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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number File No. 811-09301

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

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

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

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

Date of fiscal year end: September 30

Date of reporting period: October 1 - December 31, 2005

Item 1. Schedule of Investments.

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 100.22%
APPAREL AND ACCESSORY STORES - 0.26%
6,416	*	Kohl's Corp	$	311,818
635	*	Under Armour, Inc		24,327
		TOTAL APPAREL AND ACCESSORY STORES		336,145
APPAREL AND OTHER TEXTILE PRODUCTS - 0.57%
13,001		Polo Ralph Lauren Corp		729,876
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		729,876
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.46%
27,808		Lowe's Cos, Inc		1,853,681
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,853,681
BUSINESS SERVICES - 14.14%
56,609		Adobe Systems, Inc		2,092,269
18,584	*	Cognizant Technology Solutions Corp		935,704
56,835	*	eBay, Inc		2,458,114
36,301	*	Electronic Arts, Inc		1,898,905
8,813	*	Google, Inc (Class A)		3,656,161
51,868	*	Juniper Networks, Inc		1,156,656
85,832		Microsoft Corp		2,244,507
29,324		SAP AG. (Spon ADR)		1,321,633
56,441	*	Yahoo!, Inc		2,211,358
		TOTAL BUSINESS SERVICES		17,975,307
CHEMICALS AND ALLIED PRODUCTS - 14.90%
5,426	*	American Pharmaceutical Partners, Inc		210,475
43,990	*	Amgen, Inc		3,469,051
5,980	*	Biogen Idec, Inc		271,073
30,011		Eli Lilly & Co		1,698,322
22,126	*	Genentech, Inc		2,046,655
20,465	*	Genzyme Corp		1,448,513
500		Mylan Laboratories, Inc		9,980
79,777		Procter & Gamble Co		4,617,493
33,906		Schering-Plough Corp		706,940
28,314	*	Sepracor, Inc		1,461,002
57,425		Teva Pharmaceutical Industries Ltd (Spon ADR)		2,469,849
11,653		Wyeth		536,854
		TOTAL CHEMICALS AND ALLIED PRODUCTS		18,946,207

1

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES				VALUE
COMMUNICATIONS - 3.02%
24,607		America Movil S.A. de C.V., Series L	$	720,001
200	*	Comcast Corp (Class A)		5,192
51,888		Sprint Nextel Corp		1,212,104
41,056	*	Univision Communications, Inc (Class A)		1,206,636
300	b,v*	US Wireless Corp		0
25,637	*	XM Satellite Radio Holdings, Inc		699,377
		TOTAL COMMUNICATIONS		3,843,310
ELECTRIC, GAS, AND SANITARY SERVICES - 0.44%
1,787		Dominion Resources, Inc		137,956
7,839		Exelon Corp		416,564
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		554,520
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 16.75%
50,197		Analog Devices, Inc		1,800,566
29,771	*	Broadcom Corp (Class A)		1,403,703
45,535	*	Cisco Systems, Inc		779,559
17,980		Emerson Electric Co		1,343,106
300	*	Freescale Semiconductor, Inc (Class B)		7,551
126,890		General Electric Co		4,447,495
9,136		Harman International Industries, Inc		893,958
52,663		Intel Corp		1,314,468
25,001	*	Marvell Technology Group Ltd		1,402,306
107,396		Motorola, Inc		2,426,076
55,294	*	Network Appliance, Inc		1,492,938
49	*	Nortel Networks Corp (U.S.)		150
75,711		Qualcomm, Inc		3,261,630
22,749		Texas Instruments, Inc		729,560
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		21,303,066
ENGINEERING AND MANAGEMENT SERVICES - 0.84%
27,913		Paychex, Inc		1,064,044
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,064,044
FABRICATED METAL PRODUCTS - 0.01%
100		Illinois Tool Works, Inc		8,799
		TOTAL FABRICATED METAL PRODUCTS		8,799
FOOD AND KINDRED PRODUCTS - 2.30%
49,554		PepsiCo, Inc		2,927,650
		TOTAL FOOD AND KINDRED PRODUCTS		2,927,650

2

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES				VALUE
FURNITURE AND HOMEFURNISHINGS STORES - 1.15%
40,587	*	Bed Bath & Beyond, Inc	$	1,467,220
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,467,220
GENERAL MERCHANDISE STORES - 2.03%
32,428		Target Corp		1,782,567
17,032		Wal-Mart Stores, Inc		797,098
		TOTAL GENERAL MERCHANDISE STORES		2,579,665
HEALTH SERVICES - 1.88%
41,308	*	Caremark Rx, Inc		2,139,341
3,068	*	Express Scripts, Inc		257,098
		TOTAL HEALTH SERVICES		2,396,439
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
6	v*	Pinnacle Holdings, Inc Wts 11/02/07		-
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		-
HOTELS AND OTHER LODGING PLACES - 1.20%
10,636	*	Las Vegas Sands Corp		419,803
17,263		Starwood Hotels & Resorts Worldwide, Inc		1,102,415
		TOTAL HOTELS AND OTHER LODGING PLACES		1,522,218
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.92%
8,967	*	Apple Computer, Inc		644,638
74,965		Applied Materials, Inc		1,344,872
2,006		Caterpillar, Inc		115,887
62,916	*	Dell, Inc		1,886,851
165,758	*	EMC Corp		2,257,624
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,249,872
INSTRUMENTS AND RELATED PRODUCTS - 6.81%
200		Baxter International, Inc		7,530
20,789		Johnson & Johnson		1,249,419
53,353		Medtronic, Inc		3,071,532
57,094	*	St. Jude Medical, Inc		2,866,119
21,682	*	Zimmer Holdings, Inc		1,462,234
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,656,834

3

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES				VALUE
INSURANCE CARRIERS - 4.53%
22,057		Aetna, Inc	$	2,080,196
13,072		Progressive Corp		1,526,548
26,926	*	WellPoint, Inc		2,148,426
		TOTAL INSURANCE CARRIERS		5,755,170
LEATHER AND LEATHER PRODUCTS - 0.70%
26,673	*	Coach, Inc		889,278
		TOTAL LEATHER AND LEATHER PRODUCTS		889,278
METAL MINING - 0.74%
23,005		Companhia Vale do Rio Doce (ADR)		946,426
		TOTAL METAL MINING		946,426
MISCELLANEOUS RETAIL - 1.07%
51,549		CVS Corp		1,361,925
		TOTAL MISCELLANEOUS RETAIL		1,361,925
MOTION PICTURES - 1.27%
35,123	*	CBS Corp		1,145,010
19,823		Walt Disney Co		475,157
		TOTAL MOTION PICTURES		1,620,167
NONDEPOSITORY INSTITUTIONS - 3.02%
54,692		American Express Co		2,814,450
18,662		SLM Corp		1,028,090
		TOTAL NONDEPOSITORY INSTITUTIONS		3,842,540
OIL AND GAS EXTRACTION - 2.89%
6,603		Baker Hughes, Inc		401,330
19,167		Halliburton Co		1,187,587
16,449		Schlumberger Ltd		1,598,020
6,991	*	Transocean, Inc		487,203
		TOTAL OIL AND GAS EXTRACTION		3,674,140
PETROLEUM AND COAL PRODUCTS - 0.83%
14,371		EOG Resources, Inc		1,054,400
		TOTAL PETROLEUM AND COAL PRODUCTS		1,054,400

4

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

SHARES				VALUE
PRIMARY METAL INDUSTRIES - 1.40%
90,565	*	Corning, Inc	$	1,780,508
		TOTAL PRIMARY METAL INDUSTRIES		1,780,508
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.00% **
500	b,*	Uniroyal Technology Corp		0
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		0
SECURITY AND COMMODITY BROKERS - 3.51%
3,667		Ameriprise Financial, Inc		150,347
31,290		Ameritrade Holding Corp		750,960
99,210		Charles Schwab Corp		1,455,411
21,888	*	E*Trade Financial Corp		456,584
12,938		Goldman Sachs Group, Inc		1,652,312
		TOTAL SECURITY AND COMMODITY BROKERS		4,465,614
TRANSPORTATION BY AIR - 0.46%
35,625		Southwest Airlines Co		585,319
		TOTAL TRANSPORTATION BY AIR		585,319
TRANSPORTATION EQUIPMENT - 3.56%
27,514		Boeing Co		1,932,583
46,337		United Technologies Corp		2,590,701
		TOTAL TRANSPORTATION EQUIPMENT		4,523,284
TRUCKING AND WAREHOUSING - 1.22%
20,660		United Parcel Service, Inc (Class B)		1,552,599
		TOTAL TRUCKING AND WAREHOUSING		1,552,599
WATER TRANSPORTATION - 0.90%
21,293		Carnival Corp		1,138,537
		TOTAL WATER TRANSPORTATION		1,138,537
WHOLESALE TRADE-NONDURABLE GOODS - 1.44%
21,049		Nike, Inc (Class B)		1,826,843
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,826,843
		TOTAL COMMON STOCKS		127,431,603
		(Cost $117,533,248)

5

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund

PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 1.63%
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.63%
$     2,070,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06	$	2,069,230
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,069,230
		TOTAL SHORT-TERM INVESTMENTS		2,069,230
		(Cost $2,069,609)
		TOTAL PORTFOLIO - 101.85%		129,500,833
		(Cost $119,602,857)
		OTHER ASSETS & LIABILITIES, NET - (1.85%)		(2,347,684	)
		NET ASSETS - 100.00%	$	127,153,149
	*	Non-income producing
	**	Percentage represents less than 0.01%
	b	In bankruptcy
	v	Security valued at fair value.
		ABBREVIATION:
		Spon ADR - Sponsored American Depositary Receipt
		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.

6

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Growth & Income Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH & INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.59%
APPAREL AND ACCESSORY STORES - 0.32%
14,458		Nordstrom, Inc	$	540,729
		TOTAL APPAREL AND ACCESSORY STORES		540,729
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.31%
13,088		Home Depot, Inc		529,802
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		529,802
BUSINESS SERVICES - 6.81%
28,531		Adobe Systems, Inc		1,054,506
35,678		Automatic Data Processing, Inc		1,637,263
7,378		Ctrip.com International Ltd		426,080
27,871	*	eBay, Inc		1,205,421
3,275	*	Google, Inc (Class A)		1,358,667
143,285		Microsoft Corp		3,746,903
22,534		SAP AG. (Spon ADR)		1,015,607
25,079	*	Yahoo!, Inc		982,595
		TOTAL BUSINESS SERVICES		11,427,042
CHEMICALS AND ALLIED PRODUCTS - 13.18%
23,368		Abbott Laboratories		921,400
18,576		Air Products & Chemicals, Inc		1,099,513
17,342	*	Amgen, Inc		1,367,590
27,900		AstraZeneca plc (Spon ADR)		1,355,940
11,738		Dow Chemical Co		514,359
17,534		Eli Lilly & Co		992,249
23,124	*	Gilead Sciences, Inc		1,217,016
20,041	*	Hospira, Inc		857,354
17,161	*	Medimmune, Inc		600,978
18,241		Monsanto Co		1,414,225
19,765		Novartis AG. (ADR)		1,037,267
61,602		Pfizer, Inc		1,436,559
49,435		Procter & Gamble Co		2,861,298
26,757	*	Protein Design Labs, Inc		760,434
4,843		Roche Holding AG. (Genusscheine)		725,008
11,568	*	Sepracor, Inc		596,909
41,248		Teva Pharmaceutical Industries Ltd (Spon ADR)		1,774,076
55,597		Wyeth		2,561,354
		TOTAL CHEMICALS AND ALLIED PRODUCTS		22,093,529

7

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

SHARES				VALUE
COMMUNICATIONS - 1.77%
30,175		America Movil S.A. de C.V., Series L	$	882,921
28,049		AT&T, Inc		686,920
59,867		Sprint Nextel Corp		1,398,493
		TOTAL COMMUNICATIONS		2,968,334
DEPOSITORY INSTITUTIONS - 9.09%
88,256		Bank of America Corp		4,073,014
53,943		Citigroup, Inc		2,617,854
73,079		JPMorgan Chase & Co		2,900,506
37,026		Northern Trust Corp		1,918,687
18,842		PNC Financial Services Group, Inc		1,165,001
66,129		US Bancorp		1,976,596
9,277		Wells Fargo & Co		582,874
		TOTAL DEPOSITORY INSTITUTIONS		15,234,532
EATING AND DRINKING PLACES - 1.02%
25,224		Brinker International, Inc		975,160
24,331	*	Starbucks Corp		730,173
		TOTAL EATING AND DRINKING PLACES		1,705,333
ELECTRIC, GAS, AND SANITARY SERVICES - 2.63%
50,600	*	Allegheny Energy, Inc		1,601,490
31,305		Exelon Corp		1,663,548
31,023		PG&E Corp		1,151,574
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,416,612
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 12.88%
21,400		Adtran, Inc		636,436
20,820	*	Broadcom Corp (Class A)		981,663
122,293	*	Cisco Systems, Inc		2,093,656
18,333	*	Comverse Technology, Inc		487,474
15,561		Emerson Electric Co		1,162,407
159,865		General Electric Co		5,603,268
20,706		Harris Corp		890,565
49,811		Honeywell International, Inc		1,855,460
59,328		Intel Corp		1,480,827
19,793		Intersil Corp (Class A)		492,450
66,294		Motorola, Inc		1,497,581
19,930	*	Nvidia Corp		728,641
50,228		Qualcomm, Inc		2,163,822
15,478		Texas Instruments, Inc		496,379
40,407		Xilinx, Inc		1,018,660
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		21,589,289

8

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 2.23%
21,128		Archer Daniels Midland Co	$	521,016
22,271		Diageo plc		322,119
49,000		PepsiCo, Inc		2,894,920
		TOTAL FOOD AND KINDRED PRODUCTS		3,738,055
FOOD STORES - 0.49%
43,492	*	Kroger Co		821,129
		TOTAL FOOD STORES		821,129
FURNITURE AND HOMEFURNISHINGS STORES - 1.69%
39,046	*	Bed Bath & Beyond, Inc		1,411,513
32,598		Best Buy Co, Inc		1,417,361
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,828,874
GENERAL MERCHANDISE STORES - 1.98%
23,597		Target Corp		1,297,127
43,133		Wal-Mart Stores, Inc		2,018,624
		TOTAL GENERAL MERCHANDISE STORES		3,315,751
HEALTH SERVICES - 2.87%
25,563	*	Caremark Rx, Inc		1,323,908
47,288	*	Coventry Health Care, Inc		2,693,524
11,328	*	LifePoint Hospitals, Inc		424,800
4,703	*	Sierra Health Services, Inc		376,052
		TOTAL HEALTH SERVICES		4,818,284
HOLDING AND OTHER INVESTMENT OFFICES - 1.08%
35,717		iShares MSCI Japan Index Fund		482,894
10,640		SPDR Trust Series 1		1,324,786
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,807,680
HOTELS AND OTHER LODGING PLACES - 0.29%
20,331		Hilton Hotels Corp		490,180
		TOTAL HOTELS AND OTHER LODGING PLACES		490,180

9

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

SHARES				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.81%
20,197	*	Apple Computer, Inc	$	1,451,962
18,128	*	Dell, Inc		543,659
23,165	*	Electronics for Imaging, Inc		616,421
57,682	*	EMC Corp		785,629
81,746		Hewlett-Packard Co		2,340,388
28,246		International Business Machines Corp		2,321,821
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,059,880
INSTRUMENTS AND RELATED PRODUCTS - 2.52%
31,115		Johnson & Johnson		1,870,012
30,930		Medtronic, Inc		1,780,640
20,448		Tektronix, Inc		576,838
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,227,490
INSURANCE CARRIERS - 5.76%
19,186		ACE Ltd		1,025,300
37,032		Aflac, Inc		1,719,025
64,430		American International Group, Inc		4,396,059
12,965		Assurant, Inc		563,848
43,862		St. Paul Travelers Cos, Inc		1,959,316
		TOTAL INSURANCE CARRIERS		9,663,548
METAL MINING - 1.12%
13,503		Companhia Vale do Rio Doce (ADR)		555,513
11,353	*	Inco Ltd		494,650
3,738		Phelps Dodge Corp		537,786
12,661		Placer Dome, Inc		290,317
		TOTAL METAL MINING		1,878,266
MISCELLANEOUS RETAIL - 0.19%
90,038	*	Rite Aid Corp		313,332
		TOTAL MISCELLANEOUS RETAIL		313,332
MOTION PICTURES - 2.16%
28,806	*	CBS Corp		939,076
17,218	*	DreamWorks Animation SKG, Inc (Class A)		422,874
6,490	*	Pixar		342,153
109,577		Time Warner, Inc		1,911,023
		TOTAL MOTION PICTURES		3,615,126

10

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

SHARES				VALUE
NONDEPOSITORY INSTITUTIONS - 3.07%
46,449		American Express Co	$	2,390,266
19,477		Fannie Mae		950,672
32,926		SLM Corp		1,813,893
		TOTAL NONDEPOSITORY INSTITUTIONS		5,154,831
OIL AND GAS EXTRACTION - 3.02%
23,026	*	Cooper Cameron Corp		953,276
29,678		ENSCO International, Inc		1,316,219
19,393		Halliburton Co		1,201,590
16,355		Schlumberger Ltd		1,588,888
		TOTAL OIL AND GAS EXTRACTION		5,059,973
PETROLEUM AND COAL PRODUCTS - 5.96%
25,901		EOG Resources, Inc		1,900,356
89,614		Exxon Mobil Corp		5,033,618
16,469		Marathon Oil Corp		1,004,115
25,815		Occidental Petroleum Corp		2,062,102
		TOTAL PETROLEUM AND COAL PRODUCTS		10,000,191
PRINTING AND PUBLISHING - 0.72%
31,375		Harte-Hanks, Inc		827,986
16,468	*	VistaPrint Ltd		374,713
		TOTAL PRINTING AND PUBLISHING		1,202,699
RAILROAD TRANSPORTATION - 0.54%
20,110		Norfolk Southern Corp		901,531
		TOTAL RAILROAD TRANSPORTATION		901,531
SECURITY AND COMMODITY BROKERS - 2.45%
1,049	*	Cbot Holdings, Inc		98,354
25,783		Lazard Ltd		822,478
13,373		Lehman Brothers Holdings, Inc		1,714,017
26,061		Morgan Stanley		1,478,701
		TOTAL SECURITY AND COMMODITY BROKERS		4,113,550
TOBACCO PRODUCTS - 3.74%
84,055		Altria Group, Inc		6,280,593
		TOTAL TOBACCO PRODUCTS		6,280,593

11

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

SHARES				VALUE
TRANSPORTATION BY AIR - 0.48%
20,785	*	Airtran Holdings, Inc	$	333,184
21,124	*	AMR Corp		469,587
		TOTAL TRANSPORTATION BY AIR		802,771
TRANSPORTATION EQUIPMENT - 3.20%
16,170	*	Alstom RGPT		927,345
21,386		Boeing Co		1,502,153
28,566		Northrop Grumman Corp		1,717,102
21,694		United Technologies Corp		1,212,912
		TOTAL TRANSPORTATION EQUIPMENT		5,359,512
TRANSPORTATION SERVICES - 0.63%
11,356		UTI Worldwide, Inc		1,054,291
		TOTAL TRANSPORTATION SERVICES		1,054,291
WHOLESALE TRADE-DURABLE GOODS - 0.30%
9,712		Finning International, Inc		308,782
29,509	*	GameLoft		190,048
		TOTAL WHOLESALE TRADE-DURABLE GOODS		498,830
WHOLESALE TRADE-NONDURABLE GOODS - 0.28%
17,769	*	United Natural Foods, Inc		469,102
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		469,102
		TOTAL COMMON STOCKS		166,980,671
		(Cost $150,829,135)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.11%
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.11%
$     190,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06		189,929
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES		189,929
		TOTAL SHORT-TERM INVESTMENTS		189,929
		(Cost $189,964)

12

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund

			VALUE
	TOTAL PORTFOLIO- 99.70%	$	167,170,600
	(Cost $151,019,099)
	OTHER ASSETS & LIABILITIES, NET - 0.30%		500,521
	NET ASSETS - 100.00%	$	167,671,121
*	Non-income producing
	ABBREVIATION:
	Spon ADR - Sponsored American Depositary Receipt
	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.

13

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY COUNTRIES (Unaudited)
December 31, 2005

	VALUE		%
UNITED STATES	$	6,243,300	0.67
TOTAL DOMESTIC		6,243,300	0.67
FOREIGN
AUSTRALIA		36,316,232	3.90
FINLAND		30,696,914	3.30
FRANCE		112,187,172	12.04
GERMANY		159,242,631	17.09
HONG KONG		17,449,566	1.87
INDIA		9,480,539	1.02
ITALY		49,848,555	5.35
IZRAEL		17,887,945	1.92
JAPAN		242,391,253	26.01
NETHERLANDS		13,179,208	1.42
RUSSIA		10,140,585	1.09
SINGAPORE		4,884,816	0.52
SPAIN		6,150,819	0.66
SWEDEN		5,392,817	0.58
SWITZERLAND		110,060,319	11.81
TURKEY		1,781,294	0.19
UNITED KINGDOM		98,427,303	10.56
TOTAL FOREIGN		925,517,968	99.33
TOTAL PORTFOLIO	$	931,761,268	100.00

14

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.47%
AMUSEMENT AND RECREATION SERVICES - 0.12%
93,350		Publishing & Broadcasting Ltd	$	1,128,499
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,128,499
APPAREL AND OTHER TEXTILE PRODUCTS - 0.28%
775,000		Toyobo Co Ltd		2,593,620
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		2,593,620
AUTO REPAIR, SERVICES AND PARKING - 0.15%
419,000		Kayaba Industry Co Ltd		1,427,078
		TOTAL AUTO REPAIR, SERVICES AND PARKING		1,427,078
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.24%
406,000		Fuji Heavy Industries Ltd		2,201,474
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		2,201,474
BUSINESS SERVICES - 2.01%
720,000		COSCO Pacific Ltd		1,318,622
351,864	*	livedoor Co Ltd		2,191,138
65,000		Mitsuba Corp		694,442
398		NTT Data Corp		1,979,378
23,900		Otsuka Corp		2,634,407
2,200	*	Rakuten, Inc		2,124,884
12,226		SAP AG.		2,208,747
55,000		Secom Co Ltd		2,875,117
131,600		Sumisho Computer Systems Corp		2,798,577
		TOTAL BUSINESS SERVICES		18,825,312
CHEMICALS AND ALLIED PRODUCTS - 11.73%
460,000		Air Water, Inc		4,891,129
121,103		AstraZeneca plc (United Kingdom)		5,881,592
233,043		GlaxoSmithKline plc		5,877,125
189,250	*	Global Bio-Chem Technology Group Co Ltd Wts		464
122,000		Kaken Pharmaceutical Co Ltd		949,911
500		Kose Corp		19,995
89,500		Kuraray Co Ltd		926,620
264,678		Lonza Group AG. (Regd)		16,146,372
321,000		Nippon Paint Co Ltd		1,430,535
127,000		Nippon Shokubai Co Ltd		1,436,457
175,159		Novartis AG. (Regd)		9,176,925

15

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES				VALUE
22,800		Ono Pharmaceutical Co Ltd	$	1,029,603
722,031		Reckitt Benckiser plc		23,799,297
18,135		Roche Holding AG. (Genusscheine)		2,714,849
78,489		Sanofi-Aventis		6,851,045
30,600		Shin-Etsu Chemical Co Ltd		1,625,536
274,000		Sumitomo Chemical Co Ltd		1,880,369
67,000		Taisho Pharmaceutical Co Ltd		1,254,512
67,400		Takeda Pharmaceutical Co Ltd		3,643,243
393,000		Teijin Ltd		2,493,917
415,902		Teva Pharmaceutical Industries Ltd (Spon ADR)		17,887,945
		TOTAL CHEMICALS AND ALLIED PRODUCTS		109,917,441
COAL MINING - 0.87%
490,081		BHP Billiton Ltd		8,178,598
		TOTAL COAL MINING		8,178,598
COMMUNICATIONS - 3.33%
75,794		Deutsche Telekom AG. (Regd)		1,258,792
108,287		France Telecom S.A.		2,681,051
533		KDDI Corp		3,070,745
509		Nippon Telegraph & Telephone Corp		2,311,480
1,319,136		Royal KPN NV		13,179,208
2,873		SKY Perfect Communications, Inc		2,246,699
828,159		TeliaSonera AB		4,443,293
906,973		Vodafone Group plc		1,954,093
		TOTAL COMMUNICATIONS		31,145,361
DEPOSITORY INSTITUTIONS - 11.05%
3,000	v*	Ashikaga Financial Group, Inc		0
118,088		Australia & New Zealand Banking Group Ltd		2,074,631
95,055		DBS Group Holdings Ltd		943,233
92,200		Hang Seng Bank Ltd		1,203,402
254,552		HSBC Holdings plc (United Kingdom)		4,077,230
32,000		ICICI Bank Ltd (Spon ADR)		921,600
536,203		Julius Baer Holding AG.		37,877,385
481		Mitsubishi UFJ Financial Group, Inc		6,520,376

736		Mizuho Financial Group. Inc	5,836,618
886	*	Resona Holdings, Inc	3,565,619
188,000		Shinsei Bank Ltd	1,086,300
383		Sumitomo Mitsui Financial Group, Inc	4,056,172
433,000		Sumitomo Trust & Banking Co Ltd	4,420,613
336,702	*	Turkiye Vakiflar Bankasi Tao	1,781,294
59,794		UBS AG. (Regd)	5,675,655
3,174,576		UniCredito Italiano S.p.A	21,793,402
99,541		Westpac Banking Corp	1,661,166
		TOTAL DEPOSITORY INSTITUTIONS	103,494,696

16

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 0.41%
10,166	BKW FMB Energie AG.	$	678,788
411,000	Hong Kong & China Gas Ltd		877,282
93,200	Tokyo Electric Power Co, Inc		2,262,289
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,818,359
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.11%
276,809	Ericsson (LM) (B Shs)		949,525
16,700	Fanuc Ltd		1,416,309
9,600	Hirose Electric Co Ltd		1,279,404
272,400	Hitachi Maxell Ltd		3,468,755
27,900	Kyocera Corp		2,032,873
242,607	Nokia Oyj		4,421,281
17,600	Rohm Co Ltd		1,913,141
142,125	Satyam Computer Services Ltd		2,330,490
99,000	Sharp Corp		1,504,753
8,400	Sumco Corp		440,532
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		19,757,063
FABRICATED METAL PRODUCTS - 1.33%
380,000	NEOMAX Co Ltd		12,491,739
	TOTAL FABRICATED METAL PRODUCTS		12,491,739
FOOD AND KINDRED PRODUCTS - 2.51%
114,662	Bajaj Hindusthan Ltd		795,450
1,017,286	CSR Ltd		2,596,880
279,000	Meiji Seika Kaisha Ltd		1,482,106
312,000	Mitsui Sugar Co Ltd		1,263,543
24,493	Nestle S.A. (Regd)		7,303,577
1,397,000	Nisshin Oillio Group Ltd		9,587,139
154,000	Nosan Corp		501,025
	TOTAL FOOD AND KINDRED PRODUCTS		23,529,720
FOOD STORES - 0.03%
26,118	Woolworths Ltd		322,827
	TOTAL FOOD STORES		322,827
GENERAL BUILDING CONTRACTORS - 0.73%
324,000	Sekisui Chemical Co Ltd		2,190,562
13,480,000	Shanghai Forte Land Co		4,607,180
	TOTAL GENERAL BUILDING CONTRACTORS		6,797,742

17

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
HEAVY CONSTRUCTION, EXCEPT BUILDING - 4.40%
152,179	Multiplex Group	$	351,637
476,637	Vinci S.A.		40,845,074
	TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		41,196,711
HOLDING AND OTHER INVESTMENT OFFICES - 5.97%
50,522	Housing Development Finance Corp		1,354,811
105,000	iShares MSCI EAFE Index Fund		6,243,300
878,898	Man Group plc		28,818,999
54,263	Nobel Biocare Holding AG.		11,898,788
2,181,300	Noble Group Ltd		1,679,134
141,200	Softbank Corp		5,957,604
	TOTAL HOLDING AND OTHER INVESTMENT OFFICES		55,952,636
HOTELS AND OTHER LODGING PLACES - 5.24%
896,233	Accor S.A.		49,115,261
	TOTAL HOTELS AND OTHER LODGING PLACES		49,115,261
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.45%
416,000	Komatsu Ltd		6,876,353
97,500	Melco Holdings, Inc		3,130,772
437,925	Rheinmetall AG.		27,511,687
71,300	Tokyo Seimitsu Co Ltd		4,156,096
	TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		41,674,908
INSTRUMENTS AND RELATED PRODUCTS - 0.69%
18,045	Advantest Corp		1,817,801
158,500	Terumo Corp		4,686,647
	TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,504,448
INSURANCE AGENTS, BROKERS AND SERVICE - 0.08%

49,980	Suncorp-Metway Ltd	735,090
	TOTAL INSURANCE AGENTS, BROKERS AND SERVICE	735,090
INSURANCE CARRIERS - 1.20%
850,000	Aioi Insurance Co Ltd	5,905,278
158,006	AMP Ltd	891,312
287,238	Insurance Australia Group Ltd	1,142,012
410,000	Nipponkoa Insurance Co Ltd	3,286,114
	TOTAL INSURANCE CARRIERS	11,224,716

18

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES				VALUE
METAL MINING - 1.72%
106,743	*	MMC Norilsk Nickel	$	10,140,585
59,810		Rio Tinto Ltd		3,027,279
575,846		Zinifex Ltd		2,906,193
		TOTAL METAL MINING		16,074,057
MISCELLANEOUS RETAIL - 0.12%
83,599		Origin Energy Ltd		460,543
337,243		Pacific Brands Ltd		658,043
		TOTAL MISCELLANEOUS RETAIL		1,118,586
NONDEPOSITORY INSTITUTIONS - 9.11%
635,285		Deutsche Postbank AG.		36,718,168
542,593		Hypo Real Estate Holding AG.		28,147,883
24,720		ICICI Bank Ltd		321,316
226,573		Industrial Development Bank of India Ltd		489,289
1,257,343	*	Infrastructure Development Finance Co Ltd		2,043,427
2,042,300		Nissin Co Ltd		5,000,633
3,010,000		Orient Corp		12,572,482
		TOTAL NONDEPOSITORY INSTITUTIONS		85,293,198
NONMETALLIC MINERALS, EXCEPT FUELS - 0.31%
350,000		Itochu Corp		2,917,902
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		2,917,902
OIL AND GAS EXTRACTION - 2.80%
286		INPEX Corp		2,544,268
5,433,000		PetroChina Co Ltd (Class H)		4,449,517
50,718		Total S.A.		12,694,740
54,520		Woodside Petroleum Ltd		1,567,331
6,295,000		Xinao Gas Holdings Ltd		4,993,100
		TOTAL OIL AND GAS EXTRACTION		26,248,956
PAPER AND ALLIED PRODUCTS - 0.08%
194		Nippon Paper Group, Inc		775,803
		TOTAL PAPER AND ALLIED PRODUCTS		775,803

19

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES			VALUE
PETROLEUM AND COAL PRODUCTS - 7.75%
1,078,882	BP plc	$	11,464,936
700,327	ENI S.p.A.		19,354,835
1,406,312	Fortum Oyj		26,275,633
2,704,374	Futuris Corp Ltd		3,848,558
211,372	Repsol YPF S.A.		6,150,819
181,279	Royal Dutch Shell plc (A Shares)		5,511,542
	TOTAL PETROLEUM AND COAL PRODUCTS		72,606,323
PRIMARY METAL INDUSTRIES - 0.68%
1,506,000	Nippon Steel Corp		5,358,977
73,000	Tokyo Steel Manufacturing Co Ltd		1,057,612
	TOTAL PRIMARY METAL INDUSTRIES		6,416,589
RAILROAD TRANSPORTATION - 0.31%
424	East Japan Railway Co		2,913,361
	TOTAL RAILROAD TRANSPORTATION		2,913,361
REAL ESTATE - 0.79%
123,000	Sumitomo Realty & Development Co Ltd		2,673,007
367,000	Tokyo Tatemono Co Ltd		3,653,520
81,055	Westfield Group		1,079,755
	TOTAL REAL ESTATE		7,406,282
SECURITY AND COMMODITY BROKERS - 0.37%
22,605	Macquarie Bank Ltd		1,130,056
168,100	Matsui Securities Co Ltd		2,331,439
	TOTAL SECURITY AND COMMODITY BROKERS		3,461,495
STONE, CLAY, AND GLASS PRODUCTS - 2.93%
273,721	Holcim Ltd (Regd)		18,587,981
266,000	NGK Insulators Ltd		3,952,927
566,000	Nippon Sheet Glass Co Ltd		2,469,626
840,000	Sumitomo Osaka Cement Co Ltd		2,448,191
	TOTAL STONE, CLAY, AND GLASS PRODUCTS		27,458,725
TOBACCO PRODUCTS - 0.33%
210	Japan Tobacco, Inc		3,060,239
	TOTAL TOBACCO PRODUCTS		3,060,239

20

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

SHARES				VALUE
TRANSPORTATION EQUIPMENT - 7.83%
716,824		DaimlerChrysler AG. (Regd)	$	36,476,151
11,874		ElringKlinger AG.		428,023
1,002,169	*	Fiat S.p.A.		8,700,317
24,000		Honda Motor Co Ltd		1,368,466
342,000		Keppel Corp Ltd		2,262,449
526,000		Mazda Motor Corp		2,406,507
237,000		NHK Spring Co Ltd		2,467,788
497,000		NSK Ltd		3,393,900
21,200		Toyota Industries Corp		761,569
291,100		Toyota Motor Corp		15,093,891
		TOTAL TRANSPORTATION EQUIPMENT		73,359,061
TRUCKING AND WAREHOUSING - 2.83%
1,096,700		Deutsche Post AG. (Regd)		26,493,182
		TOTAL TRUCKING AND WAREHOUSING		26,493,182
WATER TRANSPORTATION - 0.31%
330,000		Mitsui OSK Lines Ltd		2,876,980
		TOTAL WATER TRANSPORTATION		2,876,980
WHOLESALE TRADE-DURABLE GOODS - 1.91%
68,000		Riso Kagaku Corp		1,362,535
318,000		Sumitomo Corp		4,108,701
50,431		Wesfarmers Ltd		1,367,655
525,078		Wolseley plc		11,042,487
		TOTAL WHOLESALE TRADE-DURABLE GOODS		17,881,378
WHOLESALE TRADE-NONDURABLE GOODS - 0.36%
775,000	*	Goodman Fielder Ltd		1,188,167
123,000		Nippon Oil Corp		953,529
61,958		Reliance Industries Ltd		1,224,156
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,365,852
		TOTAL COMMON STOCKS		931,761,268
		(Cost $791,857,904)
		TOTAL PORTFOLIO- 99.47%		931,761,268
		(Cost $791,857,904)
		OTHER ASSETS & LIABILITIES, NET- 0.53%		4,990,187
		NET ASSETS - 100.00%	$	936,751,455

21

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

*	Non-income producing
v	Security valued at fair value.
	ABBREVIATION:
	Spon ADR - Sponsored American Depositary Receipt
	Regd - Registered
	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.

22

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE -CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.79%
AMUSEMENT AND RECREATION SERVICES - 0.33%
76,183	*	WMS Industries, Inc	$	1,911,431
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,911,431
APPAREL AND ACCESSORY STORES - 0.60%
198,939		Gap, Inc		3,509,284
		TOTAL APPAREL AND ACCESSORY STORES		3,509,284
APPAREL AND OTHER TEXTILE PRODUCTS - 0.07%
5,575		Liz Claiborne, Inc		199,697
4,279		VF Corp		236,800
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		436,497
BUSINESS SERVICES - 1.39%
35,000	*	Cognos, Inc (Canada)		1,214,850
14,831	*	Computer Sciences Corp		751,042
103,803		GTECH Holdings Corp		3,294,707
190,973	*	Manugistics Group, Inc		334,203
63,839	*	Redback Networks, Inc		897,576
68,369	*	United Rentals, Inc		1,599,151
		TOTAL BUSINESS SERVICES		8,091,529
CHEMICALS AND ALLIED PRODUCTS - 7.53%
71,156	*	Andrx Corp		1,171,939
73,105	*	Biogen Idec, Inc		3,313,850
75,840		Bristol-Myers Squibb Co		1,742,803
100,152		Colgate-Palmolive Co		5,493,337
88,000		Du Pont (E.I.) de Nemours & Co		3,740,000
127,862		Merck & Co, Inc		4,067,290
507,775		Pfizer, Inc		11,841,313
2,036,606		Rhodia S.A. (Spon ADR)		4,297,239
43,248	*	Rockwood Holdings, Inc		853,283
43,630	*	Sepracor, Inc		2,251,308
17,805		Teva Pharmaceutical Industries Ltd (Spon ADR)		765,793
32,000		Unilever plc		1,283,840
65,640		Wyeth		3,024,035
		TOTAL CHEMICALS AND ALLIED PRODUCTS		43,846,030
COAL MINING - 0.13%
82,671	*	International Coal Group, Inc		785,375
		TOTAL COAL MINING		785,375

23

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

SHARES				VALUE
COMMUNICATIONS - 3.87%
16,967		Alltel Corp	$	1,070,618
375,800		AT&T, Inc		9,203,342
91,229		BellSouth Corp		2,472,306
73,892	*	Liberty Media Corp (Class A)		581,530
159,571		Sprint Nextel Corp		3,727,579
182,562		Verizon Communications, Inc		5,498,767
		TOTAL COMMUNICATIONS		22,554,142
DEPOSITORY INSTITUTIONS - 19.70%
443,866		Bank of America Corp		20,484,416
122,979		Bank of New York Co, Inc		3,916,881
423,846		Citigroup, Inc		20,569,246
46,085		Fifth Third Bancorp		1,738,326
18,912		Greater Bay Bancorp		484,525
745,702		Hudson City Bancorp, Inc		9,037,908
464,123		JPMorgan Chase & Co		18,421,042
65,906		Marshall & Ilsley Corp		2,836,594
84,320		Mellon Financial Corp		2,887,960
801		National City Corp		26,890
56,102		Northern Trust Corp		2,907,206
9,497		PNC Financial Services Group, Inc		587,200
174	*	Resona Holdings, Inc		700,246
91,119		SunTrust Banks, Inc		6,629,818
150,740		US Bancorp		4,505,619
39,230		Wachovia Corp		2,073,698
159,849		Washington Mutual, Inc		6,953,432
158,682		Wells Fargo & Co		9,969,990
		TOTAL DEPOSITORY INSTITUTIONS		114,730,997
EATING AND DRINKING PLACES - 1.61%
242,854		Brinker International, Inc		9,388,736
		TOTAL EATING AND DRINKING PLACES		9,388,736
ELECTRIC, GAS, AND SANITARY SERVICES - 5.67%
212,586	*	Allegheny Energy, Inc		6,728,347
11,465		Dominion Resources, Inc		885,098
105,586		DPL, Inc		2,746,292
34,157		Duke Energy Corp		937,610
376,352	*	Dynegy, Inc (Class A)		1,821,544
148,100		El Paso Corp		1,800,896
125,901		FPL Group, Inc		5,232,446

5,774		MDU Resources Group, Inc	189,041
80,700		Northeast Utilities	1,588,983
19,100	*	NRG Energy, Inc	899,992
36,186		OGE Energy Corp	969,423

24

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

SHARES				VALUE
68,198		PG&E Corp	$	2,531,510
39,145		PPL Corp		1,150,861
11,965		SCANA Corp		471,182
610,100	*	Sojitz Holdings Corp		3,618,317
42,716		Southern Co		1,474,983
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		33,046,525
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.80%
37,872		Analog Devices, Inc		1,358,469
1,413,360	*	Atmel Corp		4,367,282
943,218	*	Brocade Communications Systems, Inc		3,838,897
980,884	*	Ciena Corp		2,913,225
226,000	*	Cypress Semiconductor Corp		3,220,500
82,394	*	Fairchild Semiconductor International, Inc		1,393,283
33,020		General Electric Co		1,157,351
239,733		Honeywell International, Inc		8,930,054
1,357,230	*	JDS Uniphase Corp		3,203,063
619,069	*	Nortel Networks Corp (U.S.)		1,894,351
138,592	*	Tellabs, Inc		1,510,653
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		33,787,128
FABRICATED METAL PRODUCTS - 1.67%
145,358	*	Crown Holdings, Inc		2,838,842
78,408		Illinois Tool Works, Inc		6,899,120
		TOTAL FABRICATED METAL PRODUCTS		9,737,962
GENERAL BUILDING CONTRACTORS - 0.71%
670,000	*	Daikyo, Inc		4,138,185
		TOTAL GENERAL BUILDING CONTRACTORS		4,138,185
HOLDING AND OTHER INVESTMENT OFFICES - 1.37%
11		Cross Timbers Royalty Trust		538
35,311		iShares Russell 1000 Value Index Fund		2,437,518
34,400		Mills Corp		1,442,736
113,012		New Century Financial Corp		4,076,343
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7,957,135
HOTELS AND OTHER LODGING PLACES - 0.95%
76,963		Accor S.A.		4,217,718
162,000		Fujita Kanko, Inc		1,297,043
		TOTAL HOTELS AND OTHER LODGING PLACES		5,514,761

25

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

SHARES				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.33%
69,419		Deere & Co	$	4,728,128
467,848		Hewlett-Packard Co		13,394,488
338,000		Meidensha Corp		1,271,473
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		19,394,089
INSTRUMENTS AND RELATED PRODUCTS - 1.21%
78,337		Cooper Cos, Inc		4,018,688
128,614		Eastman Kodak Co		3,009,568
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		7,028,256
INSURANCE AGENTS, BROKERS AND SERVICE - 1.66%
304,367		Marsh & McLennan Cos, Inc		9,666,696
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		9,666,696
INSURANCE CARRIERS - 7.95%
1,507		Aegon NV		24,594
146,352		American International Group, Inc		9,985,597
81,237		Aspen Insurance Holdings Ltd		1,922,880
126,565		Axis Capital Holdings Ltd		3,958,953
50,756		Genworth Financial, Inc		1,755,142
74,276		IPC Holdings Ltd		2,033,677
113,613		Max Re Capital Ltd		2,950,530
117,000	*	Molina Healthcare, Inc		3,116,880
133,226		Montpelier Re Holdings Ltd		2,517,971
78,331		PartnerRe Ltd		5,143,997
33,310		Platinum Underwriters Holdings Ltd		1,034,942
224,373		St. Paul Travelers Cos, Inc		10,022,742
27,266		XL Capital Ltd (Class A)		1,837,183
		TOTAL INSURANCE CARRIERS		46,305,088
METAL MINING - 1.36%
55,731		Companhia Vale do Rio Doce (ADR)		2,292,773
49,893	*	Inco Ltd		2,173,838
26,799	*	MMC Norilsk Nickel		2,545,905
78,884	*	Stillwater Mining Co		912,688
		TOTAL METAL MINING		7,925,204
MISCELLANEOUS RETAIL - 2.61%
1,260,201	*	Rite Aid Corp		4,385,499
93,738	*	Sears Holdings Corp		10,829,551
		TOTAL MISCELLANEOUS RETAIL		15,215,050

26

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

SHARES				VALUE
MOTION PICTURES - 3.88%
318,332	*	CBS Corp	$	10,377,623
20		News Corp (Class A)		311
699,137		Time Warner, Inc		12,192,949
		TOTAL MOTION PICTURES		22,570,883
NONDEPOSITORY INSTITUTIONS - 2.50%
182,179		Fannie Mae		8,892,157
79,995		Freddie Mac		5,227,673
16,765		MBNA Corp		455,170
		TOTAL NONDEPOSITORY INSTITUTIONS		14,575,000
OIL AND GAS EXTRACTION - 4.26%
555		Anadarko Petroleum Corp		52,586
23,733	*	Cheniere Energy, Inc		883,342
91,431		Devon Energy Corp		5,718,095
5,854		Equitable Resources, Inc		214,783
79,680		Occidental Petroleum Corp		6,364,838
2,010,000		PetroChina Co Ltd (Class H)		1,646,149
59,059		Petroleo Brasileiro S.A. (ADR)		4,209,135
2,432		Pogo Producing Co		121,138
127,065	*	Pride International, Inc		3,907,249
16,250		Schlumberger Ltd		1,578,688
2,900		W&T Offshore, Inc		85,260
		TOTAL OIL AND GAS EXTRACTION		24,781,263
PAPER AND ALLIED PRODUCTS - 0.60%
77,570		Temple-Inland, Inc		3,479,015
		TOTAL PAPER AND ALLIED PRODUCTS		3,479,015
PETROLEUM AND COAL PRODUCTS - 7.16%
278,478		Chevron Corp		15,809,196
53,104		ConocoPhillips		3,089,591
379,114		Exxon Mobil Corp		21,294,833
24,573		Marathon Oil Corp		1,498,216
		TOTAL PETROLEUM AND COAL PRODUCTS		41,691,836
RAILROAD TRANSPORTATION - 0.99%
71,898		Union Pacific Corp		5,788,508
		TOTAL RAILROAD TRANSPORTATION		5,788,508

27

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

SHARES				VALUE
SECURITY AND COMMODITY BROKERS - 3.98%
128,904	*	E*Trade Financial Corp	$	2,688,937
168,800		Janus Capital Group, Inc		3,144,744
561		Merrill Lynch & Co, Inc		37,997
46,000		Mitsubishi Securities Co		576,803
215,015		Morgan Stanley		12,199,951
236,500		Nomura Holdings, Inc		4,528,425
		TOTAL SECURITY AND COMMODITY BROKERS		23,176,857
TOBACCO PRODUCTS - 2.77%
215,510		Altria Group, Inc		16,102,907
		TOTAL TOBACCO PRODUCTS		16,102,907
TRANSPORTATION BY AIR - 0.75%
92,236	*	Airtran Holdings, Inc		1,478,543
77,136	*	US Airways Group, Inc		2,864,831
		TOTAL TRANSPORTATION BY AIR		4,343,374
TRANSPORTATION EQUIPMENT - 0.94%
92,792	*	ALSTOM		5,321,595
20,000		Ford Motor Co		154,400
		TOTAL TRANSPORTATION EQUIPMENT		5,475,995
TRANSPORTATION SERVICES - 0.71%
144,280		Lear Corp		4,106,209
		TOTAL TRANSPORTATION SERVICES		4,106,209
WHOLESALE TRADE-NONDURABLE GOODS - 1.73%
146,728		Cardinal Health, Inc		10,087,550
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		10,087,550
		TOTAL COMMON STOCKS		581,149,497
		(Cost $537,691,994)

28

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

PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 0.18%
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.18%
$     1,040,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06	$	1,039,613
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,039,613
		TOTAL SHORT-TERM INVESTMENTS		1,039,613
		(Cost $1,039,804)
		TOTAL PORTFOLIO - 99.97%		582,189,110
		(Cost $538,731,798)
		OTHER ASSETS & LIABILITIES, NET - 0.03%		183,874
		NET ASSETS - 100.00%	$	582,372,984
	*	Non-income producing
		ABBREVIATION:
		SPON ADR - Sponsored American Depositary Receipt
		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.

29

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.84%
APPAREL AND ACCESSORY STORES - 1.96%
21,636		Abercrombie & Fitch Co (Class A)	$	1,410,234
54,685	*	Chico's FAS, Inc		2,402,312
27,704		Nordstrom, Inc		1,036,130
1,342	*	Under Armour, Inc		51,412
		TOTAL APPAREL AND ACCESSORY STORES		4,900,088
APPAREL AND OTHER TEXTILE PRODUCTS - 0.56%
24,829		Polo Ralph Lauren Corp		1,393,900
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,393,900
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.90%
49,603		Sherwin-Williams Co		2,252,968
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,252,968
BUSINESS SERVICES - 10.47%
178,914	*	Activision, Inc		2,458,278
7,078	*	Affiliated Computer Services, Inc (Class A)		418,876
27,100	*	aQuantive, Inc		684,004
2,183		Autodesk, Inc		93,760
47,482	*	Cogent, Inc		1,076,892
48,195	*	Cognizant Technology Solutions Corp		2,426,618
27,943	*	Focus Media Holding Ltd		943,635
17,387	*	Getty Images, Inc		1,552,137
54,570	*	Iron Mountain, Inc		2,303,945
78,540	*	Juniper Networks, Inc		1,751,442
5,814	*	Kinetic Concepts, Inc		231,165
95,679	*	Monster Worldwide, Inc		3,905,617
36,000	*	NAVTEQ Corp		1,579,320
14,202		Omnicom Group, Inc		1,209,016
62,600	*	Red Hat, Inc		1,705,224
25,256	*	Sohu.com, Inc		463,195
38,232	*	Valueclick, Inc		692,382
120,965	*	VeriSign, Inc		2,651,553
		TOTAL BUSINESS SERVICES		26,147,059
CHEMICALS AND ALLIED PRODUCTS - 6.75%
24,818	*	Adams Respiratory Therapeutics, Inc		1,009,100
21,446	*	American Pharmaceutical Partners, Inc		831,890
73,440		Ecolab, Inc		2,663,669
9,738	*	Forest Laboratories, Inc		396,142
28,999	*	Genzyme Corp		2,052,549
67,015	*	Medimmune, Inc		2,346,865

30

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

SHARES				VALUE
47,577		Mylan Laboratories, Inc	$	949,637
41,349	*	Protein Design Labs, Inc		1,175,139
64,050	*	Sepracor, Inc		3,304,980
75,286	*	VCA Antech, Inc		2,123,065
		TOTAL CHEMICALS AND ALLIED PRODUCTS		16,853,036
COAL MINING - 1.28%
25,704		Consol Energy, Inc		1,675,387
18,479		Peabody Energy Corp		1,523,039
		TOTAL COAL MINING		3,198,426
COMMUNICATIONS - 6.77%
98,489	*	Alamosa Holdings, Inc		1,832,880
43,107	*	American Tower Corp (Class A)		1,168,200
61,746		Global Payments, Inc		2,877,981
62,225	*	NeuStar, Inc		1,897,240
18,884	*	Nextel Partners, Inc (Class A)		527,619
62,996	*	NII Holdings, Inc (Class B)		2,751,665
114,392	*	Univision Communications, Inc (Class A)		3,361,981
90,711	*	XM Satellite Radio Holdings, Inc		2,474,596
		TOTAL COMMUNICATIONS		16,892,162
DEPOSITORY INSTITUTIONS - 1.66%
295,505		Hudson City Bancorp, Inc		3,581,521
20,471		Synovus Financial Corp		552,922
		TOTAL DEPOSITORY INSTITUTIONS		4,134,443
EATING AND DRINKING PLACES - 1.32%
28,222		Brinker International, Inc		1,091,063
58,637	*	The Cheesecake Factory, Inc		2,192,437
		TOTAL EATING AND DRINKING PLACES		3,283,500
ELECTRIC, GAS, AND SANITARY SERVICES - 0.50%
79,017	*	AES Corp		1,250,839
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,250,839
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.36%
18,335	*	Altera Corp		339,748
71,743		Amphenol Corp (Class A)		3,175,345
123,240		Analog Devices, Inc		4,420,619

31

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

SHARES				VALUE
72,459	*	Broadcom Corp (Class A)	$	3,416,442
101,145	*	Comverse Technology, Inc		2,689,446
37,981	*	Cymer, Inc		1,348,705
51,225	*	Dolby Laboratories, Inc (Class A)		873,386
67,935	*	Fairchild Semiconductor International, Inc		1,148,781
31,196		Harman International Industries, Inc		3,052,529
688,315	*	JDS Uniphase Corp		1,624,423
26,909		L-3 Communications Holdings, Inc		2,000,684
66,009		Linear Technology Corp		2,380,945
35,463	*	Marvell Technology Group Ltd		1,989,120
134,603	*	Network Appliance, Inc		3,634,281
56,131	*	Nvidia Corp		2,052,149
22,095		Rockwell Collins, Inc		1,026,755
235,062	*	Sirius Satellite Radio, Inc		1,574,915
63,843		Xilinx, Inc		1,609,482
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		38,357,755
ENGINEERING AND MANAGEMENT SERVICES - 5.72%
8,554	*	Celgene Corp		554,299
10,878		Corporate Executive Board Co		975,757
35,435	*	CV Therapeutics, Inc		876,308
100	*	iRobot Corp		3,333
31,298	*	Jacobs Engineering Group, Inc		2,124,195
73,000		Moody's Corp		4,483,660
38,965		Paychex, Inc		1,485,346
73,431		Quest Diagnostics, Inc		3,780,228
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		14,283,126
FOOD AND KINDRED PRODUCTS - 0.68%
38,762		McCormick & Co, Inc (Non-Vote)		1,198,521
17,137		Pepsi Bottling Group, Inc		490,290
		TOTAL FOOD AND KINDRED PRODUCTS		1,688,811
FOOD STORES - 0.34%
11,116		Whole Foods Market, Inc		860,267
		TOTAL FOOD STORES		860,267
FURNITURE AND FIXTURES - 0.93%
82,153		Herman Miller, Inc		2,315,893
		TOTAL FURNITURE AND FIXTURES		2,315,893

32

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

SHARES				VALUE
FURNITURE AND HOMEFURNISHINGS STORES - 2.53%
118,919	*	Bed Bath & Beyond, Inc	$	4,298,922
63,416	*	GameStop Corp		2,017,897
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		6,316,819
GENERAL BUILDING CONTRACTORS - 1.15%
7,046		Lennar Corp (Class A)		429,947
2,276	*	NVR, Inc		1,597,752
21,326		Pulte Homes, Inc		839,391
		TOTAL GENERAL BUILDING CONTRACTORS		2,867,090
GENERAL MERCHANDISE STORES - 0.55%
59,285		TJX Cos, Inc		1,377,191
		TOTAL GENERAL MERCHANDISE STORES		1,377,191
HEALTH SERVICES - 5.03%
60,631	*	Coventry Health Care, Inc		3,453,542
65,510	*	DaVita, Inc		3,317,426
36,830	*	Express Scripts, Inc		3,086,354
12,600	*	Laboratory Corp of America Holdings		678,510
50,939		Manor Care, Inc		2,025,844
		TOTAL HEALTH SERVICES		12,561,676
HOLDING AND OTHER INVESTMENT OFFICES - 3.07%
81,470		iShares Russell Midcap Growth Index Fund		7,654,921
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7,654,921
HOTELS AND OTHER LODGING PLACES - 2.06%
66,263	*	Great Wolf Resorts, Inc		683,172
79,558		Hilton Hotels Corp		1,918,143
37,421		Station Casinos, Inc		2,537,144
		TOTAL HOTELS AND OTHER LODGING PLACES		5,138,459
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.43%
5,174		Eaton Corp		347,124
58,674		Joy Global, Inc		2,346,960
52,510	*	Netgear, Inc		1,010,818
15,010		Rockwell Automation, Inc		887,992
10,877	*	SanDisk Corp		683,293
21,282		Smith International, Inc		789,775
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,065,962

33

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

SHARES				VALUE
INSTRUMENTS AND RELATED PRODUCTS - 6.84%
7,940	*	Affymetrix, Inc	$	379,135
38,622	*	Agilent Technologies, Inc		1,285,726
4,967		Allergan, Inc		536,237
32,980		Bard (C.R.), Inc		2,174,042
67,388		Biomet, Inc		2,464,379
21,460		Cooper Cos, Inc		1,100,898
44,731	*	Fisher Scientific International, Inc		2,767,060
51,805		Kla-Tencor Corp		2,555,541
76,100	*	St. Jude Medical, Inc		3,820,220
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		17,083,238
INSURANCE CARRIERS - 0.41%
12,896	*	WellPoint, Inc		1,028,972
		TOTAL INSURANCE CARRIERS		1,028,972
LEATHER AND LEATHER PRODUCTS - 0.92%
68,988	*	Coach, Inc		2,300,060
		TOTAL LEATHER AND LEATHER PRODUCTS		2,300,060
METAL MINING - 1.29%
59,668		Freeport-McMoRan Copper & Gold, Inc (Class A)		3,210,138
		TOTAL METAL MINING		3,210,138
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.47%
15,046		Fortune Brands, Inc		1,173,889
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,173,889
OIL AND GAS EXTRACTION - 6.27%
41,666		Baker Hughes, Inc		2,532,459
15,104		BJ Services Co		553,864
56,459		ENSCO International, Inc		2,503,957
57,774		Equitable Resources, Inc		2,119,728
33,323		GlobalSantaFe Corp		1,604,502
23,242	*	National Oilwell Varco, Inc		1,457,273
49,436		Noble Energy, Inc		1,992,271
44,310	*	Southwestern Energy Co		1,592,501
29,301		XTO Energy, Inc		1,287,486
		TOTAL OIL AND GAS EXTRACTION		15,644,041

34

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

SHARES				VALUE
PERSONAL SERVICES - 0.17%
10,433		Cintas Corp	$	429,631
		TOTAL PERSONAL SERVICES		429,631
PETROLEUM AND COAL PRODUCTS - 2.36%
50,732		EOG Resources, Inc		3,722,207
19,926		Murphy Oil Corp		1,075,805
13,982		Sunoco, Inc		1,095,909
		TOTAL PETROLEUM AND COAL PRODUCTS		5,893,921
PRINTING AND PUBLISHING - 0.38%
41,196	*	VistaPrint Ltd		937,374
		TOTAL PRINTING AND PUBLISHING		937,374
REAL ESTATE - 0.83%
35,357	*	CB Richard Ellis Group, Inc		2,080,759
		TOTAL REAL ESTATE		2,080,759
SECURITY AND COMMODITY BROKERS - 3.94%
96,724		Ameritrade Holding Corp		2,321,376
36,230	*	GFI Group, Inc		1,718,389
42,145		Greenhill & Co, Inc		2,366,863
9,629		Legg Mason, Inc		1,152,495
40,268		Nuveen Investments, Inc		1,716,222
7,868		T Rowe Price Group, Inc		566,732
		TOTAL SECURITY AND COMMODITY BROKERS		9,842,077
TRANSPORTATION BY AIR - 0.98%
149,679		Southwest Airlines Co		2,459,226
		TOTAL TRANSPORTATION BY AIR		2,459,226
TRANSPORTATION EQUIPMENT - 0.90%
21,772		ITT Industries, Inc		2,238,597
		TOTAL TRANSPORTATION EQUIPMENT		2,238,597
TRANSPORTATION SERVICES - 1.06%
22,108		CH Robinson Worldwide, Inc		818,659
7,631		Expeditors International Washington, Inc		515,169
14,033		UTI Worldwide, Inc		1,302,824
		TOTAL TRANSPORTATION SERVICES		2,636,652

35

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

SHARES				VALUE
WHOLESALE TRADE-DURABLE GOODS - 1.00%
55,646	*	Aviall, Inc	$	1,602,604
31,706	*	Cytyc Corp		895,060
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,497,664
		TOTAL COMMON STOCKS		249,250,630
		(Cost $217,426,014)
PRINCIPAL
SHORT-TERM INVESTMENTS - 2.47%
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.47%
$     6,170,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06		6,167,703
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES		6,167,703
		TOTAL SHORT-TERM INVESTMENTS		6,167,703
		(Cost $6,168,834)
		TOTAL PORTFOLIO- 102.31%		255,418,333
		(Cost $223,594,848)
		OTHER ASSETS & LIABILITIES, NET - (2.31)%		(5,764,394	)
		NET ASSETS - 100.00%	$	249,653,939
	*	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.

36

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.74%
AMUSEMENT AND RECREATION SERVICES - 0.47%
27,500		Harrah's Entertainment, Inc	$	1,960,475
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,960,475
APPAREL AND OTHER TEXTILE PRODUCTS - 0.08%
11,100		Jones Apparel Group, Inc		340,992
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		340,992
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.49%
44,500		Sherwin-Williams Co		2,021,190
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,021,190
BUSINESS SERVICES - 3.38%
96,000		Accenture Ltd (Class A)		2,771,520
28,500	*	Affiliated Computer Services, Inc (Class A)		1,686,630
31,000		Automatic Data Processing, Inc		1,422,590
154,000	*	BearingPoint, Inc		1,210,440
30,000	*	Earthlink, Inc		333,300
29,000		First Data Corp		1,247,290
58,000		GTECH Holdings Corp		1,840,920
42,000	*	McAfee, Inc		1,139,460
41,000	*	United Rentals, Inc		958,990
45,000		Waste Management, Inc		1,365,750
		TOTAL BUSINESS SERVICES		13,976,890
CHEMICALS AND ALLIED PRODUCTS - 6.38%
38,000		Akzo Nobel NV (Spon ADR)		1,751,040
30,000		Albemarle Corp		1,150,500
50,000		Alberto-Culver Co		2,287,500
58,000	*	Andrx Corp		955,260
47,000	*	Biogen Idec, Inc		2,130,510
17,000		Cabot Corp		608,600
64,000		Celanese Corp (Series A)		1,223,680
50,000		Cytec Industries, Inc		2,381,500
61,000		Engelhard Corp		1,839,150
42,000		PPG Industries, Inc		2,431,800
800,000		Rhodia S.A. (Spon ADR)		1,688,000
103,492	*	Rockwood Holdings, Inc		2,041,897
40,500		Rohm & Haas Co		1,961,010
38,000	*	Sepracor, Inc		1,960,800
31,500		Sigma-Aldrich Corp		1,993,635
		TOTAL CHEMICALS AND ALLIED PRODUCTS		26,404,882

37

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

SHARES				VALUE
COAL MINING - 0.33%
145,000	*	International Coal Group, Inc	$	1,377,500
		TOTAL COAL MINING		1,377,500
COMMUNICATIONS - 1.78%
34,000	*	Cablevision Systems Corp (Class A)		797,980
11,000		CenturyTel, Inc		364,760
29,000		Clear Channel Communications, Inc		912,050
28,000	*	EchoStar Communications Corp (Class A)		760,760
35,000	*	Entercom Communications Corp		1,038,450
35,000	*	IAC/InterActiveCorp		990,850
101,000		PanAmSat Holding Corp		2,474,500
		TOTAL COMMUNICATIONS		7,339,350
DEPOSITORY INSTITUTIONS - 10.15%
88,000		AmSouth Bancorp		2,306,480
46,000		Astoria Financial Corp		1,352,400
102,000		Bank of New York Co, Inc		3,248,700
40,000		Compass Bancshares, Inc		1,931,600
12,000		Cullen/Frost Bankers, Inc		644,160
885,132		Hudson City Bancorp, Inc		10,727,800
20,000		Interchange Financial Services Corp		345,000
65,000		Keycorp		2,140,450
14,000		M&T Bank Corp		1,526,700
92,000		Marshall & Ilsley Corp		3,959,680
96,000		Mellon Financial Corp		3,288,000
39,000		Mercantile Bankshares Corp		2,201,160
68,000		New York Community Bancorp, Inc		1,123,360
88,000		North Fork Bancorporation, Inc		2,407,680
103,000		Valley National Bancorp		2,482,300
30,700		Zions Bancorporation		2,319,692
		TOTAL DEPOSITORY INSTITUTIONS		42,005,162
EATING AND DRINKING PLACES - 0.79%
90,000		AFC Enterprises		1,360,800
49,000		Brinker International, Inc		1,894,340
		TOTAL EATING AND DRINKING PLACES		3,255,140
ELECTRIC, GAS, AND SANITARY SERVICES - 12.54%
198,000	*	Allegheny Energy, Inc		6,266,700
36,000		Cinergy Corp		1,528,560
50,000	*	CMS Energy Corp		725,500
100,000		Constellation Energy Group, Inc		5,760,000
47,000		DPL, Inc		1,222,470

38

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

SHARES				VALUE
33,000		DTE Energy Co	$	1,425,270
360,000	*	Dynegy, Inc (Class A)		1,742,400
33,000		Edison International		1,439,130
56,000		Energy East Corp		1,276,800
48,500		FirstEnergy Corp		2,376,015
83,000		National Fuel Gas Co		2,588,770
30,000		NiSource, Inc		625,800
43,000		Northeast Utilities		846,670
91,000		NorthWestern Corp		2,827,370
53,000	*	NRG Energy, Inc		2,497,360
68,000		Pepco Holdings, Inc		1,521,160
85,000		PG&E Corp		3,155,200
100,000		PPL Corp		2,940,000
70,000		Public Service Enterprise Group, Inc		4,547,900
30,500		Questar Corp		2,308,850
22,600		TXU Corp		1,134,294
80,000		Williams Cos, Inc		1,853,600
70,000		Xcel Energy, Inc		1,292,200
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		51,902,019
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.64%
75,000	*	ADC Telecommunications, Inc		1,675,500
20,000		Analog Devices, Inc		717,400
225,000	*	Atmel Corp		695,250
420,000	*	Brocade Communications Systems, Inc		1,709,400
140,000	*	Cypress Semiconductor Corp		1,995,000
64,000	*	Fairchild Semiconductor International, Inc		1,082,240
80,000	*	Freescale Semiconductor, Inc (Class B)		2,013,600
207,000	*	Gemstar-TV Guide International, Inc		540,270
640,000	*	JDS Uniphase Corp		1,510,400
33,500		L-3 Communications Holdings, Inc		2,490,725
155,000	*	Lattice Semiconductor Corp		669,600
860,000	*	Lucent Technologies, Inc		2,287,600
111,000	*	Micron Technology, Inc		1,477,410
29,000		National Semiconductor Corp		753,420
500,000	*	Nortel Networks Corp (U.S.)		1,530,000
46,000	*	Novellus Systems, Inc		1,109,520
245,000	*	Sycamore Networks, Inc		1,058,400
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		23,315,735
FABRICATED METAL PRODUCTS - 0.46%
97,000	*	Crown Holdings, Inc		1,894,410
		TOTAL FABRICATED METAL PRODUCTS		1,894,410

39

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

SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 3.29%
150,000		Archer Daniels Midland Co	$	3,699,000
21,500		Bunge Ltd		1,217,115
183,000		Coca-Cola Enterprises, Inc		3,508,110
70,000	*	Constellation Brands, Inc (Class A)		1,836,100
37,000	*	Smithfield Foods, Inc		1,132,200
130,000		Tyson Foods, Inc (Class A)		2,223,000
		TOTAL FOOD AND KINDRED PRODUCTS		13,615,525
FOOD STORES - 1.36%
297,000	*	Kroger Co		5,607,360
		TOTAL FOOD STORES		5,607,360
FORESTRY - 0.24%
25,000		Rayonier, Inc		996,250
		TOTAL FORESTRY		996,250
FURNITURE AND HOMEFURNISHINGS STORES - 0.37%
68,000		Circuit City Stores, Inc		1,536,120
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,536,120
GENERAL BUILDING CONTRACTORS - 0.96%
27,000		Lennar Corp (Class A)		1,647,540
59,000		Pulte Homes, Inc		2,322,240
		TOTAL GENERAL BUILDING CONTRACTORS		3,969,780
GENERAL MERCHANDISE STORES - 2.41%
70,500		Federated Department Stores, Inc		4,676,265
38,000		JC Penney Co, Inc		2,112,800
137,000		TJX Cos, Inc		3,182,510
		TOTAL GENERAL MERCHANDISE STORES		9,971,575
HEALTH SERVICES - 0.56%
302,000	*	Tenet Healthcare Corp		2,313,320
		TOTAL HEALTH SERVICES		2,313,320
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.34%
45,027		Macquarie Infrastructure Co Trust		1,386,832
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,386,832

40

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

SHARES				VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 11.33%
29,000		AMB Property Corp	$	1,425,930
33,000		Archstone-Smith Trust		1,382,370
47,000		Arden Realty, Inc		2,107,010
108,000		Ashford Hospitality Trust, Inc		1,132,920
33,500		Boston Properties, Inc		2,483,355
24,302	f,v	Crystal River Capital, Inc		607,550
51,000		Developers Diversified Realty Corp		2,398,020
29,000		Equity Residential		1,134,480
47,000		General Growth Properties, Inc		2,208,530
61,329	f,v*	GSC Capital Corp		1,533,225
159,371		iShares Russell Midcap Value Index Fund		19,828,940
37,600		iStar Financial, Inc		1,340,440
36,000		Mills Corp		1,509,840
62,652		Prologis		2,927,101
15,000		Public Storage, Inc		1,015,800
38,000		Reckson Associates Realty Corp		1,367,240
52,500		Trizec Properties, Inc		1,203,300
15,000		Vornado Realty Trust		1,252,050
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		46,858,101
HOTELS AND OTHER LODGING PLACES - 1.32%
55,000		Accor S.A.		3,014,104
38,500		Starwood Hotels & Resorts Worldwide, Inc		2,458,610
		TOTAL HOTELS AND OTHER LODGING PLACES		5,472,714
INDUSTRIAL MACHINERY AND EQUIPMENT - 1.66%
24,000		American Standard Cos, Inc		958,800
37,355		Deere & Co		2,544,249
50,000		Eaton Corp		3,354,500
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,857,549
INSTRUMENTS AND RELATED PRODUCTS - 1.99%
65,000		Cooper Cos, Inc		3,334,500
35,000		Pitney Bowes, Inc		1,478,750
234,000	*	Xerox Corp		3,428,100
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,241,350
INSURANCE AGENTS, BROKERS AND SERVICE - 1.12%
54,000		AON Corp		1,941,300
85,000		Marsh & McLennan Cos, Inc		2,699,600
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,640,900

41

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

SHARES				VALUE
INSURANCE CARRIERS - 8.71%
71,400		Aegon NV	$	1,165,248
49,000		Aspen Insurance Holdings Ltd		1,159,830
44,200		Cigna Corp		4,937,140
64,000	*	CNA Financial Corp		2,094,720
90,000	*	Conseco, Inc		2,085,300
145,000		Genworth Financial, Inc		5,014,100
75,000		Max Re Capital Ltd		1,947,750
27,000		MGIC Investment Corp		1,777,140
45,500		PartnerRe Ltd		2,987,985
52,500		Safeco Corp		2,966,250
38,000		St. Paul Travelers Cos, Inc		1,697,460
140,000		UnumProvident Corp		3,185,000
25,955	*	WellPoint, Inc		2,070,949
44,000		XL Capital Ltd (Class A)		2,964,720
		TOTAL INSURANCE CARRIERS		36,053,592
LUMBER AND WOOD PRODUCTS - 0.23%
90,000		Norbord, Inc		943,800
		TOTAL LUMBER AND WOOD PRODUCTS		943,800
METAL MINING - 2.16%
47,000		Freeport-McMoRan Copper & Gold, Inc (Class A)		2,528,600
49,000	*	Inco Ltd		2,134,930
22,500	*	MMC Norilsk Nickel		2,137,500
14,800		Phelps Dodge Corp		2,129,276
		TOTAL METAL MINING		8,930,306
MISCELLANEOUS RETAIL - 1.35%
83,000	*	Office Depot, Inc		2,606,200
505,000	*	Rite Aid Corp		1,757,400
10,500	*	Sears Holdings Corp		1,213,065
		TOTAL MISCELLANEOUS RETAIL		5,576,665
MOTION PICTURES - 0.89%
71,000	*	CBS Corp		2,314,600
180,000	*	Lions Gate Entertainment Corp		1,382,400
		TOTAL MOTION PICTURES		3,697,000
NONDEPOSITORY INSTITUTIONS - 0.39%
31,000		CIT Group, Inc		1,605,180
		TOTAL NONDEPOSITORY INSTITUTIONS		1,605,180

42

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

SHARES				VALUE
OIL AND GAS EXTRACTION - 4.38%
25,500		Diamond Offshore Drilling, Inc	$	1,773,780
30,000	*	Forest Oil Corp		1,367,100
46,500	*	National Oilwell Varco, Inc		2,915,550
45,000	*	Newfield Exploration Co		2,253,150
25,000		Noble Corp		1,763,500
69,000		Noble Energy, Inc		2,780,700
78,000	*	Pride International, Inc		2,398,500
25,500	*	Transocean, Inc		1,777,095
70,350	*	Warren Resources, Inc		1,112,937
		TOTAL OIL AND GAS EXTRACTION		18,142,312
PAPER AND ALLIED PRODUCTS - 1.48%
25,000		MeadWestvaco Corp		700,750
53,000		Packaging Corp of America		1,216,350
68,000		Temple-Inland, Inc		3,049,800
99,000		Wausau Paper Corp		1,173,150
		TOTAL PAPER AND ALLIED PRODUCTS		6,140,050
PETROLEUM AND COAL PRODUCTS - 0.90%
20,200		Amerada Hess Corp		2,561,764
19,000		Marathon Oil Corp		1,158,430
		TOTAL PETROLEUM AND COAL PRODUCTS		3,720,194
PRIMARY METAL INDUSTRIES - 0.21%
30,000	*	Oregon Steel Mills, Inc		882,600
		TOTAL PRIMARY METAL INDUSTRIES		882,600
PRINTING AND PUBLISHING - 1.64%
34,000		Meredith Corp		1,779,560
165,000		Tribune Co		4,992,900
		TOTAL PRINTING AND PUBLISHING		6,772,460
RAILROAD TRANSPORTATION - 1.14%
40,000		CSX Corp		2,030,800
60,000		Norfolk Southern Corp		2,689,800
		TOTAL RAILROAD TRANSPORTATION		4,720,600
SECURITY AND COMMODITY BROKERS - 1.44%
25,000		A.G. Edwards. Inc		1,171,500
33,500		Bear Stearns Cos, Inc		3,870,255

43

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

SHARES				VALUE
50,000		Janus Capital Group, Inc	$	931,500
		TOTAL SECURITY AND COMMODITY BROKERS		5,973,255
STONE, CLAY, AND GLASS PRODUCTS - 0.31%
60,000	*	Owens-Illinois, Inc		1,262,400
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		1,262,400
TOBACCO PRODUCTS - 0.71%
67,000		Loews Corp (Carolina Group)		2,947,330
		TOTAL TOBACCO PRODUCTS		2,947,330
TRANSPORTATION BY AIR - 0.17%
19,000	*	US Airways Group, Inc		705,660
		TOTAL TRANSPORTATION BY AIR		705,660
TRANSPORTATION EQUIPMENT - 1.63%
25,000		Empresa Brasileira de Aeronautica S.A. (ADR)		977,500
11,000		General Dynamics Corp		1,254,550
74,000	*	K&F Industries Holdings, Inc		1,136,640
47,000	*	Magna International, Inc (Class A)		3,383,060
		TOTAL TRANSPORTATION EQUIPMENT		6,751,750
WATER TRANSPORTATION - 0.98%
155,000		Aries Maritime Transport Ltd		2,019,650
76,503		Genco Shipping & Trading Ltd		1,334,213
107,000	*	TBS International Ltd		710,480
		TOTAL WATER TRANSPORTATION		4,064,343
WHOLESALE TRADE-DURABLE GOODS - 0.32%
46,000	*	Aviall, Inc		1,324,800
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,324,800
WHOLESALE TRADE-NONDURABLE GOODS - 1.26%
75,000		McKesson Corp		3,869,250
42,000		Supervalu, Inc		1,364,160
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,233,410

44

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

			VALUE
	TOTAL COMMON STOCKS	$	412,708,828
	(Cost $377,679,946)
	TOTAL PORTFOLIO- 99.74%		412,708,828
	(Cost $377,679,946)
	OTHER ASSETS & LIABILITIES, NET - 0.26%		1,063,009
	NET ASSETS - 100.00%	$	413,771,837
*	Non-income producing
f	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in
	transaction exempt from registration to qualified institutional buyers.
	At December 31, 2005, the value of these securities amounted to $2,140,775 or 0.52% of net assets.
v	Security valued at fair value.
	ABBREVIATION:
	SPON ADR - Sponsored American Depositary Receipt
	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 securities held by the Fund are as follows:

	ACQUISITION	ACQUISITION
SECURITY	DATE	COST		VALUE
Crystal River Capital, Inc	03/09/05	$	607,550	$	607,550
GSC Capital Corp	06/24/05		1,533,225		1,533,225

45

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.86%
AGRICULTURAL PRODUCTION-CROPS - 0.38%
56,900		Chiquita Brands International, Inc	$	1,138,569
10,700		Delta & Pine Land Co		246,207
2,300	*	John B. Sanfilippo & Son		29,739
		TOTAL AGRICULTURAL PRODUCTION-CROPS		1,414,515
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.12%
289		Seaboard Corp		436,679
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		436,679
AMUSEMENT AND RECREATION SERVICES - 0.27%
3,900	*	Alliance Gaming Corp		50,778
2,300	*	Life Time Fitness, Inc		87,607
6,300	*	Magna Entertainment Corp (Class A)		44,982
6,870	*	Multimedia Games, Inc		63,548
8	*	Penn National Gaming, Inc		264
5,200	*	Pinnacle Entertainment, Inc		128,492
7,100	*	Six Flags, Inc		54,741
15,700		Speedway Motorsports, Inc		544,319
200		World Wrestling Entertainment, Inc		2,936
		TOTAL AMUSEMENT AND RECREATION SERVICES		977,667
APPAREL AND ACCESSORY STORES - 1.91%
37,150	*	Aeropostale, Inc		977,045
9,300		Buckle, Inc		299,832
12,800		Burlington Coat Factory Warehouse Corp		514,688
4,769	*	Cache, Inc		82,599
2,100	*	Carter's, Inc		123,585
12,000		Cato Corp (Class A)		257,400
13,690	*	Charming Shoppes, Inc		180,708
3,000	*	Children's Place Retail Stores, Inc		148,260
10,100		Christopher & Banks Corp		189,678
706		DEB Shops, Inc		20,989
5,543	*	Dress Barn, Inc		214,015
12,446		Finish Line, Inc (Class A)		216,809
8,900	*	Jo-Ann Stores, Inc		105,020
2,049	*	JOS A Bank Clothiers, Inc		88,947
4,300	*	New York & Co, Inc		91,160
36,755	*	Pacific Sunwear Of California, Inc		915,935
32,100	*	Payless Shoesource, Inc		805,710
7,381	*	Shoe Carnival, Inc		161,792
4,868		Stage Stores, Inc		144,969
14,000		Talbots, Inc		389,480
24,200	*	Too, Inc		682,682

46

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

SHARES				VALUE
120,831	*	Wilsons The Leather Experts, Inc	$	438,617
		TOTAL APPAREL AND ACCESSORY STORES		7,049,920
APPAREL AND OTHER TEXTILE PRODUCTS - 0.44%
15,283	*	DHB Industries, Inc		68,315
2,100	*	Guess ?, Inc		74,760
4,837	*	Gymboree Corp		113,186
22,743	*	Hartmarx Corp		177,623
5,000		Kellwood Co		119,400
22,400		Phillips-Van Heusen Corp		725,760
12,567	*	Warnaco Group, Inc		335,790
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,614,834
AUTO REPAIR, SERVICES AND PARKING - 0.27%
3,338	*	Amerco, Inc		240,503
8,300		Central Parking Corp		113,876
4,300	*	Dollar Thrifty Automotive Group, Inc		155,101
2,417		Monro Muffler, Inc		73,283
7,500	*	PHH Corp		210,150
8,700	*	Wright Express Corp		191,400
		TOTAL AUTO REPAIR, SERVICES AND PARKING		984,313
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.48%
3,500	*	Asbury Automotive Group, Inc		57,610
44,000	*	CSK Auto Corp		663,520
4,400		Lithia Motors, Inc (Class A)		138,336
3,200	*	MarineMax, Inc		101,024
6,029	*	Rush Enterprises, Inc (Class A)		89,712
20,159		Sonic Automotive, Inc		449,143
7,403		United Auto Group, Inc		282,795
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,782,140
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.07%
5,514	*	Central Garden & Pet Co		253,313
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		253,313
BUSINESS SERVICES - 10.29%
75,100	*	3Com Corp		270,360
3,300		Aaron Rents, Inc		69,564
8,300		ABM Industries, Inc		162,265

7,951  Acxiom Corp  182,873 

47

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

SHARES				VALUE
4,300		Administaff, Inc	$	180,815
3,920	*	Advent Software, Inc		113,327
3,700		Advo, Inc		104,266
5,661	*	Altiris, Inc		95,614
3,700	*	American Reprographics Co		94,017
1,728	*	Ansoft Corp		58,838
2,556	*	Ansys, Inc		109,116
4,200	*	Anteon International Corp		228,270
2,622	*	aQuantive, Inc		66,179
42,955	*	Arbinet-thexchange, Inc		301,115
17,600		Arbitron, Inc		668,448
45,160	*	Asset Acceptance Capital Corp		1,014,294
11,451	*	Autobytel, Inc		56,568
36,616	*	Avocent Corp		995,589
27,000	*	BearingPoint, Inc		212,220
22,184		Blackbaud, Inc		378,903
22,171	*	Blackboard, Inc		642,516
3,100	*	Blue Coat Systems, Inc		141,732
17,577	*	Borland Software Corp		114,778
4,775	*	Bottomline Technologies, Inc		52,621
12,100		Brady Corp (Class A)		437,778
14,656		Catalina Marketing Corp		371,530
36,706	*	CBIZ, Inc		220,970
5,595	*	CCC Information Services Group, Inc		146,701
10,700	*	Ciber, Inc		70,620
3,594	*	Click Commerce, Inc		75,546
171,820	*	CMGI, Inc		261,166
17,400	*	CNET Networks, Inc		255,606
12,350		Computer Programs & Systems, Inc		511,661
1,300	*	COMSYS IT Partners, Inc		14,365
4,100	*	Concur Technologies, Inc		52,849
29,034	*	Covansys Corp		395,153
8,542	*	CSG Systems International, Inc		190,657
9,693	*	Dendrite International, Inc		139,676
6,701	*	Digital Insight Corp		214,566
6,481	*	Digital River, Inc		192,745
139,766	*	Earthlink, Inc		1,552,800
12,340	*	eFunds Corp		289,250
6,068	*	Electronics for Imaging, Inc		161,469
105,145	*	Entrust, Inc		508,902
12,078	*	Epicor Software Corp		170,662
2,700	*	EPIQ Systems, Inc		50,058
6,387	*	eSpeed, Inc (Class A)		49,244
28	*	F5 Networks, Inc		1,601
3,050		Factset Research Systems, Inc		125,538
4,586	*	Filenet Corp		118,548
1,975	*	First Advantage Corp		52,752
3,700	*	Forrester Research, Inc		69,375
7,900	*	Gartner, Inc (Class A)		101,910
6,100		Gevity HR, Inc		156,892
2,400	*	Heartland Payment Systems, Inc		51,984
16,889	*	Heidrick & Struggles International, Inc		541,292

48

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

SHARES				VALUE
12,795	*	Homestore, Inc	$	65,255
7,100	*	Hudson Highland Group, Inc		123,256
3,504	*	IDX Systems Corp		153,896
7,053	*	Infocrossing, Inc		60,726
10,100	*	Informatica Corp		121,200
17,399	*	Infospace, Inc		449,242
10,200		infoUSA, Inc		111,486
5,617	*	Innovative Solutions & Support, Inc		71,785
8,342	*	Intergraph Corp		415,515
11,301	*	Internet Security Systems, Inc		236,756
8,400		Interpool, Inc		158,592
900	*	Intervideo, Inc		9,495
6,831	*	Intrado, Inc		157,250
10,700	*	Ipass, Inc		70,192
4,738	*	iPayment, Inc		196,722
10,500		Jack Henry & Associates, Inc		200,340
35,076	*	JDA Software Group, Inc		596,643
15,981	*	Jupitermedia Corp		236,199
5,214	*	Kanbay International, Inc		82,850
29,800	*	Keane, Inc		328,098
4,312		Kelly Services, Inc (Class A)		113,061
19,385	*	Keynote Systems, Inc		249,097
12,360	*	Kforce, Inc		137,938
3,600	*	KFX, Inc		61,596
10,400	*	Korn/Ferry International		194,376
5,062	*	Kronos, Inc		211,895
23,300	*	Labor Ready, Inc		485,106
10,800	*	Lawson Software, Inc		79,380
9,367	*	Lionbridge Technologies		65,756
2,410	*	LoJack Corp		58,153
1,800	*	Magma Design Automation, Inc		15,138
4,403	*	Manhattan Associates, Inc		90,173
8,223	*	Mantech International Corp (Class A)		229,093
3,499	*	Mapinfo Corp		44,122
6,876	*	Mentor Graphics Corp		71,098
12,088	*	Micromuse, Inc		119,550
3,544	*	MicroStrategy, Inc		293,231
3,975	*	Midway Games, Inc		75,406
35,100		MoneyGram International, Inc		915,408
121,100	*	MPS Group, Inc		1,655,437
10,451	*	MRO Software, Inc		146,732
26,179	*	NCO Group, Inc		442,949
6,430	*	Ness Technologies, Inc		69,251
4,600	*	NetIQ Corp		56,534
259	*	NIC, Inc		1,595
4,803	*	Open Solutions, Inc		110,085
33,359	*	Packeteer, Inc		259,199
122,997	*	Parametric Technology Corp		750,282
22,300	*	Perot Systems Corp (Class A)		315,322
6,200	*	Phoenix Technologies Ltd		38,812
2,357	*	Portfolio Recovery Associates, Inc		109,459
3,300	*	PRA International		92,895

49

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

SHARES				VALUE
48,266	*	Premiere Global Services, Inc	$	392,403
5,914	*	Progress Software Corp		167,839
1,312		QAD, Inc		10,024
14,183	*	Quest Software, Inc		206,930
42,237	*	Radiant Systems, Inc		513,602
4,062	*	Radisys Corp		70,435
146,845	*	RealNetworks, Inc		1,139,517
277	*	Redback Networks, Inc Wts		1,870
263	*	Redback Networks, Inc Wts		2,591
11,000	*	Rent-Way, Inc		70,290
4,100		Rollins, Inc		80,811
6,535	*	RSA Security, Inc		73,388
19,390	*	S1 Corp		84,347
15,970	*	Sapient Corp		90,869
19,361	*	Secure Computing Corp		237,366
62,180	*	Serena Software, Inc		1,457,499
1,742	*	SI International, Inc		53,253
5,410	*	Sohu.com, Inc		99,219
39,457	*	SonicWALL, Inc		312,499
27,800	*	Sonus Networks, Inc		103,416
5,800	*	Sotheby's Holdings, Inc (Class A)		106,488
99,900	*	Spherion Corp		999,999
11,746	*	SPSS, Inc		363,304
33,249	*	SupportSoft, Inc		140,311
20,166	*	SYKES Enterprises, Inc		269,619
3,313		Talx Corp		151,437
10,352	*	TeleTech Holdings, Inc		124,742
10,633	*	THQ, Inc		253,597
57,727	*	TIBCO Software, Inc		431,221
23,500	*	TNS, Inc		450,730
10,920	*	Transaction Systems Architects, Inc		314,387
2,892	*	Travelzoo, Inc		63,624
29,359	*	Trizetto Group, Inc		498,809
27,767		United Online, Inc		394,847
4,100	*	United Rentals, Inc		95,899
2,600	*	Universal Compression Holdings, Inc		106,912
5,505	*	Valueclick, Inc		99,696
50,635	*	Ventiv Health, Inc		1,195,999
2,179	*	Vertrue, Inc		76,984
9,600		Viad Corp		281,568
5,100	*	Volt Information Sciences, Inc		97,002
26,807	*	WebEx Communications, Inc		579,835
2,535	*	Websense, Inc		166,397
7,900	*	Wind River Systems, Inc		116,683
4,600	*	Witness Systems, Inc		90,482
		TOTAL BUSINESS SERVICES		37,910,521
CHEMICALS AND ALLIED PRODUCTS - 5.80%
29,968	*	Aastrom Biosciences, Inc		63,232
26,400	*	Abgenix, Inc		567,864

50

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

SHARES				VALUE
4,800	*	Acadia Pharmaceuticals, Inc	$	47,280
11,453	*	Adolor Corp		167,214
7,000	*	Albany Molecular Research, Inc		85,050
26,540	*	Alkermes, Inc		507,445
11,700		Alpharma, Inc (Class A)		333,567
65,292	*	Andrx Corp		1,075,359
6,900		Arch Chemicals, Inc		206,310
10,400	*	Arena Pharmaceuticals, Inc		147,888
9,300	*	Arqule, Inc		56,916
400		Balchem Corp		11,924
5,400	*	Bentley Pharmaceuticals, Inc		88,614
21,495	*	BioMarin Pharmaceuticals, Inc		231,716
7,100		CF Industries Holdings, Inc		108,275
5,241	*	Chattem, Inc		190,720
10,332	*	Connetics Corp		149,297
2,500	*	Conor Medsystems, Inc		48,375
4,300	*	Cotherix, Inc		45,666
15,700	*	Cubist Pharmaceuticals, Inc		333,625
14,004	*	Curis, Inc		49,854
8,926	*	Cypress Bioscience, Inc		51,592
16,852	*	Discovery Laboratories, Inc		112,571
6,641	*	Dov Pharmaceutical, Inc		97,490
83,983	*	Durect Corp		425,794
5,000	*	Dusa Pharmaceuticals, Inc		53,850
3,600	*	Elizabeth Arden, Inc		72,216
17,078	*	Encysive Pharmaceuticals, Inc		134,745
12,818	*	Enzon Pharmaceuticals, Inc		94,853
11,900		Ferro Corp		223,244
8,120	*	First Horizon Pharmaceutical Corp		140,070
5	*	FMC Corp		266
7,934		Georgia Gulf Corp		241,352
14,500		H.B. Fuller Co		465,015
1,500	*	Hi-Tech Pharmacal Co, Inc		66,435
38,487	*	Human Genome Sciences, Inc		329,449
4,200	*	Idenix Pharmaceuticals, Inc		71,862
13,585	*	Immucor, Inc		317,346
12,130	*	Immunogen, Inc		62,227
80	*	Impax Laboratories, Inc		856
12,400	*	Inspire Pharmaceuticals, Inc		62,992
7,400	*	InterMune, Inc		124,320
5,900	*	Inverness Medical Innovations, Inc		139,889
46,400	*	KV Pharmaceutical Co (Class A)		955,840
27	*	Ligand Pharmaceuticals, Inc (Class B)		301
8,900		MacDermid, Inc		248,310
19,342		Mannatech, Inc		267,113
32,568	*	Medarex, Inc		451,067
14,584	*	Medicines Co		254,491
38,400		Medicis Pharmaceutical Corp (Class A)		1,230,720
5,527		Meridian Bioscience, Inc		111,314
22,550	*	MGI Pharma, Inc		386,958
4,500		Minerals Technologies, Inc		251,505
2,800	*	Momenta Pharmaceuticals, Inc		61,712

51

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

SHARES				VALUE
6,100	*	Myogen, Inc	$	183,976
17,230	*	Nabi Biopharmaceuticals		58,237
3,272		Natures Sunshine Products, Inc		59,158
5,000	*	NBTY, Inc		81,250
10,791	*	Neurocrine Biosciences, Inc		676,919
5,000	*	NewMarket Corp		122,300
6,900	*	Northfield Laboratories, Inc		92,460
1,900		Octel Corp		30,913
10,700		Olin Corp		210,576
6,400	*	OM Group, Inc		120,064
11,900	*	Onyx Pharmaceuticals, Inc		342,244
97,778	*	OraSure Technologies, Inc		862,402
8,200	*	Pain Therapeutics, Inc		55,432
5,656	*	Parexel International Corp		114,591
1,800	*	Parlux Fragrances, Inc		54,954
6,400	*	Penwest Pharmaceuticals Co		124,928
24,692		Perrigo Co		368,158
47,211	*	Pharmion Corp		838,939
29,007	*	Pioneer Cos, Inc		869,340
23,800	*	PolyOne Corp		153,034
7,000	*	Pozen, Inc		67,130
20,600	*	Revlon, Inc (Class A)		63,860
5,790	*	Rockwood Holdings, Inc		114,237
13,209	*	Salix Pharmaceuticals Ltd		232,214
6,800		Sensient Technologies Corp		121,720
18,315	*	StemCells, Inc		63,187
1,400		Stepan Co		37,646
15,100	*	SuperGen, Inc		76,255
7,171	*	Tanox, Inc		117,389
22,600	*	Terra Industries, Inc		126,560
20,311		UAP Holding Corp		414,751
11,826	*	United Therapeutics Corp		817,413
3,000	*	USANA Health Sciences, Inc		115,080
5,800		USEC, Inc		69,310
27,754	*	Vertex Pharmaceuticals, Inc		767,953
9,700		Wellman, Inc		65,766
12,200		Westlake Chemical Corp		351,482
16,685	*	WR Grace & Co		156,839
8,912	*	Zymogenetics, Inc		151,593
		TOTAL CHEMICALS AND ALLIED PRODUCTS		21,374,216
COAL MINING - 0.19%
6,200	*	Alpha Natural Resources, Inc		119,102
7,000		Foundation Coal Holdings, Inc		266,000
1,412	*	James River Coal Co		53,938
4,600		Penn Virginia Corp		264,040
		TOTAL COAL MINING		703,080

52

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

SHARES				VALUE
COMMUNICATIONS - 2.11%
18,900		Adtran, Inc	$	562,086
2,700		Anixter International, Inc		105,624
13,637	*	Audiovox Corp (Class A)		189,009
8,361	*	Brightpoint, Inc		231,851
15,600	*	Cbeyond Communications, Inc		160,680
5,512		Centennial Communications Corp		85,546
38,312	*	Charter Communications, Inc (Class A)		46,741
19,025	*	Cincinnati Bell, Inc		66,778
12,400		Citadel Broadcasting Corp		166,656
2,617		Commonwealth Telephone Enterprises, Inc		88,376
4,600		Consolidated Communications Holdings, Inc		59,754
5,600		CT Communications, Inc		67,984
8,241	*	Cumulus Media, Inc (Class A)		102,271
12,600	*	Dobson Communications Corp (Class A)		94,500
3,500	*	Emmis Communications Corp (Class A)		69,685
26,400	*	Entercom Communications Corp		783,288
7,600		Fairpoint Communications, Inc		78,736
59,051	*	Foundry Networks, Inc		815,494
14,110	*	General Communication, Inc (Class A)		145,756
6,454		Golden Telecom, Inc		167,546
15,700		Gray Television, Inc		154,174
500	*	Hungarian Telephone & Cable		7,775
18,650	*	IDT Corp (Class B)		218,205
5,700		Iowa Telecommunications Services, Inc		88,293
4,610	*	j2 Global Communications, Inc		197,031
154,600	*	Level 3 Communications, Inc		443,702
2,000		Liberty Corp		93,620
6,100	*	Lin TV Corp (Class A)		67,954
20,100	*	Mastec, Inc		210,447
7,500	*	NeuStar, Inc		228,675
4,163		North Pittsburgh Systems, Inc		78,556
5,506	*	Novatel Wireless, Inc		66,678
4,200	*	Price Communications Corp		62,454
18,721	*	Radio One, Inc (Class D)		193,762
3	v*	RCN Corp Wts 12/21/06		0
9,550	*	Regent Communications, Inc		44,312
4,800	*	Saga Communications, Inc (Class A)		52,176
2,550	*	Salem Communications Corp (Class A)		44,600
20,764	*	SBA Communications Corp		371,676
1,695		Shenandoah Telecom Co		67,529
9,513		Sinclair Broadcast Group, Inc (Class A)		87,520
4,900	*	Syniverse Holdings, Inc		102,410
9,534	*	Talk America Holdings, Inc		82,278
39,848	*	Ubiquitel, Inc		394,097
3,448		USA Mobility, Inc		95,579
8,600		Valor Communications Group, Inc		98,040
23,340	*	Wireless Facilities, Inc		119,034
		TOTAL COMMUNICATIONS		7,758,938

53

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

SHARES				VALUE
DEPOSITORY INSTITUTIONS - 9.35%
3,254	*	ACE Cash Express, Inc	$	75,981
1,000		Amcore Financial, Inc		30,410
3,623		Ameris Bancorp		71,880
4,998		Anchor Bancorp Wisconsin, Inc		151,639
14,280		Bancfirst Corp		1,128,120
17,772		Bank Mutual Corp		188,383
10,776		Bank of Granite Corp		199,679
1,600	*	Capital Crossing Bank		53,440
7,191		Cardinal Financial Corp		79,101
13,271		Cathay General Bancorp		476,960
16,500		Central Pacific Financial Corp		592,680
15,232		Chemical Financial Corp		483,768
14,400		Chittenden Corp		400,464
51,668		Citizens Banking Corp		1,433,787
4,000		Clifton Savings Bancorp, Inc		40,240
50,400		Community Bank System, Inc		1,136,520
3,256		Community Trust Bancorp, Inc		100,122
24,197		Corus Bankshares, Inc		1,361,565
39,892	*	EuroBancshares, Inc		565,270
4,403	*	Euronet Worldwide, Inc		122,403
6,900		First Bancorp (Puerto Rico)		85,629
5,607		First Citizens Bancshares, Inc (Class A)		977,973
1,179		First Financial Corp (Indiana)		31,833
15,267		First Financial Holdings, Inc		469,002
72,264		First Niagara Financial Group, Inc		1,045,660
798	*	First Regional Bancorp		53,905
14,500	*	FirstFed Financial Corp		790,540
35		Flushing Financial Corp		545
6,149		FNB Corp (Virginia)		188,590
57,317	*	Franklin Bank Corp		1,031,133
9,300		Fremont General Corp		216,039
70,430		Gold Banc Corp, Inc		1,283,235
56,449		Greater Bay Bancorp		1,446,223
62,203		Hanmi Financial Corp		1,110,946
1,500		Harleysville National Corp		28,650
500		Heartland Financial USA, Inc		10,850
300		Independent Bank Corp (Massachusetts)		8,559
12,496		Integra Bank Corp		266,665
7,891	*	ITLA Capital Corp		385,475
14,601		KNBT Bancorp, Inc		237,850
35,090		MAF Bancorp, Inc		1,452,024
36,483		MB Financial, Inc		1,291,498
53		Mercantile Bank Corp		2,041
40,196		Mid-State Bancshares		1,075,243
35,500		NewAlliance Bancshares, Inc		516,170
21,200		Old National Bancorp		458,768
2,675		Old Second Bancorp, Inc		81,775
100		Omega Financial Corp		2,787
4,071		Pennfed Financial Services, Inc		74,988
600		PFF Bancorp, Inc		18,312
36,904		Placer Sierra Bancshares		1,022,610
1,300		Preferred Bank		57,850

54

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

SHARES				VALUE
4,864		Premierwest Bancorp	$	68,096
11,294		Prosperity Bancshares, Inc		324,590
25,567		Provident Bankshares Corp		863,398
1,533		Provident Financial Holdings		40,318
22,600		Provident Financial Services, Inc		418,326
3,125		Provident New York Bancorp		34,406
8,690		R & G Financial Corp (Class B)		114,708
8,749		Sierra Bancorp		199,390
1,400	*	State National Bancshares, Inc		37,380
200		Sterling Financial Corp (Pennsylvania)		3,960
46,976		Sterling Financial Corp (Spokane)		1,173,460
9,457		Suffolk Bancorp		319,363
26,286	*	Sun Bancorp, Inc (New Jersey)		519,149
23,508	*	SVB Financial Group		1,101,115
21,001		Taylor Capital Group, Inc		848,440
6,900	*	Texas Capital Bancshares, Inc		154,629
40,416		TierOne Corp		1,188,635
21,370		UMB Financial Corp		1,365,757
1,714		United Security Bancshares		45,952
3,600		Univest Corp of Pennsylvania		87,372
96,600		W Holding Co, Inc		795,018
6,132		Westamerica Bancorporation		325,425
		TOTAL DEPOSITORY INSTITUTIONS		34,444,667
EATING AND DRINKING PLACES - 2.36%
4,194		Bob Evans Farms, Inc		96,714
3,317	*	California Pizza Kitchen, Inc		106,044
24,024	*	CEC Entertainment, Inc		817,777
121,250		CKE Restaurants, Inc		1,638,088
3,800	*	Dave & Buster's, Inc		66,918
40,600		Domino's Pizza, Inc		982,520
16,900		IHOP Corp		792,779
16,900	*	Jack in the Box, Inc		590,317
16,015	*	Krispy Kreme Doughnuts, Inc		91,926
6,000		Landry's Restaurants, Inc		160,260
8,797		Lone Star Steakhouse & Saloon, Inc		208,841
6,400	*	Luby's, Inc		85,120
3,200	*	McCormick & Schmick's Seafood Restaurants, Inc		72,352
7,512	*	O'Charleys, Inc		116,511
27,177	*	Papa John's International, Inc		1,611,868
3,900	*	PF Chang's China Bistro, Inc		193,557
20,836	*	Rare Hospitality International, Inc		633,206
1,277	*	Red Robin Gourmet Burgers, Inc		65,076
7,300		Ruby Tuesday, Inc		188,997
9,386	*	Ryan's Restaurant Group, Inc		113,195
3,400	*	The Steak N Shake Co		57,630
		TOTAL EATING AND DRINKING PLACES		8,689,696

55

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

SHARES				VALUE
EDUCATIONAL SERVICES - 0.12%
13,569	*	Corinthian Colleges, Inc	$	159,843
6,900	*	Educate, Inc		81,420
2,136		Strayer Education, Inc		200,143
		TOTAL EDUCATIONAL SERVICES		441,406
ELECTRIC, GAS, AND SANITARY SERVICES - 3.00%
2,500		American States Water Co		77,000
58,665	*	Aquila, Inc		211,194
14,200		Avista Corp		251,482
3,747		Black Hills Corp		129,684
128,700	b,*	Calpine Corp		26,770
600		Central Vermont Public Service Corp		10,806
1,800		CH Energy Group, Inc		82,620
23,400	*	Clean Harbors, Inc		674,154
39,700		Cleco Corp		827,745
5	*	CMS Energy Corp		73
1,921		Connecticut Water Service, Inc		47,084
30,220	*	Covanta Holding Corp		455,113
11,757		Duquesne Light Holdings, Inc		191,874
4,086	*	Duratek, Inc		61,004
3,600	*	El Paso Electric Co		75,744
6		Energen Corp		218
2,700		EnergySouth, Inc		72,306
3,200		Idacorp, Inc		93,760
2,500		ITC Holdings Corp		70,225
13,200		Laclede Group, Inc		385,572
6,431		Metal Management, Inc		149,585
2,441		MGE Energy, Inc		82,774
41,000		New Jersey Resources Corp		1,717,490
25,900		Nicor, Inc		1,018,129
11,700		Northwest Natural Gas Co		399,906
14,854		NorthWestern Corp		461,514
3,300		Ormat Technologies, Inc		86,262
8,811		Otter Tail Corp		255,343
11,455		Peoples Energy Corp		401,727
8,439	*	Pico Holdings, Inc		272,242
8,692		Resource America, Inc (Class A)		148,199
53,601	*	Sierra Pacific Resources		698,957
1,300		SJW Corp		59,150
7,800		South Jersey Industries, Inc		227,292
2,800		Southwest Gas Corp		73,920
2,500		UIL Holdings Corp		114,975
2,400		Unisource Energy Corp		74,880
18,100	*	Waste Connections, Inc		623,726
14,500		WGL Holdings, Inc		435,870
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		11,046,369

56

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

SHARES				VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.17%			$
2,000		Acuity Brands, Inc		63,600
31,245	*	Adaptec, Inc		181,846
65,147	*	Aeroflex, Inc		700,330
10,700		Alliance One International, Inc		41,730
4,800	*	American Superconductor Corp		37,776
10,162	*	AMIS Holdings, Inc		108,225
43,700	*	Applied Micro Circuits Corp		112,309
4,121		Applied Signal Technology, Inc		93,547
68,530	*	Arris Group, Inc		648,979
11,240	*	Artesyn Technologies, Inc		115,772
48,500	*	Atmel Corp		149,865
2,789	*	ATMI, Inc		78,008
3,626		Bel Fuse, Inc (Class B)		115,307
6,000	*	Benchmark Electronics, Inc		201,780
117,695	*	Brocade Communications Systems, Inc		479,019
3,017	*	Catapult Communications Corp		44,621
7,276	*	Ceradyne, Inc		318,689
8,579	*	Checkpoint Systems, Inc		211,472
112,000	*	Ciena Corp		332,640
6,508	*	Comtech Telecommunications Corp		198,754
91,400	*	Conexant Systems, Inc		206,564
10,700		CTS Corp		118,342
4,500		Cubic Corp		89,820
5,461	*	Cymer, Inc		193,920
5,520	*	Diodes, Inc		171,396
9,447	*	Ditech Communications Corp		78,882
4,558	*	DSP Group, Inc		114,223
6,570	*	Electro Scientific Industries, Inc		158,666
2,200	*	Energy Conversion Devices, Inc		89,650
1,500	*	EnerSys		19,560
6,000	*	Evergreen Solar, Inc		63,900
10,500	*	Exar Corp		131,460
10,800	*	Fairchild Semiconductor International, Inc		182,628
4,081		Franklin Electric Co, Inc		161,363
7,300	*	FuelCell Energy, Inc		61,831
34,900	*	Gemstar-TV Guide International, Inc		91,089
6,321	*	Genlyte Group, Inc		338,616
166,076	*	Glenayre Technologies, Inc		539,747
10,867	*	GrafTech International Ltd		67,593
2,100	*	Greatbatch, Inc		54,621
48,700	*	Harmonic, Inc		236,195
9,900	*	Hexcel Corp		178,695
5,400	*	Hutchinson Technology, Inc		153,630
34,700		Imation Corp		1,598,629
19,459	*	Integrated Device Technology, Inc		256,470
23,800	*	Interdigital Communications Corp		436,016
4,717		Inter-Tel, Inc		92,312
12,600	*	InterVoice, Inc		100,296
7,055	*	IXYS Corp		82,473
2,902	*	Lifeline Systems, Inc		106,097
3,915		Lincoln Electric Holdings, Inc		155,269

