 
 
OIL AND GAS EXTRACTION - 0.99% 
 
           
1,380,000      Burlington Resources Finance Co (Guarantee Note) 
6.400 
 
08/15/11 
  Baa1      1,475,544   
750,000      Canadian Natural Resources Ltd 
5.850 
 
02/01/35 
  Baa1      734,072   
830,000      Devon Energy Corp (Sr Note) 
2.750 
 
08/01/06 
  Baa2      815,636   
750,000  g    Empresa Nacional de Petroleo ENAP 
6.750 
 
11/15/12 
  Baa1      807,800   
400,000      EnCana Corp 
6.500 
 
08/15/34 
  Baa2      436,134   
750,000  g    Enterprise Products Operating LP 
5.000 
 
03/01/15 
  Baa3      703,079   
400,000      Enterprise Products Operating LP (Sr Note) 
4.000 
 
10/15/07 
  Baa3      391,610   
500,000      Enterprise Products Operating LP (Sr Note) 
4.625 
 
10/15/09 
  Baa3      487,935   
750,000      Enterprise Products Operating LP (Sr Note) 
5.600 
 
10/15/14 
  Baa3      740,198   
400,000      Enterprise Products Operating LP (Sr Note) 
6.650 
 
10/15/34 
  Baa3      407,822   
410,000      Equitable Resources, Inc 
5.150 
 
11/15/12 
  A2      415,229   
500,000      Nexen, Inc 
5.050 
 
11/20/13 
  Baa2      486,550   
750,000      Nexen, Inc 
5.200 
 
03/10/15 
  Baa2      732,158   
1,100,000      Ocean Energy, Inc (Guarantee Note) 
4.375 
 
10/01/07 
  Baa3      1,092,743   

401

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$   550,000      Panhandle Eastern Pipe Line (Sr Note) 
4.800 
 
08/15/08 
  Baa3    $ 546,248   
500,000      PC Financial Partnership 
5.000 
 
11/15/14 
  Baa2      485,347   
1,000,000  g    Plains All American Pipeline LP/PAA Finance Corp 
4.750 
 
08/15/09 
  Baa3      995,141   
 
      TOTAL OIL AND GAS EXTRACTION 
 
        11,753,246   
 
 
OTHER MORTGAGE BACKED SECURITIES - 2.66% 
 
           
1,121,723  v    AQ Finance NIM Trust Series 2004-RN2 
3.050 
 
04/25/09 
  Aaa      1,122,249   
1,280,048  v    AQ Finance NIM Trust Series 2004-RN3 
3.030 
 
05/25/09 
  Aaa      1,280,449   
3,310,000  d    Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3) 
5.118 
 
07/11/43 
  NR      3,350,117   
2,000,000  h    Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B) 
4.999 
 
11/10/42 
  NR      1,995,420   
6,000,000  d    Bear Stearns Commercial Mortgage Securities Series 2004-PWR5 (Class A5) 
4.978 
 
07/11/42 
  Aaa      5,946,642   
600,000      Centex Home Equity Series 2004-C (Class AF5) 
5.980 
 
06/25/34 
  Aaa      600,737   
1,660,000      Ge Capital Commercial Mortgage Corp Series 2003-C2 (Class A4) 
5.145 
 
07/10/37 
  Aaa      1,677,027   
2,000,000      Greenwich Capital Commercial Funding Corp Series 2004-GG1 (Series A7) 
5.317 
 
06/10/36 
  Aaa      2,034,758   
2,210,000      JP Morgan Chase Commercial Mortgage Securities Corp Series 2003-CB6 (Class A2) 
5.255 
 
07/12/37 
  Aaa      2,242,856   
10,000,000  d    LB-UBS Commercial Mortgage Trust Series 2004-C7 (Class A6) 
4.786 
 
10/15/29 
  Aaa      9,759,640   
502,262  v    Option One Mortgage Securities Corp NIM Trust Series 2004-1A 
3.040 
 
04/26/09 
  Aaa      502,498   
1,100,000      Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4) 
4.980 
 
11/15/34 
  Aaa      1,100,599   
 
      TOTAL OTHER MORTGAGE BACKED SECURITIES 
 
        31,612,992   
 
 
PAPER AND ALLIED PRODUCTS - 0.59% 
 
           
1,000,000  g    Bemis Co 
4.875 
 
04/01/12 
  Baa1      983,179   
550,000      International Paper Co 
3.800 
 
04/01/08 
  Baa2      536,635   
2,020,000      International Paper Co 
5.850 
 
10/30/12 
  Baa2      2,091,885   
1,660,000      Kimberly-Clark Corp 
7.100 
 
08/01/07 
  Aa2      1,762,598   
1,500,000  g    Sappi Papier Holding AG. (Guarantee Note) 
6.750 
 
06/15/12 
  Baa3      1,627,058   
 
      TOTAL PAPER AND ALLIED PRODUCTS 
 
        7,001,355   
 
 
PETROLEUM AND COAL PRODUCTS - 0.19% 
 
           
1,000,000      Conoco Funding Co (Guarantee Note) 
6.350 
 
10/15/11 
  A3      1,088,214   
550,000      ConocoPhillips (Guarantee Note) 
5.900 
 
10/15/32 
  A3      578,451   
550,000      ConocoPhillips Holding Co (Sr Note) 
6.950 
 
04/15/29 
  A3      651,366   
 
      TOTAL PETROLEUM AND COAL PRODUCTS 
 
        2,318,031   
 
 
PIPELINES, EXCEPT NATURAL GAS - 0.12% 
 
           
1,000,000      Enbridge Energy Partners LP (Sr Note) 
4.000 
 
01/15/09 
  Baa2      972,397   
550,000      TransCanada Pipelines Ltd 
4.000 
 
06/15/13 
  A2      508,293   
 
      TOTAL PIPELINES, EXCEPT NATURAL GAS 
 
        1,480,690   
 

402

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
PRIMARY METAL INDUSTRIES - 0.09% 
 
           
$    500,000      Alcan, Inc 
6.125 
 
12/15/33 
  Baa1    $ 528,941   
500,000      Alcoa, Inc 
6.500 
 
06/01/11 
  A2      545,046   
 
      TOTAL PRIMARY METAL INDUSTRIES  
 
        1,073,987   
 
 
PRINTING AND PUBLISHING - 0.42% 
 
           
410,000      Belo Corp (Deb) 
7.250 
 
09/15/27 
  Baa3      454,250   
2,500,000      New York Times Co 
5.000 
 
03/15/15 
  A1      2,487,645   
1,700,000      Viacom, Inc (Guarantee Note) 
7.700 
 
07/30/10 
  A3      1,893,756   
140,000      Viacom, Inc (Guarantee Note) 
6.625 
 