57

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

SHARES				VALUE
1,655	*	Littelfuse, Inc	$	45,099
2,985		LSI Industries, Inc		46,745
11,271	*	Mattson Technology, Inc		113,386
93,935	*	Maxtor Corp		651,909
9,600		Maytag Corp		180,672
17,729	*	McData Corp (Class A)		67,370
6,200	*	Mercury Computer Systems, Inc		127,906
10,451		Methode Electronics, Inc		104,196
17,286	*	Metrologic Instruments, Inc		332,928
8,294	*	Micrel, Inc		96,210
9,456	*	Microsemi Corp		261,553
11,818	*	MIPS Technologies, Inc		67,126
9,900	*	Moog, Inc		280,962
2,400	*	Multi-Fineline Electronix, Inc		115,608
9,096	*	Netlogic Microsystems, Inc		247,775
28,267	*	Omnivision Technologies, Inc		564,209
42,116	*	ON Semiconductor Corp		232,901
6,033	*	Openwave Systems, Inc		105,397
5,100		Park Electrochemical Corp		132,498
17,092	*	Pericom Semiconductor Corp		136,223
19,381	*	Photronics, Inc		291,878
11,866	*	Pixelworks, Inc		60,279
20,600		Plantronics, Inc		582,980
12,910	*	Plexus Corp		293,573
13,700	*	PMC - Sierra, Inc		105,627
50,488	*	Polycom, Inc		772,466
4,570	*	Portalplayer, Inc		129,422
11,300	*	Power-One, Inc		68,026
8,300	*	Powerwave Technologies, Inc		104,331
8,974	*	Rambus, Inc		145,289
3,823		Raven Industries, Inc		110,294
7,600		Regal-Beloit Corp		269,040
27,500	*	RF Micro Devices, Inc		148,775
7,458	*	Seachange International, Inc		58,918
15,395	*	Semtech Corp		281,113
21,175	*	Sigmatel, Inc		277,393
61,170	*	Silicon Image, Inc		553,589
12,652	*	Silicon Laboratories, Inc		463,822
19,410	*	Silicon Storage Technology, Inc		98,021
34,406	*	Skyworks Solutions, Inc		175,127
11,100		Spectralink Corp		131,757
4,248	*	Standard Microsystems Corp		121,875
8,854	*	Supertex, Inc		391,790
23,142	*	Sycamore Networks, Inc		99,973
12,993	*	Symmetricom, Inc		110,051
27,620	*	Synaptics, Inc		682,766
7,200		Technitrol, Inc		123,120
12,121	*	Tekelec		168,482
13,023	*	Tessera Technologies, Inc		336,645
17,293	*	Triquint Semiconductor, Inc		76,954
12,156	*	TTM Technologies, Inc		114,266
3,923	*	Universal Electronics, Inc		67,593

58

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

SHARES				VALUE
10,900	*	Varian Semiconductor Equipment Associates, Inc	$	478,837
5,163	*	Viasat, Inc		138,007
1,300	*	Volterra Semiconductor Corp		19,500
46,258	*	Westell Technologies, Inc		208,161
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		22,734,635
ENGINEERING AND MANAGEMENT SERVICES - 2.09%
32,319	*	Amylin Pharmaceuticals, Inc		1,290,174
21,700	*	Applera Corp (Celera Genomics Group)		237,832
3,300		CDI Corp		90,420
3,758	*	CRA International, Inc		179,219
13,900	*	CuraGen Corp		42,812
12,712	*	CV Therapeutics, Inc		314,368
16,098	*	deCODE genetics, Inc		132,969
23,026	*	DiamondCluster International, Inc		182,826
9,985	*	Digitas, Inc		125,012
6,265	*	eResearch Technology, Inc		94,602
24,423	*	Exelixis, Inc		230,065
2,036	*	Exponent, Inc		57,782
14,788	*	Harris Interactive, Inc		63,736
656	*	Huron Consulting Group, Inc		15,737
18,758	*	ICOS Corp		518,284
8,048	*	Keryx Biopharmaceuticals, Inc		117,823
4,300	*	LECG Corp		74,734
18,626	*	Lexicon Genetics, Inc		67,985
2,900		MAXIMUS, Inc		106,401
7,428	*	Maxygen, Inc		55,784
35,748	*	Monogram Biosciences, Inc		66,849
2,200	*	MTC Technologies, Inc		60,236
11,470	*	Myriad Genetics, Inc		238,576
8,517	*	Navigant Consulting, Inc		187,204
6,737	*	Neurogen Corp		44,397
7,192	*	Orchid Cellmark, Inc		54,659
5,162	*	Per-Se Technologies, Inc		120,584
10,198	*	Regeneron Pharmaceuticals, Inc		162,658
3,555	*	Resources Connection, Inc		92,643
6,900	*	Rigel Pharmaceuticals, Inc		57,684
17,900	*	Savient Pharmaceuticals, Inc		66,946
7,793	*	Seattle Genetics, Inc		36,783
7,002	*	Senomyx, Inc		84,864
5,370	*	SFBC International, Inc		85,974
37,800	*	Shaw Group, Inc		1,099,602
7,352	*	Sourcecorp		176,301
4,596	*	Symyx Technologies, Inc		125,425
5,200	*	Trimeris, Inc		59,748
4,645	*	URS Corp		174,698
11,364		Washington Group International, Inc		601,951
4,000		Watson Wyatt & Co Holdings		111,600
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,707,947

59

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

SHARES				VALUE
FABRICATED METAL PRODUCTS - 1.04%
3,200		Ameron International Corp	$	145,856
3,100		CIRCOR International, Inc		79,546
23,153		Commercial Metals Co		869,164
3,747	*	Commercial Vehicle Group, Inc		70,369
20,300		Crane Co		715,981
5,172		Dynamic Materials Corp		155,263
11,300	*	Earle M Jorgensen Co		104,299
6,700	*	Griffon Corp		159,527
2,311		Gulf Island Fabrication, Inc		56,180
8,400	*	Jacuzzi Brands, Inc		70,560
2,400	*	NCI Building Systems, Inc		101,952
12,966		Silgan Holdings, Inc		468,332
6,700		Simpson Manufacturing Co, Inc		243,545
5,600		Sun Hydraulics Corp		108,248
14,100	*	Taser International, Inc		98,418
3,700		Valmont Industries, Inc		123,802
3,500	*	Water Pik Technologies, Inc		75,145
6,500		Watts Water Technologies, Inc (Class A)		196,885
		TOTAL FABRICATED METAL PRODUCTS		3,843,072
FOOD AND KINDRED PRODUCTS - 0.94%
11,200		Corn Products International, Inc		267,568
18,790	*	Darling International, Inc		74,596
1,900		Diamond Foods, Inc		37,563
14,900		Flowers Foods, Inc		410,644
14,469	*	Gold Kist, Inc		216,312
2,050	*	Hansen Natural Corp		161,561
77,200	*	Hercules, Inc		872,360
896		J&J Snack Foods Corp		53,231
12,037		Lancaster Colony Corp		445,971
2,800	*	M&F Worldwide Corp		45,696
2,300	*	Peet's Coffee & Tea, Inc		69,805
2,900		Premium Standard Farms, Inc		43,384
18,600	*	Ralcorp Holdings, Inc		742,326
		TOTAL FOOD AND KINDRED PRODUCTS		3,441,017
FOOD STORES - 0.52%
100		Arden Group, Inc (Class A)		9,099
2,961		Ingles Markets, Inc (Class A)		46,340
30,172	*	Pantry, Inc		1,417,782
14,099	*	Pathmark Stores, Inc		140,849
9,800		Ruddick Corp		208,544
2,400		Weis Markets, Inc		103,296
		TOTAL FOOD STORES		1,925,910

60

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

SHARES				VALUE
FURNITURE AND FIXTURES - 1.36%
6,400	*	BE Aerospace, Inc	$	140,800
19,500		Ethan Allen Interiors, Inc		712,335
47,700		Furniture Brands International, Inc		1,065,141
3,982		Hooker Furniture Corp		68,291
6,900	*	Interface, Inc (Class A)		56,718
8,565		Kimball International, Inc (Class B)		91,046
88,100		La-Z-Boy, Inc		1,194,636
47,020	*	Select Comfort Corp		1,285,997
17,538		Stanley Furniture Co, Inc		406,531
		TOTAL FURNITURE AND FIXTURES		5,021,495
FURNITURE AND HOMEFURNISHINGS STORES - 0.31%
8,400	*	Bell Microproducts, Inc		64,260
5,520	*	GameStop Corp		175,646
3,143	*	Guitar Center, Inc		157,181
6,700		Haverty Furniture Cos, Inc		86,363
18,400		Knoll, Inc		314,824
4,800	*	Linens 'n Things, Inc		127,680
5,081		Movie Gallery, Inc		28,504
14,419	*	Trans World Entertainment Corp		82,188
5,169		Tuesday Morning Corp		108,135
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,144,781
GENERAL BUILDING CONTRACTORS - 0.34%
9,796		Brookfield Homes Corp		487,155
5,163	*	Comstock Homebuilding Cos, Inc		72,850
4,600		Levitt Corp (Class A)		104,604
6,700	*	Perini Corp		161,805
4,425		Technical Olympic USA, Inc		93,323
2,100		Walter Industries, Inc		104,412
5,200	*	WCI Communities, Inc		139,620
700	*	William Lyon Homes, Inc		70,630
		TOTAL GENERAL BUILDING CONTRACTORS		1,234,399
GENERAL MERCHANDISE STORES - 0.29%
17,100	*	Big Lots, Inc		205,371
1,900		Bon-Ton Stores, Inc		36,347
9,235		Casey's General Stores, Inc		229,028
6,300		Fred's, Inc		102,501
4,900	*	Retail Ventures, Inc		60,956
22,885		Stein Mart, Inc		415,363
		TOTAL GENERAL MERCHANDISE STORES		1,049,566

61

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

SHARES				VALUE
HEALTH SERVICES - 1.69%
500	*	Allied Healthcare International, Inc	$	3,070
2,853	*	Amedisys, Inc		120,511
3,512	*	America Service Group, Inc		55,700
8,100	*	American Retirement Corp		203,553
8,717	*	Amsurg Corp		199,271
9,150	*	Apria Healthcare Group, Inc		220,607
63,400	*	Beverly Enterprises, Inc		739,878
8,100	*	Enzo Biochem, Inc		100,602
18,835	*	Genesis HealthCare Corp		687,854
16,014	*	Gentiva Health Services, Inc		236,046
23,983		Hooper Holmes, Inc		61,157
21,200	*	Kindred Healthcare, Inc		546,112
1,627		LCA-Vision, Inc		77,299
22	*	LifePoint Hospitals, Inc		825
28,010	*	Magellan Health Services, Inc		880,915
12,300	*	Medcath Corp		228,165
24,941	*	Nektar Therapeutics		410,529
12,400	*	OCA, Inc		4,960
6,862	*	Odyssey HealthCare, Inc		127,908
5,572		Option Care, Inc		74,442
1,450	*	Pediatrix Medical Group, Inc		128,427
2,300	*	Psychiatric Solutions, Inc		135,102
8,900	*	RehabCare Group, Inc		179,780
4,200	*	Sunrise Senior Living, Inc		141,582
14,352	*	U.S. Physical Therapy, Inc		265,081
12,800	*	United Surgical Partners International, Inc		411,520
		TOTAL HEALTH SERVICES		6,240,896
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.07%
7,600		Granite Construction, Inc		272,916
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		272,916
HOLDING AND OTHER INVESTMENT OFFICES - 9.56%
11,400		Acadia Realty Trust		228,570
600	*	Alexander's, Inc		147,300
14,085		Anworth Mortgage Asset Corp		102,821
18,200		Apollo Investment Corp		326,326
3,800		Arbor Realty Trust, Inc		98,496
111,000		Ashford Hospitality Trust, Inc		1,164,390
6,200		Bimini Mortgage Management, Inc (Class A)		56,110
799		Capital Southwest Corp		72,310
3,200		CentraCore Properties Trust		85,984
13,200		Colonial Properties Trust		554,136
6,827		Cousins Properties, Inc		193,204
1,700	*	Criimi MAE, Inc		33,660
6,300		Education Realty Trust, Inc		81,207
900	*	Enstar Group, Inc		59,625

62

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

SHARES				VALUE
3,100		Equity Inns, Inc	$	42,005
29,200		Equity Lifestyle Properties, Inc		1,299,400
14,700		FelCor Lodging Trust, Inc		252,987
15,100		Fieldstone Investment Corp		179,086
3,343		Gladstone Capital Corp		71,473
2,400		Gladstone Investment Corp		32,616
11,700		GMH Communities Trust		181,467
5,900		Harris & Harris Group, Inc		82,010
15,900		Highwoods Properties, Inc		452,355
22,233		Home Properties, Inc		907,106
78,500		Innkeepers U.S.A. Trust		1,256,000
228,955		iShares Russell 2000 Index Fund		15,269,009
17,100		Kilroy Realty Corp		1,058,490
39,400		LaSalle Hotel Properties		1,446,768
11,900		Luminent Mortgage Capital, Inc		89,369
7,100		Maguire Properties, Inc		219,390
25,800	*	MeriStar Hospitality Corp		242,520
27,574		Mid-America Apartment Communities, Inc		1,337,339
6,900		National Health Investors, Inc		179,124
59,900		Omega Healthcare Investors, Inc		754,141
25,000		Pennsylvania Real Estate Investment Trust		934,000
11,700		Post Properties, Inc		467,415
13,300		Prentiss Properties Trust		541,044
27,400		PS Business Parks, Inc		1,348,080
44,200		Ramco-Gershenson Properties		1,177,930
246		Redwood Trust, Inc		10,150
5,300		Sovran Self Storage, Inc		248,941
12,900		Strategic Hotel Capital, Inc		265,482
4,800		Sun Communities, Inc		150,720
9,500		Tanger Factory Outlet Centers, Inc		273,030
37,000		Town & Country Trust		1,250,970
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		35,224,556
HOTELS AND OTHER LODGING PLACES - 0.35%
4,746		Ameristar Casinos, Inc		107,734
3,000	*	Aztar Corp		91,170
12,900	*	Bluegreen Corp		203,820
3,500	*	Gaylord Entertainment Co		152,565
2,662	*	Isle of Capri Casinos, Inc		64,846
24,400	*	La Quinta Corp		271,816
4,400		Marcus Corp		103,400
2,600	*	Monarch Casino & Resort, Inc		58,760
8,100	*	MTR Gaming Group, Inc		84,321
4,200	*	Vail Resorts, Inc		138,726
		TOTAL HOTELS AND OTHER LODGING PLACES		1,277,158
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.18%
2,000		Actuant Corp		111,600
92,525	*	Advanced Digital Information Corp		905,820

63

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

SHARES				VALUE
16,100	*	AGCO Corp	$	266,777
23,000		Albany International Corp (Class A)		831,680
4,639	*	Astec Industries, Inc		151,510
1,616	*	ASV, Inc		40,368
22,508	*	Axcelis Technologies, Inc		107,363
2,974		Black Box Corp		140,908
56,600	*	Blount International, Inc		901,638
4,000		Briggs & Stratton Corp		155,160
13,047	*	Brooks Automation, Inc		163,479
1,220		Bucyrus International, Inc (Class A)		64,294
4,400		Cascade Corp		206,404
108,403	*	Cirrus Logic, Inc		724,132
3,300		Curtiss-Wright Corp		180,180
13,627	*	Dot Hill Systems Corp		94,435
52,190	*	Emulex Corp		1,032,840
12,454		Engineered Support Systems, Inc		518,585
23,600	*	EnPro Industries, Inc		636,020
17,242	*	Entegris, Inc		162,420
28,335	*	Extreme Networks, Inc		134,591
10,257	*	Fargo Electronics, Inc		197,447
800	*	Flanders Corp		9,728
11,400	*	Flowserve Corp		450,984
5,000	*	Gardner Denver, Inc		246,500
76,035	*	Gateway, Inc		190,848
5,011	*	Global Imaging Systems, Inc		173,531
4,296	*	Hydril		268,930
14,100	*	Intermec, Inc		476,580
2,100	*	Kadant, Inc		38,850
8,500		Kaydon Corp		273,190
21,310		Kennametal, Inc		1,087,662
8,493	*	Komag, Inc		294,367
11,824	*	Kulicke & Soffa Industries, Inc		104,524
33,700		Lennox International, Inc		950,340
3,628		Lufkin Industries, Inc		180,928
3,000		Manitowoc Co, Inc		150,660
4,385	*	Micros Systems, Inc		211,883
1,200	*	Middleby Corp		103,800
25,300		Modine Manufacturing Co		824,527
2,300		Nacco Industries, Inc (Class A)		269,445
17,603	*	Netgear, Inc		338,858
4,879		NN, Inc		51,717
7,483		Nordson Corp		303,136
11,900	*	Oil States International, Inc		376,992
31,153	*	Palm, Inc		990,665
17,950	*	PAR Technology Corp		498,292
9,600	*	Paxar Corp		188,448
3,800	*	ProQuest Co		106,058
2,400	*	Rimage Corp		69,552
816	*	Scansource, Inc		44,619
11,700		Stewart & Stevenson Services, Inc		247,221
4,477		Tecumseh Products Co (Class A)		102,568
18,000		Tennant Co		936,000

64

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

SHARES				VALUE
15,000	*	VeriFone Holdings, Inc	$	379,500
2,500		Watsco, Inc		149,525
2,864		Woodward Governor Co		246,333
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		19,064,412
INSTRUMENTS AND RELATED PRODUCTS - 6.17%
5,600	*	Abiomed, Inc		51,744
3,031	*	ADE Corp		72,926
17,967	*	Align Technology, Inc		116,246
61,720	*	American Medical Systems Holdings, Inc		1,100,468
2,400	*	American Science & Engineering, Inc		149,688
3,600	*	Animas Corp		86,940
2,500	*	ARGON ST, Inc		77,450
25,996	*	Aspect Medical Systems, Inc		892,963
4,825	*	Biosite, Inc		271,599
44,779	*	Bruker BioSciences Corp		217,626
8,800	*	Caliper Life Sciences, Inc		51,744
6,733	*	Candela Corp		97,225
53,133	*	Cepheid, Inc		466,508
4,292		CNS, Inc		94,038
14,716	*	Coherent, Inc		436,771
5,607		Cohu, Inc		128,232
8,787	*	Conmed Corp		207,900
6,077	*	Dionex Corp		298,259
6,400	*	DJ Orthopedics, Inc		176,512
4,100		DRS Technologies, Inc		210,822
4,600		EDO Corp		124,476
13,400	*	ESCO Technologies, Inc		596,166
7,500	*	Esterline Technologies Corp		278,925
2,900	*	ev3, Inc		42,746
3,482	*	Excel Technology, Inc		82,802
3,579	*	FEI Co		68,609
10,000	*	Formfactor, Inc		244,300
9,464	*	Fossil, Inc		203,571
15,466	*	Foxhollow Technologies, Inc		460,732
7,600	*	Haemonetics Corp		371,336
10,600	*	HealthTronics, Inc		81,090
3,323	*	Herley Industries, Inc		54,863
3,700	*	Hologic, Inc		140,304
4,049	*	ICU Medical, Inc		158,761
5,856	*	I-Flow Corp		85,615
6,504	*	II-VI, Inc		116,226
10,527	*	Illumina, Inc		148,431
26,324	*	Integra LifeSciences Holdings Corp		933,449
16,316	*	Intuitive Surgical, Inc		1,913,377
9,000		Invacare Corp		283,410
37,508	*	Itron, Inc		1,501,820
42,231	*	Ixia		624,174
3,700		Keithley Instruments, Inc		51,726
20,700	*	Kopin Corp		110,745

65

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

SHARES				VALUE
16,841	*	Kyphon, Inc	$	687,618
12,000	*	LaBarge, Inc		172,440
3,469	*	LeCroy Corp		53,041
3,100	*	Measurement Specialties, Inc		75,485
1	*	Merit Medical Systems, Inc		12
32,300		Mine Safety Appliances Co		1,169,583
32,514	*	MKS Instruments, Inc		581,675
5,046	*	Molecular Devices Corp		145,981
4,200		Movado Group, Inc		76,860
17,748		MTS Systems Corp		614,791
14,900	*	Neurometrix, Inc		406,472
6,316	*	Newport Corp		85,519
4,500	*	NuVasive, Inc		81,450
7,200		Oakley, Inc		105,768
1,464		PolyMedica Corp		49,000
8,728	*	Rofin-Sinar Technologies, Inc		379,406
3,761	*	Rudolph Technologies, Inc		48,442
5,503	*	Sirf Technology Holdings, Inc		163,989
20,450		STERIS Corp		511,659
11,800	*	Sybron Dental Specialties, Inc		469,758
28,200	*	Teledyne Technologies, Inc		820,620
32,031	*	Thoratec Corp		662,721
68,548	*	TriPath Imaging, Inc		414,030
6,000		United Industrial Corp		248,220
13,782	*	Varian, Inc		548,386
1,649		Vital Signs, Inc		70,610
10,660		X-Rite, Inc		106,600
2,675		Young Innovations, Inc		91,164
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		22,724,615
INSURANCE AGENTS, BROKERS AND SERVICE - 0.08%
7,000		Clark, Inc		92,750
1,400		Hilb Rogal & Hobbs Co		53,914
2,100		National Financial Partners Corp		110,355
3,415	*	USI Holdings Corp		47,025
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		304,044
INSURANCE CARRIERS - 2.62%
6,800		21st Century Insurance Group		110,024
6,110		Affirmative Insurance Holdings, Inc		89,145
2,089		Alfa Corp		33,633
25,581	*	American Physicians Capital, Inc		1,171,354
1,683	*	Argonaut Group, Inc		55,152
14,600		Bristol West Holdings, Inc		277,838
29,202	*	Centene Corp		767,721
4,744	*	Ceres Group, Inc		24,526
500		Delphi Financial Group, Inc (Class A)		23,005
8,643		Direct General Corp		146,067

66

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

SHARES				VALUE
733		Donegal Group, Inc	$	17,035
17,250		EMC Insurance Group, Inc		343,965
5,600		Great American Financial Resources, Inc		111,104
1,825		Harleysville Group, Inc		48,363
7,719	*	HealthExtras, Inc		193,747
36,500		Horace Mann Educators Corp		692,040
5,405		Infinity Property & Casualty Corp		201,120
20,300		LandAmerica Financial Group, Inc		1,266,720
3,074		Midland Co		110,787
16,030	*	Molina Healthcare, Inc		427,039
388		National Western Life Insurance Co (Class A)		80,281
13,364		Ohio Casualty Corp		378,468
5,500		Phoenix Cos, Inc		75,020
6,190	*	PMA Capital Corp (Class A)		56,515
9,478		Presidential Life Corp		180,461
5,800	*	ProAssurance Corp		282,112
16,000		RLI Corp		797,920
5,341		Safety Insurance Group, Inc		215,616
700	*	SeaBright Insurance Holdings, Inc		11,641
8,416		Selective Insurance Group, Inc		446,890
1,991		State Auto Financial Corp		72,592
5,500		Stewart Information Services Corp		267,685
3,501	*	Triad Guaranty, Inc		154,009
6,800		UICI		241,468
5,200	*	WellCare Health Plans, Inc		212,420
1,450		Zenith National Insurance Corp		66,874
		TOTAL INSURANCE CARRIERS		9,650,357
JUSTICE, PUBLIC ORDER AND SAFETY - 0.09%
6,200	*	Corrections Corp of America		278,814
2,900	*	Geo Group, Inc		66,497
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		345,311
LEATHER AND LEATHER PRODUCTS - 0.28%
4,000		Brown Shoe Co, Inc		169,720
5,900	*	Genesco, Inc		228,861
8,794		Steven Madden Ltd		257,049
200		Weyco Group, Inc		3,820
17,150		Wolverine World Wide, Inc		385,189
		TOTAL LEATHER AND LEATHER PRODUCTS		1,044,639
LEGAL SERVICES - 0.22%
26,100	*	FTI Consulting, Inc		716,184
2,100		Pre-Paid Legal Services, Inc		80,241
		TOTAL LEGAL SERVICES		796,425

67

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

SHARES				VALUE
LUMBER AND WOOD PRODUCTS - 0.18%
1,570		American Woodmark Corp	$	38,920
22,500	*	Champion Enterprises, Inc		306,450
1,700		Deltic Timber Corp		88,162
1,000		Skyline Corp		36,400
3,430		Universal Forest Products, Inc		189,508
		TOTAL LUMBER AND WOOD PRODUCTS		659,440
METAL MINING - 0.28%
6,600		Cleveland-Cliffs, Inc		584,562
39,700	*	Coeur d'Alene Mines Corp		158,800
18,300	*	Hecla Mining Co		74,298
3,150		Royal Gold, Inc		109,400
9,600	*	Stillwater Mining Co		111,072
		TOTAL METAL MINING		1,038,132
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.50%
11,600		Blyth, Inc		243,020
5,200		Callaway Golf Co		71,968
4,300		Charles & Colvard Ltd		86,860
4,300		Daktronics, Inc		127,151
390		Escalade, Inc		4,590
8,927	*	Jakks Pacific, Inc		186,931
4,900		Marine Products Corp		51,401
7,400		Nautilus, Inc		138,084
3,641	*	RC2 Corp		129,328
2,700	*	Shuffle Master, Inc		67,878
600	*	Steinway Musical Instruments, Inc		15,306
28,600		Yankee Candle Co, Inc		732,160
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,854,677
MISCELLANEOUS RETAIL - 1.10%
199	*	1-800-FLOWERS.COM, Inc (Class A)		1,278
6,046		Big 5 Sporting Goods Corp		132,347
1,432		Blair Corp		55,762
2,500	*	Build-A-Bear Workshop, Inc		74,100
30,800		Cash America International, Inc		714,252
6,662	*	Coldwater Creek, Inc		203,391
4,169	*	Hibbett Sporting Goods, Inc		118,733
19,400		Longs Drug Stores Corp		705,966
1,800	*	Nutri/System, Inc		64,836
22,623	*	Petco Animal Supplies, Inc		496,575
33,371	*	Priceline.com, Inc		744,841
3,151	*	Sharper Image Corp		30,691
7,500	*	Sports Authority, Inc		233,475
4,000	*	Stamps.com, Inc		91,840

68

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

SHARES				VALUE
3,400		World Fuel Services Corp	$	114,648
10,040	*	Zale Corp		252,506
		TOTAL MISCELLANEOUS RETAIL		4,035,241
MOTION PICTURES - 0.33%
21,500		Blockbuster, Inc (Class A)		80,625
3,559		Carmike Cinemas, Inc		90,256
58,126	*	Macrovision Corp		972,448
7,155	*	Time Warner Telecom, Inc (Class A)		70,477
		TOTAL MOTION PICTURES		1,213,806
NONDEPOSITORY INSTITUTIONS - 1.29%
2,416	*	Accredited Home Lenders Holding Co		119,785
15,700		Advance America Cash Advance Centers, Inc		194,680
1,688		Advanta Corp (Class A)		50,859
1,700		Advanta Corp (Class B)		55,148
3,200		Ares Capital Corp		51,424
3,060		Asta Funding, Inc		83,660
31,500		CharterMac		667,170
7,200	*	Collegiate Funding Services LLC		142,200
13,258	*	CompuCredit Corp		510,168
2,228	*	Credit Acceptance Corp		35,871
29,584		Doral Financial Corp		313,590
7,089	*	Encore Capital Group, Inc		122,994
4,500		Federal Agricultural Mortgage Corp (Class C)		134,685
41,395	*	First Cash Financial Services, Inc		1,207,078
28,498		MCG Capital Corp		415,786
4,700		NGP Capital Resources Co		61,711
10,100	*	Ocwen Financial Corp		87,870
16,890	*	World Acceptance Corp		481,365
		TOTAL NONDEPOSITORY INSTITUTIONS		4,736,044
NONMETALLIC MINERALS, EXCEPT FUELS - 0.03%
3,600		AMCOL International Corp		73,872
2,200		Compass Minerals International, Inc		53,988
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		127,860
OIL AND GAS EXTRACTION - 3.14%
2,864	*	Atlas America, Inc		172,470
2,050	*	ATP Oil & Gas Corp		75,871
3,900	*	Atwood Oceanics, Inc		304,317
2,637		Berry Petroleum Co (Class A)		150,836
2,300	*	Bill Barrett Corp		88,803
2,000	*	Bronco Drilling Co, Inc		46,020

69

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

SHARES				VALUE
22,472		Cabot Oil & Gas Corp (Class A)	$	1,013,487
6,000	*	Cal Dive International, Inc		215,340
4,000	*	Callon Petroleum Co		70,600
7,400	*	Cheniere Energy, Inc		275,428
17,820		Cimarex Energy Co		766,438
2,100	*	Comstock Resources, Inc		64,071
4,818	*	Edge Petroleum Corp		120,016
7,400	*	Encore Acquisition Co		237,096
4,850	*	FX Energy, Inc		38,703
9,100	*	Gasco Energy, Inc		59,423
40,711	*	Global Industries Ltd		462,070
93,700	*	Grey Wolf, Inc		724,301
5	*	Hanover Compressor Co		71
24,900	*	Harvest Natural Resources, Inc		221,112
3,300	*	Houston Exploration Co		174,240
4,900	*	KCS Energy, Inc		118,678
3,700	*	McMoRan Exploration Co		73,149
19,940	*	Meridian Resource Corp		83,748
11,000	*	Newpark Resources, Inc		83,930
3,800	*	Oceaneering International, Inc		189,164
56,300	*	Parker Drilling Co		609,729
500	v*	PetroCorp (Escrow)		0
8,416	*	PetroHawk Energy Corp		111,260
5,194	*	Petroleum Development Corp		173,168
6,700	*	Remington Oil & Gas Corp		244,550
6,150		RPC, Inc		161,991
2,500	*	SEACOR Holdings, Inc		170,250
31,300		St. Mary Land & Exploration Co		1,152,153
3,500	*	Stone Energy Corp		159,355
7,400	*	Superior Energy Services		155,770
20,600	*	Swift Energy Co		928,442
2,300	*	Tetra Technologies, Inc		70,196
7,100		Todco		270,226
2,450	*	Toreador Resources Corp		51,622
12,379	*	Transmontaigne, Inc		81,701
25,500	*	Veritas DGC, Inc		904,995
6,800		W&T Offshore, Inc		199,920
4,900	*	W-H Energy Services, Inc		162,092
3,300	*	Whiting Petroleum Corp		132,000
		TOTAL OIL AND GAS EXTRACTION		11,568,802
PAPER AND ALLIED PRODUCTS - 0.47%
5,177		Bowater, Inc		159,037
9,000	*	Buckeye Technologies, Inc		72,450
600		Chesapeake Corp		10,188
4,600		Glatfelter		65,274
4,500		Greif, Inc (Class A)		298,260
14,400		Longview Fibre Co		299,664
2,400		Neenah Paper, Inc		67,200
7,700	*	Playtex Products, Inc		105,259

70

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

SHARES				VALUE
3,300		Potlatch Corp	$	168,234
26,200		Rock-Tenn Co (Class A)		357,630
2,800		Schweitzer-Mauduit International, Inc		69,384
5,000		Wausau Paper Corp		59,250
		TOTAL PAPER AND ALLIED PRODUCTS		1,731,830
PERSONAL SERVICES - 0.18%
2,770	*	Coinstar, Inc		63,239
4,024		G & K Services, Inc (Class A)		157,942
9,200		Jackson Hewitt Tax Service, Inc		254,932
2,600		Regis Corp		100,282
2,500		Unifirst Corp		77,750
		TOTAL PERSONAL SERVICES		654,145
PETROLEUM AND COAL PRODUCTS - 1.20%
69,964	*	Alon USA Energy, Inc		1,374,793
2,500		ElkCorp		84,150
21,279		Frontier Oil Corp		798,601
18,300	*	Giant Industries, Inc		950,868
11,522	*	Headwaters, Inc		408,340
9,400		Holly Corp		553,378
1,605		Tesoro Corp		98,788
5,000		WD-40 Co		131,300
		TOTAL PETROLEUM AND COAL PRODUCTS		4,400,218
PRIMARY METAL INDUSTRIES - 2.24%
18,900	*	AK Steel Holding Corp		150,255
17,900	*	Aleris International, Inc		577,096
16,800		Belden CDT, Inc		410,424
4,400	*	Brush Engineered Materials, Inc		69,960
1,900		Carpenter Technology Corp		133,893
6,741	*	Century Aluminum Co		176,682
3,944	*	Chaparral Steel Co		119,306
16,200	*	CommScope, Inc		326,106
2,239	*	Encore Wire Corp		50,960
10,500	*	General Cable Corp		206,850
7,151		Gibraltar Industries, Inc		164,044
13,400	*	Lone Star Technologies, Inc		692,244
5,599		Matthews International Corp (Class A)		203,860
12,700	*	Maverick Tube Corp		506,222
2,100		Mueller Industries, Inc		57,582
34,840	*	NS Group, Inc		1,456,660
5,045	*	Oregon Steel Mills, Inc		148,424
21,750		Quanex Corp		1,086,848
3,400		Roanoke Electric Steel Corp		80,240
3,600	*	RTI International Metals, Inc		136,620

71

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

SHARES				VALUE
6,371		Schnitzer Steel Industries, Inc (Class A)	$	194,889
14,359		Steel Dynamics, Inc		509,888
1,627		Steel Technologies, Inc		45,540
5,000	*	Superior Essex, Inc		100,800
1,300		Texas Industries, Inc		64,792
1,700	*	Titanium Metals Corp		107,542
4,900		Tredegar Corp		63,161
21,200		Worthington Industries, Inc		407,252
		TOTAL PRIMARY METAL INDUSTRIES		8,248,140
PRINTING AND PUBLISHING - 0.94%
3,600		Banta Corp		179,280
14,400	*	Cenveo, Inc		189,504
6,400	*	Consolidated Graphics, Inc		302,976
1,658		CSS Industries, Inc		50,950
7,400		Ennis, Inc		134,458
11,506		John H Harland Co		432,626
6,600		Journal Communications, Inc		92,070
13,000		Journal Register Co		194,350
2,800	*	Martha Stewart Living Omnimedia, Inc (Class A)		48,804
9,100		Media General, Inc (Class A)		461,370
354	*	Presstek, Inc		3,200
14,300	*	Primedia, Inc		23,023
28,400		Reader's Digest Association, Inc (Class A)		432,248
11,980	*	Scholastic Corp		341,550
4,300		Standard Register Co		67,983
4,300		Thomas Nelson, Inc		105,995
14,400	*	Valassis Communications, Inc		418,608
		TOTAL PRINTING AND PUBLISHING		3,478,995
RAILROAD TRANSPORTATION - 0.16%
24,095	*	Kansas City Southern Industries, Inc		588,641
		TOTAL RAILROAD TRANSPORTATION		588,641
REAL ESTATE - 1.19%
40,108	*	Alderwoods Group, Inc		636,514
1,700		Consolidated-Tomoka Land Co		120,530
16,971	*	Housevalues, Inc		221,132
31,400		Jones Lang LaSalle, Inc		1,580,990
17,862		Stewart Enterprises, Inc (Class A)		96,633
53,300	*	Trammell Crow Co		1,367,145
42,200	*	ZipRealty, Inc		355,324
		TOTAL REAL ESTATE		4,378,268

72

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

SHARES				VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.45%
4,940	*	Goodyear Tire & Rubber Co	$	85,857
28,241		Schulman (A.), Inc		607,746
17,700	*	Skechers U.S.A., Inc (Class A)		271,164
3,900		Spartech Corp		85,605
17,800		Titan International, Inc		307,050
13,600		Tupperware Corp		304,640
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,662,062
SECURITY AND COMMODITY BROKERS - 0.93%
1,000		BKF Capital Group, Inc		18,950
6,660		Calamos Asset Management, Inc (Class A)		209,457
1,700	*	GFI Group, Inc		80,631
11,800	*	Investment Technology Group, Inc		418,192
96,676	*	Knight Capital Group, Inc		956,126
43,200	*	LaBranche & Co, Inc		436,752
6,464	*	MarketAxess Holdings, Inc		73,884
2,500	*	Morningstar, Inc		86,600
13,100	*	Nasdaq Stock Market, Inc		460,858
3,516		optionsXpress Holdings, Inc		86,318
2,200	*	Piper Jaffray Cos		88,880
4,300	*	Stifel Financial Corp		161,637
4,700		SWS Group, Inc		98,418
11,500		Waddell & Reed Financial, Inc (Class A)		241,155
		TOTAL SECURITY AND COMMODITY BROKERS		3,417,858
SOCIAL SERVICES - 0.26%
20,114	*	Bright Horizons Family Solutions, Inc		745,224
11,915	*	Res-Care, Inc		206,964
		TOTAL SOCIAL SERVICES		952,188
SPECIAL TRADE CONTRACTORS - 0.82%
13,202	*	AsiaInfo Holdings, Inc		52,544
7,500		Chemed Corp		372,600
13,500		Comfort Systems USA, Inc		124,200
8,200	*	Dycom Industries, Inc		180,400
26,200	*	EMCOR Group, Inc		1,769,286
2,900	*	Layne Christensen Co		73,747
34,400	*	Quanta Services, Inc		453,048
		TOTAL SPECIAL TRADE CONTRACTORS		3,025,825
STONE, CLAY, AND GLASS PRODUCTS - 0.11%
7,943		Apogee Enterprises, Inc		128,835
2,132	*	Cabot Microelectronics Corp		62,532

73

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

SHARES				VALUE
1,500		CARBO Ceramics, Inc	$	84,780
500		Eagle Materials, Inc		61,180
900	b,*	USG Corp		58,500
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		395,827
TEXTILE MILL PRODUCTS - 0.05%
5,097	*	Dixie Group, Inc		70,237
2,000		Oxford Industries, Inc		109,400
		TOTAL TEXTILE MILL PRODUCTS		179,637
TOBACCO PRODUCTS - 0.03%
1,700		Universal Corp (Virginia)		73,712
1,200		Vector Group Ltd		21,804
		TOTAL TOBACCO PRODUCTS		95,516
TRANSPORTATION BY AIR - 0.86%
138,078	*	ABX Air, Inc		1,081,151
24,150	*	Airtran Holdings, Inc		387,125
25,100	*	Continental Airlines, Inc (Class B)		534,630
12,060	b,*	Delta Air Lines, Inc		9,045
21,298	*	EGL, Inc		800,166
12,900	*	ExpressJet Holdings, Inc		104,361
5,900	*	Offshore Logistics, Inc		172,280
6,969	*	World Air Holdings, Inc		67,042
		TOTAL TRANSPORTATION BY AIR		3,155,800
TRANSPORTATION EQUIPMENT - 2.44%
2,500		A.O. Smith Corp		87,750
18,600	*	AAR Corp		445,470
8,028	*	Aftermarket Technology Corp		156,064
11,100		American Axle & Manufacturing Holdings, Inc		203,463
8,997		Arctic Cat, Inc		180,480
5,550	*	Armor Holdings, Inc		236,708
15,800		ArvinMeritor, Inc		227,362
8,900		Clarcor, Inc		264,419
14,600		Federal Signal Corp		219,146
6,300	*	Fleetwood Enterprises, Inc		77,805
7,650		Freightcar America, Inc		367,812
9,200	*	GenCorp, Inc		163,300
21,900	*	Group 1 Automotive, Inc		688,317
4,500		Heico Corp		116,460
38,500		JLG Industries, Inc		1,757,910
6,995		Kaman Corp (Class A)		137,732
3,900		Monaco Coach Corp		51,870

74

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

SHARES				VALUE
15,100	*	Orbital Sciences Corp	$	193,884
1,700	*	Sequa Corp (Class A)		117,385
2,200		Superior Industries International, Inc		48,972
8,760	*	Tenneco, Inc		171,784
13,100		Thor Industries, Inc		524,917
1,200		Trinity Industries, Inc		52,884
5,700	*	Triumph Group, Inc		208,677
101,300	*	Visteon Corp		634,138
36,600		Wabash National Corp		697,230
9,400		Westinghouse Air Brake Technologies Corp		252,860
20,900		Winnebago Industries, Inc		695,552
		TOTAL TRANSPORTATION EQUIPMENT		8,980,351
TRANSPORTATION SERVICES - 0.77%
3,300		Ambassadors Group, Inc		75,537
13,000		GATX Corp		469,040
30,443	*	HUB Group, Inc		1,076,160
1,586	*	Navigant International, Inc		17,208
44,192		Pacer International, Inc		1,151,644
3,760	*	Pegasus Solutions, Inc		33,727
		TOTAL TRANSPORTATION SERVICES		2,823,316
TRUCKING AND WAREHOUSING - 0.39%
7,575		Arkansas Best Corp		330,876
20,616		Forward Air Corp		755,576
13,335		Heartland Express, Inc		270,567
9,400	*	SIRVA, Inc		75,200
		TOTAL TRUCKING AND WAREHOUSING		1,432,219
WATER TRANSPORTATION - 0.24%
22,503	*	Gulfmark Offshore, Inc		666,539
1,400	*	Hornbeck Offshore Services, Inc		45,780
2,200	*	Kirby Corp		114,774
2,500		Maritrans, Inc		65,050
		TOTAL WATER TRANSPORTATION		892,143
WHOLESALE TRADE-DURABLE GOODS - 1.58%
8,854		Agilysys, Inc		161,320
7,450		Applied Industrial Technologies, Inc		250,991
9,400	*	Aviall, Inc		270,720
4,400		Barnes Group, Inc		145,200
3,800	*	Beacon Roofing Supply, Inc		109,174
6,744		Building Material Holding Corp		460,008
5,600	*	Castle (A.M.) & Co		122,304

75

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

SHARES				VALUE
31,813	*	Digi International, Inc	$	333,718
1,400	*	Drew Industries, Inc		39,466
9,730	*	Genesis Microchip, Inc		176,016
18,500		Hughes Supply, Inc		663,225
13,200		IKON Office Solutions, Inc		137,412
39,327	*	Insight Enterprises, Inc		771,202
3,405	*	Keystone Automotive Industries, Inc		107,189
2,100	*	LKQ Corp		72,702
3,200	*	Merge Technologies, Inc		80,128
1,400	*	MWI Veterinary Supply, Inc		36,134
11,100		Owens & Minor, Inc		305,583
4,152	*	PSS World Medical, Inc		61,616
8,400		Reliance Steel & Aluminum Co		513,408
29,300		Ryerson Tull, Inc		712,576
1,268	*	Strattec Security Corp		51,253
10,100	*	Tyler Technologies, Inc		88,678
3,100	*	WESCO International, Inc		132,463
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,802,486
WHOLESALE TRADE-NONDURABLE GOODS - 1.17%
4,900		Handleman Co		60,858
18,200		Kenneth Cole Productions, Inc (Class A)		464,100
10,028		K-Swiss, Inc (Class A)		325,308
1,000	*	Maui Land & Pineapple Co, Inc		33,930
2,400	*	Men's Wearhouse, Inc		70,656
5,000		Myers Industries, Inc		72,900
2,963		Nash Finch Co		75,497
15,800		Nu Skin Enterprises, Inc (Class A)		277,764
52,124	*	Performance Food Group Co		1,478,747
2,800	*	Perry Ellis International, Inc		53,200
1,907	*	School Specialty, Inc		69,491
3,900	*	Smart & Final, Inc		50,232
2,736	*	Source Interlink Cos, Inc		30,424
43,027	*	Spartan Stores, Inc		448,341
15,900		Stride Rite Corp		215,604
1,500		The Andersons, Inc		64,620
3,036	*	Tractor Supply Co		160,726
1,949	*	United Natural Foods, Inc		51,454
6,157	*	United Stationers, Inc		298,615
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		4,302,467
		TOTAL COMMON STOCKS		367,762,359
		(Cost $347,521,174)
		TOTAL PORTFOLIO - 99.86%		367,762,359
		(Cost $347,521,174)
		OTHER ASSETS & LIABILITIES, NET - 0.14%		533,518
		NET ASSETS - 100.00%	$	368,295,877

76

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

77

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
PREFERRED STOCKS - 0.00% **
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
30		Simon Property Group, Inc	$	1,893
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,893
		TOTAL PREFERRED STOCKS		1,893
		(Cost $957)
COMMON STOCKS - 100.37%
AMUSEMENT AND RECREATION SERVICES - 0.18%
9,411		Harrah's Entertainment, Inc		670,910
275		International Speedway Corp (Class A)		13,173
5,603	*	Marvel Entertainment, Inc		91,777
5,557	*	Penn National Gaming, Inc		183,103
953		Westwood One, Inc		15,534
		TOTAL AMUSEMENT AND RECREATION SERVICES		974,497
APPAREL AND ACCESSORY STORES - 1.09%
7,062		Abercrombie & Fitch Co (Class A)		460,301
9,896		American Eagle Outfitters, Inc		227,410
2,810	*	AnnTaylor Stores Corp		97,001
1,528		Bebe Stores, Inc		21,438
14,741	*	Chico's FAS, Inc		647,572
6,600		Claire's Stores, Inc		192,852
6,630		Foot Locker, Inc		156,402
48,731		Gap, Inc		859,615
25,125	*	Kohl's Corp		1,221,075
28,278		Limited Brands, Inc		632,013
17,936		Nordstrom, Inc		670,806
12,042		Ross Stores, Inc		348,014
8,644	*	Urban Outfitters, Inc		218,780
		TOTAL APPAREL AND ACCESSORY STORES		5,753,279
APPAREL AND OTHER TEXTILE PRODUCTS - 0.04%
244	*	Columbia Sportswear Co		11,646
1,000		Polo Ralph Lauren Corp		56,140
9,692	*	Quiksilver, Inc		134,137
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		201,923
AUTO REPAIR, SERVICES AND PARKING - 0.02%
2,049		Ryder System, Inc		84,050
		TOTAL AUTO REPAIR, SERVICES AND PARKING		84,050

78

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

SHARES				VALUE
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.27%
8,786	*	Advance Auto Parts	$	381,840
4,666	*	Autozone, Inc		428,106
8,600	*	Carmax, Inc		238,048
5,367	*	Copart, Inc		123,763
8,088	*	O'Reilly Automotive, Inc		258,897
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,430,654
BUILDING MATERIALS AND GARDEN SUPPLIES - 2.32%
10,200		Fastenal Co		399,738
176,871		Home Depot, Inc		7,159,738
63,416		Lowe's Cos, Inc		4,227,311
9,450		Sherwin-Williams Co		429,219
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		12,216,006
BUSINESS SERVICES - 12.10%
19,588	*	Activision, Inc		269,139
48,502		Adobe Systems, Inc		1,792,634
6,326	*	Affiliated Computer Services, Inc (Class A)		374,373
11,238	*	Akamai Technologies, Inc		223,973
6,857	*	Alliance Data Systems Corp		244,109
18,825		Autodesk, Inc		808,534
47,783		Automatic Data Processing, Inc		2,192,762
1,749	*	BEA Systems, Inc		16,441
4,021	*	BISYS Group, Inc		56,334
7,785	*	BMC Software, Inc		159,515
3,540		Brink's Co		169,601
2,404	*	CACI International, Inc (Class A)		137,942
10,247	*	Cadence Design Systems, Inc		173,379
8,235		Cendant Corp		142,054
5,758	*	Ceridian Corp		143,086
2,401	*	Cerner Corp		218,275
4,586		Certegy, Inc		186,008
5,822	*	Checkfree Corp		267,230
7,400	*	ChoicePoint, Inc		329,374
13,900	*	Citrix Systems, Inc		400,042
1,900	*	Clear Channel Outdoor Holdings, Inc		38,095
11,088	*	Cognizant Technology Solutions Corp		558,281
27,613		Computer Associates International, Inc		778,410
13,979	*	Compuware Corp		125,392
5,200	*	DST Systems, Inc		311,532
89,231	*	eBay, Inc		3,859,241
25,236	*	Electronic Arts, Inc		1,320,095
9,882		Electronic Data Systems Corp		237,563
22,059	*	Emdeon Corp		186,619
7,953		Equifax, Inc		302,373
3,140	*	F5 Networks, Inc		179,577
4,080		Fair Isaac Corp		180,214

79

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

SHARES				VALUE
63,713		First Data Corp	$	2,740,296
15,740	*	Fiserv, Inc		681,070
4,005	*	Getty Images, Inc		357,526
13,519	*	Google, Inc (Class A)		5,608,492
10,273		GTECH Holdings Corp		326,065
5,055	*	Hyperion Solutions Corp		181,070
18,420		IMS Health, Inc		459,026
1,437		Interactive Data Corp		32,634
30,372	*	Interpublic Group of Cos, Inc		293,090
12,787	*	Intuit, Inc		681,547
8,950	*	Iron Mountain, Inc		377,869
32,541	*	Juniper Networks, Inc		725,664
3,977	*	Kinetic Concepts, Inc		158,126
5,800	*	Lamar Advertising Co		267,612
2,088		Manpower, Inc		97,092
13,233	*	McAfee, Inc		359,011
7,200	*	Mercury Interactive Corp		200,088
758,681		Microsoft Corp		19,839,508
8,500	*	Monster Worldwide, Inc		346,970
7,395	*	NAVTEQ Corp		324,419
3,756	*	NCR Corp		127,479
15,083		Omnicom Group, Inc		1,284,016
310,064	*	Oracle Corp		3,785,881
14,443	*	Red Hat, Inc		393,427
4,107	*	Rent-A-Center, Inc		77,458
465		Reynolds & Reynolds Co (Class A)		13,053
14,100		Robert Half International, Inc		534,249
5,603	*	Salesforce.com, Inc		179,576
14,703		ServiceMaster Co		175,701
4,818		Siebel Systems, Inc		50,974
2,350	*	SRA International, Inc (Class A)		71,769
164,651	*	Sun Microsystems, Inc		689,888
59,502	*	Symantec Corp		1,041,285
2,004	*	Synopsys, Inc		40,200
4,945	*	Take-Two Interactive Software, Inc		87,527
3,100		Total System Services, Inc		61,349
21,585	*	VeriSign, Inc		473,143
12,841		Waste Management, Inc		389,724
99,168	*	Yahoo!, Inc		3,885,402
		TOTAL BUSINESS SERVICES		63,801,473
CHEMICALS AND ALLIED PRODUCTS - 12.45%
111,132		Abbott Laboratories		4,381,935
1,957		Air Products & Chemicals, Inc		115,835
1,854		Alberto-Culver Co		84,821
1,800	*	American Pharmaceutical Partners, Inc		69,822
101,352	*	Amgen, Inc		7,992,619
6,192		Avery Dennison Corp		342,232
38,662		Avon Products, Inc		1,103,800
8,454	*	Barr Pharmaceuticals, Inc		526,600
12,721	*	Biogen Idec, Inc		576,643

80

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

SHARES				VALUE
64,805		Bristol-Myers Squibb Co	$	1,489,219
300		Cabot Corp		10,740
4,700	*	Cephalon, Inc		304,278
2,685	*	Charles River Laboratories International, Inc		113,763
7,098		Chemtura Corp		90,145
8,414	*	Chiron Corp		374,086
5,135		Church & Dwight Co, Inc		169,609
31,200		Colgate-Palmolive Co		1,711,320
7,322		Dade Behring Holdings, Inc		299,397
74,256		Dow Chemical Co		3,253,898
12,583		Du Pont (E.I.) de Nemours & Co		534,778
15,166		Ecolab, Inc		550,071
74,930		Eli Lilly & Co		4,240,289
11,166		Estee Lauder Cos (Class A)		373,838
28,792	*	Forest Laboratories, Inc		1,171,259
37,986	*	Genentech, Inc		3,513,705
20,625	*	Genzyme Corp		1,459,838
36,945	*	Gilead Sciences, Inc		1,944,415
6,364	*	Hospira, Inc		272,252
2,700	*	Idexx Laboratories, Inc		194,346
5,700	*	ImClone Systems, Inc		195,168
7,718		International Flavors & Fragrances, Inc		258,553
1,980	*	Invitrogen Corp		131,947
16,550	*	IVAX Corp		518,512
1,270	*	Kos Pharmaceuticals, Inc		65,697
20,306	*	Medimmune, Inc		711,116
41,657		Merck & Co, Inc		1,325,109
12,500	*	Millennium Pharmaceuticals, Inc		121,250
17,292		Monsanto Co		1,340,649
5,183		Mylan Laboratories, Inc		103,453
6,743	*	Nalco Holding Co		119,419
4,588	*	OSI Pharmaceuticals, Inc		128,648
23,186		Praxair, Inc		1,227,931
275,881		Procter & Gamble Co		15,967,992
9,248	*	Protein Design Labs, Inc		262,828
1,024		Rohm & Haas Co		49,582
120,842		Schering-Plough Corp		2,519,556
800		Scotts Miracle-Gro Co (Class A)		36,192
8,563	*	Sepracor, Inc		441,851
553		Sigma-Aldrich Corp		34,999
7,502		Valeant Pharmaceuticals International		135,636
6,682	*	VCA Antech, Inc		188,432
54,532		Wyeth		2,512,289
		TOTAL CHEMICALS AND ALLIED PRODUCTS		65,662,362
COAL MINING - 0.31%
1,848		Arch Coal, Inc		146,916
5,298		Consol Energy, Inc		345,324
6,393		Massey Energy Co		242,103
10,689		Peabody Energy Corp		880,987
		TOTAL COAL MINING		1,615,330

81

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

SHARES				VALUE
COMMUNICATIONS - 1.93%
11,037	*	Alamosa Holdings, Inc	$	205,399
3,962		Alltel Corp		250,002
30,584	*	American Tower Corp (Class A)		828,826
27,608	*	Avaya, Inc		294,577
16,339	*	Cablevision Systems Corp (Class A)		383,476
14,753		Clear Channel Communications, Inc		463,982
78,919	*	Comcast Corp (Class A)		2,048,737
11,570	*	Crown Castle International Corp		311,349
52,433	*	DIRECTV Group, Inc		740,354
18,865	*	EchoStar Communications Corp (Class A)		512,562
5,300		Global Payments, Inc		247,033
8,060	*	IAC/InterActiveCorp		228,179
16,514	*	Liberty Global, Inc		371,565
83,755	*	Liberty Media Corp (Class A)		659,152
12,415	*	Nextel Partners, Inc (Class A)		346,875
10,204	*	NII Holdings, Inc (Class B)		445,711
1,763		PanAmSat Holding Corp		43,194
39,644		Sprint Nextel Corp		926,084
1,010		Telephone and Data Systems, Inc (Non-Vote)		36,390
9,079	*	Univision Communications, Inc (Class A)		266,832
500	*	US Cellular Corp		24,700
1,621	*	West Corp		68,325
17,383	*	XM Satellite Radio Holdings, Inc		474,208
		TOTAL COMMUNICATIONS		10,177,512
DEPOSITORY INSTITUTIONS - 0.97%
500		Bank of Hawaii Corp		25,770
12,476		Commerce Bancorp, Inc		429,299
400		Cullen/Frost Bankers, Inc		21,472
4,703		East West Bancorp, Inc		171,612
2,736		Fifth Third Bancorp		103,202
8,615		Golden West Financial Corp		568,590
48,649		Hudson City Bancorp, Inc		589,626
2,696		IndyMac Bancorp, Inc		105,198
5,400		Investors Financial Services Corp		198,882
2,501		Mellon Financial Corp		85,659
9,068		Northern Trust Corp		469,904
4,870		People's Bank		151,262
7,888		State Street Corp		437,311
25,456		Synovus Financial Corp		687,567
7,939		TCF Financial Corp		215,464
13,972		Wells Fargo & Co		877,861
		TOTAL DEPOSITORY INSTITUTIONS		5,138,679
EATING AND DRINKING PLACES - 0.59%
6,300		Applebees International, Inc		142,317
5,834		Aramark Corp (Class B)		162,069

82

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

SHARES				VALUE
7,100		Brinker International, Inc	$	274,486
1,896		CBRL Group, Inc		66,644
12,806		Darden Restaurants, Inc		497,897
4,895		Outback Steakhouse, Inc		203,681
5,041	*	Sonic Corp		148,710
6,350	*	The Cheesecake Factory, Inc		237,427
4,867		Wendy's International, Inc		268,950
23,759		Yum! Brands, Inc		1,113,822
		TOTAL EATING AND DRINKING PLACES		3,116,003
EDUCATIONAL SERVICES - 0.31%
11,785	*	Apollo Group, Inc (Class A)		712,521
8,300	*	Career Education Corp		279,876
6,017	*	Education Management Corp		201,630
3,800	*	ITT Educational Services, Inc		224,618
3,638	*	Laureate Education, Inc		191,031
		TOTAL EDUCATIONAL SERVICES		1,609,676
ELECTRIC, GAS, AND SANITARY SERVICES - 0.90%
53,497	*	AES Corp		846,858
5,772	*	Allied Waste Industries, Inc		50,447
1,133		Aqua America, Inc		30,931
7,243		Kinder Morgan, Inc		665,994
1,624		Questar Corp		122,937
3,700	*	Stericycle, Inc		217,856
39,382		TXU Corp		1,976,583
4,409		Western Gas Resources, Inc		207,620
27,526		Williams Cos, Inc		637,777
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,757,003
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 14.47%
17,041	*	Advanced Micro Devices, Inc		521,455
14,760	*	Agere Systems, Inc		190,404
30,515	*	Altera Corp		565,443
13,608		American Power Conversion Corp		299,376
5,795		Ametek, Inc		246,519
7,297		Amphenol Corp (Class A)		322,965
30,302		Analog Devices, Inc		1,086,933
3,315	*	Andrew Corp		35,570
1,300		AVX Corp		18,824
22,656	*	Broadcom Corp (Class A)		1,068,230
2,219	*	CCE Spinco, Inc		29,069
529,584	*	Cisco Systems, Inc		9,066,478
14,533	*	Comverse Technology, Inc		386,432
6,100	*	Cree, Inc		153,964
2,300	*	Dolby Laboratories, Inc (Class A)		39,215

83

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

SHARES				VALUE
28,637		Emerson Electric Co	$	2,139,184
4,723	*	Energizer Holdings, Inc		235,158
3,999	*	Freescale Semiconductor, Inc (Class B)		100,655
658,657		General Electric Co		23,085,928
5,500		Harman International Industries, Inc		538,175
9,165		Harris Corp		394,187
505,717		Intel Corp		12,622,696
4,459	*	International Rectifier Corp		142,242
5,900		Intersil Corp (Class A)		146,792
66,266	*	JDS Uniphase Corp		156,388
5,761		L-3 Communications Holdings, Inc		428,330
25,128		Linear Technology Corp		906,367
11,700	*	LSI Logic Corp		93,600
26,846		Maxim Integrated Products, Inc		972,899
11,402	*	MEMC Electronic Materials, Inc		252,782
17,047		Microchip Technology, Inc		548,061
23,800	*	Micron Technology, Inc		316,778
5,740		Molex, Inc		148,953
160,911		Motorola, Inc		3,634,979
28,531		National Semiconductor Corp		741,235
29,920	*	Network Appliance, Inc		807,840
5,346	*	Novellus Systems, Inc		128,946
14,000	*	Nvidia Corp		511,840
6,600	*	QLogic Corp		214,566
133,783		Qualcomm, Inc		5,763,372
14,521		Rockwell Collins, Inc		674,791
21,700	*	Sanmina-SCI Corp		92,442
10,617		Scientific-Atlanta, Inc		457,274
108,406	*	Sirius Satellite Radio, Inc		726,320
2,166	*	Spectrum Brands, Inc		43,991
136,191		Texas Instruments, Inc		4,367,645
2,194	*	Thomas & Betts Corp		92,060
3,800	*	Vishay Intertechnology, Inc		52,288
28,490		Xilinx, Inc		718,233
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		76,287,874
ENGINEERING AND MANAGEMENT SERVICES - 1.04%
13,722	*	Celgene Corp		889,186
3,400		Corporate Executive Board Co		304,980
7,084		Fluor Corp		547,310
4,248	*	Gen-Probe, Inc		207,260
1,721	*	Hewitt Associates, Inc		48,205
3,700	*	Jacobs Engineering Group, Inc		251,119
20,596		Moody's Corp		1,265,006
27,326		Paychex, Inc		1,041,667
4,000		Pharmaceutical Product Development, Inc		247,800
13,074		Quest Diagnostics, Inc		673,050
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		5,475,583

84

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

SHARES				VALUE
FABRICATED METAL PRODUCTS - 0.41%
2,200	*	Alliant Techsystems, Inc	$	167,574
1,296		Ball Corp		51,477
13,875	*	Crown Holdings, Inc		270,979
19,203		Illinois Tool Works, Inc		1,689,672
		TOTAL FABRICATED METAL PRODUCTS		2,179,702
FOOD AND KINDRED PRODUCTS - 3.43%
39,314		Anheuser-Busch Cos, Inc		1,688,929
9,500		Campbell Soup Co		282,815
106,265		Coca-Cola Co		4,283,542
3,876	*	Constellation Brands, Inc (Class A)		101,667
1,288		General Mills, Inc		63,524
15,343		H.J. Heinz Co		517,366
12,999		Hershey Co		718,195
13,911		Kellogg Co		601,233
7,624		McCormick & Co, Inc (Non-Vote)		235,734
2,820		Pepsi Bottling Group, Inc		80,680
137,157		PepsiCo, Inc		8,103,236
24,342		Sara Lee Corp		460,064
14,403		Wrigley (Wm.) Jr Co		957,655
		TOTAL FOOD AND KINDRED PRODUCTS		18,094,640
FOOD STORES - 0.55%
2,195	*	Panera Bread Co (Class A)		144,168
63,803	*	Starbucks Corp		1,914,728
10,780		Whole Foods Market, Inc		834,264
		TOTAL FOOD STORES		2,893,160
FURNITURE AND FIXTURES - 0.34%
5,800		Herman Miller, Inc		163,502
1,700		Hillenbrand Industries, Inc		83,997
4,511		HNI Corp		247,789
2,940		Johnson Controls, Inc		214,355
4,184		Leggett & Platt, Inc		96,065
28,264		Masco Corp		853,290
3,957		Newell Rubbermaid, Inc		94,097
3,821	*	Tempur-Pedic International, Inc		43,942
		TOTAL FURNITURE AND FIXTURES		1,797,037
FURNITURE AND HOMEFURNISHINGS STORES - 0.61%
24,065	*	Bed Bath & Beyond, Inc		869,950
33,131		Best Buy Co, Inc		1,440,536
6,411		Circuit City Stores, Inc		144,824

85

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

SHARES				VALUE
949	*	Mohawk Industries, Inc	$	82,544
11,137		RadioShack Corp		234,211
2,339		Steelcase, Inc (Class A)		37,026
9,508	*	Williams-Sonoma, Inc		410,270
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		3,219,361
GENERAL BUILDING CONTRACTORS - 0.57%
1,532		Beazer Homes USA, Inc		111,591
5,521		Centex Corp		394,696
16,108		DR Horton, Inc		575,539
2,880	*	Hovnanian Enterprises, Inc (Class A)		142,963
5,524		KB Home		401,374
6,326		Lennar Corp (Class A)		386,013
1,610		MDC Holdings, Inc		99,788
479	*	NVR, Inc		336,258
3,025		Ryland Group, Inc		218,193
800		Standard-Pacific Corp		29,440
8,750	*	Toll Brothers, Inc		303,100
		TOTAL GENERAL BUILDING CONTRACTORS		2,998,955
GENERAL MERCHANDISE STORES - 3.11%
14,851		Costco Wholesale Corp		734,679
26,900		Dollar General Corp		512,983
10,084		Family Dollar Stores, Inc		249,982
5,769		JC Penney Co, Inc		320,756
1,400	*	Saks, Inc		23,604
72,522		Target Corp		3,986,534
39,381		TJX Cos, Inc		914,821
206,369		Wal-Mart Stores, Inc		9,658,069
		TOTAL GENERAL MERCHANDISE STORES		16,401,428
HEALTH SERVICES - 1.83%
33,225	*	Caremark Rx, Inc		1,720,723
5,875	*	Community Health Systems, Inc		225,248
5,244	*	Covance, Inc		254,596
13,117	*	Coventry Health Care, Inc		747,144
8,136	*	DaVita, Inc		412,007
4,800	*	Edwards Lifesciences Corp		199,728
10,236	*	Express Scripts, Inc		857,777
36,095		HCA, Inc		1,822,798
18,023		Health Management Associates, Inc (Class A)		395,785
10,957	*	Laboratory Corp of America Holdings		590,034
4,536	*	LifePoint Hospitals, Inc		170,100
7,561	*	Lincare Holdings, Inc		316,882
6,707		Manor Care, Inc		266,737
17,730	*	Medco Health Solutions, Inc		989,334

86

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

SHARES				VALUE
5,672	*	Renal Care Group, Inc	$	268,342
1,656	*	Sierra Health Services, Inc		132,414
5,807	*	Tenet Healthcare Corp		44,482
2,700	*	Triad Hospitals, Inc		105,921
2,681		Universal Health Services, Inc (Class B)		125,310
		TOTAL HEALTH SERVICES		9,645,362
HOLDING AND OTHER INVESTMENT OFFICES - 1.19%
2,753	*	Affiliated Managers Group, Inc		220,928
400		Centerpoint Properties Trust		19,792
1,620		Federal Realty Investment Trust		98,253
7,108		General Growth Properties, Inc		334,005
1,155		Global Signal, Inc		49,850
77,230		iShares Russell 1000 Growth Index Fund		3,939,502
300		KKR Financial Corp		7,197
1,458		Macerich Co		97,890
4,739		Mills Corp		198,754
2,120		New Century Financial Corp		76,468
1,706		Prologis		79,704
5,362		Public Storage, Inc		363,115
4,766		Simon Property Group, Inc		386,315
300		SL Green Realty Corp		22,917
4,833		United Dominion Realty Trust, Inc		113,286
8,365		Ventas, Inc		267,847
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,275,823
HOTELS AND OTHER LODGING PLACES - 0.69%
3,567		Boyd Gaming Corp		170,003
2,662		Choice Hotels International, Inc		111,165
31,036		Hilton Hotels Corp		748,278
1,900	*	Las Vegas Sands Corp		74,993
14,326		Marriott International, Inc (Class A)		959,412
9,888	*	MGM Mirage		362,593
10,840		Starwood Hotels & Resorts Worldwide, Inc		692,242
4,510		Station Casinos, Inc		305,778
3,955	*	Wynn Resorts Ltd		216,932
		TOTAL HOTELS AND OTHER LODGING PLACES		3,641,396
INDUSTRIAL MACHINERY AND EQUIPMENT - 8.51%
62,970		3M Co		4,880,175
15,253		American Standard Cos, Inc		609,357
67,487	*	Apple Computer, Inc		4,851,640
136,578		Applied Materials, Inc		2,450,209
3,598		Black & Decker Corp		312,882
1,333		Carlisle Cos, Inc		92,177
55,914		Caterpillar, Inc		3,230,152

87

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

SHARES				VALUE
5,066		CDW Corp	$	291,650
7,278	*	Cooper Cameron Corp		301,309
2,133		Cummins, Inc		191,394
2,069		Deere & Co		140,920
201,489	*	Dell, Inc		6,042,655
5,355		Diebold, Inc		203,490
6,144		Donaldson Co, Inc		195,379
11,186		Dover Corp		452,921
2,000	*	Dresser-Rand Group, Inc		48,360
3,475		Eaton Corp		233,138
196,824	*	EMC Corp		2,680,743
5,700	*	FMC Technologies, Inc		244,644
5,550		Graco, Inc		202,464
10,264	*	Grant Prideco, Inc		452,848
3,266		IDEX Corp		134,265
111,910		International Business Machines Corp		9,199,002
28,158		International Game Technology		866,703
13,452	*	Jabil Circuit, Inc		498,935
9,861		Joy Global, Inc		394,440
11,400	*	Lam Research Corp		406,752
9,593	*	Lexmark International, Inc		430,054
925		Pall Corp		24,846
4,263		Parker Hannifin Corp		281,187
6,911		Pentair, Inc		238,568
15,024		Rockwell Automation, Inc		888,820
11,249	*	SanDisk Corp		706,662
4,821	*	Scientific Games Corp (Class A)		131,517
17,220		Smith International, Inc		639,034
36,957	*	Solectron Corp		135,263
4,485		Stanley Works		215,459
16,917		Symbol Technologies, Inc		216,876
3,200		Timken Co		102,464
3,633		Toro Co		159,016
10,784	*	Varian Medical Systems, Inc		542,867
17,444	*	Western Digital Corp		324,633
5,946	*	Zebra Technologies Corp (Class A)		254,786
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		44,900,656
INSTRUMENTS AND RELATED PRODUCTS - 7.77%
5,365	*	Advanced Medical Optics, Inc		224,257
5,500	*	Affymetrix, Inc		262,625
33,959	*	Agilent Technologies, Inc		1,130,495
10,667		Allergan, Inc		1,151,609
8,686		Bard (C.R.), Inc		572,581
3,821		Bausch & Lomb, Inc		259,446
50,811		Baxter International, Inc		1,913,034
5,100		Beckman Coulter, Inc		290,190
20,644		Becton Dickinson & Co		1,240,292
20,696		Biomet, Inc		756,853
54,066	*	Boston Scientific Corp		1,324,076

88

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

SHARES				VALUE
2,865		Cooper Cos, Inc	$	146,975
19,377		Danaher Corp		1,080,849
6,648		Dentsply International, Inc		356,931
5,138	*	Fisher Scientific International, Inc		317,837
4,893	*	Flir Systems, Inc		109,261
26,634		Guidant Corp		1,724,552
2,951	*	Inamed Corp		258,744
243,629		Johnson & Johnson		14,642,103
16,135		Kla-Tencor Corp		795,940
99,088		Medtronic, Inc		5,704,496
2,700	*	Mettler-Toledo International, Inc		149,040
4,100	*	Millipore Corp		270,764
4,550		National Instruments Corp		145,828
5,500		PerkinElmer, Inc		129,580
9,887		Pitney Bowes, Inc		417,726
5,800	*	Resmed, Inc		222,198
5,800	*	Respironics, Inc		215,006
5,862		Roper Industries, Inc		231,608
29,657	*	St. Jude Medical, Inc		1,488,781
23,994		Stryker Corp		1,066,053
3,201	*	Techne Corp		179,736
1,716		Tektronix, Inc		48,408
10,960	*	Teradyne, Inc		159,687
4,736	*	Thermo Electron Corp		142,696
4,305	*	Trimble Navigation Ltd		152,784
9,148	*	Waters Corp		345,794
20,252	*	Zimmer Holdings, Inc		1,365,795
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		40,994,630
INSURANCE AGENTS, BROKERS AND SERVICE - 0.09%
9,000		Brown & Brown, Inc		274,860
6,184		Gallagher (Arthur J.) & Co		190,962
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		465,822
INSURANCE CARRIERS - 3.77%
19,026		Aetna, Inc		1,794,342
32,663		Aflac, Inc		1,516,216
1,979		Ambac Financial Group, Inc		152,502
55,783		American International Group, Inc		3,806,074
4,394	*	AMERIGROUP Corp		85,507
721		Erie Indemnity Co (Class A)		38,357
400		Hanover Insurance Group, Inc		16,708
4,288		HCC Insurance Holdings, Inc		127,268
5,369	*	Health Net, Inc		276,772
9,963	*	Humana, Inc		541,290
426	*	Markel Corp		135,063
588		MBIA, Inc		35,374
1,207	*	Philadelphia Consolidated Holding Co		116,705

89

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

SHARES				VALUE
14,838		Progressive Corp	$	1,732,782
2,873		Prudential Financial, Inc		210,275
200		Transatlantic Holdings, Inc		13,440
111,593		UnitedHealth Group, Inc		6,934,389
1,940		Unitrin, Inc		87,397
1,609		W.R. Berkley Corp		76,621
27,188	*	WellPoint, Inc		2,169,331
		TOTAL INSURANCE CARRIERS		19,866,413
LEATHER AND LEATHER PRODUCTS - 0.22%
30,904	*	Coach, Inc		1,030,339
4,292	*	Timberland Co (Class A)		139,705
		TOTAL LEATHER AND LEATHER PRODUCTS		1,170,044
METAL MINING - 0.29%
14,725		Freeport-McMoRan Copper & Gold, Inc (Class A)		792,205
4,242		Phelps Dodge Corp		610,297
2,121		Southern Copper Corp		142,065
		TOTAL METAL MINING		1,544,567
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.19%
11,972		Fortune Brands, Inc		934,055
3,549		Mattel, Inc		56,145
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		990,200
MISCELLANEOUS RETAIL - 1.86%
24,951	*	Amazon.com, Inc		1,176,440
1,100		Barnes & Noble, Inc		46,937
2,000	*	CKX, Inc		26,000
66,316		CVS Corp		1,752,069
2,938	*	Dick's Sporting Goods, Inc		97,659
5,965	*	Dollar Tree Stores, Inc		142,802
11,092		Michaels Stores, Inc		392,324
3,828		MSC Industrial Direct Co (Class A)		153,962
11,700		Petsmart, Inc		300,222
3,876	*	Sears Holdings Corp		447,794
60,319		Staples, Inc		1,369,844
4,757		Tiffany & Co		182,146
83,740		Walgreen Co		3,706,332
		TOTAL MISCELLANEOUS RETAIL		9,794,531

90

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

SHARES				VALUE
MOTION PICTURES - 0.72%
3,224	*	Avid Technology, Inc	$	176,546
21,005	*	CBS Corp		684,763
8,015	*	Discovery Holding Co (Class A)		121,427
3,237	*	DreamWorks Animation SKG, Inc (Class A)		79,501
76,722		News Corp (Class A)		1,193,027
4,400	*	Pixar		231,968
3,475		Regal Entertainment Group (Class A)		66,095
20,200		Time Warner, Inc		352,288
37,924		Walt Disney Co		909,038
		TOTAL MOTION PICTURES		3,814,653
NONDEPOSITORY INSTITUTIONS - 1.46%
89,564		American Express Co		4,608,963
4,849	*	AmeriCredit Corp		124,280
6,917		Capital One Financial Corp		597,629
4,434		CapitalSource, Inc		99,322
3,884		Countrywide Financial Corp		132,794
2,124		First Marblehead Corp		69,795
1,419	*	Nelnet, Inc		57,725
34,379		SLM Corp		1,893,939
380		Student Loan Corp		79,507
800		Westcorp		53,288
		TOTAL NONDEPOSITORY INSTITUTIONS		7,717,242
NONMETALLIC MINERALS, EXCEPT FUELS - 0.10%

3,789		Florida Rock Industries, Inc	185,888
5,455		Vulcan Materials Co	369,576
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS	555,464
OIL AND GAS EXTRACTION - 2.16%
27,707		Baker Hughes, Inc	1,684,031
26,358		BJ Services Co	966,548
11,597		Chesapeake Energy Corp	367,973
9,468	*	Denbury Resources, Inc	215,681
4,714		Diamond Offshore Drilling, Inc	327,906
8,820		ENSCO International, Inc	391,167
8,914		Equitable Resources, Inc	327,055
36,542		Halliburton Co	2,264,142
2,762		Helmerich & Payne, Inc	170,995
8,233	*	National Oilwell Varco, Inc	516,209
7,654	*	Newfield Exploration Co	383,236
1,744		Noble Energy, Inc	70,283
13,900		Patterson-UTI Energy, Inc	458,005
547		Pioneer Natural Resources Co	28,045
6,441	*	Plains Exploration & Production Co	255,901

91

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

SHARES				VALUE
7,042	*	Pride International, Inc	$	216,542
4,649	*	Quicksilver Resources, Inc		195,304
10,605		Range Resources Corp		279,336
5,300		Rowan Cos, Inc		188,892
13,648	*	Southwestern Energy Co		490,509
1,857		Tidewater, Inc		82,562
3,554	*	Unit Corp		195,577
29,563		XTO Energy, Inc		1,298,998
		TOTAL OIL AND GAS EXTRACTION		11,374,897
PAPER AND ALLIED PRODUCTS - 0.20%
17,662		Kimberly-Clark Corp		1,053,538
		TOTAL PAPER AND ALLIED PRODUCTS		1,053,538
PERSONAL SERVICES - 0.25%
11,500		Cintas Corp		473,570
27,226		H&R Block, Inc		668,398
3,100	*	Weight Watchers International, Inc		153,233
		TOTAL PERSONAL SERVICES		1,295,201
PETROLEUM AND COAL PRODUCTS - 0.58%
19,610		EOG Resources, Inc		1,438,786
13,384		Murphy Oil Corp		722,602
8,794		Sunoco, Inc		689,274
3,189		Tesoro Corp		196,283
		TOTAL PETROLEUM AND COAL PRODUCTS		3,046,945
PRIMARY METAL INDUSTRIES - 0.56%
7,883		Allegheny Technologies, Inc		284,419
124,881	*	Corning, Inc		2,455,160
300		Hubbell, Inc (Class B)		13,536
3,630		Precision Castparts Corp		188,070
		TOTAL PRIMARY METAL INDUSTRIES		2,941,185
PRINTING AND PUBLISHING - 0.71%
3,331	*	ACCO Brands Corp		81,610
12,160		Dex Media, Inc		329,414
4,314		Dow Jones & Co, Inc		153,104
5,587	*	Dun & Bradstreet Corp		374,106
6,727		EW Scripps Co		323,031
4,500		Harte-Hanks, Inc		118,755
3,700		John Wiley & Sons, Inc (Class A)		144,448

92

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

SHARES				VALUE
30,721		McGraw-Hill Cos, Inc	$	1,586,125
3,458		Meredith Corp		180,992
2,155	*	R.H. Donnelley Corp		132,791
437		Washington Post Co (Class B)		334,305
		TOTAL PRINTING AND PUBLISHING		3,758,681
RAILROAD TRANSPORTATION - 0.04%
4,973		Norfolk Southern Corp		222,940
		TOTAL RAILROAD TRANSPORTATION		222,940
REAL ESTATE - 0.16%
4,116	*	CB Richard Ellis Group, Inc		242,227
5,434		Forest City Enterprises, Inc (Class A)		206,112
6,137		St. Joe Co		412,529
		TOTAL REAL ESTATE		860,868
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.05%
6,160	*	Goodyear Tire & Rubber Co		107,061
2,355	*	Sealed Air Corp		132,280
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		239,341
SECURITY AND COMMODITY BROKERS - 1.61%
17,832		Ameriprise Financial, Inc		731,112
7,499		Ameritrade Holding Corp		179,976
1,600		BlackRock, Inc		173,568
100	*	Cbot Holdings, Inc		9,376
86,094		Charles Schwab Corp		1,262,999
2,807		Chicago Mercantile Exchange Holdings, Inc		1,031,544
10,900		Eaton Vance Corp		298,224
6,300		Federated Investors, Inc (Class B)		233,352
13,252		Franklin Resources, Inc		1,245,821
4,585		Goldman Sachs Group, Inc		585,550
9,373		Legg Mason, Inc		1,121,854
8,741		Morgan Stanley		495,964
4,300		Nuveen Investments, Inc		183,266
5,200		SEI Investments Co		192,400
10,651		T Rowe Price Group, Inc		767,192
		TOTAL SECURITY AND COMMODITY BROKERS		8,512,198
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
12,700		Gentex Corp		247,650
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		247,650

93

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

SHARES				VALUE
TOBACCO PRODUCTS - 1.03%
68,486		Altria Group, Inc	$	5,117,274
7,118		UST, Inc		290,628
		TOTAL TOBACCO PRODUCTS		5,407,902
TRANSPORTATION BY AIR - 0.68%
14,840	*	AMR Corp		329,893
24,723		FedEx Corp		2,556,111
11,700	*	JetBlue Airways Corp		179,946
31,790		Southwest Airlines Co		522,310
		TOTAL TRANSPORTATION BY AIR		3,588,260
TRANSPORTATION EQUIPMENT - 3.11%
1,158		Autoliv, Inc		52,596
67,661		Boeing Co		4,752,509
5,986		Brunswick Corp		243,391
9,867		Goodrich Corp		405,534
23,301		Harley-Davidson, Inc		1,199,768
2,960		Harsco Corp		199,830
6,940		ITT Industries, Inc		713,571
30,255		Lockheed Martin Corp		1,925,126
3,121		Martin Marietta Materials, Inc		239,443
5,159	*	Navistar International Corp		147,651
6,046		Oshkosh Truck Corp		269,591
12,351		Paccar, Inc		855,060
1,342	*	Pactiv Corp		29,524
3,400		Polaris Industries, Inc		170,680
8,220		Raytheon Co		330,033
2,251		Textron, Inc		173,282
83,824		United Technologies Corp		4,686,600
		TOTAL TRANSPORTATION EQUIPMENT		16,394,189
TRANSPORTATION SERVICES - 0.25%
14,008		CH Robinson Worldwide, Inc		518,716
8,260	*	Expedia, Inc		197,910
8,695		Expeditors International Washington, Inc		586,999
		TOTAL TRANSPORTATION SERVICES		1,303,625
TRUCKING AND WAREHOUSING - 0.85%
4,294		CNF, Inc		239,992
9,508		J.B. Hunt Transport Services, Inc		215,261
4,996		Landstar System, Inc		208,533
1,686	*	Swift Transportation Co, Inc		34,226
50,208		United Parcel Service, Inc (Class B)		3,773,131
		TOTAL TRUCKING AND WAREHOUSING		4,471,143

94

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

SHARES				VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.26%
3,589	*	Avnet, Inc	$	85,921
1,395		BorgWarner, Inc		84,579
9,382	*	Cytyc Corp		264,854
5,229	*	Ingram Micro, Inc (Class A)		104,214
2,708		Omnicare, Inc		154,952
11,300	*	Patterson Cos, Inc		377,420
4,289		SCP Pool Corp		159,637
1,460	*	Tech Data Corp		57,933
1,197		W.W. Grainger, Inc		85,107
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,374,617
WHOLESALE TRADE-NONDURABLE GOODS - 1.12%
200		Airgas, Inc		6,580
4,237		Brown-Forman Corp (Class B)		293,709
22,728		Cardinal Health, Inc		1,562,542
4,300	*	Endo Pharmaceuticals Holdings, Inc		130,118
7,158	*	Henry Schein, Inc		312,375
9,725		McKesson Corp		501,713
4,090	*	Men's Wearhouse, Inc		120,410
15,387		Nike, Inc (Class B)		1,335,438
1,000		Reebok International, Ltd		58,230
51,781		Sysco Corp		1,607,800
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,928,915
		TOTAL COMMON STOCKS		529,285,085
		(Cost $490,397,131)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.88%
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.88%
$     4,620,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06		4,618,280

TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES		4,618,280
TOTAL SHORT-TERM INVESTMENTS		4,618,280
(Cost $4,619,127 )
TOTAL PORTFOLIO - 101.25%		533,905,258
(Cost $495,017,215)
OTHER ASSETS & LIABILITIES, NET - (1.25%)		(6,583,397	)
NET ASSETS - 100.00%	$	527,321,861

95

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

*	Non-income producing
**	Percentage represents less than 0.01%
	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.

96

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
PREFERRED STOCKS - 0.00% **
HOLDING AND OTHER INVESTMENT OFFICES - 0.00% **
170		Simon Property Group, Inc	$	10,931
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		10,931
		TOTAL PREFERRED STOCKS		10,931
		(Cost $5,932)
COMMON STOCKS - 100.06%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
1,150		Pilgrim's Pride Corp		38,134
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		38,134
AMUSEMENT AND RECREATION SERVICES - 0.13%
5,065		Harrah's Entertainment, Inc		361,084
2,304		International Speedway Corp (Class A)		110,362
2,504		Warner Music Group Corp		48,252
4,750		Westwood One, Inc		77,425
		TOTAL AMUSEMENT AND RECREATION SERVICES		597,123
APPAREL AND ACCESSORY STORES - 0.05%
3,095	*	AnnTaylor Stores Corp		106,839
400		Claire's Stores, Inc		11,688
5,422		Foot Locker, Inc		127,905
		TOTAL APPAREL AND ACCESSORY STORES		246,432
APPAREL AND OTHER TEXTILE PRODUCTS - 0.24%
1,098	*	Columbia Sportswear Co		52,408
8,917		Jones Apparel Group, Inc		273,930
8,266		Liz Claiborne, Inc		296,088
3,187		Polo Ralph Lauren Corp		178,918
6,498		VF Corp		359,599
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,160,943
AUTO REPAIR, SERVICES AND PARKING - 0.03%
3,015		Ryder System, Inc		123,675
		TOTAL AUTO REPAIR, SERVICES AND PARKING		123,675
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.06%
13,320	*	Autonation, Inc		289,444
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		289,444

97

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

SHARES				VALUE
BUSINESS SERVICES - 1.89%
3,248	*	Affiliated Computer Services, Inc (Class A)	$	192,217
26,643	*	BEA Systems, Inc		250,444
5,077	*	BISYS Group, Inc		71,129
9,149	*	BMC Software, Inc		187,463
1,158		Brink's Co		55,480
10,991	*	Cadence Design Systems, Inc		185,968
71,045		Cendant Corp		1,225,526
5,721	*	Ceridian Corp		142,167
992	*	Checkfree Corp		45,533
1,100	*	Clear Channel Outdoor Holdings, Inc		22,055
9,658		Computer Associates International, Inc		272,259
14,302	*	Computer Sciences Corp		724,253
16,208	*	Compuware Corp		145,386
10,453	*	Convergys Corp		165,680
3,859		Deluxe Corp		116,310
29,856		Electronic Data Systems Corp		717,738
5,261	*	Emdeon Corp		44,508
2,434		Equifax, Inc		92,541
1,299		Fair Isaac Corp		57,377
1,632		Interactive Data Corp		37,063
4,348	*	Interpublic Group of Cos, Inc		41,958
11,289	*	Juniper Networks, Inc		251,745
954	*	Lamar Advertising Co		44,018
4,889		Manpower, Inc		227,339
10,337	*	NCR Corp		350,838
28,424	*	Novell, Inc		250,984
1,608	*	Rent-A-Center, Inc		30,327
4,330		Reynolds & Reynolds Co (Class A)		121,543
8,693		ServiceMaster Co		103,881
34,056		Siebel Systems, Inc		360,312
104,220	*	Sun Microsystems, Inc		436,682
6,763	*	Sybase, Inc		147,839
27,162	*	Symantec Corp		475,335
8,901	*	Synopsys, Inc		178,554
654	*	Take-Two Interactive Software, Inc		11,576
25,222	*	Unisys Corp		147,044
30,911		Waste Management, Inc		938,149
		TOTAL BUSINESS SERVICES		8,869,221
CHEMICALS AND ALLIED PRODUCTS - 7.27%
14,684		Abbott Laboratories		578,990
15,370		Air Products & Chemicals, Inc		909,750
2,749		Albemarle Corp		105,424
4,079		Alberto-Culver Co		186,614
2,764		Avery Dennison Corp		152,766
14,176	*	Biogen Idec, Inc		642,598
87,187		Bristol-Myers Squibb Co		2,003,557
4,389		Cabot Corp		157,126
3,819		Celanese Corp (Series A)		73,019

98

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

SHARES				VALUE
2,884	*	Charles River Laboratories International, Inc	$	122,195
10,979		Chemtura Corp		139,433
445	*	Chiron Corp		19,785
11,546		Clorox Co		656,852
10,622		Colgate-Palmolive Co		582,617
3,089		Cytec Industries, Inc		147,129
4,175		Dow Chemical Co		182,949
57,448		Du Pont (E.I.) de Nemours & Co		2,441,540
6,041		Eastman Chemical Co		311,655
5,070		Eli Lilly & Co		286,911
8,918		Engelhard Corp		268,878
2,917	*	FMC Corp		155,097
6,032	*	Hospira, Inc		258,049
4,414	*	Huntsman Corp		76,009
1,806	*	Invitrogen Corp		120,352
17,967	*	King Pharmaceuticals, Inc		304,002
5,005		Lubrizol Corp		217,367
15,047		Lyondell Chemical Co		358,420
127,010		Merck & Co, Inc		4,040,188
11,582	*	Millennium Pharmaceuticals, Inc		112,345
4,232		Monsanto Co		328,107
9,605	*	Mosaic Co		140,521
11,728		Mylan Laboratories, Inc		234,091
557,509		Pfizer, Inc		13,001,110
12,810		PPG Industries, Inc		741,699
3,004		Praxair, Inc		159,092
11,135		Rohm & Haas Co		539,157
8,811		RPM International, Inc		153,047
2,948		Scotts Miracle-Gro Co (Class A)		133,368
4,652		Sigma-Aldrich Corp		294,425
7,464		Valspar Corp		184,137
7,823	*	Watson Pharmaceuticals, Inc		254,326
50,361		Wyeth		2,320,131
		TOTAL CHEMICALS AND ALLIED PRODUCTS		34,094,828
COAL MINING - 0.08%
3,083		Arch Coal, Inc		245,099
2,033		Consol Energy, Inc		132,511
		TOTAL COAL MINING		377,610
COMMUNICATIONS - 6.50%
24,424		Alltel Corp		1,541,154
1,896	*	American Tower Corp (Class A)		51,382
294,587		AT&T, Inc		7,214,436
10,325	*	Avaya, Inc		110,168
137,303		BellSouth Corp		3,720,911
9,726		CenturyTel, Inc		322,514
25,538		Citizens Communications Co		312,330
27,575		Clear Channel Communications, Inc		867,234

99

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

SHARES				VALUE
80,093	*	Comcast Corp (Class A)	$	2,079,214
5,726	*	Crown Castle International Corp		154,087
4,757	*	DIRECTV Group, Inc		67,169
2,300		Hearst-Argyle Television, Inc		54,855
6,001	*	IAC/InterActiveCorp		169,888
20,267	*	Liberty Global, Inc		456,008
133,123	*	Liberty Media Corp (Class A)		1,047,678
20,887		MCI, Inc		412,101
5,654	*	NTL, Inc		384,924
2,168		PanAmSat Holding Corp		53,116
113,171	*	Qwest Communications International, Inc		639,416
172,365		Sprint Nextel Corp		4,026,446
7,263		Telephone and Data Systems, Inc (Non-Vote)		261,686
8,202	*	Univision Communications, Inc (Class A)		241,057
707	*	US Cellular Corp		34,926
207,527		Verizon Communications, Inc		6,250,713
		TOTAL COMMUNICATIONS		30,473,413
DEPOSITORY INSTITUTIONS - 19.33%
26,561		AmSouth Bancorp		696,164
10,124		Associated Banc-Corp		329,536
7,369		Astoria Financial Corp		216,649
301,504		Bank of America Corp		13,914,410
3,315		Bank of Hawaii Corp		170,855
58,217		Bank of New York Co, Inc		1,854,211
41,015		BB&T Corp		1,718,939
1,652		BOK Financial Corp		75,050
1,689		Capitol Federal Financial		55,636
390,076		Citigroup, Inc		18,930,388
3,048		City National Corp		220,797
11,725		Colonial Bancgroup, Inc		279,290
12,620		Comerica, Inc		716,311
1,508		Commerce Bancorp, Inc		51,890
4,712		Commerce Bancshares, Inc		245,589
9,337		Compass Bancshares, Inc		450,884
3,558		Cullen/Frost Bankers, Inc		190,993
1,635		Downey Financial Corp		111,818
33,050		Fifth Third Bancorp		1,246,646
9,251		First Horizon National Corp		355,608
6,358		FirstMerit Corp		164,736
11,742		Fulton Financial Corp		206,659
11,151		Golden West Financial Corp		735,966
17,540		Huntington Bancshares, Inc		416,575
6,179		Independence Community Bank Corp		245,492
2,150		IndyMac Bancorp, Inc		83,893
3,542		International Bancshares Corp		103,993
263,780		JPMorgan Chase & Co		10,469,428
30,597		Keycorp		1,007,559
5,777		M&T Bank Corp		629,982
17,218		Marshall & Ilsley Corp		741,063

100

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

SHARES				VALUE
29,348		Mellon Financial Corp	$	1,005,169
5,984		Mercantile Bankshares Corp		337,737
42,465		National City Corp		1,425,550
19,751		New York Community Bancorp, Inc		326,287
35,945		North Fork Bancorporation, Inc		983,455
6,429		Northern Trust Corp		333,151
21,245		PNC Financial Services Group, Inc		1,313,578
20,651		Popular, Inc		436,769
745	v*	Popular, Inc		112
34,835		Regions Financial Corp		1,189,964
7,024		Sky Financial Group, Inc		195,408
5,479		South Financial Group, Inc		150,892
27,239		Sovereign Bancorp, Inc		588,907
17,676		State Street Corp		979,957
27,026		SunTrust Banks, Inc		1,966,412
2,849		TCF Financial Corp		77,322
5,878		TD Banknorth, Inc		170,756
4,261		UnionBanCal Corp		292,816
137,419		US Bancorp		4,107,454
8,183		Valley National Bancorp		197,210
118,181		Wachovia Corp		6,247,048
6,724		Washington Federal, Inc		154,585
74,146		Washington Mutual, Inc		3,225,351
4,058		Webster Financial Corp		190,320
113,726		Wells Fargo & Co		7,145,405
4,581		Whitney Holding Corp		126,252
4,989		Wilmington Trust Corp		194,122
7,775		Zions Bancorporation		587,479
		TOTAL DEPOSITORY INSTITUTIONS		90,586,478
EATING AND DRINKING PLACES - 0.75%
1,898		CBRL Group, Inc		66,715
94,946		McDonald's Corp		3,201,579
408		Outback Steakhouse, Inc		16,977
3,998		Wendy's International, Inc		220,929
		TOTAL EATING AND DRINKING PLACES		3,506,200
EDUCATIONAL SERVICES - 0.01%
542	*	Laureate Education, Inc		28,460
		TOTAL EDUCATIONAL SERVICES		28,460
ELECTRIC, GAS, AND SANITARY SERVICES - 7.09%
5,825		AGL Resources, Inc		202,768
12,203	*	Allegheny Energy, Inc		386,225
8,825		Alliant Energy Corp		247,453
10,799	*	Allied Waste Industries, Inc		94,383

101

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

SHARES				VALUE
14,821		Ameren Corp	$	759,428
28,825		American Electric Power Co, Inc		1,069,119
8,486		Aqua America, Inc		231,668
5,761		Atmos Energy Corp		150,708
23,041		Centerpoint Energy, Inc		296,077
14,782		Cinergy Corp		627,644
16,342	*	CMS Energy Corp		237,122
18,259		Consolidated Edison, Inc		845,939
13,300		Constellation Energy Group, Inc		766,080
25,532		Dominion Resources, Inc		1,971,070
9,508		DPL, Inc		247,303
13,077		DTE Energy Co		564,796
69,396		Duke Energy Corp		1,904,920
22,034	*	Dynegy, Inc (Class A)		106,645
24,356		Edison International		1,062,165
48,189		El Paso Corp		585,978
5,470		Energen Corp		198,670
10,990		Energy East Corp		250,572
15,991		Entergy Corp		1,097,782
50,034		Exelon Corp		2,658,807
24,723		FirstEnergy Corp		1,211,180
29,413		FPL Group, Inc		1,222,404
5,557		Great Plains Energy, Inc		155,374
5,971		Hawaiian Electric Industries, Inc		154,649
13,042		KeySpan Corp		465,469
436		Kinder Morgan, Inc		40,090
8,871		MDU Resources Group, Inc		290,437
6,190		National Fuel Gas Co		193,066
20,469		NiSource, Inc		426,983
11,101		Northeast Utilities		218,579
6,386	*	NRG Energy, Inc		300,908
8,192		NSTAR		235,110
6,695		OGE Energy Corp		179,359
7,479		Oneok, Inc		199,166
13,948		Pepco Holdings, Inc		312,017
27,699		PG&E Corp		1,028,187
5,843		Piedmont Natural Gas Co, Inc		141,167
7,437		Pinnacle West Capital Corp		307,520
5,253		PNM Resources, Inc		128,646
28,424		PPL Corp		835,666
18,729		Progress Energy, Inc		822,578
17,967		Public Service Enterprise Group, Inc		1,167,316
8,850		Puget Energy, Inc		180,717
4,791		Questar Corp		362,679
22,401	*	Reliant Energy, Inc		231,178
10,322		Republic Services, Inc		387,591
8,544		SCANA Corp		336,463
19,203		Sempra Energy		861,063
55,873		Southern Co		1,929,295
7,066	*	Southern Union Co		166,970
15,257		TECO Energy, Inc		262,115
7,894		UGI Corp		162,616

102

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

SHARES				VALUE
5,757		Vectren Corp	$	156,360
6,357		Westar Energy, Inc		136,676
304		Western Gas Resources, Inc		14,315
17,204		Williams Cos, Inc		398,617
8,776		Wisconsin Energy Corp		342,791
3,014		WPS Resources Corp		166,704
30,037		Xcel Energy, Inc		554,483
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		33,249,826
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.30%
8,699	*	ADC Telecommunications, Inc		194,336
14,080	*	Advanced Micro Devices, Inc		430,848
9,017	*	Andrew Corp		96,752
2,679		AVX Corp		38,792
3,971	*	CCE Spinco, Inc		52,020
1,371	*	Comverse Technology, Inc		36,455
4,987		Emerson Electric Co		372,529
1,032	*	Energizer Holdings, Inc		51,383
26,188	*	Freescale Semiconductor, Inc (Class B)		659,152
192,498		General Electric Co		6,747,055
1,614		Harris Corp		69,418
63,899		Honeywell International, Inc		2,380,238
1,221	*	International Rectifier Corp		38,950
6,094		Intersil Corp (Class A)		151,619
60,021	*	JDS Uniphase Corp		141,650
3,689		L-3 Communications Holdings, Inc		274,277
18,539	*	LSI Logic Corp		148,312
331,561	*	Lucent Technologies, Inc		881,952
21,281	*	Micron Technology, Inc		283,250
5,278		Molex, Inc		136,964
36,436		Motorola, Inc		823,089
4,832	*	Novellus Systems, Inc		116,548
20,197	*	Sanmina-SCI Corp		86,039

1,765		Scientific-Atlanta, Inc	76,019
1,057	*	Spectrum Brands, Inc	21,468
2,834		Teleflex, Inc	184,153
33,396	*	Tellabs, Inc	364,016
2,433	*	Thomas & Betts Corp	102,089
11,104	*	Vishay Intertechnology, Inc	152,791
4,555		Whirlpool Corp	381,527
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	15,493,691
ENGINEERING AND MANAGEMENT SERVICES - 0.02%
1,049	*	Hewitt Associates, Inc	29,382
928	*	Jacobs Engineering Group, Inc	62,983
		TOTAL ENGINEERING AND MANAGEMENT SERVICES	92,365

103

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

SHARES				VALUE
FABRICATED METAL PRODUCTS - 0.16%
897	*	Alliant Techsystems, Inc	$	68,324
2,587		Aptargroup, Inc		135,041
6,890		Ball Corp		273,671
1,303		Illinois Tool Works, Inc		114,651
4,141		Snap-On, Inc		155,536
		TOTAL FABRICATED METAL PRODUCTS		747,223
FOOD AND KINDRED PRODUCTS - 2.35%
22,212		Anheuser-Busch Cos, Inc		954,228
49,074		Archer Daniels Midland Co		1,210,165
8,740		Campbell Soup Co		260,190
58,889		Coca-Cola Co		2,373,816
22,644		Coca-Cola Enterprises, Inc		434,085
38,723		ConAgra Foods, Inc		785,302
10,746	*	Constellation Brands, Inc (Class A)		281,868
14,931		Del Monte Foods Co		155,730
20,830		General Mills, Inc		1,027,336
12,194		H.J. Heinz Co		411,182
1,027		Hershey Co		56,742
5,409		Hormel Foods Corp		176,766
3,917		J.M. Smucker Co		172,348
6,055		Kellogg Co		261,697
18,788		Kraft Foods, Inc (Class A)		528,694
3,130		McCormick & Co, Inc (Non-Vote)		96,780
3,642		Molson Coors Brewing Co (Class B)		243,978
7,776		Pepsi Bottling Group, Inc		222,471
5,293		PepsiAmericas, Inc		123,115
36,784		Sara Lee Corp		695,218
6,548	*	Smithfield Foods, Inc		200,369
2,341	*	TreeHouse Foods, Inc		43,824
18,276		Tyson Foods, Inc (Class A)		312,520
		TOTAL FOOD AND KINDRED PRODUCTS		11,028,424
FOOD STORES - 0.34%
27,780		Albertson's, Inc		593,103
54,640	*	Kroger Co		1,031,603
		TOTAL FOOD STORES		1,624,706
FORESTRY - 0.31%
5,660		Rayonier, Inc		225,551
18,337		Weyerhaeuser Co		1,216,477
		TOTAL FORESTRY		1,442,028

104

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

SHARES				VALUE
FURNITURE AND FIXTURES - 0.39%
2,733		Hillenbrand Industries, Inc	$	135,038
11,665		Johnson Controls, Inc		850,495
10,026		Leggett & Platt, Inc		230,197
6,381		Masco Corp		192,642
16,723		Newell Rubbermaid, Inc		397,673
		TOTAL FURNITURE AND FIXTURES		1,806,045
FURNITURE AND HOMEFURNISHINGS STORES - 0.10%
8,187		Circuit City Stores, Inc		184,944
2,959	*	Mohawk Industries, Inc		257,374
2,901		Steelcase, Inc (Class A)		45,923
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		488,241
GENERAL BUILDING CONTRACTORS - 0.43%
1,850		Beazer Homes USA, Inc		134,754
4,395		Centex Corp		314,199
5,469		DR Horton, Inc		195,407
1,087		KB Home		78,981
3,835		Lennar Corp (Class A)		234,012
260		Lennar Corp (Class B)		14,739
888		MDC Holdings, Inc		55,038
1,854	*	Meritage Homes Corp		116,654
16,064		Pulte Homes, Inc		632,279
839		Ryland Group, Inc		60,517
4,470		Standard-Pacific Corp		164,496
		TOTAL GENERAL BUILDING CONTRACTORS		2,001,076
GENERAL MERCHANDISE STORES - 0.75%
5,192	*	BJ's Wholesale Club, Inc		153,476
22,084		Costco Wholesale Corp		1,092,495
5,175		Dillard's, Inc (Class A)		128,444
2,912		Family Dollar Stores, Inc		72,188
20,348		Federated Department Stores, Inc		1,349,683
10,252		JC Penney Co, Inc		570,011
8,398	*	Saks, Inc		141,590
		TOTAL GENERAL MERCHANDISE STORES		3,507,887
HEALTH SERVICES - 0.37%
15,552		AmerisourceBergen Corp		643,853
3,572	*	Caremark Rx, Inc		184,994
1,491	*	Community Health Systems, Inc		57,165
1,700		Health Management Associates, Inc (Class A)		37,332
6,355	*	Medco Health Solutions, Inc		354,609

105

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

SHARES				VALUE
484	*	Sierra Health Services, Inc	$	38,701
30,397	*	Tenet Healthcare Corp		232,841
4,072	*	Triad Hospitals, Inc		159,745
1,130		Universal Health Services, Inc (Class B)		52,816
		TOTAL HEALTH SERVICES		1,762,056
HOLDING AND OTHER INVESTMENT OFFICES - 3.74%
9,981		Allied Capital Corp		293,142
6,287		AMB Property Corp		309,132
9,505		American Financial Realty Trust		114,060
8,661		Annaly Mortgage Management, Inc		94,751
6,933		Apartment Investment & Management Co (Class A)		262,553
15,817		Archstone-Smith Trust		662,574
5,038		Arden Realty, Inc		225,854
5,547		AvalonBay Communities, Inc		495,070
8,262		Boston Properties, Inc		612,462
3,779		BRE Properties, Inc (Class A)		171,869
3,527		Camden Property Trust		204,284
4,365		CarrAmerica Realty Corp		151,160
3,262		CBL & Associates Properties, Inc		128,882
3,349		Centerpoint Properties Trust		165,709
5,957		Crescent Real Estate Equities Co		118,068
8,217		Developers Diversified Realty Corp		386,363
10,814		Duke Realty Corp		361,188
30,489		Equity Office Properties Trust		924,731
21,351		Equity Residential		835,251
1,786		Essex Property Trust, Inc		164,669
2,422		Federal Realty Investment Trust		146,894
10,687		Friedman Billings Ramsey Group, Inc		105,801
6,621		General Growth Properties, Inc		311,121
10,028		Health Care Property Investors, Inc		256,316
4,255		Health Care REIT, Inc		144,245
3,478		Healthcare Realty Trust, Inc		115,713
5,456		Hospitality Properties Trust		218,786
26,527		Host Marriott Corp		502,687
15,781		HRPT Properties Trust		163,333
28,476		iShares Russell 1000 Value Index Fund		1,965,698
8,368		iStar Financial, Inc		298,319
14,900		Kimco Realty Corp		477,992
2,500		KKR Financial Corp		59,975
6,586		Liberty Property Trust		282,210
3,074		Macerich Co		206,388
4,592		Mack-Cali Realty Corp		198,374
1,916		New Century Financial Corp		69,110
7,658		New Plan Excel Realty Trust		177,512
3,100		Pan Pacific Retail Properties, Inc		207,359
13,727		Plum Creek Timber Co, Inc		494,858
16,490		Prologis		770,413
1,410		Public Storage, Inc		95,485
6,531		Realty Income Corp		141,200

106

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

SHARES				VALUE
6,026		Reckson Associates Realty Corp	$	216,815
5,096		Regency Centers Corp		300,409
3,601		Shurgard Storage Centers, Inc (Class A)		204,213
7,950		Simon Property Group, Inc		609,209
2,882		SL Green Realty Corp		220,156
18,490	*	Telewest Global, Inc		440,432
7,488		Thornburg Mortgage, Inc		196,186
7,128		Trizec Properties, Inc		163,374
5,685		United Dominion Realty Trust, Inc		133,256
8,971		Vornado Realty Trust		748,809
5,898		Weingarten Realty Investors		223,003
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		17,547,423
HOTELS AND OTHER LODGING PLACES - 0.08%
6,230		Starwood Hotels & Resorts Worldwide, Inc		397,848
		TOTAL HOTELS AND OTHER LODGING PLACES		397,848
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.53%
2,788		Black & Decker Corp		242,444
1,185		Carlisle Cos, Inc		81,943
1,576	*	Cooper Cameron Corp		65,246
1,509		Cummins, Inc		135,403
16,713		Deere & Co		1,138,322
455		Diebold, Inc		17,290
4,869		Dover Corp		197,146
400	*	Dresser-Rand Group, Inc		9,672
8,002		Eaton Corp		536,854
216,961		Hewlett-Packard Co		6,211,593
866		IDEX Corp		35,601
18,507		International Business Machines Corp		1,521,275
8,461		Pall Corp		227,262
5,122		Parker Hannifin Corp		337,847
1,339		Pentair, Inc		46,222
3,348	*	SanDisk Corp		210,321
37,547	*	Solectron Corp		137,422
5,395		SPX Corp		246,929
2,086		Stanley Works		100,211
3,248		Symbol Technologies, Inc		41,639
3,683	*	Terex Corp		218,770
2,926		Timken Co		93,691
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		11,853,103
INSTRUMENTS AND RELATED PRODUCTS - 0.73%
5,602	*	Agilent Technologies, Inc		186,491
14,817		Applera Corp (Applied Biosystems Group)		393,540
410		Bausch & Lomb, Inc		27,839

107

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

SHARES				VALUE
669		Cooper Cos, Inc	$	34,320
21,383		Eastman Kodak Co		500,362
4,284	*	Fisher Scientific International, Inc		265,008
693	*	Mettler-Toledo International, Inc		38,254
4,511		PerkinElmer, Inc		106,279
8,062		Pitney Bowes, Inc		340,620
798		Roper Industries, Inc		31,529
4,721		Tektronix, Inc		133,179
4,746	*	Teradyne, Inc		69,149
7,803	*	Thermo Electron Corp		235,104
71,588	*	Xerox Corp		1,048,764
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,410,438
INSURANCE AGENTS, BROKERS AND SERVICE - 0.87%
23,724		AON Corp		852,878
1,103		Gallagher (Arthur J.) & Co		34,061
22,216		Hartford Financial Services Group, Inc		1,908,132
39,919		Marsh & McLennan Cos, Inc		1,267,827
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,062,898
INSURANCE CARRIERS - 7.65%
4,248		Aetna, Inc		400,629
7,703		Aflac, Inc		357,573
422	*	Alleghany Corp		119,848
50,017		Allstate Corp		2,704,419
6,407		Ambac Financial Group, Inc		493,723
3,429		American Financial Group, Inc		131,365
120,920		American International Group, Inc		8,250,372
530		American National Insurance Co		62,005
3,022		AmerUs Group Co		171,257
8,375		Assurant, Inc		364,229
14,584		Chubb Corp		1,424,128
9,800		Cigna Corp		1,094,660
13,161		Cincinnati Financial Corp		588,033
1,629	*	CNA Financial Corp		53,317
1,995		Commerce Group, Inc		114,274
11,040	*	Conseco, Inc		255,797
2,718		Erie Indemnity Co (Class A)		144,598
12,048		Fidelity National Financial, Inc		443,246
2,003		Fidelity National Title Group, Inc		48,773
6,173		First American Corp		279,637
16,897		Genworth Financial, Inc		584,298
3,692		Hanover Insurance Group, Inc		154,215
4,184		HCC Insurance Holdings, Inc		124,181
3,389	*	Health Net, Inc		174,703
3,082	*	Humana, Inc		167,445
10,236		Jefferson-Pilot Corp		582,735
6,094		Leucadia National Corp		289,221

108

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

SHARES				VALUE
13,145		Lincoln National Corp	$	697,079
11,096		Loews Corp		1,052,456
468	*	Markel Corp		148,379
9,476		MBIA, Inc		570,076
1,944		Mercury General Corp		113,180
31,186		Metlife, Inc		1,528,114
7,173		MGIC Investment Corp		472,127
4,292		Nationwide Financial Services, Inc (Class A)		188,848
13,744		Old Republic International Corp		360,917
191	*	Philadelphia Consolidated Holding Co		18,468
7,016		PMI Group, Inc		288,147
22,026		Principal Financial Group		1,044,693
1,343		Progressive Corp		156,836
5,127		Protective Life Corp		224,409
36,084		Prudential Financial, Inc		2,640,988
6,427		Radian Group, Inc		376,558
2,271		Reinsurance Group Of America, Inc		108,463
9,573		Safeco Corp		540,875
50,484		St. Paul Travelers Cos, Inc		2,255,120
4,088		Stancorp Financial Group, Inc		204,196
7,921		Torchmark Corp		440,408
1,852		Transatlantic Holdings, Inc		124,454
1,864		Unitrin, Inc		83,973
22,094		UnumProvident Corp		502,639
6,638		W.R. Berkley Corp		316,102
22,200	*	WellPoint, Inc		1,771,338
180		Wesco Financial Corp		69,300
		TOTAL INSURANCE CARRIERS		35,876,824
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.04%
7,661		Laidlaw International, Inc		177,965
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		177,965
LUMBER AND WOOD PRODUCTS - 0.05%
8,168	v	Louisiana-Pacific Corp		224,375
		TOTAL LUMBER AND WOOD PRODUCTS		224,375
METAL MINING - 0.46%
30,900		Newmont Mining Corp		1,650,060
3,394		Phelps Dodge Corp		488,295
		TOTAL METAL MINING		2,138,355
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.14%
11,817		Hasbro, Inc		238,467
27,496		Mattel, Inc		434,987
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		673,454

109

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

SHARES				VALUE
MISCELLANEOUS RETAIL - 0.43%
2,745		Barnes & Noble, Inc	$	117,129
5,252		Borders Group, Inc		113,811
2,611	*	Dollar Tree Stores, Inc		62,507
23,593	*	Office Depot, Inc		740,820
5,099		OfficeMax, Inc		129,311
40,728	*	Rite Aid Corp		141,733
3,880	*	Sears Holdings Corp		448,256
6,372		Tiffany & Co		243,984
		TOTAL MISCELLANEOUS RETAIL		1,997,551
MOTION PICTURES - 2.77%
400	*	Avid Technology, Inc		21,904
87,494	*	CBS Corp		2,852,304
12,972	*	Discovery Holding Co (Class A)		196,526
104,531		News Corp (Class A)		1,625,457
325,242		Time Warner, Inc		5,672,220
109,717		Walt Disney Co		2,629,916
		TOTAL MOTION PICTURES		12,998,327
NONDEPOSITORY INSTITUTIONS - 2.91%
8,152		American Capital Strategies Ltd		295,184
6,151	*	AmeriCredit Corp		157,650
16,051		Capital One Financial Corp		1,386,806
1,300		CapitalSource, Inc		29,120
15,290		CIT Group, Inc		791,716
40,389		Countrywide Financial Corp		1,380,900
72,534		Fannie Mae		3,540,385
51,561		Freddie Mac		3,369,511
94,958		MBNA Corp		2,578,110
1,185		Westcorp		78,933
537	*	WFS Financial, Inc		40,893
		TOTAL NONDEPOSITORY INSTITUTIONS		13,649,208
NONMETALLIC MINERALS, EXCEPT FUELS - 0.04%
2,458		Vulcan Materials Co		166,530
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		166,530
OIL AND GAS EXTRACTION - 3.06%
17,667		Anadarko Petroleum Corp		1,673,948
24,559		Apache Corp		1,682,783
28,876		Burlington Resources, Inc		2,489,111
16,897		Chesapeake Energy Corp		536,142
33,236		Devon Energy Corp		2,078,579

110

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

SHARES				VALUE
3,190		ENSCO International, Inc	$	141,477
856		Equitable Resources, Inc		31,407
3,903	*	Forest Oil Corp		177,860
1,323		Helmerich & Payne, Inc		81,907
8,650		Kerr-McGee Corp		785,939
5,480	*	National Oilwell Varco, Inc		343,596
2,525	*	Newfield Exploration Co		126,427
11,518		Noble Energy, Inc		464,175
29,871		Occidental Petroleum Corp		2,386,095
9,154		Pioneer Natural Resources Co		469,326
4,554		Pogo Producing Co		226,835
5,485	*	Pride International, Inc		168,664
3,238		Rowan Cos, Inc		115,402
2,859		Tidewater, Inc		127,111
155	*	Unit Corp		8,530
3,969		Vintage Petroleum, Inc		211,667
		TOTAL OIL AND GAS EXTRACTION		14,326,981
PAPER AND ALLIED PRODUCTS - 0.85%
8,023		Bemis Co		223,601
36,702		International Paper Co		1,233,554
19,637		Kimberly-Clark Corp		1,171,347
13,633		MeadWestvaco Corp		382,133
4,520		Packaging Corp of America		103,734
18,673	*	Smurfit-Stone Container Corp		264,596
7,495		Sonoco Products Co		220,353
8,439		Temple-Inland, Inc		378,489
		TOTAL PAPER AND ALLIED PRODUCTS		3,977,807
PERSONAL SERVICES - 0.04%
23,103		Service Corp International		188,983
		TOTAL PERSONAL SERVICES		188,983
PETROLEUM AND COAL PRODUCTS - 10.21%
5,891		Amerada Hess Corp		747,097
4,969		Ashland, Inc		287,705
169,828		Chevron Corp		9,641,136
104,326		ConocoPhillips		6,069,687
477,315		Exxon Mobil Corp		26,810,784
27,344		Marathon Oil Corp		1,667,164
2,208		Sunoco, Inc		173,063
2,318		Tesoro Corp		142,673
44,370		Valero Energy Corp		2,289,492
		TOTAL PETROLEUM AND COAL PRODUCTS		47,828,801

111

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

SHARES				VALUE
PRIMARY METAL INDUSTRIES - 0.79%
65,269		Alcoa, Inc	$	1,930,004
4,228		Hubbell, Inc (Class B)		190,767
12,048		Nucor Corp		803,843
6,624		Precision Castparts Corp		343,189
8,590		United States Steel Corp		412,921
		TOTAL PRIMARY METAL INDUSTRIES		3,680,724
PRINTING AND PUBLISHING - 0.71%
4,544		American Greetings Corp (Class A)		99,832
6,979		Belo (A.H.) Corp Series A		149,420
18,609		Gannett Co, Inc		1,127,147
5,445		Knight Ridder, Inc		344,669
3,311		Lee Enterprises, Inc		122,209
1,553		McClatchy Co (Class A)		91,782
10,716		New York Times Co (Class A)		283,438
15,878		R.R. Donnelley & Sons Co		543,186
17,826		Tribune Co		539,415
47		Washington Post Co (Class B)		35,955
		TOTAL PRINTING AND PUBLISHING		3,337,053
RAILROAD TRANSPORTATION - 1.19%
28,228		Burlington Northern Santa Fe Corp		1,999,107
16,194		CSX Corp		822,169
25,821		Norfolk Southern Corp		1,157,555
19,680		Union Pacific Corp		1,584,437
		TOTAL RAILROAD TRANSPORTATION		5,563,268
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.07%
5,929	*	Goodyear Tire & Rubber Co		103,046
4,022	*	Sealed Air Corp		225,916
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		328,962
SECURITY AND COMMODITY BROKERS - 3.77%
5,819		A.G. Edwards. Inc		272,678
11,024		Ameritrade Holding Corp		264,576
8,556		Bear Stearns Cos, Inc		988,475
200	*	Cbot Holdings, Inc		18,752
27,529	*	E*Trade Financial Corp		574,255
500		Federated Investors, Inc (Class B)		18,520
25,147		Goldman Sachs Group, Inc		3,211,523
16,879		Janus Capital Group, Inc		314,456
3,908		Jefferies Group, Inc		175,782
20,685		Lehman Brothers Holdings, Inc		2,651,196

112

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

SHARES				VALUE
70,651		Merrill Lynch & Co, Inc	$	4,785,192
74,085		Morgan Stanley		4,203,583
4,598		Raymond James Financial, Inc		173,207
		TOTAL SECURITY AND COMMODITY BROKERS		17,652,195
STONE, CLAY, AND GLASS PRODUCTS - 0.12%
2,471		Lafarge North America, Inc		135,954
11,415	*	Owens-Illinois, Inc		240,172
2,873	b,*	USG Corp		186,745
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		562,871
TOBACCO PRODUCTS - 1.71%
92,540		Altria Group, Inc		6,914,589
5,119		Loews Corp (Carolina Group)		225,185
6,382		Reynolds American, Inc		608,396
5,997		UST, Inc		244,858
		TOTAL TOBACCO PRODUCTS		7,993,028
TRANSPORTATION BY AIR - 0.11%
30,045		Southwest Airlines Co		493,639
		TOTAL TRANSPORTATION BY AIR		493,639
TRANSPORTATION EQUIPMENT - 1.73%
5,575		Autoliv, Inc		253,217
1,800		Brunswick Corp		73,188
11,287		Dana Corp		81,041
132,453		Ford Motor Co		1,022,537
15,018		General Dynamics Corp		1,712,803
34,608		General Motors Corp		672,087
13,095		Genuine Parts Co		575,132
365		Harsco Corp		24,641
510		ITT Industries, Inc		52,438
522		Martin Marietta Materials, Inc		40,048
26,867		Northrop Grumman Corp		1,614,975
1,649		Paccar, Inc		114,160
9,938	*	Pactiv Corp		218,636
26,285		Raytheon Co		1,055,343
6,711		Textron, Inc		516,613
3,231	*	TRW Automotive Holdings Corp		85,137
		TOTAL TRANSPORTATION EQUIPMENT		8,111,996

113

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

SHARES				VALUE
TRANSPORTATION SERVICES - 0.11%
6,301	*	Expedia, Inc	$	150,972
5,159		Lear Corp		146,825
9,615		Sabre Holdings Corp		231,818
		TOTAL TRANSPORTATION SERVICES		529,615
TRUCKING AND WAREHOUSING - 0.05%
1,897	*	Swift Transportation Co, Inc		38,509
4,447	*	Yellow Roadway Corp		198,381
		TOTAL TRUCKING AND WAREHOUSING		236,890
WATER TRANSPORTATION - 0.06%
3,326		Alexander & Baldwin, Inc		180,402
2,199		Overseas Shipholding Group, Inc		110,808
		TOTAL WATER TRANSPORTATION		291,210
WHOLESALE TRADE-DURABLE GOODS - 0.36%
6,537		Adesa, Inc		159,634
8,622	*	Arrow Electronics, Inc		276,163
7,174	*	Avnet, Inc		171,746
2,894		BorgWarner, Inc		175,463
4,657	*	Ingram Micro, Inc (Class A)		92,814
6,293		Omnicare, Inc		360,085
2,963	*	Tech Data Corp		117,572
4,613		W.W. Grainger, Inc		327,984
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,681,461
WHOLESALE TRADE-NONDURABLE GOODS - 0.72%
4,606		Airgas, Inc		151,537
321		Brown-Forman Corp (Class B)		22,252
11,391		Cardinal Health, Inc		783,131
11,003	*	Dean Foods Co		414,373
13,563		McKesson Corp		699,708
2,845		Reebok International, Ltd		165,664
33,491		Safeway, Inc		792,397
10,145		Supervalu, Inc		329,510
616		Valhi, Inc		11,396
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,369,968
		TOTAL COMMON STOCKS		468,965,280
		(Cost $419,667,816)

114

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

PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 1.16%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.16%
$     5,430,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06	$	5,427,979
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		5,427,979
		TOTAL SHORT-TERM INVESTMENTS		5,427,979
		(Cost $5,428,974)
		TOTAL PORTFOLIO- 101.22%		474,404,190
		(Cost $425,102,722)
		OTHER ASSETS & LIABILITIES, NET - (1.22%)		(5,726,535	)
		NET ASSETS - 100.00%	$	468,677,655
	*	Non-income producing
	**	Percentage represents less than 0.01%
	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.

115

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.95%
AGRICULTURAL PRODUCTION-CROPS - 0.02%
156		Alico, Inc	$	7,050
2,034		Chiquita Brands International, Inc		40,700
1,746		Delta & Pine Land Co		40,175
271	*	John B. Sanfilippo & Son		3,504
		TOTAL AGRICULTURAL PRODUCTION-CROPS		91,429
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
818		Pilgrim's Pride Corp		27,125
15		Seaboard Corp		22,665
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		49,790
AMUSEMENT AND RECREATION SERVICES - 0.19%
2,152	*	Alliance Gaming Corp		28,019
476		Churchill Downs, Inc		17,483
237		Dover Downs Gaming & Entertainment, Inc		3,354
503		Dover Motorsports, Inc		3,073
7,931		Harrah's Entertainment, Inc		565,401
1,562		International Speedway Corp (Class A)		74,820
1,409	*	Leapfrog Enterprises, Inc		16,415
963	*	Life Time Fitness, Inc		36,681
1,898	*	Magna Entertainment Corp (Class A)		13,552
3,172	*	Marvel Entertainment, Inc		51,957
1,107	*	Multimedia Games, Inc		10,240
3,122	*	Penn National Gaming, Inc		102,870
1,691	*	Pinnacle Entertainment, Inc		41,785
4,789	*	Six Flags, Inc		36,923
797		Speedway Motorsports, Inc		27,632
547	*	Sunterra Corp		7,778
1,300		Warner Music Group Corp		25,051
3,125		Westwood One, Inc		50,938
988	*	WMS Industries, Inc		24,789
614		World Wrestling Entertainment, Inc		9,014
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,147,775
APPAREL AND ACCESSORY STORES - 0.66%
3,805		Abercrombie & Fitch Co (Class A)		248,010
2,434	*	Aeropostale, Inc		64,014
5,182		American Eagle Outfitters, Inc		119,082
3,164	*	AnnTaylor Stores Corp		109,221
768		Bebe Stores, Inc		10,775
350		Buckle, Inc		11,284
729		Burlington Coat Factory Warehouse Corp		29,313
594	*	Cache, Inc		10,288
806	*	Carter's, Inc		47,433
1,531	*	Casual Male Retail Group, Inc		9,385
1,069		Cato Corp (Class A)		22,930

116

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
766	*	Charlotte Russe Holding, Inc	$	15,956
5,264	*	Charming Shoppes, Inc		69,485
7,530	*	Chico's FAS, Inc		330,793
854	*	Children's Place Retail Stores, Inc		42,205
1,609		Christopher & Banks Corp		30,217
4,058		Claire's Stores, Inc		118,575
195		DEB Shops, Inc		5,797
872	*	Dress Barn, Inc		33,668
1,000	*	DSW, Inc		26,220
1,823		Finish Line, Inc (Class A)		31,757
6,866		Foot Locker, Inc		161,969
25,867		Gap, Inc		456,294
2,190	*	HOT Topic, Inc		31,208
906	*	Jo-Ann Stores, Inc		10,691
521	*	JOS A Bank Clothiers, Inc		22,617
13,212	*	Kohl's Corp		642,103
15,106		Limited Brands, Inc		337,619
100	*	New York & Co, Inc		2,120
9,666		Nordstrom, Inc		361,508
3,310	*	Pacific Sunwear Of California, Inc		82,485
2,885	*	Payless Shoesource, Inc		72,414
6,485		Ross Stores, Inc		187,417
340	*	Shoe Carnival, Inc		7,453
1,149		Stage Stores, Inc		34,217
1,009		Talbots, Inc		28,070
1,822	*	The Wet Seal, Inc		8,090
1,644	*	Too, Inc		46,405
4,536	*	Urban Outfitters, Inc		114,806
3,100	*	Wilsons The Leather Experts, Inc		11,253
		TOTAL APPAREL AND ACCESSORY STORES		4,005,147
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
762	*	Columbia Sportswear Co		36,370
851	*	DHB Industries, Inc		3,804
827	*	Guess ?, Inc		29,441
1,406	*	Gymboree Corp		32,900
1,023	*	Hartmarx Corp		7,990

5,265		Jones Apparel Group, Inc	161,741
1,102		Kellwood Co	26,316
4,765		Liz Claiborne, Inc	170,682
1,500	*	Maidenform Brands, Inc	18,990
1,115		Phillips-Van Heusen Corp	36,126
2,412		Polo Ralph Lauren Corp	135,410
5,426	*	Quiksilver, Inc	75,096
1,396		Russell Corp	18,790
3,459		VF Corp	191,421
1,988	*	Warnaco Group, Inc	53,119
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS	998,196
AUTO REPAIR, SERVICES AND PARKING - 0.06%
379	*	Amerco, Inc	27,307
406		Bandag, Inc	17,324

117

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
890		Central Parking Corp	$	12,211
1,079	*	Dollar Thrifty Automotive Group, Inc		38,920
811	*	Midas, Inc		14,890
429		Monro Muffler, Inc		13,007
2,379	*	PHH Corp		66,660
2,807		Ryder System, Inc		115,143
1,705	*	Wright Express Corp		37,510
		TOTAL AUTO REPAIR, SERVICES AND PARKING		342,972
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.18%
4,686	*	Advance Auto Parts		203,654
309	*	America's Car-Mart, Inc		5,105
431	*	Asbury Automotive Group, Inc		7,094
7,825	*	Autonation, Inc		170,037
2,266	*	Autozone, Inc		207,906
4,661	*	Carmax, Inc		129,016
3,118	*	Copart, Inc		71,901
1,694	*	CSK Auto Corp		25,546
584		Lithia Motors, Inc (Class A)		18,361
542	*	MarineMax, Inc		17,111
4,369	*	O'Reilly Automotive, Inc		139,852
916	*	Rush Enterprises, Inc (Class A)		13,630
1,240		Sonic Automotive, Inc		27,627
1,132		United Auto Group, Inc		43,242
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,080,082
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.07%
900	*	Builders FirstSource, Inc		19,233
816	*	Central Garden & Pet Co		37,487
5,490		Fastenal Co		215,153
93,157		Home Depot, Inc		3,770,995
33,504		Lowe's Cos, Inc		2,233,377
4,559		Sherwin-Williams Co		207,070
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		6,483,315
BUSINESS SERVICES - 7.29%
16,752	*	3Com Corp		60,307
478	*	3D Systems Corp		8,604
1,526		Aaron Rents, Inc		32,168
1,629		ABM Industries, Inc		31,847
10,784	*	Activision, Inc		148,172
3,687		Acxiom Corp		84,801
600		Administaff, Inc		25,230
25,723		Adobe Systems, Inc		950,722
1,001	*	Advent Software, Inc		28,939
1,547		Advo, Inc		43,594
5,233	*	Affiliated Computer Services, Inc (Class A)		309,689
2,749	*	Agile Software Corp		16,439
5,205	*	Akamai Technologies, Inc		103,736
3,572	*	Alliance Data Systems Corp		127,163

118

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,093	*	Altiris, Inc	$	18,461
570	*	American Reprographics Co		14,484
1,488	*	AMICAS, Inc		7,380
392	*	AMN Healthcare Services, Inc		7,754
229	*	Ansoft Corp		7,797
1,522	*	Ansys, Inc		64,974
1,203	*	Anteon International Corp		65,383
2,406	*	Applied Digital Solutions, Inc		6,905
2,453	*	aQuantive, Inc		61,914
1,318		Arbitron, Inc		50,058
3,107	*	Ariba, Inc		22,836
2,330	*	Aspen Technology, Inc		18,291
489	*	Asset Acceptance Capital Corp		10,983
340	*	Atari, Inc		367
743	*	Audible, Inc		9,540
2,383	*	Autobytel, Inc		11,772
9,946		Autodesk, Inc		427,181
24,941		Automatic Data Processing, Inc		1,144,542
2,294	*	Avocent Corp		62,401
409	*	Bankrate, Inc		12,074
15,559	*	BEA Systems, Inc		146,255
7,153	*	BearingPoint, Inc		56,223
5,485	*	BISYS Group, Inc		76,845
556		Blackbaud, Inc		9,496
500	*	Blackboard, Inc		14,490
558	*	Blue Coat Systems, Inc		25,512
9,657	*	BMC Software, Inc		197,872
4,024	*	Borland Software Corp		26,277
461	*	Bottomline Technologies, Inc		5,080
1,782		Brady Corp (Class A)		64,473
2,481		Brink's Co		118,865
1,310	*	CACI International, Inc (Class A)		75,168
12,167	*	Cadence Design Systems, Inc		205,866
2,289		Catalina Marketing Corp		58,026
3,206	*	CBIZ, Inc		19,300
415	*	CCC Information Services Group, Inc		10,881
45,484		Cendant Corp		784,599
6,698	*	Ceridian Corp		166,445
1,389	*	Cerner Corp		126,274
2,480		Certegy, Inc		100,589
3,705	*	Checkfree Corp		170,060
4,033	*	ChoicePoint, Inc		179,509
2,298	*	Ciber, Inc		15,167
6,886	*	Citrix Systems, Inc		198,179
1,600	*	Clear Channel Outdoor Holdings, Inc		32,080
372	*	Click Commerce, Inc		7,819
19,614	*	CMGI, Inc		29,813
6,132	*	CNET Networks, Inc		90,093
1,100	*	Cogent, Inc		24,948
1,984		Cognex Corp		59,699
5,942	*	Cognizant Technology Solutions Corp		299,180
20,279		Computer Associates International, Inc		571,665
305		Computer Programs & Systems, Inc		12,636
8,337	*	Computer Sciences Corp		422,186
17,083	*	Compuware Corp		153,235

119

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
472	*	COMSYS IT Partners, Inc	$	5,216
1,628	*	Concur Technologies, Inc		20,985
6,594	*	Convergys Corp		104,515
773	*	CoStar Group, Inc		33,370
1,148	*	Covansys Corp		15,624
2,255	*	CSG Systems International, Inc		50,332
717	*	Cyberguard Corp		6,331
1,699	*	Cybersource Corp		11,213
2,286		Deluxe Corp		68,900
1,846	*	Dendrite International, Inc		26,601
1,523	*	Digital Insight Corp		48,766
1,430	*	Digital River, Inc		42,528
2,702	*	DST Systems, Inc		161,877
4,316	*	Earthlink, Inc		47,962
46,962	*	eBay, Inc		2,031,107
1,544	*	Echelon Corp		12,090
1,870	*	Eclipsys Corp		35,399
889	*	eCollege.com, Inc		16,029
1,402	*	eFunds Corp		32,886
821	*	Electro Rent Corp		12,241
13,359	*	Electronic Arts, Inc		698,809
22,519		Electronic Data Systems Corp		541,357
2,347	*	Electronics for Imaging, Inc		62,454
518	*	Emageon, Inc		8,236
14,699	*	Emdeon Corp		124,354
3,555	*	Entrust, Inc		17,206
2,158	*	Epicor Software Corp		30,493
646	*	EPIQ Systems, Inc		11,977
5,662		Equifax, Inc		215,269
621	*	Equinix, Inc		25,312
314	*	Escala Group, Inc		6,368
1,498	*	eSpeed, Inc (Class A)		11,550
1,627	*	F5 Networks, Inc		93,048
1,500		Factset Research Systems, Inc		61,740
2,947		Fair Isaac Corp		130,169
1,723	*	FalconStor Software, Inc		12,733
1,955	*	Filenet Corp		50,537
33,355		First Data Corp		1,434,599
8,350	*	Fiserv, Inc		361,305
623	*	Forrester Research, Inc		11,681
2,119	*	Gartner, Inc (Class A)		27,335
2,047	*	Getty Images, Inc		182,736
1,274		Gevity HR, Inc		32,767
7,119	*	Google, Inc (Class A)		2,953,388
5,021		GTECH Holdings Corp		159,367
923		Healthcare Services Group		19,115
803	*	Heidrick & Struggles International, Inc		25,736
5,653	*	Homestore, Inc		28,830
1,038	*	Hudson Highland Group, Inc		18,020
2,871	*	Hypercom Corp		18,346
2,868	*	Hyperion Solutions Corp		102,732
968	*	IDX Systems Corp		42,515
416	*	iGate Corp		2,022
9,871		IMS Health, Inc		245,985
876	*	Infocrossing, Inc		7,542

120

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
3,462	*	Informatica Corp	$	41,544
1,375	*	Infospace, Inc		35,503
1,860		infoUSA, Inc		20,330
351	*	Innovative Solutions & Support, Inc		4,486
343		Integral Systems, Inc		6,469
1,587		Interactive Data Corp		36,041
1,110	*	Intergraph Corp		55,289
1,501	*	Internet Capital Group, Inc		12,338
1,630	*	Internet Security Systems, Inc		34,149

334		Interpool, Inc	6,306
18,687	*	Interpublic Group of Cos, Inc	180,330
533	*	Intervideo, Inc	5,623
2,106	*	Interwoven, Inc	17,838
873	*	Intrado, Inc	20,096
6,786	*	Intuit, Inc	361,694
2,349	*	Ipass, Inc	15,409
553	*	iPayment, Inc	22,961
4,974	*	Iron Mountain, Inc	210,002
1,855	*	iVillage, Inc	14,877
3,164		Jack Henry & Associates, Inc	60,369
449	*	Jamdat Mobile, Inc	11,934
1,422	*	JDA Software Group, Inc	24,188
23,606	*	Juniper Networks, Inc	526,414
868	*	Jupitermedia Corp	12,829
1,001	*	Kanbay International, Inc	15,906
2,403	*	Keane, Inc	26,457
790		Kelly Services, Inc (Class A)	20,714
834	*	Keynote Systems, Inc	10,717
1,188	*	Kforce, Inc	13,258
2,540	*	KFX, Inc	43,459
2,072	*	Kinetic Concepts, Inc	82,383
1,429	*	Korn/Ferry International	26,708
1,484	*	Kronos, Inc	62,120
2,632	*	Labor Ready, Inc	54,798
3,791	*	Lamar Advertising Co	174,917
3,158	*	Lawson Software, Inc	23,211
2,598	*	Lionbridge Technologies	18,238
689	*	LoJack Corp	16,626
1,159	*	Magma Design Automation, Inc	9,747
1,478	*	Manhattan Associates, Inc	30,269
3,923		Manpower, Inc	182,420
857	*	Mantech International Corp (Class A)	23,876
1,157	*	Mapinfo Corp	14,590
847	*	Marchex, Inc	19,049
300	*	Marlin Business Services, Inc	7,167
2,678	*	Matrixone, Inc	13,363
7,177	*	McAfee, Inc	194,712
3,520	*	Mentor Graphics Corp	36,397
3,082	*	Mercury Interactive Corp	85,649
3,075	*	Micromuse, Inc	30,412
399,449		Microsoft Corp	10,445,591
677	*	MicroStrategy, Inc	56,015
1,012	*	Midway Games, Inc	19,198
4,012		MoneyGram International, Inc	104,633
4,574	*	Monster Worldwide, Inc	186,711

121

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
741	*	Motive, Inc	$	2,290
4,739	*	MPS Group, Inc		64,782
1,096	*	MRO Software, Inc		15,388
3,837	*	NAVTEQ Corp		168,329
1,262	*	NCO Group, Inc		21,353
8,146	*	NCR Corp		276,475
1,835	*	NDCHealth Corp		35,287
698	*	Ness Technologies, Inc		7,517
1,672	*	NetFlix, Inc		45,244
2,907	*	NetIQ Corp		35,727
745	*	Netratings, Inc		9,186
976	*	Netscout Systems, Inc		5,319
1,494	*	NIC, Inc		9,203
17,121	*	Novell, Inc		151,187
7,694		Omnicom Group, Inc		654,990
917	*	Online Resources Corp		10,133
693	*	Open Solutions, Inc		15,884
2,025	*	Opsware, Inc		13,750
163,254	*	Oracle Corp		1,993,331
1,073	*	Packeteer, Inc		8,337
12,550	*	Parametric Technology Corp		76,555
573	*	PDF Solutions, Inc		9,311
703	*	Pegasystems, Inc		5,139
3,294	*	Perot Systems Corp (Class A)		46,577
830	*	Phase Forward, Inc		8,093
818	*	Phoenix Technologies Ltd		5,121
634	*	Portfolio Recovery Associates, Inc		29,443
500	*	PRA International		14,075
2,790	*	Premiere Global Services, Inc		22,683
1,489	*	Progress Software Corp		42,258
1,167		QAD, Inc		8,916
234		Quality Systems, Inc		17,962
2,593	*	Quest Software, Inc		37,832
905	*	Radiant Systems, Inc		11,005
799	*	Radisys Corp		13,855
5,698	*	RealNetworks, Inc		44,216
7,302	*	Red Hat, Inc		198,906
1,434	*	Redback Networks, Inc		20,162
472		Renaissance Learning, Inc		8,926
3,308	*	Rent-A-Center, Inc		62,389
1,245	*	Rent-Way, Inc		7,956
2,751		Reynolds & Reynolds Co (Class A)		77,221
500	*	RightNow Technologies, Inc		9,230
7,342		Robert Half International, Inc		278,188
1,251		Rollins, Inc		24,657
3,243	*	RSA Security, Inc		36,419

3,636	*	S1 Corp	15,817
1,074	*	SafeNet, Inc	34,604
2,905	*	Salesforce.com, Inc	93,105
4,100	*	Sapient Corp	23,329
1,739	*	Secure Computing Corp	21,320
1,273	*	Serena Software, Inc	29,839
12,926		ServiceMaster Co	154,466
313	*	SI International, Inc	9,568
22,316		Siebel Systems, Inc	236,103
1,273	*	Sohu.com, Inc	23,347

122

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,930	*	SonicWALL, Inc	$	23,206
10,472	*	Sonus Networks, Inc		38,956
1,780	*	Sotheby's Holdings, Inc (Class A)		32,681
2,204	*	Spherion Corp		22,062
881	*	SPSS, Inc		27,249
1,420	*	SRA International, Inc (Class A)		43,367
545		Startek, Inc		9,810
890	*	Stellent, Inc		8,838
455	*	Stratasys, Inc		11,380
147,139	*	Sun Microsystems, Inc		616,512
2,055	*	SupportSoft, Inc		8,672
4,229	*	Sybase, Inc		92,446
1,090	*	SYKES Enterprises, Inc		14,573
47,107	*	Symantec Corp		824,373
408	*	SYNNEX Corp		6,165
5,928	*	Synopsys, Inc		118,916
195		Syntel, Inc		4,062
2,941	*	Take-Two Interactive Software, Inc		52,056
932		Talx Corp		42,602
1,941	*	TeleTech Holdings, Inc		23,389
2,857	*	THQ, Inc		68,139
9,445	*	TIBCO Software, Inc		70,554
507	*	TNS, Inc		9,724
1,360		Total System Services, Inc		26,914
880	*	TradeStation Group, Inc		10,894
1,585	*	Transaction Systems Architects, Inc		45,632
1,550	*	Trizetto Group, Inc		26,335
457	*	TRM Corp		3,405
851	*	Ultimate Software Group, Inc		16,229
14,841	*	Unisys Corp		86,523
2,460		United Online, Inc		34,981
2,839	*	United Rentals, Inc		66,404
873	*	Universal Compression Holdings, Inc		35,898
3,830	*	Valueclick, Inc		69,361
1,022	*	Vasco Data Security International		10,077
1,104	*	Ventiv Health, Inc		26,076
469	*	Verint Systems, Inc		16,166
11,510	*	VeriSign, Inc		252,299
386	*	Vertrue, Inc		13,637
1,078		Viad Corp		31,618
1,466	*	Vignette Corp		23,910
350	*	Volt Information Sciences, Inc		6,657
24,083		Waste Management, Inc		730,919
1,575	*	WebEx Communications, Inc		34,067
193	*	WebMD Health Corp		5,607
2,241	*	webMethods, Inc		17,278
1,014	*	Websense, Inc		66,559
3,100	*	Wind River Systems, Inc		45,787
1,103	*	Witness Systems, Inc		21,696
52,389	*	Yahoo!, Inc		2,052,601
		TOTAL BUSINESS SERVICES		44,146,815

123

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
CHEMICALS AND ALLIED PRODUCTS - 9.46%
4,378	*	Aastrom Biosciences, Inc	$	9,238
66,835		Abbott Laboratories		2,635,304
4,058	*	Abgenix, Inc		87,288
100	*	Adams Respiratory Therapeutics, Inc		4,066
1,103	*	Adolor Corp		16,104
9,924		Air Products & Chemicals, Inc		587,402
1,362	*	Albany Molecular Research, Inc		16,548
1,707		Albemarle Corp		65,463
3,376		Alberto-Culver Co		154,452
1,266	*	Alexion Pharmaceuticals, Inc		25,637
4,277	*	Alkermes, Inc		81,776
1,410		Alpharma, Inc (Class A)		40,199
859	*	American Pharmaceutical Partners, Inc		33,321
422		American Vanguard Corp		9,917
53,474	*	Amgen, Inc		4,216,960
3,433	*	Andrx Corp		56,542
1,148		Arch Chemicals, Inc		34,325
1,364	*	Arena Pharmaceuticals, Inc		19,396
1,308	*	Arqule, Inc		8,005
1,485	*	Array Biopharma, Inc		10,410
1,310	*	Atherogenics, Inc		26,213
4,657	*	AVANIR Pharmaceuticals		16,020
4,636		Avery Dennison Corp		256,232
20,325		Avon Products, Inc		580,279
337		Balchem Corp		10,046
4,454	*	Barr Pharmaceuticals, Inc		277,440
407	*	Barrier Therapeutics, Inc		3,337
997	*	Bentley Pharmaceuticals, Inc		16,361
1,207	*	Bioenvision, Inc		7,882

15,108	*	Biogen Idec, Inc	684,846
3,604	*	BioMarin Pharmaceuticals, Inc	38,851
84,241		Bristol-Myers Squibb Co	1,935,858
2,563		Cabot Corp	91,755
1,604		Calgon Carbon Corp	9,127
1,425		Cambrex Corp	26,747
565	*	Caraco Pharmaceutical Laboratories Ltd	5,074
1,800		Celanese Corp (Series A)	34,416
1,593	*	Cell Genesys, Inc	9,446
1,629	*	Cell Therapeutics, Inc	3,551
2,536	*	Cephalon, Inc	164,181
1,900		CF Industries Holdings, Inc	28,975
3,249	*	Charles River Laboratories International, Inc	137,660
768	*	Chattem, Inc	27,948
10,319		Chemtura Corp	131,051
4,711	*	Chiron Corp	209,451
2,885		Church & Dwight Co, Inc	95,292
6,654		Clorox Co	378,546
22,417		Colgate-Palmolive Co	1,229,572
1,489	*	Connetics Corp	21,516
1,500	*	Cotherix, Inc	15,930
2,210	*	Cubist Pharmaceuticals, Inc	46,963
2,579	*	Curis, Inc	9,181
727	*	Cypress Bioscience, Inc	4,202
727	*	Cypress Bioscience, Inc	4,202
1,383		Cytec Industries, Inc	65,872

124

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
3,866		Dade Behring Holdings, Inc	$	158,081
1,820	*	Dendreon Corp		9,864
1,129		Diagnostic Products Corp		54,813
830	*	Digene Corp		24,211
2,149	*	Discovery Laboratories, Inc		14,355
949	*	Dov Pharmaceutical, Inc		13,931
41,361		Dow Chemical Co		1,812,482
39,538		Du Pont (E.I.) de Nemours & Co		1,680,365
1,946	*	Durect Corp		9,866
932	*	Dusa Pharmaceuticals, Inc		10,038
3,505		Eastman Chemical Co		180,823
7,985		Ecolab, Inc		289,616
42,400		Eli Lilly & Co		2,399,416
923	*	Elizabeth Arden, Inc		18,515
2,745	*	Encysive Pharmaceuticals, Inc		21,658
5,260		Engelhard Corp		158,589
1,803	*	Enzon Pharmaceuticals, Inc		13,342
1,214	*	EPIX Pharmaceuticals, Inc		4,905
5,559		Estee Lauder Cos (Class A)		186,115
1,607		Ferro Corp		30,147
1,169	*	First Horizon Pharmaceutical Corp		20,165
1,562	*	FMC Corp		83,052
15,232	*	Forest Laboratories, Inc		619,638
19,925	*	Genentech, Inc		1,843,063
954	*	Genitope Corp		7,584
10,955	*	Genzyme Corp		775,401
1,433		Georgia Gulf Corp		43,592
2,079	*	Geron Corp		17,900
19,427	*	Gilead Sciences, Inc		1,022,443
2,695	*	GlobeTel Communications Corp		9,945
1,227		H.B. Fuller Co		39,350
224	*	Hi-Tech Pharmacal Co, Inc		9,921
6,891	*	Hospira, Inc		294,797
6,175	*	Human Genome Sciences, Inc		52,858
2,500	*	Huntsman Corp		43,050
452	*	Idenix Pharmaceuticals, Inc		7,734
1,363	*	Idexx Laboratories, Inc		98,109
3,146	*	ImClone Systems, Inc		107,719
2,007	*	Immucor, Inc		46,884
2,102	*	Immunogen, Inc		10,783
1,788	*	Inspire Pharmaceuticals, Inc		9,083
315		Inter Parfums, Inc		5,657
1,585	*	InterMune, Inc		26,628
3,841		International Flavors & Fragrances, Inc		128,674
835	*	Inverness Medical Innovations, Inc		19,798
2,138	*	Invitrogen Corp		142,542
8,637	*	IVAX Corp		270,597
10,749	*	King Pharmaceuticals, Inc		181,890
628	*	Kos Pharmaceuticals, Inc		32,486
200		Kronos Worldwide, Inc		5,802
1,821	*	KV Pharmaceutical Co (Class A)		37,513
3,085		Lubrizol Corp		133,982
8,835		Lyondell Chemical Co		210,450
1,211		MacDermid, Inc		33,787
600		Mannatech, Inc		8,286

125

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
800	*	MannKind Corp	$	9,008
1,323	*	Martek Biosciences Corp		32,559
4,592	*	Medarex, Inc		63,599
2,267	*	Medicines Co		39,559
2,358		Medicis Pharmaceutical Corp (Class A)		75,574
10,799	*	Medimmune, Inc		378,181
94,898		Merck & Co, Inc		3,018,705
711		Meridian Bioscience, Inc		14,320
3,242	*	MGI Pharma, Inc		55,633
13,701	*	Millennium Pharmaceuticals, Inc		132,900
841		Minerals Technologies, Inc		47,003
800	*	Momenta Pharmaceuticals, Inc		17,632

11,695		Monsanto Co	906,713
6,006	*	Mosaic Co	87,868
9,624		Mylan Laboratories, Inc	192,095
1,168	*	Myogen, Inc	35,227
2,896	*	Nabi Biopharmaceuticals	9,788
3,438	*	Nalco Holding Co	60,887
733	*	Nastech Pharmaceutical Co, Inc	10,790
384		Natures Sunshine Products, Inc	6,943
2,341	*	NBTY, Inc	38,041
1,592	*	Neurocrine Biosciences, Inc	99,866
226	*	New River Pharmaceuticals, Inc	11,725
740	*	NewMarket Corp	18,100
513	*	NitroMed, Inc	7,156
383		NL Industries, Inc	5,396
960	*	Northfield Laboratories, Inc	12,864
1,192	*	Noven Pharmaceuticals, Inc	18,035
2,016	*	NPS Pharmaceuticals, Inc	23,869
2,090	*	Nuvelo, Inc	16,950
662		Octel Corp	10,771
3,422		Olin Corp	67,345
1,409	*	OM Group, Inc	26,433
1,480	*	Onyx Pharmaceuticals, Inc	42,565
2,133	*	OraSure Technologies, Inc	18,813
2,418	*	OSI Pharmaceuticals, Inc	67,801
1,604	*	Pain Therapeutics, Inc	10,843
1,627	*	Par Pharmaceutical Cos, Inc	50,990
1,312	*	Parexel International Corp	26,581
263	*	Parlux Fragrances, Inc	8,029
778	*	Penwest Pharmaceuticals Co	15,187
3,457		Perrigo Co	51,544
321,083		Pfizer, Inc	7,487,656
999	*	Pharmion Corp	17,752
488	*	Pioneer Cos, Inc	14,625
4,316	*	PolyOne Corp	27,752
1,146	*	Pozen, Inc	10,990
7,389		PPG Industries, Inc	427,823
13,707		Praxair, Inc	725,923
1,088	*	Prestige Brands Holdings, Inc	13,600
145,395		Procter & Gamble Co	8,415,463
732	*	Progenics Pharmaceuticals, Inc	18,307
4,511	*	Protein Design Labs, Inc	128,203
764	*	Renovis, Inc	11,689

126

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
7,479	*	Revlon, Inc (Class A)	$	23,185
700	*	Rockwood Holdings, Inc		13,811
7,002		Rohm & Haas Co		339,037
5,210		RPM International, Inc		90,498
1,939	*	Salix Pharmaceuticals Ltd		34,088
64,228		Schering-Plough Corp		1,339,154
1,856		Scotts Miracle-Gro Co (Class A)		83,965
1,878		Sensient Technologies Corp		33,616
4,566	*	Sepracor, Inc		235,606
1,508	*	Serologicals Corp		29,768
2,906		Sigma-Aldrich Corp		183,921
2,733	*	StemCells, Inc		9,429
250		Stepan Co		6,723
1,943	*	SuperGen, Inc		9,812
708	*	SurModics, Inc		26,189
1,295	*	Tanox, Inc		21,199
3,907	*	Terra Industries, Inc		21,879
1,400		UAP Holding Corp		28,588
976	*	United Therapeutics Corp		67,461
454	*	USANA Health Sciences, Inc		17,415
4,070		USEC, Inc		48,637
3,813		Valeant Pharmaceuticals International		68,939
4,516		Valspar Corp		111,410
3,577	*	VCA Antech, Inc		100,871
4,053	*	Vertex Pharmaceuticals, Inc		112,147
4,354	*	Watson Pharmaceuticals, Inc		141,549
1,629		Wellman, Inc		11,045
700		Westlake Chemical Corp		20,167
2,832	*	WR Grace & Co		26,621
57,875		Wyeth		2,666,301
1,007	*	Zymogenetics, Inc		17,129
		TOTAL CHEMICALS AND ALLIED PRODUCTS		57,288,300
COAL MINING - 0.20%
1,200	*	Alpha Natural Resources, Inc		23,052
2,767		Arch Coal, Inc		220,055
3,982		Consol Energy, Inc		259,547
1,006		Foundation Coal Holdings, Inc		38,228
568	*	James River Coal Co		21,698
3,352		Massey Energy Co		126,940
5,678		Peabody Energy Corp		467,981
808		Penn Virginia Corp		46,379
		TOTAL COAL MINING		1,203,880
COMMUNICATIONS - 4.02%
2,666		Adtran, Inc		79,287
1,915	*	Airspan Networks, Inc		10,896
5,783	*	Alamosa Holdings, Inc		107,622
16,106		Alltel Corp		1,016,289
17,368	*	American Tower Corp (Class A)		470,673

127

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,496		Anixter International, Inc	$	58,524
169,798		AT&T, Inc		4,158,353
1,078	*	Audiovox Corp (Class A)		14,941
20,395	*	Avaya, Inc		217,624
195		Beasley Broadcast Group, Inc (Class A)		2,634
78,966		BellSouth Corp		2,139,979
801	*	Brightpoint, Inc		22,212
8,685	*	Cablevision Systems Corp (Class A)		203,837
543		Centennial Communications Corp		8,427
5,578		CenturyTel, Inc		184,966
14,056	*	Charter Communications, Inc (Class A)		17,148
10,990	*	Cincinnati Bell, Inc		38,575
2,440		Citadel Broadcasting Corp		32,794
15,151		Citizens Communications Co		185,297
23,586		Clear Channel Communications, Inc		741,780
88,010	*	Comcast Corp (Class A)		2,284,740
883		Commonwealth Telephone Enterprises, Inc		29,819
1,527	*	Cox Radio, Inc (Class A)		21,500
9,410	*	Crown Castle International Corp		253,223
1,284	*	Crown Media Holdings, Inc (Class A)		11,774
890		CT Communications, Inc		10,805
2,564	*	Cumulus Media, Inc (Class A)		31,819
30,087	*	DIRECTV Group, Inc		424,828
3,349	*	Dobson Communications Corp (Class A)		25,118
10,029	*	EchoStar Communications Corp (Class A)		272,488
1,155	*	Emmis Communications Corp (Class A)		22,996
1,748	*	Entercom Communications Corp		51,863
2,599	*	Entravision Communications Corp (Class A)		18,505
1,078		Fairpoint Communications, Inc		11,168
405	*	Fisher Communications, Inc		16,779
5,793	*	Foundry Networks, Inc		80,001
2,156	*	General Communication, Inc (Class A)		22,271
2,704		Global Payments, Inc		126,033
923		Golden Telecom, Inc		23,961
1,889		Gray Television, Inc		18,550
1,203		Hearst-Argyle Television, Inc		28,692
7,863	*	IAC/InterActiveCorp		222,602
2,232	*	IDT Corp (Class B)		26,114
631	*	InPhonic, Inc		5,483
1,000		Iowa Telecommunications Services, Inc		15,490
941	*	j2 Global Communications, Inc		40,218
27,511	*	Level 3 Communications, Inc		78,957
769		Liberty Corp		35,997
20,432	*	Liberty Global, Inc		459,720
121,804	*	Liberty Media Corp (Class A)		958,597
1,154	*	Lin TV Corp (Class A)		12,856
506	*	Lodgenet Entertainment Corp		7,054
1,400	*	Mastec, Inc		14,658
11,890		MCI, Inc		234,590
2,423	*	Mediacom Communications Corp		13,302
1,000	*	NeuStar, Inc		30,490
6,622	*	Nextel Partners, Inc (Class A)		185,019

128

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
5,610	*	NII Holdings, Inc (Class B)	$	245,045
739		North Pittsburgh Systems, Inc		13,945
1,047	*	Novatel Wireless, Inc		12,679
3,237	*	NTL, Inc		220,375
2,082		PanAmSat Holding Corp		51,009
2,063	*	Price Communications Corp		30,677
65,768	*	Qwest Communications International, Inc		371,595
3,375	*	Radio One, Inc (Class D)		34,931
940	*	RCN Corp		22,043
1	v*	RCN Corp Wts 12/21/06		0
1,768	*	Regent Communications, Inc		8,204
824	*	Saga Communications, Inc (Class A)		8,957
460	*	Salem Communications Corp (Class A)		8,045
3,207	*	SBA Communications Corp		57,405
252		Shenandoah Telecom Co		10,040
1,913		Sinclair Broadcast Group, Inc (Class A)		17,600
1,918	*	Spanish Broadcasting System, Inc (Class A)		9,801
120,549		Sprint Nextel Corp		2,816,025
631		SureWest Communications		16,639
718	*	Syniverse Holdings, Inc		15,006
1,691	*	Talk America Holdings, Inc		14,593
4,641		Telephone and Data Systems, Inc (Non-Vote)		167,215
1,345	*	Telkonet, Inc		5,582
995	*	Terremark Worldwide, Inc		4,627
2,540	*	TiVo, Inc		13,005
3,248	*	Ubiquitel, Inc		32,123
9,632	*	Univision Communications, Inc (Class A)		283,084
640	*	US Cellular Corp		31,616
1,270		USA Mobility, Inc		35,204
1,114		Valor Communications Group, Inc		12,700
119,591		Verizon Communications, Inc		3,602,081
873	*	West Corp		36,797
2,647	*	Wireless Facilities, Inc		13,500
9,215	*	XM Satellite Radio Holdings, Inc		251,385
		TOTAL COMMUNICATIONS		24,313,471
DEPOSITORY INSTITUTIONS - 9.92%
664		1st Source Corp		16,700
561	*	ACE Cash Express, Inc		13,099
634		Alabama National Bancorp		41,058

929		Amcore Financial, Inc	28,251
560	*	AmericanWest Bancorp	13,233
594		Ameris Bancorp	11,785
369		Ames National Corp	9,487
15,403		AmSouth Bancorp	403,713
1,029		Anchor Bancorp Wisconsin, Inc	31,220
502		Arrow Financial Corp	13,127
6,117		Associated Banc-Corp	199,108
4,275		Astoria Financial Corp	125,685
134		Bancfirst Corp	10,586

129

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
344	*	Bancorp, Inc	$	5,848
3,646		Bancorpsouth, Inc		80,467
557		BancTrust Financial Group, Inc		11,196
3,001		Bank Mutual Corp		31,811
173,595		Bank of America Corp		8,011,409
727		Bank of Granite Corp		13,471
2,278		Bank of Hawaii Corp		117,408
33,162		Bank of New York Co, Inc		1,056,210
492		Bank of the Ozarks, Inc		18,155
2,074		BankAtlantic Bancorp, Inc (Class A)		29,036
1,134		BankUnited Financial Corp (Class A)		30,130
602		Banner Corp		18,782
23,322		BB&T Corp		977,425
287		Berkshire Hills Bancorp, Inc		9,615
538	*	BFC Financial Corp		2,970
886		BOK Financial Corp		40,251
1,331		Boston Private Financial Holdings, Inc		40,489
2,567		Brookline Bancorp, Inc		36,374
353		Camden National Corp		11,607
547		Capital City Bank Group, Inc		18,757
451		Capital Corp of the West		14,635
264	*	Capital Crossing Bank		8,818
587		Capitol Bancorp Ltd		21,977
1,081		Capitol Federal Financial		35,608
857		Cardinal Financial Corp		9,427
917		Cascade Bancorp		21,100
2,106		Cathay General Bancorp		75,690
2,500	*	Centennial Bank Holdings, Inc		30,925
468		Center Financial Corp		11,775
500	*	Central Coast Bancorp		12,370
1,328		Central Pacific Financial Corp		47,702
176		Charter Financial Corp		6,285
1,217		Chemical Financial Corp		38,652
1,644		Chittenden Corp		45,720
224,488		Citigroup, Inc		10,894,403
345		Citizens & Northern Corp		8,842
1,891		Citizens Banking Corp		52,475
356		City Bank		12,663
906		City Holding Co		32,571
1,702		City National Corp		123,293
755		Clifton Savings Bancorp, Inc		7,595
836		Coastal Financial Corp		10,751
525		CoBiz, Inc		9,571
6,945		Colonial Bancgroup, Inc		165,430
231		Colony Bankcorp, Inc		5,770
281		Columbia Bancorp		11,591
861		Columbia Banking System, Inc		24,582
6,964		Comerica, Inc		395,277
6,916		Commerce Bancorp, Inc		237,980
2,538		Commerce Bancshares, Inc		132,281
206		Commercial Bankshares, Inc		7,286

130

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,956		Commercial Capital Bancorp, Inc	$	33,487
179	*	Community Bancorp		5,658
1,446		Community Bank System, Inc		32,607
1,265		Community Banks, Inc		35,420
631		Community Trust Bancorp, Inc		19,403
5,147		Compass Bancshares, Inc		248,549
756		Corus Bankshares, Inc		42,540
2,249		Cullen/Frost Bankers, Inc		120,726
2,302		CVB Financial Corp		46,754
1,151		Dime Community Bancshares		16,816
866		Downey Financial Corp		59,226
2,379		East West Bancorp, Inc		86,810
332		Enterprise Financial Services Corp		7,530
1,279	*	Euronet Worldwide, Inc		35,556
298		Farmers Capital Bank Corp		9,161
1,156		Fidelity Bankshares, Inc		37,801
20,489		Fifth Third Bancorp		772,845
467		Financial Institutions, Inc		9,163
525		First Bancorp (North Carolina)		10,584
2,766		First Bancorp (Puerto Rico)		34,326
706		First Busey Corp (Class A)		14,748
1,556		First Charter Corp		36,815
291		First Citizens Bancshares, Inc (Class A)		50,756
2,932		First Commonwealth Financial Corp		37,911
572		First Community Bancorp, Inc		31,100
492		First Community Bancshares, Inc		15,331
298		First Defiance Financial Corp		8,073
1,622		First Financial Bancorp		28,417
786		First Financial Bankshares, Inc		27,557
701		First Financial Corp (Indiana)		18,927
680		First Financial Holdings, Inc		20,890

5,417		First Horizon National Corp	208,229
501		First Indiana Corp	17,224
972		First Merchants Corp	25,272
2,162		First Midwest Bancorp, Inc	75,800
5,233		First Niagara Financial Group, Inc	75,722
271		First Oak Brook Bancshares, Inc	7,574
672		First Place Financial Corp	16,162
105	*	First Regional Bancorp	7,093
1,040		First Republic Bank	38,490
218		First South Bancorp, Inc	7,700
836		First State Bancorporation	20,056
678	*	FirstFed Financial Corp	36,965
3,800		FirstMerit Corp	98,458
1,180		Flagstar Bancorp, Inc	16,992
952		Flushing Financial Corp	14,823
2,480		FNB Corp	43,053
320		FNB Corp (Virginia)	9,814
662	*	Franklin Bank Corp	11,909
2,838		Fremont General Corp	65,927
1,164		Frontier Financial Corp	37,248
6,923		Fulton Financial Corp	121,845

131

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
282		GB&T Bancshares, Inc	$	6,038
1,371		Glacier Bancorp, Inc		41,199
1,727		Gold Banc Corp, Inc		31,466
10,838		Golden West Financial Corp		715,308
616		Great Southern Bancorp, Inc		17,008
2,300		Greater Bay Bancorp		58,926
283		Greene County Bancshares, Inc		7,743
1,262		Hancock Holding Co		47,716
1,606		Hanmi Financial Corp		28,683
1,029		Harbor Florida Bancshares, Inc		38,124
1,454		Harleysville National Corp		27,771
607		Heartland Financial USA, Inc		13,172
500		Heritage Commerce Corp		10,750
540		Horizon Financial Corp		11,794
25,116		Hudson City Bancorp, Inc		304,406
1,806		Hudson United Bancorp		75,274
9,465		Huntington Bancshares, Inc		224,794
465		IBERIABANK Corp		23,720
3,749		Independence Community Bank Corp		148,948
829		Independent Bank Corp (Massachusetts)		23,651
996		Independent Bank Corp (Michigan)		27,121
2,724		IndyMac Bancorp, Inc		106,290
772		Integra Bank Corp		16,474
821		Interchange Financial Services Corp		14,162
2,096		International Bancshares Corp		61,539
2,916		Investors Financial Services Corp		107,396
550		Irwin Financial Corp		11,781
302	*	ITLA Capital Corp		14,753
151,972		JPMorgan Chase & Co		6,031,769
665		Kearny Financial Corp		8,113
17,081		Keycorp		562,477
1,500		KNBT Bancorp, Inc		24,435
570		Lakeland Bancorp, Inc		8,379
193		Lakeland Financial Corp		7,793
3,249		M&T Bank Corp		354,303
510		Macatawa Bank Corp		18,563
1,298		MAF Bancorp, Inc		53,711
701		Main Street Banks, Inc		19,088
479		MainSource Financial Group, Inc		8,550
9,514		Marshall & Ilsley Corp		409,483
930		MB Financial, Inc		32,922
817		MBT Financial Corp		13,235
18,449		Mellon Financial Corp		631,878
268		Mercantile Bank Corp		10,318
3,299		Mercantile Bankshares Corp		186,196
1,115		Mid-State Bancshares		29,826
648		Midwest Banc Holdings, Inc		14,418
1,060		Nara Bancorp, Inc		18,847
162		NASB Financial, Inc		6,376
24,228		National City Corp		813,334
2,038		National Penn Bancshares, Inc		38,824
350		NBC Capital Corp		8,327

132

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,410		NBT Bancorp, Inc	$	30,442
2,232		NetBank, Inc		16,026
11,814		New York Community Bancorp, Inc		195,167
4,214		NewAlliance Bancshares, Inc		61,272
20,542		North Fork Bancorporation, Inc		562,029
345	*	Northern Empire Bancshares		8,163
8,584		Northern Trust Corp		444,823
872		Northwest Bancorp, Inc		18,539
488		OceanFirst Financial Corp		11,107
2,357		Old National Bancorp		51,005
752		Old Second Bancorp, Inc		22,989
389		Omega Financial Corp		10,841
1,059		Oriental Financial Group, Inc		13,089
1,992		Pacific Capital Bancorp		70,875
531		Park National Corp		54,502
2,001		Partners Trust Financial Group, Inc		24,112
342		Peapack Gladstone Financial Corp		9,542
622		Pennfed Financial Services, Inc		11,457
192	*	Pennsylvania Commerce Bancorp, Inc		6,115

491		Peoples Bancorp, Inc	14,008
2,751		People's Bank	85,446
1,033		PFF Bancorp, Inc	31,527
328	*	Pinnacle Financial Partners, Inc	8,193
206		Placer Sierra Bancshares	5,708
12,253		PNC Financial Services Group, Inc	757,603
10,795		Popular, Inc	228,314
454	v*	Popular, Inc	68
139		Preferred Bank	6,186
579		Premierwest Bancorp	8,106
812		PrivateBancorp, Inc	28,883
870		Prosperity Bancshares, Inc	25,004
1,620		Provident Bankshares Corp	54,707
264		Provident Financial Holdings	6,943
3,351		Provident Financial Services, Inc	62,027
2,165		Provident New York Bancorp	23,837
1,293		R & G Financial Corp (Class B)	17,068
19,909		Regions Financial Corp	680,091
408		Renasant Corp	12,905
299		Republic Bancorp, Inc (Class A) (Kentucky)	6,414
3,427		Republic Bancorp, Inc (Michigan)	40,781
256		Royal Bancshares of Pennsylvania (Class A)	5,929
1,029		S&T Bancorp, Inc	37,888
623		S.Y. Bancorp, Inc	15,587
766		Sandy Spring Bancorp, Inc	26,718
393		Santander BanCorp	9,872
331		SCBT Financial Corp	11,062
514		Seacoast Banking Corp of Florida	11,796
390		Security Bank Corp	9,083
347	*	Signature Bank	9,740
801		Simmons First National Corp (Class A)	22,188
4,182		Sky Financial Group, Inc	116,343

133

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
499		Sound Federal Bancorp, Inc	$	9,531
3,279		South Financial Group, Inc		90,304
495		Southside Bancshares, Inc		9,999
483		Southwest Bancorp, Inc		9,660
15,900		Sovereign Bancorp, Inc		343,758
400		State Bancorp, Inc		6,696
14,467		State Street Corp		802,050
875		Sterling Bancorp		17,264
2,185		Sterling Bancshares, Inc		33,736
1,325		Sterling Financial Corp (Pennsylvania)		26,235
1,365		Sterling Financial Corp (Spokane)		34,098
481		Suffolk Bancorp		16,243
447		Summit Bancshares, Inc		8,037
223		Summit Financial Group, Inc		5,125
514	*	Sun Bancorp, Inc (New Jersey)		10,152
15,625		SunTrust Banks, Inc		1,136,875
1,686		Susquehanna Bancshares, Inc		39,924
1,542	*	SVB Financial Group		72,227
13,676		Synovus Financial Corp		369,389
140		Taylor Capital Group, Inc		5,656
5,893		TCF Financial Corp		159,936
3,372		TD Banknorth, Inc		97,957
1,127	*	Texas Capital Bancshares, Inc		25,256
1,924		Texas Regional Bancshares, Inc (Class A)		54,449
974		TierOne Corp		28,645
283		Tompkins Trustco, Inc		12,678
697		Trico Bancshares		16,303
3,429		Trustco Bank Corp NY		42,588
1,796		Trustmark Corp		49,336
4,040		UCBH Holdings, Inc		72,235
629		UMB Financial Corp		40,199
1,783		Umpqua Holdings Corp		50,869
423		Union Bankshares Corp		18,231
2,315		UnionBanCal Corp		159,087
1,707		United Bankshares, Inc		60,155
1,462		United Community Banks, Inc		38,977
1,505		United Community Financial Corp		17,774
255		United Security Bancshares		6,837
558		Univest Corp of Pennsylvania		13,543
1,093		Unizan Financial Corp		29,030
79,133		US Bancorp		2,365,285
511		USB Holding Co, Inc		11,068
4,265		Valley National Bancorp		102,787
341		Vineyard National Bancorp		10,516
377	*	Virginia Commerce Bancorp		10,967
351		Virginia Financial Group, Inc		12,647
4,768		W Holding Co, Inc		39,241
68,053		Wachovia Corp		3,597,282
3,681		Washington Federal, Inc		84,626
42,511		Washington Mutual, Inc		1,849,229
517		Washington Trust Bancorp, Inc		13,535
2,074		Webster Financial Corp		97,271

134

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
72,789		Wells Fargo & Co	$	4,573,395
929		WesBanco, Inc		28,251
981		West Bancorporation, Inc		18,345
802		West Coast Bancorp		21,213
1,282		Westamerica Bancorporation		68,036
265	*	Western Sierra Bancorp		9,643
246		Westfield Financial, Inc		5,906
2,598		Whitney Holding Corp		71,601
2,592		Wilmington Trust Corp		100,855
876		Wilshire Bancorp, Inc		15,058
1,035		Wintrust Financial Corp		56,822
258		WSFS Financial Corp		15,803
399		Yardville National Bancorp		13,825
4,456		Zions Bancorporation		336,695
		TOTAL DEPOSITORY INSTITUTIONS		60,003,589
EATING AND DRINKING PLACES - 0.74%
801		AFC Enterprises		12,111
3,766		Applebees International, Inc		85,074
3,134		Aramark Corp (Class B)		87,063
446	*	BJ's Restaurants, Inc		10,196
1,544		Bob Evans Farms, Inc		35,605
3,866		Brinker International, Inc		149,460
254	*	Buffalo Wild Wings, Inc		8,435
929	*	California Pizza Kitchen, Inc		29,700
2,070		CBRL Group, Inc		72,761
1,535	*	CEC Entertainment, Inc		52,251
2,713		CKE Restaurants, Inc		36,653
6,828		Darden Restaurants, Inc		265,473
514	*	Dave & Buster's, Inc		9,052
1,327		Domino's Pizza, Inc		32,113
956		IHOP Corp		44,846
1,599	*	Jack in the Box, Inc		55,853
2,658	*	Krispy Kreme Doughnuts, Inc		15,257
707		Landry's Restaurants, Inc		18,884
785		Lone Star Steakhouse & Saloon, Inc		18,636
1,005	*	Luby's, Inc		13,367
54,674		McDonald's Corp		1,843,607
1,045	*	O'Charleys, Inc		16,208
2,753		Outback Steakhouse, Inc		114,552
566	*	Papa John's International, Inc		33,569
1,143	*	PF Chang's China Bistro, Inc		56,727
1,614	*	Rare Hospitality International, Inc		49,049
621	*	Red Robin Gourmet Burgers, Inc		31,646
2,809		Ruby Tuesday, Inc		72,725
2,121	*	Ryan's Restaurant Group, Inc		25,579
2,813	*	Sonic Corp		82,984
1,738	*	Texas Roadhouse, Inc (Class A)		27,026
3,584	*	The Cheesecake Factory, Inc		134,006
1,118	*	The Steak N Shake Co		18,950

135

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,494		Triarc Cos (Class B)	$	22,186
5,017		Wendy's International, Inc		277,239
12,635		Yum! Brands, Inc		592,329
		TOTAL EATING AND DRINKING PLACES		4,451,172
EDUCATIONAL SERVICES - 0.18%
6,155	*	Apollo Group, Inc (Class A)		372,131
4,636	*	Career Education Corp		156,326
4,120	*	Corinthian Colleges, Inc		48,534
2,534	*	DeVry, Inc		50,680
1,100	*	Educate, Inc		12,980
3,245	*	Education Management Corp		108,740
2,144	*	ITT Educational Services, Inc		126,732
2,152	*	Laureate Education, Inc		113,002
506	*	Learning Tree International, Inc		6,492
620		Strayer Education, Inc		58,094
857	*	Universal Technical Institute, Inc		26,516
		TOTAL EDUCATIONAL SERVICES		1,080,227
ELECTRIC, GAS, AND SANITARY SERVICES - 3.84%
28,578	*	AES Corp		452,405
3,369		AGL Resources, Inc		117,275
7,050	*	Allegheny Energy, Inc		223,133
1,105		Allete, Inc		48,620
5,129		Alliant Energy Corp		143,817
9,202	*	Allied Waste Industries, Inc		80,425
8,523		Ameren Corp		436,719
533		American Ecology Corp		7,691
16,746		American Electric Power Co, Inc		621,109
787		American States Water Co		24,240
5,733		Aqua America, Inc		156,511
15,571	*	Aquila, Inc		56,056
3,572		Atmos Energy Corp		93,444
1,853		Avista Corp		32,817
1,564		Black Hills Corp		54,130
914		California Water Service Group		34,942
545		Cascade Natural Gas Corp		10,633
1,122	*	Casella Waste Systems, Inc (Class A)		14,350
12,890		Centerpoint Energy, Inc		165,637
600		Central Vermont Public Service Corp		10,806
780		CH Energy Group, Inc		35,802
8,523		Cinergy Corp		361,887
669	*	Clean Harbors, Inc		19,274
2,240		Cleco Corp		46,704
9,327	*	CMS Energy Corp		135,335
403		Connecticut Water Service, Inc		9,878
10,511		Consolidated Edison, Inc		486,975
7,746		Constellation Energy Group, Inc		446,170
4,470	*	Covanta Holding Corp		67,318

136

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
147		Crosstex Energy, Inc	$	9,270
14,550		Dominion Resources, Inc		1,123,260
5,512		DPL, Inc		143,367
7,093		DTE Energy Co		306,347
40,320		Duke Energy Corp		1,106,784
3,578		Duquesne Light Holdings, Inc		58,393
387	*	Duratek, Inc		5,778
12,372	*	Dynegy, Inc (Class A)		59,880
14,206		Edison International		619,524
28,628		El Paso Corp		348,116
2,286	*	El Paso Electric Co		48,097
1,208		Empire District Electric Co		24,559
3,203		Energen Corp		116,333
6,434		Energy East Corp		146,695
323		EnergySouth, Inc		8,650
9,002		Entergy Corp		617,987
28,795		Exelon Corp		1,530,166
13,892		FirstEnergy Corp		680,569
17,091		FPL Group, Inc		710,302
3,038		Great Plains Energy, Inc		84,942
3,736		Hawaiian Electric Industries, Inc		96,762
1,650		Idacorp, Inc		48,345
7,356		KeySpan Corp		262,536
4,086		Kinder Morgan, Inc		375,708
1,066		Laclede Group, Inc		31,138
5,321		MDU Resources Group, Inc		174,210
995		Metal Management, Inc		23,144
958		MGE Energy, Inc		32,486
493		Middlesex Water Co		8,549
3,377		National Fuel Gas Co		105,329
1,199		New Jersey Resources Corp		50,226
2,045		Nicor, Inc		80,389
11,794		NiSource, Inc		246,042
5,907		Northeast Utilities		116,309
1,184		Northwest Natural Gas Co		40,469
1,482		NorthWestern Corp		46,046
3,743	*	NRG Energy, Inc		176,370
4,660		NSTAR		133,742
4,006		OGE Energy Corp		107,321
4,628		Oneok, Inc		123,244
1,156		Otter Tail Corp		33,501
1,768		Peoples Energy Corp		62,004
8,398		Pepco Holdings, Inc		187,863
16,145		PG&E Corp		599,302
195	*	Pico Holdings, Inc		6,291
3,642		Piedmont Natural Gas Co, Inc		87,991
4,154		Pinnacle West Capital Corp		171,768
2,713	*	Plug Power, Inc		13,918
2,861		PNM Resources, Inc		70,066
16,590		PPL Corp		487,746
328	v*	Progress Energy Inc (Cvo)		3
10,842		Progress Energy, Inc		476,181

137

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
10,415		Public Service Enterprise Group, Inc	$	676,663
4,527		Puget Energy, Inc		92,441
3,784		Questar Corp		286,449
13,306	*	Reliant Energy, Inc		137,318
5,390		Republic Services, Inc		202,395
850		Resource America, Inc (Class A)		14,493
4,956		SCANA Corp		195,167
10,705		Sempra Energy		480,012
7,525	*	Sierra Pacific Resources		98,126
327		SJW Corp		14,879
1,234		South Jersey Industries, Inc		35,959
31,877		Southern Co		1,100,713
4,057	*	Southern Union Co		95,867
1,838		Southwest Gas Corp		48,523
970		Southwest Water Co		13,881
1,852	*	Stericycle, Inc		109,046
8,995		TECO Energy, Inc		154,534
20,600		TXU Corp		1,033,914
4,516		UGI Corp		93,030
604		UIL Holdings Corp		27,778
1,507		Unisource Energy Corp		47,018
3,316		Vectren Corp		90,063
2,045	*	Waste Connections, Inc		70,471
2,399	*	Waste Services, Inc		7,989
4,025		Westar Energy, Inc		86,538
2,562		Western Gas Resources, Inc		120,645
2,277		WGL Holdings, Inc		68,447
24,828		Williams Cos, Inc		575,288
4,949		Wisconsin Energy Corp		193,308
1,635		WPS Resources Corp		90,432
17,784		Xcel Energy, Inc		328,293
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		23,207,801
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.81%
1,502	*	Actel Corp		19,120
2,058		Acuity Brands, Inc		65,444
5,769	*	Adaptec, Inc		33,576
5,117	*	ADC Telecommunications, Inc		114,314
1,107	*	Advanced Energy Industries, Inc		13,096
17,194	*	Advanced Micro Devices, Inc		526,136
3,416	*	Aeroflex, Inc		36,722

7,486	*	Agere Systems, Inc	96,569
3,619		Alliance One International, Inc	14,114
16,208	*	Altera Corp	300,334
7,273		American Power Conversion Corp	160,006
1,417	*	American Superconductor Corp	11,152
3,170		Ametek, Inc	134,852
1,641	*	AMIS Holdings, Inc	17,477
3,565	*	Amkor Technology, Inc	19,964
3,724		Amphenol Corp (Class A)	164,824

138

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
16,037		Analog Devices, Inc	$	575,247
7,293	*	Andrew Corp		78,254
15,597	*	Applied Micro Circuits Corp		40,084
611		Applied Signal Technology, Inc		13,870
5,359	*	Arris Group, Inc		50,750
1,352	*	Artesyn Technologies, Inc		13,926
1,241	*	Atheros Communications, Inc		16,133
13,875	*	Atmel Corp		42,874
1,536	*	ATMI, Inc		42,962
1,872		AVX Corp		27,107
1,549		Baldor Electric Co		39,732
654		Bel Fuse, Inc (Class B)		20,797
1,824	*	Benchmark Electronics, Inc		61,341
11,973	*	Broadcom Corp (Class A)		564,527
2,622	*	Broadwing Corp		15,863
11,669	*	Brocade Communications Systems, Inc		47,493
998		C&D Technologies, Inc		7,605
303	*	Catapult Communications Corp		4,481
2,948	*	CCE Spinco, Inc		38,619
1,587	*	C-COR, Inc		7,713
938	*	Ceradyne, Inc		41,084
1,649	*	Checkpoint Systems, Inc		40,648
25,287	*	Ciena Corp		75,102
279,119	*	Cisco Systems, Inc		4,778,517
587	*	Color Kinetics, Inc		8,447
931	*	Comtech Telecommunications Corp		28,433
8,863	*	Comverse Technology, Inc		235,667
16,726	*	Conexant Systems, Inc		37,801
3,497	*	Cree, Inc		88,264
2,006		CTS Corp		22,186
356		Cubic Corp		7,106
1,590	*	Cymer, Inc		56,461
5,696	*	Cypress Semiconductor Corp		81,168
472	*	Diodes, Inc		14,656
893	*	Ditech Communications Corp		7,457
1,010	*	Dolby Laboratories, Inc (Class A)		17,221
1,230	*	DSP Group, Inc		30,824
945	*	DTS, Inc		13,986
1,238	*	Electro Scientific Industries, Inc		29,898
1,357	*	Emcore Corp		10,069
17,876		Emerson Electric Co		1,335,337
294	*	EndWave Corp		3,463
3,118	*	Energizer Holdings, Inc		155,294
990	*	Energy Conversion Devices, Inc		40,343
1,815	*	EnerSys		23,668
1,680	*	Evergreen Solar, Inc		17,892
1,423	*	Exar Corp		17,816
5,447	*	Fairchild Semiconductor International, Inc		92,109
2,787	*	Finisar Corp		5,797
924		Franklin Electric Co, Inc		36,535
17,191	*	Freescale Semiconductor, Inc (Class B)		432,697
1,784	*	FuelCell Energy, Inc		15,110

139

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
12,273	*	Gemstar-TV Guide International, Inc	$	32,033
457,709		d General Electric Co		16,042,700
1,046	*	Genlyte Group, Inc		56,034
2,481	*	Glenayre Technologies, Inc		8,063
4,550	*	GrafTech International Ltd		28,301
800	*	Greatbatch, Inc		20,808
2,916		Harman International Industries, Inc		285,331
3,416	*	Harmonic, Inc		16,568
5,716		Harris Corp		245,845
3,147	*	Hexcel Corp		56,803
37,199		Honeywell International, Inc		1,385,663
1,096	*	Hutchinson Technology, Inc		31,181
1,461		Imation Corp		67,308
7,583	*	Integrated Device Technology, Inc		99,944
1,720	*	Integrated Silicon Solutions, Inc		11,077
266,428		Intel Corp		6,650,043
2,336	*	Interdigital Communications Corp		42,796
1,384	*	International DisplayWorks, Inc		8,221
2,810	*	International Rectifier Corp		89,639
6,792		Intersil Corp (Class A)		168,985
1,180		Inter-Tel, Inc		23,093
1,935	*	InterVoice, Inc		15,403
774	*	IXYS Corp		9,048
67,528	*	JDS Uniphase Corp		159,366
4,308	*	Kemet Corp		30,458
5,125		L-3 Communications Holdings, Inc		381,044
5,453	*	Lattice Semiconductor Corp		23,557
800	*	Leadis Technology, Inc		4,120
508	*	Lifeline Systems, Inc		18,572
1,506		Lincoln Electric Holdings, Inc		59,728
13,343		Linear Technology Corp		481,282
1,173	*	Littelfuse, Inc		31,964
783		LSI Industries, Inc		12,262
16,665	*	LSI Logic Corp		133,320
191,409	*	Lucent Technologies, Inc		509,148
1,644	*	Mattson Technology, Inc		16,539
13,796		Maxim Integrated Products, Inc		499,967
10,287	*	Maxtor Corp		71,392
3,673		Maytag Corp		69,126
4,817	*	McData Corp (Class A)		18,308
634	*	Medis Technologies Ltd		9,326
5,940	*	MEMC Electronic Materials, Inc		131,690
930	*	Mercury Computer Systems, Inc		19,186
1,802		Methode Electronics, Inc		17,966
653	*	Metrologic Instruments, Inc		12,577
2,369	*	Micrel, Inc		27,480
9,089		Microchip Technology, Inc		292,211
25,623	*	Micron Technology, Inc		341,042
2,683	*	Microsemi Corp		74,212
2,600	*	Microtune, Inc		10,842
1,049	*	MIPS Technologies, Inc		5,958

140

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,538	*	Mobility Electronics, Inc	$	14,857
6,211		Molex, Inc		161,175
400	*	Monolithic Power Systems, Inc		5,996
1,510	*	Moog, Inc		42,854
105,955		Motorola, Inc		2,393,523
2,269	*	MRV Communications, Inc		4,651
83	*	Multi-Fineline Electronix, Inc		3,998
195		National Presto Industries, Inc		8,648
15,238		National Semiconductor Corp		395,883
368	*	Netlogic Microsystems, Inc		10,024
15,921	*	Network Appliance, Inc		429,867
5,567	*	Novellus Systems, Inc		134,276
7,442	*	Nvidia Corp		272,080
2,661	*	Omnivision Technologies, Inc		53,114
6,186	*	ON Semiconductor Corp		34,209
2,820	*	Openwave Systems, Inc		49,265
950	*	Oplink Communications Inc		13,775
803	*	Optical Communication Products, Inc		1,855
655	*	OSI Systems, Inc		12,045
976		Park Electrochemical Corp		25,356
934	*	Pericom Semiconductor Corp		7,444
1,421	*	Photronics, Inc		21,400
1,779	*	Pixelworks, Inc		9,037
1,987		Plantronics, Inc		56,232
2,278	*	Plexus Corp		51,802
1,230	*	PLX Technology, Inc		10,578
7,788	*	PMC - Sierra, Inc		60,045
4,286	*	Polycom, Inc		65,576
577	*	Portalplayer, Inc		16,341
272	*	Powell Industries, Inc		4,885
1,149	*	Power Integrations, Inc		27,358
3,298	*	Power-One, Inc		19,854
4,328	*	Powerwave Technologies, Inc		54,403
3,305	*	QLogic Corp		107,446
70,647		Qualcomm, Inc		3,043,473
1,763	*	Quantum Fuel Systems Technologies Worldwide, Inc		4,725
3,998	*	Rambus, Inc		64,728
862		Raven Industries, Inc		24,869
1,221		Regal-Beloit Corp		43,223
8,360	*	RF Micro Devices, Inc		45,228
7,328		Rockwell Collins, Inc		340,532
856	*	Rogers Corp		33,538
23,169	*	Sanmina-SCI Corp		98,700
6,652		Scientific-Atlanta, Inc		286,502
618	*	Seachange International, Inc		4,882
3,212	*	Semtech Corp		58,651
1,483	*	Sigmatel, Inc		19,427
3,469	*	Silicon Image, Inc		31,394
1,731	*	Silicon Laboratories, Inc		63,458
3,160	*	Silicon Storage Technology, Inc		15,958
57,170	*	Sirius Satellite Radio, Inc		383,039
6,762	*	Skyworks Solutions, Inc		34,419
1,060	*	Spatialight, Inc		3,678

141

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,085		Spectralink Corp	$	12,879
1,561	*	Spectrum Brands, Inc		31,704
755	*	Standard Microsystems Corp		21,661
545	*	Supertex, Inc		24,116
7,380	*	Sycamore Networks, Inc		31,882
2,392	*	Symmetricom, Inc		20,260
917	*	Synaptics, Inc		22,668
1,564		Technitrol, Inc		26,744
2,557	*	Tekelec		35,542
1,616		Teleflex, Inc		105,008
19,525	*	Tellabs, Inc		212,823
3,755	*	Terayon Communication Systems, Inc		8,674
1,891	*	Tessera Technologies, Inc		48,882
71,793		Texas Instruments, Inc		2,302,402
2,615	*	Thomas & Betts Corp		109,725
4,056	*	Transwitch Corp		7,422
1,932	*	Trident Microsystems, Inc		34,776
4,938	*	Triquint Semiconductor, Inc		21,974
2,235	*	TTM Technologies, Inc		21,009

811	*	Ulticom, Inc	7,956
507	*	Ultralife Batteries, Inc	6,084
1,294	*	Universal Display Corp	13,600
701	*	Universal Electronics, Inc	12,078
3,827	*	Utstarcom, Inc	30,846
3,373	*	Valence Technology, Inc	5,194
1,608	*	Varian Semiconductor Equipment Associates, Inc	70,639
1,106	*	Viasat, Inc	29,563
882		Vicor Corp	13,944
558	*	Virage Logic Corp	5,513
7,596	*	Vishay Intertechnology, Inc	104,529
7,804	*	Vitesse Semiconductor Corp	14,984
500	*	Volterra Semiconductor Corp	7,500
2,762	*	Westell Technologies, Inc	12,429
2,662		Whirlpool Corp	222,969
15,386		Xilinx, Inc	387,881
1,232	*	Zhone Technologies, Inc	2,612
1,443	*	Zoran Corp	23,391
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT	53,347,803
ENGINEERING AND MANAGEMENT SERVICES - 0.74%
828	*	Advisory Board Co	39,471
5,004	*	Amylin Pharmaceuticals, Inc	199,760
1,284	*	Antigenics, Inc	6,112
3,331	*	Applera Corp (Celera Genomics Group)	36,508
2,066	*	Ariad Pharmaceuticals, Inc	12,086
399		CDI Corp	10,933
7,403	*	Celgene Corp	479,714
1,802		Corporate Executive Board Co	161,639
442	*	CRA International, Inc	21,079
2,736	*	CuraGen Corp	8,427
2,332	*	CV Therapeutics, Inc	57,670

142

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,687	*	deCODE genetics, Inc	$	22,195
1,248	*	DiamondCluster International, Inc		9,909
3,539	*	Digitas, Inc		44,308
1,609	*	Diversa Corp		7,723
2,266	*	eResearch Technology, Inc		34,217
743	*	Essex Corp		12,668
3,318	*	Exelixis, Inc		31,256
400	*	Exponent, Inc		11,352
3,815		Fluor Corp		294,747
2,314	*	Gen-Probe, Inc		112,900
500	*	Greenfield Online, Inc		2,930
2,747	*	Harris Interactive, Inc		11,840
1,510	*	Hewitt Associates, Inc		42,295
244	*	Huron Consulting Group, Inc		5,854
2,679	*	ICOS Corp		74,021
3,044	*	Incyte Corp		16,255
536	*	Infrasource Services, Inc		7,011
2,545	*	Isis Pharmaceuticals, Inc		13,336
2,493	*	Jacobs Engineering Group, Inc		169,200
975	*	Keryx Biopharmaceuticals, Inc		14,274
452		Landauer, Inc		20,833
712	*	LECG Corp		12,375
3,541	*	Lexicon Genetics, Inc		12,925
1,288	*	Lifecell Corp		24,562
1,668	*	Luminex Corp		19,382
756		MAXIMUS, Inc		27,738
1,529	*	Maxygen, Inc		11,483
5,014	*	Monogram Biosciences, Inc		9,376
11,064		Moody's Corp		679,551
311	*	MTC Technologies, Inc		8,515
1,418	*	Myriad Genetics, Inc		29,494
2,224	*	Navigant Consulting, Inc		48,884
660	*	Neopharm, Inc		7,121
1,554	*	Neurogen Corp		10,241
1,016	*	Orchid Cellmark, Inc		7,722
14,390		Paychex, Inc		548,547
1,249	*	Per-Se Technologies, Inc		29,177
2,108		Pharmaceutical Product Development, Inc		130,591
1,581	*	PRG-Schultz International, Inc		964
6,634		Quest Diagnostics, Inc		341,518
561	*	Regeneron Pharmaceuticals, Inc		8,948
2,278	*	Resources Connection, Inc		59,365
622	*	Rigel Pharmaceuticals, Inc		5,200
2,438	*	Savient Pharmaceuticals, Inc		9,118
2,070	*	Seattle Genetics, Inc		9,770
903	*	Senomyx, Inc		10,944
800	*	SFBC International, Inc		12,808
3,140	*	Shaw Group, Inc		91,343
905	*	Sourcecorp		21,702
1,445	*	Symyx Technologies, Inc		39,434
269		Sypris Solutions, Inc		2,685
389	*	Tejon Ranch Co		15,529

143

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,318	*	Telik, Inc	$	39,383
2,374	*	Tetra Tech, Inc		37,201
693	*	Trimeris, Inc		7,963
1,764	*	URS Corp		66,344
1,151		Washington Group International, Inc		60,968
1,377		Watson Wyatt & Co Holdings		38,418
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,489,812

FABRICATED METAL PRODUCTS - 0.35%
1,317	*	Alliant Techsystems, Inc	100,316
333		Ameron International Corp	15,178
1,543		Aptargroup, Inc	80,545
4,323		Ball Corp	171,710
854		CIRCOR International, Inc	21,914
2,212		Commercial Metals Co	83,038
600	*	Commercial Vehicle Group, Inc	11,268
2,435		Crane Co	85,882
7,464	*	Crown Holdings, Inc	145,772
100		Dynamic Materials Corp	3,002
747	*	Earle M Jorgensen Co	6,895
1,904	*	Global Power Equipment Group, Inc	8,606
1,268	*	Griffon Corp	30,191
311		Gulf Island Fabrication, Inc	7,560
10,895		Illinois Tool Works, Inc	958,651
3,528	*	Jacuzzi Brands, Inc	29,635
444		Lifetime Brands, Inc	9,177
572	*	Mobile Mini, Inc	27,113
913	*	NCI Building Systems, Inc	38,784
986		Silgan Holdings, Inc	35,614
1,184		Simpson Manufacturing Co, Inc	43,038
2,527		Snap-On, Inc	94,914
1,318		Sturm Ruger & Co, Inc	9,239
288		Sun Hydraulics Corp	5,567
1,896	*	Taser International, Inc	13,234
808		Valmont Industries, Inc	27,036
417	*	Water Pik Technologies, Inc	8,953
1,191		Watts Water Technologies, Inc (Class A)	36,075
		TOTAL FABRICATED METAL PRODUCTS	2,108,907
FOOD AND KINDRED PRODUCTS - 2.70%
781		American Italian Pasta Co (Class A)	5,311
33,362		Anheuser-Busch Cos, Inc	1,433,232
28,468		Archer Daniels Midland Co	702,021
467	*	Boston Beer Co, Inc (Class A)	11,675
10,062		Campbell Soup Co	299,546
156		Coca-Cola Bottling Co Consolidated	6,708
89,936		Coca-Cola Co	3,625,320
12,690		Coca-Cola Enterprises, Inc	243,267
22,577		ConAgra Foods, Inc	457,882

144

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
8,450	*	Constellation Brands, Inc (Class A)	$	221,644
3,494		Corn Products International, Inc		83,472
3,571	*	Darling International, Inc		14,177
8,819		Del Monte Foods Co		91,982
330		Farmer Bros Co		6,382
2,169		Flowers Foods, Inc		59,778
12,724		General Mills, Inc		627,548
2,168	*	Gold Kist, Inc		32,412
14,667		H.J. Heinz Co		494,571
548	*	Hansen Natural Corp		43,188
4,977	*	Hercules, Inc		56,240
7,083		Hershey Co		391,336
2,638		Hormel Foods Corp		86,210
272		J&J Snack Foods Corp		16,160
2,156		J.M. Smucker Co		94,864
10,887		Kellogg Co		470,536
10,124		Kraft Foods, Inc (Class A)		284,889
1,079		Lancaster Colony Corp		39,977
1,379		Lance, Inc		25,691
417	*	M&F Worldwide Corp		6,805
5,810		McCormick & Co, Inc (Non-Vote)		179,645
1,808		Molson Coors Brewing Co (Class B)		121,118
234		National Beverage Corp		2,286
557	*	Peet's Coffee & Tea, Inc		16,905
6,075		Pepsi Bottling Group, Inc		173,806
2,958		PepsiAmericas, Inc		68,803
72,339		PepsiCo, Inc		4,273,788
1,396	*	Ralcorp Holdings, Inc		55,714
1,000		Reddy Ice Holdings, Inc		21,810
749		Sanderson Farms, Inc		22,867
34,341		Sara Lee Corp		649,045
3,902	*	Smithfield Foods, Inc		119,401
963		Tootsie Roll Industries, Inc		27,860
1,718		Topps Co, Inc		12,765
1,313	*	TreeHouse Foods, Inc		24,579
10,548		Tyson Foods, Inc (Class A)		180,388
7,312		Wrigley (Wm.) Jr Co		486,175
		TOTAL FOOD AND KINDRED PRODUCTS		16,369,779
FOOD STORES - 0.43%
16,055		Albertson's, Inc		342,774
70		Arden Group, Inc (Class A)		6,369
736	*	Great Atlantic & Pacific Tea Co, Inc		23,390
467		Ingles Markets, Inc (Class A)		7,309
30,693	*	Kroger Co		579,484
1,193	*	Panera Bread Co (Class A)		78,356
722	*	Pantry, Inc		33,927
1,649	*	Pathmark Stores, Inc		16,474
1,284		Ruddick Corp		27,324
33,498	*	Starbucks Corp		1,005,275

145

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
475	Weis Markets, Inc	$	20,444

5,682		Whole Foods Market, Inc	439,730
1,575	*	Wild Oats Markets, Inc	19,026
		TOTAL FOOD STORES	2,599,882
FORESTRY - 0.13%
3,292		Rayonier, Inc	131,186
10,285		Weyerhaeuser Co	682,307
		TOTAL FORESTRY	813,493
FURNITURE AND FIXTURES - 0.38%
510		Bassett Furniture Industries, Inc	9,435
2,499	*	BE Aerospace, Inc	54,978
1,552		Ethan Allen Interiors, Inc	56,695
1,840		Furniture Brands International, Inc	41,087
3,010		Herman Miller, Inc	84,852
2,318		Hillenbrand Industries, Inc	114,532
2,439		HNI Corp	133,974
308		Hooker Furniture Corp	5,282
1,830	*	Interface, Inc (Class A)	15,043
8,377		Johnson Controls, Inc	610,767
1,051		Kimball International, Inc (Class B)	11,172
1,978		La-Z-Boy, Inc	26,822
8,263		Leggett & Platt, Inc	189,718
18,910		Masco Corp	570,893
12,231		Newell Rubbermaid, Inc	290,853
1,764	*	Select Comfort Corp	48,245
468		Stanley Furniture Co, Inc	10,848
1,829	*	Tempur-Pedic International, Inc	21,034
		TOTAL FURNITURE AND FIXTURES	2,296,230
FURNITURE AND HOMEFURNISHINGS STORES - 0.38%
12,730	*	Bed Bath & Beyond, Inc	460,190
1,199	*	Bell Microproducts, Inc	9,172
17,257		Best Buy Co, Inc	750,334
8,218		Circuit City Stores, Inc	185,645
742	*	Cost Plus, Inc	12,725
508	*	Design Within Reach, Inc	2,692
2,350	*	GameStop Corp	74,777
1,135	*	Guitar Center, Inc	56,761
701		Haverty Furniture Cos, Inc	9,036
324		Knoll, Inc	5,544
1,870	*	Linens 'n Things, Inc	49,742
2,236	*	Mohawk Industries, Inc	194,487
1,089		Movie Gallery, Inc	6,109

146

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
3,735		Pier 1 Imports, Inc	$	32,607
5,893		RadioShack Corp		123,930
1,137	*	Restoration Hardware, Inc		6,845
2,326		Steelcase, Inc (Class A)		36,821
1,705	*	The Bombay Co, Inc		5,047
1,345	*	Trans World Entertainment Corp		7,667
1,118		Tuesday Morning Corp		23,389
5,039	*	Williams-Sonoma, Inc		217,433
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,270,953
GENERAL BUILDING CONTRACTORS - 0.48%
238	*	Avatar Holdings, Inc		13,071
1,813		Beazer Homes USA, Inc		132,059
496		Brookfield Homes Corp		24,666
5,530		Centex Corp		395,340
11,913		DR Horton, Inc		425,675
1,490	*	Hovnanian Enterprises, Inc (Class A)		73,964
3,537		KB Home		256,998
5,845		Lennar Corp (Class A)		356,662
793		Levitt Corp (Class A)		18,033
454		M/I Homes, Inc		18,441
131	v*	Mascotech (Escrow)		0
790		McGrath RentCorp		21,962
1,411		MDC Holdings, Inc		87,454
916	*	Meritage Homes Corp		57,635
142	*	NVR, Inc		99,684
635	*	Palm Harbor Homes, Inc		11,938
531	*	Perini Corp		12,824
9,408		Pulte Homes, Inc		370,299
2,083		Ryland Group, Inc		150,247
2,988		Standard-Pacific Corp		109,958
215		Technical Olympic USA, Inc		4,534
4,622	*	Toll Brothers, Inc		160,106
1,576		Walter Industries, Inc		78,359
1,470	*	WCI Communities, Inc		39,470
100	*	William Lyon Homes, Inc		10,090
		TOTAL GENERAL BUILDING CONTRACTORS		2,929,469
GENERAL MERCHANDISE STORES - 1.79%
1,862	*	99 Cents Only Stores		19,477
5,352	*	Big Lots, Inc		64,278
3,013	*	BJ's Wholesale Club, Inc		89,064
1,244	*	Cabela's, Inc		20,650
2,426		Casey's General Stores, Inc		60,165
431	*	Conn's, Inc		15,891
20,806		Costco Wholesale Corp		1,029,273
2,920		Dillard's, Inc (Class A)		72,474
14,220		Dollar General Corp		271,175

147

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
6,231		Family Dollar Stores, Inc	$	154,466
11,648		Federated Department Stores, Inc		772,612
1,577		Fred's, Inc		25,658
8,806		JC Penney Co, Inc		489,614
523	*	Retail Ventures, Inc		6,506
4,475	*	Saks, Inc		75,449
995		Stein Mart, Inc		18,059
38,231		Target Corp		2,101,558
20,185		TJX Cos, Inc		468,898
108,646		Wal-Mart Stores, Inc		5,084,633
		TOTAL GENERAL MERCHANDISE STORES		10,839,900
HEALTH SERVICES - 1.16%
505	*	Alliance Imaging, Inc		3,005
1,303	*	Allied Healthcare International, Inc		8,000
578	*	Amedisys, Inc		24,415
461	*	America Service Group, Inc		7,311
523	*	American Dental Partners, Inc		9,456
1,450	*	American Healthways, Inc		65,613
1,200	*	American Retirement Corp		30,156
9,086		AmerisourceBergen Corp		376,160
1,260	*	Amsurg Corp		28,804
2,132	*	Apria Healthcare Group, Inc		51,403
4,890	*	Beverly Enterprises, Inc		57,066
379	*	Bio-Reference Labs, Inc		7,129
19,813	*	Caremark Rx, Inc		1,026,115
3,885	*	Community Health Systems, Inc		148,951
272	*	Corvel Corp		5,165
2,745	*	Covance, Inc		133,270
6,744	*	Coventry Health Care, Inc		384,138
1,247	*	Cross Country Healthcare, Inc		22,172
4,398	*	DaVita, Inc		222,715
2,601	*	Edwards Lifesciences Corp		108,228
1,146	*	Enzo Biochem, Inc		14,233
5,424	*	Express Scripts, Inc		454,531
864	*	Genesis HealthCare Corp		31,553
1,108	*	Gentiva Health Services, Inc		16,332
19,240		HCA, Inc		971,620
10,873		Health Management Associates, Inc (Class A)		238,771
2,891		Hooper Holmes, Inc		7,372
451	*	Horizon Health Corp		10,206
1,239	*	Kindred Healthcare, Inc		31,917
5,471	*	Laboratory Corp of America Holdings		294,613
891		LCA-Vision, Inc		42,331
2,381	*	LifePoint Hospitals, Inc		89,288
4,013	*	Lincare Holdings, Inc		168,185
1,175	*	Magellan Health Services, Inc		36,954
3,162		Manor Care, Inc		125,753
705	*	Matria Healthcare, Inc		27,326
275	*	Medcath Corp		5,101

148

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
13,138	*	Medco Health Solutions, Inc	$	733,100
284		National Healthcare Corp		10,616
3,997	*	Nektar Therapeutics		65,791
1,121	*	Odyssey HealthCare, Inc		20,895
539		Option Care, Inc		7,201
1,860	*	PainCare Holdings, Inc		6,064
947	*	Pediatrix Medical Group, Inc		83,876
897	*	Psychiatric Solutions, Inc		52,690
478	*	Radiation Therapy Services, Inc		16,878
725	*	RehabCare Group, Inc		14,645
2,958	*	Renal Care Group, Inc		139,943
1,031	*	Sierra Health Services, Inc		82,439
352	*	Specialty Laboratories, Inc		4,594
1,442	*	Sunrise Senior Living, Inc		48,610
726	*	Symbion, Inc		16,698
20,770	*	Tenet Healthcare Corp		159,098
3,585	*	Triad Hospitals, Inc		140,678
505	*	U.S. Physical Therapy, Inc		9,327
1,882	*	United Surgical Partners International, Inc		60,506
1,601		Universal Health Services, Inc (Class B)		74,831
583	*	VistaCare, Inc (Class A)		7,288
		TOTAL HEALTH SERVICES		7,041,126
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
1,670		Granite Construction, Inc		59,970
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		59,970
HOLDING AND OTHER INVESTMENT OFFICES - 3.46%
860	*	4Kids Entertainment, Inc		13,493
1,787		Aames Investment Corp		11,544
1,197		Acadia Realty Trust		24,000
1,439	*	Affiliated Managers Group, Inc		115,480
1,436		Affordable Residential Communities		13,685
327		Agree Realty Corp		9,450
85	*	Alexander's, Inc		20,868
1,026		Alexandria Real Estate Equities, Inc		82,593
5,727		Allied Capital Corp		168,202
3,722		AMB Property Corp		183,011
637		American Campus Communities, Inc		15,798
5,017		American Financial Realty Trust		60,204
1,368		American Home Mortgage Investment Corp		44,556
974		AMLI Residential Properties Trust		37,061

5,294	Annaly Mortgage Management, Inc	57,916
2,232	Anthracite Capital, Inc	23,503
1,950	Anworth Mortgage Asset Corp	14,235
4,162	Apartment Investment & Management Co (Class A)	157,615
2,701	Apollo Investment Corp	48,429
436	Arbor Realty Trust, Inc	11,301
8,666	Archstone-Smith Trust	363,019

149

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,906		Arden Realty, Inc	$	130,276
1,145		Ashford Hospitality Trust, Inc		12,011
3,180		AvalonBay Communities, Inc		283,815
717		Bedford Property Investors		15,731
1,600		Bimini Mortgage Management, Inc (Class A)		14,480
2,300		BioMed Realty Trust, Inc		56,120
4,731		Boston Properties, Inc		350,709
770	*	Boykin Lodging Co		9,409
2,346		Brandywine Realty Trust		65,477
2,353		BRE Properties, Inc (Class A)		107,014
2,027		Camden Property Trust		117,404
1,608		Capital Lease Funding, Inc		16,932
121		Capital Southwest Corp		10,951
500		Capital Trust, Inc		14,640
2,547		CarrAmerica Realty Corp		88,203
1,984		CBL & Associates Properties, Inc		78,388
1,000		Cedar Shopping Centers, Inc		14,070
2,282		Centerpoint Properties Trust		112,913
508		CentraCore Properties Trust		13,650
204		Cherokee, Inc		7,016
2,158		Colonial Properties Trust		90,593
1,400		Columbia Equity Trust, Inc		22,610
2,384		Commercial Net Lease Realty, Inc		48,562
1,373		Corporate Office Properties Trust		48,796
1,650		Cousins Properties, Inc		46,695
3,657		Crescent Real Estate Equities Co		72,482
677	*	Criimi MAE, Inc		13,405
4,619		Developers Diversified Realty Corp		217,185
1,064		DiamondRock Hospitality Co		12,725
500		Digital Realty Trust, Inc		11,315
6,631		Duke Realty Corp		221,475
953		EastGroup Properties, Inc		43,037
2,442		ECC Capital Corp		5,519
954		Education Realty Trust, Inc		12,297
154	*	Enstar Group, Inc		10,203
1,254		Entertainment Properties Trust		51,101
2,035		Equity Inns, Inc		27,574
1,022		Equity Lifestyle Properties, Inc		45,479
17,771		Equity Office Properties Trust		538,994
1,550		Equity One, Inc		35,836
12,546		Equity Residential		490,800
1,001		Essex Property Trust, Inc		92,292
1,500		Extra Space Storage, Inc		23,100
2,303		Federal Realty Investment Trust		139,677
1,940		FelCor Lodging Trust, Inc		33,387
2,043		Fieldstone Investment Corp		24,230
1,880		First Industrial Realty Trust, Inc		72,380
709		First Potomac Realty Trust		18,859
6,202		Friedman Billings Ramsey Group, Inc		61,400
7,746		General Growth Properties, Inc		363,985
855		Getty Realty Corp		22,478
445		Gladstone Capital Corp		9,514
1,218		Glenborough Realty Trust, Inc		22,046

150

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES			VALUE
1,567	Glimcher Realty Trust	$	38,109
700	Global Signal, Inc		30,212
1,100	GMH Communities Trust		17,061
1,100	Government Properties Trust, Inc		10,263
500	Gramercy Capital Corp		11,390
772	Harris & Harris Group, Inc		10,731
6,040	Health Care Property Investors, Inc		154,382
2,419	Health Care REIT, Inc		82,004
2,083	Healthcare Realty Trust, Inc		69,301
1,194	Heritage Property Investment Trust		39,880
1,718	Highland Hospitality Corp		18,984
2,356	Highwoods Properties, Inc		67,028
1,416	Home Properties, Inc		57,773
2,200	HomeBanc Corp		16,456
3,435	Hospitality Properties Trust		137,744
15,382	Host Marriott Corp		291,489
8,292	HRPT Properties Trust		85,822
3,499	IMPAC Mortgage Holdings, Inc		32,926
2,926	Inland Real Estate Corp		43,276
1,530	Innkeepers U.S.A. Trust		24,480
1,971	Investors Real Estate Trust		18,192
10,700	iShares Russell 2000 Index Fund		713,583
8,200	iShares Russell Midcap Index Fund		721,026
5,024	iStar Financial, Inc		179,106
1,286	Kilroy Realty Corp		79,603
8,670	Kimco Realty Corp		278,134
900	Kite Realty Group Trust		13,923
1,300	KKR Financial Corp		31,187
1,296	LaSalle Hotel Properties		47,589
1,995	Lexington Corporate Properties Trust		42,494
3,824	Liberty Property Trust		163,858
676	LTC Properties, Inc		14,216

1,231		Luminent Mortgage Capital, Inc	9,245
2,609		Macerich Co	175,168
2,890		Mack-Cali Realty Corp	124,848
1,500		Maguire Properties, Inc	46,350
3,482	*	MeriStar Hospitality Corp	32,731
3,630		MFA Mortgage Investments, Inc	20,691
717		Mid-America Apartment Communities, Inc	34,775
2,463		Mills Corp	103,298
1,900		MortgageIT Holdings, Inc	25,954
1,012		National Health Investors, Inc	26,272
2,923		Nationwide Health Properties, Inc	62,552
2,116		New Century Financial Corp	76,324
4,551		New Plan Excel Realty Trust	105,492
1,908		Newcastle Investment Corp	47,414
812		NorthStar Realty Finance Corp	8,274
1,155		Novastar Financial, Inc	32,467
2,483		Omega Healthcare Investors, Inc	31,261
332		One Liberty Properties, Inc	6,112
312		Origen Financial, Inc	2,221
1,815		Pan Pacific Retail Properties, Inc	121,405

151

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
614		Parkway Properties, Inc	$	24,646
1,580		Pennsylvania Real Estate Investment Trust		59,029
8,019		Plum Creek Timber Co, Inc		289,085
1,574		Post Properties, Inc		62,881
2,139		Prentiss Properties Trust		87,015
10,907		Prologis		509,575
662		PS Business Parks, Inc		32,570
3,629		Public Storage, Inc		245,756
1,115		RAIT Investment Trust		28,901
642		Ramco-Gershenson Properties		17,109
3,688		Realty Income Corp		79,735
3,569		Reckson Associates Realty Corp		128,413
856		Redwood Trust, Inc		35,319
2,754		Regency Centers Corp		162,348
534		Saul Centers, Inc		19,277
1,827		Saxon Capital, Inc		20,700
2,655		Senior Housing Properties Trust		44,896
2,038		Shurgard Storage Centers, Inc (Class A)		115,575
7,813		Simon Property Group, Inc		598,710
793		Sizeler Property Investors, Inc		10,190
1,833		SL Green Realty Corp		140,023
705		Sovran Self Storage, Inc		33,114
47,390		SPDR Trust Series 1		5,900,529
2,886		Spirit Finance Corp		32,756
1,284		Strategic Hotel Capital, Inc		26,425
611		Sun Communities, Inc		19,185
800		Sunstone Hotel Investors, Inc		21,256
1,249		Tanger Factory Outlet Centers, Inc		35,896
417	*	Tarragon Corp		8,599
2,215		Taubman Centers, Inc		76,971
10,506	*	Telewest Global, Inc		250,253
4,371		Thornburg Mortgage, Inc		114,520
728		Town & Country Trust		24,614
3,793		Trizec Properties, Inc		86,936
2,707		Trustreet Properties, Inc		39,576
5,853		United Dominion Realty Trust, Inc		137,194
584		Universal Health Realty Income Trust		18,303
961		Urstadt Biddle Properties, Inc (Class A)		15,578
1,300		U-Store-It Trust		27,365
4,453		Ventas, Inc		142,585
5,138		Vornado Realty Trust		428,869
1,796		Washington Real Estate Investment Trust		54,509
3,588		Weingarten Realty Investors		135,662
872		Winston Hotels, Inc		8,633
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		20,931,360

HOTELS AND OTHER LODGING PLACES - 0.42%
988		Ameristar Casinos, Inc	22,428
1,649	*	Aztar Corp	50,113
812	*	Bluegreen Corp	12,830

152

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,871		Boyd Gaming Corp	$	89,172
1,396		Choice Hotels International, Inc		58,297
1,731	*	Gaylord Entertainment Co		75,454
1,084	*	Great Wolf Resorts, Inc		11,176
16,663		Hilton Hotels Corp		401,769
563	*	Isle of Capri Casinos, Inc		13,715
8,479	*	La Quinta Corp		94,456
1,000	*	Las Vegas Sands Corp		39,470
1,068		Marcus Corp		25,098
7,519		Marriott International, Inc (Class A)		503,547
5,265	*	MGM Mirage		193,068
392	*	Monarch Casino & Resort, Inc		8,859
1,055	*	MTR Gaming Group, Inc		10,983
367	*	Riviera Holdings Corp		6,015
9,397		Starwood Hotels & Resorts Worldwide, Inc		600,092
2,430		Station Casinos, Inc		164,754
1,332	*	Vail Resorts, Inc		43,996
2,062	*	Wynn Resorts Ltd		113,101
		TOTAL HOTELS AND OTHER LODGING PLACES		2,538,393
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.44%
33,164		3M Co		2,570,210
446	*	Aaon, Inc		7,992
1,275		Actuant Corp		71,145
2,808	*	Advanced Digital Information Corp		27,490
4,110	*	AGCO Corp		68,103
1,235		Albany International Corp (Class A)		44,658
8,161		American Standard Cos, Inc		326,032
35,634	*	Apple Computer, Inc		2,561,728
71,524		Applied Materials, Inc		1,283,158
660	*	Astec Industries, Inc		21,556
700	*	ASV, Inc		17,486
2,452	*	Asyst Technologies, Inc		14,025
4,624	*	Axcelis Technologies, Inc		22,061
3,489		Black & Decker Corp		303,403
625		Black Box Corp		29,613
1,251	*	Blount International, Inc		19,928
2,380		Briggs & Stratton Corp		92,320
3,939	*	Brooks Automation, Inc		49,356
876		Bucyrus International, Inc (Class A)		46,165
1,379		Carlisle Cos, Inc		95,358
429		Cascade Corp		20,124
29,408		Caterpillar, Inc		1,698,900
2,660		CDW Corp		153,136
4,649	*	Cirrus Logic, Inc		31,055
4,468	*	Cooper Cameron Corp		184,975
1,992		Cummins, Inc		178,742
907		Curtiss-Wright Corp		49,522
10,447		Deere & Co		711,545
106,251	*	Dell, Inc		3,186,467