05/15/11 
  A3      149,474   
 
      TOTAL PRINTING AND PUBLISHING  
 
        4,985,125   
 
 
RAILROAD TRANSPORTATION - 0.23% 
 
           
1,000,000      Burlington Northern Santa Fe Corp 
5.900 
 
07/01/12 
  Baa2      1,052,618   
550,000      Canadian National Railway Co 
4.400 
 
03/15/13 
  Baa1      528,769   
550,000      Norfolk Southern Corp (Sr Note) 
7.250 
 
02/15/31 
  Baa1      658,493   
500,000      Union Pacific Corp 
6.500 
 
04/15/12 
  Baa2      544,538   
 
      TOTAL RAILROAD TRANSPORTATION 
 
        2,784,418   
 
 
SECURITY AND COMMODITY BROKERS - 1.82% 
 
           
1,500,000      Bear Stearns Cos, Inc 
5.700 
 
11/15/14 
  A1      1,539,713   
650,000      Goldman Sachs Group, Inc 
5.125 
 
01/15/15 
  Aa3      637,283   
750,000      Goldman Sachs Group, Inc 
6.125 
 
02/15/33 
  Aa3      773,745   
750,000      Goldman Sachs Group, Inc (Guarantee Note) 
6.345 
 
02/15/34 
  A1      771,455   
1,100,000      Lehman Brothers Holdings, Inc 
6.250 
 
05/15/06 
  A1      1,128,366   
3,200,000      Lehman Brothers Holdings, Inc 
4.000 
 
01/22/08 
  A1      3,161,578   
1,000,000  h    Lehman Brothers Holdings, Inc 
4.250 
 
01/27/10 
  A1      974,783   
650,000      Lehman Brothers Holdings, Inc 
4.800 
 
03/13/14 
  A1      628,244   
1,000,000      Merrill Lynch & Co, Inc 
5.000 
 
01/15/15 
  Aa3      971,769   
830,000      Morgan Stanley 
3.625 
 
04/01/08 
  Aa3      808,523   
1,500,000      Morgan Stanley 
4.000 
 
01/15/10 
  Aa3      1,445,205   
1,750,000      Morgan Stanley 
6.600 
 
04/01/12 
  Aa3      1,899,318   
1,500,000      Morgan Stanley 
5.300 
 
03/01/13 
  Aa3      1,506,321   
4,994,000  g    Morgan Stanley Tracers 
6.787 
 
06/15/12 
  Baa2      5,383,282   
 
      TOTAL SECURITY AND COMMODITY BROKERS 
 
        21,629,585   
 
 
STONE, CLAY, AND GLASS PRODUCTS - 0.03% 
 
           
280,000      CRH America, Inc (Guarantee Note) 
6.400 
 
10/15/33 
  Baa1      301,575   
 
      TOTAL STONE, CLAY, AND GLASS PRODUCTS   
 
        301,575   
 
 
TRANSPORTATION EQUIPMENT - 0.61% 
 
           
410,000      DaimlerChrysler NA Holding Corp (Guarantee Note) 
6.500 
 
11/15/13 
  A3      425,183   
830,000      DaimlerChrysler NA Holding Corp (Guarantee Note) 
8.500 
 
01/18/31 
  A3      993,255   
1,000,000      Ford Motor Co 
7.450 
 
07/16/31 
  Baa1      903,432   
500,000      General Dynamics Corp (Guarantee Note) 
3.000 
 
05/15/08 
  A2      480,086   

403

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$   750,000      General Motors Corp (Deb) 
8.375 
 
07/15/33 
  Baa2    $ 642,927   
830,000      Harsco Corp (Sr Note) 
5.125 
 
09/15/13 
  A3      822,969   
550,000      Lockheed Martin Corp 
8.500 
 
12/01/29 
  Baa2      739,725   
410,000      Northrop Grumman Corp (Guarantee Note) 
7.750 
 
02/15/31 
  Baa2      518,897   
550,000      United Technologies Corp 
4.875 
 
11/01/06 
  A2      556,245   
1,100,000      United Technologies Corp 
6.350 
 
03/01/11 
  A2      1,187,213   
 
      TOTAL TRANSPORTATION EQUIPMENT 
 
        7,269,932   
 
 
WHOLESALE TRADE-DURABLE GOODS - 0.03% 
 
           
410,000     
Johnson & Johnson (Deb) 
3.800 
 
05/15/13 
  Aaa      382,842   
 
      TOTAL WHOLESALE TRADE-DURABLE GOODS   
 
        382,842   
 
 
WHOLESALE TRADE-NONDURABLE GOODS - 0.08% 
 
           
1,000,000      GlaxoSmithKline Capital, Inc (Guarantee Note) 
5.375 
 
04/15/34 
  Aa2      987,414   
 
      TOTAL WHOLESALE TRADE-NONDURABLE GOODS 
 
        987,414   
 
 
      TOTAL CORPORATE BONDS 
 
           
      (Cost $305,275,685) 
 
        304,536,667   
 
 
GOVERNMENT BONDS - 70.42% 
 
           
 
AGENCY SECURITIES - 14.70% 
 
           
16,020,000  d    Federal Farm Credit Bank (FFCB) 
2.250 
 
09/01/06 
  Aaa      15,665,122   
5,000,000      Federal Farm Credit Bank (FFCB) 
3.375 
 
07/15/08 
  Aaa      4,874,269   
6,550,000      Federal Farm Credit Bank (FFCB) 
3.875 
 
01/12/09 
  Aaa      6,440,012   
1,820,000      Federal Home Loan Mortgage Corp (FHLMC) 
5.750 
 
04/15/08 
  Aaa      1,900,971   
3,870,000      Federal Home Loan Mortgage Corp (FHLMC) 
3.750 
 
05/12/09 
  Aaa      3,776,365   
30,000,000  d    Federal Home Loan Mortgage Corp (FHLMC) 
7.000 
 
03/15/10 
  Aaa      33,296,748   
20,248,000      Federal Home Loan Mortgage Corp (FHLMC) 
5.875 
 
03/21/11 
  Aa2      21,301,398   
3,870,000      Federal Home Loan Mortgage Corp (FHLMC) 
6.375 
 
08/01/11 
  Aa2      3,953,979   
2,430,000      Federal National Mortgage Association (FNMA) 
5.250 
 
06/15/06 
  Aaa      2,471,254   
6,000,000  d    Federal National Mortgage Association (FNMA) 
2.625 
 
11/15/06 
  Aaa      5,879,025   
14,290,000  d    Federal National Mortgage Association (FNMA) 
5.000 
 
01/15/07 
  Aaa      14,542,534   
4,000,000      Federal National Mortgage Association (FNMA) 
3.410 
 
08/30/07 
  Aaa      3,929,531   
3,000,000  d    Federal National Mortgage Association (FNMA) 
3.375 
 