153

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
3,114		Diebold, Inc	$	118,332
3,232		Donaldson Co, Inc		102,778
2,098	*	Dot Hill Systems Corp		14,539
8,881		Dover Corp		359,592
900	*	Dresser-Rand Group, Inc		21,762
350	*	Dril-Quip, Inc		16,520
6,569		Eaton Corp		440,714
103,398	*	EMC Corp		1,408,281
3,842	*	Emulex Corp		76,033
1,779		Engineered Support Systems, Inc		74,078
936	*	EnPro Industries, Inc		25,225
5,448	*	Entegris, Inc		51,320
4,946	*	Extreme Networks, Inc		23,494
539	*	Fargo Electronics, Inc		10,376
813	*	Flanders Corp		9,886
2,329	*	Flowserve Corp		92,135
3,067	*	FMC Technologies, Inc		131,636
973	*	Gardner Denver, Inc		47,969
10,029	*	Gateway, Inc		25,173
436	*	Gehl Co		11,445
1,165	*	Global Imaging Systems, Inc		40,344
388		Gorman-Rupp Co		8,579
3,011		Graco, Inc		109,841
5,581	*	Grant Prideco, Inc		246,234
125,078		Hewlett-Packard Co		3,580,983
769	*	Hydril		48,139
2,389		IDEX Corp		98,212
1,809	*	Intermec, Inc		61,144
69,565		d International Business Machines Corp		5,718,243
14,996		International Game Technology		461,577
1,041	*	Intevac, Inc		13,741
7,129	*	Jabil Circuit, Inc		264,415
5,316		Joy Global, Inc		212,640
734	*	Kadant, Inc		13,579
1,348		Kaydon Corp		43,325
1,742		Kennametal, Inc		88,912
1,193	*	Komag, Inc		41,349
2,658	*	Kulicke & Soffa Industries, Inc		23,497
6,124	*	Lam Research Corp		218,504
2,216		Lennox International, Inc		62,491
4,900	*	Lexmark International, Inc		219,667
545		Lindsay Manufacturing Co		10,480
544		Lufkin Industries, Inc		27,129
1,162		Manitowoc Co, Inc		58,356
78	*	Mestek, Inc		1,022
1,558	*	Micros Systems, Inc		75,283
196	*	Middleby Corp		16,954
983	*	Mikohn Gaming Corp		9,702
1,485		Modine Manufacturing Co		48,396
219		Nacco Industries, Inc (Class A)		25,656
1,343	*	Netgear, Inc		25,853
545		NN, Inc		5,777

154

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,121		Nordson Corp	$	45,412
4,326	*	Nuance Communications, Inc		33,007
1,664	*	Oil States International, Inc		52,716
78	*	Omega Flex, Inc		1,356
5,424		Pall Corp		145,689
2,001	*	Palm, Inc		63,632
5,243		Parker Hannifin Corp		345,894
1,351	*	Paxar Corp		26,520
4,544		Pentair, Inc		156,859
1,160	*	ProQuest Co		32,376
7,235	*	Quantum Corp		22,067
407	*	Rimage Corp		11,795

623		Robbins & Myers, Inc	12,678
8,027		Rockwell Automation, Inc	474,877
7,888	*	SanDisk Corp	495,524
601		Sauer-Danfoss, Inc	11,305
680	*	Scansource, Inc	37,182
2,619	*	Scientific Games Corp (Class A)	71,446
751	*	Semitool, Inc	8,171
9,260		Smith International, Inc	343,639
36,168	*	Solectron Corp	132,375
2,783		SPX Corp	127,378
644		Standex International Corp	17,877
3,410		Stanley Works	163,816
1,226		Stewart & Stevenson Services, Inc	25,905
10,583		Symbol Technologies, Inc	135,674
764		Tecumseh Products Co (Class A)	17,503
367		Tennant Co	19,084
2,151	*	Terex Corp	127,769
3,308		Timken Co	105,922
1,884		Toro Co	82,463
513	*	TurboChef Technologies, Inc	7,367
1,184	*	Ultratech, Inc	19,441
5,765	*	Varian Medical Systems, Inc	290,210
987	*	VeriFone Holdings, Inc	24,971
937		Watsco, Inc	56,042
9,372	*	Western Digital Corp	174,413
426		Woodward Governor Co	36,640
3,061	*	Zebra Technologies Corp (Class A)	131,164
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT	32,915,724
INSTRUMENTS AND RELATED PRODUCTS - 4.37%
1,086	*	Abaxis, Inc	17,897
948	*	Abiomed, Inc	8,760
588	*	ADE Corp	14,147
2,835	*	Advanced Medical Optics, Inc	118,503
2,749	*	Affymetrix, Inc	131,265
21,421	*	Agilent Technologies, Inc	713,138
2,738	*	Align Technology, Inc	17,715
5,656		Allergan, Inc	610,622

155

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,975	*	American Medical Systems Holdings, Inc	$	53,044
357	*	American Science & Engineering, Inc		22,266
550		Analogic Corp		26,318
1,028	*	Anaren, Inc		16,068
458	*	Animas Corp		11,061
8,600		Applera Corp (Applied Biosystems Group)		228,416
389	*	ARGON ST, Inc		12,051
967		Arrow International, Inc		28,033
1,123	*	Arthrocare Corp		47,323
705	*	Aspect Medical Systems, Inc		24,217
1,005	*	August Technology Corp		11,045
241		Badger Meter, Inc		9,457
4,586		Bard (C.R.), Inc		302,309
2,293		Bausch & Lomb, Inc		155,695
26,967		Baxter International, Inc		1,015,308
2,699		Beckman Coulter, Inc		153,573
10,612		Becton Dickinson & Co		637,569
10,983		Biomet, Inc		401,648
674	*	Bio-Rad Laboratories, Inc (Class A)		44,107
706	*	Biosite, Inc		39,741
28,680	*	Boston Scientific Corp		702,373
1,108	*	Bruker BioSciences Corp		5,385
995	*	Caliper Life Sciences, Inc		5,851
782	*	Candela Corp		11,292
481	*	Cantel Medical Corp		8,629
2,273	*	Cepheid, Inc		19,957
623		CNS, Inc		13,650
1,323	*	Coherent, Inc		39,267
1,056		Cohu, Inc		24,151
1,172	*	Conmed Corp		27,730
1,973		Cooper Cos, Inc		101,215
3,144	*	Credence Systems Corp		21,882
919	*	Cyberonics, Inc		29,684
10,294		Danaher Corp		574,199
617		Datascope Corp		20,392
3,101		Dentsply International, Inc		166,493
739	*	Dionex Corp		36,270
1,011	*	DJ Orthopedics, Inc		27,883
1,187		DRS Technologies, Inc		61,036
12,525		Eastman Kodak Co		293,085
762		EDO Corp		20,620
1,914	*	Encore Medical Corp		9,474
1,076	*	ESCO Technologies, Inc		47,871
1,230	*	Esterline Technologies Corp		45,744
745	*	Excel Technology, Inc		17,716
439	*	FARO Technologies, Inc		8,780
776	*	FEI Co		14,876
5,195	*	Fisher Scientific International, Inc		321,363
2,582	*	Flir Systems, Inc		57,656
1,525	*	Formfactor, Inc		37,256
1,932	*	Fossil, Inc		41,557
575	*	Foxhollow Technologies, Inc		17,129

156

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
14,168		Guidant Corp	$	917,378
1,014	*	Haemonetics Corp		49,544

1,455	*	HealthTronics, Inc	11,131
428	*	Herley Industries, Inc	7,066
1,996	*	Hologic, Inc	75,688
590	*	ICU Medical, Inc	23,134
1,028	*	I-Flow Corp	15,029
1,278	*	II-VI, Inc	22,838
1,610	*	Illumina, Inc	22,701
1,648	*	Inamed Corp	144,497
3,366	*	Input/Output, Inc	23,663
813	*	Integra LifeSciences Holdings Corp	28,829
1,218	*	Intermagnetics General Corp	38,854
400	*	Intralase Corp	7,132
1,384	*	Intuitive Surgical, Inc	162,302
1,256		Invacare Corp	39,551
970	*	Ionatron, Inc	9,807
702	*	IRIS International, Inc	15,346
458	*	Ista Pharmaceuticals, Inc	2,913
1,097	*	Itron, Inc	43,924
1,544	*	Ixia	22,820
128,308		Johnson & Johnson	7,711,370
618		Keithley Instruments, Inc	8,640
593	*	Kensey Nash Corp	13,064
8,484		Kla-Tencor Corp	418,516
4,055	*	Kopin Corp	21,694
1,248	*	Kyphon, Inc	50,956
425	*	LaBarge, Inc	6,107
870	*	Laserscope	19,540
485	*	LeCroy Corp	7,416
2,132	*	Lexar Media, Inc	17,504
3,441	*	LTX Corp	15,485
465	*	Measurement Specialties, Inc	11,323
52,164		Medtronic, Inc	3,003,081
1,406		Mentor Corp	64,788
1,320	*	Merit Medical Systems, Inc	16,025
1,900	*	Mettler-Toledo International, Inc	104,880
505	*	Micro Therapeutics, Inc	3,500
2,099	*	Millipore Corp	138,618
1,255		Mine Safety Appliances Co	45,444
1,734	*	MKS Instruments, Inc	31,021
834	*	Molecular Devices Corp	24,128
856		Movado Group, Inc	15,665
1,014		MTS Systems Corp	35,125
2,816	*	Nanogen, Inc	7,378
2,443		National Instruments Corp	78,298
100	*	Neurometrix, Inc	2,728
2,129	*	Newport Corp	28,827
676	*	NuVasive, Inc	12,236
830		Oakley, Inc	12,193
739	*	Palomar Medical Technologies, Inc	25,895
5,852		PerkinElmer, Inc	137,896

157

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
834	*	Photon Dynamics, Inc	$	15,246
9,917		Pitney Bowes, Inc		418,993
1,257		PolyMedica Corp		42,072
3,206	*	Resmed, Inc		122,822
3,080	*	Respironics, Inc		114,176
587	*	Rofin-Sinar Technologies, Inc		25,517
3,560		Roper Industries, Inc		140,656
592	*	Rudolph Technologies, Inc		7,625
1,336	*	Sirf Technology Holdings, Inc		39,813
453	*	Somanetics Corp		14,496
955	*	Sonic Solutions, Inc		14,430
721	*	SonoSite, Inc		25,242
15,724	*	St. Jude Medical, Inc		789,345
1,882	*	Star Scientific, Inc		4,423
3,258		STERIS Corp		81,515
12,638		Stryker Corp		561,506
1,615	*	Sybron Dental Specialties, Inc		64,333
314	*	Symmetry Medical, Inc		6,088
1,642	*	Techne Corp		92,198
3,298		Tektronix, Inc		93,037
1,597	*	Teledyne Technologies, Inc		46,473
8,798	*	Teradyne, Inc		128,187
7,026	*	Thermo Electron Corp		211,693
2,475	*	ThermoGenesis Corp		11,954
2,019	*	Thoratec Corp		41,773
2,301	*	Trimble Navigation Ltd		81,662
1,711	*	TriPath Imaging, Inc		10,334
467		United Industrial Corp		19,320
1,472	*	Varian, Inc		58,571
1,366	*	Veeco Instruments, Inc		23,673
1,353	*	Ventana Medical Systems, Inc		57,300
1,348	*	Viasys Healthcare, Inc		34,669
568	*	Viisage Technology, Inc		10,002
482	*	Vital Images, Inc		12,604
234		Vital Signs, Inc		10,020
4,626	*	Waters Corp		174,863
1,153	*	Wright Medical Group, Inc		23,521
41,804	*	Xerox Corp		612,429
1,107		X-Rite, Inc		11,070
220		Young Innovations, Inc		7,498
10,750	*	Zimmer Holdings, Inc		724,980
467	*	Zoll Medical Corp		11,764

	TOTAL INSTRUMENTS AND RELATED PRODUCTS	26,473,143
INSURANCE AGENTS, BROKERS AND SERVICE - 0.46%
14,023	AON Corp	504,127
4,796	Brown & Brown, Inc	146,470
856	Clark, Inc	11,342
957	Crawford & Co (Class B)	5,512
4,156	Gallagher (Arthur J.) & Co	128,337

158

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
12,898		Hartford Financial Services Group, Inc	$	1,107,809
1,449		Hilb Rogal & Hobbs Co		55,801
22,632		Marsh & McLennan Cos, Inc		718,792
1,676		National Financial Partners Corp		88,074
1,893	*	USI Holdings Corp		26,067
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,792,331
INSURANCE CARRIERS - 5.34%
1,166		21st Century Insurance Group		18,866
12,683		Aetna, Inc		1,196,134
1,500		Affirmative Insurance Holdings, Inc		21,885
21,882		Aflac, Inc		1,015,762
1,625		Alfa Corp		26,163
197	*	Alleghany Corp		55,948
28,846		Allstate Corp		1,559,703
4,724		Ambac Financial Group, Inc		364,031
1,162		American Equity Investment Life Holding Co		15,164
1,785		American Financial Group, Inc		68,383
99,081		American International Group, Inc		6,760,364
346		American National Insurance Co		40,479
425	*	American Physicians Capital, Inc		19,461
2,296	*	AMERIGROUP Corp		44,680
1,699		AmerUs Group Co		96,282
1,229	*	Argonaut Group, Inc		40,274
5,035		Assurant, Inc		218,972
314		Baldwin & Lyons, Inc (Class B)		7,630
600		Bristol West Holdings, Inc		11,418
1,994	*	Centene Corp		52,422
1,876	*	Ceres Group, Inc		9,699
8,517		Chubb Corp		831,685
5,709		Cigna Corp		637,695
7,447		Cincinnati Financial Corp		332,732
1,510	*	Citizens, Inc		8,230
996	*	CNA Financial Corp		32,599
801	*	CNA Surety Corp		11,671
1,184		Commerce Group, Inc		67,820
6,580	*	Conseco, Inc		152,459
1,215		Delphi Financial Group, Inc (Class A)		55,902
485		Direct General Corp		8,197
220		Donegal Group, Inc		5,113
78		EMC Insurance Group, Inc		1,555
1,518		Erie Indemnity Co (Class A)		80,758
615		FBL Financial Group, Inc (Class A)		20,178
7,057		Fidelity National Financial, Inc		259,627
1,234		Fidelity National Title Group, Inc		30,048
1,272	*	First Acceptance Corp		13,089
3,663		First American Corp		165,934
499	*	Fpic Insurance Group, Inc		17,315
9,772		Genworth Financial, Inc		337,916
311		Great American Financial Resources, Inc		6,170

159

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,328		Hanover Insurance Group, Inc	$	97,241
626		Harleysville Group, Inc		16,589
4,324		HCC Insurance Holdings, Inc		128,336
4,907	*	Health Net, Inc		252,956
783	*	HealthExtras, Inc		19,653
2,155		Horace Mann Educators Corp		40,859
7,079	*	Humana, Inc		384,602
337		Independence Holding Co		6,588
853		Infinity Property & Casualty Corp		31,740
5,532		Jefferson-Pilot Corp		314,937
175		Kansas City Life Insurance Co		8,764
912	*	KMG America Corp		8,372
878		LandAmerica Financial Group, Inc		54,787
3,651		Leucadia National Corp		173,276
7,582		Lincoln National Corp		402,073
6,192		Loews Corp		587,311
429	*	Markel Corp		136,014
5,962		MBIA, Inc		358,674
1,146		Mercury General Corp		66,720
17,619		Metlife, Inc		863,331
4,113		MGIC Investment Corp		270,718
389		Midland Co		14,020
345	*	Molina Healthcare, Inc		9,191
98		National Western Life Insurance Co (Class A)		20,277
2,108		Nationwide Financial Services, Inc (Class A)		92,752
333	*	Navigators Group, Inc		14,522
427		Odyssey Re Holdings Corp		10,709
2,701		Ohio Casualty Corp		76,492
7,339		Old Republic International Corp		192,722
709	*	Philadelphia Consolidated Holding Co		68,553
4,411		Phoenix Cos, Inc		60,166

1,596	*	PMA Capital Corp (Class A)	14,571
4,073		PMI Group, Inc	167,278
1,146		Presidential Life Corp	21,820

12,815		Principal Financial Group	607,815
1,034	*	ProAssurance Corp	50,294
8,503		Progressive Corp	992,980
3,033		Protective Life Corp	132,754
22,286		Prudential Financial, Inc	1,631,112
3,754		Radian Group, Inc	219,947
1,200		Reinsurance Group Of America, Inc	57,312
893		RLI Corp	44,534
5,556		Safeco Corp	313,914
467		Safety Insurance Group, Inc	18,853
1,232		Selective Insurance Group, Inc	65,419
28,892		St. Paul Travelers Cos, Inc	1,290,606
2,442		Stancorp Financial Group, Inc	121,978
701		State Auto Financial Corp	25,558
843		Stewart Information Services Corp	41,029
4,429		Torchmark Corp	246,252
727		Tower Group, Inc	15,979
1,110		Transatlantic Holdings, Inc	74,592

160

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
380	*	Triad Guaranty, Inc	$	16,716
1,543		UICI		54,792
600		United Fire & Casualty Co		24,258
58,789		UnitedHealth Group, Inc		3,653,148
2,146		Unitrin, Inc		96,677
1,122	*	Universal American Financial Corp		16,920
13,318		UnumProvident Corp		302,985
4,637		W.R. Berkley Corp		220,814
799	*	WellCare Health Plans, Inc		32,639
27,134	*	WellPoint, Inc		2,165,022
66		Wesco Financial Corp		25,410
1,039		Zenith National Insurance Corp		47,919
		TOTAL INSURANCE CARRIERS		32,315,255
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
1,709	*	Corrections Corp of America		76,854
323	*	Geo Group, Inc		7,406
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		84,260
LEATHER AND LEATHER PRODUCTS - 0.13%
723		Brown Shoe Co, Inc		30,677
16,358	*	Coach, Inc		545,376
856	*	Genesco, Inc		33,204
527		Steven Madden Ltd		15,404
2,284	*	Timberland Co (Class A)		74,344
184		Weyco Group, Inc		3,514
2,583		Wolverine World Wide, Inc		58,014
		TOTAL LEATHER AND LEATHER PRODUCTS		760,533

LEGAL SERVICES - 0.01%
1,975	*	FTI Consulting, Inc	54,194
559		Pre-Paid Legal Services, Inc	21,359
		TOTAL LEGAL SERVICES	75,553
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
4,370		Laidlaw International, Inc	101,515
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT	101,515
LUMBER AND WOOD PRODUCTS - 0.05%
526		American Woodmark Corp	13,040
3,409	*	Champion Enterprises, Inc	46,431

161

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
506		Deltic Timber Corp	$	26,241
4,969	v	Louisiana-Pacific Corp		136,498
424		Skyline Corp		15,434
781		Universal Forest Products, Inc		43,150
		TOTAL LUMBER AND WOOD PRODUCTS		280,794
METAL MINING - 0.37%
930		Cleveland-Cliffs, Inc		82,370
10,389	*	Coeur d'Alene Mines Corp		41,556
7,837		Freeport-McMoRan Copper & Gold, Inc (Class A)		421,631
4,247	*	Hecla Mining Co		17,243
17,529		Newmont Mining Corp		936,049
4,202		Phelps Dodge Corp		604,542
692		Royal Gold, Inc		24,033
1,127		Southern Copper Corp		75,486
1,462	*	Stillwater Mining Co		16,915
		TOTAL METAL MINING		2,219,825
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
1,235		Blyth, Inc		25,873
3,417		Callaway Golf Co		47,291
541		Charles & Colvard Ltd		10,928
798		Daktronics, Inc		23,597
489		Escalade, Inc		5,756
6,342		Fortune Brands, Inc		494,803
7,038		Hasbro, Inc		142,027
3,764	*	Identix, Inc		18,858
1,047	*	Jakks Pacific, Inc		21,924
1,906	*	K2, Inc		19,270
396		Marine Products Corp		4,154
17,948		Mattel, Inc		283,937

1,470		Nautilus, Inc	27,430
683	*	RC2 Corp	24,260
445		Russ Berrie & Co, Inc	5,082
1,545	*	Shuffle Master, Inc	38,841
418	*	Steinway Musical Instruments, Inc	10,663
1,979		Yankee Candle Co, Inc	50,662
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES	1,255,356
MISCELLANEOUS RETAIL - 1.15%
953	*	1-800-FLOWERS.COM, Inc (Class A)	6,118
469	*	AC Moore Arts & Crafts, Inc	6,824
1,733	*	Alloy, Inc	5,008
13,316	*	Amazon.com, Inc	627,849
2,273		Barnes & Noble, Inc	96,989

162

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
964		Big 5 Sporting Goods Corp	$	21,102
229		Blair Corp		8,917
577	*	Blue Nile, Inc		23,259
3,177		Borders Group, Inc		68,846
600	*	Build-A-Bear Workshop, Inc		17,784
1,514		Cash America International, Inc		35,110
724	*	CKX, Inc		9,412
1,548	*	Coldwater Creek, Inc		47,260
35,221		CVS Corp		930,539
866	*	dELiA*s, Inc		7,188
99	*	dELiA*s, Inc		99
1,546	*	Dick's Sporting Goods, Inc		51,389
4,762	*	Dollar Tree Stores, Inc		114,002
2,754	*	Drugstore.com, Inc		7,849
1,104	*	GSI Commerce, Inc		16,659
1,491	*	Hibbett Sporting Goods, Inc		42,464
766	*	Jill (J.) Group, Inc		14,577
1,350		Longs Drug Stores Corp		49,127
5,970		Michaels Stores, Inc		211,159
1,991		MSC Industrial Direct Co (Class A)		80,078
1,062	*	Nutri/System, Inc		38,253
13,271	*	Office Depot, Inc		416,709
3,147		OfficeMax, Inc		79,808
477	*	Overstock.com, Inc		13,428
2,479	*	Petco Animal Supplies, Inc		54,414
6,273		Petsmart, Inc		160,965
1,285	*	Priceline.com, Inc		28,681
22,109	*	Rite Aid Corp		76,939
4,356	*	Sears Holdings Corp		503,249
729	*	Sharper Image Corp		7,100
1,118	*	Sports Authority, Inc		34,803
826	*	Stamps.com, Inc		18,965
32,222		Staples, Inc		731,762
6,304		Tiffany & Co		241,380
805	*	Valuevision International, Inc (Class A)		10,143
44,175		Walgreen Co		1,955,186
1,196		World Fuel Services Corp		40,329
2,209	*	Zale Corp		55,556
		TOTAL MISCELLANEOUS RETAIL		6,967,278
MOTION PICTURES - 1.59%
1,829	*	Avid Technology, Inc		100,156
8,144		Blockbuster, Inc (Class A)		30,540
477		Carmike Cinemas, Inc		12,097
61,492	*	CBS Corp		2,004,671
3,914	*	Denny's Corp		15,773
12,160	*	Discovery Holding Co (Class A)		184,224
1,702	*	DreamWorks Animation SKG, Inc (Class A)		41,801
2,468	*	Macrovision Corp		41,290
100,614		News Corp (Class A)		1,564,548

163

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,446	*	Pixar	$	128,953
1,979		Regal Entertainment Group (Class A)		37,641
2,790	*	Time Warner Telecom, Inc (Class A)		27,482
198,092		Time Warner, Inc		3,454,724
83,222		Walt Disney Co		1,994,855
		TOTAL MOTION PICTURES		9,638,755
NONDEPOSITORY INSTITUTIONS - 2.04%
817	*	Accredited Home Lenders Holding Co		40,507
2,700		Advance America Cash Advance Centers, Inc		33,480
921		Advanta Corp (Class B)		29,877
4,522		American Capital Strategies Ltd		163,742
47,312		American Express Co		2,434,676
5,613	*	AmeriCredit Corp		143,861
1,000		Ares Capital Corp		16,070
577		Asta Funding, Inc		15,775
822		Beverly Hills Bancorp, Inc		8,524
12,860		Capital One Financial Corp		1,111,104
3,174		CapitalSource, Inc		71,098
1,768		CharterMac		37,446
8,776		CIT Group, Inc		454,421
589	*	Collegiate Funding Services LLC		11,633
1,061	*	CompuCredit Corp		40,827
25,153		Countrywide Financial Corp		859,981
3,970		Doral Financial Corp		42,082
755	*	Encore Capital Group, Inc		13,099
41,619		Fannie Mae		2,031,423
396		Federal Agricultural Mortgage Corp (Class C)		11,852
745		Financial Federal Corp		33,115
730	*	First Cash Financial Services, Inc		21,287

886	First Marblehead Corp	29,114
29,726	Freddie Mac	1,942,594
54,237	MBNA Corp	1,472,535

1,677		MCG Capital Corp	24,467
740	*	Nelnet, Inc	30,103
699		NGP Capital Resources Co	9,178
2,118	*	Ocwen Financial Corp	18,427
18,307		SLM Corp	1,008,533
179		Student Loan Corp	37,452
200	*	United PanAm Financial Corp	5,174
1,145		Westcorp	76,268
292	*	WFS Financial, Inc	22,236
727	*	World Acceptance Corp	20,720
		TOTAL NONDEPOSITORY INSTITUTIONS	12,322,681
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
1,140		AMCOL International Corp	23,393
839		Compass Minerals International, Inc	20,589

164

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,110		Florida Rock Industries, Inc	$	103,517
4,474		Vulcan Materials Co		303,114
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		450,613
OIL AND GAS EXTRACTION - 2.72%
9,979		Anadarko Petroleum Corp		945,604
14,214		Apache Corp		973,943
734	*	Atlas America, Inc		44,201
786	*	ATP Oil & Gas Corp		29,090
575	*	Atwood Oceanics, Inc		44,867
14,432		Baker Hughes, Inc		877,177
747		Berry Petroleum Co (Class A)		42,728
527	*	Bill Barrett Corp		20,347
14,130		BJ Services Co		518,147
532	*	Bois d'Arc Energy, Inc		8,438
1,128	*	Brigham Exploration Co		13,378
16,712		Burlington Resources, Inc		1,440,574
2,132		Cabot Oil & Gas Corp (Class A)		96,153
3,256	*	Cal Dive International, Inc		116,858
480	*	Callon Petroleum Co		8,472
818	*	Carrizo Oil & Gas, Inc		20,213
2,016	*	Cheniere Energy, Inc		75,036
15,642		Chesapeake Energy Corp		496,321
3,513		Cimarex Energy Co		151,094
250	*	Clayton Williams Energy, Inc		10,435
1,717	*	Comstock Resources, Inc		52,386
2,087	*	Delta Petroleum Corp		45,434
5,204	*	Denbury Resources, Inc		118,547
19,060		Devon Energy Corp		1,192,012
2,551		Diamond Offshore Drilling, Inc		177,448
806	*	Edge Petroleum Corp		20,077
2,115	*	Encore Acquisition Co		67,765
2,044	*	Endeavour International Corp		6,745

1,434	*	Energy Partners Ltd	31,247
6,615		ENSCO International, Inc	293,375
5,244		Equitable Resources, Inc	192,402
2,349	*	Forest Oil Corp	107,044
1,663	*	FX Energy, Inc	13,271
2,775	*	Gasco Energy, Inc	18,121
3,888	*	Global Industries Ltd	44,129
456	*	Goodrich Petroleum Corp	11,468
8,891	*	Grey Wolf, Inc	68,727
19,460		Halliburton Co	1,205,742
4,824	*	Hanover Compressor Co	68,067
1,428	*	Harvest Natural Resources, Inc	12,681
2,227		Helmerich & Payne, Inc	137,874
1,180	*	Houston Exploration Co	62,304
2,325	*	KCS Energy, Inc	56,312
5,017		Kerr-McGee Corp	455,845
855	*	McMoRan Exploration Co	16,903

165

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
3,333	*	Meridian Resource Corp	$	13,999
7,514	*	National Oilwell Varco, Inc		471,128
5,507	*	Newfield Exploration Co		275,735
3,549	*	Newpark Resources, Inc		27,079
7,600		Noble Energy, Inc		306,280
17,097		Occidental Petroleum Corp		1,365,708
1,252	*	Oceaneering International, Inc		62,325
1,328	*	Parallel Petroleum Corp		22,589
3,851	*	Parker Drilling Co		41,706
7,522		Patterson-UTI Energy, Inc		247,850
272	v*	PetroCorp (Escrow)		0
2,183	*	PetroHawk Energy Corp		28,859
811	*	Petroleum Development Corp		27,039
1,775	*	Petroquest Energy, Inc		14,697
862	*	Pioneer Drilling Co		15,456
5,687		Pioneer Natural Resources Co		291,572
3,372	*	Plains Exploration & Production Co		133,970
2,166		Pogo Producing Co		107,888
6,732	*	Pride International, Inc		207,009
2,304	*	Quicksilver Resources, Inc		96,791
5,338		Range Resources Corp		140,603
1,019	*	Remington Oil & Gas Corp		37,194
4,812		Rowan Cos, Inc		171,500
514		RPC, Inc		13,539
774	*	SEACOR Holdings, Inc		52,709
7,036	*	Southwestern Energy Co		252,874
2,480		St. Mary Land & Exploration Co		91,289
839	*	Stone Energy Corp		38,244
3,267	*	Superior Energy Services		68,770
1,301	*	Swift Energy Co		58,636
1,646	*	Syntroleum Corp		14,863
1,632	*	Tetra Technologies, Inc		49,809
2,645		Tidewater, Inc		117,597
1,979		Todco		75,321
611	*	Toreador Resources Corp		12,874
1,566	*	Transmontaigne, Inc		10,336
974	*	Tri-Valley Corp		7,578
1,921	*	Unit Corp		105,713
1,604	*	Veritas DGC, Inc		56,926
2,298		Vintage Petroleum, Inc		122,552
527		W&T Offshore, Inc		15,494
786	*	Warren Resources, Inc		12,435
1,083	*	W-H Energy Services, Inc		35,826
1,269	*	Whiting Petroleum Corp		50,760
15,744		XTO Energy, Inc		691,791
		TOTAL OIL AND GAS EXTRACTION		16,471,915
PAPER AND ALLIED PRODUCTS - 0.54%
4,780		Bemis Co		133,219

166

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES VALUE

2,445		Bowater, Inc	$	75,110
1,729	*	Buckeye Technologies, Inc		13,918
1,554	*	Caraustar Industries, Inc		13,504
613		Chesapeake Corp		10,409
1,467		Glatfelter		20,817
3,852	*	Graphic Packaging Corp		8,783
648		Greif, Inc (Class A)		42,949
21,577		International Paper Co		725,236
20,469		Kimberly-Clark Corp		1,220,976
2,079		Longview Fibre Co		43,264
8,072		MeadWestvaco Corp		226,258
910	*	Mercer International, Inc		7,153
785		Neenah Paper, Inc		21,980
2,360		Packaging Corp of America		54,162
1,864	*	Playtex Products, Inc		25,481
1,265		Potlatch Corp		64,490
1,512		Rock-Tenn Co (Class A)		20,639
734		Schweitzer-Mauduit International, Inc		18,189
11,326	*	Smurfit-Stone Container Corp		160,489
3,707		Sonoco Products Co		108,986
4,758		Temple-Inland, Inc		213,396
2,341		Wausau Paper Corp		27,741
		TOTAL PAPER AND ALLIED PRODUCTS		3,257,149
PERSONAL SERVICES - 0.16%
395		Angelica Corp		6,533
6,027		Cintas Corp		248,192
1,000	*	Coinstar, Inc		22,830
755		G & K Services, Inc (Class A)		29,634
14,420		H&R Block, Inc		354,011
1,900		Jackson Hewitt Tax Service, Inc		52,649
2,125		Regis Corp		81,961
13,107		Service Corp International		107,215
389		Unifirst Corp		12,098
1,683	*	Weight Watchers International, Inc		83,191
		TOTAL PERSONAL SERVICES		998,314
PETROLEUM AND COAL PRODUCTS - 4.87%
900	*	Alon USA Energy, Inc		17,685
3,408		Amerada Hess Corp		432,203
2,837		Ashland, Inc		164,262
97,824		Chevron Corp		5,553,468
60,078		ConocoPhillips		3,495,338
900		ElkCorp		30,294
10,435		EOG Resources, Inc		765,616
274,593		Exxon Mobil Corp		15,423,889
2,438		Frontier Oil Corp		91,498
600	*	Giant Industries, Inc		31,176
1,796	*	Headwaters, Inc		63,650
990		Holly Corp		58,281

167

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
15,841		Marathon Oil Corp	$	965,826
7,202		Murphy Oil Corp		388,836
6,032		Sunoco, Inc		472,788
2,962		Tesoro Corp		182,311
25,588		Valero Energy Corp		1,320,341
856		WD-40 Co		22,479
		TOTAL PETROLEUM AND COAL PRODUCTS		29,479,941
PRIMARY METAL INDUSTRIES - 0.79%
4,927	*	AK Steel Holding Corp		39,170
37,334		Alcoa, Inc		1,103,966
1,148	*	Aleris International, Inc		37,012
3,780		Allegheny Technologies, Inc		136,382
2,328		Belden CDT, Inc		56,873
943	*	Brush Engineered Materials, Inc		14,994
1,075		Carpenter Technology Corp		75,755
962	*	Century Aluminum Co		25,214
1,090	*	Chaparral Steel Co		32,973
2,658	*	CommScope, Inc		53,506
66,026	*	Corning, Inc		1,298,071
934	*	Encore Wire Corp		21,258
1,668	*	General Cable Corp		32,860
1,185		Gibraltar Industries, Inc		27,184
2,598		Hubbell, Inc (Class B)		117,222
1,297	*	Lone Star Technologies, Inc		67,003
1,400		Matthews International Corp (Class A)		50,974
1,879	*	Maverick Tube Corp		74,897
1,818		Mueller Industries, Inc		49,850
940	*	NS Group, Inc		39,301
6,988		Nucor Corp		466,239
1,552	*	Oregon Steel Mills, Inc		45,660
5,792		Precision Castparts Corp		300,084
1,120		Quanex Corp		55,966
475		Roanoke Electric Steel Corp		11,210
1,029	*	RTI International Metals, Inc		39,051
1,019		Schnitzer Steel Industries, Inc (Class A)		31,171
1,702		Steel Dynamics, Inc		60,438
466		Steel Technologies, Inc		13,043
710	*	Superior Essex, Inc		14,314
1,090		Texas Industries, Inc		54,326
410	*	Titanium Metals Corp		25,937
1,424		Tredegar Corp		18,355
4,976		United States Steel Corp		239,196
100	*	Wheeling-Pittsburgh Corp		902
3,273		Worthington Industries, Inc		62,874
		TOTAL PRIMARY METAL INDUSTRIES		4,793,231

168

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
PRINTING AND PUBLISHING - 0.74%
1,656	*	ACCO Brands Corp	$	40,572
2,804		American Greetings Corp (Class A)		61,604
984		Banta Corp		49,003
4,174		Belo (A.H.) Corp Series A		89,365
1,840		Bowne & Co, Inc		27,306
2,160	*	Cenveo, Inc		28,426
377	*	Consolidated Graphics, Inc		17,847
451		Courier Corp		15,487
387		CSS Industries, Inc		11,893
6,518		Dex Media, Inc		176,573
2,303		Dow Jones & Co, Inc		81,733
2,968	*	Dun & Bradstreet Corp		198,737
804		Ennis, Inc		14,609
3,551		EW Scripps Co		170,519
10,436		Gannett Co, Inc		632,109
2,556		Harte-Hanks, Inc		67,453
2,396		Hollinger International, Inc		21,468
1,357		John H Harland Co		51,023
2,078		John Wiley & Sons, Inc (Class A)		81,125
1,156		Journal Communications, Inc		16,126
1,492		Journal Register Co		22,305
3,166		Knight Ridder, Inc		200,408
2,080		Lee Enterprises, Inc		76,773
987	*	Martha Stewart Living Omnimedia, Inc (Class A)		17,203
839		McClatchy Co (Class A)		49,585
16,353		McGraw-Hill Cos, Inc		844,305
933		Media General, Inc (Class A)		47,303
1,736		Meredith Corp		90,862
6,308		New York Times Co (Class A)		166,847
1,115	*	Playboy Enterprises, Inc (Class B)		15,487
1,622	*	Presstek, Inc		14,663
6,811	*	Primedia, Inc		10,966
1,155	*	R.H. Donnelley Corp		71,171
9,309		R.R. Donnelley & Sons Co		318,461
4,592		Reader's Digest Association, Inc (Class A)		69,890
311		Schawk, Inc		6,453
1,535	*	Scholastic Corp		43,763
870		Standard Register Co		13,755
624		Thomas Nelson, Inc		15,382
10,383		Tribune Co		314,190
2,117	*	Valassis Communications, Inc		61,541
237		Washington Post Co (Class B)		181,305
		TOTAL PRINTING AND PUBLISHING		4,505,596
RAILROAD TRANSPORTATION - 0.58%
16,324		Burlington Northern Santa Fe Corp		1,156,066
9,183		CSX Corp		466,221

169

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,363		Florida East Coast Industries	$	57,750
858	*	Genesee & Wyoming, Inc (Class A)		32,218
3,508	*	Kansas City Southern Industries, Inc		85,700
17,559		Norfolk Southern Corp		787,170
11,347		Union Pacific Corp		913,547
		TOTAL RAILROAD TRANSPORTATION		3,498,672
REAL ESTATE - 0.11%
1,756	*	Alderwoods Group, Inc		27,868
337	*	California Coastal Communities, Inc		13,221
2,184	*	CB Richard Ellis Group, Inc		128,528
285		Consolidated-Tomoka Land Co		20,207
2,882		Forest City Enterprises, Inc (Class A)		109,314
1,557		Jones Lang LaSalle, Inc		78,395
284		Orleans Homebuilders, Inc		5,211
3,314		St. Joe Co		222,767
4,759		Stewart Enterprises, Inc (Class A)		25,746
1,512	*	Trammell Crow Co		38,783
		TOTAL REAL ESTATE		670,040
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.11%
831	*	Applied Films Corp		17,260
2,612		Cooper Tire & Rubber Co		40,016
437	*	Deckers Outdoor Corp		12,070
6,956	*	Goodyear Tire & Rubber Co		120,895
2,397	*	Jarden Corp		72,270
1,376		Schulman (A.), Inc		29,612
3,652	*	Sealed Air Corp		205,133
843	*	Skechers U.S.A., Inc (Class A)		12,915
1,260		Spartech Corp		27,657
558		Titan International, Inc		9,626
539	*	Trex Co, Inc		15,119
2,545		Tupperware Corp		57,008
1,544		West Pharmaceutical Services, Inc		38,646
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		658,227
SECURITY AND COMMODITY BROKERS - 2.53%
3,363		A.G. Edwards. Inc		157,590
9,642		Ameriprise Financial, Inc		395,322
10,673		Ameritrade Holding Corp		256,152
1,224	*	Archipelago Holdings, Inc		60,918
4,899		Bear Stearns Cos, Inc		565,981
400		BKF Capital Group, Inc		7,580
930		BlackRock, Inc		100,886

170

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,200		Calamos Asset Management, Inc (Class A)	$	37,740
100	*	Cbot Holdings, Inc		9,376
45,503		Charles Schwab Corp		667,544
1,493		Chicago Mercantile Exchange Holdings, Inc		548,663
282		Cohen & Steers, Inc		5,254
16,338	*	E*Trade Financial Corp		340,811
5,799		Eaton Vance Corp		158,661
3,498		Federated Investors, Inc (Class B)		129,566
7,034		Franklin Resources, Inc		661,266
330		GAMCO Investors, Inc		14,365
190	*	GFI Group, Inc		9,012
16,843		Goldman Sachs Group, Inc		2,151,020
513		Greenhill & Co, Inc		28,810
900	*	IntercontinentalExchange, Inc		32,715
411	*	International Securities Exchange, Inc		11,311
1,720	*	Investment Technology Group, Inc		60,957
9,902		Janus Capital Group, Inc		184,474
2,232		Jefferies Group, Inc		100,395
5,418	*	Knight Capital Group, Inc		53,584
2,952	*	LaBranche & Co, Inc		29,845
4,967		Legg Mason, Inc		594,500
11,965		Lehman Brothers Holdings, Inc		1,533,554
934	*	MarketAxess Holdings, Inc		10,676
40,714		Merrill Lynch & Co, Inc		2,757,559
47,489		Morgan Stanley		2,694,526
377	*	Morningstar, Inc		13,059
1,918	*	Nasdaq Stock Market, Inc		67,475
2,252		Nuveen Investments, Inc		95,980
761		optionsXpress Holdings, Inc		18,683
1,034	*	Piper Jaffray Cos		41,774
2,756		Raymond James Financial, Inc		103,819
506		Sanders Morris Harris Group, Inc		8,293
2,702		SEI Investments Co		99,974
278	*	Stifel Financial Corp		10,450
607		SWS Group, Inc		12,711
5,730		T Rowe Price Group, Inc		412,732
39		Value Line, Inc		1,373
3,306		Waddell & Reed Financial, Inc (Class A)		69,327
		TOTAL SECURITY AND COMMODITY BROKERS		15,326,263
SOCIAL SERVICES - 0.01%
1,178	*	Bright Horizons Family Solutions, Inc		43,645
400	*	Providence Service Corp		11,516
784	*	Res-Care, Inc		13,618
		TOTAL SOCIAL SERVICES		68,779

171

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
SPECIAL TRADE CONTRACTORS - 0.05%
2,196	*	AsiaInfo Holdings, Inc	$	8,740
1,098		Chemed Corp		54,549
2,192		Comfort Systems USA, Inc		20,166
2,327	*	Dycom Industries, Inc		51,194
548	*	EMCOR Group, Inc		37,006
1,290	*	Insituform Technologies, Inc (Class A)		24,987
613	*	Layne Christensen Co		15,589
5,000	*	Quanta Services, Inc		65,850
		TOTAL SPECIAL TRADE CONTRACTORS		278,081
STONE, CLAY, AND GLASS PRODUCTS - 0.11%
1,499		Apogee Enterprises, Inc		24,314
1,070	*	Cabot Microelectronics Corp		31,412
729		CARBO Ceramics, Inc		41,203
802		Eagle Materials, Inc		98,133
6,816		Gentex Corp		132,912
1,493		Lafarge North America, Inc		82,145
799		Libbey, Inc		8,166
6,605	*	Owens-Illinois, Inc		138,969
1,555	b,*	USG Corp		101,075
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		658,329
TEXTILE MILL PRODUCTS - 0.01%
475	*	Dixie Group, Inc		6,546
468		Oxford Industries, Inc		25,600
587		Xerium Technologies, Inc		4,937
		TOTAL TEXTILE MILL PRODUCTS		37,083
TOBACCO PRODUCTS - 1.24%
89,362		Altria Group, Inc		6,677,129
2,887		Loews Corp (Carolina Group)		126,999
3,727		Reynolds American, Inc		355,295
995		Universal Corp (Virginia)		43,143
7,212		UST, Inc		294,466
1,116		Vector Group Ltd		20,278
		TOTAL TOBACCO PRODUCTS		7,517,310
TRANSPORTATION BY AIR - 0.42%
2,506	*	ABX Air, Inc		19,622
4,057	*	Airtran Holdings, Inc		65,034
1,368	*	Alaska Air Group, Inc		48,865

172

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
7,265	*	AMR Corp	$	161,501
3,283	*	Continental Airlines, Inc (Class B)		69,928
1,380	*	EGL, Inc		51,847
1,322	*	ExpressJet Holdings, Inc		10,695
12,993		FedEx Corp		1,343,449
1,654	*	Frontier Airlines, Inc		15,283
5,524	*	JetBlue Airways Corp		84,959
1,773	*	Mesa Air Group, Inc		18,546
1,001	*	Offshore Logistics, Inc		29,229
1,107	*	Pinnacle Airlines Corp		7,384
173	*	Republic Airways Holdings, Inc		2,630
2,691		Skywest, Inc		72,280
34,209		Southwest Airlines Co		562,054
906	*	World Air Holdings, Inc		8,716
		TOTAL TRANSPORTATION BY AIR		2,572,022
TRANSPORTATION EQUIPMENT - 2.38%
620		A.O. Smith Corp		21,762
1,512	*	AAR Corp		36,212
100	*	Accuride Corp		1,290
691	*	Aftermarket Technology Corp		13,433
1,921		American Axle & Manufacturing Holdings, Inc		35,212
773		Arctic Cat, Inc		15,506
1,469	*	Armor Holdings, Inc		62,653
3,219		ArvinMeritor, Inc		46,321
3,985		Autoliv, Inc		180,999
35,665		Boeing Co		2,505,110
4,239		Brunswick Corp		172,358
2,368		Clarcor, Inc		70,353
646		Coachmen Industries, Inc		7,629
6,690		Dana Corp		48,034
2,352		Federal Signal Corp		35,304
2,037	*	Fleetwood Enterprises, Inc		25,157
76,849		Ford Motor Co		593,282
352		Freightcar America, Inc		16,924
2,362	*	GenCorp, Inc		41,926
8,508		General Dynamics Corp		970,337
20,143		General Motors Corp		391,177
7,609		Genuine Parts Co		334,187
5,349		Goodrich Corp		219,844
272		Greenbrier Cos, Inc		7,725
869	*	Group 1 Automotive, Inc		27,313
12,418		Harley-Davidson, Inc		639,403
1,816		Harsco Corp		122,598
2,047	*	Hayes Lemmerz International, Inc		7,205
865		Heico Corp		22,386
4,022		ITT Industries, Inc		413,542
2,225		JLG Industries, Inc		101,594

173

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,200	*	K&F Industries Holdings, Inc	$	18,432
1,060		Kaman Corp (Class A)		20,871
15,762		Lockheed Martin Corp		1,002,936
2,032		Martin Marietta Materials, Inc		155,895
1,276		Monaco Coach Corp		16,971
2,124	*	Navistar International Corp		60,789
395		Noble International Ltd		8,232
15,258		Northrop Grumman Corp		917,158
1,930	*	Orbital Sciences Corp		24,781
3,224		Oshkosh Truck Corp		143,758
7,622		Paccar, Inc		527,671
6,497	*	Pactiv Corp		142,934
1,854		Polaris Industries, Inc		93,071
19,719		Raytheon Co		791,718
187	*	Sequa Corp (Class A)		12,912
567		Standard Motor Products, Inc		5,233
1,095		Superior Industries International, Inc		24,375
1,746	*	Tenneco, Inc		34,239
5,158		Textron, Inc		397,063
1,517		Thor Industries, Inc		60,786
1,781		Trinity Industries, Inc		78,489
678	*	Triumph Group, Inc		24,822
1,722	*	TRW Automotive Holdings Corp		45,375
44,142		United Technologies Corp		2,467,979
5,193	*	Visteon Corp		32,514
1,333		Wabash National Corp		25,394
1,943		Westinghouse Air Brake Technologies Corp		52,267
1,315		Winnebago Industries, Inc		43,763
		TOTAL TRANSPORTATION EQUIPMENT		14,417,204
TRANSPORTATION SERVICES - 0.20%
700		Ambassadors Group, Inc		16,023
7,536		CH Robinson Worldwide, Inc		279,058
508	*	Dynamex, Inc		9,682
7,663	*	Expedia, Inc		183,605
4,655		Expeditors International Washington, Inc		314,259
1,923		GATX Corp		69,382
858	*	HUB Group, Inc		30,330
2,920		Lear Corp		83,103
10,603	v*	McLeod (Escrow)		0
1,541		Pacer International, Inc		40,158
1,157	*	Pegasus Solutions, Inc		10,378
1,827	*	RailAmerica, Inc		20,079
5,729		Sabre Holdings Corp		138,150
		TOTAL TRANSPORTATION SERVICES		1,194,207
TRUCKING AND WAREHOUSING - 0.46%
1,076		Arkansas Best Corp		47,000

174

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
2,397		CNF, Inc	$	133,968
389	*	Covenant Transport, Inc (Class A)		5,438
1,257		Forward Air Corp		46,069
654	*	Frozen Food Express Industries		7,214
2,135		Heartland Express, Inc		43,319
5,436		J.B. Hunt Transport Services, Inc		123,071
2,619		Landstar System, Inc		109,317
553	*	Marten Transport Ltd		10,076
1,218	*	Old Dominion Freight Line		32,862
201	*	P.A.M. Transportation Services, Inc		3,576
825	*	SCS Transportation, Inc		17,531
720	*	SIRVA, Inc		5,760
1,889	*	Swift Transportation Co, Inc		38,347
277	*	U.S. Xpress Enterprises, Inc (Class A)		4,814
26,472		United Parcel Service, Inc (Class B)		1,989,371
2,315		Werner Enterprises, Inc		45,606
2,520	*	Yellow Roadway Corp		112,417
		TOTAL TRUCKING AND WAREHOUSING		2,775,756
WATER TRANSPORTATION - 0.05%
1,802		Alexander & Baldwin, Inc		97,740
774	*	Gulfmark Offshore, Inc		22,926
1,100	*	Hornbeck Offshore Services, Inc		35,970
849	*	Kirby Corp		44,292
378		Maritrans, Inc		9,836
1,554	*	Odyssey Marine Exploration, Inc		5,501
1,283		Overseas Shipholding Group, Inc		64,650
		TOTAL WATER TRANSPORTATION		280,915
WHOLESALE TRADE-DURABLE GOODS - 0.44%
270	*	1-800 Contacts, Inc		3,162
3,796		Adesa, Inc		92,698
1,370		Agilysys, Inc		24,961
1,354		Applied Industrial Technologies, Inc		45,616
5,273	*	Arrow Electronics, Inc		168,894
1,467	*	Aviall, Inc		42,250
6,454	*	Avnet, Inc		154,509
664		Barnes Group, Inc		21,912
800	*	Beacon Roofing Supply, Inc		22,984
2,463		BorgWarner, Inc		149,332
545		Building Material Holding Corp		37,174
455	*	Castle (A.M.) & Co		9,937
5,075	*	Cytyc Corp		143,267
434	*	Digi International, Inc		4,553
658	*	Drew Industries, Inc		18,549

175

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
1,381	*	Genesis Microchip, Inc	$	24,982
2,896		Hughes Supply, Inc		103,822
592	*	Huttig Building Products, Inc		4,973
5,385		IKON Office Solutions, Inc		56,058
5,817	*	Ingram Micro, Inc (Class A)		115,933
2,229	*	Insight Enterprises, Inc		43,711
522	*	Interline Brands, Inc		11,876
745	*	Keystone Automotive Industries, Inc		23,453
2,817		Knight Transportation, Inc		58,396
197		Lawson Products, Inc		7,435
807	*	LKQ Corp		27,938
483	*	Merge Technologies, Inc		12,094
1,001	*	Navarre Corp		5,536
5,177		Omnicare, Inc		296,228
1,868		Owens & Minor, Inc		51,426
5,980	*	Patterson Cos, Inc		199,732
2,227		PEP Boys-Manny Moe & Jack		33,160
3,196	*	PSS World Medical, Inc		47,429
1,189		Reliance Steel & Aluminum Co		72,672
947		Ryerson Tull, Inc		23,031
2,418		SCP Pool Corp		89,998
136	*	Strattec Security Corp		5,497
2,577	*	Tech Data Corp		102,255
2,108	*	Tyler Technologies, Inc		18,508
3,193		W.W. Grainger, Inc		227,022
1,368	*	WESCO International, Inc		58,455
304	*	West Marine, Inc		4,250
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,665,668
WHOLESALE TRADE-NONDURABLE GOODS - 0.93%
2,928		Airgas, Inc		96,331
1,124	*	Allscripts Healthcare Solutions, Inc		15,062
1,486	*	BioScrip, Inc		11,204
2,448		Brown-Forman Corp (Class B)		169,695
18,376		Cardinal Health, Inc		1,263,418
664	*	Central European Distribution Corp		26,653
5,968	*	Dean Foods Co		224,755
2,277	*	Endo Pharmaceuticals Holdings, Inc		68,902
184	*	Green Mountain Coffee Roasters, Inc		7,470
1,215	*	Hain Celestial Group, Inc		25,709
1,184		Handleman Co		14,705
3,788	*	Henry Schein, Inc		165,308
419		Kenneth Cole Productions, Inc (Class A)		10,685
1,179		K-Swiss, Inc (Class A)		38,247
156	*	Maui Land & Pineapple Co, Inc		5,293
13,087		McKesson Corp		675,158
2,163	*	Men's Wearhouse, Inc		63,679
1,315		Myers Industries, Inc		19,173

176

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

SHARES				VALUE
555		Nash Finch Co	$	14,141
8,184		Nike, Inc (Class B)		710,289
2,569		Nu Skin Enterprises, Inc (Class A)		45,163
392	*	Nuco2, Inc		10,929
1,491	*	Performance Food Group Co		42,300
245	*	Perry Ellis International, Inc		4,655
272	*	Provide Commerce, Inc		9,006
2,107		Reebok International, Ltd		122,691
19,653		Safeway, Inc		464,990
998	*	School Specialty, Inc		36,367
677	*	Smart & Final, Inc		8,720
1,123	*	Source Interlink Cos, Inc		12,488
896	*	Spartan Stores, Inc		9,336
1,835		Stride Rite Corp		24,883
5,397		Supervalu, Inc		175,295
27,503		Sysco Corp		853,907
287		The Andersons, Inc		12,364
1,535	*	Tractor Supply Co		81,263
1,750	*	United Natural Foods, Inc		46,200
1,325	*	United Stationers, Inc		64,263
406		Valhi, Inc		7,511
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,658,208
		TOTAL COMMON STOCKS		604,967,564
		(Cost $444,760,183)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.44%
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.44%
$     2,670,000		Federal Home Loan Bank (FHLB), 3.400%, 01/03/06		2,669,006
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,669,006
		TOTAL SHORT-TERM INVESTMENTS		2,669,006
		(Cost $2,669,496)
		TOTAL PORTFOLIO- 100.39%		607,636,570
		(Cost $447,429,679)
		OTHER ASSETS & LIABILITIES, NET - (0.39%)		(2,370,387	)
		NET ASSETS - 100.00%	$	605,266,183

177

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

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

178

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 100.06%
AMUSEMENT AND RECREATION SERVICES - 0.12%
11,400		Harrah's Entertainment, Inc	$	812,706
		TOTAL AMUSEMENT AND RECREATION SERVICES		812,706
APPAREL AND ACCESSORY STORES - 0.38%
35,800		Gap, Inc		631,512
21,500	*	Kohl's Corp		1,044,900
21,474		Limited Brands, Inc		479,944
13,600		Nordstrom, Inc		508,640
		TOTAL APPAREL AND ACCESSORY STORES		2,664,996
APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%
7,200		Jones Apparel Group, Inc		221,184
6,700		Liz Claiborne, Inc		239,994
5,600		VF Corp		309,904
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		771,082
AUTO REPAIR, SERVICES AND PARKING - 0.02%
4,000		Ryder System, Inc		164,080
		TOTAL AUTO REPAIR, SERVICES AND PARKING		164,080
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.08%
11,300	*	Autonation, Inc		245,549
3,400	*	Autozone, Inc		311,950
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		557,499
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.27%
132,100		Home Depot, Inc		5,347,408
48,600		Lowe's Cos, Inc		3,239,676
6,900		Sherwin-Williams Co		313,398
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		8,900,482
BUSINESS SERVICES - 6.16%
37,400		Adobe Systems, Inc		1,382,304
7,700	*	Affiliated Computer Services, Inc (Class A)		455,686
14,300		Autodesk, Inc		614,185
35,900		Automatic Data Processing, Inc		1,647,451
13,500	*	BMC Software, Inc		276,615
63,800		Cendant Corp		1,100,550

179

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

SHARES				VALUE
10,976	*	Citrix Systems, Inc	$	315,889
28,600		Computer Associates International, Inc		806,234
11,500	*	Computer Sciences Corp		582,360
24,119	*	Compuware Corp		216,347
8,500	*	Convergys Corp		134,725
71,056	*	eBay, Inc		3,073,172
18,700	*	Electronic Arts, Inc		978,197
32,500		Electronic Data Systems Corp		781,300
8,100		Equifax, Inc		307,962
47,508		First Data Corp		2,043,319
11,391	*	Fiserv, Inc		492,889
14,457		IMS Health, Inc		360,268
26,600	*	Interpublic Group of Cos, Inc		256,690
11,000	*	Intuit, Inc		586,300
5,300	*	Mercury Interactive Corp		147,287
569,391	d	Microsoft Corp		14,889,575
7,771	*	Monster Worldwide, Inc		317,212
11,400	*	NCR Corp		386,916
23,700	*	Novell, Inc		209,271
11,200		Omnicom Group, Inc		953,456
234,010	*	Oracle Corp		2,857,262
16,800	*	Parametric Technology Corp		102,480
10,500		Robert Half International, Inc		397,845
32,753		Siebel Systems, Inc		346,527
212,800	*	Sun Microsystems, Inc		891,632
67,154	*	Symantec Corp		1,175,195
20,600	*	Unisys Corp		120,098
34,300		Waste Management, Inc		1,041,005
78,500	*	Yahoo!, Inc		3,075,630
		TOTAL BUSINESS SERVICES		43,323,834
CHEMICALS AND ALLIED PRODUCTS - 9.99%
96,500		Abbott Laboratories		3,804,995
13,800		Air Products & Chemicals, Inc		816,822
4,800		Alberto-Culver Co		219,600
76,700	*	Amgen, Inc		6,048,562
6,900		Avery Dennison Corp		381,363
28,500		Avon Products, Inc		813,675
21,165	*	Biogen Idec, Inc		959,409
121,700		Bristol-Myers Squibb Co		2,796,666
6,838	*	Chiron Corp		304,017
9,300		Clorox Co		529,077
32,100		Colgate-Palmolive Co		1,760,685
60,000		Dow Chemical Co		2,629,200
57,131		Du Pont (E.I.) de Nemours & Co		2,428,068
5,100		Eastman Chemical Co		263,109
11,500		Ecolab, Inc		417,105
70,700		Eli Lilly & Co		4,000,913
7,500		Engelhard Corp		226,125
21,000	*	Forest Laboratories, Inc		854,280

180

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

SHARES				VALUE
16,040	*	Genzyme Corp	$	1,135,311
28,500	*	Gilead Sciences, Inc		1,499,955
10,100	*	Hospira, Inc		432,078
5,000		International Flavors & Fragrances, Inc		167,500
15,000	*	King Pharmaceuticals, Inc		253,800
15,360	*	Medimmune, Inc		537,907
136,000		Merck & Co, Inc		4,326,160
16,700		Monsanto Co		1,294,751
13,700		Mylan Laboratories, Inc		273,452
458,520	d	Pfizer, Inc		10,692,686
10,400		PPG Industries, Inc		602,160
20,000		Praxair, Inc		1,059,200
208,442		Procter & Gamble Co		12,064,623
8,800		Rohm & Haas Co		426,096
92,000		Schering-Plough Corp		1,918,200
4,200		Sigma-Aldrich Corp		265,818
6,300	*	Watson Pharmaceuticals, Inc		204,813
83,500		Wyeth		3,846,845
		TOTAL CHEMICALS AND ALLIED PRODUCTS		70,255,026
COMMUNICATIONS - 3.74%
23,800		Alltel Corp		1,501,780
242,953		AT&T, Inc		5,949,919
26,200	*	Avaya, Inc		279,554
113,800		BellSouth Corp		3,083,980
8,200		CenturyTel, Inc		271,912
20,800		Citizens Communications Co		254,384
33,600		Clear Channel Communications, Inc		1,056,720
135,066	*	Comcast Corp (Class A)		3,506,313
95,500	*	Qwest Communications International, Inc		539,575
183,566		Sprint Nextel Corp		4,288,102
13,900	*	Univision Communications, Inc (Class A)		408,521
172,000		Verizon Communications, Inc		5,180,640
		TOTAL COMMUNICATIONS		26,321,400
DEPOSITORY INSTITUTIONS - 10.28%
21,700		AmSouth Bancorp		568,757
249,504		Bank of America Corp		11,514,610
47,900		Bank of New York Co, Inc		1,525,615
33,700		BB&T Corp		1,412,367
314,600		Citigroup, Inc		15,267,538
10,300		Comerica, Inc		584,628
7,700		Compass Bancshares, Inc		371,833
34,502		Fifth Third Bancorp		1,301,415
7,800		First Horizon National Corp		299,832
15,800		Golden West Financial Corp		1,042,800
13,990		Huntington Bancshares, Inc		332,263
217,436		JPMorgan Chase & Co		8,630,035

181

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

SHARES				VALUE
25,400		Keycorp	$	836,422
5,000		M&T Bank Corp		545,250
12,900		Marshall & Ilsley Corp		555,216
26,000		Mellon Financial Corp		890,500
34,247		National City Corp		1,149,672
29,650		North Fork Bancorporation, Inc		811,224
11,540		Northern Trust Corp		598,003
18,200		PNC Financial Services Group, Inc		1,125,306
28,521		Regions Financial Corp		974,277
22,300		Sovereign Bancorp, Inc		482,126
20,400		State Street Corp		1,130,976
22,500		SunTrust Banks, Inc		1,637,100
19,500		Synovus Financial Corp		526,695
113,000		US Bancorp		3,377,570
96,564		Wachovia Corp		5,104,373
61,368		Washington Mutual, Inc		2,669,508
104,000		Wells Fargo & Co		6,534,320
6,500		Zions Bancorporation		491,140
		TOTAL DEPOSITORY INSTITUTIONS		72,291,371
EATING AND DRINKING PLACES - 0.59%
8,100		Darden Restaurants, Inc		314,928
78,300		McDonald's Corp		2,640,276
7,200		Wendy's International, Inc		397,872
17,500		Yum! Brands, Inc		820,400
		TOTAL EATING AND DRINKING PLACES		4,173,476
EDUCATIONAL SERVICES - 0.08%
9,000	*	Apollo Group, Inc (Class A)		544,140
		TOTAL EDUCATIONAL SERVICES		544,140
ELECTRIC, GAS, AND SANITARY SERVICES - 3.64%
40,800	*	AES Corp		645,864
10,100	*	Allegheny Energy, Inc		319,665
13,400	*	Allied Waste Industries, Inc		117,116
12,700		Ameren Corp		650,748
24,500		American Electric Power Co, Inc		908,705
19,200		Centerpoint Energy, Inc		246,720
12,400		Cinergy Corp		526,504
13,800	*	CMS Energy Corp		200,238
15,300		Consolidated Edison, Inc		708,849
11,100		Constellation Energy Group, Inc		639,360
21,600		Dominion Resources, Inc		1,667,520
11,000		DTE Energy Co		475,090
57,700		Duke Energy Corp		1,583,865
18,900	*	Dynegy, Inc (Class A)		91,476

182

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

SHARES				VALUE
20,300		Edison International	$	885,283
40,800		El Paso Corp		496,128
12,900		Entergy Corp		885,585
41,500		Exelon Corp		2,205,310
20,500		FirstEnergy Corp		1,004,295
24,600		FPL Group, Inc		1,022,376
10,800		KeySpan Corp		385,452
6,500		Kinder Morgan, Inc		597,675
2,700		Nicor, Inc		106,137
16,900		NiSource, Inc		352,534
2,400		Peoples Energy Corp		84,168
21,200		PG&E Corp		786,944
6,200		Pinnacle West Capital Corp		256,370
23,700		PPL Corp		696,780
15,600		Progress Energy, Inc		685,152
15,600		Public Service Enterprise Group, Inc		1,013,532
15,900		Sempra Energy		712,956
46,100		Southern Co		1,591,833
13,000		TECO Energy, Inc		223,340
30,000		TXU Corp		1,505,700
35,700		Williams Cos, Inc		827,169
24,900		Xcel Energy, Inc		459,654
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		25,566,093
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.54%
7,357	*	ADC Telecommunications, Inc		164,355
25,100	*	Advanced Micro Devices, Inc		768,060
22,600	*	Altera Corp		418,778
10,651		American Power Conversion Corp		234,322
22,800		Analog Devices, Inc		817,836
9,948	*	Andrew Corp		106,742
18,400	*	Applied Micro Circuits Corp		47,288
18,000	*	Broadcom Corp (Class A)		848,700
36,700	*	Ciena Corp		108,999
382,074	*	Cisco Systems, Inc		6,541,107
12,500	*	Comverse Technology, Inc		332,375
5,700		Cooper Industries Ltd (Class A)		416,100
25,500		Emerson Electric Co		1,904,850
25,585	*	Freescale Semiconductor, Inc (Class B)		643,974
657,100	d	General Electric Co		23,031,355
52,400		Honeywell International, Inc		1,951,900
374,800		Intel Corp		9,355,008
102,980	*	JDS Uniphase Corp		243,033
7,400		L-3 Communications Holdings, Inc		550,190
18,998		Linear Technology Corp		685,258
24,400	*	LSI Logic Corp		195,200
276,700	*	Lucent Technologies, Inc		736,022
20,400		Maxim Integrated Products, Inc		739,296
5,100		Maytag Corp		95,982
38,200	*	Micron Technology, Inc		508,442

183

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

SHARES				VALUE
8,823		Molex, Inc	$	228,957
154,800		Motorola, Inc		3,496,932
21,400		National Semiconductor Corp		555,972
23,225	*	Network Appliance, Inc		627,075
8,400	*	Novellus Systems, Inc		202,608
10,600	*	Nvidia Corp		387,536
11,500	*	PMC - Sierra, Inc		88,665
5,179	*	QLogic Corp		168,369
102,300		Qualcomm, Inc		4,407,084
10,900		Rockwell Collins, Inc		506,523
33,000	*	Sanmina-SCI Corp		140,580
9,500		Scientific-Atlanta, Inc		409,165
27,800	*	Tellabs, Inc		303,020
100,600		Texas Instruments, Inc		3,226,242
4,200		Whirlpool Corp		351,792
21,715		Xilinx, Inc		547,435
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		67,093,127
ENGINEERING AND MANAGEMENT SERVICES - 0.38%
5,400		Fluor Corp		417,204
15,400		Moody's Corp		945,868
20,600		Paychex, Inc		785,272
10,300		Quest Diagnostics, Inc		530,244
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,678,588
FABRICATED METAL PRODUCTS - 0.21%
6,700		Ball Corp		266,124
12,600		Illinois Tool Works, Inc		1,108,674
3,600		Snap-On, Inc		135,216
		TOTAL FABRICATED METAL PRODUCTS		1,510,014
FOOD AND KINDRED PRODUCTS - 3.11%
48,300		Anheuser-Busch Cos, Inc		2,074,968
40,700		Archer Daniels Midland Co		1,003,662
11,500		Campbell Soup Co		342,355
128,700		Coca-Cola Co		5,187,897
18,700		Coca-Cola Enterprises, Inc		358,479
32,100		ConAgra Foods, Inc		650,988
12,200	*	Constellation Brands, Inc (Class A)		320,006
22,100		General Mills, Inc		1,089,972
20,900		H.J. Heinz Co		704,748
7,000	*	Hercules, Inc		79,100
11,300		Hershey Co		624,325
15,900		Kellogg Co		687,198
8,300		McCormick & Co, Inc (Non-Vote)		256,636
3,500		Molson Coors Brewing Co (Class B)		234,465

184

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

SHARES				VALUE
8,400		Pepsi Bottling Group, Inc	$	240,324
103,200		PepsiCo, Inc		6,097,056
47,200		Sara Lee Corp		892,080
15,600		Tyson Foods, Inc (Class A)		266,760
11,200		Wrigley (Wm.) Jr Co		744,688
		TOTAL FOOD AND KINDRED PRODUCTS		21,855,707
FOOD STORES - 0.48%
22,800		Albertson's, Inc		486,780
45,100	*	Kroger Co		851,488
47,776	*	Starbucks Corp		1,433,758
8,000		Whole Foods Market, Inc		619,120
		TOTAL FOOD STORES		3,391,146
FORESTRY - 0.14%
15,100		Weyerhaeuser Co		1,001,734
		TOTAL FORESTRY		1,001,734
FURNITURE AND FIXTURES - 0.33%
12,000		Johnson Controls, Inc		874,920
11,400		Leggett & Platt, Inc		261,744
26,400		Masco Corp		797,016
17,000		Newell Rubbermaid, Inc		404,260
		TOTAL FURNITURE AND FIXTURES		2,337,940
FURNITURE AND HOMEFURNISHINGS STORES - 0.31%
18,400	*	Bed Bath & Beyond, Inc		665,160
25,400		Best Buy Co, Inc		1,104,392
10,000		Circuit City Stores, Inc		225,900
8,200		RadioShack Corp		172,446
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,167,898
GENERAL BUILDING CONTRACTORS - 0.37%
7,900		Centex Corp		564,771
17,000		DR Horton, Inc		607,410
4,900		KB Home		356,034
8,500		Lennar Corp (Class A)		518,670
13,400		Pulte Homes, Inc		527,424
		TOTAL GENERAL BUILDING CONTRACTORS		2,574,309

185

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

SHARES				VALUE
GENERAL MERCHANDISE STORES - 2.15%
7,000	*	Big Lots, Inc	$	84,070
29,380		Costco Wholesale Corp		1,453,429
3,900		Dillard's, Inc (Class A)		96,798
19,800		Dollar General Corp		377,586
9,700		Family Dollar Stores, Inc		240,463
17,021		Federated Department Stores, Inc		1,129,003
14,500		JC Penney Co, Inc		806,200
54,700		Target Corp		3,006,859
28,500		TJX Cos, Inc		662,055
155,400		Wal-Mart Stores, Inc		7,272,720
		TOTAL GENERAL MERCHANDISE STORES		15,129,183
HEALTH SERVICES - 0.98%
13,000		AmerisourceBergen Corp		538,200
28,000	*	Caremark Rx, Inc		1,450,120
10,150	*	Coventry Health Care, Inc		578,144
9,100	*	Express Scripts, Inc		762,580
26,300		HCA, Inc		1,328,150
15,300		Health Management Associates, Inc (Class A)		335,988
8,300	*	Laboratory Corp of America Holdings		446,955
5,000		Manor Care, Inc		198,850
19,108	*	Medco Health Solutions, Inc		1,066,226
29,200	*	Tenet Healthcare Corp		223,672
		TOTAL HEALTH SERVICES		6,928,885
HOLDING AND OTHER INVESTMENT OFFICES - 1.20%
5,900		Apartment Investment & Management Co (Class A)		223,433
13,100		Archstone-Smith Trust		548,759
25,300		Equity Office Properties Trust		767,349
17,800		Equity Residential		696,336
11,400		Plum Creek Timber Co, Inc		410,970
15,100		Prologis		705,472
5,200		Public Storage, Inc		352,144
11,600		Simon Property Group, Inc		888,908
25,783		SPDR Trust Series 1		3,210,241
7,300		Vornado Realty Trust		609,331
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		8,412,943
HOTELS AND OTHER LODGING PLACES - 0.29%
20,300		Hilton Hotels Corp		489,433
10,300		Marriott International, Inc (Class A)		689,791
13,600		Starwood Hotels & Resorts Worldwide, Inc		868,496
		TOTAL HOTELS AND OTHER LODGING PLACES		2,047,720

186

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

SHARES				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.51%
47,200		3M Co	$	3,658,000
11,300		American Standard Cos, Inc		451,435
52,350	*	Apple Computer, Inc		3,763,442
101,000		Applied Materials, Inc		1,811,940
4,900		Black & Decker Corp		426,104
42,300		Caterpillar, Inc		2,443,671
2,900		Cummins, Inc		260,217
15,000		Deere & Co		1,021,650
146,430	*	Dell, Inc		4,391,436
12,500		Dover Corp		506,125
9,200		Eaton Corp		617,228
148,800	*	EMC Corp		2,026,656
16,400	*	Gateway, Inc		41,164
178,000		Hewlett-Packard Co		5,096,140
20,600		Ingersoll-Rand Co Ltd		831,622
98,200	d	International Business Machines Corp		8,072,040
21,000		International Game Technology		646,380
10,700	*	Jabil Circuit, Inc		396,863
7,200	*	Lexmark International, Inc		322,776
7,800		Pall Corp		209,508
7,400		Parker Hannifin Corp		488,104
11,100		Rockwell Automation, Inc		656,676
56,900	*	Solectron Corp		208,254
4,600		Stanley Works		220,984
15,800		Symbol Technologies, Inc		202,556
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		38,770,971
INSTRUMENTS AND RELATED PRODUCTS - 4.47%
25,600	*	Agilent Technologies, Inc		852,224
8,200		Allergan, Inc		885,272
11,800		Applera Corp (Applied Biosystems Group)		313,408
6,500		Bard (C.R.), Inc		428,480
3,300		Bausch & Lomb, Inc		224,070
38,800		Baxter International, Inc		1,460,820
15,600		Becton Dickinson & Co		937,248
15,430		Biomet, Inc		564,275
36,700	*	Boston Scientific Corp		898,783
14,700		Danaher Corp		819,966
17,900		Eastman Kodak Co		418,860
7,600	*	Fisher Scientific International, Inc		470,136
20,600		Guidant Corp		1,333,850
185,000		Johnson & Johnson		11,118,500
12,300		Kla-Tencor Corp		606,759
75,300		Medtronic, Inc		4,335,021
3,200	*	Millipore Corp		211,328
8,200		PerkinElmer, Inc		193,192
14,200		Pitney Bowes, Inc		599,950
22,800	*	St. Jude Medical, Inc		1,144,560
18,200		Stryker Corp		808,626

187

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

SHARES				VALUE
5,100		Tektronix, Inc	$	143,871
12,000	*	Teradyne, Inc		174,840
10,000	*	Thermo Electron Corp		301,300
7,000	*	Waters Corp		264,600
59,300	*	Xerox Corp		868,745
15,400	*	Zimmer Holdings, Inc		1,038,576
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		31,417,260
INSURANCE AGENTS, BROKERS AND SERVICE - 0.48%
19,900		AON Corp		715,405
18,700		Hartford Financial Services Group, Inc		1,606,143
33,900		Marsh & McLennan Cos, Inc		1,076,664
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,398,212
INSURANCE CARRIERS - 6.22%
20,000		ACE Ltd		1,068,800
17,800		Aetna, Inc		1,678,718
31,100		Aflac, Inc		1,443,662
40,300		Allstate Corp		2,179,021
6,500		Ambac Financial Group, Inc		500,890
161,400		American International Group, Inc		11,012,322
12,400		Chubb Corp		1,210,860
7,800		Cigna Corp		871,260
10,815		Cincinnati Financial Corp		483,214
23,400		Genworth Financial, Inc		809,172
10,100	*	Humana, Inc		548,733
8,300		Jefferson-Pilot Corp		472,519
10,800		Lincoln National Corp		572,724
8,500		Loews Corp		806,225
8,300		MBIA, Inc		499,328
47,100		Metlife, Inc		2,307,900
5,600		MGIC Investment Corp		368,592
17,300		Principal Financial Group		820,539
12,250		Progressive Corp		1,430,555
31,400		Prudential Financial, Inc		2,298,166
7,692		Safeco Corp		434,598
43,047		St. Paul Travelers Cos, Inc		1,922,909
6,500		Torchmark Corp		361,400
84,800		UnitedHealth Group, Inc		5,269,472
18,400		UnumProvident Corp		418,600
40,800	*	WellPoint, Inc		3,255,432
10,800		XL Capital Ltd (Class A)		727,704
		TOTAL INSURANCE CARRIERS		43,773,315
LEATHER AND LEATHER PRODUCTS - 0.11%
23,500	*	Coach, Inc		783,490
		TOTAL LEATHER AND LEATHER PRODUCTS		783,490

188

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

SHARES				VALUE
LUMBER AND WOOD PRODUCTS - 0.03%
7,000	v	Louisiana-Pacific Corp	$	192,290
		TOTAL LUMBER AND WOOD PRODUCTS		192,290
METAL MINING - 0.43%
11,400		Freeport-McMoRan Copper & Gold, Inc (Class A)		613,320
27,800		Newmont Mining Corp		1,484,520
6,300		Phelps Dodge Corp		906,381
		TOTAL METAL MINING		3,004,221
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.70%
9,100		Fortune Brands, Inc		709,982
11,200		Hasbro, Inc		226,016
25,000		Mattel, Inc		395,500
125,200		Tyco International Ltd		3,613,272
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		4,944,770
MISCELLANEOUS RETAIL - 1.11%
19,000	*	Amazon.com, Inc		895,850
50,700		CVS Corp		1,339,494
19,200	*	Office Depot, Inc		602,880
4,300		OfficeMax, Inc		109,048
6,188	*	Sears Holdings Corp		714,900
45,526		Staples, Inc		1,033,895
8,900		Tiffany & Co		340,781
62,900		Walgreen Co		2,783,954
		TOTAL MISCELLANEOUS RETAIL		7,820,802
MOTION PICTURES - 1.91%
96,100	*	CBS Corp		3,132,860
151,400		News Corp (Class A)		2,354,270
290,000		Time Warner, Inc		5,057,600
119,700		Walt Disney Co		2,869,209
		TOTAL MOTION PICTURES		13,413,939
NONDEPOSITORY INSTITUTIONS - 2.39%
77,200		American Express Co		3,972,712
18,600		Capital One Financial Corp		1,607,040
12,400		CIT Group, Inc		642,072
37,200		Countrywide Financial Corp		1,271,868
60,200		Fannie Mae		2,938,362
43,000		Freddie Mac		2,810,050

189

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

SHARES				VALUE
78,100		MBNA Corp	$	2,120,415
26,000		SLM Corp		1,432,340
		TOTAL NONDEPOSITORY INSTITUTIONS		16,794,859
NONMETALLIC MINERALS, EXCEPT FUELS - 0.06%
6,300		Vulcan Materials Co		426,825
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		426,825
OIL AND GAS EXTRACTION - 3.16%
14,700		Anadarko Petroleum Corp		1,392,825
20,510		Apache Corp		1,405,345
21,200		Baker Hughes, Inc		1,288,536
20,100		BJ Services Co		737,067
23,500		Burlington Resources, Inc		2,025,700
27,600		Devon Energy Corp		1,726,104
31,900		Halliburton Co		1,976,524
7,227		Kerr-McGee Corp		656,645
9,800	*	Nabors Industries Ltd		742,350
10,900	*	National Oilwell Varco, Inc		683,430
8,500		Noble Corp		599,590
25,000		Occidental Petroleum Corp		1,997,000
6,800		Rowan Cos, Inc		242,352
36,600		Schlumberger Ltd		3,555,690
20,500	*	Transocean, Inc		1,428,645
21,600	*	Weatherford International Ltd		781,920
22,566		XTO Energy, Inc		991,550
		TOTAL OIL AND GAS EXTRACTION		22,231,273
PAPER AND ALLIED PRODUCTS - 0.51%
6,500		Bemis Co		181,155
30,500		International Paper Co		1,025,105
29,100		Kimberly-Clark Corp		1,735,815
11,200		MeadWestvaco Corp		313,936
6,900		Temple-Inland, Inc		309,465
		TOTAL PAPER AND ALLIED PRODUCTS		3,565,476
PERSONAL SERVICES - 0.12%
8,500		Cintas Corp		350,030
20,200		H&R Block, Inc		495,910
		TOTAL PERSONAL SERVICES		845,940
PETROLEUM AND COAL PRODUCTS - 5.87%
5,000		Amerada Hess Corp		634,100

190

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

SHARES				VALUE
4,500		Ashland, Inc	$	260,550
139,615		Chevron Corp		7,925,944
86,300		ConocoPhillips		5,020,934
15,000		EOG Resources, Inc		1,100,550
387,000		Exxon Mobil Corp		21,737,790
22,803		Marathon Oil Corp		1,390,299
10,300		Murphy Oil Corp		556,097
8,500		Sunoco, Inc		666,230
38,300		Valero Energy Corp		1,976,280
		TOTAL PETROLEUM AND COAL PRODUCTS		41,268,774
PRIMARY METAL INDUSTRIES - 0.66%
54,100		Alcoa, Inc		1,599,737
5,300		Allegheny Technologies, Inc		191,224
94,700	*	Corning, Inc		1,861,802
9,600		Nucor Corp		640,512
7,100		United States Steel Corp		341,297
		TOTAL PRIMARY METAL INDUSTRIES		4,634,572
PRINTING AND PUBLISHING - 0.58%
3,600		Dow Jones & Co, Inc		127,764
5,300		EW Scripps Co		254,506
14,900		Gannett Co, Inc		902,493
4,300		Knight Ridder, Inc		272,190
23,300		McGraw-Hill Cos, Inc		1,202,979
2,600		Meredith Corp		136,084
9,100		New York Times Co (Class A)		240,695
13,400		R.R. Donnelley & Sons Co		458,414
16,300		Tribune Co		493,238
		TOTAL PRINTING AND PUBLISHING		4,088,363
RAILROAD TRANSPORTATION - 0.68%
23,200		Burlington Northern Santa Fe Corp		1,643,024
13,500		CSX Corp		685,395
25,300		Norfolk Southern Corp		1,134,199
16,500		Union Pacific Corp		1,328,415
		TOTAL RAILROAD TRANSPORTATION		4,791,033
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.08%
3,800		Cooper Tire & Rubber Co		58,216
11,000	*	Goodyear Tire & Rubber Co		191,180
5,100	*	Sealed Air Corp		286,467
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		535,863

191

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

SHARES				VALUE
SECURITY AND COMMODITY BROKERS - 2.59%
15,300		Ameriprise Financial, Inc	$	627,300
7,100		Bear Stearns Cos, Inc		820,263
64,300		Charles Schwab Corp		943,281
25,300	*	E*Trade Financial Corp		527,758
5,400		Federated Investors, Inc (Class B)		200,016
9,200		Franklin Resources, Inc		864,892
28,000		Goldman Sachs Group, Inc		3,575,880
13,500		Janus Capital Group, Inc		251,505
16,700		Lehman Brothers Holdings, Inc		2,140,439
57,100		Merrill Lynch & Co, Inc		3,867,383
67,000		Morgan Stanley		3,801,580
8,113		T Rowe Price Group, Inc		584,379
		TOTAL SECURITY AND COMMODITY BROKERS		18,204,676
TOBACCO PRODUCTS - 1.50%
129,500		Altria Group, Inc		9,676,240
5,300		Reynolds American, Inc		505,249
10,100		UST, Inc		412,383
		TOTAL TOBACCO PRODUCTS		10,593,872
TRANSPORTATION BY AIR - 0.38%
18,800		FedEx Corp		1,943,732
43,500		Southwest Airlines Co		714,705
		TOTAL TRANSPORTATION BY AIR		2,658,437
TRANSPORTATION EQUIPMENT - 2.58%
50,200		Boeing Co		3,526,048
5,900		Brunswick Corp		239,894
9,600		Dana Corp		68,928
115,800		Ford Motor Co		893,976
12,600		General Dynamics Corp		1,437,030
35,200		General Motors Corp		683,584
10,700		Genuine Parts Co		469,944
7,800		Goodrich Corp		320,580
17,100		Harley-Davidson, Inc		880,479
5,700		ITT Industries, Inc		586,074
22,300		Lockheed Martin Corp		1,418,949
3,800	*	Navistar International Corp		108,756
22,100		Northrop Grumman Corp		1,328,431
10,594		Paccar, Inc		733,423
9,100	*	Pactiv Corp		200,200
27,600		Raytheon Co		1,108,140
8,200		Textron, Inc		631,236
63,300		United Technologies Corp		3,539,103
		TOTAL TRANSPORTATION EQUIPMENT		18,174,775

192

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

SHARES				VALUE
TRANSPORTATION SERVICES - 0.03%
8,000		Sabre Holdings Corp	$	192,880
		TOTAL TRANSPORTATION SERVICES		192,880
TRUCKING AND WAREHOUSING - 0.73%
68,600		United Parcel Service, Inc (Class B)		5,155,290
		TOTAL TRUCKING AND WAREHOUSING		5,155,290
WATER TRANSPORTATION - 0.20%
26,900		Carnival Corp		1,438,343
		TOTAL WATER TRANSPORTATION		1,438,343
WHOLESALE TRADE-DURABLE GOODS - 0.09%
8,600	*	Patterson Cos, Inc		287,240
4,700		W.W. Grainger, Inc		334,170
		TOTAL WHOLESALE TRADE-DURABLE GOODS		621,410
WHOLESALE TRADE-NONDURABLE GOODS - 0.93%
5,200		Brown-Forman Corp (Class B)		360,464
26,700		Cardinal Health, Inc		1,835,625
19,100		McKesson Corp		985,369
11,800		Nike, Inc (Class B)		1,024,122
3,300		Reebok International, Ltd		192,159
28,000		Safeway, Inc		662,480
8,400		Supervalu, Inc		272,832
38,600		Sysco Corp		1,198,532
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		6,531,583
		TOTAL COMMON STOCKS		703,748,893
		(Cost $640,264,467)
		TOTAL PORTFOLIO 100.06%		703,748,893
		(Cost $640,264,467)
		OTHER ASSETS & LIABILITIES, NET - (0.06%)		(441,517	)
		NET ASSETS - 100.00%	$	703,307,376
	*	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.
	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.

193

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.94%
AMUSEMENT AND RECREATION SERVICES - 0.65%
2,085		Harrah's Entertainment, Inc	$	148,640
68		International Speedway Corp (Class A)		3,257
1,300	*	Marvel Entertainment, Inc		21,294
1,219	*	Penn National Gaming, Inc		40,166
227		Westwood One, Inc		3,700
		TOTAL AMUSEMENT AND RECREATION SERVICES		217,057
APPAREL AND ACCESSORY STORES - 2.50%
1,628		Abercrombie & Fitch Co (Class A)		106,113
2,158		American Eagle Outfitters, Inc		49,591
677	*	AnnTaylor Stores Corp		23,370
312		Bebe Stores, Inc		4,377
3,375	*	Chico's FAS, Inc		148,264
1,450		Claire's Stores, Inc		42,369
1,480		Foot Locker, Inc		34,913
6,413		Limited Brands, Inc		143,331
4,032		Nordstrom, Inc		150,797
2,749		Ross Stores, Inc		79,446
1,972	*	Urban Outfitters, Inc		49,911
		TOTAL APPAREL AND ACCESSORY STORES		832,482
APPAREL AND OTHER TEXTILE PRODUCTS - 0.14%
67	*	Columbia Sportswear Co		3,198
220		Polo Ralph Lauren Corp		12,351
2,151	*	Quiksilver, Inc		29,770
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		45,319
AUTO REPAIR, SERVICES AND PARKING - 0.05%
393		Ryder System, Inc		16,121
		TOTAL AUTO REPAIR, SERVICES AND PARKING		16,121
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.96%
1,973	*	Advance Auto Parts		85,747
1,033	*	Autozone, Inc		94,778
1,925	*	Carmax, Inc		53,284
1,183	*	Copart, Inc		27,280
1,853	*	O'Reilly Automotive, Inc		59,315
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		320,404

194

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

SHARES				VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.57%
2,366		Fastenal Co	$	92,724
2,118		Sherwin-Williams Co		96,200
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		188,924
BUSINESS SERVICES - 9.80%
4,390	*	Activision, Inc		60,319
1,475	*	Affiliated Computer Services, Inc (Class A)		87,291
2,472	*	Akamai Technologies, Inc		49,267
1,577	*	Alliance Data Systems Corp		56,141
4,269		Autodesk, Inc		183,354
407	*	BEA Systems, Inc		3,826
851	*	BISYS Group, Inc		11,923
1,885	*	BMC Software, Inc		38,624
793		Brink's Co		37,993
593	*	CACI International, Inc (Class A)		34,026
2,306	*	Cadence Design Systems, Inc		39,018
1,291	*	Ceridian Corp		32,081
493	*	Cerner Corp		44,819
1,046		Certegy, Inc		42,426
1,324	*	Checkfree Corp		60,772
1,691	*	ChoicePoint, Inc		75,266
3,099	*	Citrix Systems, Inc		89,189
380	*	Clear Channel Outdoor Holdings, Inc		7,619
2,538	*	Cognizant Technology Solutions Corp		127,788
3,147	*	Compuware Corp		28,229
1,221	*	DST Systems, Inc		73,150
2,156		Electronic Data Systems Corp		51,830
5,181	*	Emdeon Corp		43,831
1,742		Equifax, Inc		66,231
713	*	F5 Networks, Inc		40,776
942		Fair Isaac Corp		41,608
3,562	*	Fiserv, Inc		154,128
921	*	Getty Images, Inc		82,218
2,300		GTECH Holdings Corp		73,002
1,143	*	Hyperion Solutions Corp		40,942
4,146		IMS Health, Inc		103,318
280		Interactive Data Corp		6,359
6,780	*	Interpublic Group of Cos, Inc		65,427
2,925	*	Intuit, Inc		155,903
2,010	*	Iron Mountain, Inc		84,862
892	*	Kinetic Concepts, Inc		35,466
1,350	*	Lamar Advertising Co		62,289
500		Manpower, Inc		23,250
2,985	*	McAfee, Inc		80,983
1,632	*	Mercury Interactive Corp		45,353
1,908	*	Monster Worldwide, Inc		77,885
1,681	*	NAVTEQ Corp		73,745
866	*	NCR Corp		29,392
3,242	*	Red Hat, Inc		88,312
874	*	Rent-A-Center, Inc		16,484

195

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

SHARES				VALUE
109		Reynolds & Reynolds Co (Class A)	$	3,060
3,168		Robert Half International, Inc		120,036
1,325	*	Salesforce.com, Inc		42,466
3,324		ServiceMaster Co		39,722
1,016		Siebel Systems, Inc		10,749
576	*	SRA International, Inc (Class A)		17,591
37,253	*	Sun Microsystems, Inc		156,090
398	*	Synopsys, Inc		7,984
1,191	*	Take-Two Interactive Software, Inc		21,081
700		Total System Services, Inc		13,853
4,957	*	VeriSign, Inc		108,657
		TOTAL BUSINESS SERVICES		3,268,004
CHEMICALS AND ALLIED PRODUCTS - 6.10%
442		Alberto-Culver Co		20,222
400	*	American Pharmaceutical Partners, Inc		15,516
1,353		Avery Dennison Corp		74,780
1,980	*	Barr Pharmaceuticals, Inc		123,334
2,861	*	Biogen Idec, Inc		129,689
100		Cabot Corp		3,580
1,060	*	Cephalon, Inc		68,624
614	*	Charles River Laboratories International, Inc		26,015
1,514		Chemtura Corp		19,228
1,885	*	Chiron Corp		83,807
1,149		Church & Dwight Co, Inc		37,951
1,616		Dade Behring Holdings, Inc		66,078
3,333		Ecolab, Inc		120,888
2,551		Estee Lauder Cos (Class A)		85,407
6,497	*	Forest Laboratories, Inc		264,298
1,462	*	Hospira, Inc		62,544
640	*	Idexx Laboratories, Inc		46,067
1,249	*	ImClone Systems, Inc		42,766
1,757		International Flavors & Fragrances, Inc		58,860
501	*	Invitrogen Corp		33,387
3,730	*	IVAX Corp		116,861
319	*	Kos Pharmaceuticals, Inc		16,502
4,596	*	Medimmune, Inc		160,952
2,900	*	Millennium Pharmaceuticals, Inc		28,130
1,064		Mylan Laboratories, Inc		21,237
1,575	*	Nalco Holding Co		27,893
1,041	*	OSI Pharmaceuticals, Inc		29,190
2,044	*	Protein Design Labs, Inc		58,090
194		Rohm & Haas Co		9,393
200		Scotts Miracle-Gro Co (Class A)		9,048
1,832	*	Sepracor, Inc		94,531
113		Sigma-Aldrich Corp		7,152
1,716		Valeant Pharmaceuticals International		31,025
1,510	*	VCA Antech, Inc		42,582
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,035,627

196

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

SHARES				VALUE
COAL MINING - 1.10%
405		Arch Coal, Inc	$	32,198
1,192		Consol Energy, Inc		77,695
1,464		Massey Energy Co		55,442
2,458		Peabody Energy Corp		202,588
		TOTAL COAL MINING		367,923
COMMUNICATIONS - 3.30%
2,585	*	Alamosa Holdings, Inc		48,107
6,911	*	American Tower Corp (Class A)		187,288
6,300	*	Avaya, Inc		67,221
3,699	*	Cablevision Systems Corp (Class A)		86,816
2,636	*	Crown Castle International Corp		70,935
4,290	*	EchoStar Communications Corp (Class A)		116,559
1,200		Global Payments, Inc		55,932
3,820	*	Liberty Global, Inc		85,950
2,779	*	Nextel Partners, Inc (Class A)		77,645
2,202	*	NII Holdings, Inc (Class B)		96,183
340		PanAmSat Holding Corp		8,330
314		Telephone and Data Systems, Inc (Non-Vote)		11,313
2,031	*	Univision Communications, Inc (Class A)		59,691
100	*	US Cellular Corp		4,940
400	*	West Corp		16,860
3,896	*	XM Satellite Radio Holdings, Inc		106,283
		TOTAL COMMUNICATIONS		1,100,053
DEPOSITORY INSTITUTIONS - 2.14%
101		Bank of Hawaii Corp		5,206
2,791		Commerce Bancorp, Inc		96,038
100		Cullen/Frost Bankers, Inc		5,368
1,071		East West Bancorp, Inc		39,081
10,944		Hudson City Bancorp, Inc		132,641
640		IndyMac Bancorp, Inc		24,973
1,205		Investors Financial Services Corp		44,380
618		Mellon Financial Corp		21,167
2,028		Northern Trust Corp		105,091
1,077		People's Bank		33,452
5,843		Synovus Financial Corp		157,819
1,734		TCF Financial Corp		47,061
		TOTAL DEPOSITORY INSTITUTIONS		712,277
EATING AND DRINKING PLACES - 1.33%
1,441		Applebees International, Inc		32,552
1,285		Aramark Corp (Class B)		35,697
1,550		Brinker International, Inc		59,923
370		CBRL Group, Inc		13,006

197

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

SHARES				VALUE
2,888		Darden Restaurants, Inc	$	112,285
1,100		Outback Steakhouse, Inc		45,771
1,088	*	Sonic Corp		32,096
1,391	*	The Cheesecake Factory, Inc		52,009
1,079		Wendy's International, Inc		59,626
		TOTAL EATING AND DRINKING PLACES		442,965
EDUCATIONAL SERVICES - 0.61%
1,898	*	Career Education Corp		64,001
1,331	*	Education Management Corp		44,602
867	*	ITT Educational Services, Inc		51,248
838	*	Laureate Education, Inc		44,003
		TOTAL EDUCATIONAL SERVICES		203,854
ELECTRIC, GAS, AND SANITARY SERVICES - 1.90%
12,099	*	AES Corp		191,527
1,402	*	Allied Waste Industries, Inc		12,253
218		Aqua America, Inc		5,951
1,665		Kinder Morgan, Inc		153,097
434		Questar Corp		32,854
800	*	Stericycle, Inc		47,104
972		Western Gas Resources, Inc		45,771
6,294		Williams Cos, Inc		145,832
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		634,389
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.59%
3,827	*	Advanced Micro Devices, Inc		117,106
3,460	*	Agere Systems, Inc		44,634
6,843	*	Altera Corp		126,801
3,148		American Power Conversion Corp		69,256
1,252		Ametek, Inc		53,260
1,656		Amphenol Corp (Class A)		73,295
6,904		Analog Devices, Inc		247,646
683	*	Andrew Corp		7,329
200		AVX Corp		2,896
5,167	*	Broadcom Corp (Class A)		243,624
3,239	*	Comverse Technology, Inc		86,125
1,400	*	Cree, Inc		35,336
600	*	Dolby Laboratories, Inc (Class A)		10,230
1,068	*	Energizer Holdings, Inc		53,176
926	*	Freescale Semiconductor, Inc (Class B)		23,307
1,230		Harman International Industries, Inc		120,356
2,046		Harris Corp		87,998
1,037	*	International Rectifier Corp		33,080
1,300		Intersil Corp (Class A)		32,344
14,992	*	JDS Uniphase Corp		35,381

198

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

SHARES				VALUE
1,238		L-3 Communications Holdings, Inc	$	92,045
5,708		Linear Technology Corp		205,888
2,670	*	LSI Logic Corp		21,360
6,106		Maxim Integrated Products, Inc		221,281
2,575	*	MEMC Electronic Materials, Inc		57,088
3,846		Microchip Technology, Inc		123,649
5,300	*	Micron Technology, Inc		70,543
1,262		Molex, Inc		32,749
6,470		National Semiconductor Corp		168,091
6,780	*	Network Appliance, Inc		183,060
1,148	*	Novellus Systems, Inc		27,690
3,209	*	Nvidia Corp		117,321
1,495	*	QLogic Corp		48,602
3,345		Rockwell Collins, Inc		155,442
5,000	*	Sanmina-SCI Corp		21,300
2,442		Scientific-Atlanta, Inc		105,177
24,548	*	Sirius Satellite Radio, Inc		164,472
637	*	Spectrum Brands, Inc		12,937
546	*	Thomas & Betts Corp		22,910
1,142	*	Vishay Intertechnology, Inc		15,714
6,449		Xilinx, Inc		162,579
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,533,078
ENGINEERING AND MANAGEMENT SERVICES - 3.69%
3,058	*	Celgene Corp		198,158
684		Corporate Executive Board Co		61,355
1,631		Fluor Corp		126,011
951	*	Gen-Probe, Inc		46,399
359	*	Hewitt Associates, Inc		10,056
865	*	Jacobs Engineering Group, Inc		58,708
4,664		Moody's Corp		286,463
6,186		Paychex, Inc		235,810
904		Pharmaceutical Product Development, Inc		56,003
2,960		Quest Diagnostics, Inc		152,381
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,231,344
FABRICATED METAL PRODUCTS - 0.32%
476	*	Alliant Techsystems, Inc		36,257
257		Ball Corp		10,208
3,142	*	Crown Holdings, Inc		61,363
		TOTAL FABRICATED METAL PRODUCTS		107,828
FOOD AND KINDRED PRODUCTS - 0.84%
2,216		Campbell Soup Co		65,970
888	*	Constellation Brands, Inc (Class A)		23,292
3,492		H.J. Heinz Co		117,750

199

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

SHARES				VALUE
1,711		McCormick & Co, Inc (Non-Vote)	$	52,904
669		Pepsi Bottling Group, Inc		19,140
		TOTAL FOOD AND KINDRED PRODUCTS		279,056
FOOD STORES - 0.72%
545	*	Panera Bread Co (Class A)		35,796
2,640		Whole Foods Market, Inc		204,310
		TOTAL FOOD STORES		240,106
FURNITURE AND FIXTURES - 0.63%
1,300		Herman Miller, Inc		36,647
346		Hillenbrand Industries, Inc		17,096
1,016		HNI Corp		55,809
697		Johnson Controls, Inc		50,818
872		Leggett & Platt, Inc		20,021
812		Newell Rubbermaid, Inc		19,309
906	*	Tempur-Pedic International, Inc		10,419
		TOTAL FURNITURE AND FIXTURES		210,119
FURNITURE AND HOMEFURNISHINGS STORES - 1.19%
5,462	*	Bed Bath & Beyond, Inc		197,451
1,418		Circuit City Stores, Inc		32,033
202	*	Mohawk Industries, Inc		17,570
2,513		RadioShack Corp		52,848
478		Steelcase, Inc (Class A)		7,567
2,107	*	Williams-Sonoma, Inc		90,917
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		398,386
GENERAL BUILDING CONTRACTORS - 2.02%
390		Beazer Homes USA, Inc		28,408
1,256		Centex Corp		89,791
3,698		DR Horton, Inc		132,130
596	*	Hovnanian Enterprises, Inc (Class A)		29,585
1,212		KB Home		88,064
1,477		Lennar Corp (Class A)		90,127
434		MDC Holdings, Inc		26,899
90	*	NVR, Inc		63,180
717		Ryland Group, Inc		51,717
142		Standard-Pacific Corp		5,226
1,952	*	Toll Brothers, Inc		67,617
		TOTAL GENERAL BUILDING CONTRACTORS		672,744

200

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

SHARES				VALUE
GENERAL MERCHANDISE STORES - 1.39%
6,128		Dollar General Corp	$	116,861
2,321		Family Dollar Stores, Inc		57,538
1,358		JC Penney Co, Inc		75,505
288	*	Saks, Inc		4,856
8,947		TJX Cos, Inc		207,839
		TOTAL GENERAL MERCHANDISE STORES		462,599
HEALTH SERVICES - 3.49%
1,294	*	Community Health Systems, Inc		49,612
1,146	*	Covance, Inc		55,638
3,017	*	Coventry Health Care, Inc		171,848
1,857	*	DaVita, Inc		94,038
1,084	*	Edwards Lifesciences Corp		45,105
2,360	*	Express Scripts, Inc		197,768
4,176		Health Management Associates, Inc (Class A)		91,705
2,529	*	Laboratory Corp of America Holdings		136,187
1,006	*	LifePoint Hospitals, Inc		37,725
1,725	*	Lincare Holdings, Inc		72,295
1,468		Manor Care, Inc		58,382
1,326	*	Renal Care Group, Inc		62,733
419	*	Sierra Health Services, Inc		33,503
1,130	*	Tenet Healthcare Corp		8,656
550	*	Triad Hospitals, Inc		21,577
598		Universal Health Services, Inc (Class B)		27,951
		TOTAL HEALTH SERVICES		1,164,723
HOLDING AND OTHER INVESTMENT OFFICES - 1.83%
654	*	Affiliated Managers Group, Inc		52,484
100		Centerpoint Properties Trust		4,948
334		Federal Realty Investment Trust		20,257
1,653		General Growth Properties, Inc		77,674
247		Global Signal, Inc		10,661
1,755		iShares Russell Midcap Growth Index Fund		164,900
294		Macerich Co		19,739
1,023		Mills Corp		42,905
498		New Century Financial Corp		17,963
390		Prologis		18,221
1,273		Public Storage, Inc		86,208
100		SL Green Realty Corp		7,639
1,045		United Dominion Realty Trust, Inc		24,495
1,902		Ventas, Inc		60,902
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		608,996
HOTELS AND OTHER LODGING PLACES - 1.83%
798		Boyd Gaming Corp		38,033
608		Choice Hotels International, Inc		25,390

201

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

SHARES				VALUE
7,012		Hilton Hotels Corp	$	169,059
490	*	Las Vegas Sands Corp		19,340
2,196	*	MGM Mirage		80,527
2,497		Starwood Hotels & Resorts Worldwide, Inc		159,458
1,021		Station Casinos, Inc		69,224
886	*	Wynn Resorts Ltd		48,597
		TOTAL HOTELS AND OTHER LODGING PLACES		609,628
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.81%
3,496		American Standard Cos, Inc		139,665
860		Black & Decker Corp		74,786
267		Carlisle Cos, Inc		18,463
1,227		CDW Corp		70,638
1,678	*	Cooper Cameron Corp		69,469
532		Cummins, Inc		47,736
1,166		Diebold, Inc		44,308
1,334		Donaldson Co, Inc		42,421
2,557		Dover Corp		103,533
400	*	Dresser-Rand Group, Inc		9,672
800		Eaton Corp		53,672
1,250	*	FMC Technologies, Inc		53,650
1,247		Graco, Inc		45,491
2,357	*	Grant Prideco, Inc		103,991
774		IDEX Corp		31,819
6,379		International Game Technology		196,346
3,002	*	Jabil Circuit, Inc		111,344
2,287		Joy Global, Inc		91,480
2,592	*	Lam Research Corp		92,483
2,145	*	Lexmark International, Inc		96,160
210		Pall Corp		5,641
961		Parker Hannifin Corp		63,388
1,614		Pentair, Inc		55,715
3,441		Rockwell Automation, Inc		203,570
2,570	*	SanDisk Corp		161,447
1,092	*	Scientific Games Corp (Class A)		29,790
3,912		Smith International, Inc		145,174
8,478	*	Solectron Corp		31,029
991		Stanley Works		47,608
3,912		Symbol Technologies, Inc		50,152
667		Timken Co		21,357
815		Toro Co		35,673
2,485	*	Varian Medical Systems, Inc		125,095
3,902	*	Western Digital Corp		72,616
1,400	*	Zebra Technologies Corp (Class A)		59,990
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		2,605,372
INSTRUMENTS AND RELATED PRODUCTS - 6.39%
1,173	*	Advanced Medical Optics, Inc		49,031

202

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

SHARES				VALUE
1,243	*	Affymetrix, Inc	$	59,353
7,655	*	Agilent Technologies, Inc		254,835
2,456		Allergan, Inc		265,150
1,938		Bard (C.R.), Inc		127,753
882		Bausch & Lomb, Inc		59,888
1,123		Beckman Coulter, Inc		63,899
4,663		Biomet, Inc		170,526
580		Cooper Cos, Inc		29,754
1,530		Dentsply International, Inc		82,146
1,144	*	Fisher Scientific International, Inc		70,768
1,109	*	Flir Systems, Inc		24,764
698	*	Inamed Corp		61,200
3,655		Kla-Tencor Corp		180,301
587	*	Mettler-Toledo International, Inc		32,402
926	*	Millipore Corp		61,153
1,050		National Instruments Corp		33,653
1,200		PerkinElmer, Inc		28,272
2,296		Pitney Bowes, Inc		97,006
1,300	*	Resmed, Inc		49,803
1,284	*	Respironics, Inc		47,598
1,310		Roper Industries, Inc		51,758
731	*	Techne Corp		41,046
356		Tektronix, Inc		10,043
2,449	*	Teradyne, Inc		35,682
1,073	*	Thermo Electron Corp		32,329
967	*	Trimble Navigation Ltd		34,319
2,041	*	Waters Corp		77,150
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,131,582
INSURANCE AGENTS, BROKERS AND SERVICE - 0.31%
2,018		Brown & Brown, Inc		61,630
1,373		Gallagher (Arthur J.) & Co		42,398
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		104,028
INSURANCE CARRIERS - 1.12%
401		Ambac Financial Group, Inc		30,901
1,046	*	AMERIGROUP Corp		20,355
246		Erie Indemnity Co (Class A)		13,087
100		Hanover Insurance Group, Inc		4,177
944		HCC Insurance Holdings, Inc		28,018
1,199	*	Health Net, Inc		61,808
2,214	*	Humana, Inc		120,287
75	*	Markel Corp		23,779
139		MBIA, Inc		8,362
237	*	Philadelphia Consolidated Holding Co		22,916
100		Transatlantic Holdings, Inc		6,720
386		Unitrin, Inc		17,389
332		W.R. Berkley Corp		15,810
		TOTAL INSURANCE CARRIERS		373,609

203

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

SHARES				VALUE
LEATHER AND LEATHER PRODUCTS - 0.79%
6,942	*	Coach, Inc	$	231,446
1,000	*	Timberland Co (Class A)		32,550
		TOTAL LEATHER AND LEATHER PRODUCTS		263,996
METAL MINING - 1.05%
3,289		Freeport-McMoRan Copper & Gold, Inc (Class A)		176,948
955		Phelps Dodge Corp		137,396
523		Southern Copper Corp		35,031
		TOTAL METAL MINING		349,375
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.67%
2,704		Fortune Brands, Inc		210,966
762		Mattel, Inc		12,055
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		223,021
MISCELLANEOUS RETAIL - 0.91%
227		Barnes & Noble, Inc		9,686
500	*	CKX, Inc		6,500
672	*	Dick's Sporting Goods, Inc		22,337
1,337	*	Dollar Tree Stores, Inc		32,008
2,557		Michaels Stores, Inc		90,441
869		MSC Industrial Direct Co (Class A)		34,951
2,676		Petsmart, Inc		68,666
1,054		Tiffany & Co		40,358
		TOTAL MISCELLANEOUS RETAIL		304,947
MOTION PICTURES - 0.37%
713	*	Avid Technology, Inc		39,044
761	*	DreamWorks Animation SKG, Inc (Class A)		18,690
1,020	*	Pixar		53,774
713		Regal Entertainment Group (Class A)		13,561
		TOTAL MOTION PICTURES		125,069
NONDEPOSITORY INSTITUTIONS - 0.34%
1,022	*	AmeriCredit Corp		26,194
1,008		CapitalSource, Inc		22,579
541		First Marblehead Corp		17,777
381	*	Nelnet, Inc		15,499
65		Student Loan Corp		13,600
250		Westcorp		16,653
		TOTAL NONDEPOSITORY INSTITUTIONS		112,302

204

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

SHARES				VALUE
NONMETALLIC MINERALS, EXCEPT FUELS - 0.38%
874		Florida Rock Industries, Inc	$	42,878
1,219		Vulcan Materials Co		82,587
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		125,465
OIL AND GAS EXTRACTION - 5.03%
5,954		BJ Services Co		218,333
2,592		Chesapeake Energy Corp		82,244
2,074	*	Denbury Resources, Inc		47,246
1,062		Diamond Offshore Drilling, Inc		73,873
1,992		ENSCO International, Inc		88,345
2,014		Equitable Resources, Inc		73,894
652		Helmerich & Payne, Inc		40,365
1,851	*	National Oilwell Varco, Inc		116,058
1,717	*	Newfield Exploration Co		85,970
462		Noble Energy, Inc		18,619
3,194		Patterson-UTI Energy, Inc		105,242
129		Pioneer Natural Resources Co		6,614
1,377	*	Plains Exploration & Production Co		54,708
1,592	*	Pride International, Inc		48,954
1,030	*	Quicksilver Resources, Inc		43,270
2,316		Range Resources Corp		61,003
1,200		Rowan Cos, Inc		42,768
3,110	*	Southwestern Energy Co		111,773
466		Tidewater, Inc		20,718
820	*	Unit Corp		45,125
6,666		XTO Energy, Inc		292,904
		TOTAL OIL AND GAS EXTRACTION		1,678,026
PERSONAL SERVICES - 0.88%
2,622		Cintas Corp		107,974
6,072		H&R Block, Inc		149,068
738	*	Weight Watchers International, Inc		36,479
		TOTAL PERSONAL SERVICES		293,521
PETROLEUM AND COAL PRODUCTS - 2.07%
4,455		EOG Resources, Inc		326,863
3,025		Murphy Oil Corp		163,320
1,986		Sunoco, Inc		155,663
732		Tesoro Corp		45,055
		TOTAL PETROLEUM AND COAL PRODUCTS		690,901
PRIMARY METAL INDUSTRIES - 0.34%
1,793		Allegheny Technologies, Inc		64,691
100		Hubbell, Inc (Class B)		4,512

205

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

SHARES				VALUE
836		Precision Castparts Corp	$	43,313
		TOTAL PRIMARY METAL INDUSTRIES		112,516
PRINTING AND PUBLISHING - 1.49%
764	*	ACCO Brands Corp		18,718
2,875		Dex Media, Inc		77,884
978		Dow Jones & Co, Inc		34,709
1,326	*	Dun & Bradstreet Corp		88,789
1,548		EW Scripps Co		74,335
1,000		Harte-Hanks, Inc		26,390
875		John Wiley & Sons, Inc (Class A)		34,160
806		Meredith Corp		42,186
531	*	R.H. Donnelley Corp		32,720
88		Washington Post Co (Class B)		67,320
		TOTAL PRINTING AND PUBLISHING		497,211
RAILROAD TRANSPORTATION - 0.14%
1,075		Norfolk Southern Corp		48,192
		TOTAL RAILROAD TRANSPORTATION		48,192
REAL ESTATE - 0.59%
927	*	CB Richard Ellis Group, Inc		54,554
1,190		Forest City Enterprises, Inc (Class A)		45,137
1,456		St. Joe Co		97,872
		TOTAL REAL ESTATE		197,563
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.17%
1,437	*	Goodyear Tire & Rubber Co		24,975
583	*	Sealed Air Corp		32,747
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		57,722
SECURITY AND COMMODITY BROKERS - 2.82%
1,705		Ameritrade Holding Corp		40,920
350		BlackRock, Inc		37,968
616		Chicago Mercantile Exchange Holdings, Inc		226,374
2,403		Eaton Vance Corp		65,746
1,400		Federated Investors, Inc (Class B)		51,856
2,161		Legg Mason, Inc		258,650
1,050		Nuveen Investments, Inc		44,751
1,152		SEI Investments Co		42,624
2,381		T Rowe Price Group, Inc		171,503
		TOTAL SECURITY AND COMMODITY BROKERS		940,392

206

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

SHARES				VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.16%
2,782		Gentex Corp	$	54,249
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		54,249
TOBACCO PRODUCTS - 0.20%
1,639		UST, Inc		66,920
		TOTAL TOBACCO PRODUCTS		66,920
TRANSPORTATION BY AIR - 0.70%
3,361	*	AMR Corp		74,715
2,700	*	JetBlue Airways Corp		41,526
7,096		Southwest Airlines Co		116,587
		TOTAL TRANSPORTATION BY AIR		232,828
TRANSPORTATION EQUIPMENT - 2.40%
249		Autoliv, Inc		11,309
1,294		Brunswick Corp		52,614
2,285		Goodrich Corp		93,913
703		Harsco Corp		47,460
1,596		ITT Industries, Inc		164,101
740		Martin Marietta Materials, Inc		56,773
1,126	*	Navistar International Corp		32,226
1,322		Oshkosh Truck Corp		58,948
2,806		Paccar, Inc		194,259
275	*	Pactiv Corp		6,050
804		Polaris Industries, Inc		40,361
555		Textron, Inc		42,724
		TOTAL TRANSPORTATION EQUIPMENT		800,738
TRANSPORTATION SERVICES - 0.76%
3,232		CH Robinson Worldwide, Inc		119,681
1,965		Expeditors International Washington, Inc		132,657
		TOTAL TRANSPORTATION SERVICES		252,338
TRUCKING AND WAREHOUSING - 0.46%
970		CNF, Inc		54,213
2,142		J.B. Hunt Transport Services, Inc		48,495
1,087		Landstar System, Inc		45,371
326	*	Swift Transportation Co, Inc		6,618
		TOTAL TRUCKING AND WAREHOUSING		154,697

207

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

SHARES				VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.95%
794	*	Avnet, Inc	$	19,008
356		BorgWarner, Inc		21,584
2,084	*	Cytyc Corp		58,831
1,250	*	Ingram Micro, Inc (Class A)		24,913
745		Omnicare, Inc		42,629
2,576	*	Patterson Cos, Inc		86,038
968		SCP Pool Corp		36,029
289	*	Tech Data Corp		11,468
235		W.W. Grainger, Inc		16,709
		TOTAL WHOLESALE TRADE-DURABLE GOODS		317,209
WHOLESALE TRADE-NONDURABLE GOODS - 0.95%
100		Airgas, Inc		3,290
953		Brown-Forman Corp (Class B)		66,062
900	*	Endo Pharmaceuticals Holdings, Inc		27,234
1,578	*	Henry Schein, Inc		68,864
2,159		McKesson Corp		111,383
898	*	Men's Wearhouse, Inc		26,437
250		Reebok International, Ltd		14,557
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		317,827
		TOTAL COMMON STOCKS		33,335,622
		(Cost $24,641,397)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.30%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.30%
$     100,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06		99,963
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		99,963
		TOTAL SHORT-TERM INVESTMENTS		99,963
		(Cost $99,981)
		TOTAL PORTFOLIO- 100.24%		33,435,585
		(Cost $24,741,378)
		OTHER ASSETS & LIABILITIES, NET - (0.24)%		(78,392	)
		NET ASSETS - 100.00%	$	33,357,193
	*	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.