12/15/08 
  Aaa      2,900,487   
35,000,000  d    Federal National Mortgage Association (FNMA) 
7.125 
 
06/15/10 
  Aaa      39,131,470   
14,000,000  d    Federal National Mortgage Association (FNMA) 
4.625 
 
10/15/14 
  Aaa      13,736,706   
1,000,000  d    Federal National Mortgage Association (FNMA) 
6.210 
 
08/06/38 
  Aaa      1,147,380   
 
      TOTAL AGENCY SECURITIES 
 
        174,947,251   
 
 
FOREIGN GOVERNMENT BONDS - 1.23% 
 
           
280,000      Canada Government International Bond 
6.750 
 
08/28/06 
  Aaa      291,354   
410,000      Chile Government International Bond 
5.500 
 
01/15/13 
  Baa1      418,983   
2,000,000      Italy Government International Bond 
4.500 
 
01/21/15 
  NR      1,941,220   
410,000      Korea Development Bank 
5.750 
 
09/10/13 
  A3      425,134   
410,000      Mexico Government International Bond 
6.375 
 
01/16/13 
  Baa1      421,275   
966,000      Mexico Government International Bond 
5.875 
 
01/15/14 
  Baa2      960,803   
550,000      Mexico Government International Bond 
8.300 
 
08/15/31 
  Baa1      629,750   
1,500,000      Mexico Government International Bond 
6.750 
 
09/27/34 
  Baa1      1,462,500   
550,000      Province of Ontario 
5.125 
 
07/17/12 
  Aa2      566,187   

404

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$ 1,500,000      Province of Ontario 
4.500 
 
02/03/15 
  Aa2    $ 1,454,245   
550,000      Province of Ontario (Sr Note) 
5.500 
 
10/01/08 
  Aa2      570,193   
1,380,000      Province of Quebec Canada 
5.000 
 
07/17/09 
  A1      1,406,011   
1,380,000      Province of Quebec Canada (Deb) 
7.500 
 
09/15/29 
  A1      1,770,414   
2,000,000  h    Province of Saskatchewan Canada (Deb) 
7.375 
 
07/15/13 
 
Aa3 
    2,363,788   
 
      TOTAL FOREIGN GOVERNMENT BONDS 
 
 
    14,681,857   
 
 
MORTGAGE BACKED SECURITIES - 35.86% 
 
 
       
138,535      Federal Home Loan Mortgage Corp Gold (FGLMC) 
7.500 
 
01/01/16 
 
    145,944   
14,289      Federal Home Loan Mortgage Corp Gold (FGLMC) 
7.500 
 
05/01/16 
 
    15,054   
15,429      Federal Home Loan Mortgage Corp Gold (FGLMC) 
7.500 
 
06/01/16 
 
    16,255   
2,705,329      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.000 
 
05/01/18 
 
    2,709,723   
2,705,033      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.000 
 
06/01/18 
 
    2,709,427   
5,868,455      Federal Home Loan Mortgage Corp Gold (FGLMC) 
4.500 
 
09/01/18 
 
    5,756,844   
6,064,357      Federal Home Loan Mortgage Corp Gold (FGLMC) 
4.500 
 
01/01/19 
 
    5,942,798   
10,947,000  h    Federal Home Loan Mortgage Corp Gold (FGLMC) 
4.500 
 
05/01/19 
 
    10,727,567   
4,000,000  h    Federal Home Loan Mortgage Corp Gold (FGLMC) 
4.500 
 
04/15/20 
 
    3,915,000   
179,303      Federal Home Loan Mortgage Corp Gold (FGLMC) 
7.000 
 
10/01/20 
 
    189,424   
20,369      Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.500 
 
10/01/28 
 
    21,215   
225,747  d    Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.500 
 
01/01/29 
 
    235,114   
37,561      Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.500 
 
03/01/29 
 
    39,120   
192,436      Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.500 
 
07/01/29 
 
    200,307   
70,549      Federal Home Loan Mortgage Corp Gold (FGLMC) 
8.000 
 
01/01/31 
 
    75,927   
280,379  d    Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.500 
 
09/01/31 
 
    291,473   
299,924      Federal Home Loan Mortgage Corp Gold (FGLMC) 
8.000 
 
09/01/31 
 
    322,689   
147,307      Federal Home Loan Mortgage Corp Gold (FGLMC) 
7.000 
 
10/01/31 
 
    155,241   
1,852,189      Federal Home Loan Mortgage Corp Gold (FGLMC) 
7.000 
 
12/01/31 
 
    1,952,462   
1,056,102      Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.500 
 
08/01/32 
 
    1,097,607   
7,804,657  d    Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.000 
 
09/01/33 
 
    7,658,039   
3,131,599      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
09/01/33 
 
    3,145,488   
4,018,779      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
09/01/33 
 
    4,036,603   
4,111,497      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
09/01/33 
 
    4,129,732   
4,898,192      Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.000 
 
09/01/33 
 
    5,014,716   
5,125,707      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
10/01/33 
 
    5,148,440   
3,953,914      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
10/01/33 
 
    3,971,450   
8,801,565  d    Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.000 
 
11/01/33 
 
    8,636,220   
5,629,552      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.000 
 
11/01/33 
 
    5,523,796   
2,848,874      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.000 
 
11/01/33 
 
    2,795,355   
1,479,275      Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.000 
 
11/01/33 
 
    1,514,466   
16,000,000  h    Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
12/01/33 
 
    16,082,096   
1,993,259      Federal Home Loan Mortgage Corp Gold (FGLMC) 
5.500 
 
12/01/34 
 
    1,999,766   
3,000,000  h    Federal Home Loan Mortgage Corp Gold (FGLMC) 
6.000 
 
04/15/35 
 
    3,069,375   
107,540      Federal National Mortgage Association (FNMA) 
6.000 
 
09/01/13 
 
    111,156   
3,745,010      Federal National Mortgage Association (FNMA) 
4.736 
 
10/01/13 
 
    3,712,781   
86,427      Federal National Mortgage Association (FNMA) 
6.500 
 
12/01/13 
 
    90,301   
3,937,219      Federal National Mortgage Association (FNMA) 
4.760 
 
02/01/14 
 
    3,907,336   
48,433      Federal National Mortgage Association (FNMA) 
6.000 
 
06/01/14 
 
    50,059   
18,118      Federal National Mortgage Association (FNMA) 
6.500 
 
07/01/14 
 
    18,932   
6,967,326      Federal National Mortgage Association (FNMA) 
4.640 
 
11/01/14 
 
    6,815,878   
15,653,534  hv    Federal National Mortgage Association (FNMA) 
4.804 
 
03/01/16 
 
    15,582,604   
164,108      Federal National Mortgage Association (FNMA) 
6.500 
 
10/01/16 
 
    171,412   
1,396,356  d    Federal National Mortgage Association (FNMA) 
6.500 
 
11/01/16 
 
    1,458,505   
1,005,292  d    Federal National Mortgage Association (FNMA) 
6.500 
 
04/01/17 
 
    1,050,065   
1,247,128      Federal National Mortgage Association (FNMA) 
6.000 
 
11/01/17 
 
    1,288,679   
965,947      Federal National Mortgage Association (FNMA) 
6.000 
 
02/01/18 
 
    998,167   
993,921      Federal National Mortgage Association (FNMA) 
5.500 
 
04/01/18 
 
    1,013,998   

405

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
RATING 
  VALUE   
 
 
$  8,000,000  h    Federal National Mortgage Association (FNMA) 
5.000 
 
04/25/18 
 
  $ 7,992,496   
26,000,000  h    Federal National Mortgage Association (FNMA) 
5.500 
 
04/25/18 
 
    26,487,500   
273,995      Federal National Mortgage Association (FNMA) 
5.500 
 
05/01/18 
 
    279,530   
3,632,819      Federal National Mortgage Association (FNMA) 
4.500 
 
10/01/18 
 
    3,558,503   
8,081,882  d    Federal National Mortgage Association (FNMA) 
5.000 
 
11/01/18 
 
    8,086,287   
617,128      Federal National Mortgage Association (FNMA) 
6.000 
 
01/01/19 
 
    636,432   
1,762,733      Federal National Mortgage Association (FNMA) 
5.000 
 
11/01/23 
 
    1,741,489   
1,662,238      Federal National Mortgage Association (FNMA) 
5.500 
 
02/01/24 
 
    1,679,688   
923,135      Federal National Mortgage Association (FNMA) 
5.500 
 
07/01/24 
 
    931,777   
9,449      Federal National Mortgage Association (FNMA) 
8.000 
 
07/01/24 
 
    10,199   
5,848      Federal National Mortgage Association (FNMA) 
7.500 
 
01/01/29 
 
    6,280   
18,165      Federal National Mortgage Association (FNMA) 
6.500 
 
04/01/29 
 
    18,914   
18,307      Federal National Mortgage Association (FNMA) 
7.500 
 
07/01/29 
 
    19,601   
3,939      Federal National Mortgage Association (FNMA) 
7.500 
 
07/01/29 
 
    4,218   
9,661      Federal National Mortgage Association (FNMA) 
7.500 
 
02/01/31 
 
    10,339   
44,416      Federal National Mortgage Association (FNMA) 
7.500 
 
03/01/31 
 
    47,530   
20,580      Federal National Mortgage Association (FNMA) 
7.500 
 
05/01/31 
 
    22,024   
359,219      Federal National Mortgage Association (FNMA) 
6.500 
 
06/01/31 
 
    373,618   
44,018      Federal National Mortgage Association (FNMA) 
6.500 
 
09/01/31 
 
    45,783   
41,330      Federal National Mortgage Association (FNMA) 
6.500 
 
10/01/31 
 
    42,987   
238,152      Federal National Mortgage Association (FNMA) 
6.500 
 
11/01/31 
 
    247,698   
628,363      Federal National Mortgage Association (FNMA) 
6.000 
 
01/01/32 
 
    643,103   
23,000,000  h    Federal National Mortgage Association (FNMA) 
6.000 
 
04/25/32 
 
    23,503,125   
1,464,896      Federal National Mortgage Association (FNMA) 
5.500 
 
07/01/33 
 
    1,469,747   
1,702,100      Federal National Mortgage Association (FNMA) 
5.500 
 
07/01/33 
 
    1,708,933   
2,677,622      Federal National Mortgage Association (FNMA) 
4.500 
 
08/01/33 
 
    2,544,612   
2,733,231      Federal National Mortgage Association (FNMA) 
5.500 
 
09/01/33 
 
    2,742,281   
2,250,493      Federal National Mortgage Association (FNMA) 
5.500 
 
09/01/33 
 
    2,257,945   
4,528,773      Federal National Mortgage Association (FNMA) 
4.500 
 
10/01/33 
 
    4,303,807   
6,826,837      Federal National Mortgage Association (FNMA) 
5.500 
 
10/01/33 
 
    6,849,442   
5,340,084      Federal National Mortgage Association (FNMA) 
5.500 
 
10/01/33 
 
    5,357,765   
9,659,746  d    Federal National Mortgage Association (FNMA) 
5.500 
 
10/01/33 
 
    9,691,730   
6,118,419      Federal National Mortgage Association (FNMA) 
5.000 
 
12/01/33 
 
    5,999,110   
7,557,512  d    Federal National Mortgage Association (FNMA) 
5.500 
 
12/01/33 
 
    7,582,536   
2,691,902      Federal National Mortgage Association (FNMA) 
6.000 
 
01/01/34 
 
    2,752,247   
5,100,464  h    Federal National Mortgage Association (FNMA) 
5.000 
 
03/01/34 
 
    4,990,485   
5,237,625      Federal National Mortgage Association (FNMA) 
5.000 
 
03/01/34 
 
    5,135,492   
2,683,678      Federal National Mortgage Association (FNMA) 
5.000 
 
04/01/34 
 
    2,631,346   
6,000,000  h    Federal National Mortgage Association (FNMA) 
4.500 
 
04/25/34 
 
    5,692,500   
47,000,000  h    Federal National Mortgage Association (FNMA) 
5.000 
 
04/25/34 
 
    45,942,500   
9,000,000  h    Federal National Mortgage Association (FNMA) 
5.500 
 
04/25/34 
 
    9,011,250   
3,119,689  h    Federal National Mortgage Association (FNMA) 
6.000 
 
11/01/34 
 
    3,189,576   
7,878,597      Federal National Mortgage Association (FNMA) 
5.000 
 
12/01/34 
 
    7,707,836   
1,952,511      Federal National Mortgage Association (FNMA) 
5.500 
 
01/01/35 
 
    1,956,680   
5,000,000  hv    Federal National Mortgage Association (FNMA) 
5.500 
 
02/01/35 
 
    5,008,594   
26,000,000  h    Federal National Mortgage Association (FNMA) 
6.500 
 