208

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.87%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.02%
401		Pilgrim's Pride Corp	$	13,297
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		13,297
AMUSEMENT AND RECREATION SERVICES - 0.42%
1,881		Harrah's Entertainment, Inc		134,096
833		International Speedway Corp (Class A)		39,901
969		Warner Music Group Corp		18,673
1,680		Westwood One, Inc		27,384
		TOTAL AMUSEMENT AND RECREATION SERVICES		220,054
APPAREL AND ACCESSORY STORES - 0.17%
1,093	*	AnnTaylor Stores Corp		37,730
200		Claire's Stores, Inc		5,844
2,052		Foot Locker, Inc		48,407
		TOTAL APPAREL AND ACCESSORY STORES		91,981
APPAREL AND OTHER TEXTILE PRODUCTS - 0.80%
292	*	Columbia Sportswear Co		13,937
3,345		Jones Apparel Group, Inc		102,758
2,977		Liz Claiborne, Inc		106,636
1,189		Polo Ralph Lauren Corp		66,750
2,457		VF Corp		135,970
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		426,051
AUTO REPAIR, SERVICES AND PARKING - 0.09%
1,163		Ryder System, Inc		47,706
		TOTAL AUTO REPAIR, SERVICES AND PARKING		47,706
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.20%
4,894	*	Autonation, Inc		106,347
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		106,347
BUSINESS SERVICES - 4.03%
1,210	*	Affiliated Computer Services, Inc (Class A)		71,608
10,023	*	BEA Systems, Inc		94,216
1,833	*	BISYS Group, Inc		25,680
3,480	*	BMC Software, Inc		71,305
452		Brink's Co		21,655

209

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

SHARES				VALUE
4,013	*	Cadence Design Systems, Inc	$	67,900
2,233	*	Ceridian Corp		55,490
389	*	Checkfree Corp		17,855
300	*	Clear Channel Outdoor Holdings, Inc		6,015
5,306	*	Computer Sciences Corp		268,696
6,015	*	Compuware Corp		53,955
3,853	*	Convergys Corp		61,070
1,386		Deluxe Corp		41,774
10,982		Electronic Data Systems Corp		264,007
1,982	*	Emdeon Corp		16,768
914		Equifax, Inc		34,750
411		Fair Isaac Corp		18,154
653		Interactive Data Corp		14,830
1,674	*	Interpublic Group of Cos, Inc		16,154
437	*	Lamar Advertising Co		20,163
1,857		Manpower, Inc		86,351
3,911	*	NCR Corp		132,739
10,537	*	Novell, Inc		93,042
789	*	Rent-A-Center, Inc		14,881
1,527		Reynolds & Reynolds Co (Class A)		42,863
3,221		ServiceMaster Co		38,491
12,631		Siebel Systems, Inc		133,636
38,891	*	Sun Microsystems, Inc		162,953
2,488	*	Sybase, Inc		54,388
3,455	*	Synopsys, Inc		69,307
400	*	Take-Two Interactive Software, Inc		7,080
9,590	*	Unisys Corp		55,910
		TOTAL BUSINESS SERVICES		2,133,686
CHEMICALS AND ALLIED PRODUCTS - 5.08%
963		Albemarle Corp		36,931
1,470		Alberto-Culver Co		67,253
1,028		Avery Dennison Corp		56,818
5,262	*	Biogen Idec, Inc		238,526
1,579		Cabot Corp		56,528
1,400		Celanese Corp (Series A)		26,768
1,037	*	Charles River Laboratories International, Inc		43,938
4,054		Chemtura Corp		51,486
200	*	Chiron Corp		8,892
4,335		Clorox Co		246,618
1,148		Cytec Industries, Inc		54,679
2,195		Eastman Chemical Co		113,240
3,244		Engelhard Corp		97,807
1,084	*	FMC Corp		57,636
2,245	*	Hospira, Inc		96,041
1,625	*	Huntsman Corp		27,983
659	*	Invitrogen Corp		43,916
6,701	*	King Pharmaceuticals, Inc		113,381
1,898		Lubrizol Corp		82,430
5,599		Lyondell Chemical Co		133,368

210

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

SHARES				VALUE
4,200	*	Millennium Pharmaceuticals, Inc	$	40,740
3,638	*	Mosaic Co		53,224
4,348		Mylan Laboratories, Inc		86,786
4,748		PPG Industries, Inc		274,909
4,093		Rohm & Haas Co		198,183
3,200		RPM International, Inc		55,584
1,100		Scotts Miracle-Gro Co (Class A)		49,764
1,773		Sigma-Aldrich Corp		112,213
2,912		Valspar Corp		71,839
2,897	*	Watson Pharmaceuticals, Inc		94,181
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,691,662
COAL MINING - 0.28%
1,189		Arch Coal, Inc		94,526
790		Consol Energy, Inc		51,492
		TOTAL COAL MINING		146,018
COMMUNICATIONS - 2.44%
693	*	American Tower Corp (Class A)		18,780
3,761	*	Avaya, Inc		40,130
3,695		CenturyTel, Inc		122,526
9,631		Citizens Communications Co		117,787
2,126	*	Crown Castle International Corp		57,211
900		Hearst-Argyle Television, Inc		21,465
7,456	*	Liberty Global, Inc		167,760
7,733		MCI, Inc		152,572
2,058	*	NTL, Inc		140,109
787		PanAmSat Holding Corp		19,282
41,575	*	Qwest Communications International, Inc		234,899
2,657		Telephone and Data Systems, Inc (Non-Vote)		95,732
2,990	*	Univision Communications, Inc (Class A)		87,876
300	*	US Cellular Corp		14,820
		TOTAL COMMUNICATIONS		1,290,949
DEPOSITORY INSTITUTIONS - 9.89%
9,723		AmSouth Bancorp		254,840
3,760		Associated Banc-Corp		122,388
2,750		Astoria Financial Corp		80,850
1,220		Bank of Hawaii Corp		62,879
680		BOK Financial Corp		30,892
700		Capitol Federal Financial		23,058
1,200		City National Corp		86,928
4,335		Colonial Bancgroup, Inc		103,260
4,680		Comerica, Inc		265,637
543		Commerce Bancorp, Inc		18,685
1,768		Commerce Bancshares, Inc		92,148

211

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

SHARES				VALUE
3,423		Compass Bancshares, Inc	$	165,297
1,300		Cullen/Frost Bankers, Inc		69,784
587		Downey Financial Corp		40,145
3,527		First Horizon National Corp		135,578
2,272		FirstMerit Corp		58,868
4,506		Fulton Financial Corp		79,306
6,578		Huntington Bancshares, Inc		156,228
2,280		Independence Community Bank Corp		90,584
835		IndyMac Bancorp, Inc		32,582
1,295		International Bancshares Corp		38,021
11,213		Keycorp		369,244
2,061		M&T Bank Corp		224,752
6,299		Marshall & Ilsley Corp		271,109
10,940		Mellon Financial Corp		374,695
2,274		Mercantile Bankshares Corp		128,345
7,361		New York Community Bancorp, Inc		121,604
13,262		North Fork Bancorporation, Inc		362,848
2,378		Northern Trust Corp		123,228
7,771		Popular, Inc		164,357
261	v*	Popular, Inc		39
2,700		Sky Financial Group, Inc		75,114
1,996		South Financial Group, Inc		54,970
10,098		Sovereign Bancorp, Inc		218,319
1,096		TCF Financial Corp		29,745
2,134		TD Banknorth, Inc		61,993
1,647		UnionBanCal Corp		113,182
3,058		Valley National Bancorp		73,698
2,446		Washington Federal, Inc		56,234
1,468		Webster Financial Corp		68,849
1,750		Whitney Holding Corp		48,230
1,900		Wilmington Trust Corp		73,929
2,915		Zions Bancorporation		220,257
		TOTAL DEPOSITORY INSTITUTIONS		5,242,699
EATING AND DRINKING PLACES - 0.22%
685		CBRL Group, Inc		24,078
154		Outback Steakhouse, Inc		6,408
1,517		Wendy's International, Inc		83,829
		TOTAL EATING AND DRINKING PLACES		114,315
EDUCATIONAL SERVICES - 0.01%
134	*	Laureate Education, Inc		7,036
		TOTAL EDUCATIONAL SERVICES		7,036
ELECTRIC, GAS, AND SANITARY SERVICES - 14.86%
2,119		AGL Resources, Inc		73,762
4,533	*	Allegheny Energy, Inc		143,469

212

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

SHARES				VALUE
3,241		Alliant Energy Corp	$	90,878
4,104	*	Allied Waste Industries, Inc		35,869
5,420		Ameren Corp		277,721
10,555		American Electric Power Co, Inc		391,485
3,233		Aqua America, Inc		88,261
2,185		Atmos Energy Corp		57,160
8,587		Centerpoint Energy, Inc		110,343
5,477		Cinergy Corp		232,553
6,059	*	CMS Energy Corp		87,916
6,733		Consolidated Edison, Inc		311,940
4,886		Constellation Energy Group, Inc		281,434
3,482		DPL, Inc		90,567
4,807		DTE Energy Co		207,614
8,700	*	Dynegy, Inc (Class A)		42,108
8,983		Edison International		391,749
18,000		El Paso Corp		218,880
2,028		Energen Corp		73,657
4,173		Energy East Corp		95,144
2,100		Great Plains Energy, Inc		58,716
2,300		Hawaiian Electric Industries, Inc		59,570
4,811		KeySpan Corp		171,705
163		Kinder Morgan, Inc		14,988
3,392		MDU Resources Group, Inc		111,054
2,270		National Fuel Gas Co		70,801
7,610		NiSource, Inc		158,745
4,151		Northeast Utilities		81,733
2,252	*	NRG Energy, Inc		106,114
3,016		NSTAR		86,559
2,500		OGE Energy Corp		66,975
2,805		Oneok, Inc		74,697
5,252		Pepco Holdings, Inc		117,487
10,227		PG&E Corp		379,626
2,108		Piedmont Natural Gas Co, Inc		50,929
2,719		Pinnacle West Capital Corp		112,431
2,018		PNM Resources, Inc		49,421
10,450		PPL Corp		307,230
6,864		Progress Energy, Inc		301,467
6,629		Public Service Enterprise Group, Inc		430,686
3,200		Puget Energy, Inc		65,344
1,836		Questar Corp		138,985
8,296	*	Reliant Energy, Inc		85,615
3,836		Republic Services, Inc		144,042
3,177		SCANA Corp		125,110
7,042		Sempra Energy		315,763
2,756	*	Southern Union Co		65,124
5,781		TECO Energy, Inc		99,318
2,945		UGI Corp		60,667
2,100		Vectren Corp		57,036
2,560		Westar Energy, Inc		55,040
116		Western Gas Resources, Inc		5,462
6,393		Williams Cos, Inc		148,126
3,300		Wisconsin Energy Corp		128,898

213

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

SHARES				VALUE
1,118		WPS Resources Corp	$	61,837
11,185		Xcel Energy, Inc		206,475
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,876,286
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 3.55%
3,331	*	ADC Telecommunications, Inc		74,415
5,224	*	Advanced Micro Devices, Inc		159,854
3,458	*	Andrew Corp		37,104
1,100		AVX Corp		15,928
523	*	Comverse Technology, Inc		13,907
315	*	Energizer Holdings, Inc		15,684
9,800	*	Freescale Semiconductor, Inc (Class B)		246,666
552		Harris Corp		23,742
448	*	International Rectifier Corp		14,291
2,167		Intersil Corp (Class A)		53,915
22,684	*	JDS Uniphase Corp		53,534
1,367		L-3 Communications Holdings, Inc		101,636
6,861	*	LSI Logic Corp		54,888
121,955	*	Lucent Technologies, Inc		324,400
7,958	*	Micron Technology, Inc		105,921
1,838		Molex, Inc		47,696
1,713	*	Novellus Systems, Inc		41,318
7,600	*	Sanmina-SCI Corp		32,376
661		Scientific-Atlanta, Inc		28,469
445	*	Spectrum Brands, Inc		9,038
973		Teleflex, Inc		63,226
12,471	*	Tellabs, Inc		135,934
977	*	Thomas & Betts Corp		40,995
3,241	*	Vishay Intertechnology, Inc		44,596
1,717		Whirlpool Corp		143,816
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		1,883,349
ENGINEERING AND MANAGEMENT SERVICES - 0.06%
388	*	Hewitt Associates, Inc		10,868
273	*	Jacobs Engineering Group, Inc		18,529
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		29,397
FABRICATED METAL PRODUCTS - 0.46%
362	*	Alliant Techsystems, Inc		27,574
1,037		Aptargroup, Inc		54,131
2,531		Ball Corp		100,531
1,600		Snap-On, Inc		60,096
		TOTAL FABRICATED METAL PRODUCTS		242,332

214

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

SHARES				VALUE
FOOD AND KINDRED PRODUCTS - 3.60%
18,181		Archer Daniels Midland Co	$	448,343
3,210		Campbell Soup Co		95,562
8,310		Coca-Cola Enterprises, Inc		159,303
14,412		ConAgra Foods, Inc		292,275
4,012	*	Constellation Brands, Inc (Class A)		105,235
5,477		Del Monte Foods Co		57,125
4,530		H.J. Heinz Co		152,752
2,100		Hormel Foods Corp		68,628
1,476		J.M. Smucker Co		64,944
1,233		McCormick & Co, Inc (Non-Vote)		38,124
1,308		Molson Coors Brewing Co (Class B)		87,623
2,975		Pepsi Bottling Group, Inc		85,115
1,951		PepsiAmericas, Inc		45,380
2,439	*	Smithfield Foods, Inc		74,633
909	*	TreeHouse Foods, Inc		17,016
6,803		Tyson Foods, Inc (Class A)		116,331
		TOTAL FOOD AND KINDRED PRODUCTS		1,908,389
FOOD STORES - 1.13%
10,185		Albertson's, Inc		217,450
20,085	*	Kroger Co		379,205
		TOTAL FOOD STORES		596,655
FORESTRY - 0.16%
2,102		Rayonier, Inc		83,765
		TOTAL FORESTRY		83,765
FURNITURE AND FIXTURES - 1.15%
1,069		Hillenbrand Industries, Inc		52,819
4,377		Johnson Controls, Inc		319,127
3,838		Leggett & Platt, Inc		88,120
6,229		Newell Rubbermaid, Inc		148,126
		TOTAL FURNITURE AND FIXTURES		608,192
FURNITURE AND HOMEFURNISHINGS STORES - 0.34%
2,962		Circuit City Stores, Inc		66,912
1,143	*	Mohawk Industries, Inc		99,418
900		Steelcase, Inc (Class A)		14,247
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		180,577
GENERAL BUILDING CONTRACTORS - 1.40%
666		Beazer Homes USA, Inc		48,511
1,625		Centex Corp		116,171

215

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

SHARES				VALUE
2,053		DR Horton, Inc	$	73,354
425		KB Home		30,881
1,366		Lennar Corp (Class A)		83,353
200		Lennar Corp (Class B)		11,338
380		MDC Holdings, Inc		23,552
627	*	Meritage Homes Corp		39,451
5,960		Pulte Homes, Inc		234,586
330		Ryland Group, Inc		23,803
1,610		Standard-Pacific Corp		59,248
		TOTAL GENERAL BUILDING CONTRACTORS		744,248
GENERAL MERCHANDISE STORES - 1.69%
1,931	*	BJ's Wholesale Club, Inc		57,080
1,989		Dillard's, Inc (Class A)		49,367
1,016		Family Dollar Stores, Inc		25,187
7,566		Federated Department Stores, Inc		501,853
3,843		JC Penney Co, Inc		213,671
3,000	*	Saks, Inc		50,580
		TOTAL GENERAL MERCHANDISE STORES		897,738
HEALTH SERVICES - 0.85%
5,914		AmerisourceBergen Corp		244,840
522	*	Community Health Systems, Inc		20,013
751		Health Management Associates, Inc (Class A)		16,492
100	*	Sierra Health Services, Inc		7,996
10,988	*	Tenet Healthcare Corp		84,168
1,493	*	Triad Hospitals, Inc		58,570
364		Universal Health Services, Inc (Class B)		17,013
		TOTAL HEALTH SERVICES		449,092
HOLDING AND OTHER INVESTMENT OFFICES - 11.10%
3,651		Allied Capital Corp		107,230
2,382		AMB Property Corp		117,123
3,489		American Financial Realty Trust		41,868
3,360		Annaly Mortgage Management, Inc		36,758
2,647		Apartment Investment & Management Co (Class A)		100,242
5,889		Archstone-Smith Trust		246,690
1,875		Arden Realty, Inc		84,056
2,019		AvalonBay Communities, Inc		180,196
3,111		Boston Properties, Inc		230,618
1,400		BRE Properties, Inc (Class A)		63,672
1,282		Camden Property Trust		74,253
1,702		CarrAmerica Realty Corp		58,940
1,246		CBL & Associates Properties, Inc		49,229
1,200		Centerpoint Properties Trust		59,376
2,200		Crescent Real Estate Equities Co		43,604

216

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

SHARES				VALUE
3,060		Developers Diversified Realty Corp	$	143,881
3,990		Duke Realty Corp		133,266
11,210		Equity Office Properties Trust		339,999
7,959		Equity Residential		311,356
644		Essex Property Trust, Inc		59,377
910		Federal Realty Investment Trust		55,192
4,029		Friedman Billings Ramsey Group, Inc		39,887
2,446		General Growth Properties, Inc		114,938
3,768		Health Care Property Investors, Inc		96,310
1,561		Health Care REIT, Inc		52,918
1,325		Healthcare Realty Trust, Inc		44,083
1,984		Hospitality Properties Trust		79,558
9,712		Host Marriott Corp		184,042
5,649		HRPT Properties Trust		58,467
2,615		iShares Russell Midcap Value Index Fund		325,358
3,153		iStar Financial, Inc		112,404
5,482		Kimco Realty Corp		175,863
900		KKR Financial Corp		21,591
2,453		Liberty Property Trust		105,111
1,120		Macerich Co		75,197
1,743		Mack-Cali Realty Corp		75,298
673		New Century Financial Corp		24,275
2,833		New Plan Excel Realty Trust		65,669
1,170		Pan Pacific Retail Properties, Inc		78,261
5,137		Plum Creek Timber Co, Inc		185,189
6,110		Prologis		285,459
558		Public Storage, Inc		37,788
2,377		Realty Income Corp		51,391
2,225		Reckson Associates Realty Corp		80,056
1,888		Regency Centers Corp		111,298
1,285		Shurgard Storage Centers, Inc (Class A)		72,872
1,093		SL Green Realty Corp		83,494
6,779	*	Telewest Global, Inc		161,476
2,852		Thornburg Mortgage, Inc		74,722
2,500		Trizec Properties, Inc		57,300
2,336		United Dominion Realty Trust, Inc		54,756
3,315		Vornado Realty Trust		276,703
2,180		Weingarten Realty Investors		82,426
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,881,086
HOTELS AND OTHER LODGING PLACES - 0.29%
2,365		Starwood Hotels & Resorts Worldwide, Inc		151,029
		TOTAL HOTELS AND OTHER LODGING PLACES		151,029
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.05%
1,047		Black & Decker Corp		91,047
383		Carlisle Cos, Inc		26,484
498	*	Cooper Cameron Corp		20,617

217

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

SHARES				VALUE
595		Cummins, Inc	$	53,389
200		Diebold, Inc		7,600
1,885		Dover Corp		76,324
200	*	Dresser-Rand Group, Inc		4,836
2,998		Eaton Corp		201,136
243		IDEX Corp		9,990
3,082		Pall Corp		82,783
1,828		Parker Hannifin Corp		120,575
487		Pentair, Inc		16,811
1,234	*	SanDisk Corp		77,520
13,432	*	Solectron Corp		49,161
1,772		SPX Corp		81,104
842		Stanley Works		40,450
1,059		Symbol Technologies, Inc		13,576
1,365	*	Terex Corp		81,081
1,063		Timken Co		34,037
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		1,088,521
INSTRUMENTS AND RELATED PRODUCTS - 2.40%
2,095	*	Agilent Technologies, Inc		69,743
5,454		Applera Corp (Applied Biosystems Group)		144,858
163		Bausch & Lomb, Inc		11,068
308		Cooper Cos, Inc		15,800
7,969		Eastman Kodak Co		186,475
1,542	*	Fisher Scientific International, Inc		95,388
287	*	Mettler-Toledo International, Inc		15,842
1,800		PerkinElmer, Inc		42,408
3,077		Pitney Bowes, Inc		130,003
360		Roper Industries, Inc		14,224
1,778		Tektronix, Inc		50,157
1,608	*	Teradyne, Inc		23,429
2,814	*	Thermo Electron Corp		84,786
26,394	*	Xerox Corp		386,672
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,270,853
INSURANCE AGENTS, BROKERS AND SERVICE - 0.63%
8,793		AON Corp		316,108
491		Gallagher (Arthur J.) & Co		15,162
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		331,270
INSURANCE CARRIERS - 9.30%
97	*	Alleghany Corp		27,548
2,389		Ambac Financial Group, Inc		184,096
1,310		American Financial Group, Inc		50,186
200		American National Insurance Co		23,398
1,124		AmerUs Group Co		63,697

218

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

SHARES				VALUE
3,058		Assurant, Inc	$	132,992
3,686		Cigna Corp		411,726
4,836		Cincinnati Financial Corp		216,072
700	*	CNA Financial Corp		22,911
819		Commerce Group, Inc		46,912
4,262	*	Conseco, Inc		98,751
949		Erie Indemnity Co (Class A)		50,487
4,513		Fidelity National Financial, Inc		166,033
702		Fidelity National Title Group, Inc		17,094
2,242		First American Corp		101,563
6,255		Genworth Financial, Inc		216,298
1,392		Hanover Insurance Group, Inc		58,144
1,617		HCC Insurance Holdings, Inc		47,993
1,303	*	Health Net, Inc		67,170
1,143	*	Humana, Inc		62,099
3,806		Jefferson-Pilot Corp		216,676
2,314		Leucadia National Corp		109,822
4,795		Lincoln National Corp		254,279
130	*	Markel Corp		41,217
3,508		MBIA, Inc		211,041
800		Mercury General Corp		46,576
2,625		MGIC Investment Corp		172,778
1,591		Nationwide Financial Services, Inc (Class A)		70,004
5,108		Old Republic International Corp		134,136
100	*	Philadelphia Consolidated Holding Co		9,669
2,605		PMI Group, Inc		106,987
8,227		Principal Financial Group		390,207
1,941		Protective Life Corp		84,958
2,431		Radian Group, Inc		142,432
800		Reinsurance Group Of America, Inc		38,208
3,506		Safeco Corp		198,089
1,600		Stancorp Financial Group, Inc		79,920
2,955		Torchmark Corp		164,298
688		Transatlantic Holdings, Inc		46,234
762		Unitrin, Inc		34,328
8,123		UnumProvident Corp		184,798
2,441		W.R. Berkley Corp		116,240
24		Wesco Financial Corp		9,240
		TOTAL INSURANCE CARRIERS		4,927,307
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.13%
2,863		Laidlaw International, Inc		66,507
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		66,507
LUMBER AND WOOD PRODUCTS - 0.16%
3,013	v	Louisiana-Pacific Corp		82,767
		TOTAL LUMBER AND WOOD PRODUCTS		82,767

219

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

SHARES				VALUE
METAL MINING - 0.34%
1,271		Phelps Dodge Corp	$	182,859
		TOTAL METAL MINING		182,859
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.47%
4,396		Hasbro, Inc		88,711
10,119		Mattel, Inc		160,083
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		248,794
MISCELLANEOUS RETAIL - 1.08%
988		Barnes & Noble, Inc		42,158
1,888		Borders Group, Inc		40,913
908	*	Dollar Tree Stores, Inc		21,738
8,747	*	Office Depot, Inc		274,656
1,899		OfficeMax, Inc		48,159
14,786	*	Rite Aid Corp		51,455
2,448		Tiffany & Co		93,734
		TOTAL MISCELLANEOUS RETAIL		572,813
MOTION PICTURES - 0.01%
100	*	Avid Technology, Inc		5,476
		TOTAL MOTION PICTURES		5,476
NONDEPOSITORY INSTITUTIONS - 0.96%
2,983		American Capital Strategies Ltd		108,014
2,249	*	AmeriCredit Corp		57,642
599		CapitalSource, Inc		13,417
5,563		CIT Group, Inc		288,052
398		Westcorp		26,511
171	*	WFS Financial, Inc		13,022
		TOTAL NONDEPOSITORY INSTITUTIONS		506,658
NONMETALLIC MINERALS, EXCEPT FUELS - 0.12%
937		Vulcan Materials Co		63,482
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		63,482
OIL AND GAS EXTRACTION - 2.83%
6,296		Chesapeake Energy Corp		199,772
1,228		ENSCO International, Inc		54,462
366		Equitable Resources, Inc		13,429
1,446	*	Forest Oil Corp		65,894

220

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

SHARES				VALUE
514		Helmerich & Payne, Inc	$	31,822
3,229		Kerr-McGee Corp		293,387
1,996	*	National Oilwell Varco, Inc		125,149
1,032	*	Newfield Exploration Co		51,672
4,190		Noble Energy, Inc		168,857
3,312		Pioneer Natural Resources Co		169,806
1,739		Pogo Producing Co		86,620
2,033	*	Pride International, Inc		62,515
1,270		Rowan Cos, Inc		45,263
1,008		Tidewater, Inc		44,816
100	*	Unit Corp		5,503
1,471		Vintage Petroleum, Inc		78,448
		TOTAL OIL AND GAS EXTRACTION		1,497,415
PAPER AND ALLIED PRODUCTS - 1.09%
2,926		Bemis Co		81,548
5,136		MeadWestvaco Corp		143,962
1,700		Packaging Corp of America		39,015
6,985	*	Smurfit-Stone Container Corp		98,977
2,700		Sonoco Products Co		79,380
3,039		Temple-Inland, Inc		136,299
		TOTAL PAPER AND ALLIED PRODUCTS		579,181
PERSONAL SERVICES - 0.13%
8,582		Service Corp International		70,201
		TOTAL PERSONAL SERVICES		70,201
PETROLEUM AND COAL PRODUCTS - 0.94%
2,242		Amerada Hess Corp		284,330
1,800		Ashland, Inc		104,220
802		Sunoco, Inc		62,861
802		Tesoro Corp		49,363
		TOTAL PETROLEUM AND COAL PRODUCTS		500,774
PRIMARY METAL INDUSTRIES - 1.23%
1,540		Hubbell, Inc (Class B)		69,485
4,477		Nucor Corp		298,705
2,466		Precision Castparts Corp		127,763
3,192		United States Steel Corp		153,439
		TOTAL PRIMARY METAL INDUSTRIES		649,392
PRINTING AND PUBLISHING - 1.57%
1,718		American Greetings Corp (Class A)		37,744

221

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

SHARES				VALUE
2,662		Belo (A.H.) Corp Series A	$	56,993
2,054		Knight Ridder, Inc		130,018
1,270		Lee Enterprises, Inc		46,876
600		McClatchy Co (Class A)		35,460
4,011		New York Times Co (Class A)		106,091
5,930		R.R. Donnelley & Sons Co		202,865
6,715		Tribune Co		203,196
17		Washington Post Co (Class B)		13,005
		TOTAL PRINTING AND PUBLISHING		832,248
RAILROAD TRANSPORTATION - 1.39%
6,007		CSX Corp		304,975
9,578		Norfolk Southern Corp		429,382
		TOTAL RAILROAD TRANSPORTATION		734,357
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.23%
2,283	*	Goodyear Tire & Rubber Co		39,679
1,485	*	Sealed Air Corp		83,412
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		123,091
SECURITY AND COMMODITY BROKERS - 1.97%
2,116		A.G. Edwards. Inc		99,156
4,218		Ameritrade Holding Corp		101,232
3,180		Bear Stearns Cos, Inc		367,385
100	*	Cbot Holdings, Inc		9,376
10,288	*	E*Trade Financial Corp		214,608
162		Federated Investors, Inc (Class B)		6,000
6,348		Janus Capital Group, Inc		118,263
1,436		Jefferies Group, Inc		64,591
1,700		Raymond James Financial, Inc		64,039
		TOTAL SECURITY AND COMMODITY BROKERS		1,044,650
STONE, CLAY, AND GLASS PRODUCTS - 0.39%
900		Lafarge North America, Inc		49,518
4,289	*	Owens-Illinois, Inc		90,241
1,067	b,*	USG Corp		69,355
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		209,114
TOBACCO PRODUCTS - 0.76%
1,903		Loews Corp (Carolina Group)		83,713
2,433		Reynolds American, Inc		231,938

222

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

SHARES				VALUE
2,178		UST, Inc	$	88,928
		TOTAL TOBACCO PRODUCTS		404,579
TRANSPORTATION BY AIR - 0.34%
10,983		Southwest Airlines Co		180,451
		TOTAL TRANSPORTATION BY AIR		180,451
TRANSPORTATION EQUIPMENT - 1.44%
1,950		Autoliv, Inc		88,569
721		Brunswick Corp		29,316
4,200		Dana Corp		30,156
4,814		Genuine Parts Co		211,431
133		Harsco Corp		8,979
205		ITT Industries, Inc		21,078
211		Martin Marietta Materials, Inc		16,188
645		Paccar, Inc		44,653
3,734	*	Pactiv Corp		82,148
2,553		Textron, Inc		196,530
1,213	*	TRW Automotive Holdings Corp		31,962
		TOTAL TRANSPORTATION EQUIPMENT		761,010
TRANSPORTATION SERVICES - 0.26%
1,817		Lear Corp		51,712
3,561		Sabre Holdings Corp		85,855
		TOTAL TRANSPORTATION SERVICES		137,567
TRUCKING AND WAREHOUSING - 0.16%
750	*	Swift Transportation Co, Inc		15,225
1,564	*	Yellow Roadway Corp		69,770
		TOTAL TRUCKING AND WAREHOUSING		84,995
WATER TRANSPORTATION - 0.20%
1,236		Alexander & Baldwin, Inc		67,041
799		Overseas Shipholding Group, Inc		40,262
		TOTAL WATER TRANSPORTATION		107,303
WHOLESALE TRADE-DURABLE GOODS - 1.20%
2,415		Adesa, Inc		58,974
3,275	*	Arrow Electronics, Inc		104,898
2,800	*	Avnet, Inc		67,032

223

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

SHARES				VALUE
1,082		BorgWarner, Inc	$	65,602
1,786	*	Ingram Micro, Inc (Class A)		35,595
2,300		Omnicare, Inc		131,606
1,188	*	Tech Data Corp		47,140
1,765		W.W. Grainger, Inc		125,492
		TOTAL WHOLESALE TRADE-DURABLE GOODS		636,339
WHOLESALE TRADE-NONDURABLE GOODS - 1.80%
1,592		Airgas, Inc		52,377
136		Brown-Forman Corp (Class B)		9,427
3,848	*	Dean Foods Co		144,916
5,080		McKesson Corp		262,077
1,000		Reebok International, Ltd		58,230
12,469		Safeway, Inc		295,017
3,809		Supervalu, Inc		123,716
400		Valhi, Inc		7,400
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		953,160
		TOTAL COMMON STOCKS		52,917,070
		(Cost $41,970,884)
PRINCIPAL
SHORT-TERM INVESTMENTS - 1.09%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.09%
$     580,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06		579,784
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		579,784
		TOTAL SHORT-TERM INVESTMENTS		579,784
		(Cost $579,891)
		TOTAL PORTFOLIO- 100.96%		53,496,854
		(Cost $42,550,775)
		OTHER ASSETS & LIABILITIES, NET - (0.96)%		(507,806	)
		NET ASSETS - 100.00%	$	52,989,048
	*	Non-income producing
	b	In bankrupcty.
	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.

224

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.84%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.02%
352		Pilgrim's Pride Corp	$	11,672
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		11,672
AMUSEMENT AND RECREATION SERVICES - 0.54%
3,815		Harrah's Entertainment, Inc		271,971
700		International Speedway Corp (Class A)		33,530
1,381	*	Marvel Entertainment, Inc		22,621
1,404	*	Penn National Gaming, Inc		46,262
581		Warner Music Group Corp		11,196
1,657		Westwood One, Inc		27,009
		TOTAL AMUSEMENT AND RECREATION SERVICES		412,589
APPAREL AND ACCESSORY STORES - 1.31%
1,869		Abercrombie & Fitch Co (Class A)		121,821
2,595		American Eagle Outfitters, Inc		59,633
1,533	*	AnnTaylor Stores Corp		52,919
536		Bebe Stores, Inc		7,520
3,701	*	Chico's FAS, Inc		162,585
1,800		Claire's Stores, Inc		52,596
3,300		Foot Locker, Inc		77,847
7,128		Limited Brands, Inc		159,311
4,554		Nordstrom, Inc		170,320
3,100		Ross Stores, Inc		89,590
2,196	*	Urban Outfitters, Inc		55,581
		TOTAL APPAREL AND ACCESSORY STORES		1,009,723
APPAREL AND OTHER TEXTILE PRODUCTS - 0.48%
301	*	Columbia Sportswear Co		14,367
2,500		Jones Apparel Group, Inc		76,800
2,300		Liz Claiborne, Inc		82,386
1,157		Polo Ralph Lauren Corp		64,954
2,396	*	Quiksilver, Inc		33,160
1,800		VF Corp		99,612
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		371,279
AUTO REPAIR, SERVICES AND PARKING - 0.07%
1,287		Ryder System, Inc		52,792
		TOTAL AUTO REPAIR, SERVICES AND PARKING		52,792

225

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

SHARES				VALUE
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.57%
2,246	*	Advance Auto Parts	$	97,611
3,660	*	Autonation, Inc		79,532
1,074	*	Autozone, Inc		98,539
2,200	*	Carmax, Inc		60,896
1,397	*	Copart, Inc		32,215
2,100	*	O'Reilly Automotive, Inc		67,221
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		436,014
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.27%
2,600		Fastenal Co		101,894
2,400		Sherwin-Williams Co		109,008
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		210,902
BUSINESS SERVICES - 6.85%
5,050	*	Activision, Inc		69,387
2,541	*	Affiliated Computer Services, Inc (Class A)		150,376
2,972	*	Akamai Technologies, Inc		59,232
1,682	*	Alliance Data Systems Corp		59,879
4,700		Autodesk, Inc		201,865
8,138	*	BEA Systems, Inc		76,497
2,546	*	BISYS Group, Inc		35,669
4,698	*	BMC Software, Inc		96,262
1,142		Brink's Co		54,713
632	*	CACI International, Inc (Class A)		36,264
5,700	*	Cadence Design Systems, Inc		96,444
3,067	*	Ceridian Corp		76,215
632	*	Cerner Corp		57,455
1,157		Certegy, Inc		46,928
1,700	*	Checkfree Corp		78,030
1,905	*	ChoicePoint, Inc		84,792
3,500	*	Citrix Systems, Inc		100,730
700	*	Clear Channel Outdoor Holdings, Inc		14,035
2,807	*	Cognizant Technology Solutions Corp		141,332
3,998	*	Computer Sciences Corp		202,459
8,209	*	Compuware Corp		73,635
2,900	*	Convergys Corp		45,965
1,051		Deluxe Corp		31,677
1,300	*	DST Systems, Inc		77,883
10,725		Electronic Data Systems Corp		257,829
7,095	*	Emdeon Corp		60,024
2,699		Equifax, Inc		102,616
869	*	F5 Networks, Inc		49,698
1,371		Fair Isaac Corp		60,557
3,937	*	Fiserv, Inc		170,354
1,065	*	Getty Images, Inc		95,072
2,600		GTECH Holdings Corp		82,524
1,227	*	Hyperion Solutions Corp		43,951

226

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

SHARES				VALUE
4,704		IMS Health, Inc	$	117,224
654		Interactive Data Corp		14,852
8,717	*	Interpublic Group of Cos, Inc		84,119
3,230	*	Intuit, Inc		172,159
2,300	*	Iron Mountain, Inc		97,106
1,055	*	Kinetic Concepts, Inc		41,947
1,779	*	Lamar Advertising Co		82,083
1,900		Manpower, Inc		88,350
3,394	*	McAfee, Inc		92,079
1,839	*	Mercury Interactive Corp		51,106
2,200	*	Monster Worldwide, Inc		89,804
1,894	*	NAVTEQ Corp		83,090
3,900	*	NCR Corp		132,366
7,700	*	Novell, Inc		67,991
3,688	*	Red Hat, Inc		100,461
1,483	*	Rent-A-Center, Inc		27,969
1,300		Reynolds & Reynolds Co (Class A)		36,491
3,548		Robert Half International, Inc		134,434
1,416	*	Salesforce.com, Inc		45,383
6,200		ServiceMaster Co		74,090
10,888		Siebel Systems, Inc		115,195
619	*	SRA International, Inc (Class A)		18,904
70,116	*	Sun Microsystems, Inc		293,786
1,809	*	Sybase, Inc		39,545
3,171	*	Synopsys, Inc		63,610
1,448	*	Take-Two Interactive Software, Inc		25,630
900		Total System Services, Inc		17,811
7,034	*	Unisys Corp		41,008
5,519	*	VeriSign, Inc		120,976
		TOTAL BUSINESS SERVICES		5,259,918
CHEMICALS AND ALLIED PRODUCTS - 5.61%
750		Albemarle Corp		28,763
1,484		Alberto-Culver Co		67,893
447	*	American Pharmaceutical Partners, Inc		17,339
2,300		Avery Dennison Corp		127,121
2,136	*	Barr Pharmaceuticals, Inc		133,051
7,127	*	Biogen Idec, Inc		323,067
1,300		Cabot Corp		46,540
1,100		Celanese Corp (Series A)		21,032
1,131	*	Cephalon, Inc		73,221
1,485	*	Charles River Laboratories International, Inc		62,919
4,888		Chemtura Corp		62,078
2,320	*	Chiron Corp		103,147
1,351		Church & Dwight Co, Inc		44,624
3,228		Clorox Co		183,641
814		Cytec Industries, Inc		38,771
1,874		Dade Behring Holdings, Inc		76,628
1,700		Eastman Chemical Co		87,703
3,800		Ecolab, Inc		137,826

227

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

SHARES				VALUE
2,500		Engelhard Corp	$	75,375
2,816		Estee Lauder Cos (Class A)		94,280
766	*	FMC Corp		40,728
7,247	*	Forest Laboratories, Inc		294,808
3,310	*	Hospira, Inc		141,602
1,300	*	Huntsman Corp		22,386
700	*	Idexx Laboratories, Inc		50,386
1,426	*	ImClone Systems, Inc		48,826
1,974		International Flavors & Fragrances, Inc		66,129
1,100	*	Invitrogen Corp		73,304
4,206	*	IVAX Corp		131,774
5,000	*	King Pharmaceuticals, Inc		84,600
338	*	Kos Pharmaceuticals, Inc		17,485
1,460		Lubrizol Corp		63,408
4,144		Lyondell Chemical Co		98,710
5,132	*	Medimmune, Inc		179,722
6,300	*	Millennium Pharmaceuticals, Inc		61,110
2,690	*	Mosaic Co		39,355
4,655		Mylan Laboratories, Inc		92,914
1,877	*	Nalco Holding Co		33,242
1,176	*	OSI Pharmaceuticals, Inc		32,975
3,551		PPG Industries, Inc		205,603
2,384	*	Protein Design Labs, Inc		67,753
3,358		Rohm & Haas Co		162,594
2,400		RPM International, Inc		41,688
900		Scotts Miracle-Gro Co (Class A)		40,716
2,121	*	Sepracor, Inc		109,444
1,500		Sigma-Aldrich Corp		94,935
2,046		Valeant Pharmaceuticals International		36,991
2,104		Valspar Corp		51,905
1,654	*	VCA Antech, Inc		46,643
2,200	*	Watson Pharmaceuticals, Inc		71,522
		TOTAL CHEMICALS AND ALLIED PRODUCTS		4,308,277
COAL MINING - 0.67%
1,307		Arch Coal, Inc		103,907
1,895		Consol Energy, Inc		123,516
1,659		Massey Energy Co		62,826
2,724		Peabody Energy Corp		224,512
		TOTAL COAL MINING		514,761
COMMUNICATIONS - 2.88%
2,766	*	Alamosa Holdings, Inc		51,475
8,241	*	American Tower Corp (Class A)		223,331
10,079	*	Avaya, Inc		107,543
4,253	*	Cablevision Systems Corp (Class A)		99,818
2,707		CenturyTel, Inc		89,764
7,254		Citizens Communications Co		88,716

228

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

SHARES				VALUE
4,594	*	Crown Castle International Corp	$	123,625
4,790	*	EchoStar Communications Corp (Class A)		130,144
1,366		Global Payments, Inc		63,669
661		Hearst-Argyle Television, Inc		15,765
9,764	*	Liberty Global, Inc		219,690
5,802		MCI, Inc		114,473
3,112	*	Nextel Partners, Inc (Class A)		86,949
2,560	*	NII Holdings, Inc (Class B)		111,821
1,625	*	NTL, Inc		110,630
1,088		PanAmSat Holding Corp		26,656
31,100	*	Qwest Communications International, Inc		175,715
2,331		Telephone and Data Systems, Inc (Non-Vote)		83,986
4,633	*	Univision Communications, Inc (Class A)		136,164
401	*	US Cellular Corp		19,809
400	*	West Corp		16,860
4,364	*	XM Satellite Radio Holdings, Inc		119,050
		TOTAL COMMUNICATIONS		2,215,653
DEPOSITORY INSTITUTIONS - 6.16%
7,300		AmSouth Bancorp		191,333
2,807		Associated Banc-Corp		91,368
2,050		Astoria Financial Corp		60,270
1,087		Bank of Hawaii Corp		56,024
514		BOK Financial Corp		23,351
500		Capitol Federal Financial		16,470
900		City National Corp		65,196
3,200		Colonial Bancgroup, Inc		76,224
3,478		Comerica, Inc		197,411
3,582		Commerce Bancorp, Inc		123,256
1,262		Commerce Bancshares, Inc		65,775
2,636		Compass Bancshares, Inc		127,292
1,100		Cullen/Frost Bankers, Inc		59,048
447		Downey Financial Corp		30,570
1,127		East West Bancorp, Inc		41,124
2,600		First Horizon National Corp		99,944
1,700		FirstMerit Corp		44,047
3,193		Fulton Financial Corp		56,197
12,447		Hudson City Bancorp, Inc		150,857
4,900		Huntington Bancshares, Inc		116,375
1,777		Independence Community Bank Corp		70,600
1,301		IndyMac Bancorp, Inc		50,765
998		International Bancshares Corp		29,301
1,400		Investors Financial Services Corp		51,562
8,396		Keycorp		276,480
1,552		M&T Bank Corp		169,246
4,763		Marshall & Ilsley Corp		205,000
8,791		Mellon Financial Corp		301,092
1,700		Mercantile Bankshares Corp		95,948
5,433		New York Community Bancorp, Inc		89,753
9,890		North Fork Bancorporation, Inc		270,590

229

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

SHARES				VALUE
4,071		Northern Trust Corp	$	210,959
1,250		People's Bank		38,825
5,892		Popular, Inc		124,616
204	v*	Popular, Inc		31
2,000		Sky Financial Group, Inc		55,640
1,501		South Financial Group, Inc		41,338
7,700		Sovereign Bancorp, Inc		166,474
6,431		Synovus Financial Corp		173,701
2,800		TCF Financial Corp		75,992
1,621		TD Banknorth, Inc		47,090
1,225		UnionBanCal Corp		84,182
2,374		Valley National Bancorp		57,213
1,751		Washington Federal, Inc		40,255
1,101		Webster Financial Corp		51,637
1,351		Whitney Holding Corp		37,234
1,400		Wilmington Trust Corp		54,474
2,200		Zions Bancorporation		166,232
		TOTAL DEPOSITORY INSTITUTIONS		4,728,362
EATING AND DRINKING PLACES - 0.78%
1,550		Applebees International, Inc		35,015
1,418		Aramark Corp (Class B)		39,392
1,900		Brinker International, Inc		73,454
1,004		CBRL Group, Inc		35,291
3,299		Darden Restaurants, Inc		128,265
1,300		Outback Steakhouse, Inc		54,093
1,258	*	Sonic Corp		37,111
1,651	*	The Cheesecake Factory, Inc		61,731
2,400		Wendy's International, Inc		132,624
		TOTAL EATING AND DRINKING PLACES		596,976
EDUCATIONAL SERVICES - 0.31%
2,100	*	Career Education Corp		70,812
1,522	*	Education Management Corp		51,002
975	*	ITT Educational Services, Inc		57,632
1,064	*	Laureate Education, Inc		55,871
		TOTAL EDUCATIONAL SERVICES		235,317
ELECTRIC, GAS, AND SANITARY SERVICES - 8.61%
13,511	*	AES Corp		213,879
1,630		AGL Resources, Inc		56,740
3,408	*	Allegheny Energy, Inc		107,863
2,400		Alliant Energy Corp		67,296
4,502	*	Allied Waste Industries, Inc		39,347
4,083		Ameren Corp		209,213
7,927		American Electric Power Co, Inc		294,012

230

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

SHARES				VALUE
2,700		Aqua America, Inc	$	73,710
1,622		Atmos Energy Corp		42,432
6,295		Centerpoint Energy, Inc		80,891
4,125		Cinergy Corp		175,148
4,487	*	CMS Energy Corp		65,106
5,099		Consolidated Edison, Inc		236,237
3,699		Constellation Energy Group, Inc		213,062
2,600		DPL, Inc		67,626
3,600		DTE Energy Co		155,484
6,600	*	Dynegy, Inc (Class A)		31,944
6,793		Edison International		296,243
13,357		El Paso Corp		162,421
1,502		Energen Corp		54,553
3,200		Energy East Corp		72,960
1,500		Great Plains Energy, Inc		41,940
1,600		Hawaiian Electric Industries, Inc		41,440
3,599		KeySpan Corp		128,448
2,000		Kinder Morgan, Inc		183,900
2,500		MDU Resources Group, Inc		81,850
1,686		National Fuel Gas Co		52,586
5,632		NiSource, Inc		117,484
3,300		Northeast Utilities		64,977
1,601	*	NRG Energy, Inc		75,439
2,200		NSTAR		63,140
1,900		OGE Energy Corp		50,901
2,101		Oneok, Inc		55,950
3,900		Pepco Holdings, Inc		87,243
7,624		PG&E Corp		283,003
1,763		Piedmont Natural Gas Co, Inc		42,594
2,100		Pinnacle West Capital Corp		86,835
1,444		PNM Resources, Inc		35,364
7,848		PPL Corp		230,731
5,192		Progress Energy, Inc		228,033
5,000		Public Service Enterprise Group, Inc		324,850
2,500		Puget Energy, Inc		51,050
1,800		Questar Corp		136,260
6,448	*	Reliant Energy, Inc		66,543
2,863		Republic Services, Inc		107,506
2,418		SCANA Corp		95,221
5,354		Sempra Energy		240,073
1,902	*	Southern Union Co		44,944
921	*	Stericycle, Inc		54,228
4,281		TECO Energy, Inc		73,548
2,196		UGI Corp		45,238
1,500		Vectren Corp		40,740
1,619		Westar Energy, Inc		34,809
1,210		Western Gas Resources, Inc		56,979
11,849		Williams Cos, Inc		274,541
2,500		Wisconsin Energy Corp		97,650
900		WPS Resources Corp		49,779
8,350		Xcel Energy, Inc		154,141
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		6,616,125

231

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

SHARES				VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.99%
2,529	*	ADC Telecommunications, Inc	$	56,498
8,200	*	Advanced Micro Devices, Inc		250,920
3,867	*	Agere Systems, Inc		49,884
7,818	*	Altera Corp		144,868
3,500		American Power Conversion Corp		77,000
1,438		Ametek, Inc		61,173
1,868		Amphenol Corp (Class A)		82,678
7,677		Analog Devices, Inc		275,374
3,268	*	Andrew Corp		35,066
1,000		AVX Corp		14,480
5,719	*	Broadcom Corp (Class A)		269,651
4,147	*	Comverse Technology, Inc		110,269
1,600	*	Cree, Inc		40,384
500	*	Dolby Laboratories, Inc (Class A)		8,525
1,300	*	Energizer Holdings, Inc		64,727
8,344	*	Freescale Semiconductor, Inc (Class B)		210,018
1,397		Harman International Industries, Inc		136,696
2,799		Harris Corp		120,385
1,500	*	International Rectifier Corp		47,850
3,200		Intersil Corp (Class A)		79,616
33,700	*	JDS Uniphase Corp		79,532
2,509		L-3 Communications Holdings, Inc		186,544
6,338		Linear Technology Corp		228,612
8,200	*	LSI Logic Corp		65,600
91,453	*	Lucent Technologies, Inc		243,265
6,831		Maxim Integrated Products, Inc		247,555
2,856	*	MEMC Electronic Materials, Inc		63,318
4,307		Microchip Technology, Inc		138,470
12,153	*	Micron Technology, Inc		161,756
2,900		Molex, Inc		75,255
7,259		National Semiconductor Corp		188,589
7,610	*	Network Appliance, Inc		205,470
2,656	*	Novellus Systems, Inc		64,063
3,556	*	Nvidia Corp		130,007
1,740	*	QLogic Corp		56,567
3,667		Rockwell Collins, Inc		170,405
11,100	*	Sanmina-SCI Corp		47,286
3,199		Scientific-Atlanta, Inc		137,781
27,324	*	Sirius Satellite Radio, Inc		183,071
656	*	Spectrum Brands, Inc		13,323
800		Teleflex, Inc		51,984
9,505	*	Tellabs, Inc		103,605
1,266	*	Thomas & Betts Corp		53,121
3,483	*	Vishay Intertechnology, Inc		47,926
1,300		Whirlpool Corp		108,888
7,195		Xilinx, Inc		181,386
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		5,369,441

232

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

SHARES				VALUE
ENGINEERING AND MANAGEMENT SERVICES - 1.84%
3,500	*	Celgene Corp	$	226,800
813		Corporate Executive Board Co		72,926
1,800		Fluor Corp		139,068
1,017	*	Gen-Probe, Inc		49,619
803	*	Hewitt Associates, Inc		22,492
1,197	*	Jacobs Engineering Group, Inc		81,240
5,277		Moody's Corp		324,113
6,901		Paychex, Inc		263,066
999		Pharmaceutical Product Development, Inc		61,888
3,400		Quest Diagnostics, Inc		175,032
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,416,244
FABRICATED METAL PRODUCTS - 0.39%
819	*	Alliant Techsystems, Inc		62,383
730		Aptargroup, Inc		38,106
2,199		Ball Corp		87,344
3,554	*	Crown Holdings, Inc		69,410
1,200		Snap-On, Inc		45,072
		TOTAL FABRICATED METAL PRODUCTS		302,315
FOOD AND KINDRED PRODUCTS - 2.26%
13,572		Archer Daniels Midland Co		334,686
4,819		Campbell Soup Co		143,462
6,361		Coca-Cola Enterprises, Inc		121,940
10,676		ConAgra Foods, Inc		216,509
3,997	*	Constellation Brands, Inc (Class A)		104,841
4,053		Del Monte Foods Co		42,273
7,251		H.J. Heinz Co		244,504
1,600		Hormel Foods Corp		52,288
1,152		J.M. Smucker Co		50,688
2,800		McCormick & Co, Inc (Non-Vote)		86,576
1,048		Molson Coors Brewing Co (Class B)		70,206
2,933		Pepsi Bottling Group, Inc		83,913
1,380		PepsiAmericas, Inc		32,099
1,811	*	Smithfield Foods, Inc		55,417
620	*	TreeHouse Foods, Inc		11,606
4,900		Tyson Foods, Inc (Class A)		83,790
		TOTAL FOOD AND KINDRED PRODUCTS		1,734,798
FOOD STORES - 0.92%
7,607		Albertson's, Inc		162,409
15,044	*	Kroger Co		284,031
580	*	Panera Bread Co (Class A)		38,094
2,824		Whole Foods Market, Inc		218,549
		TOTAL FOOD STORES		703,083

233

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

SHARES				VALUE
FORESTRY - 0.08%
1,589		Rayonier, Inc	$	63,322
		TOTAL FORESTRY		63,322
FURNITURE AND FIXTURES - 0.90%
1,400		Herman Miller, Inc		39,466
1,200		Hillenbrand Industries, Inc		59,292
1,100		HNI Corp		60,423
4,014		Johnson Controls, Inc		292,661
3,800		Leggett & Platt, Inc		87,248
5,765		Newell Rubbermaid, Inc		137,092
1,065	*	Tempur-Pedic International, Inc		12,248
		TOTAL FURNITURE AND FIXTURES		688,430
FURNITURE AND HOMEFURNISHINGS STORES - 0.77%
6,089	*	Bed Bath & Beyond, Inc		220,117
3,900		Circuit City Stores, Inc		88,101
1,100	*	Mohawk Industries, Inc		95,678
2,800		RadioShack Corp		58,884
1,300		Steelcase, Inc (Class A)		20,579
2,435	*	Williams-Sonoma, Inc		105,070
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		588,429
GENERAL BUILDING CONTRACTORS - 1.70%
926		Beazer Homes USA, Inc		67,450
2,627		Centex Corp		187,804
5,597		DR Horton, Inc		199,981
704	*	Hovnanian Enterprises, Inc (Class A)		34,947
1,720		KB Home		124,975
2,852		Lennar Corp (Class A)		174,029
643		MDC Holdings, Inc		39,853
495	*	Meritage Homes Corp		31,145
100	*	NVR, Inc		70,200
4,460		Pulte Homes, Inc		175,546
1,000		Ryland Group, Inc		72,130
1,420		Standard-Pacific Corp		52,256
2,272	*	Toll Brothers, Inc		78,702
		TOTAL GENERAL BUILDING CONTRACTORS		1,309,018
GENERAL MERCHANDISE STORES - 1.52%
1,460	*	BJ's Wholesale Club, Inc		43,158
1,359		Dillard's, Inc (Class A)		33,730
6,815		Dollar General Corp		129,962
3,218		Family Dollar Stores, Inc		79,774

234

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

SHARES				VALUE
5,507		Federated Department Stores, Inc	$	365,279
4,347		JC Penney Co, Inc		241,693
2,500	*	Saks, Inc		42,150
9,925		TJX Cos, Inc		230,558
		TOTAL GENERAL MERCHANDISE STORES		1,166,304
HEALTH SERVICES - 2.13%
4,306		AmerisourceBergen Corp		178,268
1,834	*	Community Health Systems, Inc		70,316
1,342	*	Covance, Inc		65,154
3,308	*	Coventry Health Care, Inc		188,424
2,062	*	DaVita, Inc		104,420
1,301	*	Edwards Lifesciences Corp		54,135
2,600	*	Express Scripts, Inc		217,880
5,088		Health Management Associates, Inc (Class A)		111,732
2,849	*	Laboratory Corp of America Holdings		153,419
1,148	*	LifePoint Hospitals, Inc		43,050
1,933	*	Lincare Holdings, Inc		81,012
1,599		Manor Care, Inc		63,592
1,400	*	Renal Care Group, Inc		66,234
605	*	Sierra Health Services, Inc		48,376
9,631	*	Tenet Healthcare Corp		73,773
1,839	*	Triad Hospitals, Inc		72,144
1,000		Universal Health Services, Inc (Class B)		46,740
		TOTAL HEALTH SERVICES		1,638,669
HOLDING AND OTHER INVESTMENT OFFICES - 6.18%
693	*	Affiliated Managers Group, Inc		55,613
2,800		Allied Capital Corp		82,236
1,794		AMB Property Corp		88,211
2,554		American Financial Realty Trust		30,648
2,400		Annaly Mortgage Management, Inc		26,256
1,964		Apartment Investment & Management Co (Class A)		74,377
4,456		Archstone-Smith Trust		186,662
1,388		Arden Realty, Inc		62,224
1,500		AvalonBay Communities, Inc		133,875
2,369		Boston Properties, Inc		175,614
1,135		BRE Properties, Inc (Class A)		51,620
960		Camden Property Trust		55,603
1,181		CarrAmerica Realty Corp		40,898
901		CBL & Associates Properties, Inc		35,599
976		Centerpoint Properties Trust		48,292
1,600		Crescent Real Estate Equities Co		31,712
2,239		Developers Diversified Realty Corp		105,278
3,032		Duke Realty Corp		101,269
8,444		Equity Office Properties Trust		256,107
5,995		Equity Residential		234,524
510		Essex Property Trust, Inc		47,022

235

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

SHARES				VALUE
1,100		Federal Realty Investment Trust	$	66,715
2,791		Friedman Billings Ramsey Group, Inc		27,631
3,650		General Growth Properties, Inc		171,514
367		Global Signal, Inc		15,840
2,800		Health Care Property Investors, Inc		71,568
1,250		Health Care REIT, Inc		42,375
1,047		Healthcare Realty Trust, Inc		34,834
1,501		Hospitality Properties Trust		60,190
7,267		Host Marriott Corp		137,710
4,400		HRPT Properties Trust		45,540
1,050		iShares Russell Midcap Index Fund		92,327
2,400		iStar Financial, Inc		85,560
4,132		Kimco Realty Corp		132,555
800		KKR Financial Corp		19,192
1,809		Liberty Property Trust		77,516
1,260		Macerich Co		84,596
1,349		Mack-Cali Realty Corp		58,277
1,198		Mills Corp		50,244
968		New Century Financial Corp		34,916
2,035		New Plan Excel Realty Trust		47,171
846		Pan Pacific Retail Properties, Inc		56,589
3,800		Plum Creek Timber Co, Inc		136,990
5,027		Prologis		234,861
1,762		Public Storage, Inc		119,323
1,814		Realty Income Corp		39,219
1,706		Reckson Associates Realty Corp		61,382
1,408		Regency Centers Corp		83,002
943		Shurgard Storage Centers, Inc (Class A)		53,478
840		SL Green Realty Corp		64,168
5,156	*	Telewest Global, Inc		122,816
2,000		Thornburg Mortgage, Inc		52,400
1,900		Trizec Properties, Inc		43,548
2,836		United Dominion Realty Trust, Inc		66,476
2,109		Ventas, Inc		67,530
2,471		Vornado Realty Trust		206,254
1,617		Weingarten Realty Investors		61,139
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,749,086
HOTELS AND OTHER LODGING PLACES - 1.03%
851		Boyd Gaming Corp		40,559
614		Choice Hotels International, Inc		25,641
7,966		Hilton Hotels Corp		192,060
522	*	Las Vegas Sands Corp		20,603
2,474	*	MGM Mirage		90,722
4,524		Starwood Hotels & Resorts Worldwide, Inc		288,903
1,188		Station Casinos, Inc		80,546
949	*	Wynn Resorts Ltd		52,053
		TOTAL HOTELS AND OTHER LODGING PLACES		791,087

236

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

SHARES				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.85%
3,890		American Standard Cos, Inc	$	155,406
1,700		Black & Decker Corp		147,832
593		Carlisle Cos, Inc		41,006
1,300		CDW Corp		74,841
2,276	*	Cooper Cameron Corp		94,226
1,017		Cummins, Inc		91,255
1,500		Diebold, Inc		57,000
1,500		Donaldson Co, Inc		47,700
4,277		Dover Corp		173,176
600	*	Dresser-Rand Group, Inc		14,508
3,179		Eaton Corp		213,279
1,501	*	FMC Technologies, Inc		64,423
1,401		Graco, Inc		51,108
2,529	*	Grant Prideco, Inc		111,579
1,108		IDEX Corp		45,550
7,111		International Game Technology		218,877
3,400	*	Jabil Circuit, Inc		126,106
2,490		Joy Global, Inc		99,600
2,864	*	Lam Research Corp		102,188
2,405	*	Lexmark International, Inc		107,816
2,588		Pall Corp		69,514
2,500		Parker Hannifin Corp		164,900
2,100		Pentair, Inc		72,492
3,800		Rockwell Automation, Inc		224,808
3,782	*	SanDisk Corp		237,585
1,269	*	Scientific Games Corp (Class A)		34,618
4,398		Smith International, Inc		163,210
18,385	*	Solectron Corp		67,289
1,400		SPX Corp		64,078
1,771		Stanley Works		85,079
5,100		Symbol Technologies, Inc		65,382
1,079	*	Terex Corp		64,093
1,611		Timken Co		51,584
862		Toro Co		37,730
2,773	*	Varian Medical Systems, Inc		139,593
4,500	*	Western Digital Corp		83,745
1,483	*	Zebra Technologies Corp (Class A)		63,547
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,726,723
INSTRUMENTS AND RELATED PRODUCTS - 4.36%
1,356	*	Advanced Medical Optics, Inc		56,681
1,403	*	Affymetrix, Inc		66,993
10,132	*	Agilent Technologies, Inc		337,294
2,718		Allergan, Inc		293,435
4,100		Applera Corp (Applied Biosystems Group)		108,896
2,169		Bard (C.R.), Inc		142,980
1,080		Bausch & Lomb, Inc		73,332
1,300		Beckman Coulter, Inc		73,970
5,226		Biomet, Inc		191,115

237

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

SHARES				VALUE
838		Cooper Cos, Inc	$	42,989
1,700		Dentsply International, Inc		91,273
5,961		Eastman Kodak Co		139,487
2,536	*	Fisher Scientific International, Inc		156,877
1,316	*	Flir Systems, Inc		29,386
689	*	Inamed Corp		60,412
4,100		Kla-Tencor Corp		202,253
836	*	Mettler-Toledo International, Inc		46,147
1,119	*	Millipore Corp		73,899
1,200		National Instruments Corp		38,460
2,720		PerkinElmer, Inc		64,083
4,740		Pitney Bowes, Inc		200,265
1,500	*	Resmed, Inc		57,465
1,500	*	Respironics, Inc		55,605
1,714		Roper Industries, Inc		67,720
784	*	Techne Corp		44,022
1,800		Tektronix, Inc		50,778
4,100	*	Teradyne, Inc		59,737
3,400	*	Thermo Electron Corp		102,442
1,038	*	Trimble Navigation Ltd		36,839
2,386	*	Waters Corp		90,191
19,790	*	Xerox Corp		289,924
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,344,950
INSURANCE AGENTS, BROKERS AND SERVICE - 0.48%
6,632		AON Corp		238,420
2,244		Brown & Brown, Inc		68,532
1,900		Gallagher (Arthur J.) & Co		58,672
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		365,624
INSURANCE CARRIERS - 5.37%
87	*	Alleghany Corp		24,708
2,300		Ambac Financial Group, Inc		177,238
1,002		American Financial Group, Inc		38,386
134		American National Insurance Co		15,676
1,197	*	AMERIGROUP Corp		23,293
758		AmerUs Group Co		42,956
2,272		Assurant, Inc		98,809
2,750		Cigna Corp		307,175
3,658		Cincinnati Financial Corp		163,439
500	*	CNA Financial Corp		16,365
567		Commerce Group, Inc		32,478
3,193	*	Conseco, Inc		73,982
897		Erie Indemnity Co (Class A)		47,720
3,374		Fidelity National Financial, Inc		124,129
555		Fidelity National Title Group, Inc		13,514
1,700		First American Corp		77,010
4,686		Genworth Financial, Inc		162,042

238

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

SHARES				VALUE
1,084		Hanover Insurance Group, Inc	$	45,278
2,354		HCC Insurance Holdings, Inc		69,867
2,300	*	Health Net, Inc		118,565
3,299	*	Humana, Inc		179,235
2,824		Jefferson-Pilot Corp		160,770
1,699		Leucadia National Corp		80,635
3,661		Lincoln National Corp		194,143
174	*	Markel Corp		55,167
2,799		MBIA, Inc		168,388
600		Mercury General Corp		34,932
2,040		MGIC Investment Corp		134,273
1,231		Nationwide Financial Services, Inc (Class A)		54,164
3,800		Old Republic International Corp		99,788
406	*	Philadelphia Consolidated Holding Co		39,256
2,000		PMI Group, Inc		82,140
6,099		Principal Financial Group		289,276
1,500		Protective Life Corp		65,655
1,862		Radian Group, Inc		109,095
700		Reinsurance Group Of America, Inc		33,432
2,657		Safeco Corp		150,121
1,200		Stancorp Financial Group, Inc		59,940
2,150		Torchmark Corp		119,540
600		Transatlantic Holdings, Inc		40,320
1,000		Unitrin, Inc		45,050
6,253		UnumProvident Corp		142,256
2,274		W.R. Berkley Corp		108,288
19		Wesco Financial Corp		7,315
		TOTAL INSURANCE CARRIERS		4,125,809
LEATHER AND LEATHER PRODUCTS - 0.39%
7,794	*	Coach, Inc		259,852
1,132	*	Timberland Co (Class A)		36,847
		TOTAL LEATHER AND LEATHER PRODUCTS		296,699
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.06%
1,981		Laidlaw International, Inc		46,019
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		46,019
LUMBER AND WOOD PRODUCTS - 0.08%
2,307	v	Louisiana-Pacific Corp		63,373
		TOTAL LUMBER AND WOOD PRODUCTS		63,373
METAL MINING - 0.67%
3,794		Freeport-McMoRan Copper & Gold, Inc (Class A)		204,117

239

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

SHARES				VALUE
1,923		Phelps Dodge Corp	$	276,662
560		Southern Copper Corp		37,509
		TOTAL METAL MINING		518,288
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.58%
3,084		Fortune Brands, Inc		240,614
3,300		Hasbro, Inc		66,594
8,517		Mattel, Inc		134,739
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		441,947
MISCELLANEOUS RETAIL - 1.02%
1,083		Barnes & Noble, Inc		46,212
1,500		Borders Group, Inc		32,505
400	*	CKX, Inc		5,200
813	*	Dick's Sporting Goods, Inc		27,024
2,300	*	Dollar Tree Stores, Inc		55,062
2,900		Michaels Stores, Inc		102,573
1,014		MSC Industrial Direct Co (Class A)		40,783
6,600	*	Office Depot, Inc		207,240
1,455		OfficeMax, Inc		36,899
3,035		Petsmart, Inc		77,878
10,759	*	Rite Aid Corp		37,441
3,041		Tiffany & Co		116,440
		TOTAL MISCELLANEOUS RETAIL		785,257
MOTION PICTURES - 0.19%
824	*	Avid Technology, Inc		45,122
819	*	DreamWorks Animation SKG, Inc (Class A)		20,115
1,154	*	Pixar		60,839
918		Regal Entertainment Group (Class A)		17,460
		TOTAL MOTION PICTURES		143,536
NONDEPOSITORY INSTITUTIONS - 0.65%
2,246		American Capital Strategies Ltd		81,328
2,900	*	AmeriCredit Corp		74,327
1,468		CapitalSource, Inc		32,883
4,100		CIT Group, Inc		212,298
592		First Marblehead Corp		19,453
308	*	Nelnet, Inc		12,529
81		Student Loan Corp		16,948
478		Westcorp		31,840
209	*	WFS Financial, Inc		15,915
		TOTAL NONDEPOSITORY INSTITUTIONS		497,521

240

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

SHARES				VALUE
NONMETALLIC MINERALS, EXCEPT FUELS - 0.26%
961		Florida Rock Industries, Inc	$	47,147
2,200		Vulcan Materials Co		149,050
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		196,197
OIL AND GAS EXTRACTION - 3.92%
6,700		BJ Services Co		245,689
7,422		Chesapeake Energy Corp		235,500
2,420	*	Denbury Resources, Inc		55,128
1,300		Diamond Offshore Drilling, Inc		90,428
3,100		ENSCO International, Inc		137,485
2,600		Equitable Resources, Inc		95,394
1,136	*	Forest Oil Corp		51,768
999		Helmerich & Payne, Inc		61,848
2,371		Kerr-McGee Corp		215,429
3,635	*	National Oilwell Varco, Inc		227,915
2,672	*	Newfield Exploration Co		133,787
3,680		Noble Energy, Inc		148,304
3,514		Patterson-UTI Energy, Inc		115,786
2,716		Pioneer Natural Resources Co		139,249
1,576	*	Plains Exploration & Production Co		62,614
1,300		Pogo Producing Co		64,753
3,293	*	Pride International, Inc		101,260
1,100	*	Quicksilver Resources, Inc		46,211
2,726		Range Resources Corp		71,803
2,308		Rowan Cos, Inc		82,257
3,492	*	Southwestern Energy Co		125,502
1,299		Tidewater, Inc		57,754
914	*	Unit Corp		50,297
1,158		Vintage Petroleum, Inc		61,756
7,495		XTO Energy, Inc		329,330
		TOTAL OIL AND GAS EXTRACTION		3,007,247
PAPER AND ALLIED PRODUCTS - 0.58%
2,300		Bemis Co		64,101
3,847		MeadWestvaco Corp		107,831
1,300		Packaging Corp of America		29,835
5,400	*	Smurfit-Stone Container Corp		76,518
2,100		Sonoco Products Co		61,740
2,338		Temple-Inland, Inc		104,859
		TOTAL PAPER AND ALLIED PRODUCTS		444,884
PERSONAL SERVICES - 0.50%
2,896		Cintas Corp		119,257
6,900		H&R Block, Inc		169,395
6,400		Service Corp International		52,352

241

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

SHARES				VALUE
841	*	Weight Watchers International, Inc	$	41,571
		TOTAL PERSONAL SERVICES		382,575
PETROLEUM AND COAL PRODUCTS - 1.48%
1,585		Amerada Hess Corp		201,010
1,300		Ashland, Inc		75,270
4,950		EOG Resources, Inc		363,182
3,430		Murphy Oil Corp		185,186
2,912		Sunoco, Inc		228,243
1,410		Tesoro Corp		86,786
		TOTAL PETROLEUM AND COAL PRODUCTS		1,139,677
PRIMARY METAL INDUSTRIES - 0.79%
2,016		Allegheny Technologies, Inc		72,737
1,300		Hubbell, Inc (Class B)		58,656
3,300		Nucor Corp		220,176
2,748		Precision Castparts Corp		142,374
2,382		United States Steel Corp		114,503
		TOTAL PRIMARY METAL INDUSTRIES		608,446
PRINTING AND PUBLISHING - 1.52%
854	*	ACCO Brands Corp		20,923
1,343		American Greetings Corp (Class A)		29,506
1,900		Belo (A.H.) Corp Series A		40,679
3,173		Dex Media, Inc		85,957
1,170		Dow Jones & Co, Inc		41,523
1,482	*	Dun & Bradstreet Corp		99,235
1,200		Harte-Hanks, Inc		31,668
1,608		Knight Ridder, Inc		101,786
899		Lee Enterprises, Inc		33,182
400		McClatchy Co (Class A)		23,640
857		Meredith Corp		44,855
3,000		New York Times Co (Class A)		79,350
570	*	R.H. Donnelley Corp		35,123
4,399		R.R. Donnelley & Sons Co		150,490
1,749		EW Scripps Co		83,987
4,933		Tribune Co		149,273
101		Washington Post Co (Class B)		77,265
1,000		John Wiley & Sons, Inc (Class A)		39,040
		TOTAL PRINTING AND PUBLISHING		1,167,482
RAILROAD TRANSPORTATION - 0.79%
4,500		CSX Corp		228,465
8,386		Norfolk Southern Corp		375,944
		TOTAL RAILROAD TRANSPORTATION		604,409

242

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

SHARES				VALUE
REAL ESTATE - 0.28%
990	*	CB Richard Ellis Group, Inc	$	58,262
1,422		Forest City Enterprises, Inc (Class A)		53,936
1,548		St. Joe Co		104,057
		TOTAL REAL ESTATE		216,255
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.20%
3,148	*	Goodyear Tire & Rubber Co		54,712
1,800	*	Sealed Air Corp		101,106
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		155,818
SECURITY AND COMMODITY BROKERS - 2.40%
1,699		A.G. Edwards. Inc		79,615
5,100		Ameritrade Holding Corp		122,400
2,300		Bear Stearns Cos, Inc		265,719
451		BlackRock, Inc		48,924
100	*	Cbot Holdings, Inc		9,376
689		Chicago Mercantile Exchange Holdings, Inc		253,201
7,753	*	E*Trade Financial Corp		161,728
2,800		Eaton Vance Corp		76,608
1,800		Federated Investors, Inc (Class B)		66,672
4,700		Janus Capital Group, Inc		87,561
1,100		Jefferies Group, Inc		49,478
2,354		Legg Mason, Inc		281,750
1,100		Nuveen Investments, Inc		46,882
1,350		Raymond James Financial, Inc		50,855
1,363		SEI Investments Co		50,431
2,715		T Rowe Price Group, Inc		195,561
		TOTAL SECURITY AND COMMODITY BROKERS		1,846,761
STONE, CLAY, AND GLASS PRODUCTS - 0.29%
3,172		Gentex Corp		61,854
700		Lafarge North America, Inc		38,514
3,306	*	Owens-Illinois, Inc		69,558
855	b,*	USG Corp		55,575
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		225,501
TOBACCO PRODUCTS - 0.49%
1,387		Loews Corp (Carolina Group)		61,014
1,839		Reynolds American, Inc		175,312
3,450		UST, Inc		140,864
		TOTAL TOBACCO PRODUCTS		377,190

243

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

SHARES				VALUE
TRANSPORTATION BY AIR - 0.51%
3,751	*	AMR Corp	$	83,385
2,953	*	JetBlue Airways Corp		45,417
16,221		Southwest Airlines Co		266,511
		TOTAL TRANSPORTATION BY AIR		395,313
TRANSPORTATION EQUIPMENT - 1.89%
1,676		Autoliv, Inc		76,124
1,973		Brunswick Corp		80,222
3,200		Dana Corp		22,976
3,601		Genuine Parts Co		158,156
2,500		Goodrich Corp		102,750
939		Harsco Corp		63,392
1,839		ITT Industries, Inc		189,086
900		Martin Marietta Materials, Inc		69,048
1,300	*	Navistar International Corp		37,206
1,570		Oshkosh Truck Corp		70,006
3,650		Paccar, Inc		252,690
3,100	*	Pactiv Corp		68,200
900		Polaris Industries, Inc		45,180
2,500		Textron, Inc		192,450
864	*	TRW Automotive Holdings Corp		22,766
		TOTAL TRANSPORTATION EQUIPMENT		1,450,252
TRANSPORTATION SERVICES - 0.50%
3,536		CH Robinson Worldwide, Inc		130,938
2,199		Expeditors International Washington, Inc		148,454
1,400		Lear Corp		39,844
2,710		Sabre Holdings Corp		65,338
		TOTAL TRANSPORTATION SERVICES		384,574
TRUCKING AND WAREHOUSING - 0.32%
1,101		CNF, Inc		61,535
2,596		J.B. Hunt Transport Services, Inc		58,773
1,262		Landstar System, Inc		52,676
966	*	Swift Transportation Co, Inc		19,610
1,196	*	Yellow Roadway Corp		53,354
		TOTAL TRUCKING AND WAREHOUSING		245,948
WATER TRANSPORTATION - 0.10%
878		Alexander & Baldwin, Inc		47,623
628		Overseas Shipholding Group, Inc		31,645
		TOTAL WATER TRANSPORTATION		79,268

244

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

SHARES				VALUE
WHOLESALE TRADE-DURABLE GOODS - 1.08%
1,900		Adesa, Inc	$	46,398
2,500	*	Arrow Electronics, Inc		80,075
3,000	*	Avnet, Inc		71,820
1,200		BorgWarner, Inc		72,756
2,336	*	Cytyc Corp		65,945
2,600	*	Ingram Micro, Inc (Class A)		51,818
2,424		Omnicare, Inc		138,701
2,843	*	Patterson Cos, Inc		94,956
1,133		SCP Pool Corp		42,170
1,199	*	Tech Data Corp		47,576
1,600		W.W. Grainger, Inc		113,760
		TOTAL WHOLESALE TRADE-DURABLE GOODS		825,975
WHOLESALE TRADE-NONDURABLE GOODS - 1.40%
1,311		Airgas, Inc		43,132
1,235		Brown-Forman Corp (Class B)		85,610
2,900	*	Dean Foods Co		109,214
1,010	*	Endo Pharmaceuticals Holdings, Inc		30,563
1,801	*	Henry Schein, Inc		78,596
6,233		McKesson Corp		321,560
1,030	*	Men's Wearhouse, Inc		30,323
999		Reebok International, Ltd		58,172
9,300		Safeway, Inc		220,038
2,800		Supervalu, Inc		90,944
200		Valhi, Inc		3,700
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,071,852
		TOTAL COMMON STOCKS		76,681,956
		(Cost $56,549,705)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.49%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.49%
$     380,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06		379,859
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		379,859
		TOTAL SHORT-TERM INVESTMENTS		379,859
		(Cost $379,929)
		TOTAL PORTFOLIO- 100.33%		77,061,815
		(Cost $56,929,634)
		OTHER ASSETS & LIABILITIES, NET - (0.33)%		(254,532	)
		NET ASSETS - 100.00%	$	76,807,283

245

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Blend 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.

246

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.91%
AGRICULTURAL PRODUCTION-CROPS - 0.11%
471		Alico, Inc	$	21,284
3,102		Delta & Pine Land Co		71,377
		TOTAL AGRICULTURAL PRODUCTION-CROPS		92,661
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.03%
18		Seaboard Corp		27,198
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		27,198
AMUSEMENT AND RECREATION SERVICES - 0.47%
6,677	*	Alliance Gaming Corp		86,934
100		Churchill Downs, Inc		3,673
1,180		Dover Downs Gaming & Entertainment, Inc		16,697
252	*	Leapfrog Enterprises, Inc		2,936
3,194	*	Life Time Fitness, Inc		121,659
2,223	*	Multimedia Games, Inc		20,563
583	*	Pinnacle Entertainment, Inc		14,406
469		Speedway Motorsports, Inc		16,260
1,158	*	Sunterra Corp		16,467
2,817	*	WMS Industries, Inc		70,679
481		World Wrestling Entertainment, Inc		7,061
		TOTAL AMUSEMENT AND RECREATION SERVICES		377,335
APPAREL AND ACCESSORY STORES - 1.86%
7,327	*	Aeropostale, Inc		192,700
220		Buckle, Inc		7,093
1,692	*	Cache, Inc		29,305
2,399	*	Carter's, Inc		141,181
3,408	*	Casual Male Retail Group, Inc		20,891
1,532		Cato Corp (Class A)		32,861
1,266	*	Charlotte Russe Holding, Inc		26,371
2,745	*	Children's Place Retail Stores, Inc		135,658
4,781		Christopher & Banks Corp		89,787
589	*	Citi Trends, Inc		25,144
179		DEB Shops, Inc		5,322
2,076	*	Dress Barn, Inc		80,154
700	*	DSW, Inc		18,354
5,056		Finish Line, Inc (Class A)		88,076
1,100		Goody's Family Clothing, Inc		10,549
5,911	*	HOT Topic, Inc		84,232
1,789	*	JOS A Bank Clothiers, Inc		77,660
1,816	*	New York & Co, Inc		38,499
9,966	*	Pacific Sunwear Of California, Inc		248,353

247

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

SHARES				VALUE
181		Stage Stores, Inc	$	5,390
2,411		Talbots, Inc		67,074
4,315	*	The Wet Seal, Inc		19,159
681	*	Too, Inc		19,211
900	*	Under Armour, Inc		34,479
2,015	*	Wilsons The Leather Experts, Inc		7,314
		TOTAL APPAREL AND ACCESSORY STORES		1,504,817
APPAREL AND OTHER TEXTILE PRODUCTS - 0.45%
3,800	*	DHB Industries, Inc		16,986
2,117	*	Guess ?, Inc		75,365
1,571	*	Gymboree Corp		36,761
3,197	*	Innovo Group, Inc		3,293
1,000	*	Maidenform Brands, Inc		12,660
3,709		Phillips-Van Heusen Corp		120,172
300	*	Volcom, Inc		10,203
3,346	*	Warnaco Group, Inc		89,405
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		364,845
AUTO REPAIR, SERVICES AND PARKING - 0.23%
300	*	Amerco, Inc		21,615
2,176	*	Midas, Inc		39,951
873		Monro Muffler, Inc		26,469
300	*	Pacific Ethanol, Inc		3,246
4,300	*	Wright Express Corp		94,600
		TOTAL AUTO REPAIR, SERVICES AND PARKING		185,881
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.20%
1,200	*	America's Car-Mart, Inc		19,824
5,261	*	CSK Auto Corp		79,336
695	*	MarineMax, Inc		21,941
2,767	*	Rush Enterprises, Inc (Class A)		41,173
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		162,274
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.01%
500	*	Builders FirstSource, Inc		10,685
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		10,685
BUSINESS SERVICES - 15.04%
1,715	*	3D Systems Corp		30,870
5,084		Aaron Rents, Inc		107,171
11,590		Acxiom Corp		266,570

248

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

SHARES				VALUE
2,704		Administaff, Inc	$	113,703
2,778	*	Advent Software, Inc		80,312
4,063		Advo, Inc		114,495
2,965	*	Agile Software Corp		17,731
2,813	*	Altiris, Inc		47,512
1,100	*	AMICAS, Inc		5,456
1,545	*	AMN Healthcare Services, Inc		30,560
900	*	Ansoft Corp		30,645
4,261	*	Ansys, Inc		181,902
3,637	*	Anteon International Corp		197,671
8,773	*	Applied Digital Solutions, Inc		25,179
7,366	*	aQuantive, Inc		185,918
700	*	Arbinet-thexchange, Inc		4,907
2,894		Arbitron, Inc		109,914
5,800	*	Aspen Technology, Inc		45,530
1,167	*	Asset Acceptance Capital Corp		26,211
3,207	*	Audible, Inc		41,178
3,015	*	Autobytel, Inc		14,894
5,643	*	Avocent Corp		153,433
1,276	*	Bankrate, Inc		37,668
1,233		Blackbaud, Inc		21,060
2,412	*	Blackboard, Inc		69,900
1,512	*	Blue Coat Systems, Inc		69,129
2,099	*	Bottomline Technologies, Inc		23,131
2,692		Brady Corp (Class A)		97,397
3,915		Catalina Marketing Corp		99,245
1,094	*	CCC Information Services Group, Inc		28,685
2,947	*	Ciber, Inc		19,450
1,140	*	Click Commerce, Inc		23,963
46,737	*	CMGI, Inc		71,040
17,114	*	CNET Networks, Inc		251,405
1,585	*	Cogent Communications Group, Inc		8,702
3,182	*	Cogent, Inc		72,168
5,442		Cognex Corp		163,750
1,048		Computer Programs & Systems, Inc		43,419
1,966	*	COMSYS IT Partners, Inc		21,724
3,800	*	Concur Technologies, Inc		48,982
2,184	*	CoStar Group, Inc		94,283
637	*	Covansys Corp		8,670
3,400	*	CSG Systems International, Inc		75,888
2,700	*	Cyberguard Corp		23,841
3,700	*	Cybersource Corp		24,420
5,502	*	Dendrite International, Inc		79,284
4,627	*	Digital Insight Corp		148,157
4,537	*	Digital River, Inc		134,930
15,593	*	Earthlink, Inc		173,238
5,000	*	Eclipsys Corp		94,650
2,200	*	eCollege.com, Inc		39,666
4,245	*	eFunds Corp		99,503
1,980	*	Emageon, Inc		31,482
7,941	*	Entrust, Inc		38,434
6,964	*	Epicor Software Corp		98,401

249

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

SHARES				VALUE
463	*	EPIQ Systems, Inc	$	8,584
2,037	*	Equinix, Inc		83,028
684	*	Escala Group, Inc		13,872
4,580		Factset Research Systems, Inc		188,513
3,200	*	FalconStor Software, Inc		23,648
5,401	*	Filenet Corp		139,616
735	*	First Advantage Corp		19,632
406	*	Forrester Research, Inc		7,613
1,801	*	FTD Group, Inc		18,712
6,227	*	Gartner, Inc (Class A)		80,328
3,638		Gevity HR, Inc		93,569
800	*	Global Cash Access, Inc		11,672
3,333		Healthcare Services Group		69,026
300	*	Heartland Payment Systems, Inc		6,498
1,769	*	Heidrick & Struggles International, Inc		56,696
19,394	*	Homestore, Inc		98,909
2,632	*	Hudson Highland Group, Inc		45,692
5,460	*	Hypercom Corp		34,889
3,303	*	IDX Systems Corp		145,068
419	*	iGate Corp		2,036
1,400	*	IHS, Inc		28,728
2,726	*	Infocrossing, Inc		23,471
11,359	*	Informatica Corp		136,308
3,201	*	Infospace, Inc		82,650
4,400		infoUSA, Inc		48,092
1,656	*	Innovative Solutions & Support, Inc		21,164
1,133	*	Intergraph Corp		56,435
4,050	*	Internet Security Systems, Inc		84,848
1,086	*	Intervideo, Inc		11,457
400	*	Interwoven, Inc		3,388
1,724	*	Intrado, Inc		39,686
6,144	*	Ipass, Inc		40,305
1,624	*	iPayment, Inc		67,428
6,235	*	iVillage, Inc		50,005
9,637		Jack Henry & Associates, Inc		183,874
1,678	*	Jamdat Mobile, Inc		44,601
2,715	*	Jupitermedia Corp		40,128
3,266	*	Kanbay International, Inc		51,897
725	*	Keane, Inc		7,982
300	*	Kenexa Corp		6,330
1,200	*	Keynote Systems, Inc		15,420
3,000	*	Kforce, Inc		33,480
7,612	*	KFX, Inc		130,241
4,850	*	Korn/Ferry International		90,646
4,174	*	Kronos, Inc		174,724
7,055	*	Labor Ready, Inc		146,885
6,804	*	Lionbridge Technologies		47,764
2,292	*	LoJack Corp		55,306
1,963	*	Majesco Entertainment Co		2,297
3,405	*	Manhattan Associates, Inc		69,734
2,035	*	Mantech International Corp (Class A)		56,695
2,140	*	Mapinfo Corp		26,985

250

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

SHARES				VALUE
2,579	*	Marchex, Inc	$	58,002
865	*	Marlin Business Services, Inc		20,665
479	*	Matrixone, Inc		2,390
3,760	*	Mentor Graphics Corp		38,878
10,862	*	Micromuse, Inc		107,425
1,851	*	MicroStrategy, Inc		153,152
2,322	*	Midway Games, Inc		44,048
9,540		MoneyGram International, Inc		248,803
1,838	*	Motive, Inc		5,679
5,160	*	MPS Group, Inc		70,537
249	*	MRO Software, Inc		3,496
854	*	Ness Technologies, Inc		9,198
4,854	*	NetFlix, Inc		131,349
1,910	*	Netscout Systems, Inc		10,409
4,400	*	NIC, Inc		27,104
2,845	*	Online Resources Corp		31,437
2,284	*	Open Solutions, Inc		52,349
9,896	*	Opsware, Inc		67,194
4,542	*	Packeteer, Inc		35,291
35,659	*	Parametric Technology Corp		217,520
2,500	*	PDF Solutions, Inc		40,625
1,554	*	Perot Systems Corp (Class A)		21,973
3,003	*	Phase Forward, Inc		29,279
2,687	*	Phoenix Technologies Ltd		16,821
2,055	*	Portfolio Recovery Associates, Inc		95,434
1,344	*	PRA International		37,834
9,327	*	Premiere Global Services, Inc		75,828
5,156	*	Progress Software Corp		146,327
1,063		QAD, Inc		8,121
1,028		Quality Systems, Inc		78,909
7,054	*	Quest Software, Inc		102,918
2,880	*	Radiant Systems, Inc		35,021
1,065	*	Radisys Corp		18,467
15,412	*	RealNetworks, Inc		119,597
1,925	*	Redback Networks, Inc		27,065
1,100		Renaissance Learning, Inc		20,801
1,809	*	Rent-Way, Inc		11,560
1,515	*	RightNow Technologies, Inc		27,967
3,738		Rollins, Inc		73,676
2,342	*	RSA Security, Inc		26,300
3,601	*	S1 Corp		15,664
1,390	*	SafeNet, Inc		44,786
10,298	*	Sapient Corp		58,596
4,900	*	Secure Computing Corp		60,074
3,700	*	Serena Software, Inc		86,728
879	*	SI International, Inc		26,871
3,287	*	Sohu.com, Inc		60,284
33,099	*	Sonus Networks, Inc		123,128
4,793	*	Sotheby's Holdings, Inc (Class A)		87,999
4,796	*	Spherion Corp		48,008
2,253	*	SPSS, Inc		69,685
919	*	SSA Global Technologies, Inc		16,717

251

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

SHARES				VALUE
1,300	*	Stellent, Inc	$	12,909
1,450	*	Stratasys, Inc		36,265
3,738	*	SupportSoft, Inc		15,774
1,200	*	SYKES Enterprises, Inc		16,044
1,000		Syntel, Inc		20,830
900	*	TAL International Group, Inc		18,585
700	*	Taleo Corp		9,296
2,064		Talx Corp		94,345
3,768	*	TeleTech Holdings, Inc		45,404
6,621	*	THQ, Inc		157,911
18,831	*	TIBCO Software, Inc		140,668
1,379	*	TNS, Inc		26,449
2,700	*	TradeStation Group, Inc		33,426
4,926	*	Transaction Systems Architects, Inc		141,820
416	*	Travelzoo, Inc		9,152
5,510	*	Trizetto Group, Inc		93,615
1,386	*	TRM Corp		10,326
3,031	*	Ultimate Software Group, Inc		57,801
400	*	Unica Corp		4,820
1,663		United Online, Inc		23,648
11,608	*	Valueclick, Inc		210,221
3,022	*	Vasco Data Security International		29,797
3,443	*	Ventiv Health, Inc		81,324
1,753	*	Verint Systems, Inc		60,426
1,360	*	Vignette Corp		22,182
4,279	*	WebEx Communications, Inc		92,555
700	*	WebMD Health Corp		20,335
3,139	*	Websense, Inc		206,044
900	*	WebSideStory, Inc		16,317
9,316	*	Wind River Systems, Inc		137,597
4,180	*	Witness Systems, Inc		82,221
		TOTAL BUSINESS SERVICES		12,170,078
CHEMICALS AND ALLIED PRODUCTS - 8.08%
13,827	*	Aastrom Biosciences, Inc		29,175
11,771	*	Abgenix, Inc		253,194
1,988	*	Acadia Pharmaceuticals, Inc		19,582
1,000	*	Adams Respiratory Therapeutics, Inc		40,660
500	*	Adeza Biomedical Corp		10,525
5,300	*	Adolor Corp		77,380
4,052	*	Alexion Pharmaceuticals, Inc		82,053
12,018	*	Alkermes, Inc		229,784
1,383		Alpharma, Inc (Class A)		39,429
1,356		American Vanguard Corp		31,866
6,858	*	Andrx Corp		112,951
4,415	*	Array Biopharma, Inc		30,949
4,380	*	Atherogenics, Inc		87,644
14,445	*	AVANIR Pharmaceuticals		49,691
969		Balchem Corp		28,886
1,815	*	Barrier Therapeutics, Inc		14,883

252

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

SHARES				VALUE
2,500	*	Bentley Pharmaceuticals, Inc	$	41,025
5,436	*	Bioenvision, Inc		35,497
8,602	*	BioMarin Pharmaceuticals, Inc		92,730
1,119	*	Caraco Pharmaceutical Laboratories Ltd		10,049
5,182	*	Cell Genesys, Inc		30,729
9,500	*	Cell Therapeutics, Inc		20,710
2,400		CF Industries Holdings, Inc		36,600
2,017	*	Chattem, Inc		73,399
700	*	Coley Pharmaceutical Group, Inc		10,612
4,610	*	Connetics Corp		66,615
1,100	*	Conor Medsystems, Inc		21,285
1,922	*	Cotherix, Inc		20,412
7,028	*	Cubist Pharmaceuticals, Inc		149,345
6,604	*	Curis, Inc		23,510
4,076	*	Cypress Bioscience, Inc		23,559
3,106		Diagnostic Products Corp		150,796
2,100	*	Digene Corp		61,257
8,000	*	Discovery Laboratories, Inc		53,440
3,044	*	Dov Pharmaceutical, Inc		44,686
5,600	*	Durect Corp		28,392
2,327	*	Dusa Pharmaceuticals, Inc		25,062
1,425	*	Elizabeth Arden, Inc		28,586
7,680	*	Encysive Pharmaceuticals, Inc		60,595
3,581	*	Enzon Pharmaceuticals, Inc		26,499
3,076	*	EPIX Pharmaceuticals, Inc		12,427
3,587	*	First Horizon Pharmaceutical Corp		61,876
3,340	*	Genitope Corp		26,553
2,320		Georgia Gulf Corp		70,574
8,250	*	Geron Corp		71,033
3,492	*	GlobeTel Communications Corp		12,885
1,292	*	GTx, Inc		9,768
643	*	Hi-Tech Pharmacal Co, Inc		28,478
16,936	*	Human Genome Sciences, Inc		144,972
1,893	*	Idenix Pharmaceuticals, Inc		32,389
5,995	*	Immucor, Inc		140,043
5,241	*	Immunogen, Inc		26,886
5,100	*	Inspire Pharmaceuticals, Inc		25,908
684		Inter Parfums, Inc		12,285
3,176	*	InterMune, Inc		53,357
2,230	*	Introgen Therapeutics, Inc		11,752
196	*	Inverness Medical Innovations, Inc		4,647
517		Kronos Worldwide, Inc		14,998
4,750	*	KV Pharmaceutical Co (Class A)		97,850
3,902		MacDermid, Inc		108,866
2,125		Mannatech, Inc		29,346
3,484	*	MannKind Corp		39,230
888	*	Marshall Edwards, Inc		5,550
4,141	*	Martek Biosciences Corp		101,910
14,540	*	Medarex, Inc		201,379
6,430	*	Medicines Co		112,204
7,079		Medicis Pharmaceutical Corp (Class A)		226,882
2,476		Meridian Bioscience, Inc		49,867

253

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

SHARES				VALUE
9,975	*	MGI Pharma, Inc	$	171,171
1,200	*	Momenta Pharmaceuticals, Inc		26,448
2,735	*	Myogen, Inc		82,488
7,754	*	Nabi Biopharmaceuticals		26,208
2,840	*	Nastech Pharmaceutical Co, Inc		41,805
1,472		Natures Sunshine Products, Inc		26,614
2,307	*	NBTY, Inc		37,489
4,857	*	Neurocrine Biosciences, Inc		304,680
830	*	New River Pharmaceuticals, Inc		43,060
2,043	*	NitroMed, Inc		28,500
700		NL Industries, Inc		9,863
3,263	*	Northfield Laboratories, Inc		43,724
3,200	*	Noven Pharmaceuticals, Inc		48,416
4,857	*	NPS Pharmaceuticals, Inc		57,507
2,530	*	Nuvelo, Inc		20,518
4,312		Olin Corp		84,860
5,253	*	Onyx Pharmaceuticals, Inc		151,076
5,800	*	OraSure Technologies, Inc		51,156
3,599	*	Pain Therapeutics, Inc		24,329
3,383	*	Par Pharmaceutical Cos, Inc		106,023
788	*	Parexel International Corp		15,965
887	*	Parlux Fragrances, Inc		27,080
2,900	*	Penwest Pharmaceuticals Co		56,608
856		Perrigo Co		12,763
2,777	*	Pharmion Corp		49,347
652	*	Pioneer Cos, Inc		19,540
3,300	*	Pozen, Inc		31,647
1,002	*	Prestige Brands Holdings, Inc		12,525
2,680	*	Progenics Pharmaceuticals, Inc		67,027
2,995	*	Renovis, Inc		45,823
1,200	*	Rockwood Holdings, Inc		23,676
5,851	*	Salix Pharmaceuticals Ltd		102,861
2,506	*	Serologicals Corp		49,468
8,382	*	StemCells, Inc		28,918
820		Stratagene Corp		8,233
6,800	*	SuperGen, Inc		34,340
2,009	*	SurModics, Inc		74,313
565	*	Tanox, Inc		9,249
1,594	*	Tercica, Inc		11,429
600	*	Threshold Pharmaceuticals, Inc		8,670
1,000		Tronox, Inc		13,070
2,995		UAP Holding Corp		61,158
3,021	*	United Therapeutics Corp		208,812
1,338	*	USANA Health Sciences, Inc		51,325
4,365	*	WR Grace & Co		41,031
500	*	Xenoport, Inc		8,990
4,005	*	Zymogenetics, Inc		68,125
		TOTAL CHEMICALS AND ALLIED PRODUCTS		6,535,885
COAL MINING - 0.29%
3,808	*	Alpha Natural Resources, Inc		73,151

254

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

SHARES				VALUE
1,700		Foundation Coal Holdings, Inc	$	64,600
1,075	*	James River Coal Co		41,065
1,010		Penn Virginia Corp		57,974
		TOTAL COAL MINING		236,790
COMMUNICATIONS - 2.38%
8,718		Adtran, Inc		259,273
3,066	*	Airspan Networks, Inc		17,446
1,583		Alaska Communications Systems Group, Inc		16,083
1,940		Anixter International, Inc		75,893
800		Beasley Broadcast Group, Inc (Class A)		10,808
1,119	*	Brightpoint, Inc		31,030
700	*	Cbeyond Communications, Inc		7,210
1,141		Centennial Communications Corp		17,708
1,507		Commonwealth Telephone Enterprises, Inc		50,891
300		Consolidated Communications Holdings, Inc		3,897
1,775	*	Crown Media Holdings, Inc (Class A)		16,277
1,310	*	Cumulus Media, Inc (Class A)		16,257
18,602	*	Dobson Communications Corp (Class A)		139,515
1,296	*	Emmis Communications Corp (Class A)		25,803
6,061	*	Entravision Communications Corp (Class A)		43,154
553	*	Fisher Communications, Inc		22,911
10,231	*	Foundry Networks, Inc		141,290
1,729		Golden Telecom, Inc		44,885
486	*	Hungarian Telephone & Cable		7,557
2,233	*	InPhonic, Inc		19,405
3,149	*	j2 Global Communications, Inc		134,588
280		Liberty Corp		13,107
1,974	*	Lodgenet Entertainment Corp		27,518
8,151	*	Mediacom Communications Corp		44,749
1,100	*	NeuStar, Inc		33,539
1,944		North Pittsburgh Systems, Inc		36,683
3,830	*	Novatel Wireless, Inc		46,381
3,467	*	Radio One, Inc (Class D)		35,883
3	v*	RCN Corp Wts 12/21/06		(0	)
1,730	*	Regent Communications, Inc		8,027
1,492	*	Saga Communications, Inc (Class A)		16,218
1,300	*	Salem Communications Corp (Class A)		22,737
9,826	*	SBA Communications Corp		175,885
100		Shenandoah Telecom Co		3,984
5,932		Sinclair Broadcast Group, Inc (Class A)		54,574
4,186	*	Spanish Broadcasting System, Inc (Class A)		21,390
2,389	*	Syniverse Holdings, Inc		49,930
4,423	*	Telkonet, Inc		18,355
4,151	*	Terremark Worldwide, Inc		19,302
7,143	*	TiVo, Inc		36,572
9,933	*	Ubiquitel, Inc		98,237
2,388		Valor Communications Group, Inc		27,223
3,910	*	Wireless Facilities, Inc		19,941