04/25/35 
 
    26,975,000   
1,346      Government National Mortgage Association (GNMA) 
7.000 
 
01/15/28 
 
    1,426   
5,267      Government National Mortgage Association (GNMA) 
7.000 
 
02/15/28 
 
    5,578   
17,452      Government National Mortgage Association (GNMA) 
6.500 
 
05/15/28 
 
    18,271   
6,090      Government National Mortgage Association (GNMA) 
7.000 
 
06/15/28 
 
    6,449   
9,431      Government National Mortgage Association (GNMA) 
7.000 
 
06/15/28 
 
    9,987   
173,439      Government National Mortgage Association (GNMA) 
6.500 
 
09/15/28 
 
    181,566   
28,499      Government National Mortgage Association (GNMA) 
6.500 
 
09/15/28 
 
    29,834   
76,771      Government National Mortgage Association (GNMA) 
6.500 
 
11/15/28 
 
    80,368   
14,537      Government National Mortgage Association (GNMA) 
7.500 
 
11/15/28 
 
    15,607   
35,370      Government National Mortgage Association (GNMA) 
7.500 
 
07/15/29 
 
    37,951   
5,869      Government National Mortgage Association (GNMA) 
8.500 
 
07/15/30 
        6,387   
4,025      Government National Mortgage Association (GNMA) 
8.500 
 
07/15/30 
        4,380   

406

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE   
 
  VALUE   
   
 
$    52,074      Government National Mortgage Association (GNMA) 
8.500 
 
10/15/30 
      $ 56,665  
109,608      Government National Mortgage Association (GNMA) 
8.500 
 
10/20/30 
        118,831  
8,314      Government National Mortgage Association (GNMA) 
8.500 
 
11/15/30 
        9,047  
13,526      Government National Mortgage Association (GNMA) 
8.500 
 
12/15/30 
        14,719  
23,253      Government National Mortgage Association (GNMA) 
7.000 
 
06/20/31 
        24,499  
66,796      Government National Mortgage Association (GNMA) 
6.500 
 
07/15/31 
        69,850  
97,767      Government National Mortgage Association (GNMA) 
7.000 
 
07/15/31 
        103,372  
67,175      Government National Mortgage Association (GNMA) 
7.000 
 
07/15/31 
        71,027  
322,325      Government National Mortgage Association (GNMA) 
7.500 
 
02/15/32 
        345,658  
10,419      Government National Mortgage Association (GNMA) 
6.500 
 
03/15/33 
        10,888  
5,515,937      Government National Mortgage Association (GNMA) 
5.500 
 
09/15/33 
        5,572,537  
1,784,993      Government National Mortgage Association (GNMA) 
6.000 
 
07/20/34 
        1,832,391  
10,129,588      Government National Mortgage Association (GNMA) 
5.000 
 
03/15/35 
        10,002,421  
15,000,000      Government National Mortgage Association (GNMA) 
5.000 
 
03/20/35 
        14,783,490  
   
 
      TOTAL MORTGAGE BACKED SECURITIES 
        426,818,340  
   
 
 
U.S. TREASURY SECURITIES - 18.63% 
 
       
53,000,000      U.S. Treasury Bond 
8.000 
 
11/15/21 
        72,019,581  
7,122,000      U.S. Treasury Bond 
5.375 
 
02/15/31 
        7,767,395  
20,929,140  k    U.S. Treasury Inflation Indexed Note 
3.875 
 
01/15/09 
        23,087,353  
5,160,004  k    U.S. Treasury Inflation Indexed Note 
2.000 
 
01/15/14 
        5,280,954  
580,000      U.S. Treasury Note 
2.000 
 
08/31/05 
        577,552  
425,000      U.S. Treasury Note 
4.625 
 
05/15/06 
        430,096  
1,200,000      U.S. Treasury Note 
2.750 
 
06/30/06 
        1,187,928  
24,390,000      U.S. Treasury Note 
2.375 
 
08/15/06 
        23,981,467  
450,000      U.S. Treasury Note 
2.500 
 
09/30/06 
        442,337  
21,925,000      U.S. Treasury Note 
2.625 
 
11/15/06 
        21,553,152  
1,140,000      U.S. Treasury Note 
3.000 
 
12/31/06 
        1,125,499  
1,650,000      U.S. Treasury Note 
2.250 
 
02/15/07 
        1,604,922  
11,400,000      U.S. Treasury Note 
3.375 
 
02/28/07 
        11,316,438  
20,000,000      U.S. Treasury Note 
3.750 
 
03/31/07 
        19,984,380  
1,900,000      U.S. Treasury Note 
2.750 
 
08/15/07 
        1,853,032  
2,550,000      U.S. Treasury Note 
3.000 
 
11/15/07 
        2,495,226  
1,450,000      U.S. Treasury Note 
3.500 
 
02/15/10 
        1,407,732  
10,825,000      U.S. Treasury Note 
4.000 
 
03/15/10 
        10,742,946  
14,090,000  d    U.S. Treasury Note 
10.000 
 
05/15/10 
        14,215,541  
650,000      U.S. Treasury Note 
5.000 
 
02/15/11 
        675,285  
50,000      U.S. Treasury Note 
4.000 
 
02/15/15 
        48,047  
 
      TOTAL U.S. TREASURY SECURITIES 
        221,796,863  
 
 
      TOTAL GOVERNMENT BONDS 
      (Cost $845,962,220) 
 
        838,244,311  
 
 
      TOTAL BONDS 
      (Cost $1,151,237,905) 
 
   
  1,142,780,978  
 
 
SHORT TERM INVESTMENTS - 22.05% 
               
 
COMMERCIAL PAPER - 6.84%
               
4,515,000  d    ABN Amro North America Finance, Inc 
2.770 
 
05/06/05 
        4,502,132  
5,000,000      American Honda Finance Corp 
2.750 
 
05/05/05 
        4,986,146  
5,000,000  c,d    Corporate Asset Funding Corp, Inc 
2.670 
 
04/15/05 
        4,994,208  

407

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

       
  MATURITY       
PRINCIPAL 
     
RATE 
  DATE    VALUE   
 
 
$  2,015,000  c,d    Delaware Funding Co LLC 
2.730 
 
04/14/05 
  $ 2,012,829  
5,000,000  c    Fortune Brands 
2.500 
 
04/04/05 
    4,998,461  
5,000,000      Goldman Sachs Group, LP 
2.700 
 
04/12/05 
    4,995,383  
5,000,000  c    IBM Capital, Inc 
2.755 
 
04/22/05 
    4,991,506  
5,000,000  c    Kitty Hawk Funding Corp 
2.640 
 
04/11/05 
    4,995,768  
5,000,000      Morgan Stanley Dean Witter 
2.730 
 
04/12/05 
    4,995,383  
5,000,000  c    Park Avenue Receivables Corp 
2.690 
 
04/11/05 
    4,995,768  
5,000,000  c    Pfizer, Inc 
2.750 
 
04/07/05 
    4,997,307  
5,000,000  c    Pitney Bowes Inc 
2.750 
 
04/11/05 
    4,995,768  
5,000,000      Shell Finance (U.K.) plc 
2.550 
 
04/01/05 
    4,999,606  
5,000,000      Societe Generale North America, Inc 
2.780 
 
04/21/05 
    4,991,892  
5,000,000      UBS Finance, (Delaware), Inc 
2.720 
 
05/06/05 
    4,985,750  
5,000,000  c    Variable Funding Capital Corp 
2.770 
 
04/13/05 
    4,994,999  
5,000,000  c    Wal-Mart Stores Inc 
2.750 
 
04/07/05 
    4,997,307  
 
      TOTAL COMMERCIAL PAPER 
    81,430,213  
 
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 15.21% 
           
13,920,000      Federal Home Loan Bank (FHLB) 
2.650 
 
04/08/05 
    13,911,710  
18,333,000  d    Federal Home Loan Mortgage Corp (FHLMC) 
2.640 
 
04/05/05 
    18,326,227  
22,575,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.690 
 
05/02/05 
    22,519,215  
16,950,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.710 
 
05/03/05 
    16,906,806  
29,830,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.830 
 
05/25/05 
    29,700,571  
45,480,000      Federal National Mortgage Association (FNMA) 
2.600 
 
04/01/05 
    45,476,639  
7,035,000      Federal National Mortgage Association (FNMA) 
2.580 
 
04/27/05 
    7,020,807  
16,425,000      Federal National Mortgage Association (FNMA) 
2.480 
 
04/29/05 
    16,389,408  
10,500,000      Federal National Mortgage Association (FNMA) 
2.680 
 
05/02/05 
    10,474,053  
345,000      Federal National Mortgage Association (FNMA) 
3.050 
 
07/11/05 
    342,028  
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES         181,067,464  
 
 
      TOTAL SHORT TERM INVESTMENTS 
     
      (Cost $262,525,981) 
   
262,497,677
 
 
 
      TOTAL PORTFOLIO -118.05%  
     
      (Cost $1,413,763,886) 
 
1,405,278,655
 
      OTHER ASSETS AND LIABILITIES, NET - (18.05%) 
        (214,864,475 ) 
 
 
      NET ASSETS - 100.00% 
     
$ 1,190,414,180  
 
 
 
 
 
  c    Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities 
      Act of 1933, as amended. 
  d    All or a portion of these securities have been segregated by the custodian to cover securities 
      purchased on a delayed delivery basis. 
  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 March 31, 2005, the value of these securities amounted to $24,444,414 or 2.05% 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. 

408

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INFLATION-LINKED BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

       
 
MATURITY 
         
PRINCIPAL 
     
RATE 
 
DATE 
      VALUE   
 
GOVERNMENT BONDS - 98.79% 
 
         
 
U.S. TREASURY SECURITIES - 98.79% 
 
         
$  29,291,456  k    U.S.Treasury Inflation Indexed Bond 
2.375 
 
01/15/25 
     
$
31,508,820   
30,281,922  k    U.S.Treasury Inflation Indexed Bond 
3.625 
 
04/15/28 
      39,820,728   
34,746,130  k    U.S.Treasury Inflation Indexed Bond 
3.875 
 
04/15/29 
      47,803,031   
8,261,317  k    U.S.Treasury Inflation Indexed Bond 
3.375 
 
04/15/32 
      10,968,220   
25,425,319  k    U.S.Treasury Inflation Indexed Note 
3.375 
 
01/15/07 
      26,696,586   
29,667,450  k    U.S.Treasury Inflation Indexed Note 
3.625 
 
01/15/08 
      31,918,024   
28,178,669  k    U.S.Treasury Inflation Indexed Note 
3.875 
 
01/15/09 
      31,084,454   
19,664,287  k    U.S.Treasury Inflation Indexed Note 
4.250 
 
01/15/10 
      22,392,707   
18,470,296  k    U.S.Treasury Inflation Indexed Note 
0.875 
 
04/15/10 
      18,072,077   
18,296,829  k    U.S.Treasury Inflation Indexed Note 
3.500 
 
01/15/11 
      20,438,107   
9,799,366  k    U.S.Treasury Inflation Indexed Note 
3.375 
 
01/15/12 
      10,996,751   
37,182,923  k    U.S.Treasury Inflation Indexed Note 
3.000 
 
07/15/12 
      40,912,743   
31,536,415  k    U.S.Treasury Inflation Indexed Note 
1.875 
 
07/15/13 
      32,093,349   
32,956,943  k    U.S.Treasury Inflation Indexed Note 
2.000 
 
01/15/14 
      33,729,454   
29,175,120  k    U.S.Treasury Inflation Indexed Note 
2.000 
 
07/15/14 
      29,799,760   
15,249,362  k    U.S.Treasury Inflation Indexed Note 
1.625 
 
01/15/15 
      15,025,350   
 
      TOTAL U.S. TREASURY SECURITIES 
 
      443,260,161   
 
 
      TOTAL GOVERNMENT BONDS  
 
         
      (Cost $434,860,649) 
 
      443,260,161   
 
 
SHORT-TERM INVESTMENTS - 0.42% 
 
         
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.42% 
 
         
1,900,000      Federal Home Loan Bank (FHLB) 
2.400 
 
04/01/05 
      1,899,860   
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 
 
      1,899,860   
 
 
      TOTAL SHORT-TERM INVESTMENTS  
 
         
      (Cost $1,900,000) 
 
      1,899,860   
 
 
      TOTAL PORTFOLIO - 99.21% 
 
         
      (Cost $436,760,649) 
 
      445,160,021   
      OTHER ASSETS AND LIABILITIES, NET - 0.79% 
 
      3,536,112   
 
 
      NET ASSETS - 100.00% 
 
     
$
448,696,133   
 
  k   Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.          

409

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

       
  MATURITY           
PRINCIPAL 
     
RATE 
  DATE        VALUE   
 
 
SHORT-TERM INVESTMENTS - 101.21% 
             
 
CERTIFICATES OF DEPOSIT - 4.51% 
             
$   2,000,000      Credit Agricole USA, Inc 
1.420 
  04/05/05        $ 2,000,002   
5,100,000      Dexia Bank 
2.735 
  05/17/05        5,100,097   
1,000,000      Toronto Dominion Bank 
2.645 
  04/15/05        1,000,000   
 