255

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

SHARES				VALUE
900	*	WorldSpace, Inc	$	13,059
		TOTAL COMMUNICATIONS		1,925,175
DEPOSITORY INSTITUTIONS - 4.66%
1,017		Ames National Corp		26,147
1,224		Arrow Financial Corp		32,008
1,500		Bank of the Ozarks, Inc		55,350
800	*	BankFinancial Corp		11,744
100		Berkshire Hills Bancorp, Inc		3,350
445	*	BFC Financial Corp		2,456
363		Boston Private Financial Holdings, Inc		11,042
215		Camden National Corp		7,069
200		Capital Corp of the West		6,490
313	*	Capital Crossing Bank		10,454
754		Cardinal Financial Corp		8,294
2,281		Cascade Bancorp		52,486
3,905		Cathay General Bancorp		140,346
2,300	*	Centennial Bank Holdings, Inc		28,451
1,470		Center Financial Corp		36,985
896	*	Central Coast Bancorp		22,167
475		Charter Financial Corp		16,962
421		City Holding Co		15,135
1,997		Coastal Financial Corp		25,681
1,850		CoBiz, Inc		33,726
681		Colony Bankcorp, Inc		17,011
166		Columbia Bancorp		6,848
553		Commercial Bankshares, Inc		19,560
1,470		Commercial Capital Bancorp, Inc		25,166
732	*	Community Bancorp		23,139
1,482		Community Banks, Inc		41,496
1,895		Corus Bankshares, Inc		106,632
4,717		CVB Financial Corp		95,802
917		Enterprise Financial Services Corp		20,798
1,138	*	EuroBancshares, Inc		16,125
4,087	*	Euronet Worldwide, Inc		113,619
738		Fidelity Bankshares, Inc		24,133
822		First Bancorp (Puerto Rico)		10,201
1,744		First Busey Corp (Class A)		36,432
133		First Financial Bankshares, Inc		4,663
2,583		First Midwest Bancorp, Inc		90,560
304	*	First Regional Bancorp		20,535
314		First Republic Bank		11,621
574		First South Bancorp, Inc		20,274
223		First State Bancorporation		5,350
968		Frontier Financial Corp		30,976
1,599		Glacier Bancorp, Inc		48,050
686		Great Southern Bancorp, Inc		18,940
1,739		Hanmi Financial Corp		31,058
1,820		Harbor Florida Bancshares, Inc		67,431
1,913		Harleysville National Corp		36,538

256

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

SHARES				VALUE
856		Heritage Commerce Corp	$	18,404
2,040		Hudson United Bancorp		85,027
668		Independent Bank Corp (Michigan)		18,190
2,000	*	Investors Bancorp, Inc		22,060
1,254		Macatawa Bank Corp		45,621
272		Main Street Banks, Inc		7,407
1,200		MB Financial, Inc		42,480
718		MBT Financial Corp		11,632
722		Mercantile Bank Corp		27,797
611		Midwest Banc Holdings, Inc		13,595
2,500		Nara Bancorp, Inc		44,450
431		NASB Financial, Inc		16,964
7,096		NewAlliance Bancshares, Inc		103,176
249	*	Northern Empire Bancshares		5,891
200		OceanFirst Financial Corp		4,552
1,824		Old Second Bancorp, Inc		55,760
2,981		Pacific Capital Bancorp		106,064
335		Park National Corp		34,384
881		Peapack Gladstone Financial Corp		24,580
510	*	Pennsylvania Commerce Bancorp, Inc		16,244
412		PFF Bancorp, Inc		12,574
880	*	Pinnacle Financial Partners, Inc		21,982
246		Placer Sierra Bancshares		6,817
518		Preferred Bank		23,051
902		Premierwest Bancorp		12,628
2,188		PrivateBancorp, Inc		77,827
893	*	QC Holdings, Inc		10,296
543		Republic Bancorp, Inc (Michigan)		6,462
848		S&T Bancorp, Inc		31,223
805		S.Y. Bancorp, Inc		20,141
272		Sandy Spring Bancorp, Inc		9,487
700		Seacoast Banking Corp of Florida		16,065
444		Sierra Bancorp		10,119
300	*	Signature Bank		8,421
774		Sound Federal Bancorp, Inc		14,783
821		Southside Bancshares, Inc		16,584
264		State Bancorp, Inc		4,419
300	*	State National Bancshares, Inc		8,010
526		Sterling Bancorp		10,378
1,418		Suffolk Bancorp		47,886
491		Summit Bancshares, Inc		8,828
4,705	*	SVB Financial Group		220,382
2,926	*	Texas Capital Bancshares, Inc		65,572
951		Texas Regional Bancshares, Inc (Class A)		26,913
9,864		Trustco Bank Corp NY		122,511
12,166		UCBH Holdings, Inc		217,528
760		United Community Banks, Inc		20,262
300	*	United Financial Bancorp, Inc		3,459
661		United Security Bancshares		17,721
1,615		Univest Corp of Pennsylvania		39,196
115		USB Holding Co, Inc		2,491
968		Vineyard National Bancorp		29,853
1,250	*	Virginia Commerce Bancorp		36,362

257

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

SHARES				VALUE
100		Washington Trust Bancorp, Inc	$	2,618
700	*	Wauwatosa Holdings, Inc		8,008
2,318		West Bancorporation, Inc		43,354
2,476		Westamerica Bancorporation		131,401
200	*	Western Alliance Bancorp		5,974
151	*	Western Sierra Bancorp		5,495
359		Westfield Financial, Inc		8,620
1,908		Wilshire Bancorp, Inc		32,799
2,628		Wintrust Financial Corp		144,277
530		Yardville National Bancorp		18,365
		TOTAL DEPOSITORY INSTITUTIONS		3,774,721
EATING AND DRINKING PLACES - 1.81%
1,590		AFC Enterprises		24,041
1,908	*	BJ's Restaurants, Inc		43,617
930	*	Buffalo Wild Wings, Inc		30,885
2,227	*	California Pizza Kitchen, Inc		71,197
4,738	*	CEC Entertainment, Inc		161,281
7,700		CKE Restaurants, Inc		104,027
834		IHOP Corp		39,123
963	*	Jack in the Box, Inc		33,638
3,702	*	Krispy Kreme Doughnuts, Inc		21,249
624	*	McCormick & Schmick's Seafood Restaurants, Inc		14,109
341	*	O'Charleys, Inc		5,289
886	*	Papa John's International, Inc		52,549
3,460	*	PF Chang's China Bistro, Inc		171,720
4,472	*	Rare Hospitality International, Inc		135,904
1,887	*	Red Robin Gourmet Burgers, Inc		96,162
8,414		Ruby Tuesday, Inc		217,838
1,000	*	Ruth's Chris Steak House, Inc		18,100
5,542	*	Texas Roadhouse, Inc (Class A)		86,178
2,976	*	The Steak N Shake Co		50,443
5,801		Triarc Cos (Class B)		86,145
		TOTAL EATING AND DRINKING PLACES		1,463,495
EDUCATIONAL SERVICES - 0.77%
12,071	*	Corinthian Colleges, Inc		142,196
7,575	*	DeVry, Inc		151,500
2,500	*	Educate, Inc		29,500
1,300	*	Learning Tree International, Inc		16,679
600	*	Lincoln Educational Services Corp		8,556
1,953		Strayer Education, Inc		182,996
2,839	*	Universal Technical Institute, Inc		87,839
		TOTAL EDUCATIONAL SERVICES		619,266

258

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

SHARES				VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 0.93%
1,500		American Ecology Corp	$	21,645
246	*	Casella Waste Systems, Inc (Class A)		3,146
2,505	*	Clean Harbors, Inc		72,169
521		Connecticut Water Service, Inc		12,770
14,065	*	Covanta Holding Corp		211,819
852		Crosstex Energy, Inc		53,727
1,750	*	Duratek, Inc		26,128
811		Markwest Hydrocarbon, Inc		17,850
749		MGE Energy, Inc		25,398
193		New Jersey Resources Corp		8,085
1,071		Ormat Technologies, Inc		27,996
6,420	*	Plug Power, Inc		32,935
701		Resource America, Inc (Class A)		11,952
150		SJW Corp		6,825
6,288	*	Waste Connections, Inc		216,684
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		749,129
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.70%
281	*	Actel Corp		3,577
800	*	Advanced Analogic Technologies, Inc		11,080
3,500	*	Advanced Energy Industries, Inc		41,405
634	*	Aeroflex, Inc		6,816
4,200	*	American Superconductor Corp		33,054
5,187	*	AMIS Holdings, Inc		55,242
8,854	*	Amkor Technology, Inc		49,582
16,221	*	Applied Micro Circuits Corp		41,688
1,300		Applied Signal Technology, Inc		29,510
13,611	*	Arris Group, Inc		128,896
4,246	*	Artesyn Technologies, Inc		43,734
4,531	*	Atheros Communications, Inc		58,903
34,697	*	Atmel Corp		107,214
4,937	*	ATMI, Inc		138,088
3,196		Baldor Electric Co		81,977
2,908	*	Benchmark Electronics, Inc		97,796
741	*	Catapult Communications Corp		10,959
4,162	*	C-COR, Inc		20,227
2,226	*	Ceradyne, Inc		97,499
300	*	China Energy Savings Technology, Inc		2,496
1,643	*	Color Kinetics, Inc		23,643
2,828	*	Comtech Telecommunications Corp		86,367
2,175		CTS Corp		24,056
4,050	*	Cymer, Inc		143,816
17,333	*	Cypress Semiconductor Corp		246,995
2,116	*	Diodes, Inc		65,702
2,388	*	Ditech Communications Corp		19,940
3,039	*	DSP Group, Inc		76,157
2,142	*	DTS, Inc		31,702
4,665	*	Emcore Corp		34,614
861	*	EndWave Corp		10,143

259

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

SHARES				VALUE
2,657	*	Energy Conversion Devices, Inc	$	108,273
5,367	*	Evergreen Solar, Inc		57,159
2,095	*	Exar Corp		26,229
3,836	*	Fairchild Semiconductor International, Inc		64,867
13,331	*	Finisar Corp		27,728
3,043		Franklin Electric Co, Inc		120,320
33,776	*	Gemstar-TV Guide International, Inc		88,155
737	*	Genlyte Group, Inc		39,481
3,176	*	Glenayre Technologies, Inc		10,322
5,643	*	GrafTech International Ltd		35,099
2,312	*	Greatbatch, Inc		60,135
9,900	*	Harmonic, Inc		48,015
400	*	Hittite Microwave Corp		9,256
608	*	Hutchinson Technology, Inc		17,298
700	*	Ikanos Communications, Inc		10,318
14,867	*	Integrated Device Technology, Inc		195,947
6,979	*	Interdigital Communications Corp		127,855
3,971	*	International DisplayWorks, Inc		23,588
601		Inter-Tel, Inc		11,762
5,000	*	InterVoice, Inc		39,800
3,399	*	IXYS Corp		39,734
1,954	*	Kemet Corp		13,815
4,163	*	Lattice Semiconductor Corp		17,984
200	*	Leadis Technology, Inc		1,030
1,549	*	Lifeline Systems, Inc		56,631
546		Lincoln Electric Holdings, Inc		21,654
1,326	*	Littelfuse, Inc		36,134
4,703	*	Mattson Technology, Inc		47,312
31,516	*	Maxtor Corp		218,721
6,537		Maytag Corp		123,026
1,965	*	Medis Technologies Ltd		28,905
2,788	*	Mercury Computer Systems, Inc		57,516
2,909		Methode Electronics, Inc		29,003
1,623	*	Metrologic Instruments, Inc		31,259
8,217	*	Micrel, Inc		95,317
8,091	*	Microsemi Corp		223,797
6,600	*	Microtune, Inc		27,522
5,745	*	MIPS Technologies, Inc		32,632
3,548	*	Mobility Electronics, Inc		34,274
2,318	*	Monolithic Power Systems, Inc		34,747
462	*	Moog, Inc		13,112
8,617	*	MRV Communications, Inc		17,665
900	*	Multi-Fineline Electronix, Inc		43,353
1,480	*	Netlogic Microsystems, Inc		40,315
7,007	*	Omnivision Technologies, Inc		139,860
18,950	*	ON Semiconductor Corp		104,794
11,644	*	Openwave Systems, Inc		203,421
687	*	OSI Systems, Inc		12,634
1,842	*	Pericom Semiconductor Corp		14,681
2,489	*	Photronics, Inc		37,484
3,961	*	Pixelworks, Inc		20,122
6,517		Plantronics, Inc		184,431

260

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

SHARES				VALUE
3,291	*	Plexus Corp	$	74,837
2,837	*	PLX Technology, Inc		24,398
23,667	*	PMC - Sierra, Inc		182,473
6,608	*	Polycom, Inc		101,102
1,980	*	Portalplayer, Inc		56,074
3,800	*	Power Integrations, Inc		90,478
1,107	*	Power-One, Inc		6,664
9,057	*	Rambus, Inc		146,633
2,100		Raven Industries, Inc		60,585
1,834		Regal-Beloit Corp		64,924
3,727	*	RF Micro Devices, Inc		20,163
2,094	*	Rogers Corp		82,043
1,912	*	Seachange International, Inc		15,105
9,672	*	Semtech Corp		176,611
4,661	*	Sigmatel, Inc		61,059
10,434	*	Silicon Image, Inc		94,427
5,636	*	Silicon Laboratories, Inc		206,616
3,068	*	Silicon Storage Technology, Inc		15,493
8,816	*	Skyworks Solutions, Inc		44,873
3,880	*	Spatialight, Inc		13,464
2,600		Spectralink Corp		30,862
857	*	Standard Microsystems Corp		24,587
800	*	Sunpower Corp		27,192
1,400	*	Supertex, Inc		61,950
6,141	*	Symmetricom, Inc		52,014
2,875	*	Synaptics, Inc		71,070
6,931	*	Tekelec		96,341
10,507	*	Terayon Communication Systems, Inc		24,271
5,818	*	Tessera Technologies, Inc		150,395
14,732	*	Transwitch Corp		26,960
6,576	*	Trident Microsystems, Inc		118,368
3,109	*	Triquint Semiconductor, Inc		13,835
2,663	*	TTM Technologies, Inc		25,032
192	*	Ulticom, Inc		1,883
1,903	*	Ultralife Batteries, Inc		22,836
3,200	*	Universal Display Corp		33,632
1,800	*	Universal Electronics, Inc		31,014
8,145	*	Utstarcom, Inc		65,649
2,800	*	Valence Technology, Inc		4,312
4,787	*	Varian Semiconductor Equipment Associates, Inc		210,293
2,900	*	Viasat, Inc		77,517
2,500		Vicor Corp		39,525
1,695	*	Virage Logic Corp		16,746
15,970	*	Vitesse Semiconductor Corp		30,662
2,175	*	Volterra Semiconductor Corp		32,625
6,800	*	Westell Technologies, Inc		30,600
1,347	*	Zoltek Cos, Inc		11,827
1,933	*	Zoran Corp		31,334
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,848,724

261

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

SHARES				VALUE
ENGINEERING AND MANAGEMENT SERVICES - 4.19%
2,525	*	Advisory Board Co	$	120,367
14,567	*	Amylin Pharmaceuticals, Inc		581,515
1,877	*	Antigenics, Inc		8,935
8,100	*	Ariad Pharmaceuticals, Inc		47,385
879		CDI Corp		24,085
1,504	*	CRA International, Inc		71,726
6,657	*	CuraGen Corp		20,504
5,680	*	CV Therapeutics, Inc		140,466
7,291	*	deCODE genetics, Inc		60,224
4,200	*	DiamondCluster International, Inc		33,348
11,769	*	Digitas, Inc		147,348
2,051	*	Diversa Corp		9,845
6,650	*	eResearch Technology, Inc		100,415
2,355	*	Essex Corp		40,153
10,921	*	Exelixis, Inc		102,876
200	*	Exponent, Inc		5,676
2,036	*	Greenfield Online, Inc		11,931
4,381	*	Harris Interactive, Inc		18,882
795	*	Huron Consulting Group, Inc		19,072
8,387	*	ICOS Corp		231,733
10,756	*	Incyte Corp		57,437
700	*	Infrasource Services, Inc		9,156
500	*	iRobot Corp		16,665
8,400	*	Isis Pharmaceuticals, Inc		44,016
3,633	*	Keryx Biopharmaceuticals, Inc		53,187
800		Landauer, Inc		36,872
1,827	*	LECG Corp		31,753
8,716	*	Lexicon Genetics, Inc		31,813
4,245	*	Lifecell Corp		80,952
3,600	*	Luminex Corp		41,832
15,090	*	Monogram Biosciences, Inc		28,218
1,329	*	MTC Technologies, Inc		36,388
4,998	*	Myriad Genetics, Inc		103,958
6,354	*	Navigant Consulting, Inc		139,661
2,399	*	Neopharm, Inc		25,885
3,457	*	Orchid Cellmark, Inc		26,273
3,008	*	Per-Se Technologies, Inc		70,267
3,985	*	PRG-Schultz International, Inc		2,431
6,237	*	Resources Connection, Inc		162,536
3,147	*	Rigel Pharmaceuticals, Inc		26,309
2,067	*	Seattle Genetics, Inc		9,756
3,231	*	Senomyx, Inc		39,160
2,398	*	SFBC International, Inc		38,392
4,278	*	Symyx Technologies, Inc		116,747
100		Sypris Solutions, Inc		998
1,200	*	Tejon Ranch Co		47,904
6,755	*	Telik, Inc		114,767
5,718	*	Tetra Tech, Inc		89,601
2,400	*	Trimeris, Inc		27,576

262

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

SHARES				VALUE
900	*	ViaCell, Inc	$	5,058
2,946		Watson Wyatt & Co Holdings		82,193
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,394,247
FABRICATED METAL PRODUCTS - 0.82%
600	*	Commercial Vehicle Group, Inc		11,268
780		Dynamic Materials Corp		23,416
1,270	*	Earle M Jorgensen Co		11,722
2,850	*	Global Power Equipment Group, Inc		12,882
1,100		Gulf Island Fabrication, Inc		26,741
10,060	*	Jacuzzi Brands, Inc		84,504
459		Lifetime Brands, Inc		9,488
1,934	*	Mobile Mini, Inc		91,672
1,812	*	NCI Building Systems, Inc		76,974
1,678		Silgan Holdings, Inc		60,609
4,690		Simpson Manufacturing Co, Inc		170,482
846		Sun Hydraulics Corp		16,353
8,088	*	Taser International, Inc		56,454
322		Watts Water Technologies, Inc (Class A)		9,753
		TOTAL FABRICATED METAL PRODUCTS		662,318
FOOD AND KINDRED PRODUCTS - 0.67%
900	*	Boston Beer Co, Inc (Class A)		22,500
424		Coca-Cola Bottling Co Consolidated		18,232
8,800	*	Darling International, Inc		34,936
200		Diamond Foods, Inc		3,954
1,099		Flowers Foods, Inc		30,288
1,462	*	Gold Kist, Inc		21,857
1,982	*	Hansen Natural Corp		156,201
8,655	*	Hercules, Inc		97,802
100		J&J Snack Foods Corp		5,941
590		Lancaster Colony Corp		21,860
645		Lance, Inc		12,016
200		National Beverage Corp		1,954
1,800	*	Peet's Coffee & Tea, Inc		54,630
300		Premium Standard Farms, Inc		4,488
400		Reddy Ice Holdings, Inc		8,724
228		Sanderson Farms, Inc		6,961
1,382		Tootsie Roll Industries, Inc		39,981
		TOTAL FOOD AND KINDRED PRODUCTS		542,325
FOOD STORES - 0.29%
155		Arden Group, Inc (Class A)		14,103
1,158	*	Great Atlantic & Pacific Tea Co, Inc		36,801
2,243	*	Pantry, Inc		105,399
3,200	*	Pathmark Stores, Inc		31,968

263

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

SHARES				VALUE
3,659	*	Wild Oats Markets, Inc	$	44,201
		TOTAL FOOD STORES		232,472
FURNITURE AND FIXTURES - 0.51%
200		Bassett Furniture Industries, Inc		3,700
9,691	*	BE Aerospace, Inc		213,202
460		Ethan Allen Interiors, Inc		16,804
3,628	*	Interface, Inc (Class A)		29,822
4,703	*	Select Comfort Corp		128,627
258		Stanley Furniture Co, Inc		5,980
600	*	Williams Scotsman International, Inc		10,386
		TOTAL FURNITURE AND FIXTURES		408,521
FURNITURE AND HOMEFURNISHINGS STORES - 0.76%
1,987	*	Bell Microproducts, Inc		15,201
1,444	*	Cost Plus, Inc		24,765
1,462	*	Design Within Reach, Inc		7,749
7,325	*	GameStop Corp		233,082
3,389	*	Guitar Center, Inc		169,484
1,461		Knoll, Inc		24,998
3,540		Movie Gallery, Inc		19,859
2,427		Pier 1 Imports, Inc		21,188
4,060	*	Restoration Hardware, Inc		24,441
1,030	*	The Bombay Co, Inc		3,049
3,315		Tuesday Morning Corp		69,350
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		613,166
GENERAL BUILDING CONTRACTORS - 0.56%
1,924		Brookfield Homes Corp		95,681
726	*	Comstock Homebuilding Cos, Inc		10,244
2,650		McGrath RentCorp		73,670
1,292	*	Perini Corp		31,202
4,769		Walter Industries, Inc		237,115
77	*	William Lyon Homes, Inc		7,769
		TOTAL GENERAL BUILDING CONTRACTORS		455,681
GENERAL MERCHANDISE STORES - 0.27%
965	*	99 Cents Only Stores		10,094
2,664	*	Big Lots, Inc		31,995
3,129	*	Cabela's, Inc		51,941
452	*	Conn's, Inc		16,665
2,937		Fred's, Inc		47,785
3,452		Stein Mart, Inc		62,654
		TOTAL GENERAL MERCHANDISE STORES		221,134

264

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

SHARES				VALUE
HEALTH SERVICES - 3.21%
1,449	*	Alliance Imaging, Inc	$	8,622
848	*	Allied Healthcare International, Inc		5,207
2,038	*	Amedisys, Inc		86,085
1,440	*	America Service Group, Inc		22,838
771	*	American Dental Partners, Inc		13,940
4,381	*	American Healthways, Inc		198,240
3,595	*	American Retirement Corp		90,342
3,810	*	Amsurg Corp		87,097
6,467	*	Apria Healthcare Group, Inc		155,919
14,230	*	Beverly Enterprises, Inc		166,064
1,341	*	Bio-Reference Labs, Inc		25,224
1,000		Brookdale Senior Living, Inc		29,810
469	*	Corvel Corp		8,906
850	*	Cross Country Healthcare, Inc		15,113
3,654	*	Enzo Biochem, Inc		45,383
142	*	Genesis HealthCare Corp		5,186
800	*	Genomic Health, Inc		7,288
1,903	*	Gentiva Health Services, Inc		28,050
1,315	*	Horizon Health Corp		29,758
2,665		LCA-Vision, Inc		126,614
500	*	LHC Group, Inc		8,715
436	*	Magellan Health Services, Inc		13,712
2,627	*	Matria Healthcare, Inc		101,823
200	*	Medcath Corp		3,710
375		National Healthcare Corp		14,018
11,274	*	Nektar Therapeutics		185,570
3,597	*	Odyssey HealthCare, Inc		67,048
2,705		Option Care, Inc		36,139
6,050	*	PainCare Holdings, Inc		19,723
3,321	*	Pediatrix Medical Group, Inc		294,141
3,386	*	Psychiatric Solutions, Inc		198,894
1,490	*	Radiation Therapy Services, Inc		52,612
500	*	RehabCare Group, Inc		10,100
700	*	Specialty Laboratories, Inc		9,135
1,724	*	Stereotaxis, Inc		14,844
4,076	*	Sunrise Senior Living, Inc		137,402
2,051	*	Symbion, Inc		47,173
1,487	*	U.S. Physical Therapy, Inc		27,465
5,757	*	United Surgical Partners International, Inc		185,088
1,426	*	VistaCare, Inc (Class A)		17,825
		TOTAL HEALTH SERVICES		2,600,823
HOLDING AND OTHER INVESTMENT OFFICES - 2.33%
900		Aames Investment Corp		5,814
400		Acadia Realty Trust		8,020
257	*	Alexander's, Inc		63,094
801		Alexandria Real Estate Equities, Inc		64,481
869		Cherokee, Inc		29,885
400		Columbia Equity Trust, Inc		6,460

265

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

SHARES				VALUE
2,182		Cousins Properties, Inc	$	61,751
400		Deerfield Triarc Capital Corp		5,480
464		DiamondRock Hospitality Co		5,549
200		Digital Realty Trust, Inc		4,526
485		EastGroup Properties, Inc		21,903
2,377		ECC Capital Corp		5,372
264	*	Enstar Group, Inc		17,490
2,387		Entertainment Properties Trust		97,270
1,500		Equity Lifestyle Properties, Inc		66,750
2,308		Getty Realty Corp		60,677
176		Gladstone Capital Corp		3,763
800		Gladstone Investment Corp		10,872
4,711		Glimcher Realty Trust		114,572
1,547		GMH Communities Trust		23,994
2,781		Harris & Harris Group, Inc		38,656
6,057		Inland Real Estate Corp		89,583
2,000		iShares Russell 2000 Growth Index Fund		139,320
200		JER Investors Trust, Inc		3,390
1,343		Kilroy Realty Corp		83,132
764		Lexington Corporate Properties Trust		16,273
300		Medical Properties Trust, Inc		2,934
766		MFA Mortgage Investments, Inc		4,366
222		Mid-America Apartment Communities, Inc		10,767
1,072		Nationwide Health Properties, Inc		22,941
900		Newkirk Realty Trust, Inc		13,950
6,349		Omega Healthcare Investors, Inc		79,934
200		One Liberty Properties, Inc		3,682
1,699		RAIT Investment Trust		44,038
1,479		Saul Centers, Inc		53,392
154		Sovran Self Storage, Inc		7,233
693		Strategic Hotel Capital, Inc		14,262
1,130		Sun Communities, Inc		35,482
3,981		Tanger Factory Outlet Centers, Inc		114,414
1,734	*	Tarragon Corp		35,755
3,769		Taubman Centers, Inc		130,973
2,456		Town & Country Trust		83,037
477		Universal Health Realty Income Trust		14,949
5,497		Washington Real Estate Investment Trust		166,834
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,887,020
HOTELS AND OTHER LODGING PLACES - 0.38%
2,510		Ameristar Casinos, Inc		56,977
663	*	Bluegreen Corp		10,475
2,245	*	Gaylord Entertainment Co		97,860
2,085	*	Great Wolf Resorts, Inc		21,496
1,780	*	Isle of Capri Casinos, Inc		43,361
1,166	*	Monarch Casino & Resort, Inc		26,352
2,525	*	MTR Gaming Group, Inc		26,285
895	*	Outdoor Channel Holdings, Inc		12,083
910	*	Riviera Holdings Corp		14,915
		TOTAL HOTELS AND OTHER LODGING PLACES		309,804

266

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

SHARES				VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.75%
1,000	*	Aaon, Inc	$	17,920
3,530		Actuant Corp		196,974
2,063	*	Astec Industries, Inc		67,378
2,400	*	ASV, Inc		59,952
3,337	*	Blount International, Inc		53,158
6,357	*	Brooks Automation, Inc		79,653
2,649		Bucyrus International, Inc (Class A)		139,602
10,160	*	Cirrus Logic, Inc		67,869
258		Curtiss-Wright Corp		14,087
255	*	Dril-Quip, Inc		12,036
10,326	*	Emulex Corp		204,352
5,483		Engineered Support Systems, Inc		228,312
1,827	*	Entegris, Inc		17,210
11,100	*	Extreme Networks, Inc		52,725
1,562	*	Fargo Electronics, Inc		30,069
1,626	*	Flanders Corp		19,772
33,305	*	Gateway, Inc		83,596
2,548	*	Global Imaging Systems, Inc		88,237
2,467	*	Hydril		154,434
6,526	*	Intermec, Inc		220,579
2,564	*	Intevac, Inc		33,845
886	*	Kadant, Inc		16,391
1,970		Kaydon Corp		63,316
1,740	*	Komag, Inc		60,308
5,529	*	Kulicke & Soffa Industries, Inc		48,876
5,310		Lennox International, Inc		149,742
862		Lindsay Manufacturing Co		16,576
1,601		Lufkin Industries, Inc		79,842
3,372		Manitowoc Co, Inc		169,342
4,979	*	Micros Systems, Inc		240,585
727	*	Middleby Corp		62,886
4,896	*	Mikohn Gaming Corp		48,324
4,261	*	Netgear, Inc		82,024
1,738		NN, Inc		18,423
1,657		Nordson Corp		67,125
10,459	*	Nuance Communications, Inc		79,802
5,061	*	Oil States International, Inc		160,332
443	*	Palm, Inc		14,087
505	*	PAR Technology Corp		14,019
447	*	Paxar Corp		8,775
2,904	*	ProQuest Co		81,051
600	*	Rackable Systems, Inc		17,088
300	*	RBC Bearings, Inc		4,875
1,250	*	Rimage Corp		36,225
400		Sauer-Danfoss, Inc		7,524
1,700	*	Scansource, Inc		92,956
493	*	Semitool, Inc		5,364
2,933		Stewart & Stevenson Services, Inc		61,974
1,604	*	TurboChef Technologies, Inc		23,033
2,980	*	Ultratech, Inc		48,932
2,316	*	VeriFone Holdings, Inc		58,595

267

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

SHARES				VALUE
2,785		Watsco, Inc	$	166,571
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,846,723
INSTRUMENTS AND RELATED PRODUCTS - 7.84%
2,665	*	Abaxis, Inc		43,919
2,361	*	Abiomed, Inc		21,816
1,280	*	ADE Corp		30,797
8,246	*	Align Technology, Inc		53,352
9,025	*	American Medical Systems Holdings, Inc		160,916
1,128	*	American Science & Engineering, Inc		70,353
271	*	Angiodynamics, Inc		6,919
1,689	*	Animas Corp		40,789
1,194	*	ARGON ST, Inc		36,990
2,800		Arrow International, Inc		81,172
3,191	*	Arthrocare Corp		134,469
2,144	*	Aspect Medical Systems, Inc		73,646
2,406	*	August Technology Corp		26,442
434		Badger Meter, Inc		17,030
2,216	*	Biosite, Inc		124,739
3,830	*	Bruker BioSciences Corp		18,614
3,000	*	Candela Corp		43,320
1,409	*	Cantel Medical Corp		25,277
5,700	*	Cepheid, Inc		50,046
1,778		CNS, Inc		38,956
916		Cohu, Inc		20,949
3,987	*	Credence Systems Corp		27,750
2,775	*	Cyberonics, Inc		89,633
479	*	DexCom, Inc		7,147
2,600	*	Dionex Corp		127,608
1,920	*	DJ Orthopedics, Inc		52,954
1,663		DRS Technologies, Inc		85,511
2,052		EDO Corp		55,527
3,789	*	Encore Medical Corp		18,756
2,798	*	ESCO Technologies, Inc		124,483
1,200	*	ev3, Inc		17,688
1,122	*	Excel Technology, Inc		26,681
1,432	*	FARO Technologies, Inc		28,640
2,721	*	FEI Co		52,162
4,408	*	Formfactor, Inc		107,687
6,440	*	Fossil, Inc		138,524
1,823	*	Foxhollow Technologies, Inc		54,307
3,327	*	Haemonetics Corp		162,557
3,778	*	HealthTronics, Inc		28,902
187	*	Herley Industries, Inc		3,087
5,208	*	Hologic, Inc		197,487
1,027	*	ICU Medical, Inc		40,269
2,556	*	I-Flow Corp		37,369
3,100	*	II-VI, Inc		55,397
4,981	*	Illumina, Inc		70,232
2,739	*	Integra LifeSciences Holdings Corp		97,125

268

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

SHARES				VALUE
3,787	*	Intermagnetics General Corp	$	120,805
1,591	*	Intralase Corp		28,368
4,632	*	Intuitive Surgical, Inc		543,195
3,042	*	Ionatron, Inc		30,755
2,167	*	IRIS International, Inc		47,371
2,176	*	Ista Pharmaceuticals, Inc		13,839
3,260	*	Itron, Inc		130,530
4,300	*	Ixia		63,554
1,700		Keithley Instruments, Inc		23,766
1,200	*	Kensey Nash Corp		26,436
3,819	*	Kyphon, Inc		155,930
1,268	*	LaBarge, Inc		18,221
2,600	*	Laserscope		58,396
10,320	*	Lexar Media, Inc		84,727
1,547	*	Measurement Specialties, Inc		37,669
4,301		Mentor Corp		198,190
1,801	*	Merit Medical Systems, Inc		21,864
1,400	*	Micro Therapeutics, Inc		9,702
3,715		Mine Safety Appliances Co		134,520
1,586	*	Molecular Devices Corp		45,883
1,842		MTS Systems Corp		63,807
795	*	Neurometrix, Inc		21,688
353	*	Newport Corp		4,780
1,887	*	NuVasive, Inc		34,155
800	*	NxStage Medical, Inc		9,568
2,526		Oakley, Inc		37,107
2,222	*	Palomar Medical Technologies, Inc		77,859
1,893	*	Photon Dynamics, Inc		34,604
3,146		PolyMedica Corp		105,297
546	*	Rudolph Technologies, Inc		7,032
4,634	*	Sirf Technology Holdings, Inc		138,093
1,365	*	Somanetics Corp		43,680
3,232	*	Sonic Solutions, Inc		48,836
2,000	*	SonoSite, Inc		70,020
5,500	*	Star Scientific, Inc		12,925
1,109		STERIS Corp		27,747
3,316	*	Sybron Dental Specialties, Inc		132,010
1,100	*	Symmetry Medical, Inc		21,329
4,131	*	Teledyne Technologies, Inc		120,212
6,229	*	ThermoGenesis Corp		30,086
6,400	*	Thoratec Corp		132,416
4,600	*	TriPath Imaging, Inc		27,784
1,342		United Industrial Corp		55,519
1,895	*	Veeco Instruments, Inc		32,840
4,098	*	Ventana Medical Systems, Inc		173,550
746	*	Viasys Healthcare, Inc		19,172
1,047	*	Viisage Technology, Inc		18,438
1,536	*	Vital Images, Inc		40,166
623		Vital Signs, Inc		26,677
600	*	Vnus Medical Technologies, Inc		5,028
3,846	*	Wright Medical Group, Inc		78,458
2,523		X-Rite, Inc		25,230

269

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

SHARES				VALUE
700		Young Innovations, Inc	$	23,856
793	*	Zoll Medical Corp		19,976
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,341,660
INSURANCE AGENTS, BROKERS AND SERVICE - 0.35%
300		Clark, Inc		3,975
500		Crawford & Co (Class B)		2,880
730		Hilb Rogal & Hobbs Co		28,112
200	*	James River Group, Inc		3,970
4,632		National Financial Partners Corp		243,412
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		282,349
INSURANCE CARRIERS - 0.80%
1,454		American Equity Investment Life Holding Co		18,975
2,119	*	Argonaut Group, Inc		69,440
5,458	*	Centene Corp		143,491
166		Direct General Corp		2,805
2,800	*	HealthExtras, Inc		70,280
427		Midland Co		15,389
1,533	*	Molina Healthcare, Inc		40,839
539		National Interstate Corp		10,279
760	*	Navigators Group, Inc		33,144
1,398	*	ProAssurance Corp		67,999
100		Safety Insurance Group, Inc		4,037
500		Tower Group, Inc		10,990
1,649	*	Universal American Financial Corp		24,867
2,530	*	WellCare Health Plans, Inc		103,351
625		Zenith National Insurance Corp		28,825
		TOTAL INSURANCE CARRIERS		644,711
JUSTICE, PUBLIC ORDER AND SAFETY - 0.20%
3,461	*	Corrections Corp of America		155,641
200	*	Geo Group, Inc		4,586
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		160,227
LEATHER AND LEATHER PRODUCTS - 0.28%
2,385	*	Genesco, Inc		92,514
6,014		Wolverine World Wide, Inc		135,074
		TOTAL LEATHER AND LEATHER PRODUCTS		227,588
LEGAL SERVICES - 0.09%
910	*	FTI Consulting, Inc		24,970
1,269		Pre-Paid Legal Services, Inc		48,488
		TOTAL LEGAL SERVICES		73,458

270

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

SHARES				VALUE
LUMBER AND WOOD PRODUCTS - 0.30%
1,520		American Woodmark Corp	$	37,681
9,896	*	Champion Enterprises, Inc		134,784
1,350		Deltic Timber Corp		70,011
		TOTAL LUMBER AND WOOD PRODUCTS		242,476
METAL MINING - 0.65%
2,857		Cleveland-Cliffs, Inc		253,044
31,601	*	Coeur d'Alene Mines Corp		126,404
15,362	*	Hecla Mining Co		62,370
2,500		Royal Gold, Inc		86,825
		TOTAL METAL MINING		528,643
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.71%
1,641		Charles & Colvard Ltd		33,148
2,000		Daktronics, Inc		59,140
1,064		Escalade, Inc		12,523
11,497	*	Identix, Inc		57,600
583	*	Jakks Pacific, Inc		12,208
1,800		Marine Products Corp		18,882
4,359		Nautilus, Inc		81,339
913	*	RC2 Corp		32,430
4,634	*	Shuffle Master, Inc		116,499
5,976		Yankee Candle Co, Inc		152,986
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		576,755
MISCELLANEOUS RETAIL - 1.75%
3,400	*	1-800-FLOWERS.COM, Inc (Class A)		21,828
1,900	*	AC Moore Arts & Crafts, Inc		27,645
400	*	Allion Healthcare, Inc		4,660
2,610		Big 5 Sporting Goods Corp		57,133
1,907	*	Blue Nile, Inc		76,871
1,253	*	Build-A-Bear Workshop, Inc		37,139
757		Cash America International, Inc		17,555
4,700	*	Coldwater Creek, Inc		143,491
8,559	*	Drugstore.com, Inc		24,393
300	*	Golf Galaxy, Inc		5,745
4,530	*	GSI Commerce, Inc		68,358
4,636	*	Hibbett Sporting Goods, Inc		132,033
1,825	*	Jill (J.) Group, Inc		34,730
3,412		Longs Drug Stores Corp		124,163
3,193	*	Nutri/System, Inc		115,012
1,449	*	Overstock.com, Inc		40,789
7,495	*	Petco Animal Supplies, Inc		164,515
3,293	*	Priceline.com, Inc		73,500
312	*	Sharper Image Corp		3,039

271

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

SHARES				VALUE
828	*	Sports Authority, Inc	$	25,776
2,274	*	Stamps.com, Inc		52,211
2,649	*	Valuevision International, Inc (Class A)		33,377
3,516		World Fuel Services Corp		118,560
377	*	Zumiez, Inc		16,294
		TOTAL MISCELLANEOUS RETAIL		1,418,817
MOTION PICTURES - 0.18%
27	*	Avid Technology, Inc		1,479
6,463	*	Denny's Corp		26,046
6,600	*	Macrovision Corp		110,418
693	*	WPT Enterprises, Inc		4,116
		TOTAL MOTION PICTURES		142,059
NONDEPOSITORY INSTITUTIONS - 0.62%
1,498	*	Accredited Home Lenders Holding Co		74,271
8,863		Advance America Cash Advance Centers, Inc		109,901
200		Advanta Corp (Class B)		6,488
1,302		Asta Funding, Inc		35,597
1,822	*	Collegiate Funding Services LLC		35,985
1,252	*	CompuCredit Corp		48,177
1,715		Doral Financial Corp		18,179
1,641	*	Encore Capital Group, Inc		28,471
1,184	*	First Cash Financial Services, Inc		34,525
1,050		NGP Capital Resources Co		13,786
500		Technology Investment Capital Corp		7,550
654	*	United PanAm Financial Corp		16,919
2,500	*	World Acceptance Corp		71,250
		TOTAL NONDEPOSITORY INSTITUTIONS		501,099
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
2,902		AMCOL International Corp		59,549
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		59,549
OIL AND GAS EXTRACTION - 5.01%
893	*	Atlas America, Inc		53,776
2,390	*	ATP Oil & Gas Corp		88,454
1,723	*	Atwood Oceanics, Inc		134,446
1,832		Berry Petroleum Co (Class A)		104,790
400	*	Bronco Drilling Co, Inc		9,204
3,020		Cabot Oil & Gas Corp (Class A)		136,202
10,118	*	Cal Dive International, Inc		363,135
502	*	Callon Petroleum Co		8,860
1,680	*	Carrizo Oil & Gas, Inc		41,513

272

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

SHARES				VALUE
6,300	*	Cheniere Energy, Inc	$	234,486
800	*	Clayton Williams Energy, Inc		33,392
5,288	*	Comstock Resources, Inc		161,337
4,694	*	Delta Petroleum Corp		102,188
237	*	Edge Petroleum Corp		5,904
2,257	*	Encore Acquisition Co		72,314
7,489	*	Endeavour International Corp		24,714
581	*	Energy Partners Ltd		12,660
4,622	*	FX Energy, Inc		36,884
9,994	*	Gasco Energy, Inc		65,261
5,470	*	Global Industries Ltd		62,085
1,283	*	Goodrich Petroleum Corp		32,267
25,106	*	Grey Wolf, Inc		194,069
3	*	Hanover Compressor Co		42
800	*	Hercules Offshore, Inc		22,728
6,479	*	KCS Energy, Inc		156,921
7,838	*	Newpark Resources, Inc		59,804
3,285	*	Oceaneering International, Inc		163,527
4,607	*	Parallel Petroleum Corp		78,365
12,433	*	Parker Drilling Co		134,649
3,100	*	PetroHawk Energy Corp		40,982
2,131	*	Petroleum Development Corp		71,048
2,486	*	Pioneer Drilling Co		44,574
2,587	*	Remington Oil & Gas Corp		94,426
1,624		RPC, Inc		42,776
137	*	SEACOR Holdings, Inc		9,330
6,041		St. Mary Land & Exploration Co		222,369
10,121	*	Superior Energy Services		213,047
600	*	Superior Well Services, Inc		14,256
5,422	*	Syntroleum Corp		48,961
4,429	*	Tetra Technologies, Inc		135,173
6,219		Todco		236,695
1,993	*	Toreador Resources Corp		41,993
3,103	*	Tri-Valley Corp		24,141
800	*	Union Drilling, Inc		11,624
1,100		W&T Offshore, Inc		32,340
3,475	*	Warren Resources, Inc		54,975
3,637	*	W-H Energy Services, Inc		120,312
		TOTAL OIL AND GAS EXTRACTION		4,052,999
PAPER AND ALLIED PRODUCTS - 0.25%
1,889		Greif, Inc (Class A)		125,203
100		Neenah Paper, Inc		2,800
5,332	*	Playtex Products, Inc		72,888
		TOTAL PAPER AND ALLIED PRODUCTS		200,891
PERSONAL SERVICES - 0.23%
372	*	Coinstar, Inc		8,493

273

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

SHARES				VALUE
4,715		Jackson Hewitt Tax Service, Inc	$	130,653
1,250		Regis Corp		48,213
		TOTAL PERSONAL SERVICES		187,359
PETROLEUM AND COAL PRODUCTS - 1.00%
1,000	*	Alon USA Energy, Inc		19,650
2,569		ElkCorp		86,473
7,180		Frontier Oil Corp		269,465
1,316	*	Giant Industries, Inc		68,379
5,378	*	Headwaters, Inc		190,596
2,328		Holly Corp		137,049
1,259		WD-40 Co		33,061
		TOTAL PETROLEUM AND COAL PRODUCTS		804,673
PRIMARY METAL INDUSTRIES - 1.59%
14,531	*	AK Steel Holding Corp		115,521
4,079	*	Aleris International, Inc		131,507
2,953	*	CommScope, Inc		59,444
1,496	*	General Cable Corp		29,471
884		Gibraltar Industries, Inc		20,279
3,958	*	Lone Star Technologies, Inc		204,470
4,228		Matthews International Corp (Class A)		153,941
2,585	*	Maverick Tube Corp		103,038
1,400		Mueller Industries, Inc		38,388
2,902	*	NS Group, Inc		121,333
2,914		Quanex Corp		145,613
811		Steel Technologies, Inc		22,700
1,452	*	Titanium Metals Corp		91,854
2,279		Tredegar Corp		29,376
1,140		Worthington Industries, Inc		21,899
		TOTAL PRIMARY METAL INDUSTRIES		1,288,834
PRINTING AND PUBLISHING - 1.12%
1,815		Bowne & Co, Inc		26,935
6,984	*	Cenveo, Inc		91,909
1,308	*	Consolidated Graphics, Inc		61,921
425		Courier Corp		14,595
7,536		Hollinger International, Inc		67,523
3,214		John H Harland Co		120,846
498		Journal Communications, Inc		6,947
2,635		Journal Register Co		39,393
3,030	*	Martha Stewart Living Omnimedia, Inc (Class A)		52,813
2,733	*	Playboy Enterprises, Inc (Class B)		37,961
3,921	*	Presstek, Inc		35,446
11,051		Reader's Digest Association, Inc (Class A)		168,196
950		Schawk, Inc		19,713

274

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

SHARES				VALUE
1,048		Thomas Nelson, Inc	$	25,833
4,677	*	Valassis Communications, Inc		135,960
		TOTAL PRINTING AND PUBLISHING		905,991
RAILROAD TRANSPORTATION - 0.49%
4,246		Florida East Coast Industries		179,903
2,787	*	Genesee & Wyoming, Inc (Class A)		104,652
4,676	*	Kansas City Southern Industries, Inc		114,235
		TOTAL RAILROAD TRANSPORTATION		398,790
REAL ESTATE - 0.34%
726		Consolidated-Tomoka Land Co		51,473
734	*	Housevalues, Inc		9,564
3,902		Jones Lang LaSalle, Inc		196,466
300		Orleans Homebuilders, Inc		5,505
301	*	Trammell Crow Co		7,721
346	*	ZipRealty, Inc		2,913
		TOTAL REAL ESTATE		273,642
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.69%
134	*	Applied Films Corp		2,783
1,095	*	Deckers Outdoor Corp		30,244
8,924	*	Jarden Corp		269,059
696	*	Skechers U.S.A., Inc (Class A)		10,663
300		Titan International, Inc		5,175
1,453	*	Trex Co, Inc		40,757
4,496		Tupperware Corp		100,710
4,052		West Pharmaceutical Services, Inc		101,422
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		560,813
SECURITY AND COMMODITY BROKERS - 1.12%
2,536	*	Archipelago Holdings, Inc		126,217
850		BKF Capital Group, Inc		16,108
3,069		Calamos Asset Management, Inc (Class A)		96,520
880		Cohen & Steers, Inc		16,394
501		GAMCO Investors, Inc		21,809
812	*	GFI Group, Inc		38,513
1,585		Greenhill & Co, Inc		89,014
1,000	*	IntercontinentalExchange, Inc		36,350
1,397	*	International Securities Exchange, Inc		38,445
1,083	*	MarketAxess Holdings, Inc		12,379
1,191	*	Morningstar, Inc		41,256
4,008	*	Nasdaq Stock Market, Inc		141,001
2,648		optionsXpress Holdings, Inc		65,008

275

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

SHARES				VALUE
300		Sanders Morris Harris Group, Inc	$	4,917
106		Value Line, Inc		3,732
7,618		Waddell & Reed Financial, Inc (Class A)		159,749
		TOTAL SECURITY AND COMMODITY BROKERS		907,412
SOCIAL SERVICES - 0.21%
3,667	*	Bright Horizons Family Solutions, Inc		135,862
1,281	*	Providence Service Corp		36,880
		TOTAL SOCIAL SERVICES		172,742
SPECIAL TRADE CONTRACTORS - 0.23%
2,000	*	AsiaInfo Holdings, Inc		7,960
3,376		Chemed Corp		167,720
269	*	Insituform Technologies, Inc (Class A)		5,211
246	*	Layne Christensen Co		6,256
		TOTAL SPECIAL TRADE CONTRACTORS		187,147
STONE, CLAY, AND GLASS PRODUCTS - 0.66%
825		Apogee Enterprises, Inc		13,382
2,663	*	Cabot Microelectronics Corp		78,106
2,556		CARBO Ceramics, Inc		144,465
2,408		Eagle Materials, Inc		294,643
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		530,596
TEXTILE MILL PRODUCTS - 0.09%
1,203		Oxford Industries, Inc		65,804
566		Xerium Technologies, Inc		4,760
		TOTAL TEXTILE MILL PRODUCTS		70,564
TRANSPORTATION BY AIR - 0.93%
4,348	*	ABX Air, Inc		34,045
11,625	*	Airtran Holdings, Inc		186,349
11,194	*	Continental Airlines, Inc (Class B)		238,432
2,780	*	EGL, Inc		104,445
5,764	*	ExpressJet Holdings, Inc		46,631
864	*	Frontier Airlines, Inc		7,983
2,012	*	Mesa Air Group, Inc		21,045
2,653	*	Pinnacle Airlines Corp		17,695
496	*	Republic Airways Holdings, Inc		7,539
2,355		Skywest, Inc		63,255
2,964	*	World Air Holdings, Inc		28,513
		TOTAL TRANSPORTATION BY AIR		755,932

276

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

SHARES				VALUE
TRANSPORTATION EQUIPMENT - 1.76%
2,648	*	AAR Corp	$	63,420
570	*	Accuride Corp		7,353
5,071		Clarcor, Inc		150,659
2,635	*	Fleetwood Enterprises, Inc		32,542
7,314	*	GenCorp, Inc		129,823
777		Greenbrier Cos, Inc		22,067
2,334		Heico Corp		60,404
6,710		JLG Industries, Inc		306,378
1,500	*	K&F Industries Holdings, Inc		23,040
858		Noble International Ltd		17,881
2,028	*	Orbital Sciences Corp		26,040
4,619		Thor Industries, Inc		185,083
988	*	Visteon Corp		6,185
4,079		Wabash National Corp		77,705
6,223		Westinghouse Air Brake Technologies Corp		167,398
4,352		Winnebago Industries, Inc		144,835
		TOTAL TRANSPORTATION EQUIPMENT		1,420,813
TRANSPORTATION SERVICES - 0.39%
2,200		Ambassadors Group, Inc		50,358
1,460	*	Dynamex, Inc		27,828
2,556	*	HUB Group, Inc		90,355
4,857		Pacer International, Inc		126,573
2,060	*	RailAmerica, Inc		22,639
		TOTAL TRANSPORTATION SERVICES		317,753
TRUCKING AND WAREHOUSING - 0.59%
491		Arkansas Best Corp		21,447
3,775		Forward Air Corp		138,354
5,943		Heartland Express, Inc		120,583
3,800	*	Old Dominion Freight Line		102,524
352	*	P.A.M. Transportation Services, Inc		6,262
1,611	*	SIRVA, Inc		12,888
400	*	U.S. Xpress Enterprises, Inc (Class A)		6,952
700	*	Universal Truckload Services, Inc		16,100
562	*	USA Truck, Inc		16,371
1,715		Werner Enterprises, Inc		33,786
		TOTAL TRUCKING AND WAREHOUSING		475,267
WATER TRANSPORTATION - 0.35%
900		Horizon Lines, Inc		10,917
2,406	*	Hornbeck Offshore Services, Inc		78,676
2,728	*	Kirby Corp		142,320
1,359		Maritrans, Inc		35,361
5,198	*	Odyssey Marine Exploration, Inc		18,401
		TOTAL WATER TRANSPORTATION		285,675

277

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

SHARES				VALUE
WHOLESALE TRADE-DURABLE GOODS - 1.97%
1,200	*	1-800 Contacts, Inc	$	14,052
200		Agilysys, Inc		3,644
3,559		Applied Industrial Technologies, Inc		119,903
4,397	*	Aviall, Inc		126,634
2,381	*	Beacon Roofing Supply, Inc		68,406
971		BlueLinx Holdings, Inc		10,924
474		Building Material Holding Corp		32,331
2,819	*	Digi International, Inc		29,571
2,000	*	Drew Industries, Inc		56,380
2,566	*	Genesis Microchip, Inc		46,419
1,591		Hughes Supply, Inc		57,037
537	*	Huttig Building Products, Inc		4,511
854	*	Insight Enterprises, Inc		16,747
1,618	*	Interline Brands, Inc		36,810
1,339	*	Keystone Automotive Industries, Inc		42,152
7,453		Knight Transportation, Inc		154,501
290		Lawson Products, Inc		10,945
2,128	*	LKQ Corp		73,671
2,675	*	Merge Technologies, Inc		66,982
300	*	MWI Veterinary Supply, Inc		7,743
3,331	*	Navarre Corp		18,420
2,959		Owens & Minor, Inc		81,461
1,869		PEP Boys-Manny Moe & Jack		27,829
8,587	*	PSS World Medical, Inc		127,431
2,393		Reliance Steel & Aluminum Co		146,260
2,699	*	Tyler Technologies, Inc		23,697
4,230	*	WESCO International, Inc		180,748
427	*	West Marine, Inc		5,969
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,591,178
WHOLESALE TRADE-NONDURABLE GOODS - 1.29%
4,411	*	Allscripts Healthcare Solutions, Inc		59,107
1,114	*	BioScrip, Inc		8,400
2,700	*	Central European Distribution Corp		108,378
550	*	Green Mountain Coffee Roasters, Inc		22,330
1,093		Kenneth Cole Productions, Inc (Class A)		27,872
2,692		K-Swiss, Inc (Class A)		87,328
506	*	Maui Land & Pineapple Co, Inc		17,169
7,336		Nu Skin Enterprises, Inc (Class A)		128,967
1,351	*	Nuco2, Inc		37,666
1,086	*	Provide Commerce, Inc		35,957
1,164	*	School Specialty, Inc		42,416
825	*	Source Interlink Cos, Inc		9,174
1,676	*	Spartan Stores, Inc		17,464
4,381	*	Tractor Supply Co		231,930
5,342	*	United Natural Foods, Inc		141,029
1,414	*	United Stationers, Inc		68,579
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,043,766
		TOTAL COMMON STOCKS		80,855,421
		(Cost $62,631,718)

278

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

PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 0.14%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.14%
$     110,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06	$	109,959
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		109,959
		TOTAL SHORT-TERM INVESTMENTS		109,959
		(Cost $109,979)
		TOTAL PORTFOLIO- 100.05%		80,965,380
		(Cost $62,741,697)
		OTHER ASSETS & LIABILITIES, NET - (0.05)%		(37,827	)
		NET ASSETS - 100.00%	$	80,927,553
	*	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.

279

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.70%
AGRICULTURAL PRODUCTION-CROPS - 0.20%
5,001		Chiquita Brands International, Inc	$	100,070
1,500		Delta & Pine Land Co		34,515
946	*	John B. Sanfilippo & Son		12,232
		TOTAL AGRICULTURAL PRODUCTION-CROPS		146,817
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.05%
25		Seaboard Corp		37,775
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		37,775
AMUSEMENT AND RECREATION SERVICES - 0.59%
927		Churchill Downs, Inc		34,049
1,838		Dover Motorsports, Inc		11,230
3,650	*	Leapfrog Enterprises, Inc		42,523
4,300	*	Magna Entertainment Corp (Class A)		30,702
1,189	*	Multimedia Games, Inc		10,998
4,435	*	Pinnacle Entertainment, Inc		109,589
11,437	*	Six Flags, Inc		88,179
1,470		Speedway Motorsports, Inc		50,965
1,164	*	Sunterra Corp		16,552
2,264		World Wrestling Entertainment, Inc		33,236
		TOTAL AMUSEMENT AND RECREATION SERVICES		428,023
APPAREL AND ACCESSORY STORES - 1.31%
700		Buckle, Inc		22,568
1,991		Burlington Coat Factory Warehouse Corp		80,058
2,299		Cato Corp (Class A)		49,313
687	*	Charlotte Russe Holding, Inc		14,310
14,621	*	Charming Shoppes, Inc		192,997
377		DEB Shops, Inc		11,208
726	*	Dress Barn, Inc		28,031
800	*	DSW, Inc		20,976
428		Finish Line, Inc (Class A)		7,456
1,200		Goody's Family Clothing, Inc		11,508
2,759	*	Jo-Ann Stores, Inc		32,556
8,083	*	Payless Shoesource, Inc		202,883
885	*	Shoe Carnival, Inc		19,399
3,180		Stage Stores, Inc		94,700
708		Syms Corp		10,224
564		Talbots, Inc		15,690
3,092	*	The Wet Seal, Inc		13,728
3,593	*	Too, Inc		101,359
600	*	Under Armour, Inc		22,986

280

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

SHARES				VALUE
1,000	*	Wilsons The Leather Experts, Inc	$	3,630
		TOTAL APPAREL AND ACCESSORY STORES		955,580
APPAREL AND OTHER TEXTILE PRODUCTS - 0.42%
2,342	*	Gymboree Corp		54,803
3,095	*	Hartmarx Corp		24,172
3,381		Kellwood Co		80,738
600	*	Maidenform Brands, Inc		7,596
426		Phillips-Van Heusen Corp		13,802
3,948		Russell Corp		53,140
300	*	Volcom, Inc		10,203
2,440	*	Warnaco Group, Inc		65,197
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		309,651
AUTO REPAIR, SERVICES AND PARKING - 0.67%
1,058	*	Amerco, Inc		76,229
1,325		Bandag, Inc		56,538
2,400		Central Parking Corp		32,928
3,100	*	Dollar Thrifty Automotive Group, Inc		111,817
100	*	Midas, Inc		1,836
505		Monro Muffler, Inc		15,311
6,303	*	PHH Corp		176,610
951	*	Wright Express Corp		20,922
		TOTAL AUTO REPAIR, SERVICES AND PARKING		492,191
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.45%
1,700	*	Asbury Automotive Group, Inc		27,982
730	*	CSK Auto Corp		11,008
1,787		Lithia Motors, Inc (Class A)		56,183
1,131	*	MarineMax, Inc		35,706
3,524		Sonic Automotive, Inc		78,515
3,203		United Auto Group, Inc		122,355
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		331,749
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.18%
1,000	*	Builders FirstSource, Inc		21,370
2,402	*	Central Garden & Pet Co		110,348
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		131,718
BUSINESS SERVICES - 5.48%
46,507	*	3Com Corp		167,425
4,736		ABM Industries, Inc		92,589

281

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

SHARES				VALUE
3,668	*	Agile Software Corp	$	21,935
1,603	*	American Reprographics Co		40,732
4,735	*	AMICAS, Inc		23,486
1,043		Arbitron, Inc		39,613
8,030	*	Ariba, Inc		59,021
5,818	*	Atari, Inc		6,283
2,136	*	Autobytel, Inc		10,552
809	*	Avocent Corp		21,997
22,602	*	BearingPoint, Inc		177,652
9,646	*	Borland Software Corp		62,988
2,451		Brady Corp (Class A)		88,677
2,406		Catalina Marketing Corp		60,992
7,387	*	CBIZ, Inc		44,470
3,675	*	Ciber, Inc		24,255
14,857	*	CMGI, Inc		22,583
3,139	*	Covansys Corp		42,722
2,934	*	CSG Systems International, Inc		65,487
3,544	*	Echelon Corp		27,750
1,491	*	eFunds Corp		34,949
2,200	*	Electro Rent Corp		32,802
6,490	*	Electronics for Imaging, Inc		172,699
1,161	*	EPIQ Systems, Inc		21,525
2,507	*	eSpeed, Inc (Class A)		19,329
200	*	First Advantage Corp		5,342
1,222	*	Forrester Research, Inc		22,913
1,086	*	Gartner, Inc (Class A)		14,009
1,200	*	Global Cash Access, Inc		17,508
700	*	Heartland Payment Systems, Inc		15,162
676	*	Heidrick & Struggles International, Inc		21,666
402	*	Hudson Highland Group, Inc		6,979
2,000	*	Hypercom Corp		12,780
2,364	*	iGate Corp		11,489
500	*	IHS, Inc		10,260
935	*	Infospace, Inc		24,142
1,244		Integral Systems, Inc		23,462
2,431	*	Intergraph Corp		121,088
4,836	*	Internet Capital Group, Inc		39,752
1,072	*	Internet Security Systems, Inc		22,458
978		Interpool, Inc		18,465
500	*	Intervideo, Inc		5,275
4,741	*	Interwoven, Inc		40,156
521	*	Intrado, Inc		11,993
972	*	Ipass, Inc		6,376
3,488	*	JDA Software Group, Inc		59,331
5,123	*	Keane, Inc		56,404
2,240		Kelly Services, Inc (Class A)		58,733
300	*	Kenexa Corp		6,330
856	*	Keynote Systems, Inc		11,000
1,079	*	Kforce, Inc		12,042
7,437	*	Lawson Software, Inc		54,662
4,208	*	Magma Design Automation, Inc		35,389
301	*	Manhattan Associates, Inc		6,164

282

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

SHARES				VALUE
410	*	Mapinfo Corp	$	5,170
200	*	Marlin Business Services, Inc		4,778
5,727	*	Matrixone, Inc		28,578
5,830	*	Mentor Graphics Corp		60,282
1,789		MoneyGram International, Inc		46,657
1,333	*	Motive, Inc		4,119
7,842	*	MPS Group, Inc		107,200
2,225	*	MRO Software, Inc		31,239
3,849	*	NCO Group, Inc		65,125
4,324	*	NDCHealth Corp		83,150
1,545	*	Ness Technologies, Inc		16,640
5,232	*	NetIQ Corp		64,301
1,706	*	Netratings, Inc		21,035
1,100	*	Netscout Systems, Inc		5,995
301	*	Open Solutions, Inc		6,899
1,584	*	Pegasystems, Inc		11,579
8,433	*	Perot Systems Corp (Class A)		119,243
600	*	Phoenix Technologies Ltd		3,756
200	*	PRA International		5,630
500		QAD, Inc		3,820
1,159	*	Quest Software, Inc		16,910
1,410	*	Radisys Corp		24,449
3,351	*	Redback Networks, Inc		47,115
1,520	*	Rent-Way, Inc		9,713
6,336	*	RSA Security, Inc		71,153
5,028	*	S1 Corp		21,872
1,648	*	SafeNet, Inc		53,099
337	*	SI International, Inc		10,302
6,414	*	SonicWALL, Inc		50,799
3,153	*	Spherion Corp		31,561
110	*	SPSS, Inc		3,402
300	*	SSA Global Technologies, Inc		5,457
1,343		Startek, Inc		24,174
1,739	*	Stellent, Inc		17,268
1,640	*	SupportSoft, Inc		6,921
2,200	*	SYKES Enterprises, Inc		29,414
1,062	*	SYNNEX Corp		16,047
500	*	TAL International Group, Inc		10,325
300	*	Taleo Corp		3,984
425		Talx Corp		19,427
880	*	TeleTech Holdings, Inc		10,604
1,455	*	THQ, Inc		34,702
8,718	*	TIBCO Software, Inc		65,123
400	*	TRM Corp		2,980
5,765		United Online, Inc		81,978
8,075	*	United Rentals, Inc		188,874
2,058	*	Universal Compression Holdings, Inc		84,625
913	*	Vertrue, Inc		32,256
2,671		Viad Corp		78,340
2,234	*	Vignette Corp		36,436
1,000	*	Volt Information Sciences, Inc		19,020
200	*	WebMD Health Corp		5,810

283

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

SHARES				VALUE
6,393	*	webMethods, Inc	$	49,290
200	*	WebSideStory, Inc		3,626
		TOTAL BUSINESS SERVICES		3,996,095
CHEMICALS AND ALLIED PRODUCTS - 3.79%
100	*	Adams Respiratory Therapeutics, Inc		4,066
2,906	*	Albany Molecular Research, Inc		35,308
3,588		Alpharma, Inc (Class A)		102,294
2,368	*	Andrx Corp		39,001
2,800		Arch Chemicals, Inc		83,720
4,331	*	Arena Pharmaceuticals, Inc		61,587
3,782	*	Arqule, Inc		23,146
525	*	Atherogenics, Inc		10,505
972	*	BioMarin Pharmaceuticals, Inc		10,478
4,300		Calgon Carbon Corp		24,467
3,223		Cambrex Corp		60,495
897	*	Cell Genesys, Inc		5,319
2,700		CF Industries Holdings, Inc		41,175
477	*	Chattem, Inc		17,358
300	*	Coley Pharmaceutical Group, Inc		4,548
8,409	*	Dendreon Corp		45,577
1,777	*	Elizabeth Arden, Inc		35,646
2,528	*	Enzon Pharmaceuticals, Inc		18,707
5,160		Ferro Corp		96,802
2,018		Georgia Gulf Corp		61,387
5,314	*	GlobeTel Communications Corp		19,609
3,511		H.B. Fuller Co		112,598
400	*	Inspire Pharmaceuticals, Inc		2,032
2,401	*	Inverness Medical Innovations, Inc		56,928
2,469		Minerals Technologies, Inc		137,992
4,611	*	NBTY, Inc		74,929
2,042	*	NewMarket Corp		49,947
100	*	NitroMed, Inc		1,395
400		NL Industries, Inc		5,636
906	*	NPS Pharmaceuticals, Inc		10,727
2,953	*	Nuvelo, Inc		23,949
1,586		Octel Corp		25,804
4,580		Olin Corp		90,134
3,505	*	OM Group, Inc		65,754
1,004	*	Par Pharmaceutical Cos, Inc		31,465
2,427	*	Parexel International Corp		49,171
9,616		Perrigo Co		143,375
461	*	Pharmion Corp		8,192
681	*	Pioneer Cos, Inc		20,410
11,314	*	PolyOne Corp		72,749
2,449	*	Prestige Brands Holdings, Inc		30,613
17,906	*	Revlon, Inc (Class A)		55,509
1,300	*	Rockwood Holdings, Inc		25,649
5,867		Sensient Technologies Corp		105,019
1,826	*	Serologicals Corp		36,045

284

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

SHARES				VALUE
700		Stepan Co	$	18,823
2,495	*	Tanox, Inc		40,843
11,149	*	Terra Industries, Inc		62,434
300	*	Threshold Pharmaceuticals, Inc		4,335
1,200		Tronox, Inc		15,684
1,359		UAP Holding Corp		27,751
10,312		USEC, Inc		123,228
11,459	*	Vertex Pharmaceuticals, Inc		317,071
4,000		Wellman, Inc		27,120
1,613		Westlake Chemical Corp		46,471
4,414	*	WR Grace & Co		41,492
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,762,469
COAL MINING - 0.21%
1,300		Foundation Coal Holdings, Inc		49,400
641	*	James River Coal Co		24,486
1,335		Penn Virginia Corp		76,629
		TOTAL COAL MINING		150,515
COMMUNICATIONS - 3.08%
1,780	*	Airspan Networks, Inc		10,128
2,014		Anixter International, Inc		78,788
2,048	*	Audiovox Corp (Class A)		28,385
2,274	*	Brightpoint, Inc		63,058
400	*	Cbeyond Communications, Inc		4,120
1,728		Centennial Communications Corp		26,819
45,079	*	Charter Communications, Inc (Class A)		54,996
30,339	*	Cincinnati Bell, Inc		106,490
5,257		Citadel Broadcasting Corp		70,654
1,245		Commonwealth Telephone Enterprises, Inc		42,044
1,500		Consolidated Communications Holdings, Inc		19,485
4,605	*	Cox Radio, Inc (Class A)		64,838
2,331		CT Communications, Inc		28,298
5,279	*	Cumulus Media, Inc (Class A)		65,512
3,216	*	Emmis Communications Corp (Class A)		64,031
4,422	*	Entercom Communications Corp		131,201
3,739	*	Entravision Communications Corp (Class A)		26,622
3,256		Fairpoint Communications, Inc		33,732
329	*	Fisher Communications, Inc		13,630
5,370	*	Foundry Networks, Inc		74,160
6,644	*	General Communication, Inc (Class A)		68,633
998		Golden Telecom, Inc		25,908
5,448		Gray Television, Inc		53,499
6,978	*	IDT Corp (Class B)		81,643
2,698		Iowa Telecommunications Services, Inc		41,792
84,174	*	Level 3 Communications, Inc		241,579
1,558		Liberty Corp		72,930
3,456	*	Lin TV Corp (Class A)		38,500

285

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

SHARES				VALUE
3,248	*	Mastec, Inc	$	34,006
2,000	*	NeuStar, Inc		60,980
296		Preformed Line Products Co		12,666
5,495	*	Price Communications Corp		81,711
6,770	*	Radio One, Inc (Class D)		70,070
2,742	*	RCN Corp		64,300
1	v*	RCN Corp Wts 12/21/06		(0	)
3,166	*	Regent Communications, Inc		14,690
717	*	Saga Communications, Inc (Class A)		7,794
200	*	Salem Communications Corp (Class A)		3,498
1,304	*	SBA Communications Corp		23,341
711		Shenandoah Telecom Co		28,326
786	*	Spanish Broadcasting System, Inc (Class A)		4,016
1,749		SureWest Communications		46,121
3,605	*	Talk America Holdings, Inc		31,111
3,221		USA Mobility, Inc		89,286
1,474		Valor Communications Group, Inc		16,804
3,071	*	Wireless Facilities, Inc		15,662
700	*	WorldSpace, Inc		10,157
		TOTAL COMMUNICATIONS		2,246,014
DEPOSITORY INSTITUTIONS - 15.27%
1,402		1st Source Corp		35,260
1,363	*	ACE Cash Express, Inc		31,826
1,659		Alabama National Bancorp		107,437
2,679		Amcore Financial, Inc		81,468
1,230	*	AmericanWest Bancorp		29,065
1,440		Ameris Bancorp		28,570
2,723		Anchor Bancorp Wisconsin, Inc		82,616
239		Arrow Financial Corp		6,250
1,608	*	Banc Corp		18,347
521		Bancfirst Corp		41,159
1,086	*	Bancorp, Inc		18,462
9,425		Bancorpsouth, Inc		208,010
1,000		BancTrust Financial Group, Inc		20,100
7,064		Bank Mutual Corp		74,878
1,600		Bank of Granite Corp		29,648
5,515		BankAtlantic Bancorp, Inc (Class A)		77,210
2,100	*	BankFinancial Corp		30,828
3,114		BankUnited Financial Corp (Class A)		82,739
1,200		Banner Corp		37,440
900		Berkshire Hills Bancorp, Inc		30,150
2,710	*	BFC Financial Corp		14,959
3,817		Boston Private Financial Holdings, Inc		116,113
7,560		Brookline Bancorp, Inc		107,125
757		Camden National Corp		24,890
1,495		Capital City Bank Group, Inc		51,263
1,015		Capital Corp of the West		32,937
498	*	Capital Crossing Bank		16,633
1,493		Capitol Bancorp Ltd		55,898

286

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

SHARES				VALUE
1,941		Cardinal Financial Corp	$	21,351
1,821		Cathay General Bancorp		65,447
5,300	*	Centennial Bank Holdings, Inc		65,561
725	*	Central Coast Bancorp		17,937
3,673		Central Pacific Financial Corp		131,934
3,058		Chemical Financial Corp		97,122
5,565		Chittenden Corp		154,762
994		Citizens & Northern Corp		25,476
5,256		Citizens Banking Corp		145,854
900		City Bank		32,013
1,821		City Holding Co		65,465
1,613		Clifton Savings Bancorp, Inc		16,227
520		Columbia Bancorp		21,450
1,893		Columbia Banking System, Inc		54,045
4,010		Commercial Capital Bancorp, Inc		68,651
100	*	Community Bancorp		3,161
3,841		Community Bank System, Inc		86,615
1,179		Community Banks, Inc		33,012
1,783		Community Trust Bancorp, Inc		54,827
441		Corus Bankshares, Inc		24,815
1,188		CVB Financial Corp		24,128
3,270		Dime Community Bancshares		47,775
220	*	EuroBancshares, Inc		3,117
700		Farmers Capital Bank Corp		21,518
2,050		Fidelity Bankshares, Inc		67,035
1,100		Financial Institutions, Inc		21,582
1,282		First Bancorp (North Carolina)		25,845
7,720		First Bancorp (Puerto Rico)		95,805
3,644		First Charter Corp		86,217
807		First Citizens Bancshares, Inc (Class A)		140,757
8,620		First Commonwealth Financial Corp		111,457
1,800		First Community Bancorp, Inc		97,866
1,212		First Community Bancshares, Inc		37,766
844		First Defiance Financial Corp		22,864
3,900		First Financial Bancorp		68,328
2,120		First Financial Bankshares, Inc		74,327
1,700		First Financial Corp (Indiana)		45,900
1,481		First Financial Holdings, Inc		45,496
1,307		First Indiana Corp		44,935
2,215		First Merchants Corp		57,590
3,154		First Midwest Bancorp, Inc		110,579
14,234		First Niagara Financial Group, Inc		205,966
900		First Oak Brook Bancshares, Inc		25,155
1,800		First Place Financial Corp		43,290
2,300		First Republic Bank		85,123
1,656		First State Bancorporation		39,727
2,004	*	FirstFed Financial Corp		109,258
4,275		Flagstar Bancorp, Inc		61,560
2,306		Flushing Financial Corp		35,904
6,945		FNB Corp		120,565
800		FNB Corp (Virginia)		24,536
2,424	*	Franklin Bank Corp		43,608

287

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

SHARES				VALUE
7,984		Fremont General Corp	$	185,468
2,184		Frontier Financial Corp		69,888
1,520		GB&T Bancshares, Inc		32,543
2,351		Glacier Bancorp, Inc		70,648
4,697		Gold Banc Corp, Inc		85,579
600		Great Southern Bancorp, Inc		16,566
6,137		Greater Bay Bancorp		157,230
981		Greene County Bancshares, Inc		26,840
3,300		Hancock Holding Co		124,773
3,315		Hanmi Financial Corp		59,206
790		Harbor Florida Bancshares, Inc		29,270
1,599		Harleysville National Corp		30,541
1,245		Heartland Financial USA, Inc		27,017
538		Heritage Commerce Corp		11,567
1,265		Horizon Financial Corp		27,628
3,476		Hudson United Bancorp		144,880
1,248		IBERIABANK Corp		63,660
1,847		Independent Bank Corp (Massachusetts)		52,695
2,191		Independent Bank Corp (Michigan)		59,661
1,892		Integra Bank Corp		40,375
2,000		Interchange Financial Services Corp		34,500
4,500	*	Investors Bancorp, Inc		49,635
2,300		Irwin Financial Corp		49,266
690	*	ITLA Capital Corp		33,707
2,544		Kearny Financial Corp		31,037
3,758		KNBT Bancorp, Inc		61,218
2,158		Lakeland Bancorp, Inc		31,723
700		Lakeland Financial Corp		28,266
3,906		MAF Bancorp, Inc		161,630
1,717		Main Street Banks, Inc		46,754
1,389		MainSource Financial Group, Inc		24,794
1,559		MB Financial, Inc		55,189
1,483		MBT Financial Corp		24,025
265		Mercantile Bank Corp		10,203
2,900		Mid-State Bancshares		77,575
1,214		Midwest Banc Holdings, Inc		27,012
100		NASB Financial, Inc		3,936
5,278		National Penn Bancshares, Inc		100,546
700		NBC Capital Corp		16,653
3,900		NBT Bancorp, Inc		84,201
5,448		NetBank, Inc		39,117
7,011		NewAlliance Bancshares, Inc		101,940
673	*	Northern Empire Bancshares		15,923
2,430		Northwest Bancorp, Inc		51,662
1,027		OceanFirst Financial Corp		23,375
8,235		Old National Bancorp		178,205
1,513		Omega Financial Corp		42,167
2,543		Oriental Financial Group, Inc		31,431
2,709		Pacific Capital Bancorp		96,386
1,192		Park National Corp		122,347
5,988		Partners Trust Financial Group, Inc		72,155
240		Peapack Gladstone Financial Corp		6,696

288

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

SHARES				VALUE
1,000		Pennfed Financial Services, Inc	$	18,420
1,294		Peoples Bancorp, Inc		36,918
1,862		PFF Bancorp, Inc		56,828
500		Placer Sierra Bancshares		13,855
711		Premierwest Bancorp		9,954
2,609		Prosperity Bancshares, Inc		74,983
3,999		Provident Bankshares Corp		135,046
534		Provident Financial Holdings		14,044
8,906		Provident Financial Services, Inc		164,850
4,874		Provident New York Bancorp		53,663
3,338		R & G Financial Corp (Class B)		44,062
1,200		Renasant Corp		37,956
902		Republic Bancorp, Inc (Class A) (Kentucky)		19,348
8,799		Republic Bancorp, Inc (Michigan)		104,708
606		Royal Bancshares of Pennsylvania (Class A)		14,035
2,545		S&T Bancorp, Inc		93,707
820		S.Y. Bancorp, Inc		20,516
1,537		Sandy Spring Bancorp, Inc		53,611
660		Santander BanCorp		16,579
1,050		SCBT Financial Corp		35,091
880		Seacoast Banking Corp of Florida		20,196
1,013		Security Bank Corp		23,593
200		Sierra Bancorp		4,558
1,147	*	Signature Bank		32,196
1,700		Simmons First National Corp (Class A)		47,090
583		Sound Federal Bancorp, Inc		11,135
567		Southside Bancshares, Inc		11,453
1,631		Southwest Bancorp, Inc		32,620
1,091		State Bancorp, Inc		18,263
300	*	State National Bancshares, Inc		8,010
1,923		Sterling Bancorp		37,941
5,427		Sterling Bancshares, Inc		83,793
3,064		Sterling Financial Corp (Pennsylvania)		60,667
4,263		Sterling Financial Corp (Spokane)		106,490
663		Summit Bancshares, Inc		11,921
616		Summit Financial Group, Inc		14,155
1,402	*	Sun Bancorp, Inc (New Jersey)		27,690
5,671		Susquehanna Bancshares, Inc		134,289
600		Taylor Capital Group, Inc		24,240
4,250		Texas Regional Bancshares, Inc (Class A)		120,275
2,322		TierOne Corp		68,290
847		Tompkins Trustco, Inc		37,946
1,300		Trico Bancshares		30,407
5,791		Trustmark Corp		159,079
1,893		UMB Financial Corp		120,982
5,456		Umpqua Holdings Corp		155,660
1,100		Union Bankshares Corp		47,410
4,585		United Bankshares, Inc		161,575
3,209		United Community Banks, Inc		85,552
3,120		United Community Financial Corp		36,847
600	*	United Financial Bancorp, Inc		6,918
2,566		Unizan Financial Corp		68,153

289

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

SHARES				VALUE
1,348		USB Holding Co, Inc	$	29,198
802		Virginia Financial Group, Inc		28,896
13,405		W Holding Co, Inc		110,323
1,455		Washington Trust Bancorp, Inc		38,092
800	*	Wauwatosa Holdings, Inc		9,152
2,724		WesBanco, Inc		82,837
1,751		West Coast Bancorp		46,314
1,612		Westamerica Bancorporation		85,549
200	*	Western Alliance Bancorp		5,974
559	*	Western Sierra Bancorp		20,342
119		Westfield Financial, Inc		2,857
372		Wintrust Financial Corp		20,423
686		WSFS Financial Corp		42,017
610		Yardville National Bancorp		21,136
		TOTAL DEPOSITORY INSTITUTIONS		11,142,572
EATING AND DRINKING PLACES - 1.06%
805		AFC Enterprises		12,171
4,255		Bob Evans Farms, Inc		98,120
378	*	California Pizza Kitchen, Inc		12,085
1,683	*	Dave & Buster's, Inc		29,638
3,934		Domino's Pizza, Inc		95,203
1,461		IHOP Corp		68,535
3,667	*	Jack in the Box, Inc		128,088
3,485	*	Krispy Kreme Doughnuts, Inc		20,004
1,971		Landry's Restaurants, Inc		52,645
2,090		Lone Star Steakhouse & Saloon, Inc		49,617
3,216	*	Luby's, Inc		42,773
400	*	McCormick & Schmick's Seafood Restaurants, Inc		9,044
2,637	*	O'Charleys, Inc		40,900
518	*	Papa John's International, Inc		30,723
700	*	Ruth's Chris Steak House, Inc		12,670
5,156	*	Ryan's Restaurant Group, Inc		62,181
600	*	The Steak N Shake Co		10,170
		TOTAL EATING AND DRINKING PLACES		774,567
ELECTRIC, GAS, AND SANITARY SERVICES - 5.09%
3,041		Allete, Inc		133,804
2,034		American States Water Co		62,647
45,700	*	Aquila, Inc		164,520
5,940		Avista Corp		105,197
3,945		Black Hills Corp		136,536
2,100		California Water Service Group		80,283
1,500		Cascade Natural Gas Corp		29,265
2,181	*	Casella Waste Systems, Inc (Class A)		27,895
1,600		Central Vermont Public Service Corp		28,816
1,900		CH Energy Group, Inc		87,210
5,983		Cleco Corp		124,746

290

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

SHARES				VALUE
518		Connecticut Water Service, Inc	$	12,696
9,500		Duquesne Light Holdings, Inc		155,040
5,895	*	El Paso Electric Co		124,031
3,175		Empire District Electric Co		64,548
800		EnergySouth, Inc		21,424
5,173		Idacorp, Inc		151,569
1,500		ITC Holdings Corp		42,135
2,600		Laclede Group, Inc		75,946
2,572		Metal Management, Inc		59,825
1,818		MGE Energy, Inc		61,648
1,324		Middlesex Water Co		22,958
3,127		New Jersey Resources Corp		130,990
5,343		Nicor, Inc		210,033
3,367		Northwest Natural Gas Co		115,084
4,271		NorthWestern Corp		132,700
3,542		Otter Tail Corp		102,647
4,658		Peoples Energy Corp		163,356
1,000	*	Pico Holdings, Inc		32,260
87		Piedmont Natural Gas Co, Inc		2,102
1,600	*	Pike Electric Corp		25,952
1,287		Resource America, Inc (Class A)		21,943
22,202	*	Sierra Pacific Resources		289,514
800		SJW Corp		36,400
3,400		South Jersey Industries, Inc		99,076
4,510		Southwest Gas Corp		119,064
2,520		Southwest Water Co		36,061
1,756		UIL Holdings Corp		80,758
4,200		Unisource Energy Corp		131,040
702		Waste Industries USA, Inc		9,042
7,660	*	Waste Services, Inc		25,508
5,925		WGL Holdings, Inc		178,106
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		3,714,375
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.70%
2,844	*	Actel Corp		36,204
5,291		Acuity Brands, Inc		168,254
13,750	*	Adaptec, Inc		80,025
700	*	Advanced Analogic Technologies, Inc		9,695
8,370	*	Aeroflex, Inc		89,978
10,387		Alliance One International, Inc		40,509
717	*	AMIS Holdings, Inc		7,636
4,045	*	Amkor Technology, Inc		22,652
22,017	*	Applied Micro Circuits Corp		56,584
200		Applied Signal Technology, Inc		4,540
672	*	Artesyn Technologies, Inc		6,922
18,789	*	Atmel Corp		58,058
1,063		Baldor Electric Co		27,266
1,376		Bel Fuse, Inc (Class B)		43,757
2,386	*	Benchmark Electronics, Inc		80,241
7,917	*	Broadwing Corp		47,898

291

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

SHARES				VALUE
32,778	*	Brocade Communications Systems, Inc	$	133,406
2,947		C&D Technologies, Inc		22,456
430	*	Catapult Communications Corp		6,360
2,540	*	C-COR, Inc		12,344
1,107	*	Ceradyne, Inc		48,487
4,616	*	Checkpoint Systems, Inc		113,784
69,430	*	Ciena Corp		206,207
56,938	*	Conexant Systems, Inc		128,680
2,600		CTS Corp		28,756
1,981		Cubic Corp		39,541
722	*	Cymer, Inc		25,638
1,557	*	Ditech Communications Corp		13,001
629	*	DSP Group, Inc		15,763
200	*	DTS, Inc		2,960
3,500	*	Electro Scientific Industries, Inc		84,525
5,517	*	EnerSys		71,942
2,617	*	Exar Corp		32,765
10,852	*	Fairchild Semiconductor International, Inc		183,507
14,709	*	Finisar Corp		30,595
5,776	*	FuelCell Energy, Inc		48,923
2,308	*	Genlyte Group, Inc		123,640
4,939	*	Glenayre Technologies, Inc		16,052
6,682	*	GrafTech International Ltd		41,562
432	*	Greatbatch, Inc		11,236
7,177	*	Hexcel Corp		129,545
200	*	Hittite Microwave Corp		4,628
2,520	*	Hutchinson Technology, Inc		71,694
300	*	Ikanos Communications, Inc		4,422
4,073		Imation Corp		187,643
9,973	*	Integrated Device Technology, Inc		131,444
4,413	*	Integrated Silicon Solutions, Inc		28,420
2,047		Inter-Tel, Inc		40,060
8,900	*	Kemet Corp		62,923
9,789	*	Lattice Semiconductor Corp		42,288
2,019	*	Leadis Technology, Inc		10,398
4,065		Lincoln Electric Holdings, Inc		161,218
1,541	*	Littelfuse, Inc		41,992
2,450		LSI Industries, Inc		38,367
690	*	Mattson Technology, Inc		6,941
1,583	*	Maxtor Corp		10,986
3,736		Maytag Corp		70,312
18,980	*	McData Corp (Class A)		72,124
1,816		Methode Electronics, Inc		18,106
3,644	*	Moog, Inc		103,417
5,677	*	MRV Communications, Inc		11,638
100	*	Multi-Fineline Electronix, Inc		4,817
600		National Presto Industries, Inc		26,610
1,760	*	Oplink Communications Inc		25,520
2,300	*	Optical Communication Products, Inc		5,313
1,187	*	OSI Systems, Inc		21,829
2,397		Park Electrochemical Corp		62,274
1,667	*	Pericom Semiconductor Corp		13,286

292

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

SHARES				VALUE
2,653	*	Photronics, Inc	$	39,954
1,837	*	Pixelworks, Inc		9,332
2,309	*	Plexus Corp		52,507
400	*	PLX Technology, Inc		3,440
5,735	*	Polycom, Inc		87,746
900	*	Powell Industries, Inc		16,164
7,919	*	Power-One, Inc		47,672
13,349	*	Powerwave Technologies, Inc		167,797
5,424	*	Quantum Fuel Systems Technologies Worldwide, Inc		14,536
3,853	*	Rambus, Inc		62,380
20	b,v*	Read-Rite Corp		-
1,442		Regal-Beloit Corp		51,047
19,008	*	RF Micro Devices, Inc		102,833
1,256	*	Seachange International, Inc		9,922
7,755	*	Silicon Storage Technology, Inc		39,163
10,916	*	Skyworks Solutions, Inc		55,562
1,728	*	Standard Microsystems Corp		49,576
400	*	Sunpower Corp		13,596
21,734	*	Sycamore Networks, Inc		93,891
4,852		Technitrol, Inc		82,969
395	*	Tekelec		5,490
13,827	*	Triquint Semiconductor, Inc		61,530
2,433	*	TTM Technologies, Inc		22,870
1,439	*	Ulticom, Inc		14,116
5,386	*	Utstarcom, Inc		43,411
2,935	*	Valence Technology, Inc		4,520
11,164	*	Vitesse Semiconductor Corp		21,435
13,424	*	Zhone Technologies, Inc		28,459
3,430	*	Zoran Corp		55,600
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,888,082
ENGINEERING AND MANAGEMENT SERVICES - 1.65%
1,742	*	Antigenics, Inc		8,292
9,095	*	Applera Corp (Celera Genomics Group)		99,681
707		CDI Corp		19,372
800	*	Diversa Corp		3,840
872	*	Exponent, Inc		24,747
2,079	*	Harris Interactive, Inc		8,960
930	*	Infrasource Services, Inc		12,164
200	*	iRobot Corp		6,666
700	*	Isis Pharmaceuticals, Inc		3,668
400		Landauer, Inc		18,436
2,365		MAXIMUS, Inc		86,772
3,026	*	Maxygen, Inc		22,725
2,724	*	Neurogen Corp		17,951
1,058	*	PRG-Schultz International, Inc		645
4,166	*	Regeneron Pharmaceuticals, Inc		66,448
7,297	*	Savient Pharmaceuticals, Inc		27,291
1,908	*	Seattle Genetics, Inc		9,006
9,500	*	Shaw Group, Inc		276,355

293

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

SHARES				VALUE
2,000	*	Sourcecorp	$	47,960
700		Sypris Solutions, Inc		6,986
1,125	*	Tetra Tech, Inc		17,629
4,984	*	URS Corp		187,448
3,195		Washington Group International, Inc		169,239
2,240		Watson Wyatt & Co Holdings		62,496
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,204,777
FABRICATED METAL PRODUCTS - 1.39%
1,000		Ameron International Corp		45,580
1,900		CIRCOR International, Inc		48,754
7,405		Commercial Metals Co		277,984
1,221	*	Commercial Vehicle Group, Inc		22,930
100		Compx International, Inc		1,602
6,310		Crane Co		222,554
961	*	Earle M Jorgensen Co		8,870
1,537	*	Global Power Equipment Group, Inc		6,947
3,497	*	Griffon Corp		83,263
202		Gulf Island Fabrication, Inc		4,911
519		Lifetime Brands, Inc		10,728
892	*	NCI Building Systems, Inc		37,892
1,168		Silgan Holdings, Inc		42,188
2,541		Sturm Ruger & Co, Inc		17,812
2,064		Valmont Industries, Inc		69,061
1,331	*	Water Pik Technologies, Inc		28,577
2,747		Watts Water Technologies, Inc (Class A)		83,207
		TOTAL FABRICATED METAL PRODUCTS		1,012,860
FOOD AND KINDRED PRODUCTS - 1.50%
2,211		American Italian Pasta Co (Class A)		15,035
300	*	Boston Beer Co, Inc (Class A)		7,500
224		Coca-Cola Bottling Co Consolidated		9,632
9,216		Corn Products International, Inc		220,170
500		Diamond Foods, Inc		9,885
777		Farmer Bros Co		15,027
5,046		Flowers Foods, Inc		139,068
4,743	*	Gold Kist, Inc		70,908
5,726	*	Hercules, Inc		64,704
696		J&J Snack Foods Corp		41,349
2,589		Lancaster Colony Corp		95,922
2,896		Lance, Inc		53,952
1,400	*	M&F Worldwide Corp		22,848
300		National Beverage Corp		2,931
800		Premium Standard Farms, Inc		11,968
3,655	*	Ralcorp Holdings, Inc		145,871
900		Reddy Ice Holdings, Inc		19,629
1,984		Sanderson Farms, Inc		60,572
1,894		Tootsie Roll Industries, Inc		54,793

294

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

SHARES				VALUE
4,107		Topps Co, Inc	$	30,515
		TOTAL FOOD AND KINDRED PRODUCTS		1,092,279
FOOD STORES - 0.33%
1,021	*	Great Atlantic & Pacific Tea Co, Inc		32,447
1,200		Ingles Markets, Inc (Class A)		18,780
3,041	*	Pathmark Stores, Inc		30,380
4,073		Ruddick Corp		86,673
1,699		Weis Markets, Inc		73,125
		TOTAL FOOD STORES		241,405
FURNITURE AND FIXTURES - 0.68%
1,100		Bassett Furniture Industries, Inc		20,350
3,898		Ethan Allen Interiors, Inc		142,394
5,881		Furniture Brands International, Inc		131,323
1,255		Hooker Furniture Corp		21,523
1,893	*	Interface, Inc (Class A)		15,560
2,500		Kimball International, Inc (Class B)		26,575
6,391		La-Z-Boy, Inc		86,662
1,431		Stanley Furniture Co, Inc		33,171
1,200	*	Williams Scotsman International, Inc		20,772
		TOTAL FURNITURE AND FIXTURES		498,330
FURNITURE AND HOMEFURNISHINGS STORES - 0.42%
1,546	*	Bell Microproducts, Inc		11,827
1,283	*	Cost Plus, Inc		22,003
2,500		Haverty Furniture Cos, Inc		32,225
5,428	*	Linens 'n Things, Inc		144,385
8,064		Pier 1 Imports, Inc		70,399
3,415	*	The Bombay Co, Inc		10,108
2,564	*	Trans World Entertainment Corp		14,615
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		305,562
GENERAL BUILDING CONTRACTORS - 0.51%
696	*	Avatar Holdings, Inc		38,224
1,970		Levitt Corp (Class A)		44,798
1,559		M/I Homes, Inc		63,327
1,146	*	Palm Harbor Homes, Inc		21,545
1,081	*	Perini Corp		26,106
1,980		Technical Olympic USA, Inc		41,758
4,263	*	WCI Communities, Inc		114,461
238	*	William Lyon Homes, Inc		24,014
		TOTAL GENERAL BUILDING CONTRACTORS		374,233

295

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

SHARES				VALUE
GENERAL MERCHANDISE STORES - 0.59%
4,202	*	99 Cents Only Stores	$	43,953
11,534	*	Big Lots, Inc		138,523
742		Bon-Ton Stores, Inc		14,194
798	*	Cabela's, Inc		13,247
6,218		Casey's General Stores, Inc		154,206
200	*	Conn's, Inc		7,374
2,023		Fred's, Inc		32,914
1,994	*	Retail Ventures, Inc		24,805
		TOTAL GENERAL MERCHANDISE STORES		429,216
HEALTH SERVICES - 0.69%
403	*	Alliance Imaging, Inc		2,398
2,841	*	Allied Healthcare International, Inc		17,444
676	*	American Dental Partners, Inc		12,222
500		Brookdale Senior Living, Inc		14,905
345	*	Corvel Corp		6,551
2,962	*	Cross Country Healthcare, Inc		52,664
2,281	*	Genesis HealthCare Corp		83,302
1,049	*	Gentiva Health Services, Inc		15,462
7,821		Hooper Holmes, Inc		19,944
3,484	*	Kindred Healthcare, Inc		89,748
2,886	*	Magellan Health Services, Inc		90,765
867	*	Medcath Corp		16,083
455		National Healthcare Corp		17,008
774	*	Odyssey HealthCare, Inc		14,427
1,600	*	RehabCare Group, Inc		32,320
300	*	Specialty Laboratories, Inc		3,915
314	*	Sunrise Senior Living, Inc		10,585
200	*	Symbion, Inc		4,600
		TOTAL HEALTH SERVICES		504,343
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.20%
4,152		Granite Construction, Inc		149,098
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		149,098
HOLDING AND OTHER INVESTMENT OFFICES - 11.18%
1,700	*	4Kids Entertainment, Inc		26,673
4,000		Aames Investment Corp		25,840
3,026		Acadia Realty Trust		60,671
3,193		Affordable Residential Communities		30,429
1,120		Agree Realty Corp		32,368
1,865		Alexandria Real Estate Equities, Inc		150,133
2,100		American Campus Communities, Inc		52,080
5,230		American Home Mortgage Investment Corp		170,341
3,100		AMLI Residential Properties Trust		117,955

296

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

SHARES				VALUE
6,515		Anthracite Capital, Inc	$	68,603
5,581		Anworth Mortgage Asset Corp		40,741
7,669		Apollo Investment Corp		137,505
1,519		Arbor Realty Trust, Inc		39,372
4,616		Ashford Hospitality Trust, Inc		48,422
1,800		Bedford Property Investors		39,492
2,800		Bimini Mortgage Management, Inc (Class A)		25,340
5,371		BioMed Realty Trust, Inc		131,052
2,105	*	Boykin Lodging Co		25,723
6,832		Brandywine Realty Trust		190,681
3,235		Capital Lease Funding, Inc		34,065
331		Capital Southwest Corp		29,955
1,433		Capital Trust, Inc		41,958
3,115		Cedar Shopping Centers, Inc		43,828
1,500		CentraCore Properties Trust		40,305
5,432		Colonial Properties Trust		228,035
1,700		Columbia Equity Trust, Inc		27,455
6,341		Commercial Net Lease Realty, Inc		129,166
3,718		Corporate Office Properties Trust		132,138
2,704		Cousins Properties, Inc		76,523
1,868	*	Criimi MAE, Inc		36,986
2,600		Deerfield Triarc Capital Corp		35,620
2,719		DiamondRock Hospitality Co		32,519
1,301		Digital Realty Trust, Inc		29,442
2,326		EastGroup Properties, Inc		105,042
5,111		ECC Capital Corp		11,551
3,218		Education Realty Trust, Inc		41,480
205	*	Enstar Group, Inc		13,581
1,021		Entertainment Properties Trust		41,606
6,613		Equity Inns, Inc		89,606
1,000		Equity Lifestyle Properties, Inc		44,500
4,399		Equity One, Inc		101,705
6,237		Extra Space Storage, Inc		96,050
6,146		FelCor Lodging Trust, Inc		105,773
5,856		Fieldstone Investment Corp		69,452
5,262		First Industrial Realty Trust, Inc		202,587
2,373		First Potomac Realty Trust		63,122
1,380		Gladstone Capital Corp		29,504
1,100		Gladstone Investment Corp		14,949
3,811		Glenborough Realty Trust, Inc		68,979
3,317		GMH Communities Trust		51,447
2,248		Government Properties Trust, Inc		20,974
1,942		Gramercy Capital Corp		44,239
3,299		Heritage Property Investment Trust		110,186
2,200		Hersha Hospitality Trust		19,822
6,102		Highland Hospitality Corp		67,427
6,401		Highwoods Properties, Inc		182,108
3,801		Home Properties, Inc		155,081
6,764		HomeBanc Corp		50,595
9,231		IMPAC Mortgage Holdings, Inc		86,864
2,476		Inland Real Estate Corp		36,620
5,130		Innkeepers U.S.A. Trust		82,080

297

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

SHARES				VALUE
5,199		Investors Real Estate Trust	$	47,987
2,900		iShares Russell 2000 Value Index Fund		191,197
1,500		JER Investors Trust, Inc		25,425
2,174		Kilroy Realty Corp		134,571
3,298		Kite Realty Group Trust		51,020
4,000		LaSalle Hotel Properties		146,880
5,700		Lexington Corporate Properties Trust		121,410
2,780		LTC Properties, Inc		58,463
5,119		Luminent Mortgage Capital, Inc		38,444
4,250		Maguire Properties, Inc		131,325
1,100		Medical Properties Trust, Inc		10,758
10,800	*	MeriStar Hospitality Corp		101,520
9,040		MFA Mortgage Investments, Inc		51,528
2,116		Mid-America Apartment Communities, Inc		102,626
3,224		MortgageIT Holdings, Inc		44,040
2,736		National Health Investors, Inc		71,027
737		National Health Realty, Inc		13,686
7,337		Nationwide Health Properties, Inc		157,012
5,203		Newcastle Investment Corp		129,295
1,000		Newkirk Realty Trust, Inc		15,500
3,295		NorthStar Realty Finance Corp		33,576
3,405		Novastar Financial, Inc		95,715
869		Omega Healthcare Investors, Inc		10,941
935		One Liberty Properties, Inc		17,213
2,064		Origen Financial, Inc		14,696
1,700		Parkway Properties, Inc		68,238
4,397		Pennsylvania Real Estate Investment Trust		164,272
4,880		Post Properties, Inc		194,956
5,481		Prentiss Properties Trust		222,967
2,000		PS Business Parks, Inc		98,400
1,658		RAIT Investment Trust		42,975
1,900		Ramco-Gershenson Properties		50,635
2,395		Redwood Trust, Inc		98,818
904	*	Rockville Financial, Inc		11,797
5,981		Saxon Capital, Inc		67,765
7,287		Senior Housing Properties Trust		123,223
2,217		Sizeler Property Investors, Inc		28,488
1,904		Sovran Self Storage, Inc		89,431
8,110		Spirit Finance Corp		92,049
4,638		Strategic Hotel Capital, Inc		95,450
1,058		Sun Communities, Inc		33,221
3,655		Sunstone Hotel Investors, Inc		97,113
2,686		Taubman Centers, Inc		93,339
8,000		Trustreet Properties, Inc		116,960
1,112		Universal Health Realty Income Trust		34,850
2,500		Urstadt Biddle Properties, Inc (Class A)		40,525
5,032		U-Store-It Trust		105,924
3,200		Winston Hotels, Inc		31,680
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		8,157,277

298

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

SHARES				VALUE
HOTELS AND OTHER LODGING PLACES - 1.11%
546		Ameristar Casinos, Inc	$	12,394
4,254	*	Aztar Corp		129,279
1,925	*	Bluegreen Corp		30,415
2,837	*	Gaylord Entertainment Co		123,665
900	*	Great Wolf Resorts, Inc		9,279
24,700	*	La Quinta Corp		275,158
3,000	*	Lodgian, Inc		32,190
2,386		Marcus Corp		56,071
575	*	MTR Gaming Group, Inc		5,986
466	*	Riviera Holdings Corp		7,638
3,806	*	Vail Resorts, Inc		125,712
		TOTAL HOTELS AND OTHER LODGING PLACES		807,787
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.65%
7,653	*	Advanced Digital Information Corp		74,923
10,944	*	AGCO Corp		181,342
740		Alamo Group, Inc		15,170
3,515		Albany International Corp (Class A)		127,102
5,709	*	Asyst Technologies, Inc		32,655
12,617	*	Axcelis Technologies, Inc		60,183
2,019		Black Box Corp		95,660
600	*	Blount International, Inc		9,558
6,287		Briggs & Stratton Corp		243,873
2,928	*	Brooks Automation, Inc		36,688
1,459		Cascade Corp		68,442
600	*	Cirrus Logic, Inc		4,008
2,475		Curtiss-Wright Corp		135,135
5,258	*	Dot Hill Systems Corp		36,438
700	*	Dril-Quip, Inc		33,040
523	*	Emulex Corp		10,350
2,515	*	EnPro Industries, Inc		67,779
12,873	*	Entegris, Inc		121,264
4,825	*	Extreme Networks, Inc		22,919
6,698	*	Flowserve Corp		264,973
3,074	*	Gardner Denver, Inc		151,548
1,415	*	Gehl Co		37,144
611	*	Global Imaging Systems, Inc		21,159
1,000		Gorman-Rupp Co		22,110
926	*	Kadant, Inc		17,131
1,642		Kaydon Corp		52,774
4,579		Kennametal, Inc		233,712
1,969	*	Komag, Inc		68,246
1,274	*	Kulicke & Soffa Industries, Inc		11,262
1,898		Lennox International, Inc		53,524
642		Lindsay Manufacturing Co		12,346
312		Lufkin Industries, Inc		15,559
560		Manitowoc Co, Inc		28,123
356	*	Mestek, Inc		4,664
4,274		Modine Manufacturing Co		139,290

299

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

SHARES				VALUE
700		Nacco Industries, Inc (Class A)	$	82,005
408		NN, Inc		4,325
1,542		Nordson Corp		62,466
6,090	*	Nuance Communications, Inc		46,466
340	*	Oil States International, Inc		10,771
356	*	Omega Flex, Inc		6,191
4,658	*	Palm, Inc		148,124
3,877	*	Paxar Corp		76,106
318	*	ProQuest Co		8,875
21,990	*	Quantum Corp		67,070
300	*	Rackable Systems, Inc		8,544
600	*	RBC Bearings, Inc		9,750
1,400		Robbins & Myers, Inc		28,490
1,006		Sauer-Danfoss, Inc		18,923
1,622	*	Semitool, Inc		17,647
1,500		Standex International Corp		41,640
743		Stewart & Stevenson Services, Inc		15,700
1,920		Tecumseh Products Co (Class A)		43,987
918		Tennant Co		47,736
355	*	Ultratech, Inc		5,829
914	*	VeriFone Holdings, Inc		23,124
1,228		Woodward Governor Co		105,620
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,389,483
INSTRUMENTS AND RELATED PRODUCTS - 2.97%
1,644		Analogic Corp		78,665
2,245	*	Anaren, Inc		35,089
246		Badger Meter, Inc		9,653
2,109	*	Bio-Rad Laboratories, Inc (Class A)		138,013
800	*	Bruker BioSciences Corp		3,888
3,282	*	Caliper Life Sciences, Inc		19,298
3,793	*	Coherent, Inc		112,576
1,919		Cohu, Inc		43,888
3,576	*	Conmed Corp		84,608
7,174	*	Credence Systems Corp		49,931
1,450		Datascope Corp		47,923
813	*	DJ Orthopedics, Inc		22,423
1,796		DRS Technologies, Inc		92,350
1,299	*	Encore Medical Corp		6,430
456	*	ESCO Technologies, Inc		20,287
3,114	*	Esterline Technologies Corp		115,810
300	*	ev3, Inc		4,422
398	*	Excel Technology, Inc		9,464
351	*	FEI Co		6,729
431	*	HealthTronics, Inc		3,297
1,449	*	Herley Industries, Inc		23,923
504	*	Hologic, Inc		19,112
708	*	ICU Medical, Inc		27,761
8,373	*	Input/Output, Inc		58,862
3,758		Invacare Corp		118,339