      TOTAL CERTIFICATES OF DEPOSIT 
          8,100,099   
 
 
COMMERCIAL PAPER - 81.99% 
             
3,000,000      American Honda Finance Corp 
2.740 
  05/06/05        2,992,008   
5,080,000  c    Anheuser-Busch Co Inc 
2.700 
  05/19/05        5,061,712   
1,000,000      Barclays U.S. Funding Corp 
2.570 
  04/05/05        999,718   
3,110,000      Barclays U.S. Funding Corp 
2.700 
  04/18/05        3,106,094   
1,220,000      Barclays U.S. Funding Corp 
2.700 
  04/27/05        1,217,621   
3,000,000  c    Beta Finance, Inc 
2.990 
  06/16/05        2,981,309   
2,020,000  c    Beta Finance, Inc 
2.980 
  06/20/05        2,006,668   
1,500,000  c    Beta Finance, Inc 
3.020 
  06/30/05        1,488,675   
1,515,000      Canadian Imperial Holdings, Inc 
2.970 
  06/29/05        1,503,876   
1,500,000  c    CC (USA), Inc 
2.600 
  04/18/05        1,498,158   
5,000,000  c    CC (USA), Inc 
2.850 
  05/27/05        4,977,911   
1,500,000      Ciesco LP 
2.980 
  06/13/05        1,490,936   
5,740,000  c    Corporate Asset Funding Corp, Inc 
2.500 
  04/06/05        5,738,007   
7,000,000  c    Delaware Funding Co LLC 
2.660 
  04/05/05        6,997,944   
5,150,000  c    Dorada Finance, Inc 
2.710 
  05/13/05        5,133,554   
1,060,000      Fcar Owner Trust I 
2.520 
  05/03/05        1,057,626   
1,355,000      General Electric Capital Corp 
2.610 
  04/25/05        1,352,642   
2,460,000  c    Govco, Inc 
2.600 
  04/19/05        2,456,802   
1,740,000  c    Govco, Inc 
2.650 
  04/20/05        1,737,566   
1,500,000  c    Govco, Inc 
2.650 
  04/21/05        1,497,792   
4,000,000  c    Greyhawk Funding LLC 
2.520 
  04/08/05        3,998,040   
672,000  c    Greyhawk Funding LLC 
2.670 
  05/17/05        669,819   
1,260,000  c    Harrier Finance Funding LLC 
2.670 
  04/21/05        1,258,131   
2,000,000  c    Harrier Finance Funding LLC 
2.660 
  04/25/05        1,996,453   
2,000,000  c    Harrier Finance Funding LLC 
2.960 
  06/16/05        1,987,502   
1,000,000  c    Harrier Finance Funding LLC 
3.000 
  06/21/05        993,463   
6,000,000      HSBC Finance Corp 
3.000 
  06/21/05        5,959,500   
6,960,000  c    IBM Capital, Inc 
2.755 
  04/22/05        6,948,835   
4,000,000  c    Kimberly Clark Worldwide, Inc 
2.740 
  04/26/05        3,992,570   
1,000,000  c    Links Finance LLC 
2.765 
  05/17/05        996,461   
4,235,000      Paccar Financial Corp 
2.750 
  05/12/05        4,221,736   
3,010,000  c    Park Avenue Receivables Corp 
2.650 
  04/04/05        3,009,353   
1,870,000  c    Preferred Receivables Funding 
2.590 
  04/04/05        1,869,596   
2,000,000  c    Preferred Receivables Fundng 
2.830 
  05/31/05        1,990,567   
3,035,000  c    Private Export Funding Corp 
2.700 
  05/10/05        3,026,123   
3,000,000  c    Private Export Funding Corp 
2.580 
  05/18/05        2,989,895   
2,000,000  c    Private Export Funding Corp 
2.660 
  06/07/05        1,990,099   
4,000,000  c    Proctor & Gamble 
2.720 
  05/16/05        3,986,400   
4,275,000      Rabobank USA Finance Corp 
2.560 
  04/01/05        4,275,000   

410

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

       
 
MATURITY 
         
PRINCIPAL 
     
RATE 
 
DATE 
      VALUE   
 
$ 1,900,000      Rabobank USA Finance Corp 
2.630 
  04/14/05        $ 1,898,196   
1,250,000      Rabobank USA Finance Corp 
2.770 
  05/20/05        1,245,440   
2,000,000  c    Ranger Funding Co LLC 
3.220 
  09/20/05        1,969,400   
4,000,000      Royal Bank of Scotland plc 
2.580 
  04/04/05        3,999,140   
3,000,000  c    Scaldis Capital LLC 
2.760 
  06/08/05        2,984,360   
1,000,000  c    Sherwin-Williams Co 
2.780 
  04/27/05        998,061   
2,380,000  c    Sigma Finance, Inc 
2.480 
  04/01/05        2,380,000   
1,350,000  c    Sigma Finance, Inc 
2.570 
  04/11/05        1,349,033   
1,610,000  c    Sigma Finance, Inc 
2.840 
  05/23/05        1,603,395   
1,500,000  c    Sigma Finance, Inc 
3.020 
  06/30/05        1,488,675   
810,000      Societe Generale North America, Inc 
2.890 
  07/14/05        803,237   
3,215,000      UBS Finance, (Delaware), Inc 
2.395 
  04/07/05        3,213,717   
2,120,000      UBS Finance, (Delaware), Inc 
2.825 
  05/09/05        2,113,689   
1,000,000      UBS Finance, (Delaware), Inc 
2.950 
  06/06/05        994,592   
2,000,000  c    Variable Funding Capital Corp 
2.780 
  04/21/05        1,996,911   
5,110,000  c    Yorktown Capital, LLC 
2.790 
  04/20/05        5,102,476   
1,520,000  c    Yorktown Capital, LLC 
2.990 
  06/27/05        1,509,017   
 
      TOTAL COMMERCIAL PAPER 
          147,105,501   
 
 
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 11.92% 
             
1,625,000      Federal Home Loan Bank (FHLB) 
2.750 
  05/25/05        1,618,297   
1,815,000      Federal Home Loan Bank (FHLB) 
2.970 
  07/11/05        1,799,877   
1,615,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.640 
  04/05/05        1,614,546   
2,000,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.680 
  04/12/05        1,998,460   
630,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.980 
  07/19/05        624,621   
1,510,000      Federal Home Loan Mortgage Corp (FHLMC) 
2.720 
  08/23/05        1,493,571   
4,180,000      Federal National Mortgage Association (FNMA) 
2.600 
  04/01/05        4,180,000   
2,410,000      Federal National Mortgage Association (FNMA) 
2.680 
  05/04/05        2,404,389   
235,000      Federal National Mortgage Association (FNMA) 
2.710 
  06/01/05        233,921   
5,000,000      Federal National Mortgage Association (FNMA) 
2.680 
  06/22/05        4,966,403   
197,000      Federal National Mortgage Association (FNMA) 
2.630 
  06/24/05        195,791   
250,000      Federal National Mortgage Association (FNMA) 
3.150 
  08/26/05        246,784   
 
      TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES 
      21,376,660   
 
 
VARIABLE NOTES - 2.79% 
             
2,000,000      Barclays Bank plc 
2.770 
  09/29/05        1,999,604   
3,000,000      US Bank NA 
2.950 
  12/05/05        3,000,950   
 
      TOTAL VARIABLE NOTES 
          5,000,554   
 
                     
      TOTAL SHORT-TERM INVESTMENTS               
      (Cost $181,582,814)              181,582,814  
 
 
 
      TOTAL PORTFOLIO - 101.21%               
      (Cost $181,582,814)              181,582,814  
      OTHER ASSETS AND LIABILITIES, NET - (1.21%)              (2,174,609 ) 
 
 
      NET ASSETS - 100.00%             
$
179,408,205  
       
 
 
 
 
c 
  
Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities 
      Act of 1933, as amended.               

411

TIAA-CREF LIFECYCLE FUNDS -2010 Fund

TIAA-CREF LIFECYCLE FUNDS
2010 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.36%       
64,540    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
 650,568   
73,997    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    479,503   
60,992    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    652,609   
14,545    TIAA-CREF Institutional International Equity Fund - Institutional Class    160,723   
34,541    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    478,045   
6,058    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    79,422   
5,405    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    79,182   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    2,580,052   
(Cost $2,630,832)
 
 
    TOTAL PORTFOLIO - 99.36%       
    (Cost $2,630,832)    2,580,052   
 
    OTHER ASSETS AND LIABILITIES, NET - 0.64%    16,712   
 
 
    NET ASSETS - 100.00% 
$
2,596,764   
 

412

TIAA-CREF LIFECYCLE FUNDS - 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
2015 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005

SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 99.53%       
93,759    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
 945,088   
130,656    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    846,654   
88,668    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    948,750   
26,659    TIAA-CREF Institutional International Equity Fund - Institutional Class    294,581   
62,749    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    868,440   
10,874    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    142,561   
9,637    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    141,187   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    4,187,261   
(Cost $4,297,145)
 
 
    TOTAL PORTFOLIO - 99.53%       
    (Cost $4,297,145)    4,187,261   
 
    OTHER ASSETS AND LIABILITIES, NET - 0.47%    19,783   
 
 
    NET ASSETS - 100.00% 
$
4,207,044   
 

413

TIAA-CREF LIFECYCLE FUNDS - 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
2020 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.32%       
37,353    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
376,515   
64,566    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    418,388   
35,309    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    377,802   
12,682    TIAA-CREF Institutional International Equity Fund - Institutional Class    140,137   
30,359    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    420,171   
5,329    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    69,868   
4,728    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    69,263   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    1,872,144   
(Cost $1,887,894)
 
 
    TOTAL PORTFOLIO - 98.32%       
    (Cost $1,887,894)    1,872,144   
 
    OTHER ASSETS AND LIABILITIES, NET - 1.68%    32,071   
 
 
    NET ASSETS - 100.00% 
$
1,904,215   
 

414

TIAA-CREF LIFECYCLE FUNDS - 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
2025 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 98.60%       
48,823    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
492,133   
106,205    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    688,206   
46,257    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    494,951   
20,531    TIAA-CREF Institutional International Equity Fund - Institutional Class    226,865   
49,777    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    688,916   
8,747    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    114,668   
7,848    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    114,980   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    2,820,719   
(Cost $2,852,257)
 
 
    TOTAL PORTFOLIO - 98.60%       
    (Cost $2,852,257)    2,820,719   
 
    OTHER ASSETS AND LIABILITIES, NET - 1.40%    40,025   
 
 
    NET ASSETS - 100.00% 
$
2,860,744   
 

415

TIAA-CREF LIFECYCLE FUNDS - 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
2030 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 96.37%       
26,787    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
270,011   
72,991    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    472,984   
25,364    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    271,390   
14,306    TIAA-CREF Institutional International Equity Fund - Institutional Class    158,085   
34,457    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    476,891   
6,050    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    79,311   
5,414    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    79,311   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    1,807,983   
(Cost $1,807,747)
 
 
    TOTAL PORTFOLIO - 96.37%       
    (Cost $1,807,747)    1,807,983   
 
    OTHER ASSETS AND LIABILITIES, NET - 3.63%    68,018   
 
 
    NET ASSETS - 100.00% 
$
1,876,001   
 

416

TIAA-CREF LIFECYCLE FUNDS - 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
2035 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 97.60%       
17,422    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
175,613   
60,849    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    394,305   
16,464    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    176,165   
11,573    TIAA-CREF Institutional International Equity Fund - Institutional Class    127,883   
28,301    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    391,681   
4,972    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    65,182   
4,450    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    65,195   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    1,396,024   
(Cost $1,394,330)
 
 
    TOTAL PORTFOLIO - 97.60%       
    (Cost $1,394,330)    1,396,024   
 
    OTHER ASSETS AND LIABILITIES, NET - 2.40%    34,303   
 
 
    NET ASSETS - 100.00% 
$
 1,430,327   
 

417

TIAA-CREF LIFECYCLE FUNDS - 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
2040 FUND
STATEMENT OF INVESTMENTS (Unaudited)
March 31, 2005
SHARES       
VALUE 
 
 
 
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - 97.60%       
14,074    TIAA-CREF Institutional Bond Fund - Institutional Class 
$
141,863   
65,663    TIAA-CREF Institutional Growth Equity Fund - Institutional Class    425,497   
13,245    TIAA-CREF Institutional Inflation-Linked Bond Fund - Institutional Class    141,720   
12,598    TIAA-CREF Institutional International Equity Fund - Institutional Class    139,210   
30,517    TIAA-CREF Institutional Large-Cap Value Fund - Institutional Class    422,354   
5,341    TIAA-CREF Institutional Real Estate Securities Fund - Institutional Class    70,016   
4,799    TIAA-CREF Institutional Small-Cap Equity Fund - Institutional Class    70,300   
 
 
    TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS    1,410,960   
(Cost $1,409,797) 
 
 
    TOTAL PORTFOLIO - 97.60%       
    (Cost $1,409,797)    1,410,960   
 
    OTHER ASSETS AND LIABILITIES, NET - 2.40%    34,655   
 
 
    NET ASSETS - 100.00% 
$
1,445,615   
 

418

Item 11. Controls and Procedures.

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

     (b) Changes in internal controls. There were no changes in the registrant’s internal controls over financial reporting that occurred during the registrant's first fiscal half-year that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Exhibits.

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

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

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

 



SIGNATURES

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS

Date: 
May 16, 2005
   By:    /s/ Herbert M. Allison, Jr. 
        Herbert M. Allison, Jr. 
        President and Chief Executive Officer 
         
     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:  May 16, 2005  
By:   
/s/ Herbert M. Allison, Jr. 
       
        Herbert M. Allison, Jr. 
        President and Chief Executive Officer 
        (principal executive officer) 
         
         
Date:  May 16, 2005  
By:   
/s/ Russell Noles 
       
        Russell Noles 
        Vice President and Acting Chief Financial Officer, 
        Teachers Insurance and Annuity Association of  America
        (acting principal financial officer) 
         

 



EXHIBIT LIST

Item 12. Exhibits.

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

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

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