300

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

SHARES				VALUE
300		Keithley Instruments, Inc	$	4,194
8,436	*	Kopin Corp		45,133
1,481	*	LeCroy Corp		22,644
7,361	*	LTX Corp		33,125
1,547	*	Merit Medical Systems, Inc		18,781
3,912	*	MKS Instruments, Inc		69,986
656	*	Molecular Devices Corp		18,978
2,197		Movado Group, Inc		40,205
781		MTS Systems Corp		27,054
7,128	*	Nanogen, Inc		18,675
4,197	*	Newport Corp		56,827
595		Oakley, Inc		8,741
1,421	*	OccuLogix, Inc		10,231
200	*	Photon Dynamics, Inc		3,656
1,800	*	Rofin-Sinar Technologies, Inc		78,246
1,050	*	Rudolph Technologies, Inc		13,524
7,318		STERIS Corp		183,096
1,759	*	Sybron Dental Specialties, Inc		70,026
158	*	Teledyne Technologies, Inc		4,598
3,897	*	Varian, Inc		155,062
1,381	*	Veeco Instruments, Inc		23,933
3,060	*	Viasys Healthcare, Inc		78,642
594	*	Viisage Technology, Inc		10,460
203		Vital Signs, Inc		8,692
385	*	Zoll Medical Corp		9,698
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,166,948
INSURANCE AGENTS, BROKERS AND SERVICE - 0.34%
1,700		Clark, Inc		22,525
2,367		Crawford & Co (Class B)		13,634
3,225		Hilb Rogal & Hobbs Co		124,195
400	*	James River Group, Inc		7,940
5,735	*	USI Holdings Corp		78,971
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		247,265
INSURANCE CARRIERS - 4.04%
3,861		21st Century Insurance Group		62,471
1,000		Affirmative Insurance Holdings, Inc		14,590
4,000		Alfa Corp		64,400
4,035		American Equity Investment Life Holding Co		52,657
900	*	American Physicians Capital, Inc		41,211
1,668	*	Argonaut Group, Inc		54,660
1,000		Baldwin & Lyons, Inc (Class B)		24,300
2,079		Bristol West Holdings, Inc		39,563
4,181	*	Ceres Group, Inc		21,616
4,497	*	Citizens, Inc		24,509
2,000	*	CNA Surety Corp		29,140
3,342		Delphi Financial Group, Inc (Class A)		153,765

301

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

SHARES				VALUE
1,764		Direct General Corp	$	29,812
1,133		Donegal Group, Inc		26,331
700		EMC Insurance Group, Inc		13,958
1,600		FBL Financial Group, Inc (Class A)		52,496
2,040	*	First Acceptance Corp		20,992
1,219	*	Fpic Insurance Group, Inc		42,299
1,014		Great American Financial Resources, Inc		20,118
1,556		Harleysville Group, Inc		41,234
5,200		Horace Mann Educators Corp		98,592
520		Independence Holding Co		10,166
2,482		Infinity Property & Casualty Corp		92,355
400		Kansas City Life Insurance Co		20,032
2,534	*	KMG America Corp		23,262
2,205		LandAmerica Financial Group, Inc		137,592
1,100		Midland Co		39,644
255		National Western Life Insurance Co (Class A)		52,762
678	*	Navigators Group, Inc		29,568
1,415		Odyssey Re Holdings Corp		35,488
7,666		Ohio Casualty Corp		217,101
11,418		Phoenix Cos, Inc		155,742
3,817	*	PMA Capital Corp (Class A)		34,849
2,481		Presidential Life Corp		47,238
1,983	*	ProAssurance Corp		96,453
600		Republic Cos Group, Inc		9,288
2,758		RLI Corp		137,541
1,326		Safety Insurance Group, Inc		53,531
918	*	SeaBright Insurance Holdings, Inc		15,266
3,421		Selective Insurance Group, Inc		181,655
1,678		State Auto Financial Corp		61,180
2,100		Stewart Information Services Corp		102,207
1,700		Tower Group, Inc		37,366
1,100	*	Triad Guaranty, Inc		48,389
4,297		UICI		152,586
2,084		United Fire & Casualty Co		84,256
1,660	*	Universal American Financial Corp		25,033
2,546		Zenith National Insurance Corp		117,422
		TOTAL INSURANCE CARRIERS		2,946,686
JUSTICE, PUBLIC ORDER AND SAFETY - 0.13%
1,466	*	Corrections Corp of America		65,926
1,203	*	Geo Group, Inc		27,585
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		93,511
LEATHER AND LEATHER PRODUCTS - 0.28%
2,200		Brown Shoe Co, Inc		93,346
546	*	Genesco, Inc		21,179
1,600		Steven Madden Ltd		46,768
750		Weyco Group, Inc		14,325

302

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

SHARES				VALUE
1,416		Wolverine World Wide, Inc	$	31,803
		TOTAL LEATHER AND LEATHER PRODUCTS		207,421
LEGAL SERVICES - 0.15%
4,088	*	FTI Consulting, Inc		112,175
		TOTAL LEGAL SERVICES		112,175
LUMBER AND WOOD PRODUCTS - 0.19%
900		Skyline Corp		32,760
1,959		Universal Forest Products, Inc		108,235
		TOTAL LUMBER AND WOOD PRODUCTS		140,995
METAL MINING - 0.08%
4,892	*	Stillwater Mining Co		56,600
		TOTAL METAL MINING		56,600
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.53%
3,184		Blyth, Inc		66,705
9,351		Callaway Golf Co		129,418
2,400	*	Jakks Pacific, Inc		50,256
5,705	*	K2, Inc		57,678
1,305	*	RC2 Corp		46,354
1,410		Russ Berrie & Co, Inc		16,102
931	*	Steinway Musical Instruments, Inc		23,750
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		390,263
MISCELLANEOUS RETAIL - 0.57%
4,151	*	Alloy, Inc		11,996
551		Blair Corp		21,456
2,851		Cash America International, Inc		66,115
2,575	*	dELiA*s, Inc		21,373
239	*	dELiA*s, Inc		239
200	*	Golf Galaxy, Inc		3,830
719	*	Jill (J.) Group, Inc		13,683
519		Longs Drug Stores Corp		18,886
1,115	*	Sharper Image Corp		10,860
2,429	*	Sports Authority, Inc		75,615
1,300	*	Systemax, Inc		8,112
952	*	Valuevision International, Inc (Class A)		11,995
6,018	*	Zale Corp		151,353
		TOTAL MISCELLANEOUS RETAIL		415,513

303

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

SHARES				VALUE
MOTION PICTURES - 0.28%
23,636		Blockbuster, Inc (Class A)	$	88,635
1,476		Carmike Cinemas, Inc		37,431
4,640	*	Denny's Corp		18,699
5,956	*	Time Warner Telecom, Inc (Class A)		58,667
		TOTAL MOTION PICTURES		203,432
NONDEPOSITORY INSTITUTIONS - 1.04%
720	*	Accredited Home Lenders Holding Co		35,698
2,152		Advanta Corp (Class B)		69,811
2,778		Ares Capital Corp		44,642
1,827		Beverly Hills Bancorp, Inc		18,946
4,999		CharterMac		105,879
1,620	*	CompuCredit Corp		62,338
1,227		Delta Financial Corp		10,282
9,207		Doral Financial Corp		97,594
1,700	b,*	DVI, Inc		1
281	*	Encore Capital Group, Inc		4,875
1,314		Federal Agricultural Mortgage Corp (Class C)		39,328
2,179		Financial Federal Corp		96,857
479	*	First Cash Financial Services, Inc		13,968
6,378		MCG Capital Corp		93,055
1,190		NGP Capital Resources Co		15,625
4,127	*	Ocwen Financial Corp		35,905
900		Technology Investment Capital Corp		13,590
		TOTAL NONDEPOSITORY INSTITUTIONS		758,394
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
2,386		Compass Minerals International, Inc		58,552
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		58,552
OIL AND GAS EXTRACTION - 3.63%
699	*	Atlas America, Inc		42,094
413		Berry Petroleum Co (Class A)		23,624
1,552	*	Bill Barrett Corp		59,923
1,614	*	Bois d'Arc Energy, Inc		25,598
3,447	*	Brigham Exploration Co		40,881
400	*	Bronco Drilling Co, Inc		9,204
3,110		Cabot Oil & Gas Corp (Class A)		140,261
1,320	*	Callon Petroleum Co		23,298
828	*	Carrizo Oil & Gas, Inc		20,460
9,877		Cimarex Energy Co		424,810
1,929	*	Edge Petroleum Corp		48,051
3,812	*	Encore Acquisition Co		122,136
3,505	*	Energy Partners Ltd		76,374
5,222	*	Global Industries Ltd		59,270

304

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

SHARES				VALUE
11,012	*	Hanover Compressor Co	$	155,379
4,686	*	Harvest Natural Resources, Inc		41,612
400	*	Hercules Offshore, Inc		11,364
3,529	*	Houston Exploration Co		186,331
2,475	*	McMoRan Exploration Co		48,931
10,378	*	Meridian Resource Corp		43,588
2,957	*	Newpark Resources, Inc		22,562
217	*	Oceaneering International, Inc		10,802
800	v*	PetroCorp (Escrow)		(0	)
3,739	*	PetroHawk Energy Corp		49,430
100	*	Petroleum Development Corp		3,334
4,881	*	Petroquest Energy, Inc		40,415
372	*	Remington Oil & Gas Corp		13,578
1,232		RPC, Inc		32,451
2,082	*	SEACOR Holdings, Inc		141,784
1,595		St. Mary Land & Exploration Co		58,712
2,971	*	Stone Energy Corp		135,270
300	*	Superior Well Services, Inc		7,128
3,400	*	Swift Energy Co		153,238
5,191	*	Transmontaigne, Inc		34,261
300	*	Union Drilling, Inc		4,359
4,141	*	Veritas DGC, Inc		146,964
500		W&T Offshore, Inc		14,700
4,372	*	Whiting Petroleum Corp		174,880
		TOTAL OIL AND GAS EXTRACTION		2,647,057
PAPER AND ALLIED PRODUCTS - 1.30%
6,707		Bowater, Inc		206,039
3,900	*	Buckeye Technologies, Inc		31,395
3,500	*	Caraustar Industries, Inc		30,415
2,400		Chesapeake Corp		40,752
5,276		Glatfelter		74,866
7,818	*	Graphic Packaging Corp		17,825
200		Greif, Inc (Class A)		13,256
6,170		Longview Fibre Co		128,398
3,436	*	Mercer International, Inc		27,007
1,650		Neenah Paper, Inc		46,200
3,500		Potlatch Corp		178,430
3,700		Rock-Tenn Co (Class A)		50,505
1,800		Schweitzer-Mauduit International, Inc		44,604
5,215		Wausau Paper Corp		61,798
		TOTAL PAPER AND ALLIED PRODUCTS		951,490
PERSONAL SERVICES - 0.51%
1,200		Angelica Corp		19,848
2,720	*	Coinstar, Inc		62,098
2,324		G & K Services, Inc (Class A)		91,217
4,329		Regis Corp		166,970

305

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

SHARES				VALUE
1,100		Unifirst Corp	$	34,210
		TOTAL PERSONAL SERVICES		374,343
PETROLEUM AND COAL PRODUCTS - 0.12%
400	*	Alon USA Energy, Inc		7,860
630	*	Giant Industries, Inc		32,735
407		Holly Corp		23,960
800		WD-40 Co		21,008
		TOTAL PETROLEUM AND COAL PRODUCTS		85,563
PRIMARY METAL INDUSTRIES - 2.57%
5,251		Belden CDT, Inc		128,282
2,300	*	Brush Engineered Materials, Inc		36,570
3,016		Carpenter Technology Corp		212,538
2,722	*	Century Aluminum Co		71,344
2,765	*	Chaparral Steel Co		83,641
3,844	*	CommScope, Inc		77,380
1,917	*	Encore Wire Corp		43,631
3,436	*	General Cable Corp		67,689
2,174		Gibraltar Industries, Inc		49,872
2,833	*	Maverick Tube Corp		112,923
3,215		Mueller Industries, Inc		88,155
4,249	*	Oregon Steel Mills, Inc		125,006
435		Quanex Corp		21,737
1,333		Roanoke Electric Steel Corp		31,459
2,700	*	RTI International Metals, Inc		102,465
2,624		Schnitzer Steel Industries, Inc (Class A)		80,268
4,945		Steel Dynamics, Inc		175,597
575		Steel Technologies, Inc		16,094
2,054	*	Superior Essex, Inc		41,409
2,765		Texas Industries, Inc		137,808
84	*	Titanium Metals Corp		5,314
1,475		Tredegar Corp		19,013
1,049	*	Wheeling-Pittsburgh Corp		9,462
7,334		Worthington Industries, Inc		140,886
		TOTAL PRIMARY METAL INDUSTRIES		1,878,543
PRINTING AND PUBLISHING - 1.11%
3,068		Banta Corp		152,786
2,500		Bowne & Co, Inc		37,100
159	*	Consolidated Graphics, Inc		7,527
720		Courier Corp		24,725
794		CSS Industries, Inc		24,400
3,200		Ennis, Inc		58,144
358		John H Harland Co		13,461
2,996		Journal Communications, Inc		41,794

306

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

SHARES				VALUE
2,622		Journal Register Co	$	39,199
2,578		Media General, Inc (Class A)		130,705
17,670	*	Primedia, Inc		28,449
1,810		Reader's Digest Association, Inc (Class A)		27,548
654		Schawk, Inc		13,571
4,042	*	Scholastic Corp		115,237
2,054		Standard Register Co		32,474
489		Thomas Nelson, Inc		12,054
1,753	*	Valassis Communications, Inc		50,960
		TOTAL PRINTING AND PUBLISHING		810,134
RAILROAD TRANSPORTATION - 0.18%
291	*	Genesee & Wyoming, Inc (Class A)		10,927
4,785	*	Kansas City Southern Industries, Inc		116,898
		TOTAL RAILROAD TRANSPORTATION		127,825
REAL ESTATE - 0.45%
4,800	*	Alderwoods Group, Inc		76,176
923	*	California Coastal Communities, Inc		36,209
502		Jones Lang LaSalle, Inc		25,276
400		Orleans Homebuilders, Inc		7,340
12,800		Stewart Enterprises, Inc (Class A)		69,248
4,000	*	Trammell Crow Co		102,600
348	*	United Capital Corp		8,585
500	*	ZipRealty, Inc		4,210
		TOTAL REAL ESTATE		329,644
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.60%
1,696	*	Applied Films Corp		35,226
7,872		Cooper Tire & Rubber Co		120,599
210	*	Deckers Outdoor Corp		5,800
3,778		Schulman (A.), Inc		81,303
2,300	*	Skechers U.S.A., Inc (Class A)		35,236
3,862		Spartech Corp		84,771
1,715		Titan International, Inc		29,584
2,187		Tupperware Corp		48,989
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		441,508
SECURITY AND COMMODITY BROKERS - 1.15%
1,200	*	Archipelago Holdings, Inc		59,724
317		Cohen & Steers, Inc		5,906
500		GAMCO Investors, Inc		21,765
1,500	*	IntercontinentalExchange, Inc		54,525
4,880	*	Investment Technology Group, Inc		172,947

307

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

SHARES				VALUE
13,214	*	Knight Capital Group, Inc	$	130,686
6,660	*	LaBranche & Co, Inc		67,333
1,715	*	MarketAxess Holdings, Inc		19,602
1,797	*	Nasdaq Stock Market, Inc		63,218
2,463	*	Piper Jaffray Cos		99,505
1,418		Sanders Morris Harris Group, Inc		23,241
1,034	*	Stifel Financial Corp		38,868
1,900		SWS Group, Inc		39,786
2,136		Waddell & Reed Financial, Inc (Class A)		44,792
		TOTAL SECURITY AND COMMODITY BROKERS		841,898
SOCIAL SERVICES - 0.06%
2,425	*	Res-Care, Inc		42,122
		TOTAL SOCIAL SERVICES		42,122
SPECIAL TRADE CONTRACTORS - 0.77%
2,454	*	AsiaInfo Holdings, Inc		9,767
4,776		Comfort Systems USA, Inc		43,939
4,953	*	Dycom Industries, Inc		108,966
1,841	*	EMCOR Group, Inc		124,323
3,042	*	Insituform Technologies, Inc (Class A)		58,923
1,195	*	Layne Christensen Co		30,389
14,094	*	Quanta Services, Inc		185,618
		TOTAL SPECIAL TRADE CONTRACTORS		561,925
STONE, CLAY, AND GLASS PRODUCTS - 0.10%
2,609		Apogee Enterprises, Inc		42,318
474	*	Cabot Microelectronics Corp		13,902
1,662		Libbey, Inc		16,986
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		73,206
TEXTILE MILL PRODUCTS - 0.08%
1,284	*	Dixie Group, Inc		17,694
569		Oxford Industries, Inc		31,124
981		Xerium Technologies, Inc		8,250
		TOTAL TEXTILE MILL PRODUCTS		57,068
TOBACCO PRODUCTS - 0.28%
3,173		Universal Corp (Virginia)		137,581
3,640		Vector Group Ltd		66,139
		TOTAL TOBACCO PRODUCTS		203,720

308

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

SHARES				VALUE
TRANSPORTATION BY AIR - 0.67%
2,677	*	ABX Air, Inc	$	20,961
3,300	*	Alaska Air Group, Inc		117,876
1,477	*	EGL, Inc		55,491
3,531	*	Frontier Airlines, Inc		32,626
1,455	*	MAIR Holdings, Inc		6,853
1,828	*	Mesa Air Group, Inc		19,121
2,772	*	Offshore Logistics, Inc		80,942
1,408	*	Republic Airways Holdings, Inc		21,402
5,002		Skywest, Inc		134,354
		TOTAL TRANSPORTATION BY AIR		489,626
TRANSPORTATION EQUIPMENT - 2.43%
2,000		A.O. Smith Corp		70,200
1,399	*	AAR Corp		33,506
705	*	Accuride Corp		9,095
2,555	*	Aftermarket Technology Corp		49,669
5,136		American Axle & Manufacturing Holdings, Inc		94,143
1,631		Arctic Cat, Inc		32,718
4,142	*	Armor Holdings, Inc		176,656
8,615		ArvinMeritor, Inc		123,970
1,573		Clarcor, Inc		46,734
1,800		Coachmen Industries, Inc		21,258
5,958		Federal Signal Corp		89,430
5,302	*	Fleetwood Enterprises, Inc		65,480
1,003		Freightcar America, Inc		48,224
2,515	*	Group 1 Automotive, Inc		79,046
4,472	*	Hayes Lemmerz International, Inc		15,741
577		Heico Corp		14,933
800	*	K&F Industries Holdings, Inc		12,288
2,662		Kaman Corp (Class A)		52,415
3,127		Monaco Coach Corp		41,589
259		Noble International Ltd		5,398
4,805	*	Orbital Sciences Corp		61,696
1,190	*	R&B, Inc		11,281
788	*	Sequa Corp (Class A)		54,411
1,788		Standard Motor Products, Inc		16,503
2,671		Superior Industries International, Inc		59,456
5,328	*	Tenneco, Inc		104,482
5,029		Trinity Industries, Inc		221,628
1,900	*	Triumph Group, Inc		69,559
14,425	*	Visteon Corp		90,301
		TOTAL TRANSPORTATION EQUIPMENT		1,771,810
TRANSPORTATION SERVICES - 0.34%
5,299		GATX Corp		191,188
2,486	*	Pegasus Solutions, Inc		22,299
2,848	*	RailAmerica, Inc		31,300
		TOTAL TRANSPORTATION SERVICES		244,787

309

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

SHARES				VALUE
TRUCKING AND WAREHOUSING - 0.51%
2,685		Arkansas Best Corp	$	117,281
997	*	Covenant Transport, Inc (Class A)		13,938
414		Forward Air Corp		15,173
1,798	*	Frozen Food Express Industries		19,832
1,785	*	Marten Transport Ltd		32,523
374	*	P.A.M. Transportation Services, Inc		6,653
1,821	*	SCS Transportation, Inc		38,696
1,481	*	SIRVA, Inc		11,848
897	*	U.S. Xpress Enterprises, Inc (Class A)		15,590
267	*	USA Truck, Inc		7,778
4,730		Werner Enterprises, Inc		93,181
		TOTAL TRUCKING AND WAREHOUSING		372,493
WATER TRANSPORTATION - 0.10%
1,755	*	Gulfmark Offshore, Inc		51,983
700		Horizon Lines, Inc		8,491
219	*	Kirby Corp		11,425
100		Maritrans, Inc		2,602
		TOTAL WATER TRANSPORTATION		74,501
WHOLESALE TRADE-DURABLE GOODS - 1.58%
3,500		Agilysys, Inc		63,770
344		Applied Industrial Technologies, Inc		11,589
2,090		Barnes Group, Inc		68,970
187		BlueLinx Holdings, Inc		2,104
1,219		Building Material Holding Corp		83,148
1,260	*	Castle (A.M.) & Co		27,518
511	*	Digi International, Inc		5,360
2,010	*	Genesis Microchip, Inc		36,361
6,704		Hughes Supply, Inc		240,338
1,173	*	Huttig Building Products, Inc		9,853
13,346		IKON Office Solutions, Inc		138,932
5,060	*	Insight Enterprises, Inc		99,227
653	*	Keystone Automotive Industries, Inc		20,556
367		Lawson Products, Inc		13,851
200	*	MWI Veterinary Supply, Inc		5,162
1,858		Owens & Minor, Inc		51,151
4,884		PEP Boys-Manny Moe & Jack		72,723
1,226		Reliance Steel & Aluminum Co		74,933
3,011		Ryerson Tull, Inc		73,228
454	*	Strattec Security Corp		18,351
1,770	*	Tyler Technologies, Inc		15,541
1,253	*	West Marine, Inc		17,517
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,150,183

310

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

SHARES				VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 1.03%
3,296	*	BioScrip, Inc	$	24,852
3,502	*	Hain Celestial Group, Inc		74,102
2,500		Handleman Co		31,050
100		Kenneth Cole Productions, Inc (Class A)		2,550
612		K-Swiss, Inc (Class A)		19,853
3,152		Myers Industries, Inc		45,956
1,538		Nash Finch Co		39,188
4,632	*	Performance Food Group Co		131,410
1,137	*	Perry Ellis International, Inc		21,603
1,739	*	School Specialty, Inc		63,369
1,600	*	Smart & Final, Inc		20,608
3,274	*	Source Interlink Cos, Inc		36,407
897	*	Spartan Stores, Inc		9,347
4,600		Stride Rite Corp		62,376
796		The Andersons, Inc		34,292
2,760	*	United Stationers, Inc		133,860
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		750,823
		TOTAL COMMON STOCKS		72,752,867
		(Cost $61,164,921)
PRINCIPAL
SHORT-TERM INVESTMENTS - 0.18%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.18%
$     130,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06		129,952
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		129,952
		TOTAL SHORT-TERM INVESTMENTS		129,952
		(Cost $129,975)
		TOTAL PORTFOLIO- 99.88%		72,882,819
		(Cost $61,294,896)
		OTHER ASSETS & LIABILITIES, NET - 0.12%		85,122
		NET ASSETS -100.00%	$	72,967,941
	*	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.

311

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP BLEND INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 100.00%
AGRICULTURAL PRODUCTION-CROPS - 0.16%
500		Alico, Inc	$	22,595
5,500		Chiquita Brands International, Inc		110,055
4,658		Delta & Pine Land Co		107,180
1,000	*	John B. Sanfilippo & Son		12,930
		TOTAL AGRICULTURAL PRODUCTION-CROPS		252,760
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.04%
43		Seaboard Corp		64,973
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		64,973
AMUSEMENT AND RECREATION SERVICES - 0.52%
6,733	*	Alliance Gaming Corp		87,663
1,000		Churchill Downs, Inc		36,730
1,375		Dover Downs Gaming & Entertainment, Inc		19,456
2,531		Dover Motorsports, Inc		15,464
4,275	*	Leapfrog Enterprises, Inc		49,804
3,114	*	Life Time Fitness, Inc		118,612
4,080	*	Magna Entertainment Corp (Class A)		29,131
3,489	*	Multimedia Games, Inc		32,273
5,335	*	Pinnacle Entertainment, Inc		131,828
12,446	*	Six Flags, Inc		95,959
2,082		Speedway Motorsports, Inc		72,183
2,636	*	Sunterra Corp		37,484
2,891	*	WMS Industries, Inc		72,535
2,780		World Wrestling Entertainment, Inc		40,810
		TOTAL AMUSEMENT AND RECREATION SERVICES		839,932
APPAREL AND ACCESSORY STORES - 1.59%
7,471	*	Aeropostale, Inc		196,487
1,000		Buckle, Inc		32,240
2,233		Burlington Coat Factory Warehouse Corp		89,789
1,626	*	Cache, Inc		28,162
2,418	*	Carter's, Inc		142,299
3,396	*	Casual Male Retail Group, Inc		20,817
4,002		Cato Corp (Class A)		85,843
2,000	*	Charlotte Russe Holding, Inc		41,660
15,900	*	Charming Shoppes, Inc		209,880
2,824	*	Children's Place Retail Stores, Inc		139,562
4,650		Christopher & Banks Corp		87,327
492	*	Citi Trends, Inc		21,003
600		DEB Shops, Inc		17,838
2,894	*	Dress Barn, Inc		111,737
1,600	*	DSW, Inc		41,952
5,592		Finish Line, Inc (Class A)		97,413

312

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

SHARES				VALUE
2,500		Goody's Family Clothing, Inc	$	23,975
5,892	*	HOT Topic, Inc		83,961
2,988	*	Jo-Ann Stores, Inc		35,258
1,835	*	JOS A Bank Clothiers, Inc		79,657
1,864	*	New York & Co, Inc		39,517
10,160	*	Pacific Sunwear Of California, Inc		253,187
8,848	*	Payless Shoesource, Inc		222,085
987	*	Shoe Carnival, Inc		21,635
3,691		Stage Stores, Inc		109,918
998		Syms Corp		14,411
3,150		Talbots, Inc		87,633
8,711	*	The Wet Seal, Inc		38,677
4,594	*	Too, Inc		129,597
1,600	*	Under Armour, Inc		61,296
2,296	*	Wilsons The Leather Experts, Inc		8,334
		TOTAL APPAREL AND ACCESSORY STORES		2,573,150
APPAREL AND OTHER TEXTILE PRODUCTS - 0.45%
3,700	*	DHB Industries, Inc		16,539
2,201	*	Guess ?, Inc		78,355
4,199	*	Gymboree Corp		98,256
3,619	*	Hartmarx Corp		28,264
4,292	*	Innovo Group, Inc		4,421
3,744		Kellwood Co		89,407
1,600	*	Maidenform Brands, Inc		20,256
4,298		Phillips-Van Heusen Corp		139,255
4,506		Russell Corp		60,651
700	*	Volcom, Inc		23,807
6,083	*	Warnaco Group, Inc		162,538
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		721,749
AUTO REPAIR, SERVICES AND PARKING - 0.44%
1,333	*	Amerco, Inc		96,043
1,451		Bandag, Inc		61,914
2,687		Central Parking Corp		36,866
3,351	*	Dollar Thrifty Automotive Group, Inc		120,871
2,100	*	Midas, Inc		38,556
1,400		Monro Muffler, Inc		42,448
400	*	Pacific Ethanol, Inc		4,328
6,946	*	PHH Corp		194,627
5,400	*	Wright Express Corp		118,800
		TOTAL AUTO REPAIR, SERVICES AND PARKING		714,453
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.32%
1,050	*	America's Car-Mart, Inc		17,346
1,582	*	Asbury Automotive Group, Inc		26,040

313

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

SHARES				VALUE
6,081	*	CSK Auto Corp	$	91,701
2,100		Lithia Motors, Inc (Class A)		66,024
1,897	*	MarineMax, Inc		59,888
2,818	*	Rush Enterprises, Inc (Class A)		41,932
3,791		Sonic Automotive, Inc		84,463
3,520		United Auto Group, Inc		134,464
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		521,858
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.09%
1,500	*	Builders FirstSource, Inc		32,055
2,509	*	Central Garden & Pet Co		115,263
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		147,318
BUSINESS SERVICES - 10.31%
50,986	*	3Com Corp		183,550
1,681	*	3D Systems Corp		30,258
5,125		Aaron Rents, Inc		108,035
5,215		ABM Industries, Inc		101,953
11,638		Acxiom Corp		267,674
2,800		Administaff, Inc		117,740
2,940	*	Advent Software, Inc		84,995
4,214		Advo, Inc		118,750
6,900	*	Agile Software Corp		41,262
2,873	*	Altiris, Inc		48,525
1,800	*	American Reprographics Co		45,738
6,060	*	AMICAS, Inc		30,057
1,630	*	AMN Healthcare Services, Inc		32,241
900	*	Ansoft Corp		30,645
4,140	*	Ansys, Inc		176,736
3,715	*	Anteon International Corp		201,910
8,591	*	Applied Digital Solutions, Inc		24,656
7,598	*	aQuantive, Inc		191,773
800	*	Arbinet-thexchange, Inc		5,608
4,132		Arbitron, Inc		156,933
8,711	*	Ariba, Inc		64,026
5,600	*	Aspen Technology, Inc		43,960
1,214	*	Asset Acceptance Capital Corp		27,266
8,189	*	Atari, Inc		8,844
3,132	*	Audible, Inc		40,215
5,700	*	Autobytel, Inc		28,158
6,644	*	Avocent Corp		180,650
1,350	*	Bankrate, Inc		39,852
24,221	*	BearingPoint, Inc		190,377
1,226		Blackbaud, Inc		20,940
2,415	*	Blackboard, Inc		69,987
1,393	*	Blue Coat Systems, Inc		63,688
10,700	*	Borland Software Corp		69,871
1,963	*	Bottomline Technologies, Inc		21,632
5,509		Brady Corp (Class A)		199,316

314

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

SHARES				VALUE
6,653		Catalina Marketing Corp	$	168,653
8,138	*	CBIZ, Inc		48,991
1,120	*	CCC Information Services Group, Inc		29,366
6,750	*	Ciber, Inc		44,550
1,304	*	Click Commerce, Inc		27,410
63,611	*	CMGI, Inc		96,689
17,228	*	CNET Networks, Inc		253,079
1,500	*	Cogent Communications Group, Inc		8,235
3,141	*	Cogent, Inc		71,238
5,500		Cognex Corp		165,495
1,000		Computer Programs & Systems, Inc		41,430
1,835	*	COMSYS IT Partners, Inc		20,277
3,800	*	Concur Technologies, Inc		48,982
2,106	*	CoStar Group, Inc		90,916
3,955	*	Covansys Corp		53,827
24	b,v*	Cross Media Marketing Corp		(0	)
6,719	*	CSG Systems International, Inc		149,968
3,100	*	Cyberguard Corp		27,373
3,728	*	Cybersource Corp		24,605
5,685	*	Dendrite International, Inc		81,921
4,581	*	Digital Insight Corp		146,683
4,451	*	Digital River, Inc		132,373
15,930	*	Earthlink, Inc		176,982
3,825	*	Echelon Corp		29,950
5,001	*	Eclipsys Corp		94,669
2,400	*	eCollege.com, Inc		43,272
5,975	*	eFunds Corp		140,054
2,314	*	Electro Rent Corp		34,502
7,242	*	Electronics for Imaging, Inc		192,710
2,047	*	Emageon, Inc		32,547
8,345	*	Entrust, Inc		40,390
7,051	*	Epicor Software Corp		99,631
1,817	*	EPIQ Systems, Inc		33,687
2,077	*	Equinix, Inc		84,658
799	*	Escala Group, Inc		16,204
3,100	*	eSpeed, Inc (Class A)		23,901
4,524		Factset Research Systems, Inc		186,208
3,427	*	FalconStor Software, Inc		25,325
5,500	*	Filenet Corp		142,175
1,016	*	First Advantage Corp		27,137
1,611	*	Forrester Research, Inc		30,206
1,800	*	FTD Group, Inc		18,702
7,531	*	Gartner, Inc (Class A)		97,150
3,765		Gevity HR, Inc		96,836
2,200	*	Global Cash Access, Inc		32,098
3,439		Healthcare Services Group		71,222
1,000	*	Heartland Payment Systems, Inc		21,660
2,572	*	Heidrick & Struggles International, Inc		82,432
19,832	*	Homestore, Inc		101,143
3,200	*	Hudson Highland Group, Inc		55,552
6,882	*	Hypercom Corp		43,976
3,342	*	IDX Systems Corp		146,781

315

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

SHARES				VALUE
2,584	*	iGate Corp	$	12,558
2,100	*	IHS, Inc		43,092
2,817	*	Infocrossing, Inc		24,254
11,584	*	Informatica Corp		139,008
4,047	*	Infospace, Inc		104,493
4,200		infoUSA, Inc		45,906
1,757	*	Innovative Solutions & Support, Inc		22,454
1,363		Integral Systems, Inc		25,706
3,768	*	Intergraph Corp		187,684
5,122	*	Internet Capital Group, Inc		42,103
5,200	*	Internet Security Systems, Inc		108,940
1,193		Interpool, Inc		22,524
1,304	*	Intervideo, Inc		13,757
5,542	*	Interwoven, Inc		46,941
2,300	*	Intrado, Inc		52,946
7,051	*	Ipass, Inc		46,255
1,636	*	iPayment, Inc		67,927
6,254	*	iVillage, Inc		50,157
9,600		Jack Henry & Associates, Inc		183,168
1,643	*	Jamdat Mobile, Inc		43,671
3,854	*	JDA Software Group, Inc		65,557
2,688	*	Jupitermedia Corp		39,729
3,211	*	Kanbay International, Inc		51,023
6,315	*	Keane, Inc		69,528
2,400		Kelly Services, Inc (Class A)		62,928
800	*	Kenexa Corp		16,880
2,146	*	Keynote Systems, Inc		27,576
4,167	*	Kforce, Inc		46,504
7,753	*	KFX, Inc		132,654
4,605	*	Korn/Ferry International		86,067
4,297	*	Kronos, Inc		179,872
7,095	*	Labor Ready, Inc		147,718
8,153	*	Lawson Software, Inc		59,925
6,965	*	Lionbridge Technologies		48,894
2,259	*	LoJack Corp		54,510
4,666	*	Magma Design Automation, Inc		39,241
3,073	*	Majesco Entertainment Co		3,595
3,563	*	Manhattan Associates, Inc		72,970
2,115	*	Mantech International Corp (Class A)		58,924
2,722	*	Mapinfo Corp		34,324
2,612	*	Marchex, Inc		58,744
839	*	Marlin Business Services, Inc		20,044
6,883	*	Matrixone, Inc		34,346
10,340	*	Mentor Graphics Corp		106,916
10,779	*	Micromuse, Inc		106,604
1,883	*	MicroStrategy, Inc		155,799
2,406	*	Midway Games, Inc		45,642
11,412		MoneyGram International, Inc		297,625
3,181	*	Motive, Inc		9,829
13,771	*	MPS Group, Inc		188,250
2,600	*	MRO Software, Inc		36,504
4,300	*	NCO Group, Inc		72,756

316

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

SHARES				VALUE
4,703	*	NDCHealth Corp	$	90,439
2,702	*	Ness Technologies, Inc		29,101
4,860	*	NetFlix, Inc		131,512
5,738	*	NetIQ Corp		70,520
1,800	*	Netratings, Inc		22,194
3,400	*	Netscout Systems, Inc		18,530
4,400	*	NIC, Inc		27,104
2,874	*	Online Resources Corp		31,758
2,576	*	Open Solutions, Inc		59,042
9,670	*	Opsware, Inc		65,659
4,686	*	Packeteer, Inc		36,410
36,190	*	Parametric Technology Corp		220,759
2,337	*	PDF Solutions, Inc		37,976
1,900	*	Pegasystems, Inc		13,889
11,003	*	Perot Systems Corp (Class A)		155,582
3,093	*	Phase Forward, Inc		30,157
3,025	*	Phoenix Technologies Ltd		18,937
2,097	*	Portfolio Recovery Associates, Inc		97,385
1,447	*	PRA International		40,733
9,563	*	Premiere Global Services, Inc		77,747
5,211	*	Progress Software Corp		147,888
1,500		QAD, Inc		11,460
1,038		Quality Systems, Inc		79,677
8,496	*	Quest Software, Inc		123,957
3,197	*	Radiant Systems, Inc		38,876
2,683	*	Radisys Corp		46,523
15,483	*	RealNetworks, Inc		120,148
5,488	*	Redback Networks, Inc		77,161
1,000		Renaissance Learning, Inc		18,910
3,500	*	Rent-Way, Inc		22,365
1,500	*	RightNow Technologies, Inc		27,690
3,850		Rollins, Inc		75,884
9,641	*	RSA Security, Inc		108,268
9,538	*	S1 Corp		41,490
3,244	*	SafeNet, Inc		104,522
10,753	*	Sapient Corp		61,185
4,700	*	Secure Computing Corp		57,622
3,800	*	Serena Software, Inc		89,072
1,384	*	SI International, Inc		42,309
3,376	*	Sohu.com, Inc		61,916
67	b,*	SONICblue, Inc		-
7,200	*	SonicWALL, Inc		57,024
32,991	*	Sonus Networks, Inc		122,727
4,830	*	Sotheby's Holdings, Inc (Class A)		88,679
8,320	*	Spherion Corp		83,283
2,366	*	SPSS, Inc		73,180
1,114	*	SSA Global Technologies, Inc		20,264
1,500		Startek, Inc		27,000
3,000	*	Stellent, Inc		29,790
1,700	v*	StorageNetworks, Inc		(0	)
1,450	*	Stratasys, Inc		36,265

317

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

SHARES				VALUE
5,456	*	SupportSoft, Inc	$	23,024
3,400	*	SYKES Enterprises, Inc		45,458
1,114	*	SYNNEX Corp		16,833
1,100		Syntel, Inc		22,913
1,500	*	TAL International Group, Inc		30,975
1,000	*	Taleo Corp		13,280
2,527		Talx Corp		115,509
4,600	*	TeleTech Holdings, Inc		55,430
8,161	*	THQ, Inc		194,640
28,761	*	TIBCO Software, Inc		214,845
1,386	*	TNS, Inc		26,583
2,700	*	TradeStation Group, Inc		33,426
4,925	*	Transaction Systems Architects, Inc		141,791
469	*	Travelzoo, Inc		10,318
5,659	*	Trizetto Group, Inc		96,146
1,514	*	TRM Corp		11,279
2,965	*	Ultimate Software Group, Inc		56,543
800	*	Unica Corp		9,640
8,060		United Online, Inc		114,613
8,962	*	United Rentals, Inc		209,621
2,230	*	Universal Compression Holdings, Inc		91,698
11,600	*	Valueclick, Inc		210,076
3,217	*	Vasco Data Security International		31,720
3,651	*	Ventiv Health, Inc		86,237
1,743	*	Verint Systems, Inc		60,081
1,026	*	Vertrue, Inc		36,249
3,002		Viad Corp		88,049
3,873	*	Vignette Corp		63,169
1,000	*	Volt Information Sciences, Inc		19,020
4,475	*	WebEx Communications, Inc		96,794
1,000	*	WebMD Health Corp		29,050
7,096	*	webMethods, Inc		54,710
3,200	*	Websense, Inc		210,048
1,100	*	WebSideStory, Inc		19,943
9,338	*	Wind River Systems, Inc		137,922
4,240	*	Witness Systems, Inc		83,401
		TOTAL BUSINESS SERVICES		16,668,267
CHEMICALS AND ALLIED PRODUCTS - 5.96%
13,370	*	Aastrom Biosciences, Inc		28,211
12,015	*	Abgenix, Inc		258,443
2,380	*	Acadia Pharmaceuticals, Inc		23,443
1,100	*	Adams Respiratory Therapeutics, Inc		44,726
600	*	Adeza Biomedical Corp		12,630
5,099	*	Adolor Corp		74,445
3,255	*	Albany Molecular Research, Inc		39,548
4,100	*	Alexion Pharmaceuticals, Inc		83,025
12,089	*	Alkermes, Inc		231,142
5,266		Alpharma, Inc (Class A)		150,134
1,356		American Vanguard Corp		31,866

318

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

SHARES				VALUE
9,706	*	Andrx Corp	$	159,858
3,100		Arch Chemicals, Inc		92,690
4,695	*	Arena Pharmaceuticals, Inc		66,763
4,333	*	Arqule, Inc		26,518
4,325	*	Array Biopharma, Inc		30,318
4,970	*	Atherogenics, Inc		99,450
15,198	*	AVANIR Pharmaceuticals		52,281
1,137		Balchem Corp		33,894
1,688	*	Barrier Therapeutics, Inc		13,842
2,500	*	Bentley Pharmaceuticals, Inc		41,025
5,313	*	Bioenvision, Inc		34,694
9,714	*	BioMarin Pharmaceuticals, Inc		104,717
4,700		Calgon Carbon Corp		26,743
3,546		Cambrex Corp		66,558
1,420	*	Caraco Pharmaceutical Laboratories Ltd		12,752
6,000	*	Cell Genesys, Inc		35,580
9,000	*	Cell Therapeutics, Inc		19,620
5,400		CF Industries Holdings, Inc		82,350
2,346	*	Chattem, Inc		85,371
900	*	Coley Pharmaceutical Group, Inc		13,644
4,789	*	Connetics Corp		69,201
1,200	*	Conor Medsystems, Inc		23,220
2,523	*	Cotherix, Inc		26,794
7,075	*	Cubist Pharmaceuticals, Inc		150,344
6,360	*	Curis, Inc		22,642
3,531	*	Cypress Bioscience, Inc		20,409
9,285	*	Dendreon Corp		50,325
3,100		Diagnostic Products Corp		150,505
2,280	*	Digene Corp		66,508
7,600	*	Discovery Laboratories, Inc		50,768
2,970	*	Dov Pharmaceutical, Inc		43,600
5,300	*	Durect Corp		26,871
2,395	*	Dusa Pharmaceuticals, Inc		25,794
3,302	*	Elizabeth Arden, Inc		66,238
7,652	*	Encysive Pharmaceuticals, Inc		60,374
6,091	*	Enzon Pharmaceuticals, Inc		45,073
3,916	*	EPIX Pharmaceuticals, Inc		15,821
5,600		Ferro Corp		105,056
3,575	*	First Horizon Pharmaceutical Corp		61,669
3,295	*	Genitope Corp		26,195
4,581		Georgia Gulf Corp		139,354
8,735	*	Geron Corp		75,208
9,044	*	GlobeTel Communications Corp		33,372
985	*	GTx, Inc		7,447
3,895		H.B. Fuller Co		124,913
727	*	Hi-Tech Pharmacal Co, Inc		32,199
17,341	*	Human Genome Sciences, Inc		148,439
1,854	*	Idenix Pharmaceuticals, Inc		31,722
6,152	*	Immucor, Inc		143,711
5,178	*	Immunogen, Inc		26,563
5,409	*	Inspire Pharmaceuticals, Inc		27,478
700		Inter Parfums, Inc		12,572

319

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

SHARES				VALUE
3,300	*	InterMune, Inc	$	55,440
2,750	*	Introgen Therapeutics, Inc		14,493
2,737	*	Inverness Medical Innovations, Inc		64,894
431		Kronos Worldwide, Inc		12,503
4,800	*	KV Pharmaceutical Co (Class A)		98,880
4,019		MacDermid, Inc		112,130
2,216		Mannatech, Inc		30,603
3,500	*	MannKind Corp		39,410
900	*	Marshall Edwards, Inc		5,625
4,222	*	Martek Biosciences Corp		103,903
14,800	*	Medarex, Inc		204,980
6,641	*	Medicines Co		115,885
7,197		Medicis Pharmaceutical Corp (Class A)		230,664
2,343		Meridian Bioscience, Inc		47,188
10,234	*	MGI Pharma, Inc		175,615
2,800		Minerals Technologies, Inc		156,492
1,400	*	Momenta Pharmaceuticals, Inc		30,856
2,703	*	Myogen, Inc		81,522
7,737	*	Nabi Biopharmaceuticals		26,151
2,765	*	Nastech Pharmaceutical Co, Inc		40,701
1,434		Natures Sunshine Products, Inc		25,927
7,419	*	NBTY, Inc		120,559
4,860	*	Neurocrine Biosciences, Inc		304,868
839	*	New River Pharmaceuticals, Inc		43,527
2,207	*	NewMarket Corp		53,983
2,210	*	NitroMed, Inc		30,830
1,000		NL Industries, Inc		14,090
3,190	*	Northfield Laboratories, Inc		42,746
3,100	*	Noven Pharmaceuticals, Inc		46,903
6,184	*	NPS Pharmaceuticals, Inc		73,218
5,494	*	Nuvelo, Inc		44,556
1,700		Octel Corp		27,659
9,500		Olin Corp		186,960
3,737	*	OM Group, Inc		70,106
5,301	*	Onyx Pharmaceuticals, Inc		152,457
5,936	*	OraSure Technologies, Inc		52,356
3,800	*	Pain Therapeutics, Inc		25,688
4,496	*	Par Pharmaceutical Cos, Inc		140,905
3,400	*	Parexel International Corp		68,884
760	*	Parlux Fragrances, Inc		23,203
2,900	*	Penwest Pharmaceuticals Co		56,608
11,207		Perrigo Co		167,096
3,184	*	Pharmion Corp		56,580
1,571	*	Pioneer Cos, Inc		47,083
11,938	*	PolyOne Corp		76,761
3,300	*	Pozen, Inc		31,647
3,800	*	Prestige Brands Holdings, Inc		47,500
2,727	*	Progenics Pharmaceuticals, Inc		68,202
2,944	*	Renovis, Inc		45,043
19,018	*	Revlon, Inc (Class A)		58,956
2,800	*	Rockwood Holdings, Inc		55,244
6,062	*	Salix Pharmaceuticals Ltd		106,570

320

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

SHARES				VALUE
6,200		Sensient Technologies Corp	$	110,980
4,600	*	Serologicals Corp		90,804
8,193	*	StemCells, Inc		28,266
700		Stepan Co		18,823
908		Stratagene Corp		9,116
6,717	*	SuperGen, Inc		33,921
2,024	*	SurModics, Inc		74,868
3,116	*	Tanox, Inc		51,009
1,581	*	Tercica, Inc		11,336
12,410	*	Terra Industries, Inc		69,496
923	*	Threshold Pharmaceuticals, Inc		13,337
2,300		Tronox, Inc		30,061
4,417		UAP Holding Corp		90,195
3,052	*	United Therapeutics Corp		210,954
1,400	*	USANA Health Sciences, Inc		53,704
11,521		USEC, Inc		137,676
12,626	*	Vertex Pharmaceuticals, Inc		349,361
4,339		Wellman, Inc		29,418
1,700		Westlake Chemical Corp		48,977
9,067	*	WR Grace & Co		85,230
700	*	Xenoport, Inc		12,586
4,070	*	Zymogenetics, Inc		69,230
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,630,664
COAL MINING - 0.25%
4,000	*	Alpha Natural Resources, Inc		76,840
3,200		Foundation Coal Holdings, Inc		121,600
1,795	*	James River Coal Co		68,569
2,500		Penn Virginia Corp		143,500
		TOTAL COAL MINING		410,509
COMMUNICATIONS - 2.72%
8,704		Adtran, Inc		258,857
5,253	*	Airspan Networks, Inc		29,890
1,736		Alaska Communications Systems Group, Inc		17,638
4,238		Anixter International, Inc		165,791
2,200	*	Audiovox Corp (Class A)		30,492
1,000		Beasley Broadcast Group, Inc (Class A)		13,510
3,590	*	Brightpoint, Inc		99,551
800	*	Cbeyond Communications, Inc		8,240
2,980		Centennial Communications Corp		46,250
50,123	*	Charter Communications, Inc (Class A)		61,150
32,856	*	Cincinnati Bell, Inc		115,325
5,941		Citadel Broadcasting Corp		79,847
2,859		Commonwealth Telephone Enterprises, Inc		96,548
2,000		Consolidated Communications Holdings, Inc		25,980
5,177	*	Cox Radio, Inc (Class A)		72,892
1,900	*	Crown Media Holdings, Inc (Class A)		17,423

321

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

SHARES				VALUE
2,500		CT Communications, Inc	$	30,350
7,044	*	Cumulus Media, Inc (Class A)		87,416
18,589	*	Dobson Communications Corp (Class A)		139,418
4,200	*	Emmis Communications Corp (Class A)		83,622
4,894	*	Entercom Communications Corp		145,205
10,213	*	Entravision Communications Corp (Class A)		72,717
3,800		Fairpoint Communications, Inc		39,368
875	*	Fisher Communications, Inc		36,251
16,193	*	Foundry Networks, Inc		223,625
7,443	*	General Communication, Inc (Class A)		76,886
2,824		Golden Telecom, Inc		73,311
5,900		Gray Television, Inc		57,938
473	*	Hungarian Telephone & Cable		7,355
7,677	*	IDT Corp (Class B)		89,821
2,180	*	InPhonic, Inc		18,944
2,700		Iowa Telecommunications Services, Inc		41,823
3,186	*	j2 Global Communications, Inc		136,170
92,369	*	Level 3 Communications, Inc		265,099
2,047		Liberty Corp		95,820
3,612	*	Lin TV Corp (Class A)		40,238
2,059	*	Lodgenet Entertainment Corp		28,702
3,600	*	Mastec, Inc		37,692
8,071	*	Mediacom Communications Corp		44,310
3,200	*	NeuStar, Inc		97,568
2,000		North Pittsburgh Systems, Inc		37,740
3,833	*	Novatel Wireless, Inc		46,418
300		Preformed Line Products Co		12,837
6,076	*	Price Communications Corp		90,350
11,283	*	Radio One, Inc (Class D)		116,779
2,982	*	RCN Corp		69,928
5	v*	RCN Corp Wts 12/21/06		(0	)
4,800	*	Regent Communications, Inc		22,272
2,200	*	Saga Communications, Inc (Class A)		23,914
1,515	*	Salem Communications Corp (Class A)		26,497
11,364	*	SBA Communications Corp		203,416
900		Shenandoah Telecom Co		35,856
6,000		Sinclair Broadcast Group, Inc (Class A)		55,200
5,470	*	Spanish Broadcasting System, Inc (Class A)		27,952
1,869		SureWest Communications		49,286
2,400	*	Syniverse Holdings, Inc		50,160
3,900	*	Talk America Holdings, Inc		33,657
4,917	*	Telkonet, Inc		20,406
4,756	*	Terremark Worldwide, Inc		22,115
7,000	*	TiVo, Inc		35,840
10,196	*	Ubiquitel, Inc		100,838
3,533		USA Mobility, Inc		97,935
4,000		Valor Communications Group, Inc		45,600
7,346	*	Wireless Facilities, Inc		37,465
1,400	*	WorldSpace, Inc		20,314
		TOTAL COMMUNICATIONS		4,391,808

322

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

SHARES				VALUE
DEPOSITORY INSTITUTIONS - 9.93%
1,541		1st Source Corp	$	38,756
1,543	*	ACE Cash Express, Inc		36,029
1,850		Alabama National Bancorp		119,806
2,900		Amcore Financial, Inc		88,189
1,420	*	AmericanWest Bancorp		33,555
1,560		Ameris Bancorp		30,950
1,081		Ames National Corp		27,793
3,107		Anchor Bancorp Wisconsin, Inc		94,266
1,495		Arrow Financial Corp		39,094
1,634	*	Banc Corp		18,644
500		Bancfirst Corp		39,500
1,346	*	Bancorp, Inc		22,882
10,396		Bancorpsouth, Inc		229,440
1,300		BancTrust Financial Group, Inc		26,130
7,518		Bank Mutual Corp		79,691
1,675		Bank of Granite Corp		31,038
1,500		Bank of the Ozarks, Inc		55,350
5,894		BankAtlantic Bancorp, Inc (Class A)		82,516
3,100	*	BankFinancial Corp		45,508
3,520		BankUnited Financial Corp (Class A)		93,526
1,489		Banner Corp		46,457
1,000		Berkshire Hills Bancorp, Inc		33,500
3,041	*	BFC Financial Corp		16,786
4,600		Boston Private Financial Holdings, Inc		139,932
8,300		Brookline Bancorp, Inc		117,611
1,000		Camden National Corp		32,880
1,600		Capital City Bank Group, Inc		54,864
1,260		Capital Corp of the West		40,887
706	*	Capital Crossing Bank		23,580
1,679		Capitol Bancorp Ltd		62,862
3,210		Cardinal Financial Corp		35,310
2,125		Cascade Bancorp		48,896
6,086		Cathay General Bancorp		218,731
8,100	*	Centennial Bank Holdings, Inc		100,197
1,500		Center Financial Corp		37,740
1,512	*	Central Coast Bancorp		37,407
4,031		Central Pacific Financial Corp		144,794
591		Charter Financial Corp		21,105
3,428		Chemical Financial Corp		108,873
6,125		Chittenden Corp		170,336
1,008		Citizens & Northern Corp		25,835
5,762		Citizens Banking Corp		159,896
1,000		City Bank		35,570
2,400		City Holding Co		86,280
1,837		Clifton Savings Bancorp, Inc		18,480
2,041		Coastal Financial Corp		26,247
1,950		CoBiz, Inc		35,549
665		Colony Bankcorp, Inc		16,612
800		Columbia Bancorp		33,000
2,090		Columbia Banking System, Inc		59,670
570		Commercial Bankshares, Inc		20,161

323

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

SHARES				VALUE
5,784		Commercial Capital Bancorp, Inc	$	99,022
902	*	Community Bancorp		28,512
4,022		Community Bank System, Inc		90,696
2,872		Community Banks, Inc		80,416
1,909		Community Trust Bancorp, Inc		58,702
2,500		Corus Bankshares, Inc		140,675
6,212		CVB Financial Corp		126,166
3,550		Dime Community Bancshares		51,866
941		Enterprise Financial Services Corp		21,342
1,200	*	EuroBancshares, Inc		17,004
4,178	*	Euronet Worldwide, Inc		116,148
900		Farmers Capital Bank Corp		27,666
3,000		Fidelity Bankshares, Inc		98,100
1,280		Financial Institutions, Inc		25,114
1,500		First Bancorp (North Carolina)		30,240
9,132		First Bancorp (Puerto Rico)		113,328
1,800		First Busey Corp (Class A)		37,602
4,100		First Charter Corp		97,006
879		First Citizens Bancshares, Inc (Class A)		153,315
9,297		First Commonwealth Financial Corp		120,210
1,977		First Community Bancorp, Inc		107,489
1,320		First Community Bancshares, Inc		41,131
855		First Defiance Financial Corp		23,162
4,800		First Financial Bancorp		84,096
2,400		First Financial Bankshares, Inc		84,144
1,800		First Financial Corp (Indiana)		48,600
1,600		First Financial Holdings, Inc		49,152
1,401		First Indiana Corp		48,166
2,515		First Merchants Corp		65,390
6,043		First Midwest Bancorp, Inc		211,868
15,375		First Niagara Financial Group, Inc		222,476
900		First Oak Brook Bancshares, Inc		25,155
1,971		First Place Financial Corp		47,403
295	*	First Regional Bancorp		19,927
2,900		First Republic Bank		107,329
690		First South Bancorp, Inc		24,371
2,000		First State Bancorporation		47,980
2,225	*	FirstFed Financial Corp		121,307
4,600		Flagstar Bancorp, Inc		66,240
2,596		Flushing Financial Corp		40,420
7,576		FNB Corp		131,519
1,000		FNB Corp (Virginia)		30,670
2,670	*	Franklin Bank Corp		48,033
8,693		Fremont General Corp		201,938
3,300		Frontier Financial Corp		105,600
1,598		GB&T Bancshares, Inc		34,213
4,103		Glacier Bancorp, Inc		123,295
5,200		Gold Banc Corp, Inc		94,744
1,307		Great Southern Bancorp, Inc		36,086
6,793		Greater Bay Bancorp		174,037
1,195		Greene County Bancshares, Inc		32,695
3,547		Hancock Holding Co		134,112

324

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

SHARES				VALUE
5,305		Hanmi Financial Corp	$	94,747
2,800		Harbor Florida Bancshares, Inc		103,740
3,750		Harleysville National Corp		71,625
1,300		Heartland Financial USA, Inc		28,210
1,646		Heritage Commerce Corp		35,389
1,300		Horizon Financial Corp		28,392
5,968		Hudson United Bancorp		248,746
1,250		IBERIABANK Corp		63,763
2,155		Independent Bank Corp (Massachusetts)		61,482
2,997		Independent Bank Corp (Michigan)		81,608
2,100		Integra Bank Corp		44,814
2,250		Interchange Financial Services Corp		38,813
7,100	*	Investors Bancorp, Inc		78,313
2,500		Irwin Financial Corp		53,550
859	*	ITLA Capital Corp		41,962
2,906		Kearny Financial Corp		35,453
4,090		KNBT Bancorp, Inc		66,626
2,283		Lakeland Bancorp, Inc		33,560
800		Lakeland Financial Corp		32,304
1,313		Macatawa Bank Corp		47,767
4,287		MAF Bancorp, Inc		177,396
2,200		Main Street Banks, Inc		59,906
1,623		MainSource Financial Group, Inc		28,971
2,900		MB Financial, Inc		102,660
2,038		MBT Financial Corp		33,016
981		Mercantile Bank Corp		37,769
3,100		Mid-State Bancshares		82,925
1,700		Midwest Banc Holdings, Inc		37,825
2,673		Nara Bancorp, Inc		47,526
400		NASB Financial, Inc		15,744
5,816		National Penn Bancshares, Inc		110,795
1,000		NBC Capital Corp		23,790
4,300		NBT Bancorp, Inc		92,837
6,086		NetBank, Inc		43,697
15,198		NewAlliance Bancshares, Inc		220,979
969	*	Northern Empire Bancshares		22,927
2,671		Northwest Bancorp, Inc		56,785
1,300		OceanFirst Financial Corp		29,588
9,067		Old National Bancorp		196,210
1,814		Old Second Bancorp, Inc		55,454
1,669		Omega Financial Corp		46,515
2,947		Oriental Financial Group, Inc		36,425
6,119		Pacific Capital Bancorp		217,714
1,567		Park National Corp		160,837
6,677		Partners Trust Financial Group, Inc		80,458
1,168		Peapack Gladstone Financial Corp		32,587
1,100		Pennfed Financial Services, Inc		20,262
537	*	Pennsylvania Commerce Bancorp, Inc		17,103
1,265		Peoples Bancorp, Inc		36,090
2,520		PFF Bancorp, Inc		76,910
1,087	*	Pinnacle Financial Partners, Inc		27,153
900		Placer Sierra Bancshares		24,939

325

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

SHARES				VALUE
503		Preferred Bank	$	22,384
1,894		Premierwest Bancorp		26,516
2,200		PrivateBancorp, Inc		78,254
2,900		Prosperity Bancshares, Inc		83,346
4,366		Provident Bankshares Corp		147,440
750		Provident Financial Holdings		19,725
9,656		Provident Financial Services, Inc		178,733
5,339		Provident New York Bancorp		58,782
1,200	*	QC Holdings, Inc		13,836
3,644		R & G Financial Corp (Class B)		48,101
1,350		Renasant Corp		42,701
1,002		Republic Bancorp, Inc (Class A) (Kentucky)		21,493
10,329		Republic Bancorp, Inc (Michigan)		122,915
636		Royal Bancshares of Pennsylvania (Class A)		14,730
3,549		S&T Bancorp, Inc		130,674
1,498		S.Y. Bancorp, Inc		37,480
1,900		Sandy Spring Bancorp, Inc		66,272
760		Santander BanCorp		19,091
1,050		SCBT Financial Corp		35,091
1,740		Seacoast Banking Corp of Florida		39,933
1,369		Security Bank Corp		31,884
659		Sierra Bancorp		15,019
1,555	*	Signature Bank		43,649
1,900		Simmons First National Corp (Class A)		52,630
1,356		Sound Federal Bancorp, Inc		25,900
1,284		Southside Bancshares, Inc		25,937
1,855		Southwest Bancorp, Inc		37,100
1,254		State Bancorp, Inc		20,992
600	*	State National Bancshares, Inc		16,020
2,496		Sterling Bancorp		49,246
6,100		Sterling Bancshares, Inc		94,184
3,362		Sterling Financial Corp (Pennsylvania)		66,568
4,715		Sterling Financial Corp (Spokane)		117,781
1,400		Suffolk Bancorp		47,278
1,253		Summit Bancshares, Inc		22,529
726		Summit Financial Group, Inc		16,683
1,545	*	Sun Bancorp, Inc (New Jersey)		30,514
6,180		Susquehanna Bancshares, Inc		146,342
4,696	*	SVB Financial Group		219,961
600		Taylor Capital Group, Inc		24,240
3,016	*	Texas Capital Bancshares, Inc		67,589
5,490		Texas Regional Bancshares, Inc (Class A)		155,367
2,396		TierOne Corp		70,466
880		Tompkins Trustco, Inc		39,424
1,500		Trico Bancshares		35,085
9,922		Trustco Bank Corp NY		123,231
6,303		Trustmark Corp		173,143
12,250		UCBH Holdings, Inc		219,030
2,085		UMB Financial Corp		133,252
5,836		Umpqua Holdings Corp		166,501
1,149		Union Bankshares Corp		49,522
4,948		United Bankshares, Inc		174,368

326

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

SHARES				VALUE
4,300		United Community Banks, Inc	$	114,638
3,479		United Community Financial Corp		41,087
900	*	United Financial Bancorp, Inc		10,377
803		United Security Bancshares		21,528
1,479		Univest Corp of Pennsylvania		35,895
2,877		Unizan Financial Corp		76,413
1,529		USB Holding Co, Inc		33,118
949		Vineyard National Bancorp		29,267
1,293	*	Virginia Commerce Bancorp		37,613
899		Virginia Financial Group, Inc		32,391
14,737		W Holding Co, Inc		121,286
1,611		Washington Trust Bancorp, Inc		42,176
1,400	*	Wauwatosa Holdings, Inc		16,016
3,043		WesBanco, Inc		92,538
2,105		West Bancorporation, Inc		39,364
2,000		West Coast Bancorp		52,900
4,354		Westamerica Bancorporation		231,067
600	*	Western Alliance Bancorp		17,922
880	*	Western Sierra Bancorp		32,023
716		Westfield Financial, Inc		17,191
1,954		Wilshire Bancorp, Inc		33,589
3,142		Wintrust Financial Corp		172,496
700		WSFS Financial Corp		42,875
1,113		Yardville National Bancorp		38,565
		TOTAL DEPOSITORY INSTITUTIONS		16,054,513
EATING AND DRINKING PLACES - 1.43%
2,720		AFC Enterprises		41,126
1,900	*	BJ's Restaurants, Inc		43,434
4,803		Bob Evans Farms, Inc		110,757
1,041	*	Buffalo Wild Wings, Inc		34,572
2,500	*	California Pizza Kitchen, Inc		79,925
4,672	*	CEC Entertainment, Inc		159,035
7,797		CKE Restaurants, Inc		105,337
2,004	*	Dave & Buster's, Inc		35,290
4,259		Domino's Pizza, Inc		103,068
2,500		IHOP Corp		117,275
4,849	*	Jack in the Box, Inc		169,376
6,821	*	Krispy Kreme Doughnuts, Inc		39,153
2,145		Landry's Restaurants, Inc		57,293
2,300		Lone Star Steakhouse & Saloon, Inc		54,602
3,256	*	Luby's, Inc		43,305
1,125	*	McCormick & Schmick's Seafood Restaurants, Inc		25,436
2,827	*	O'Charleys, Inc		43,847
1,475	*	Papa John's International, Inc		87,482
3,451	*	PF Chang's China Bistro, Inc		171,273
4,500	*	Rare Hospitality International, Inc		136,755
1,926	*	Red Robin Gourmet Burgers, Inc		98,149
8,641		Ruby Tuesday, Inc		223,715
1,600	*	Ruth's Chris Steak House, Inc		28,960
5,536	*	Ryan's Restaurant Group, Inc		66,764

327

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

SHARES				VALUE
5,696	*	Texas Roadhouse, Inc (Class A)	$	88,573
3,583	*	The Steak N Shake Co		60,732
5,824		Triarc Cos (Class B)		86,486
		TOTAL EATING AND DRINKING PLACES		2,311,720
EDUCATIONAL SERVICES - 0.38%
12,068	*	Corinthian Colleges, Inc		142,161
7,771	*	DeVry, Inc		155,420
2,300	*	Educate, Inc		27,140
1,100	*	Learning Tree International, Inc		14,113
500	*	Lincoln Educational Services Corp		7,130
1,954		Strayer Education, Inc		183,090
2,801	*	Universal Technical Institute, Inc		86,663
		TOTAL EDUCATIONAL SERVICES		615,717
ELECTRIC, GAS, AND SANITARY SERVICES - 2.98%
3,337		Allete, Inc		146,828
1,668		American Ecology Corp		24,069
2,300		American States Water Co		70,840
50,100	*	Aquila, Inc		180,360
6,490		Avista Corp		114,938
4,310		Black Hills Corp		149,169
2,300		California Water Service Group		87,929
1,500		Cascade Natural Gas Corp		29,265
2,701	*	Casella Waste Systems, Inc (Class A)		34,546
1,600		Central Vermont Public Service Corp		28,816
2,155		CH Energy Group, Inc		98,915
2,542	*	Clean Harbors, Inc		73,235
6,700		Cleco Corp		139,695
1,000		Connecticut Water Service, Inc		24,510
14,363	*	Covanta Holding Corp		216,307
848		Crosstex Energy, Inc		53,475
10,238		Duquesne Light Holdings, Inc		167,084
1,898	*	Duratek, Inc		28,337
6,331	*	El Paso Electric Co		133,204
3,469		Empire District Electric Co		70,525
1,000		EnergySouth, Inc		26,780
5,750		Idacorp, Inc		168,475
1,800		ITC Holdings Corp		50,562
2,900		Laclede Group, Inc		84,709
885		Markwest Hydrocarbon, Inc		19,479
2,837		Metal Management, Inc		65,989
2,656		MGE Energy, Inc		90,065
1,533		Middlesex Water Co		26,582
3,683		New Jersey Resources Corp		154,281
5,833		Nicor, Inc		229,295
3,600		Northwest Natural Gas Co		123,048
4,741		NorthWestern Corp		147,303

328

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

SHARES				VALUE
1,000		Ormat Technologies, Inc	$	26,140
3,811		Otter Tail Corp		110,443
5,067		Peoples Energy Corp		177,700
1,106	*	Pico Holdings, Inc		35,680
94		Piedmont Natural Gas Co, Inc		2,271
1,700	*	Pike Electric Corp		27,574
6,587	*	Plug Power, Inc		33,791
2,100		Resource America, Inc (Class A)		35,805
24,211	*	Sierra Pacific Resources		315,711
1,000		SJW Corp		45,500
3,800		South Jersey Industries, Inc		110,732
5,000		Southwest Gas Corp		132,000
2,571		Southwest Water Co		36,791
74	b,*	Touch America Holdings, Inc		-
1,900		UIL Holdings Corp		87,381
4,600		Unisource Energy Corp		143,520
6,198	*	Waste Connections, Inc		213,583
717		Waste Industries USA, Inc		9,235
8,655	*	Waste Services, Inc		28,821
6,482		WGL Holdings, Inc		194,849
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		4,826,142
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.21%
3,394	*	Actel Corp		43,206
5,838		Acuity Brands, Inc		185,648
15,211	*	Adaptec, Inc		88,528
1,400	*	Advanced Analogic Technologies, Inc		19,390
3,600	*	Advanced Energy Industries, Inc		42,588
9,783	*	Aeroflex, Inc		105,167
10,869		Alliance One International, Inc		42,389
4,230	*	American Superconductor Corp		33,290
5,900	*	AMIS Holdings, Inc		62,835
13,405	*	Amkor Technology, Inc		75,068
39,716	*	Applied Micro Circuits Corp		102,070
1,500		Applied Signal Technology, Inc		34,050
13,762	*	Arris Group, Inc		130,326
5,000	*	Artesyn Technologies, Inc		51,500
4,566	*	Atheros Communications, Inc		59,358
56,255	*	Atmel Corp		173,828
5,000	*	ATMI, Inc		139,850
4,500		Baldor Electric Co		115,425
1,500		Bel Fuse, Inc (Class B)		47,700
5,509	*	Benchmark Electronics, Inc		185,268
9,010	*	Broadwing Corp		54,511
35,810	*	Brocade Communications Systems, Inc		145,747
3,451		C&D Technologies, Inc		26,297
1,244	*	Catapult Communications Corp		18,399
6,260	*	C-COR, Inc		30,424
3,562	*	Ceradyne, Inc		156,016
5,112	*	Checkpoint Systems, Inc		126,011

329

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

SHARES				VALUE
400	*	China Energy Savings Technology, Inc	$	3,328
76,254	*	Ciena Corp		226,474
1,885	*	Color Kinetics, Inc		27,125
2,845	*	Comtech Telecommunications Corp		86,886
63,215	*	Conexant Systems, Inc		142,866
5,003		CTS Corp		55,333
2,011		Cubic Corp		40,140
4,775	*	Cymer, Inc		169,560
17,513	*	Cypress Semiconductor Corp		249,560
2,221	*	Diodes, Inc		68,962
4,157	*	Ditech Communications Corp		34,711
3,798	*	DSP Group, Inc		95,178
2,356	*	DTS, Inc		34,869
3,685	*	Electro Scientific Industries, Inc		88,993
5,121	*	Emcore Corp		37,998
1,231	*	EndWave Corp		14,501
2,778	*	Energy Conversion Devices, Inc		113,204
6,199	*	EnerSys		80,835
5,208	*	Evergreen Solar, Inc		55,465
4,643	*	Exar Corp		58,130
15,859	*	Fairchild Semiconductor International, Inc		268,176
29,400	*	Finisar Corp		61,152
2,965		Franklin Electric Co, Inc		117,236
6,527	*	FuelCell Energy, Inc		55,284
32,567	*	Gemstar-TV Guide International, Inc		85,000
3,200	*	Genlyte Group, Inc		171,424
9,147	*	Glenayre Technologies, Inc		29,728
12,500	*	GrafTech International Ltd		77,750
3,000	*	Greatbatch, Inc		78,030
9,505	*	Harmonic, Inc		46,099
7,699	*	Hexcel Corp		138,967
700	*	Hittite Microwave Corp		16,198
3,300	*	Hutchinson Technology, Inc		93,885
900	*	Ikanos Communications, Inc		13,266
4,492		Imation Corp		206,946
26,096	*	Integrated Device Technology, Inc		343,945
4,692	*	Integrated Silicon Solutions, Inc		30,216
7,123	*	Interdigital Communications Corp		130,493
4,425	*	International DisplayWorks, Inc		26,285
2,900		Inter-Tel, Inc		56,753
4,829	*	InterVoice, Inc		38,439
3,308	*	IXYS Corp		38,671
11,700	*	Kemet Corp		82,719
15,400	*	Lattice Semiconductor Corp		66,528
2,608	*	Leadis Technology, Inc		13,431
1,600	*	Lifeline Systems, Inc		58,496
4,857		Lincoln Electric Holdings, Inc		192,629
3,000	*	Littelfuse, Inc		81,750
2,475		LSI Industries, Inc		38,759
5,752	*	Mattson Technology, Inc		57,865
33,917	*	Maxtor Corp		235,384
10,695		Maytag Corp		201,280

330

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

SHARES				VALUE
20,308	*	McData Corp (Class A)	$	77,170
1,914	*	Medis Technologies Ltd		28,155
2,797	*	Mercury Computer Systems, Inc		57,702
4,700		Methode Electronics, Inc		46,859
1,567	*	Metrologic Instruments, Inc		30,180
8,260	*	Micrel, Inc		95,816
8,267	*	Microsemi Corp		228,665
7,000	*	Microtune, Inc		29,190
5,447	*	MIPS Technologies, Inc		30,939
3,760	*	Mobility Electronics, Inc		36,322
2,400	*	Monolithic Power Systems, Inc		35,976
4,448	*	Moog, Inc		126,234
14,603	*	MRV Communications, Inc		29,936
1,000	*	Multi-Fineline Electronix, Inc		48,170
600		National Presto Industries, Inc		26,610
1,475	*	Netlogic Microsystems, Inc		40,179
7,487	*	Omnivision Technologies, Inc		149,441
18,935	*	ON Semiconductor Corp		104,711
11,766	*	Openwave Systems, Inc		205,552
2,128	*	Oplink Communications Inc		30,856
2,330	*	Optical Communication Products, Inc		5,382
2,000	*	OSI Systems, Inc		36,780
2,631		Park Electrochemical Corp		68,353
3,555	*	Pericom Semiconductor Corp		28,333
5,200	*	Photronics, Inc		78,312
6,453	*	Pixelworks, Inc		32,781
6,539		Plantronics, Inc		185,054
5,800	*	Plexus Corp		131,892
3,065	*	PLX Technology, Inc		26,359
24,046	*	PMC - Sierra, Inc		185,395
13,131	*	Polycom, Inc		200,904
2,058	*	Portalplayer, Inc		58,283
900	*	Powell Industries, Inc		16,164
3,794	*	Power Integrations, Inc		90,335
10,086	*	Power-One, Inc		60,718
14,546	*	Powerwave Technologies, Inc		182,843
6,706	*	Quantum Fuel Systems Technologies Worldwide, Inc		17,972
13,287	*	Rambus, Inc		215,117
2,100		Raven Industries, Inc		60,585
81	b,v*	Read-Rite Corp		1
3,500		Regal-Beloit Corp		123,900
25,195	*	RF Micro Devices, Inc		136,305
2,202	*	Rogers Corp		86,274
3,369	*	Seachange International, Inc		26,615
9,851	*	Semtech Corp		179,879
4,443	*	Sigmatel, Inc		58,203
10,439	*	Silicon Image, Inc		94,473
5,696	*	Silicon Laboratories, Inc		208,815
11,795	*	Silicon Storage Technology, Inc		59,565
21,156	*	Skyworks Solutions, Inc		107,684
4,083	*	Spatialight, Inc		14,168
2,397		Spectralink Corp		28,452

331

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

SHARES				VALUE
2,775	*	Standard Microsystems Corp	$	79,615
1,000	*	Sunpower Corp		33,990
1,300	*	Supertex, Inc		57,525
23,586	*	Sycamore Networks, Inc		101,892
6,300	*	Symmetricom, Inc		53,361
2,890	*	Synaptics, Inc		71,441
5,364		Technitrol, Inc		91,724
7,297	*	Tekelec		101,428
10,200	*	Terayon Communication Systems, Inc		23,562
5,845	*	Tessera Technologies, Inc		151,093
14,494	*	Transwitch Corp		26,524
6,766	*	Trident Microsystems, Inc		121,788
18,430	*	Triquint Semiconductor, Inc		82,014
5,553	*	TTM Technologies, Inc		52,198
1,800	*	Ulticom, Inc		17,658
1,943	*	Ultralife Batteries, Inc		23,316
3,200	*	Universal Display Corp		33,632
1,805	*	Universal Electronics, Inc		31,100
13,985	*	Utstarcom, Inc		112,719
5,800	*	Valence Technology, Inc		8,932
4,909	*	Varian Semiconductor Equipment Associates, Inc		215,652
2,955	*	Viasat, Inc		78,987
2,600		Vicor Corp		41,106
1,659	*	Virage Logic Corp		16,391
27,575	*	Vitesse Semiconductor Corp		52,944
2,157	*	Volterra Semiconductor Corp		32,355
7,300	*	Westell Technologies, Inc		32,850
14,150	*	Zhone Technologies, Inc		29,998
1,309	*	Zoltek Cos, Inc		11,493
5,895	*	Zoran Corp		95,558
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,279,196
ENGINEERING AND MANAGEMENT SERVICES - 2.93%
2,500	*	Advisory Board Co		119,175
14,587	*	Amylin Pharmaceuticals, Inc		582,313
3,800	*	Antigenics, Inc		18,088
9,680	*	Applera Corp (Celera Genomics Group)		106,093
7,800	*	Ariad Pharmaceuticals, Inc		45,630
1,700		CDI Corp		46,580
1,505	*	CRA International, Inc		71,773
6,380	*	CuraGen Corp		19,650
5,787	*	CV Therapeutics, Inc		143,113
7,100	*	deCODE genetics, Inc		58,646
3,911	*	DiamondCluster International, Inc		31,053
11,950	*	Digitas, Inc		149,614
2,800	*	Diversa Corp		13,440
6,740	*	eResearch Technology, Inc		101,774
2,284	*	Essex Corp		38,942
11,178	*	Exelixis, Inc		105,297
1,027	*	Exponent, Inc		29,146

332

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

SHARES				VALUE
2,403	*	Greenfield Online, Inc	$	14,082
6,534	*	Harris Interactive, Inc		28,162
900	*	Huron Consulting Group, Inc		21,591
8,472	*	ICOS Corp		234,081
11,314	*	Incyte Corp		60,417
1,815	*	Infrasource Services, Inc		23,740
600	*	iRobot Corp		19,998
9,600	*	Isis Pharmaceuticals, Inc		50,304
3,722	*	Keryx Biopharmaceuticals, Inc		54,490
1,200		Landauer, Inc		55,308
1,999	*	LECG Corp		34,743
8,482	*	Lexicon Genetics, Inc		30,959
4,333	*	Lifecell Corp		82,630
3,263	*	Luminex Corp		37,916
2,500		MAXIMUS, Inc		91,725
3,200	*	Maxygen, Inc		24,032
16,077	*	Monogram Biosciences, Inc		30,064
1,326	*	MTC Technologies, Inc		36,306
5,086	*	Myriad Genetics, Inc		105,789
6,538	*	Navigant Consulting, Inc		143,705
2,200	*	Neopharm, Inc		23,738
3,040	*	Neurogen Corp		20,034
3,480	*	Orchid Cellmark, Inc		26,448
3,020	*	Per-Se Technologies, Inc		70,547
6,000	*	PRG-Schultz International, Inc		3,660
4,700	*	Regeneron Pharmaceuticals, Inc		74,965
6,346	*	Resources Connection, Inc		165,377
3,117	*	Rigel Pharmaceuticals, Inc		26,058
8,409	*	Savient Pharmaceuticals, Inc		31,450
3,640	*	Seattle Genetics, Inc		17,181
2,964	*	Senomyx, Inc		35,924
2,426	*	SFBC International, Inc		38,840
10,290	*	Shaw Group, Inc		299,336
2,178	*	Sourcecorp		52,228
4,366	*	Symyx Technologies, Inc		119,148
1,215		Sypris Solutions, Inc		12,126
1,200	*	Tejon Ranch Co		47,904
6,969	*	Telik, Inc		118,403
7,000	*	Tetra Tech, Inc		109,690
2,500	*	Trimeris, Inc		28,725
5,398	*	URS Corp		203,019
900	*	ViaCell, Inc		5,058
3,419		Washington Group International, Inc		181,104
5,685		Watson Wyatt & Co Holdings		158,612
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,729,944
FABRICATED METAL PRODUCTS - 1.10%
1,080		Ameron International Corp		49,226
2,100		CIRCOR International, Inc		53,886
8,000		Commercial Metals Co		300,320

333

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

SHARES				VALUE
1,933	*	Commercial Vehicle Group, Inc	$	36,302
329		Compx International, Inc		5,271
6,871		Crane Co		242,340
954		Dynamic Materials Corp		28,639
2,212	*	Earle M Jorgensen Co		20,417
4,503	*	Global Power Equipment Group, Inc		20,354
3,934	*	Griffon Corp		93,669
1,254		Gulf Island Fabrication, Inc		30,485
10,221	*	Jacuzzi Brands, Inc		85,856
1,039		Lifetime Brands, Inc		21,476
2,000	*	Mobile Mini, Inc		94,800
2,800	*	NCI Building Systems, Inc		118,944
2,900		Silgan Holdings, Inc		104,748
4,800		Simpson Manufacturing Co, Inc		174,480
2,600		Sturm Ruger & Co, Inc		18,226
820		Sun Hydraulics Corp		15,851
8,214	*	Taser International, Inc		57,334
2,280		Valmont Industries, Inc		76,289
1,633	*	Water Pik Technologies, Inc		35,061
3,360		Watts Water Technologies, Inc (Class A)		101,774
		TOTAL FABRICATED METAL PRODUCTS		1,785,748
FOOD AND KINDRED PRODUCTS - 1.07%
2,300		American Italian Pasta Co (Class A)		15,640
1,400	*	Boston Beer Co, Inc (Class A)		35,000
600		Coca-Cola Bottling Co Consolidated		25,800
9,952		Corn Products International, Inc		237,753
7,800	*	Darling International, Inc		30,966
1,100		Diamond Foods, Inc		21,747
875		Farmer Bros Co		16,923
6,798		Flowers Foods, Inc		187,353
6,744	*	Gold Kist, Inc		100,823
2,014	*	Hansen Natural Corp		158,723
14,996	*	Hercules, Inc		169,455
817		J&J Snack Foods Corp		48,538
3,354		Lancaster Colony Corp		124,266
3,800		Lance, Inc		70,794
1,300	*	M&F Worldwide Corp		21,216
1,000		National Beverage Corp		9,770
1,759	*	Peet's Coffee & Tea, Inc		53,386
1,200		Premium Standard Farms, Inc		17,952
3,905	*	Ralcorp Holdings, Inc		155,849
1,300		Reddy Ice Holdings, Inc		28,353
2,360		Sanderson Farms, Inc		72,051
3,257		Tootsie Roll Industries, Inc		94,225
4,400		Topps Co, Inc		32,692
		TOTAL FOOD AND KINDRED PRODUCTS		1,729,275
FOOD STORES - 0.32%
200		Arden Group, Inc (Class A)		18,198

334

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

SHARES				VALUE
2,300	*	Great Atlantic & Pacific Tea Co, Inc	$	73,094
1,600		Ingles Markets, Inc (Class A)		25,040
2,243	*	Pantry, Inc		105,399
6,700	*	Pathmark Stores, Inc		66,933
13	b,v*	Penn Traffic Co		(0	)
4,500		Ruddick Corp		95,760
1,900		Weis Markets, Inc		81,776
3,637	*	Wild Oats Markets, Inc		43,935
		TOTAL FOOD STORES		510,135
FURNITURE AND FIXTURES - 0.60%
1,437		Bassett Furniture Industries, Inc		26,585
9,829	*	BE Aerospace, Inc		216,238
4,700		Ethan Allen Interiors, Inc		171,691
6,514		Furniture Brands International, Inc		145,458
1,276		Hooker Furniture Corp		21,883
6,158	*	Interface, Inc (Class A)		50,619
2,901		Kimball International, Inc (Class B)		30,838
6,809		La-Z-Boy, Inc		92,330
4,879	*	Select Comfort Corp		133,441
1,800		Stanley Furniture Co, Inc		41,724
2,000	*	Williams Scotsman International, Inc		34,620
		TOTAL FURNITURE AND FIXTURES		965,427
FURNITURE AND HOMEFURNISHINGS STORES - 0.59%
3,925	*	Bell Microproducts, Inc		30,026
2,948	*	Cost Plus, Inc		50,558
1,852	*	Design Within Reach, Inc		9,816
7,248	*	GameStop Corp		230,631
3,435	*	Guitar Center, Inc		171,784
2,700		Haverty Furniture Cos, Inc		34,803
1,500		Knoll, Inc		25,665
6,036	*	Linens 'n Things, Inc		160,558
3,100		Movie Gallery, Inc		17,391
11,533		Pier 1 Imports, Inc		100,683
4,100	*	Restoration Hardware, Inc		24,682
4,500	*	The Bombay Co, Inc		13,320
2,647	*	Trans World Entertainment Corp		15,088
3,515		Tuesday Morning Corp		73,534
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		958,539
GENERAL BUILDING CONTRACTORS - 0.53%
749	*	Avatar Holdings, Inc		41,135
1,931		Brookfield Homes Corp		96,029
600	*	Comstock Homebuilding Cos, Inc		8,466
2,225		Levitt Corp (Class A)		50,597

335

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

SHARES				VALUE
1,600		M/I Homes, Inc	$	64,992
2,700		McGrath RentCorp		75,060
1,180	*	Palm Harbor Homes, Inc		22,184
2,550	*	Perini Corp		61,583
2,016		Technical Olympic USA, Inc		42,517
4,795		Walter Industries, Inc		238,407
4,683	*	WCI Communities, Inc		125,739
350	*	William Lyon Homes, Inc		35,315
		TOTAL GENERAL BUILDING CONTRACTORS		862,024
GENERAL MERCHANDISE STORES - 0.43%
5,739	*	99 Cents Only Stores		60,030
15,073	*	Big Lots, Inc		181,027
888		Bon-Ton Stores, Inc		16,987
4,146	*	Cabela's, Inc		68,824
6,600		Casey's General Stores, Inc		163,680
622	*	Conn's, Inc		22,933
5,297		Fred's, Inc		86,182
2,148	*	Retail Ventures, Inc		26,721
3,490		Stein Mart, Inc		63,344
		TOTAL GENERAL MERCHANDISE STORES		689,728
HEALTH SERVICES - 1.97%
1,800	*	Alliance Imaging, Inc		10,710
4,308	*	Allied Healthcare International, Inc		26,451
2,014	*	Amedisys, Inc		85,071
1,465	*	America Service Group, Inc		23,235
1,456	*	American Dental Partners, Inc		26,324
4,435	*	American Healthways, Inc		200,684
3,668	*	American Retirement Corp		92,177
3,900	*	Amsurg Corp		89,154
6,581	*	Apria Healthcare Group, Inc		158,668
14,552	*	Beverly Enterprises, Inc		169,822
1,303	*	Bio-Reference Labs, Inc		24,509
1,400		Brookdale Senior Living, Inc		41,734
850	*	Corvel Corp		16,142
4,322	*	Cross Country Healthcare, Inc		76,845
3,810	*	Enzo Biochem, Inc		47,320
2,594	*	Genesis HealthCare Corp		94,733
800	*	Genomic Health, Inc		7,288
3,100	*	Gentiva Health Services, Inc		45,694
8,700		Hooper Holmes, Inc		22,185
1,481	*	Horizon Health Corp		33,515
3,800	*	Kindred Healthcare, Inc		97,888
2,675		LCA-Vision, Inc		127,089
700	*	LHC Group, Inc		12,201
3,523	*	Magellan Health Services, Inc		110,798
2,750	*	Matria Healthcare, Inc		106,590

336

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

SHARES				VALUE
967	*	Medcath Corp	$	17,938
900		National Healthcare Corp		33,642
11,340	*	Nektar Therapeutics		186,656
4,600	*	Odyssey HealthCare, Inc		85,744
3,000		Option Care, Inc		40,080
6,148	*	PainCare Holdings, Inc		20,042
3,365	*	Pediatrix Medical Group, Inc		298,038
3,397	*	Psychiatric Solutions, Inc		199,540
1,549	*	Radiation Therapy Services, Inc		54,695
2,200	*	RehabCare Group, Inc		44,440
1,100	*	Specialty Laboratories, Inc		14,355
1,624	*	Stereotaxis, Inc		13,983
4,400	*	Sunrise Senior Living, Inc		148,324
2,308	*	Symbion, Inc		53,084
1,646	*	U.S. Physical Therapy, Inc		30,402
5,746	*	United Surgical Partners International, Inc		184,734
1,446	*	VistaCare, Inc (Class A)		18,075
		TOTAL HEALTH SERVICES		3,190,599
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.10%
4,568		Granite Construction, Inc		164,037
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		164,037
HOLDING AND OTHER INVESTMENT OFFICES - 6.91%
1,800	*	4Kids Entertainment, Inc		28,242
5,300		Aames Investment Corp		34,238
3,541		Acadia Realty Trust		70,997
3,599		Affordable Residential Communities		34,298
1,032		Agree Realty Corp		29,825
313	*	Alexander's, Inc		76,842
2,960		Alexandria Real Estate Equities, Inc		238,280
2,100		American Campus Communities, Inc		52,080
5,830		American Home Mortgage Investment Corp		189,883
3,400		AMLI Residential Properties Trust		129,370
6,874		Anthracite Capital, Inc		72,383
6,400		Anworth Mortgage Asset Corp		46,720
7,917		Apollo Investment Corp		141,952
1,530		Arbor Realty Trust, Inc		39,658
5,204		Ashford Hospitality Trust, Inc		54,590
2,000		Bedford Property Investors		43,880
3,000		Bimini Mortgage Management, Inc (Class A)		27,150
5,800		BioMed Realty Trust, Inc		141,520
2,438	*	Boykin Lodging Co		29,792
7,400		Brandywine Realty Trust		206,534
3,332		Capital Lease Funding, Inc		35,086
353		Capital Southwest Corp		31,947
1,702		Capital Trust, Inc		49,835
3,354		Cedar Shopping Centers, Inc		47,191

337

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

SHARES				VALUE
1,300		CentraCore Properties Trust	$	34,931
900		Cherokee, Inc		30,951
6,019		Colonial Properties Trust		252,678
1,900		Columbia Equity Trust, Inc		30,685
6,962		Commercial Net Lease Realty, Inc		141,816
4,160		Corporate Office Properties Trust		147,846
5,369		Cousins Properties, Inc		151,943
1,899	*	Criimi MAE, Inc		37,600
3,200		Deerfield Triarc Capital Corp		43,840
3,397		DiamondRock Hospitality Co		40,628
1,445		Digital Realty Trust, Inc		32,700
2,900		EastGroup Properties, Inc		130,964
7,000		ECC Capital Corp		15,820
3,500		Education Realty Trust, Inc		45,115
400	*	Enstar Group, Inc		26,500
3,400		Entertainment Properties Trust		138,550
7,000		Equity Inns, Inc		94,850
2,529		Equity Lifestyle Properties, Inc		112,541
4,900		Equity One, Inc		113,288
6,892		Extra Space Storage, Inc		106,137
6,690		FelCor Lodging Trust, Inc		115,135
6,500		Fieldstone Investment Corp		77,090
5,700		First Industrial Realty Trust, Inc		219,450
2,503		First Potomac Realty Trust		66,580
2,400		Getty Realty Corp		63,096
1,600		Gladstone Capital Corp		34,208
2,200		Gladstone Investment Corp		29,898
4,299		Glenborough Realty Trust, Inc		77,812
4,800		Glimcher Realty Trust		116,736
5,200		GMH Communities Trust		80,652
3,047		Government Properties Trust, Inc		28,429
2,200		Gramercy Capital Corp		50,116
2,576		Harris & Harris Group, Inc		35,806
3,700		Heritage Property Investment Trust		123,580
2,900		Hersha Hospitality Trust		26,129
6,680		Highland Hospitality Corp		73,814
7,200		Highwoods Properties, Inc		204,840
4,289		Home Properties, Inc		174,991
7,771		HomeBanc Corp		58,127
9,903		IMPAC Mortgage Holdings, Inc		93,187
8,861		Inland Real Estate Corp		131,054
5,708		Innkeepers U.S.A. Trust		91,328
6,600		Investors Real Estate Trust		60,918
10,300		iShares Russell 2000 Index Fund		686,907
1,500		JER Investors Trust, Inc		25,425
3,895		Kilroy Realty Corp		241,101
3,600		Kite Realty Group Trust		55,692
4,300		LaSalle Hotel Properties		157,896
7,000		Lexington Corporate Properties Trust		149,100
3,126		LTC Properties, Inc		65,740
5,293		Luminent Mortgage Capital, Inc		39,750
4,423		Maguire Properties, Inc		136,671
1,600		Medical Properties Trust, Inc		15,648

338

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

SHARES				VALUE
11,600	*	MeriStar Hospitality Corp	$	109,040
11,200		MFA Mortgage Investments, Inc		63,840
2,500		Mid-America Apartment Communities, Inc		121,250
3,300		MortgageIT Holdings, Inc		45,078
3,207		National Health Investors, Inc		83,254
1,077		National Health Realty, Inc		20,000
8,900		Nationwide Health Properties, Inc		190,460
5,800		Newcastle Investment Corp		144,130
2,000		Newkirk Realty Trust, Inc		31,000
3,633		NorthStar Realty Finance Corp		37,020
3,739		Novastar Financial, Inc		105,103
7,548		Omega Healthcare Investors, Inc		95,029
1,134		One Liberty Properties, Inc		20,877
2,433		Origen Financial, Inc		17,323
1,900		Parkway Properties, Inc		76,266
4,820		Pennsylvania Real Estate Investment Trust		180,075
5,300		Post Properties, Inc		211,735
6,064		Prentiss Properties Trust		246,684
2,200		PS Business Parks, Inc		108,240
3,600		RAIT Investment Trust		93,312
1,900		Ramco-Gershenson Properties		50,635
2,655		Redwood Trust, Inc		109,545
1,063	*	Rockville Financial, Inc		13,872
1,500		Saul Centers, Inc		54,150
6,700		Saxon Capital, Inc		75,911
8,000		Senior Housing Properties Trust		135,280
2,251		Sizeler Property Investors, Inc		28,925
2,200		Sovran Self Storage, Inc		103,334
8,900		Spirit Finance Corp		101,015
5,861		Strategic Hotel Capital, Inc		120,619
2,200		Sun Communities, Inc		69,080
4,000		Sunstone Hotel Investors, Inc		106,280
4,164		Tanger Factory Outlet Centers, Inc		119,673
1,700	*	Tarragon Corp		35,054
6,700		Taubman Centers, Inc		232,825
2,300		Town & Country Trust		77,763
8,818		Trustreet Properties, Inc		128,919
1,600		Universal Health Realty Income Trust		50,144
2,800		Urstadt Biddle Properties, Inc (Class A)		45,388
5,500		U-Store-It Trust		115,775
5,700		Washington Real Estate Investment Trust		172,995
3,471		Winston Hotels, Inc		34,363
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		11,169,843
HOTELS AND OTHER LODGING PLACES - 0.74%
3,300		Ameristar Casinos, Inc		74,910
4,646	*	Aztar Corp		141,192
2,745	*	Bluegreen Corp		43,371
5,321	*	Gaylord Entertainment Co		231,942
3,300	*	Great Wolf Resorts, Inc		34,023

339

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

SHARES				VALUE
1,817	*	Isle of Capri Casinos, Inc	$	44,262
26,833	*	La Quinta Corp		298,920
3,500	*	Lodgian, Inc		37,555
2,700		Marcus Corp		63,450
1,326	*	Monarch Casino & Resort, Inc		29,968
3,200	*	MTR Gaming Group, Inc		33,312
1,005	*	Outdoor Channel Holdings, Inc		13,568
1,034	*	Riviera Holdings Corp		16,947
4,090	*	Vail Resorts, Inc		135,093
		TOTAL HOTELS AND OTHER LODGING PLACES		1,198,513
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.69%
1,100	*	Aaon, Inc		19,712
3,600		Actuant Corp		200,880
8,342	*	Advanced Digital Information Corp		81,668
12,055	*	AGCO Corp		199,751
949		Alamo Group, Inc		19,455
3,798		Albany International Corp (Class A)		137,336
2,079	*	Astec Industries, Inc		67,900
2,400	*	ASV, Inc		59,952
6,277	*	Asyst Technologies, Inc		35,904
13,588	*	Axcelis Technologies, Inc		64,815
2,234		Black Box Corp		105,847
4,029	*	Blount International, Inc		64,182
6,846		Briggs & Stratton Corp		265,556
9,759	*	Brooks Automation, Inc		122,280
2,663		Bucyrus International, Inc (Class A)		140,340
1,645		Cascade Corp		77,167
11,411	*	Cirrus Logic, Inc		76,225
3,026		Curtiss-Wright Corp		165,220
5,860	*	Dot Hill Systems Corp		40,610
987	*	Dril-Quip, Inc		46,586
11,106	*	Emulex Corp		219,788
5,526		Engineered Support Systems, Inc		230,103
2,734	*	EnPro Industries, Inc		73,681
15,774	*	Entegris, Inc		148,591
16,275	*	Extreme Networks, Inc		77,306
1,734	*	Fargo Electronics, Inc		33,380
1,535	*	Flanders Corp		18,666
7,300	*	Flowserve Corp		288,788
3,300	*	Gardner Denver, Inc		162,690
34,195	*	Gateway, Inc		85,829
1,636	*	Gehl Co		42,945
3,069	*	Global Imaging Systems, Inc		106,279
1,150		Gorman-Rupp Co		25,427
2,499	*	Hydril		156,437
6,430	*	Intermec, Inc		217,334
2,740	*	Intevac, Inc		36,168
1,900	*	Kadant, Inc		35,150
3,700		Kaydon Corp		118,918

340

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

SHARES				VALUE
5,039		Kennametal, Inc	$	257,191
3,882	*	Komag, Inc		134,550
7,004	*	Kulicke & Soffa Industries, Inc		61,915
7,543		Lennox International, Inc		212,713
1,600		Lindsay Manufacturing Co		30,768
1,900		Lufkin Industries, Inc		94,753
3,992		Manitowoc Co, Inc		200,478
362	*	Mestek, Inc		4,742
5,088	*	Micros Systems, Inc		245,852
718	*	Middleby Corp		62,107
4,996	*	Mikohn Gaming Corp		49,311
4,570		Modine Manufacturing Co		148,936
700		Nacco Industries, Inc (Class A)		82,005
4,272	*	Netgear, Inc		82,236
2,303		NN, Inc		24,412
3,346		Nordson Corp		135,546
17,352	*	Nuance Communications, Inc		132,396
5,379	*	Oil States International, Inc		170,407
362	*	Omega Flex, Inc		6,295
5,528	*	Palm, Inc		175,790
489	*	PAR Technology Corp		13,575
4,643	*	Paxar Corp		91,142
3,339	*	ProQuest Co		93,191
24,528	*	Quantum Corp		74,810
800	*	Rackable Systems, Inc		22,784
1,300	*	RBC Bearings, Inc		21,125
1,356	*	Rimage Corp		39,297
1,500		Robbins & Myers, Inc		30,525
1,195		Sauer-Danfoss, Inc		22,478
1,700	*	Scansource, Inc		92,956
2,369	*	Semitool, Inc		25,775
1,633		Standex International Corp		45,332
3,947		Stewart & Stevenson Services, Inc		83,400
2,239		Tecumseh Products Co (Class A)		51,295
1,010		Tennant Co		52,520
1,960	*	TurboChef Technologies, Inc		28,146
3,100	*	Ultratech, Inc		50,902
3,221	*	VeriFone Holdings, Inc		81,491
2,900		Watsco, Inc		173,449
1,300		Woodward Governor Co		111,813
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		7,587,275
INSTRUMENTS AND RELATED PRODUCTS - 5.43%
2,663	*	Abaxis, Inc		43,886
2,593	*	Abiomed, Inc		23,959
1,280	*	ADE Corp		30,797
8,388	*	Align Technology, Inc		54,270
9,156	*	American Medical Systems Holdings, Inc		163,251
1,094	*	American Science & Engineering, Inc		68,233
1,859		Analogic Corp		88,953

341

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

SHARES				VALUE
2,361	*	Anaren, Inc	$	36,902
400	*	Angiodynamics, Inc		10,212
1,696	*	Animas Corp		40,958
1,258	*	ARGON ST, Inc		38,973
2,771		Arrow International, Inc		80,331
3,192	*	Arthrocare Corp		134,511
2,177	*	Aspect Medical Systems, Inc		74,780
2,337	*	August Technology Corp		25,684
782		Badger Meter, Inc		30,686
2,289	*	Bio-Rad Laboratories, Inc (Class A)		149,792
2,255	*	Biosite, Inc		126,934
5,173	*	Bruker BioSciences Corp		25,141
3,943	*	Caliper Life Sciences, Inc		23,185
3,100	*	Candela Corp		44,764
1,573	*	Cantel Medical Corp		28,220
5,535	*	Cepheid, Inc		48,597
1,924		CNS, Inc		42,155
4,116	*	Coherent, Inc		122,163
2,800		Cohu, Inc		64,036
3,958	*	Conmed Corp		93,646
11,685	*	Credence Systems Corp		81,328
2,790	*	Cyberonics, Inc		90,117
1,600		Datascope Corp		52,880
575	*	DexCom, Inc		8,579
2,752	*	Dionex Corp		135,068
2,841	*	DJ Orthopedics, Inc		78,355
3,629		DRS Technologies, Inc		186,603
2,100		EDO Corp		56,826
5,126	*	Encore Medical Corp		25,374
3,400	*	ESCO Technologies, Inc		151,266
3,293	*	Esterline Technologies Corp		122,467
1,200	*	ev3, Inc		17,688
1,650	*	Excel Technology, Inc		39,237
1,451	*	FARO Technologies, Inc		29,020
3,121	*	FEI Co		59,830
4,489	*	Formfactor, Inc		109,666
6,387	*	Fossil, Inc		137,384
1,889	*	Foxhollow Technologies, Inc		56,273
3,456	*	Haemonetics Corp		168,860
4,423	*	HealthTronics, Inc		33,836
1,800	*	Herley Industries, Inc		29,718
5,800	*	Hologic, Inc		219,936
1,782	*	ICU Medical, Inc		69,872
2,751	*	I-Flow Corp		40,220
2,994	*	II-VI, Inc		53,503
4,672	*	Illumina, Inc		65,875
9,102	*	Input/Output, Inc		63,987
2,691	*	Integra LifeSciences Holdings Corp		95,423
3,735	*	Intermagnetics General Corp		119,147
1,779	*	Intralase Corp		31,720
4,601	*	Intuitive Surgical, Inc		539,559
4,088		Invacare Corp		128,731

342

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

SHARES				VALUE
3,340	*	Ionatron, Inc	$	33,767
2,200	*	IRIS International, Inc		48,092
1,848	*	Ista Pharmaceuticals, Inc		11,753
3,339	*	Itron, Inc		133,694
4,497	*	Ixia		66,466
1,700		Keithley Instruments, Inc		23,766
1,171	*	Kensey Nash Corp		25,797
9,505	*	Kopin Corp		50,852
3,840	*	Kyphon, Inc		156,787
1,229	*	LaBarge, Inc		17,661
2,700	*	Laserscope		60,642
1,798	*	LeCroy Corp		27,491
10,795	*	Lexar Media, Inc		88,627
8,012	*	LTX Corp		36,054
1,551	*	Measurement Specialties, Inc		37,767
4,293		Mentor Corp		197,821
3,446	*	Merit Medical Systems, Inc		41,834
1,400	*	Micro Therapeutics, Inc		9,702
3,825		Mine Safety Appliances Co		138,503
4,303	*	MKS Instruments, Inc		76,981
2,350	*	Molecular Devices Corp		67,986
2,433		Movado Group, Inc		44,524
2,597		MTS Systems Corp		89,960
6,893	*	Nanogen, Inc		18,060
693	*	Neurometrix, Inc		18,905
4,783	*	Newport Corp		64,762
2,060	*	NuVasive, Inc		37,286
800	*	NxStage Medical, Inc		9,568
3,261		Oakley, Inc		47,904
1,000	*	OccuLogix, Inc		7,200
2,251	*	Palomar Medical Technologies, Inc		78,875
2,300	*	Photon Dynamics, Inc		42,044
3,173		PolyMedica Corp		106,200
2,020	*	Rofin-Sinar Technologies, Inc		87,809
1,800	*	Rudolph Technologies, Inc		23,184
4,680	*	Sirf Technology Holdings, Inc		139,464
1,541	*	Somanetics Corp		49,312
3,153	*	Sonic Solutions, Inc		47,642
2,000	*	SonoSite, Inc		70,020
4,600	*	Star Scientific, Inc		10,810
9,311		STERIS Corp		232,961
5,355	*	Sybron Dental Specialties, Inc		213,183
1,000	*	Symmetry Medical, Inc		19,390
4,429	*	Teledyne Technologies, Inc		128,884
5,870	*	ThermoGenesis Corp		28,352
6,300	*	Thoratec Corp		130,347
4,149	*	TriPath Imaging, Inc		25,060
1,300		United Industrial Corp		53,781
4,307	*	Varian, Inc		171,376
3,600	*	Veeco Instruments, Inc		62,388
4,157	*	Ventana Medical Systems, Inc		176,049

343

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

SHARES				VALUE
4,199	*	Viasys Healthcare, Inc	$	107,914
1,812	*	Viisage Technology, Inc		31,909
1,692	*	Vital Images, Inc		44,246
700		Vital Signs, Inc		29,974
700	*	Vnus Medical Technologies, Inc		5,866
3,836	*	Wright Medical Group, Inc		78,254
2,800		X-Rite, Inc		28,000
600		Young Innovations, Inc		20,448
1,400	*	Zoll Medical Corp		35,266
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,782,587
INSURANCE AGENTS, BROKERS AND SERVICE - 0.34%
2,200		Clark, Inc		29,150
2,829		Crawford & Co (Class B)		16,295
4,260		Hilb Rogal & Hobbs Co		164,053
700	*	James River Group, Inc		13,895
4,725		National Financial Partners Corp		248,299
6,080	*	USI Holdings Corp		83,722
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		555,414
INSURANCE CARRIERS - 2.41%
4,276		21st Century Insurance Group		69,186
1,200		Affirmative Insurance Holdings, Inc		17,508
4,400		Alfa Corp		70,840
6,000		American Equity Investment Life Holding Co		78,300
1,043	*	American Physicians Capital, Inc		47,759
3,965	*	Argonaut Group, Inc		129,933
1,000		Baldwin & Lyons, Inc (Class B)		24,300
2,295		Bristol West Holdings, Inc		43,674
5,600	*	Centene Corp		147,224
4,352	*	Ceres Group, Inc		22,500
4,288	*	Citizens, Inc		23,370
2,200	*	CNA Surety Corp		32,054
3,725		Delphi Financial Group, Inc (Class A)		171,387
1,893		Direct General Corp		31,992
1,266		Donegal Group, Inc		29,422
889		EMC Insurance Group, Inc		17,727
1,800		FBL Financial Group, Inc (Class A)		59,058
2,308	*	First Acceptance Corp		23,749
1,381	*	Fpic Insurance Group, Inc		47,921
1,102		Great American Financial Resources, Inc		21,864
1,833		Harleysville Group, Inc		48,575
2,800	*	HealthExtras, Inc		70,280
5,700		Horace Mann Educators Corp		108,072
727		Independence Holding Co		14,213
2,780		Infinity Property & Casualty Corp		103,444
500		Kansas City Life Insurance Co		25,040
2,568	*	KMG America Corp		23,574

344

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

SHARES				VALUE
2,446		LandAmerica Financial Group, Inc	$	152,630
1,456		Midland Co		52,474
1,388	*	Molina Healthcare, Inc		36,976
500		National Interstate Corp		9,535
300		National Western Life Insurance Co (Class A)		62,073
1,499	*	Navigators Group, Inc		65,371
1,680		Odyssey Re Holdings Corp		42,134
8,400		Ohio Casualty Corp		237,888
12,724		Phoenix Cos, Inc		173,555
4,300	*	PMA Capital Corp (Class A)		39,259
2,700		Presidential Life Corp		51,408
3,708	*	ProAssurance Corp		180,357
700		Republic Cos Group, Inc		10,836
3,000		RLI Corp		149,610
1,516		Safety Insurance Group, Inc		61,201
982	*	SeaBright Insurance Holdings, Inc		16,331
3,802		Selective Insurance Group, Inc		201,886
1,800		State Auto Financial Corp		65,628
2,261		Stewart Information Services Corp		110,043
2,200		Tower Group, Inc		48,356
1,200	*	Triad Guaranty, Inc		52,788
4,703		UICI		167,004
2,230		United Fire & Casualty Co		90,159
3,500	*	Universal American Financial Corp		52,780
2,434	*	WellCare Health Plans, Inc		99,429
3,485		Zenith National Insurance Corp		160,728
		TOTAL INSURANCE CARRIERS		3,893,405
JUSTICE, PUBLIC ORDER AND SAFETY - 0.16%
5,182	*	Corrections Corp of America		233,035
1,273	*	Geo Group, Inc		29,190
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		262,225
LEATHER AND LEATHER PRODUCTS - 0.28%
2,530		Brown Shoe Co, Inc		107,348
2,972	*	Genesco, Inc		115,284
1,776		Steven Madden Ltd		51,912
800		Weyco Group, Inc		15,280
7,593		Wolverine World Wide, Inc		170,539
		TOTAL LEATHER AND LEATHER PRODUCTS		460,363
LEGAL SERVICES - 0.12%
5,207	*	FTI Consulting, Inc		142,880
1,316		Pre-Paid Legal Services, Inc		50,284
		TOTAL LEGAL SERVICES		193,164

345

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

SHARES				VALUE
LUMBER AND WOOD PRODUCTS - 0.24%
1,600		American Woodmark Corp	$	39,664
10,100	*	Champion Enterprises, Inc		137,562
1,319		Deltic Timber Corp		68,403
900		Skyline Corp		32,760
2,100		Universal Forest Products, Inc		116,025
		TOTAL LUMBER AND WOOD PRODUCTS		394,414
METAL MINING - 0.37%
2,900		Cleveland-Cliffs, Inc		256,853
32,140	*	Coeur d'Alene Mines Corp		128,560
15,011	*	Hecla Mining Co		60,945
2,600		Royal Gold, Inc		90,298
5,275	*	Stillwater Mining Co		61,032
		TOTAL METAL MINING		597,688
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.63%
3,542		Blyth, Inc		74,205
10,197		Callaway Golf Co		141,126
1,684		Charles & Colvard Ltd		34,017
1,927		Daktronics, Inc		56,981
1,127		Escalade, Inc		13,265
12,260	*	Identix, Inc		61,423
3,354	*	Jakks Pacific, Inc		70,233
6,389	*	K2, Inc		64,593
1,750		Marine Products Corp		18,358
4,450		Nautilus, Inc		83,037
2,343	*	RC2 Corp		83,223
1,482		Russ Berrie & Co, Inc		16,924
4,680	*	Shuffle Master, Inc		117,655
989	*	Steinway Musical Instruments, Inc		25,229
6,023		Yankee Candle Co, Inc		154,189
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,014,458
MISCELLANEOUS RETAIL - 1.18%
3,526	*	1-800-FLOWERS.COM, Inc (Class A)		22,637
1,900	*	AC Moore Arts & Crafts, Inc		27,645
600	*	Allion Healthcare, Inc		6,990
4,515	*	Alloy, Inc		13,048
2,673		Big 5 Sporting Goods Corp		58,512
551		Blair Corp		21,456
2,002	*	Blue Nile, Inc		80,701
1,300	*	Build-A-Bear Workshop, Inc		38,532
3,854		Cash America International, Inc		89,374
4,777	*	Coldwater Creek, Inc		145,842
2,257	*	dELiA*s, Inc		18,733

346

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

SHARES				VALUE
260	*	dELiA*s, Inc	$	260
9,206	*	Drugstore.com, Inc		26,237
50	b,v*	FAO, Inc		(0	)
500	*	Golf Galaxy, Inc		9,575
4,364	*	GSI Commerce, Inc		65,853
4,806	*	Hibbett Sporting Goods, Inc		136,875
2,700	*	Jill (J.) Group, Inc		51,381
4,056		Longs Drug Stores Corp		147,598
3,198	*	Nutri/System, Inc		115,192
1,400	*	Overstock.com, Inc		39,410
7,711	*	Petco Animal Supplies, Inc		169,256
3,393	*	Priceline.com, Inc		75,732
1,700	*	Sharper Image Corp		16,558
3,490	*	Sports Authority, Inc		108,644
2,300	*	Stamps.com, Inc		52,808
1,300	*	Systemax, Inc		8,112
3,630	*	Valuevision International, Inc (Class A)		45,738
3,582		World Fuel Services Corp		120,785
6,776	*	Zale Corp		170,416
378	*	Zumiez, Inc		16,337
		TOTAL MISCELLANEOUS RETAIL		1,900,237
MOTION PICTURES - 0.23%
25,257		Blockbuster, Inc (Class A)		94,714
1,690		Carmike Cinemas, Inc		42,858
12,268	*	Denny's Corp		49,440
6,642	*	Macrovision Corp		111,121
6,600	*	Time Warner Telecom, Inc (Class A)		65,010
703	*	WPT Enterprises, Inc		4,176
		TOTAL MOTION PICTURES		367,319
NONDEPOSITORY INSTITUTIONS - 0.83%
2,328	*	Accredited Home Lenders Holding Co		115,422
9,000		Advance America Cash Advance Centers, Inc		111,600
200		Advanta Corp (Class A)		6,026
2,312		Advanta Corp (Class B)		75,001
2,900		Ares Capital Corp		46,603
1,351		Asta Funding, Inc		36,936
1,774		Beverly Hills Bancorp, Inc		18,396
5,383		CharterMac		114,012
2,091	*	Collegiate Funding Services LLC		41,297
3,024	*	CompuCredit Corp		116,364
1,712		Delta Financial Corp		14,347
11,184		Doral Financial Corp		118,550
1,700	b,*	DVI, Inc		1
2,016	*	Encore Capital Group, Inc		34,978
1,520		Federal Agricultural Mortgage Corp (Class C)		45,494
2,338		Financial Federal Corp		103,924

347

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

SHARES				VALUE
1,792	*	First Cash Financial Services, Inc	$	52,255
6,758		MCG Capital Corp		98,599
2,496		NGP Capital Resources Co		32,772
4,800	*	Ocwen Financial Corp		41,760
1,700		Technology Investment Capital Corp		25,670
700	*	United PanAm Financial Corp		18,109
2,600	*	World Acceptance Corp		74,100
		TOTAL NONDEPOSITORY INSTITUTIONS		1,342,216
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
2,849		AMCOL International Corp		58,461
2,631		Compass Minerals International, Inc		64,565
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		123,026
OIL AND GAS EXTRACTION - 4.32%
1,586	*	Atlas America, Inc		95,509
2,413	*	ATP Oil & Gas Corp		89,305
1,783	*	Atwood Oceanics, Inc		139,127
2,243		Berry Petroleum Co (Class A)		128,300
1,700	*	Bill Barrett Corp		65,637
1,941	*	Bois d'Arc Energy, Inc		30,784
3,406	*	Brigham Exploration Co		40,395
800	*	Bronco Drilling Co, Inc		18,408
6,550		Cabot Oil & Gas Corp (Class A)		295,405
10,400	*	Cal Dive International, Inc		373,256
1,865	*	Callon Petroleum Co		32,917
2,688	*	Carrizo Oil & Gas, Inc		66,420
6,360	*	Cheniere Energy, Inc		236,719
10,818		Cimarex Energy Co		465,282
700	*	Clayton Williams Energy, Inc		29,218
5,400	*	Comstock Resources, Inc		164,754
4,727	*	Delta Petroleum Corp		102,907
2,345	*	Edge Petroleum Corp		58,414
6,576	*	Encore Acquisition Co		210,695
7,649	*	Endeavour International Corp		25,242
4,567	*	Energy Partners Ltd		99,515
4,559	*	FX Energy, Inc		36,381
10,195	*	Gasco Energy, Inc		66,573
11,200	*	Global Industries Ltd		127,120
1,446	*	Goodrich Petroleum Corp		36,367
25,300	*	Grey Wolf, Inc		195,569
11,924	*	Hanover Compressor Co		168,248
5,161	*	Harvest Natural Resources, Inc		45,830
1,200	*	Hercules Offshore, Inc		34,092
3,821	*	Houston Exploration Co		201,749
6,559	*	KCS Energy, Inc		158,859
2,700	*	McMoRan Exploration Co		53,379
11,228	*	Meridian Resource Corp		47,158

348

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

SHARES				VALUE
11,300	*	Newpark Resources, Inc	$	86,219
3,500	*	Oceaneering International, Inc		174,230
4,589	*	Parallel Petroleum Corp		78,059
12,600	*	Parker Drilling Co		136,458
800	v*	PetroCorp (Escrow)		(0	)
7,029	*	PetroHawk Energy Corp		92,923
2,200	*	Petroleum Development Corp		73,348
5,262	*	Petroquest Energy, Inc		43,569
2,597	*	Pioneer Drilling Co		46,564
3,100	*	Remington Oil & Gas Corp		113,150
2,925		RPC, Inc		77,045
2,426	*	SEACOR Holdings, Inc		165,211
7,600		St. Mary Land & Exploration Co		279,756
3,221	*	Stone Energy Corp		146,652
10,260	*	Superior Energy Services		215,973
800	*	Superior Well Services, Inc		19,008
3,800	*	Swift Energy Co		171,266
5,050	*	Syntroleum Corp		45,602
4,550	*	Tetra Technologies, Inc		138,866
6,270		Todco		238,636
1,931	*	Toreador Resources Corp		40,686
5,361	*	Transmontaigne, Inc		35,383
3,013	*	Tri-Valley Corp		23,441
1,200	*	Union Drilling, Inc		17,436
4,529	*	Veritas DGC, Inc		160,734
1,700		W&T Offshore, Inc		49,980
3,600	*	Warren Resources, Inc		56,952
3,800	*	W-H Energy Services, Inc		125,704
4,771	*	Whiting Petroleum Corp		190,840
		TOTAL OIL AND GAS EXTRACTION		6,983,225
PAPER AND ALLIED PRODUCTS - 0.77%
7,418		Bowater, Inc		227,881
3,960	*	Buckeye Technologies, Inc		31,878
3,746	*	Caraustar Industries, Inc		32,553
2,622		Chesapeake Corp		44,522
5,924		Glatfelter		84,062
8,665	*	Graphic Packaging Corp		19,756
2,069		Greif, Inc (Class A)		137,133
6,803		Longview Fibre Co		141,570
3,883	*	Mercer International, Inc		30,520
2,024		Neenah Paper, Inc		56,672
5,441	*	Playtex Products, Inc		74,378
3,845		Potlatch Corp		196,018
3,800		Rock-Tenn Co (Class A)		51,870
2,000		Schweitzer-Mauduit International, Inc		49,560
5,700		Wausau Paper Corp		67,545
		TOTAL PAPER AND ALLIED PRODUCTS		1,245,918

349

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

SHARES				VALUE
PERSONAL SERVICES - 0.38%
1,300		Angelica Corp	$	21,502
3,489	*	Coinstar, Inc		79,654
2,540		G & K Services, Inc (Class A)		99,695
5,100		Jackson Hewitt Tax Service, Inc		141,321
5,954		Regis Corp		229,646
1,200		Unifirst Corp		37,320
		TOTAL PERSONAL SERVICES		609,138
PETROLEUM AND COAL PRODUCTS - 0.56%
1,300	*	Alon USA Energy, Inc		25,545
2,700		ElkCorp		90,882
7,234		Frontier Oil Corp		271,492
1,931	*	Giant Industries, Inc		100,335
5,500	*	Headwaters, Inc		194,920
2,722		Holly Corp		160,244
2,300		WD-40 Co		60,398
		TOTAL PETROLEUM AND COAL PRODUCTS		903,816
PRIMARY METAL INDUSTRIES - 2.08%
14,800	*	AK Steel Holding Corp		117,660
4,145	*	Aleris International, Inc		133,635
5,857		Belden CDT, Inc		143,087
2,400	*	Brush Engineered Materials, Inc		38,160
3,300		Carpenter Technology Corp		232,551
2,978	*	Century Aluminum Co		78,053
3,086	*	Chaparral Steel Co		93,352
7,313	*	CommScope, Inc		147,211
2,100	*	Encore Wire Corp		47,796
5,300	*	General Cable Corp		104,410
3,296		Gibraltar Industries, Inc		75,610
4,000	*	Lone Star Technologies, Inc		206,640
4,274		Matthews International Corp (Class A)		155,616
5,758	*	Maverick Tube Corp		229,514
4,900		Mueller Industries, Inc		134,358
2,904	*	NS Group, Inc		121,416
4,697	*	Oregon Steel Mills, Inc		138,186
3,344		Quanex Corp		167,100
1,552		Roanoke Electric Steel Corp		36,627
2,900	*	RTI International Metals, Inc		110,055
2,899		Schnitzer Steel Industries, Inc (Class A)		88,680
5,424		Steel Dynamics, Inc		192,606
1,449		Steel Technologies, Inc		40,558
2,283	*	Superior Essex, Inc		46,025
3,086		Texas Industries, Inc		153,806
1,538	*	Titanium Metals Corp		97,294
3,878		Tredegar Corp		49,987
1,102	*	Wheeling-Pittsburgh Corp		9,940

350

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

SHARES				VALUE
9,218		Worthington Industries, Inc	$	177,078
		TOTAL PRIMARY METAL INDUSTRIES		3,367,011
PRINTING AND PUBLISHING - 1.11%
3,300		Banta Corp		164,340
4,600		Bowne & Co, Inc		68,264
6,968	*	Cenveo, Inc		91,699
1,500	*	Consolidated Graphics, Inc		71,010
1,275		Courier Corp		43,784
806		CSS Industries, Inc		24,768
3,300		Ennis, Inc		59,961
7,945		Hollinger International, Inc		71,187
3,600		John H Harland Co		135,360
3,897		Journal Communications, Inc		54,363
5,571		Journal Register Co		83,286
2,934	*	Martha Stewart Living Omnimedia, Inc (Class A)		51,140
2,842		Media General, Inc (Class A)		144,089
2,600	*	Playboy Enterprises, Inc (Class B)		36,114
3,847	*	Presstek, Inc		34,777
20,427	*	Primedia, Inc		32,887
13,154		Reader's Digest Association, Inc (Class A)		200,204
1,654		Schawk, Inc		34,320
4,330	*	Scholastic Corp		123,448
2,289		Standard Register Co		36,189
1,488		Thomas Nelson, Inc		36,679
6,680	*	Valassis Communications, Inc		194,188
		TOTAL PRINTING AND PUBLISHING		1,792,057
RAILROAD TRANSPORTATION - 0.34%
4,299		Florida East Coast Industries		182,148
3,145	*	Genesee & Wyoming, Inc (Class A)		118,095
10,054	*	Kansas City Southern Industries, Inc		245,619
		TOTAL RAILROAD TRANSPORTATION		545,862
REAL ESTATE - 0.40%
5,316	*	Alderwoods Group, Inc		84,365
1,053	*	California Coastal Communities, Inc		41,309
800		Consolidated-Tomoka Land Co		56,720
700	*	Housevalues, Inc		9,121
4,500		Jones Lang LaSalle, Inc		226,575
600		Orleans Homebuilders, Inc		11,010
14,377		Stewart Enterprises, Inc (Class A)		77,780
4,700	*	Trammell Crow Co		120,555
351	*	United Capital Corp		8,659
900	*	ZipRealty, Inc		7,578
		TOTAL REAL ESTATE		643,672

351

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

SHARES				VALUE
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.65%
1,975	*	Applied Films Corp	$	41,021
8,635		Cooper Tire & Rubber Co		132,288
1,245	*	Deckers Outdoor Corp		34,387
9,054	*	Jarden Corp		272,978
4,000		Schulman (A.), Inc		86,080
3,000	*	Skechers U.S.A., Inc (Class A)		45,960
4,222		Spartech Corp		92,673
1,984		Titan International, Inc		34,224
1,447	*	Trex Co, Inc		40,588
7,148		Tupperware Corp		160,115
4,146		West Pharmaceutical Services, Inc		103,774
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,044,088
SECURITY AND COMMODITY BROKERS - 1.13%
3,592	*	Archipelago Holdings, Inc		178,774
779		BKF Capital Group, Inc		14,762
3,200		Calamos Asset Management, Inc (Class A)		100,640
1,200		Cohen & Steers, Inc		22,356
968		GAMCO Investors, Inc		42,137
800	*	GFI Group, Inc		37,944
1,573		Greenhill & Co, Inc		88,340
2,600	*	IntercontinentalExchange, Inc		94,510
1,559	*	International Securities Exchange, Inc		42,904
5,318	*	Investment Technology Group, Inc		188,470
14,379	*	Knight Capital Group, Inc		142,208
7,323	*	LaBranche & Co, Inc		74,035
3,209	*	MarketAxess Holdings, Inc		36,679
1,135	*	Morningstar, Inc		39,316
5,928	*	Nasdaq Stock Market, Inc		208,547
2,900		optionsXpress Holdings, Inc		71,195
2,778	*	Piper Jaffray Cos		112,231
1,800		Sanders Morris Harris Group, Inc		29,502
1,126	*	Stifel Financial Corp		42,326
2,100		SWS Group, Inc		43,974
200		Value Line, Inc		7,042
10,080		Waddell & Reed Financial, Inc (Class A)		211,378
		TOTAL SECURITY AND COMMODITY BROKERS		1,829,270
SOCIAL SERVICES - 0.13%
3,600	*	Bright Horizons Family Solutions, Inc		133,380
1,251	*	Providence Service Corp		36,016
2,661	*	Res-Care, Inc		46,222
		TOTAL SOCIAL SERVICES		215,618
SPECIAL TRADE CONTRACTORS - 0.50%
4,865	*	AsiaInfo Holdings, Inc		19,363

352

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

SHARES				VALUE
3,336		Chemed Corp	$	165,732
5,167		Comfort Systems USA, Inc		47,536
5,413	*	Dycom Industries, Inc		119,086
2,100	*	EMCOR Group, Inc		141,813
3,500	*	Insituform Technologies, Inc (Class A)		67,795
1,637	*	Layne Christensen Co		41,629
15,504	*	Quanta Services, Inc		204,188
		TOTAL SPECIAL TRADE CONTRACTORS		807,142
STONE, CLAY, AND GLASS PRODUCTS - 0.38%
3,500		Apogee Enterprises, Inc		56,770
3,310	*	Cabot Microelectronics Corp		97,082
2,589		CARBO Ceramics, Inc		146,330
2,434		Eagle Materials, Inc		297,824
1,836		Libbey, Inc		18,764
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		616,770
TEXTILE MILL PRODUCTS - 0.08%
1,307	*	Dixie Group, Inc		18,010
1,900		Oxford Industries, Inc		103,930
1,736		Xerium Technologies, Inc		14,600
		TOTAL TEXTILE MILL PRODUCTS		136,540
TOBACCO PRODUCTS - 0.14%
3,570		Universal Corp (Virginia)		154,795
4,098		Vector Group Ltd		74,461
		TOTAL TOBACCO PRODUCTS		229,256
TRANSPORTATION BY AIR - 0.80%
7,489	*	ABX Air, Inc		58,639
11,500	*	Airtran Holdings, Inc		184,345
3,500	*	Alaska Air Group, Inc		125,020
11,283	*	Continental Airlines, Inc (Class B)		240,328
4,380	*	EGL, Inc		164,557
5,700	*	ExpressJet Holdings, Inc		46,113
4,837	*	Frontier Airlines, Inc		44,694
2,082	*	MAIR Holdings, Inc		9,806
3,800	*	Mesa Air Group, Inc		39,748
3,007	*	Offshore Logistics, Inc		87,804
2,681	*	Pinnacle Airlines Corp		17,882
1,964	*	Republic Airways Holdings, Inc		29,853
7,743		Skywest, Inc		207,977
3,266	*	World Air Holdings, Inc		31,419
		TOTAL TRANSPORTATION BY AIR		1,288,185

353

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

SHARES				VALUE
TRANSPORTATION EQUIPMENT - 2.08%
2,300		A.O. Smith Corp	$	80,730
4,382	*	AAR Corp		104,949
1,341	*	Accuride Corp		17,299
2,796	*	Aftermarket Technology Corp		54,354
5,694		American Axle & Manufacturing Holdings, Inc		104,371
1,813		Arctic Cat, Inc		36,369
4,633	*	Armor Holdings, Inc		197,597
9,324		ArvinMeritor, Inc		134,172
6,916		Clarcor, Inc		205,474
1,978		Coachmen Industries, Inc		23,360
6,363		Federal Signal Corp		95,509
8,410	*	Fleetwood Enterprises, Inc		103,864
1,118		Freightcar America, Inc		53,753
7,157	*	GenCorp, Inc		127,037
900		Greenbrier Cos, Inc		25,560
2,700	*	Group 1 Automotive, Inc		84,861
5,121	*	Hayes Lemmerz International, Inc		18,026
2,836		Heico Corp		73,396
6,744		JLG Industries, Inc		307,931
2,300	*	K&F Industries Holdings, Inc		35,328
2,914		Kaman Corp (Class A)		57,377
3,385		Monaco Coach Corp		45,020
991		Noble International Ltd		20,652
7,448	*	Orbital Sciences Corp		95,632
1,209	*	R&B, Inc		11,461
835	*	Sequa Corp (Class A)		57,657
2,149		Standard Motor Products, Inc		19,835
2,987		Superior Industries International, Inc		66,491
5,719	*	Tenneco, Inc		112,150
4,600		Thor Industries, Inc		184,322
5,501		Trinity Industries, Inc		242,429
2,098	*	Triumph Group, Inc		76,808
16,596	*	Visteon Corp		103,891
4,121		Wabash National Corp		78,505
6,138		Westinghouse Air Brake Technologies Corp		165,112
4,478		Winnebago Industries, Inc		149,028
		TOTAL TRANSPORTATION EQUIPMENT		3,370,310
TRANSPORTATION SERVICES - 0.37%
2,200		Ambassadors Group, Inc		50,358
1,410	*	Dynamex, Inc		26,875
5,852		GATX Corp		211,140
2,574	*	HUB Group, Inc		90,991
4,902		Pacer International, Inc		127,746
3,031	*	Pegasus Solutions, Inc		27,188
5,100	*	RailAmerica, Inc		56,049
		TOTAL TRANSPORTATION SERVICES		590,347

354

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

SHARES				VALUE
TRUCKING AND WAREHOUSING - 0.54%
3,365		Arkansas Best Corp	$	146,983
1,100	*	Covenant Transport, Inc (Class A)		15,378
4,307		Forward Air Corp		157,851
2,125	*	Frozen Food Express Industries		23,439
5,900		Heartland Express, Inc		119,711
1,881	*	Marten Transport Ltd		34,272
3,730	*	Old Dominion Freight Line		100,635
800	*	P.A.M. Transportation Services, Inc		14,232
2,000	*	SCS Transportation, Inc		42,500
3,255	*	SIRVA, Inc		26,040
1,500	*	U.S. Xpress Enterprises, Inc (Class A)		26,070
700	*	Universal Truckload Services, Inc		16,100
827	*	USA Truck, Inc		24,091
6,654		Werner Enterprises, Inc		131,084
		TOTAL TRUCKING AND WAREHOUSING		878,386
WATER TRANSPORTATION - 0.23%
2,000	*	Gulfmark Offshore, Inc		59,240
1,900		Horizon Lines, Inc		23,047
2,444	*	Hornbeck Offshore Services, Inc		79,919
2,900	*	Kirby Corp		151,293
1,534		Maritrans, Inc		39,915
4,931	*	Odyssey Marine Exploration, Inc		17,455
		TOTAL WATER TRANSPORTATION		370,869
WHOLESALE TRADE-DURABLE GOODS - 1.79%
1,100	*	1-800 Contacts, Inc		12,881
4,100		Agilysys, Inc		74,702
3,966		Applied Industrial Technologies, Inc		133,615
4,469	*	Aviall, Inc		128,707
2,323		Barnes Group, Inc		76,659
2,500	*	Beacon Roofing Supply, Inc		71,825
1,200		BlueLinx Holdings, Inc		13,500
1,900		Building Material Holding Corp		129,599
1,379	*	Castle (A.M.) & Co		30,117
2,867	*	Digi International, Inc		30,075
2,000	*	Drew Industries, Inc		56,380
4,598	*	Genesis Microchip, Inc		83,178
8,822		Hughes Supply, Inc		316,269
1,712	*	Huttig Building Products, Inc		14,381
15,147		IKON Office Solutions, Inc		157,680
6,414	*	Insight Enterprises, Inc		125,778
1,700	*	Interline Brands, Inc		38,675
2,100	*	Keystone Automotive Industries, Inc		66,108
7,500		Knight Transportation, Inc		155,475
600		Lawson Products, Inc		22,644
2,268	*	LKQ Corp		78,518

355

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

SHARES				VALUE
2,809	*	Merge Technologies, Inc	$	70,337
652	*	MWI Veterinary Supply, Inc		16,828
3,539	*	Navarre Corp		19,571
5,400		Owens & Minor, Inc		148,662
7,472		PEP Boys-Manny Moe & Jack		111,258
8,635	*	PSS World Medical, Inc		128,143
3,801		Reliance Steel & Aluminum Co		232,317
3,347		Ryerson Tull, Inc		81,399
514	*	Strattec Security Corp		20,776
4,479	*	Tyler Technologies, Inc		39,326
4,235	*	WESCO International, Inc		180,962
1,676	*	West Marine, Inc		23,430
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,889,775
WHOLESALE TRADE-NONDURABLE GOODS - 1.16%
4,484	*	Allscripts Healthcare Solutions, Inc		60,086
4,999	*	BioScrip, Inc		37,692
2,450	*	Central European Distribution Corp		98,343
83	b,*	Daisytek International Corp		-
537	*	Green Mountain Coffee Roasters, Inc		21,802
4,100	*	Hain Celestial Group, Inc		86,756
3,000		Handleman Co		37,260
1,162		Kenneth Cole Productions, Inc (Class A)		29,631
3,400		K-Swiss, Inc (Class A)		110,296
400	*	Maui Land & Pineapple Co, Inc		13,572
3,622		Myers Industries, Inc		52,809
1,700		Nash Finch Co		43,316
7,375		Nu Skin Enterprises, Inc (Class A)		129,653
1,463	*	Nuco2, Inc		40,788
5,090	*	Performance Food Group Co		144,403
1,352	*	Perry Ellis International, Inc		25,688
961	*	Provide Commerce, Inc		31,819
3,000	*	School Specialty, Inc		109,320
1,756	*	Smart & Final, Inc		22,617
4,316	*	Source Interlink Cos, Inc		47,994
2,529	*	Spartan Stores, Inc		26,352
4,800		Stride Rite Corp		65,088
909		The Andersons, Inc		39,160
4,400	*	Tractor Supply Co		232,936
5,502	*	United Natural Foods, Inc		145,253
4,435	*	United Stationers, Inc		215,098
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,867,732
		TOTAL COMMON STOCKS		161,677,319
		(Cost $127,975,395)
		TOTAL PORTFOLIO- 100.00%		161,677,319
		(Cost $127,975,395)
		OTHER ASSETS & LIABILITIES, NET - 0.00% **		5,265
		NET ASSETS - 100.00%	$	161,682,584

356

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

*	Non-income producing
**	Percentage represents less than 0.01%
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.

357

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY COUNTRIES (Unaudited)
December 31, 2005

	VALUE		%
UNITED STATES	$	4,582,671	1.60
TOTAL DOMESTIC		4,582,671	1.60
AUSTRALIA		14,809,056	5.16
AUSTRIA		1,264,388	0.44
BELGIUM		3,210,275	1.12
CHINA		110,910	0.03
DENMARK		2,205,328	0.77
FINLAND		4,040,716	1.41
FRANCE		26,405,419	9.21
GERMANY		19,186,652	6.69
GREECE		1,744,840	0.61
HONG KONG		4,498,721	1.57
IRELAND		2,146,130	0.75
ITALY		10,721,203	3.74
JAPAN		72,029,442	25.12
NETHERLANDS		9,641,893	3.36
NEW ZEALAND		507,112	0.18
NORWAY		2,045,077	0.71
PORTUGAL		767,263	0.27
SINGAPORE		2,254,448	0.78
SPAIN		10,398,878	3.63
SWEDEN		6,680,421	2.33
SWITZERLAND		19,636,338	6.85
UNITED KINGDOM		67,869,332	23.67
FOREIGN		282,173,842	98.40
TOTAL PORTFOLIO	$	286,756,513	100.00	%

358

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
PREFERRED STOCKS - 0.07%
COMMUNICATIONS - 0.01%
1,388	ProSiebenSat.1 Media AG.	$	26,768
	TOTAL COMMUNICATIONS		26,768
HEALTH SERVICES - 0.01%
197	Fresenius Medical Care AG.		18,322
	TOTAL HEALTH SERVICES		18,322
TRANSPORTATION EQUIPMENT - 0.05%
216	Porsche AG.		154,646
	TOTAL TRANSPORTATION EQUIPMENT		154,646
	TOTAL PREFERRED STOCKS		199,736
	(Cost $167,075)
COMMON STOCKS - 99.76%
AGRICULTURAL PRODUCTION-CROPS - 0.09%
18,038	Gallaher Group plc		271,733
	TOTAL AGRICULTURAL PRODUCTION-CROPS		271,733
AGRICULTURAL SERVICES - 0.03%
5,655	Yara International ASA		82,054
	TOTAL AGRICULTURAL SERVICES		82,054
AMUSEMENT AND RECREATION SERVICES - 0.37%
4,638	Gamesa Corp Tecnologica S.A.		67,619
43,779	Hilton Group plc		273,198
6,230	OPAP S.A.		213,844
1,200	Oriental Land Co Ltd		65,373
801	Paddy Power plc		11,432
3,155	Publishing & Broadcasting Ltd		38,140
16,842	Rank Group plc		88,403
3,800	Sega Sammy Holdings, Inc		127,171
9,730	Sky City Entertainment Group Ltd		31,079
3,385	UNiTAB Ltd		33,745
10,662	William Hill plc		98,018
	TOTAL AMUSEMENT AND RECREATION SERVICES		1,048,022

359

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES			VALUE
APPAREL AND ACCESSORY STORES - 0.33%
1,300	Aoyama Trading Co Ltd	$	43,946
7,294	Burberry Group plc		53,813
1,500	Fast Retailing Co Ltd		146,531
39,000	Giordano International Ltd		21,880
13,215	Hennes & Mauritz AB (B Shs)		448,326
6,033	Inditex S.A.		196,052
6,230	SSL International plc		32,674
	TOTAL APPAREL AND ACCESSORY STORES		943,222
APPAREL AND OTHER TEXTILE PRODUCTS - 0.17%
1,879	Benetton Group S.p.A.		21,322
9,000	Gunze Ltd		59,781
14,000	Mitsubishi Rayon Co Ltd		92,519
4,000	Nisshinbo Industries, Inc		43,684
3,000	Onward Kashiyama Co Ltd		58,968
500	Shimamura Co Ltd		69,135
2,000	Tokyo Style Co Ltd		24,485
24,000	Toyobo Co Ltd		80,319
2,000	Wacoal Holdings Corp		27,078
	TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		477,291
AUTO REPAIR, SERVICES AND PARKING - 0.11%
5,200	Aisin Seiki Co Ltd		190,765
2,500	NOK Corp		67,779
4,000	Sumitomo Rubber Industries, Inc		56,935
	TOTAL AUTO REPAIR, SERVICES AND PARKING		315,479
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.01%
4,834	Jardine Cycle & Carriage Ltd		32,269
	TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		32,269
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.05%
5,214	Grafton Group plc		56,582
3,130	Travis Perkins plc		75,228
	TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		131,810
BUSINESS SERVICES - 2.44%
682	Acciona S.A.		75,981
3,612	Adecco S.A. (Regd)		166,082
28,475	Aegis Group plc		59,639
11,336	Aggreko plc		52,788

360

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
1,300		Asatsu-DK, Inc	$	41,303
1,852	*	Atos Origin S.A.		121,569
7,914		Autostrade S.p.A.		189,126
26,571		Brambles Industries Ltd		197,250
1,825	*	Business Objects S.A.		73,600
3,438	*	Cap Gemini S.A.		137,515
300		Capcom Co Ltd		3,520
4,683		Cintra Concesiones de Infraestructuras de Transporte S.A.		53,968
11,829		Computershare Ltd		58,918
1,700		CSK Holdings Corp		84,834
1,547		Dassault Systemes S.A.		87,023
49		Dentsu, Inc		159,417
19		Dolmen Computer Applications		249
36		eAccess Ltd		25,468
1,000	*	Elpida Memory, Inc		29,823
11,639		First Choice Holidays plc		49,953
700		Fuji Soft ABC, Inc		23,426
48,000		Fujitsu Ltd		365,195
3,388		Getronics NV		45,398
11		Goodwill Group, Inc		22,367
27,126		Group 4 Securicor plc		74,975
2,999		Gruppo Editoriale L'Espresso S.p.A.		15,760
600		Hakuhodo DY Holdings, Inc		42,244
40,337		Hays plc		86,907
3,238		Indra Sistemas S.A.		63,058
5,777		iSOFT Group plc		38,629
2,200		Konami Corp		48,369
31,124		LogicaCMG plc		94,708
548	*	Lottomatica S.p.A		19,734
14,310		Misys plc		58,653
330		MJ Maillis S.A.		1,316
52,000		NEC Corp		323,375
500		Nomura Research Institute Ltd		61,213
33		NTT Data Corp		164,119
300		Obic Co Ltd		66,034
700		Oracle Corp Japan		34,754
2,070		Promotora de Informaciones S.A. (PRISA)		35,160
3,119		Public Power Corp		67,915
115	*	Rakuten, Inc		111,073
1,102		Randstad Holdings NV		47,692
48,269		Rentokil Initial plc		135,486
39,576		Reuters Group plc		292,491
35,044		Sage Group plc		155,217
6,161		SAP AG.		1,113,045
5,500		Secom Co Ltd		287,512
8,027		Securitas AB (B Shs)		133,134
116		SGS S.A.		97,521
25,000		Singapore Post Ltd		17,290
34,000		Solomon Systech International Ltd		14,142
12,365	*	Telecom Italia Media S.p.A.		6,520
4,715	*	Telelogic AB		12,086
1,975		Tietoenator Oyj		71,869

361

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
1,000		TIS, Inc	$	30,840
100		Trans Cosmos, Inc		7,735
2,500	*	Trend Micro, Inc		94,468
6,338		TUI AG.		129,335
640		USS Co Ltd		40,776
4,604		Vedior NV		67,992
5,272		WM-Data AB (B Shs)		16,826
32,878		WPP Group plc		355,029
210		Yahoo! Japan Corp		318,478
		TOTAL BUSINESS SERVICES		6,977,892
CHEMICALS AND ALLIED PRODUCTS - 10.17%
3,049		Air Liquide S.A.		584,423
7,594		Akzo Nobel NV		350,686
600		Alfresa Holdings Corp		28,061
1,959		Altana AG.		106,294
34,000		Asahi Kasei Corp		229,874
15,100		Astellas Pharma, Inc		588,494
44,740		AstraZeneca plc (United Kingdom)		2,172,881
15,027		BASF AG.		1,146,991
400		Beiersdorf AG.		49,069
13,785		BOC Group plc		283,511
19,937		Boots Group plc		207,072
7,600		Chugai Pharmaceutical Co Ltd		162,908
1,916		Ciba Specialty Chemicals AG. (Regd)		123,571
6,406		Clariant AG.		94,052
5,092		CSL Ltd		158,748
6,000		Daicel Chemical Industries Ltd		43,108
15,800		Daiichi Sankyo Co Ltd		304,541
16,000		Dainippon Ink and Chemicals, Inc		69,271
4,208		DSM NV		171,242
7,000		Eisai Co Ltd		293,569
11,779	*	Elan Corp plc		158,391
162,653		GlaxoSmithKline plc		4,101,955
1,177		H Lundbeck a/s		24,290
1,449		Haw Par Corp Ltd		4,488
1,655		Henkel KGaA		165,933
32,889		Imperial Chemical Industries plc		187,454
7,000		Ishihara Sangyo Kaisha Ltd		12,454
4,900		JSR Corp		128,696
1,000		Kaken Pharmaceutical Co Ltd		7,786
5,000		Kansai Paint Co Ltd		42,828
14,000		Kao Corp		374,820
19,500		Kingboard Chemical Holdings Ltd		52,815
700		Kose Corp		27,993
9,000		Kuraray Co Ltd		93,180
8,000		Kyowa Hakko Kogyo Co Ltd		55,782
667	*	Lanxess AG.		21,211
2,318		Linde AG.		179,828
901		Lonza Group AG. (Regd)		54,964

362

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
8,250		L'Oreal S.A.	$	611,125
15,351	*	Mayne Pharma Ltd		28,602
4,100		Mediceo Paltac Holdings Co Ltd		59,296
1,342		Merck KGaA		110,728
32,500		Mitsubishi Chemical Holdings Corp		204,588
10,000		Mitsubishi Gas Chemical Co, Inc		94,468
17,000		Mitsui Chemicals, Inc		114,217
4,000		Nippon Kayaku Co Ltd		34,127
3,000		Nippon Shokubai Co Ltd		33,932
5,000		Nissan Chemical Industries Ltd		71,084
65,027		Novartis AG. (Regd)		3,406,893
6,678		Novo Nordisk a/s (B Shs)		374,376
1,253		Novozymes a/s		68,362
365		Omega Pharma S.A.		18,948
9,141		Orica Ltd		136,790
17,135		Reckitt Benckiser plc		564,797
19,575		Roche Holding AG. (Genusscheine)		2,930,420
29,214		Sanofi-Aventis		2,549,993
1,600		Santen Pharmaceutical Co Ltd		44,192
2,058	*	SciGen Ltd		130
140		Serono S.A. (B Shs)		111,218
10,800		Shin-Etsu Chemical Co Ltd		573,719
8,000		Shionogi & Co Ltd		112,582
9,000		Shiseido Co Ltd		167,754
28,000		Showa Denko KK		109,125
898	*	SNIA S.p.A.		94
1,776	*	Sorin S.p.A.		3,565
41,000		Sumitomo Chemical Co Ltd		281,369
15,351		Symbion Health Ltd		39,750
2,979		Syngenta AG.		369,564
4,000		Taisho Pharmaceutical Co Ltd		74,896
7,000		Taiyo Nippon Sanso Corp		46,734
24,800		Takeda Pharmaceutical Co Ltd		1,340,541
6,000		Tanabe Seiyaku Co Ltd		58,256
23,000		Teijin Ltd		145,954
6,000		Tokuyama Corp		77,014
36,000		Toray Industries, Inc		293,417
11,000		Tosoh Corp		48,276
2,425		UCB S.A.		113,501
76,977		Unilever plc		761,846
4,153		Zeltia S.A.		28,804
4,000		Zeon Corp		52,868
		TOTAL CHEMICALS AND ALLIED PRODUCTS		29,131,149
COAL MINING - 0.58%
99,995		BHP Billiton Ltd		1,668,742
		TOTAL COAL MINING		1,668,742

363

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
COMMUNICATIONS - 6.24%
2,029		Antena 3 de Television S.A.	$	48,201
3,880		Belgacom S.A.		126,087
33,384		British Sky Broadcasting plc		284,554
235,336		BT Group plc		899,939
66,378		Cable & Wireless plc		135,891
3,650		Cosmote Mobile Telecommunications S.A.		80,855
76,124		Deutsche Telekom AG. (Regd)		1,264,272
18,285		Eircom Group plc		42,705
4,304		Elisa Oyj		79,452
47,111		France Telecom S.A.		1,166,410
16		Fuji Television Network, Inc		40,261
8,014	*	Hellenic Telecommunications Organization S.A.		170,152
34,000	*	Hutchison Telecommunications International Ltd		49,113
1,200		I-CABLE Communications Ltd		294
113,244		ITV plc		218,713
71		KDDI Corp		409,049
4,719	*	Marconi Corp plc		31,332
22,988		Mediaset S.p.A.		242,684
676		Mobistar S.A.		53,424
1,663	*	Modern Times Group AB (B Shs)		69,269
145		Nippon Telegraph & Telephone Corp		658,477
476		NTT DoCoMo, Inc		725,917
20,384		Portugal Telecom SGPS S.A. (Regd)		205,576
1,448		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		16,482
3,745		Publicis Groupe S.A.		129,872
58,462		Royal KPN NV		584,081
96,714	*	Seat Pagine Gialle S.p.A.		45,004
187,214		Singapore Telecommunications Ltd		293,859
4,230	*	Sky Network Television Ltd		18,149
3,289		Societe Television Francaise 1 (T.F.1)		90,936
874	*	Sogecable S.A.		34,907
612		Swisscom AG. (Regd)		192,592
5,467		TDC a/s		326,371
8,808		Tele2 AB (B Shs)		94,349
58,067		Telecom Corp of New Zealand Ltd		237,675
442,977		Telecom Italia S.p.A.		1,285,383
124,545		Telefonica S.A.		1,867,189
9,727		Telekom Austria AG.		217,996
21,124		Telenor ASA		206,678
6,000		Television Broadcasts Ltd		31,882
52,220		TeliaSonera AB		280,174
60,820		Telstra Corp Ltd		175,335
3,650	*	Tiscali S.p.A.		11,517
600		Tokyo Broadcasting System, Inc		16,267
29,965		Vivendi Universal S.A.		935,234
620,000		Vodafone Group plc		1,335,803
113,924		Vodafone Group plc (Spon ADR)		2,445,948
		TOTAL COMMUNICATIONS		17,876,310

364

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
DEPOSITORY INSTITUTIONS - 17.56%
11,000		77 Bank Ltd	$	83,504
49,865		ABN AMRO Holding NV		1,299,295
24,328		Allied Irish Banks plc		517,964
7,618		Alpha Bank S.A.		221,950
7,000	v*	Ashikaga Financial Group, Inc		(0	)
51,016		Australia & New Zealand Banking Group Ltd		896,275
2,577		Banca Antonveneta S.p.A.		79,914
9,225		Banca Fideuram S.p.A.		49,945
108,083		Banca Intesa S.p.A.		570,515
8,428		Banca Intesa S.p.A. (Rnc)		41,505
29,642		Banca Monte dei Paschi di Siena S.p.A.		138,021
28,510	*	Banca Nazionale del Lavoro S.p.A.		93,657
10,612		Banca Popolare di Milano		115,848
9,256		Banche Popolari Unite Scrl		202,200
94,796		Banco Bilbao Vizcaya Argentaria S.A.		1,686,195
5,699		Banco BPI S.A. (Regd)		25,948
51,866		Banco Comercial Portugues S.A. (Regd)		142,546
2,539		Banco Espirito Santo S.A. (Regd)		40,730
10,206		Banco Popolare di Verona e Novara Scrl		205,738
23,640		Banco Popular Espanol S.A.		287,211
165,982		Banco Santander Central Hispano S.A.		2,182,992
39,357		Bank of East Asia Ltd		119,032
16,000		Bank of Fukuoka Ltd		136,779
1,325		Bank of Ireland (Dublin)		20,802
25,447		Bank of Ireland (London)		399,213
6,000		Bank of Kyoto Ltd		72,439
33,000		Bank of Yokohama Ltd		269,804
179,838		Barclays plc		1,886,382
22,060		BNP Paribas		1,778,527
104,000		BOC Hong Kong Holdings Ltd		199,857
39,872		Capitalia S.p.A.		229,982
17,000		Chiba Bank Ltd		142,447
2,844		Close Brothers Group plc		44,308
16,418		Commerzbank AG.		503,899
35,733		Commonwealth Bank of Australia		1,120,560
16,521		Credit Agricole S.A.		518,558
12,457		Danske Bank a/s		437,333
31,000		DBS Group Holdings Ltd		307,614
9,818		Depfa Bank plc		144,644
13,777		Deutsche Bank AG. (Regd)		1,330,929
15,151		Dexia		348,134
18,344		DNB NOR Holding ASA		195,055
5,272		EFG Eurobank Ergasias S.A.		166,161
2,611	*	Emporiki Bank of Greece S.A.		88,390
3,751		Erste Bank der Oesterreichischen Sparkassen AG.		208,172
4,975		Fineco S.p.A.		47,709
32,624		Fortis		1,037,080
11,000		Gunma Bank Ltd		81,267
21,800		Hang Seng Bank Ltd		284,535
108,410		HBOS plc		1,848,101
30,000		Hokuhoku Financial Group, Inc		140,049

365

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
314,923		HSBC Holdings plc (United Kingdom)	$	5,044,209
18,000		Joyo Bank Ltd		107,058
155,883		Lloyds TSB Group plc		1,307,285
13,161		Mediobanca S.p.A.		250,403
204		Mitsubishi UFJ Financial Group, Inc		2,765,399
14,000		Mitsui Trust Holdings, Inc		167,957
268		Mizuho Financial Group. Inc		2,125,290
43,737		National Australia Bank Ltd		1,039,498
7,259		National Bank of Greece S.A.		308,245
13,000		Nishi-Nippon City Bank Ltd		77,540
60,331		Nordea Bank AB (Sweden)		625,400
68,520		Oversea-Chinese Banking Corp		276,091
4,530		Piraeus Bank S.A.		96,715
127	*	Resona Holdings, Inc		511,099
88,675		Royal Bank of Scotland Group plc		2,671,686
30,851		Sanpaolo IMI S.p.A.		480,716
26,000		Shinsei Bank Ltd		150,233
15,000		Shizuoka Bank Ltd		150,216
13,108		Skandinaviska Enskilda Banken AB (A Shs)		269,288
9,839		Societe Generale (A Shs)		1,205,821
132		Sumitomo Mitsui Financial Group, Inc		1,397,950
34,000		Sumitomo Trust & Banking Co Ltd		347,115
7,000		Suruga Bank Ltd		88,189
14,597		Svenska Handelsbanken AB (A Shs)		361,321
28,865		UBS AG. (Regd)		2,739,870
223,935		UniCredito Italiano S.p.A		1,537,309
32,000		United Overseas Bank Ltd		280,972
52,209		Westpac Banking Corp		871,277
5,000		Wing Hang Bank Ltd		35,984
		TOTAL DEPOSITORY INSTITUTIONS		50,279,851
EATING AND DRINKING PLACES - 0.31%
3,000		Autogrill S.p.A.		40,942
59,839		Compass Group plc		226,517
9,594		Enterprise Inns plc		154,493
12,284		Mitchells & Butlers plc		88,150
7,165		Punch Taverns plc		104,431
200		Saizeriya Co Ltd		2,948
2,200		Skylark Co Ltd		35,042
2,626		Sodexho Alliance S.A.		107,793
7,239		Whitbread plc		117,937
		TOTAL EATING AND DRINKING PLACES		878,253
EDUCATIONAL SERVICES - 0.02%
1,700		Benesse Corp		59,485
		TOTAL EDUCATIONAL SERVICES		59,485

366

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
ELECTRIC, GAS, AND SANITARY SERVICES - 4.84%
8,862		Alinta Ltd	$	72,483
12,488		Australian Gas Light Co Ltd		157,470
4,254		Caltex Australia Ltd		60,476
102,243		Centrica plc		447,152
16,400		Chubu Electric Power Co, Inc		390,443
51,500		CLP Holdings Ltd		298,895
6,998		Contact Energy Ltd		31,599
17,372		E.ON AG.		1,790,721
3,800		Electric Power Development Co		130,391
26,505		Endesa S.A.		694,685
120,486		Enel S.p.A.		942,961
48,965		Energias de Portugal S.A.		150,167
4,957		Gas Natural SDG S.A.		138,341
4,600		Hokkaido Electric Power Co, Inc		93,536
100,000		Hong Kong & China Gas Ltd		213,451
39,500		Hong Kong Electric Holdings Ltd		195,627
22,565		Iberdrola S.A.		614,576
39,427		International Power plc		162,109
21,500		Kansai Electric Power Co, Inc		461,768
10,519		Kelda Group plc		139,773
10,600		Kyushu Electric Power Co, Inc		229,908
75,348		National Grid plc		735,376
184		Oest Elektrizitatswirts (A Shs)		65,393
55,000		Osaka Gas Co Ltd		189,655
454		Puma AG. Rudolf Dassler Sport		132,005
12,591		RWE AG.		928,975
23,792		Scottish & Southern Energy plc		414,167
51,679		Scottish Power plc		482,193
21,460		SembCorp Industries Ltd		35,362
9,478		Severn Trent plc		176,382
26,231		Snam Rete Gas S.p.A.		107,442
1,064		Sociedad General de Aguas de Barcelona S.A.		22,591
9,000	*	Sojitz Holdings Corp		53,376
2,616	*	Suez S.A.		31
27,663		Suez S.A.(France)		858,166
11,800		Tohoku Electric Power Co, Inc		239,939
32,200		Tokyo Electric Power Co, Inc		781,606
62,000		Tokyo Gas Co Ltd		275,252
5,858		Union Fenosa S.A.		217,175
24,160		United Utilities plc		278,309
6,677	*	Vector Ltd		11,914
9,530		Veolia Environnement		429,860
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		13,851,701
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.45%
34,578	*	Alcatel S.A.		427,034
4,700		Alps Electric Co Ltd		65,425
37,268		ARM Holdings plc		77,416
13,429	*	ASML Holding NV		267,699

367

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
313		Bang & Olufsen a/s	$	32,075
197		Barco NV		14,756
26,000	*	Chartered Semiconductor Manufacturing Ltd		20,327
6,000		Dainippon Screen Manufacturing Co Ltd		50,174
7,839		Electrolux AB (Series B)		203,397
21,622		EMI Group plc		90,015
412,680		Ericsson (LM) (B Shs)		1,415,596
4,900		Fanuc Ltd		415,564
6,000		Fisher & Paykel Appliances Holdings Ltd		14,179
12,900		Fisher & Paykel Healthcare Corp		33,385
13,000		Fuji Electric Holdings Co Ltd		68,838
1,340		Germanos S.A.		22,603
800		Hirose Electric Co Ltd		106,617
2,800		Hitachi Chemical Co Ltd		74,015
89,000		Hitachi Ltd		599,466
11,800		Hoya Corp		423,892
3,600		IBIDEN CO LTD		192,765
17,693	*	Infineon Technologies AG.		161,323
704		Intracom S.A.		4,650
36,640		Koninklijke Philips Electronics NV		1,134,491
1,128		Kudelski S.A. (Br)		33,422
4,500		Kyocera Corp		327,883
700		Mabuchi Motor Co Ltd		38,846
57,000		Matsushita Electric Industrial Co Ltd		1,098,661
8,000		Matsushita Electric Works Ltd		74,693
895	*	Micronas Semiconductor Holdings, Inc		29,540
9,000		Minebea Co Ltd		47,962
53,000		Mitsubishi Electric Corp		374,947
5,600		Murata Manufacturing Co Ltd		358,688
1,000		NEC Electronics Corp		32,788
5,000		NGK Spark Plug Co Ltd		108,023
2,900		Nidec Corp		246,437
4,500		Nitto Denko Corp		350,377
494		NKT Holding a/s		22,577
123,752		Nokia Oyj		2,255,262
5,800		Omron Corp		133,661
3,800		Pioneer Corp		52,671
18,000		Ricoh Co Ltd		314,920
1,300		Rinnai Corp		30,785
2,900		Rohm Co Ltd		315,233
3,000		Sanken Electric Co Ltd		48,369
43,000		Sanyo Electric Co Ltd		116,581
6,295		Schneider Electric S.A.		559,494
26,000		Sharp Corp		395,188
27,700		Sony Corp		1,131,187
3,500		Stanley Electric Co Ltd		56,846
17,673		STMicroelectronics NV		316,237
3,000		Taiyo Yuden Co Ltd		41,303
3,618		Tandberg ASA		22,067
3,300		TDK Corp		227,307
32,736		Terna S.p.A.		80,510
7,184		Thomson		149,988

368

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
189	*	Unaxis Holding AG. (Regd)	$	28,380
2,000		Uniden Corp		38,888
2,900		Ushio, Inc		67,690
1,931		Valeo S.A.		71,543
6,000		Venture Corp Ltd		49,796
5,000		Yaskawa Electric Corp		50,411
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		15,614,863
ENGINEERING AND MANAGEMENT SERVICES - 0.21%
9,795		Amec plc		57,761
10,101		Balfour Beatty plc		61,734
19,115		Capita Group plc		136,759
6,927		Downer EDI Ltd		36,484
6,000		JGC Corp		114,124
800		Meitec Corp		25,892
200		Nichii Gakkan Co		5,083
799		SBM Offshore NV		64,323
1,678		SembCorp Logistics Ltd		1,716
11,692		Serco Group plc		63,077
39,000	*	STATS ChipPAC Ltd		26,034
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		592,987
FABRICATED METAL PRODUCTS - 0.19%
23,056		Amcor Ltd		126,338
94		Geberit AG. (Regd)		74,176
7,200		JS Group Corp		143,963
4,000		Sanwa Shutter Corp		24,672
1,737		Ssab Svenskt Stal AB (Series A)		63,076
232		Ssab Svenskt Stal AB (Series B)		7,842
4,000		Takuma Co Ltd		26,705
4,400		Toyo Seikan Kaisha Ltd		71,612
		TOTAL FABRICATED METAL PRODUCTS		538,384
FOOD AND KINDRED PRODUCTS - 3.40%
16,000		Ajinomoto Co, Inc		163,619
100		Ariake Japan Co Ltd		2,461
9,500		Asahi Breweries Ltd		115,822
57,654		Cadbury Schweppes plc		543,881
239		Carlsberg a/s (Class A)		11,906
539		Carlsberg a/s (Class B)		28,811
2,960		Coca Cola Hellenic Bottling Co S.A.		86,868
14,355		Coca-Cola Amatil Ltd		81,187
2,000		Coca-Cola West Japan Co Ltd		46,683
21,849		CSR Ltd		55,775
1,325		Danisco a/s		101,102
82,222		Diageo plc		1,189,228

369

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
799		East Asiatic Co Ltd a/s	$	75,055
1,520		Ebro Puleva S.A.		25,155
186		Givaudan S.A. (Regd)		125,675
1,643		Greencore Group plc		6,512
6,617		Groupe Danone		688,798
6,822		Heineken NV		215,496
2,000		House Foods Corp		30,331
2,782		Iaws Group plc		39,870
5,021		InBev NV		217,771
900		Ito En Ltd		53,834
37,078		J Sainsbury plc		200,668
7,000		Kaneka Corp		84,512
2,400		Katokichi Co Ltd		16,328
3,651		Kerry Group plc (Class A)		80,575
3,000		Kikkoman Corp		29,103
21,000		Kirin Brewery Co Ltd		244,641
5,000		Meiji Dairies Corp		25,290
7,000		Meiji Seika Kaisha Ltd		37,185
11,256		Nestle S.A. (Regd)		3,356,431
10,000		Nichirei Corp		41,684
5,000		Nippon Meat Packers, Inc		52,444
5,000		Nisshin Seifun Group, Inc		52,783
2,300		Nissin Food Products Co Ltd		66,449
14,000		Olam International Ltd		12,714
3,592	v*	Parmalat Finanziaria S.p.A.		(0	)
1,946		Pernod-Ricard S.A.		338,343
2,200		Q.P. Corp		19,590
4,747	*	Royal Numico NV		195,864
11,061		Sampo Oyj (A Shs)		192,052
6,000		Sapporo Holdings Ltd		33,602
21,021		Scottish & Newcastle plc		175,567
1,853		Singapore Food Industries Ltd		1,348
1,000	*	Snow Brand Milk Products Co Ltd		4,338
1,798		Suedzucker AG.		42,056
25,500		Swire Pacific Ltd (A Shs)		228,902
4,000		Takara Holdings, Inc		23,723
13,386		Tate & Lyle plc		129,380
2,000		Toyo Suisan Kaisha Ltd		32,263
8,000		Want Want Holdings Ltd		7,960
2,500		Yakult Honsha Co Ltd		51,894
5,000		Yamazaki Baking Co Ltd		40,668
		TOTAL FOOD AND KINDRED PRODUCTS		9,724,197
FOOD STORES - 1.49%
15,769		Carrefour S.A.		736,201
32,703		Coles Myer Ltd		244,931
493		Colruyt S.A.		67,805
1,962		Delhaize Group		127,748
1,700		FamilyMart Co Ltd		57,468
2,653		Jeronimo Martins SGPS S.A.		39,743

370

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
43,233	*	Koninklijke Ahold NV	$	322,801
1,500		Lawson, Inc		61,764
22,400		Seven & I Holdings Co Ltd		958,400
218,566		Tesco plc		1,243,865
68		Valora Holding AG.		13,144
31,821		Woolworths Ltd		393,318
		TOTAL FOOD STORES		4,267,188
FURNITURE AND FIXTURES - 0.04%
22,301		MFI Furniture plc		30,628
758		Neopost S.A.		75,730
		TOTAL FURNITURE AND FIXTURES		106,358
FURNITURE AND HOMEFURNISHINGS STORES - 0.19%
51,066		DSG International plc		143,556
13,135		Kesa Electricals plc		58,629
550		Nitori Co Ltd		51,258
1,300		Shimachu Co Ltd		39,431
8,756	*	Waterford Wedgwood plc (Units)		620
2,000		Yamada Denki Co Ltd		250,106
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		543,600
GENERAL BUILDING CONTRACTORS - 0.81%
6,463		Barratt Developments plc		109,400
3,209		Bellway plc		62,197
2,838	*	Berkeley Group Holdings plc		54,129
9,407		CRH plc		275,625
2,100		Daito Trust Construction Co Ltd		108,532
13,000		Daiwa House Industry Co Ltd		203,101
10,836		George Wimpey plc		89,293
2,418		Hellenic Technodomiki Tev S.A.		15,573
1,418		Hochtief AG.		63,275
756		Imerys S.A.		54,485
24,000		Kajima Corp		137,863
3,553		Leighton Holdings Ltd		46,601
68,514		New World Development Ltd		94,108
15,000		Obayashi Corp		110,438
7,597		Persimmon plc		164,070
12,000		Sekisui Chemical Co Ltd		81,132
13,000		Sekisui House Ltd		163,450
16,000		Shimizu Corp		117,529
24,000		Taisei Corp		108,786
16,016		Taylor Woodrow plc		104,620
629		Technical Olympic S.A.		3,487
1,360		Titan Cement Co S.A.		55,344

371

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
6,000		Toda Corp	$	32,941
1,461		YIT-Yhtyma Oyj		62,264
		TOTAL GENERAL BUILDING CONTRACTORS		2,318,243
GENERAL MERCHANDISE STORES - 0.80%
18,100		Aeon Co Ltd		460,053
200	*	Daiei, Inc		4,787
7,000		Daimaru, Inc		100,940
4,000		Hankyu Department Stores, Inc		34,906
4,800		Isetan Co Ltd		102,279
14,000		Keio Electric Railway Co Ltd		83,623
65,340		Kingfisher plc		266,129
41,000		Kintetsu Corp		163,958
45,893		Marks & Spencer Group plc		397,873
8,500		Marui Co Ltd		166,716
10,000		Mitsukoshi Ltd		65,238
1,851		Pinault-Printemps-Redoute S.A.		207,745
32,832	v*	Sonae SGPS S.A., Rights		15,491
32,832		Sonae SPGS S.A.		45,698
7,000		Takashimaya Co Ltd		111,734
4,000		UNY Co Ltd		63,069
1,000		Warehouse Group Ltd		2,418
		TOTAL GENERAL MERCHANDISE STORES		2,292,657
HEALTH SERVICES - 0.22%
1,946	*	Capio AB		34,599
707		Coloplast a/s (B Shs)		43,716
7,013		DCA Group Ltd		20,475
3,800		Fraser and Neave Ltd		42,278
1,437		Fresenius Medical Care AG.		150,856
4,180		Gambro AB		45,563
3,832		Gambro AB		41,649
4,265		Getinge AB (B Shs)		58,681
3,704		Intertek Group plc		44,321
31,000		Parkway Holdings Ltd		39,337
7,050		Sonic Healthcare Ltd		76,539
185		Straumann Holding AG.		42,743
		TOTAL HEALTH SERVICES		640,757
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.72%
5,873		Abertis Infraestructuras S.A.		147,279
6,654		ACS Actividades Cons y Servicios S.A.		213,564
2,704	*	Autoroutes du Sud de La France		159,475
5,543		Bouygues S.A.		270,030
4,000		Chiyoda Corp		91,841
1,089		Fomento de Construcciones y Contratas S.A.		61,529

372

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
1,695		Grupo Ferrovial S.A.	$	116,961
22,471		Multiplex Group		51,923
11,000		Nishimatsu Construction Co Ltd		45,107
8,000		Okumura Corp		44,938
10,312		Skanska AB (B Shs)		156,780
10	v*	Sociedad General de Aguas de Barcelona S.A. (Class A)		210
616	*	Societe des Autoroutes du Nord et de l'Est de la France		41,562
24,000		Tokyu Corp		169,584
21,774		Transurban Group		105,417
4,580		Vinci S.A.		392,480
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		2,068,680
HOLDING AND OTHER INVESTMENT OFFICES - 3.05%
15,374		3i Group plc		223,683
19,831		Amvescap plc		150,478
2,000		CapitaCommercial Trust		1,780
18,700		CapitaMall Trust		25,191
35,947		CFS Gandel Retail Trust		52,738
796	v	CFS Gandel Retail Trust		1,153
18,000		Cheung Kong Infrastructure Holdings Ltd		56,645
42,252		Commonwealth Property Office Fund		39,517
2,049		Fabege AB		39,005
50,570		GPT Group		152,092
3,867		Great Portland Estates plc		28,513
1,899		Groupe Bruxelles Lambert S.A.		185,581
13,811		Harvey Norman Holdings Ltd		29,583
16,000		Hopewell Holdings		40,136
16,977		ING Industrial Fund		27,771
60,800		iShares MSCI EAFE Index Fund		3,615,168
1,200		Jafco Co Ltd		107,058
9		Japan Prime Realty Investment Corp		25,239
9		Japan Real Estate Investment Corp		74,117
7		Japan Retail Fund Investment Corp		54,325
15,500		JFE Holdings, Inc		520,037
35,400		Kiwi Income Property Trust		30,619
12,740		Land Securities Group plc		363,721
8,073		London Stock Exchange plc		85,928
6,815		LVMH Moet Hennessy Louis Vuitton S.A.		603,299
8,287		Macquarie Communications Infrastructure Group		34,528
65,737		Macquarie Infrastructure Group		171,668
8,175		Man Group plc		268,058
8,810	*	Meinl European Land Ltd		154,942
10		Nippon Building Fund, Inc		84,301
386		Nobel Biocare Holding AG.		84,642
20,000		Noble Group Ltd		15,396
6		Nomura Real Estate Office Fund, Inc		42,701
6		NTT Urban Development Corp		39,702
862		PSP Swiss Property AG.		37,281
2,618		Sacyr Vallehermoso S.A.		63,614
19,622		SCOR		42,124

373

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
20,400		Softbank Corp	$	860,730
695	v	Stockland		3,329
36,287		Stockland Trust Group		173,019
10,000		Suntec Real Estate Investment Trust		6,495
33,000		Wharf Holdings Ltd		116,618
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		8,732,525
HOTELS AND OTHER LODGING PLACES - 0.26%
5,452		Accor S.A.		298,780
740		Hyatt Regency S.A.		9,322
12,235		Intercontinental Hotels Group plc		176,332
1,426		NH Hoteles S.A.		22,287
1,000		Overseas Union Enterprise Ltd		6,555
32,153		Shangri-La Asia Ltd		53,702
14,794		TABCORP Holdings Ltd		168,968
12,000		United Overseas Land Ltd		18,114
		TOTAL HOTELS AND OTHER LODGING PLACES		754,060
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.82%
54,726	*	ABB Ltd		529,426
2,262		Alfa Laval AB		48,886
9,000		Amada Co Ltd		79,302
2,500		Amano Corp		47,657
163		Andritz AG.		17,852
6,500		ASM Pacific Technology Ltd		36,677
9,160		Atlas Copco AB (A Shares)		203,719
5,644		Atlas Copco AB (B Shares)		112,403
21,000		Canon, Inc		1,227,654
6,100		Casio Computer Co Ltd		102,020
9,800		Citizen Watch Co Ltd		81,369
6,400		Daikin Industries Ltd		187,071
7,000		Ebara Corp		37,779
300		Fuji Machine Manufacturing Co Ltd		6,062
13,600		Fuji Photo Film Co Ltd		449,377
2,000		Glory Ltd		33,839
1,596		Heidelberger Druckmaschinen		60,844
600		Hikari Tsushin, Inc		56,426
2,400		Hitachi Construction Machinery Co Ltd		55,918
8,451		IMI plc		72,977
36,000	*	Ishikawajima-Harima Heavy Industries Co Ltd		113,768
700		Itochu Techno-Science Corp		33,508
24,000		Komatsu Ltd		396,713
2,000		Komori Corp		36,770
12,000		Konica Minolta Holdings, Inc		122,105
28,000		Kubota Corp		235,093
2,800		Kurita Water Industries Ltd		53,258
2,228	*	Logitech International S.A. (Regd)		104,389
3,000		Makita Corp		73,710

374

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
12,492		Meggitt plc	$	77,633
2,841		Metso Oyj		77,477
84,000		Mitsubishi Heavy Industries Ltd		370,075
22,000		Mitsui Engineering & Shipbuilding Co Ltd		71,575
2,500		Mitsumi Electric Co Ltd		28,256
400		Mori Seiki Co Ltd		5,998
6,000		Nippon Electric Glass Co Ltd		130,899
10,000		NTN Corp		78,963
1,869		OCE NV		26,874
13,000		Oki Electric Industry Co Ltd		47,471
1,221,271		Rolls-Royce Group plc		2,149
4,641		Safran S.A.		110,581
5,582		Sandvik AB		259,510
2,644		Scania AB		95,513
3,000		Seiko Epson Corp		75,362
199		SIG Holding AG.		43,335
10,838		SKF AB		151,840
1,400		SMC Corp		199,864
106		Sulzer AG. (Regd)		55,978
15,000		Sumitomo Heavy Industries Ltd		125,815
2,358		Technip S.A.		141,294
29,000		Techtronic Industries Co		69,007
2,800		THK Co Ltd		73,066
4,500		Tokyo Electron Ltd		282,513
4,592		Tomra Systems ASA		32,755
80,000		Toshiba Corp		477,167
5,000		Toyota Tsusho Corp		113,530
3,960	*	Vestas Wind Systems a/s		64,816
1,396		Wartsila Oyj (B Shs)		41,166
413		Wincor Nixdorf AG.		43,537
5,400		Yokogawa Electric Corp		91,960
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		8,082,551
INSTRUMENTS AND RELATED PRODUCTS - 0.74%
2,000		Advantest Corp		201,474
3,000		Anritsu Corp		17,055
2,005		Cochlear Ltd		67,258
2,293		Elekta AB		33,998
8,192		Finmeccanica S.p.A.		158,006
5,237		GN Store Nord		68,325
127,740	*	Invensys plc		40,570
800		Keyence Corp		227,400
3,728		Luxottica Group S.p.A.		94,235
8,000		Nikon Corp		126,137
233		Nobel Biocare Holding AG. (Stockholm)		50,941
6,000		Olympus Corp		157,587
88,000		PCCW Ltd		54,195
1,204		Phonak Holding AG.		51,706
3,328	*	Qiagen NV		39,020
26,049		Smith & Nephew plc		239,474

375

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
735		Swatch Group AG. (Br)	$	108,748
2,290		Swatch Group AG. (Regd)		69,067
1,277		Synthes, Inc		143,014
4,600		Terumo Corp		136,016
638	*	William Demant Holding		35,162
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		2,119,388
INSURANCE AGENTS, BROKERS AND SERVICE - 0.20%
1,635		MLP AG.		33,788
21,365		QBE Insurance Group Ltd		307,177
15,387		Suncorp-Metway Ltd		226,307
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		567,272
INSURANCE CARRIERS - 5.23%
11,650		Alleanza Assicurazioni S.p.A		143,464
10,488		Allianz AG. (Regd)		1,582,761
51,761		AMP Ltd		291,984
26,682		Assicurazioni Generali S.p.A.		929,076
66,043		Aviva plc		799,324
23,897		AXA Asia Pacific Holdings Ltd		89,051
40,028		AXA S.A.		1,287,082
10,600		Challenger Financial Services Group Ltd		31,491
968		CNP Assurances		76,044
3,892		Corp Mapfre S.A.		64,042
33,858		Credit Suisse Group		1,721,223
51,008		Friends Provident plc		165,941
52,324		ING Groep NV		1,808,360
44,981		Insurance Australia Group Ltd		178,837
7,595		Irish Life & Permanent plc		154,627
5,064		KBC Groep NV		469,795
7,564		Mediolanum S.p.A.		49,696
41		Millea Holdings, Inc		705,160
33,000		Mitsui Sumitomo Insurance Co Ltd		403,448
4,803		Muenchener Rueckver AG. (Regd)		648,006
65,885		Prudential plc		622,094
4,997		Resolution plc		55,589
80,125		Royal & Sun Alliance Insurance Group plc		172,975
122		Schindler Holding AG. (Pt Cert)		48,228
24,410		Skandia Forsakrings AB		145,995
23,000		Sompo Japan Insurance, Inc		310,811
5,635		Storebrand ASA		48,475
8,991		Swiss Reinsurance Co (Regd)		656,272
6,350		T&D Holdings, Inc		420,715
654	*	Topdanmark a/s		56,573
4,013		Zurich Financial Services AG.		852,566
		TOTAL INSURANCE CARRIERS		14,989,705

376

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES			VALUE
LEATHER AND LEATHER PRODUCTS - 0.15%
1,391	Adidas-Salomon AG.	$	262,521
596	Hermes International		148,546
11,000	Yue Yuen Industrial Holdings		30,715
	TOTAL LEATHER AND LEATHER PRODUCTS		441,782
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.12%
7,869	Brisa-Auto Estradas de Portugal S.A.		66,458
49,000	ComfortDelgro Corp Ltd		47,149
11,000	Keihin Electric Express Railway Co Ltd		86,673
6,000	Keisei Electric Railway Co Ltd		40,922
8,000	SMRT Corp Ltd		5,196
20,000	Tobu Railway Co Ltd		104,719
	TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		351,117
LUMBER AND WOOD PRODUCTS - 0.00% **
332	Tenon Ltd		800
	TOTAL LUMBER AND WOOD PRODUCTS		800
METAL MINING - 0.77%
31,886	Alumina Ltd		173,554
8,081	Iluka Resources Ltd		46,474
9,141	Newcrest Mining Ltd		162,941
7,899	Rio Tinto Ltd		399,807
29,686	Rio Tinto plc		1,353,079
576	Umicore		67,670
	TOTAL METAL MINING		2,203,525
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.76%
1,300	Aderans Co Ltd		38,990
2,890	Amer Sports Oyj		53,622
39,493	Anglo American plc		1,341,754
8,513	Aristocrat Leisure Ltd		76,935
3,533	Bulgari S.p.A.		39,298
5,500	Namco Bandai Holdings, Inc		80,336
2,700	Nintendo Co Ltd		325,976
2,200	Sankyo Co Ltd		127,307
4,900	Yamaha Corp		81,411
	TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,165,629
MISCELLANEOUS RETAIL - 0.86%
1,000	Circle K Sunkus Co Ltd		25,417

377

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
13,739		Compagnie Financiere Richemont AG. (Units) (A Shs)	$	596,283
1,914		DCC plc		40,864
597		Douglas Holding AG.		22,886
27		Exmar NV		2,626
1,116		Folli-Follie S.A. (Regd)		29,619
24,264		GUS plc		429,882
11,492		HMV Group plc		35,660
59,000		Hutchison Whampoa Ltd		561,955
24		Index Corp		43,514
974	*	KarstadtQuelle AG.		14,740
900		Matsumotokiyoshi Co Ltd		28,442
7,122		Next plc		187,680
21,100		Nippon Mining Holdings, Inc		149,986
21,602		Origin Energy Ltd		119,005
13,116		Pacific Brands Ltd		25,593
600		Ryohin Keikaku Co Ltd		52,309
47,354		Signet Group plc		87,392
		TOTAL MISCELLANEOUS RETAIL		2,453,853
MOTION PICTURES - 0.04%
1,762	*	Premiere AG.		30,760
3,300		Toho Co Ltd		73,812
		TOTAL MOTION PICTURES		104,572
NONDEPOSITORY INSTITUTIONS - 0.74%
2,010		Acom Co Ltd		129,084
39,591		Aegon NV		642,119
700		Aeon Credit Service Co Ltd		66,187
1,750		Aiful Corp		146,043
1,916	*	Australian Wealth Management Ltd		2,073
7,814		Cattles plc		44,168
4,400		Credit Saison Co Ltd		219,571
567		D Carnegie AB		8,336
1,300		Hitachi Capital Corp		25,883
3,636		Hypo Real Estate Holding AG.		188,623
13,003		ICAP plc		90,408
929		Perpetual Trustees Australia Ltd		46,340
2,450		Promise Co Ltd		162,946
7,003		Provident Financial plc		65,823
200		SFCG Co Ltd		48,293
3,345		SFE Corp Ltd		33,960
3,080		Takefuji Corp		209,021
		TOTAL NONDEPOSITORY INSTITUTIONS		2,128,878
NONMETALLIC MINERALS, EXCEPT FUELS - 0.19%
41,000		Itochu Corp		341,811
1,755		Solvay S.A.		192,727
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		534,538

378

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
OIL AND GAS EXTRACTION - 2.05%
97,838		BG Group plc	$	964,950
11		INPEX Corp		97,856
4,507	*	Lundin Petroleum AB		47,570
3,521	*	Neste Oil Oyj		99,178
1,562	*	Petroleum Geo-Services ASA		47,982
613		ProSafe ASA		25,937
16,135		Santos Ltd		144,989
1,821		Smedvig ASA		52,979
5,290	*	Stolt Offshore S.A.		61,328
5,000		Teikoku Oil Co Ltd		65,407
15,607		Total S.A.		3,906,440
12,809		Woodside Petroleum Ltd		368,231
		TOTAL OIL AND GAS EXTRACTION		5,882,847
PAPER AND ALLIED PRODUCTS - 0.45%
1,426		Billerud AB		18,634
8,336		Bunzl plc		91,303
1,217		Holmen AB (B Shs)		40,141
2,000		Kokuyo Co Ltd		29,620
116		Mayr-Melnhof Karton AG.		16,146
1,000		Mitsubishi Paper Mills Ltd		2,245
24		Nippon Paper Group, Inc		95,976
3,853		Norske Skogindustrier ASA		61,028
22,000		OJI Paper Co Ltd		129,916
11,716		PaperlinX Ltd		33,002
400		Sanrio Co Ltd		6,348
16,889		Stora Enso Oyj (R Shs)		227,901
5,383		Svenska Cellulosa AB (B Shs)		200,883
1,100		Uni-Charm Corp		49,394
14,643		UPM-Kymmene Oyj		286,027
		TOTAL PAPER AND ALLIED PRODUCTS		1,288,564
PERSONAL SERVICES - 0.02%
6,491		Davis Service Group plc		53,990
		TOTAL PERSONAL SERVICES		53,990
PETROLEUM AND COAL PRODUCTS - 5.61%
204,586		BP plc		2,174,070
63,527		BP plc (Spon ADR)		4,079,704
72,649		ENI S.p.A.		2,007,790
12,073		Fortum Oyj		225,573
22,555		Futuris Corp Ltd		32,098
2,805		Hellenic Petroleum S.A.		39,307
4,562		OMV AG.		266,365
15,080		Premier Farnell plc		44,723

379

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES			VALUE
25,508	Repsol YPF S.A.	$	742,270
113,040	Royal Dutch Shell plc (A Shares)		3,436,828
76,899	Royal Dutch Shell plc (B Shares)		2,452,864
4,000	Showa Shell Sekiyu KK		47,717
18,189	Statoil ASA		416,363
9,000	TonenGeneral Sekiyu KK		96,687
	TOTAL PETROLEUM AND COAL PRODUCTS		16,062,359
PRIMARY METAL INDUSTRIES - 1.89%
4,391	Acerinox S.A.		63,655
75	Aluminum of Greece S.A.I.C.		2,696
14,273	Arcelor		352,708
416	Bekaert S.A.		38,740
68,614	BHP Billiton plc		1,118,445
20,111	BlueScope Steel Ltd		102,824
243	Boehler-Uddeholm AG.		40,960
123,351	Corus Group plc		124,940
403	Cumerio		7,302
10,000	Daido Steel Co Ltd		95,484
8,000	Dowa Mining Co Ltd		86,622
9,000	Fujikura Ltd		72,897
17,000	Furukawa Electric Co Ltd		132,797
9,000	Hitachi Cable Ltd		42,244
672	Hoganas AB (B Shares)		14,523
5,435	Johnson Matthey plc		131,747
73,000	Kobe Steel Ltd		236,262
26,000	Mitsubishi Materials Corp		132,831
14,000	Mitsui Mining & Smelting Co Ltd		87,893
11,000	Nippon Light Metal Co Ltd		30,289
170,000	Nippon Steel Corp		604,931
21,000	Nisshin Steel Co Ltd		67,788
3,884	Norsk Hydro ASA		397,506
14,685	OneSteel Ltd		36,087
3,252	Outokumpu Oyj		48,141
78,540	Pirelli & C S.p.A.		71,890
19,800	Sumitomo Electric Industries Ltd		300,447
113,000	Sumitomo Metal Industries Ltd		434,652
15,000	Sumitomo Metal Mining Co Ltd		185,419
10,111	ThyssenKrupp AG.		210,144
3,000	Tokyo Steel Manufacturing Co Ltd		43,464
5,647	Viohalco S.A.		45,294
554	Voestalpine AG.		55,643
	TOTAL PRIMARY METAL INDUSTRIES		5,417,265
PRINTING AND PUBLISHING - 0.99%
5,228	APN News & Media Ltd		18,408
5,391	Arnoldo Mondadori Editore S.p.A.		49,950
17,000	Dai Nippon Printing Co Ltd		302,465

380

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
7,180		Daily Mail & General Trust	$	97,131
4,046		De La Rue plc		32,472
6,897		Emap plc		102,183
4,675		Eniro AB		58,741
13,270		Independent News & Media plc		39,758
25,373		John Fairfax Holdings Ltd		74,636
3,443		PagesJaunes Groupe S.A.		89,306
21,972		Pearson plc		259,328
19,554		Reed Elsevier NV		272,166
34,947		Reed Elsevier plc		327,574
2,026		Schibsted ASA		60,140
8,000		SCMP Group Ltd		2,966
43,000		Singapore Press Holdings Ltd		111,198
6,462		Telefonica Publicidad e Informacion S.A.		54,652
15,000		Toppan Printing Co Ltd		175,125
7,035		Trinity Mirror plc		69,203
6,598		United Business Media plc		72,154
6,774		VNU NV		223,807
8,005		Wolters Kluwer NV		161,274
19,065		Yell Group plc		175,596
		TOTAL PRINTING AND PUBLISHING		2,830,233
RAILROAD TRANSPORTATION - 0.50%
44		Central Japan Railway Co		421,249
95		East Japan Railway Co		652,758
9,435		Firstgroup plc		65,074
15,000		Odakyu Electric Railway Co Ltd		89,215
48		West Japan Railway Co		200,085
		TOTAL RAILROAD TRANSPORTATION		1,428,381
REAL ESTATE - 2.14%
3,000		Allgreen Properties Ltd		2,345
16,275		Ascendas Real Estate Investment Trust		19,086
3,047		Bovis Homes Group plc		41,691
14,191		British Land Co plc		259,703
5,835		Brixton plc		43,325
38,000		CapitaLand Ltd		78,614
922		Castellum AB		33,133
21,343		Centro Properties Group (New)		99,103
41,000		Cheung Kong Holdings Ltd		420,652
12,000		City Developments Ltd		62,786
400	*	City Developments Ltd Wts		1,479
136		Cofinimmo		21,448
960		Corio NV		51,976
61,026		DB RREEF Trust		62,224
144		Gecina S.A.		16,476
7,465		Hammerson plc		130,975

381

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
52,000		Hang Lung Properties Ltd	$	81,150
18,000		Henderson Land Development Co Ltd		84,735
24,179		Hysan Development Co Ltd		59,874
14,629	*	IMMOFINANZ Immobilien Anlagen AG.		139,943
539		Inmobiliaria Colonial S.A.		30,441
44,765		Investa Property Group		65,182
1,738		IVG Immobilien AG.		36,307
8,000		Keppel Land Ltd		17,609
11,500		Kerry Properties Ltd		30,480
550		Klepierre		51,446
1,071		Kungsleden AB		30,951
9,792		Lend Lease Corp Ltd		104,009
3,200		Leopalace21 Corp		116,038
6,243		Liberty International plc		105,087
58,500	*	Link REIT		110,910
33,092		Macquarie Goodman Group		116,033
3,480		MCL Land Ltd		3,600
1,483		Metrovacesa S.A.		89,738
24,012		Mirvac Group		72,570
30,000		Mitsubishi Estate Co Ltd		622,723
21,000		Mitsui Fudosan Co Ltd		426,120
2,330		ORIX Corp		593,209
1,226		Rodamco Europe NV		101,663
1,000		Singapore Land Ltd		3,217
38,707		Sino Land Co		46,926
11,009		Slough Estates plc		113,115
10,000		Sumitomo Realty & Development Co Ltd		217,318
36,000		Sun Hung Kai Properties Ltd		350,549
6,000		Tokyo Tatemono Co Ltd		59,731
11,000		Tokyu Land Corp		109,879
1,231		Unibail		163,208
495		Wereldhave NV		46,506
41,613		Westfield Group		554,338
275	*	Wihlborgs Fastigheter AB		6,634
15,500		Wing Tai Holdings Ltd		13,703
		TOTAL REAL ESTATE		6,119,958
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.38%
3,710		Ansell Ltd		30,072
18,000		Bridgestone Corp		374,396
3,623		Continental AG.		320,428
12,000		Denki Kagaku Kogyo KK		52,970
4,011		Michelin (C.G.D.E.) (B Shs)		224,636
2,390		Nokian Renkaat Oyj		30,024
4,000		Sumitomo Bakelite Co Ltd		33,009
1,027		Uponor Oyj		21,805
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,087,340

382

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
SECURITY AND COMMODITY BROKERS - 1.23%
2,446		Australian Stock Exchange Ltd	$	58,314
3,978		Babcock & Brown Ltd		50,045
35,000		Daiwa Securities Group, Inc		396,467
2,766		Deutsche Boerse AG.		282,414
11		E*Trade Securities Co Ltd		84,902
2,278		Euronext NV		118,229
1,120		Hellenic Exchanges S.A.		11,837
28,000		Hong Kong Exchanges and Clearing Ltd		116,102
179,184		Legal & General Group plc		375,289
6,379		Macquarie Bank Ltd		318,895
2,900		Matsui Securities Co Ltd		40,221
8,000		Mitsubishi Securities Co		100,313
21,500		Nikko Cordial Corp		340,269
49,300		Nomura Holdings, Inc		943,980
1,997	*	OMX AB		27,727
151		SBI Holdings, Inc		102,091
3,150		Schroders plc		51,374
13,000		Shinko Securities Co Ltd		65,424
24,000		Singapore Exchange Ltd		41,857
2,422	*	Tower Ltd		3,431
		TOTAL SECURITY AND COMMODITY BROKERS		3,529,181
SPECIAL TRADE CONTRACTORS - 0.07%
5,000		COMSYS Holdings Corp		71,465
636		KCI Konecranes Oyj		31,223
4,000		Kinden Corp		36,093
1,806	*	Kone Oyj		71,428
		TOTAL SPECIAL TRADE CONTRACTORS		210,209
STONE, CLAY, AND GLASS PRODUCTS - 1.13%
27,000		Asahi Glass Co Ltd		348,394
5,256		CRH plc (Ireland)		154,063
6,000		Central Glass Co Ltd		33,195
3,359		Cimpor Cimentos de Portugal S.A.		18,424
8,645		Compagnie de Saint-Gobain		512,410
4,945	*	Cookson Group plc		36,080
1,310	*	Epcos AG.		17,090
656		FLSmidth & Co a/s (B Shs)		19,296
19,568		Hanson plc		214,662
5,067		Holcim Ltd (Regd)		344,092
1,204		Italcementi S.p.A.		22,396
10,948		James Hardie Industries NV		72,278
4,882		Lafarge S.A. (Br)		437,651
7,000		NGK Insulators Ltd		104,024
12,000		Nippon Sheet Glass Co Ltd		52,360
30,240		Pilkington plc		77,353
519	*	RHI AG.		13,958

383

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
14,770		Rexam plc	$	128,811
25,295		Rinker Group Ltd		305,232
15,000		Sumitomo Osaka Cement Co Ltd		43,718
24,000		Taiheiyo Cement Corp		97,399
7,000		Toto Ltd		59,129
22,000		UBE Industries Ltd		59,646
1,502		Wienerberger AG.		59,883
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		3,231,544
TEXTILE MILL PRODUCTS - 0.00% **
8,000		Texwinca Holdings Ltd		5,778
		TOTAL TEXTILE MILL PRODUCTS		5,778
TOBACCO PRODUCTS - 0.84%
7,824		Altadis S.A.		353,648
43,987		British American Tobacco plc		981,691
19,885		Imperial Tobacco Group plc		592,970
25		Japan Tobacco, Inc		364,314
8,920		Swedish Match AB		104,795
		TOTAL TOBACCO PRODUCTS		2,397,418
TRANSPORTATION BY AIR - 0.59%
3,380		Air France-KLM		72,123
20,000		All Nippon Airways Co Ltd		81,335
23,736		Auckland International Airport Ltd		32,008
29,485		BAA plc		317,377
12,392		BBA Group plc		69,885
14,568	*	British Airways plc		83,532
31,000		Cathay Pacific Airways Ltd		54,175
1,704	*	Deutsche Post AG.		41,247
6,385		Deutsche Lufthansa AG. (Regd)		94,218
100		Flughafen Wien AG.		7,135
13,006		Iberia Lineas Aereas de Espana		35,131
17,000		Japan Airlines Corp		46,234
1	v*	KLM (Royal Dutch Airlines) NV		13
14,029		Macquarie Airports		32,622
25,867		Qantas Airways Ltd		76,658
24,844		SABMiller plc		452,526
1,899	*	SAS AB		24,935
15,000		Singapore Airlines Ltd		111,860
877	*	Ryanair Holdings plc (Spon ADR)		49,103
		TOTAL TRANSPORTATION BY AIR		1,682,117
TRANSPORTATION EQUIPMENT - 5.20%
3,053	*	Alstom RGPT		175,089

384

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
89,177		BAE Systems plc	$	584,439
30,018		Cobham plc		87,349
24,352		DaimlerChrysler AG. (Regd)		1,239,171
1,054		DaimlerChrysler AG. (U.S.)		53,786
14,700		Denso Corp		506,897
131		D'ieteren S.A.		35,926
6,808		European Aeronautic Defence and Space Co		256,169
11,447	*	Fiat S.p.A.		99,377
19,436		GKN plc		96,096
7,000		Hino Motors Ltd		44,302
22,000		Honda Motor Co Ltd		1,254,427
35,500		Johnson Electric Holdings Ltd		33,652
4,000		JTEKT Corp		74,388
33,000		Kawasaki Heavy Industries Ltd		120,224
14,000		Keppel Corp Ltd		92,615
3,364		Lagardere S.C.A.		257,920
3,899		MAN AG.		207,326
6,000		NHK Spring Co Ltd		62,476
63,100		Nissan Motor Co Ltd		638,859
11,000		NSK Ltd		75,117
4,428		Peugeot S.A.		254,362
5,188		Renault S.A.		421,634
116		Rieter Holding AG.		34,326
43,382		Rolls-Royce Group plc		318,385
4,000		Sanden Corp		18,538
11,000		SembCorp Marine Ltd		18,258
1,800		Shimano, Inc		47,276
22,369		Siemens AG.		1,910,299
36,000		Singapore Technologies Engineering Ltd		61,920
15,227		Smiths Group plc		273,434
2,163		Thales S.A.		97,717
20,813		Tomkins plc		107,103
1,400		Toyoda Gosei Co Ltd		27,281
5,300		Toyota Industries Corp		190,392
80,500		Toyota Motor Corp		4,174,024
2,004		Trelleborg AB (B Shs)		39,911
7,004		Volkswagen AG.		368,549
8,629		Volvo AB (B Shs)		406,046
4,900		Yamaha Motor Co Ltd		127,866
		TOTAL TRANSPORTATION EQUIPMENT		14,892,926
TRANSPORTATION SERVICES - 0.17%
408		Aker ASA		11,930
6,776		Arriva plc		67,760
569		Attica Holdings S.A.		2,698
600	*	Hopewell Highway Infrastructure Ltd Wts		87
78		Kuoni Reisen Holding (Regd)		32,195
34,929		MTR Corp		68,700
4,446		National Express Group plc		65,679
15,498		Patrick Corp Ltd		84,127

385

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
240		Ship Finance International Ltd	$	4,056
25,333		Stagecoach Group plc		50,231
1,022		Stolt-Nielsen S.A.		33,733
6,709		Toll Holdings Ltd		73,329
		TOTAL TRANSPORTATION SERVICES		494,525
TRUCKING AND WAREHOUSING - 0.49%
946	*	Cargotec Corp		32,683
19,760		Deutsche Post AG. (Regd)		477,346
509		DSV a/s		62,624
8,000		Kamigumi Co Ltd		70,965
3,000		Mitsubishi Logistics Corp		50,479
21,000		Nippon Express Co Ltd		127,925
4,000		Seino Holdings Corp		43,548
11,558		TNT NV		359,917
10,000		Yamato Transport Co Ltd		165,721
		TOTAL TRUCKING AND WAREHOUSING		1,391,208
WATER TRANSPORTATION - 0.55%
33		AP Moller - Maersk a/s		340,257
7,380		Associated British Ports Holdings plc		74,371
4,740		Carnival plc		268,534
310		Compagnie Maritime Belge S.A.		10,184
19,000		Cosco Corp Singapore Ltd		24,681
255		D/S Torm a/s		12,299
377		Euronav NV		10,899
1,248		Frontline Ltd		47,552
12,000		Kawasaki Kisen Kaisha Ltd		75,235
293		Kuehne & Nagel International AG.		82,368
30,000		Mitsui OSK Lines Ltd		261,544
28,000		Nippon Yusen Kabushiki Kaisha		191,680
3,300		Orient Overseas International Ltd		11,194
21,341		Peninsular and Oriental Steam Navigation Co		170,729
		TOTAL WATER TRANSPORTATION		1,581,527
WHOLESALE TRADE-DURABLE GOODS - 1.22%
2,302		AGFA-Gevaert NV		41,843
392	*	Aixtron AG.		1,285
8,000		Assa Abloy AB (B Shs)		125,650
800		Autobacs Seven Co Ltd		41,955
18,320		Bayer AG.		762,594
13,883		Boral Ltd		82,489
19,474		Brambles Industries plc		139,411
3,152		Buhrmann NV		46,214
3,000		Canon Sales Co, Inc		64,052
2,701		Cie Generale d'Optique Essilor International S.A.		217,283

386

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES				VALUE
1,500		Creative Technology Ltd	$	12,268
2,000		Datacraft Asia Ltd		2,020
10,294		Electrocomponents plc		49,659
13,873		FKI plc		27,627
11,641		Fletcher Building Ltd		59,857
13,823	*	Hagemeyer NV		44,675
1,000		Hitachi Software Engineering Co Ltd		20,927
2,976		Kingspan Group plc		37,385
39,000		Mitsui & Co Ltd		500,593
14		NET One Systems Co Ltd		33,805
1,990		Orion Oyj		36,712
2,236		Rautaruukki Oyj		54,200
29,000		Sumitomo Corp		374,693
1,901	*	Tandberg Television ASA		25,057
10,472		Wesfarmers Ltd		283,994
16,102		Wolseley plc		338,628
908		Zodiac S.A.		58,104
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,482,980
WHOLESALE TRADE-NONDURABLE GOODS - 1.47%
6,952		Alliance Unichem plc		95,538
497		Axfood AB		13,863
5,364		Billabong International Ltd		57,133
6,260		C&C Group plc		39,874
1,083		Casino Guichard Perrachon S.A.		71,857
1,066		Celesio AG.		91,363
26,000		Esprit Holdings Ltd		184,767
1,860		Filtrona plc		9,100
55,889		Foster's Group Ltd		228,765
7,433		Fyffes plc		20,165
1,803		Inchcape plc		70,604
1,510		Kesko Oyj (B Shares)		42,658
45,000		Li & Fung Ltd		86,767
8,037		Lion Nathan Ltd		45,042
37,000		Marubeni Corp		198,433
4,092		Metro AG.		196,930
32,600		Mitsubishi Corp		720,885
34,000		Nippon Oil Corp		263,577
1,728		Oriflame Cosmetics S.A. (SDR)		49,721
5,244		Orkla ASA		216,459
4,622		Schering AG.		308,576
1,136		Societe BIC S.A.		67,333
1,400		Suzuken Co Ltd		44,717
15,963		Unilever NV (Cert)		1,089,267
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		4,213,394
		TOTAL COMMON STOCKS		285,647,116
		(Cost $231,993,157)

387

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 0.32%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.32%
$     910,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06	$	909,661
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		909,661
		TOTAL SHORT-TERM INVESTMENTS		909,661
		(Cost $909,828)
		TOTAL PORTFOLIO- 100.15%		286,756,513
		(Cost $233,070,060)
		OTHER ASSETS & LIABILITIES, NET - (0.15)%		(415,583	)
		NET ASSETS - 100.00%	$	286,340,930
	*	Non-income producing
	**	Percentage represents less than 0.01%
	v	Security valued at fair value.
		ABBREVIATION:
		Spon ADR - Sponsored American Depositary Receipt
		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Funds use more specific industry categories in following
		their investment limitations on industry concentration.

388

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
REAL ESTATE SECURITIES FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 98.64%
HOLDING AND OTHER INVESTMENT OFFICES - 87.61%
553,200		Affordable Residential Communities	$	5,271,996
100,000		Alexandria Real Estate Equities, Inc		8,050,000
60,000		AMB Property Corp		2,950,200
400,000		American Financial Realty Trust		4,800,000
6,625		American Land Lease, Inc		156,814
280,000		Archstone-Smith Trust		11,729,200
132,000		Arden Realty, Inc		5,917,560
100,000		AvalonBay Communities, Inc		8,925,000
400,000		Bimini Mortgage Management, Inc (Class A)		3,620,000
165,000		BioMed Realty Trust, Inc		4,026,000
170,000		BNP Residential Properties, Inc		2,720,000
178,448		Boston Properties, Inc		13,228,350
70,000		BRE Properties, Inc (Class A)		3,183,600
75,000		CarrAmerica Realty Corp		2,597,250
250,000	f,v	CBRE Realty Finance, Inc		3,750,000
70,000		Cedar Shopping Centers, Inc		984,900
50,000		Centerpoint Properties Trust		2,474,000
350,000		Cogdell Spencer, Inc		5,911,500
195,000		Columbia Equity Trust, Inc		3,149,250
39,000		Corporate Office Properties Trust		1,386,060
105,000	f,v	Crystal River Capital, Inc		2,625,000
175,000	f,v*	Deerfield Triarc Capital Corp		2,397,500
182,080		Developers Diversified Realty Corp		8,561,402
106,563		DiamondRock Hospitality Co		1,274,493
175,000	f,v	DiamondRock Hospitality Co		2,093,000
130,000		Duke Realty Corp		4,342,000
80,000		EastGroup Properties, Inc		3,612,800
1,147,215		ECC Capital Corp		2,592,706
500,000		Education Realty Trust, Inc		6,445,000
365,000		Equity Office Properties Trust		11,070,450
100,000		Equity One, Inc		2,312,000
560,000		Equity Residential		21,907,200
50,000		Essex Property Trust, Inc		4,610,000
650,000		Extra Space Storage, Inc		10,010,000
170,000		Federal Realty Investment Trust		10,310,500
400,000		Feldman Mall Properties, Inc		4,804,000
175,000		First Potomac Realty Trust		4,655,000
330,000		General Growth Properties, Inc		15,506,700
130,714		GMH Communities Trust		2,027,374
400,000	v*	Gramercy Capital Corp (Unregistered)		9,112,000
140,000	f,v*	GSC Capital Corp		3,500,000
150,000		Health Care REIT, Inc		5,085,000
345,000		Hersha Hospitality Trust		3,108,450
290,000		Highland Hospitality Corp		3,204,500
432,500		HomeBanc Corp		3,235,100
600,000		Host Marriott Corp		11,370,000
30,467		iShares Cohen & Steers Realty Majors Index Fund		2,280,150
116,224		iShares Dow Jones US Real Estate Index Fund		7,455,770
75,000		iStar Financial, Inc		2,673,750

389

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

SHARES				VALUE
200,000		JER Investors Trust, Inc	$	3,390,000
400,000		Kimco Realty Corp		12,832,000
50,000		Kite Realty Group Trust		773,500
87,500		KKR Financial Corp		2,099,125
62,944		LaSalle Hotel Properties		2,311,304
100,000		Lexington Corporate Properties Trust		2,130,000
78,000		Liberty Property Trust		3,342,300
200,000		LTC Properties, Inc		4,206,000
80,000		Macerich Co		5,371,200
80,000		Mack-Cali Realty Corp		3,456,000
400,000		Medical Properties Trust, Inc		3,912,000
135,000		Mills Corp		5,661,900
539,219		Monmouth REIT (Class A)		4,324,536
200,000		MortgageIT Holdings, Inc		2,732,000
100,000		New Plan Excel Realty Trust		2,318,000
29,654		Newcastle Investment Corp		736,902
220,000	f,v*	Origen Financial Co		2,200,000
75,000		Pan Pacific Retail Properties, Inc		5,016,750
60,000		Parkway Properties, Inc		2,408,400
220,000	f,v*	People's Choice Financial Corp		2,200,000
324,000		Prologis		15,137,280
25,000		PS Business Parks, Inc		1,230,000
190,000		Public Storage, Inc		12,866,800
124,256		Regency Centers Corp		7,324,891
325,000		Simon Property Group, Inc		24,904,750
30,000		SL Green Realty Corp		2,291,700
225,000	f,v*	Spirit Financial Corp		2,553,750
205,000		Sunset Financial Resources, Inc		1,738,400
100,000		Taubman Centers, Inc		3,475,000
350,000		Trizec Properties, Inc		8,022,000
390,000		Trustreet Properties, Inc		5,701,800
305,000		United Dominion Realty Trust, Inc		7,149,200
150,000		U-Store-It Trust		3,157,500
250,000		Vornado Realty Trust		20,867,500
392,477		Windrose Medical Properties Trust		5,832,208
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		460,688,221
HOTELS AND OTHER LODGING PLACES - 7.75%
500,000	*	Great Wolf Resorts, Inc		5,155,000
250,000		Hilton Hotels Corp		6,027,500
2,553,675	*	Jameson Inns, Inc		5,490,402
398,240	*	Lodgian, Inc		4,273,115
310,000		Starwood Hotels & Resorts Worldwide, Inc		19,796,600
		TOTAL HOTELS AND OTHER LODGING PLACES		40,742,617
REAL ESTATE - 3.28%
310,000	f,v*	Asset Capital Corp, Inc		2,635,000
375,000	*	Brookfield Properties Corp		11,032,500

390

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund

SHARES				VALUE
300,000	*	Republic Property Trust	$	3,600,000
		TOTAL REAL ESTATE		17,267,500
		TOTAL COMMON STOCKS		518,698,338
		(Cost $500,357,227)
PRINCIPAL
SHORT-TERM INVESTMENTS - 1.09%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.09%
$     5,730,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06		5,727,867
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		5,727,867
		TOTAL SHORT-TERM INVESTMENTS		5,727,867
		(Cost $5,728,918)
		TOTAL PORTFOLIO- 99.73%		524,426,205
		(Cost $506,086,145)
		OTHER ASSETS & LIABILITIES, NET - 0.27%		1,420,133
		NET ASSETS - 100.00%	$	525,846,338
	*	Non-income producing
	f	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in
		transaction exempt from registration to qualified institutional buyers.
		At December 31, 2005, the value of these securities amounted to $23,954,250 or 4.56% 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 securities held by the Fund are as follows:

	ACQUISITION	ACQUISITION
SECURITY	DATE	COST		VALUE
Asset Capital Corp, Inc	06/23/05	$	2,635,000	$	2,635,000
CBRE Realty Finance, Inc	06/02/05		3,750,000		3,750,000
Crystal River Capital, Inc	03/09/05		2,625,000		2,625,000
GSC Capital Corp	06/24/05		3,500,000		3,500,000
People's Choice Financial Corp	12/21/04		2,200,000		2,200,000

391

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES				VALUE
COMMON STOCKS - 99.72%
AMUSEMENT AND RECREATION SERVICES - 0.03%
500		International Speedway Corp (Class A)	$	23,950
1,600	*	Leapfrog Enterprises, Inc		18,640
700	*	Sunterra Corp		9,954
		TOTAL AMUSEMENT AND RECREATION SERVICES		52,544
APPAREL AND ACCESSORY STORES - 0.74%
1,800		American Eagle Outfitters, Inc		41,364
700	*	AnnTaylor Stores Corp		24,164
400		Bebe Stores, Inc		5,612
500		Burlington Coat Factory Warehouse Corp		20,105
2,200	*	Chico's FAS, Inc		96,646
3,700		Foot Locker, Inc		87,283
14,700		Gap, Inc		259,308
6,143	*	Kohl's Corp		298,550
10,436		Limited Brands, Inc		233,245
4,000		Nordstrom, Inc		149,600
2,400		Ross Stores, Inc		69,360
1,050		Stage Stores, Inc		31,269
861	*	Wilsons The Leather Experts, Inc		3,125
		TOTAL APPAREL AND ACCESSORY STORES		1,319,631
APPAREL AND OTHER TEXTILE PRODUCTS - 0.11%
100	*	Columbia Sportswear Co		4,773
1,100	*	Hartmarx Corp		8,591
1,500		Kellwood Co		35,820
2,076		Liz Claiborne, Inc		74,362
100		Phillips-Van Heusen Corp		3,240
800		Polo Ralph Lauren Corp		44,912
1,500		Russell Corp		20,190
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		191,888
AUTO REPAIR, SERVICES AND PARKING - 0.02%
400		Bandag, Inc		17,068
160		Central Parking Corp		2,195
161	*	Midas, Inc		2,956
200		Ryder System, Inc		8,204
		TOTAL AUTO REPAIR, SERVICES AND PARKING		30,423

392

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.05%
500	*	Autozone, Inc	$	45,875
1,102	*	Carmax, Inc		30,503
500	*	Copart, Inc		11,530
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		87,908
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.38%
900		Fastenal Co		35,271
38,100		Home Depot, Inc		1,542,288
13,100		Lowe's Cos, Inc		873,246
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,450,805
BUSINESS SERVICES - 6.65%
3,800	*	3Com Corp		13,680
1,300	*	Activision, Inc		17,862
8,730		Adobe Systems, Inc		322,661
800	*	Akamai Technologies, Inc		15,944
546	*	Arbinet-thexchange, Inc		3,827
3,095	*	Ariba, Inc		22,748
200	*	Aspen Technology, Inc		1,570
1,070	*	Audible, Inc		13,739
3,781	*	Autobytel, Inc		18,678
2,602		Autodesk, Inc		111,756
17,500		Automatic Data Processing, Inc		803,075
798	*	Bankrate, Inc		23,557
1,600	*	BEA Systems, Inc		15,040
2,300	*	BearingPoint, Inc		18,078
700	*	BISYS Group, Inc		9,807
521	*	Blue Coat Systems, Inc		23,820
1,000	*	BMC Software, Inc		20,490
1,600	*	Cadence Design Systems, Inc		27,072
1,700	*	Ceridian Corp		42,245
1,000	*	Checkfree Corp		45,900
559	*	Ciber, Inc		3,689
500	*	Citrix Systems, Inc		14,390
1,115	*	Click Commerce, Inc		23,437
10,562	*	CMGI, Inc		16,054
1,100	*	CNET Networks, Inc		16,159
3,269	*	Cogent Communications Group, Inc		17,947
2,034	*	Cognizant Technology Solutions Corp		102,412
2,385	*	Compuware Corp		21,393
1,500	*	Convergys Corp		23,775
200	*	CSG Systems International, Inc		4,464
100		Deluxe Corp		3,014
700	*	DST Systems, Inc		41,937
100	*	Earthlink, Inc		1,111
16,700	*	eBay, Inc		722,275

393

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
500	*	eFunds Corp	$	11,720
4,614	*	Electronic Arts, Inc		241,358
11,512		Electronic Data Systems Corp		276,748
300	*	Equinix, Inc		12,228
600	*	F5 Networks, Inc		34,314
300		Fair Isaac Corp		13,251
400	*	First Advantage Corp		10,684
4,685	*	Fiserv, Inc		202,720
130	*	Gartner, Inc (Class A)		1,677
615	*	Getty Images, Inc		54,901
2,512	*	Google, Inc (Class A)		1,042,128
1,385	*	iGate Corp		6,731
3,688		IMS Health, Inc		91,905
11,150	*	Innovative Solutions & Support, Inc		142,497
500	*	Internet Security Systems, Inc		10,475
380	*	Intrado, Inc		8,748
2,100	*	Intuit, Inc		111,930
1,900	*	Ipass, Inc		12,464
1,849	*	Iron Mountain, Inc		78,065
2,663	*	iVillage, Inc		21,357
700		Jack Henry & Associates, Inc		13,356
8,046	*	Juniper Networks, Inc		179,426
258	*	Jupitermedia Corp		3,813
900	*	Kinetic Concepts, Inc		35,784
1,300	*	Lamar Advertising Co		59,982
1,662	*	Lionbridge Technologies		11,667
1,100		Manpower, Inc		51,150
1,100	*	Marchex, Inc		24,739
1,955	*	Matrixone, Inc		9,755
400	*	Mercury Interactive Corp		11,116
146,277		Microsoft Corp		3,825,144
1,615	*	Monster Worldwide, Inc		65,924
900	*	MPS Group, Inc		12,303
1,400	*	NAVTEQ Corp		61,418
1,400	*	NCO Group, Inc		23,688
1,600	*	NCR Corp		54,304
500	*	NDCHealth Corp		9,615
1,078	*	NIC, Inc		6,640
3,000	*	Novell, Inc		26,490
4,700		Omnicom Group, Inc		400,111
64,100	*	Oracle Corp		782,661
1,114	*	Packeteer, Inc		8,656
700	*	Perot Systems Corp (Class A)		9,898
1,200	*	Red Hat, Inc		32,688
2,193		Robert Half International, Inc		83,093
900	*	Salesforce.com, Inc		28,845
5,400		Siebel Systems, Inc		57,132
1,308	*	Spherion Corp		13,093
3,800		Startek, Inc		68,400
55,600	*	Sun Microsystems, Inc		232,964
1,200	*	SYKES Enterprises, Inc		16,044
17,306	*	Symantec Corp		302,855

394

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
600	*	Synopsys, Inc	$	12,036
500	*	TeleTech Holdings, Inc		6,025
1,800		Total System Services, Inc		35,622
400	*	Travelzoo, Inc		8,800
397	*	Trizetto Group, Inc		6,745
7,400	*	Unisys Corp		43,142
1,695		United Online, Inc		24,103
600	*	United Rentals, Inc		14,034
700	*	Universal Compression Holdings, Inc		28,784
999	*	Vasco Data Security International		9,850
4,800	*	VeriSign, Inc		105,216
600	*	WebEx Communications, Inc		12,978
		TOTAL BUSINESS SERVICES		11,799,596
CHEMICALS AND ALLIED PRODUCTS - 8.20%
9,030	*	Aastrom Biosciences, Inc		19,053
622	*	Abgenix, Inc		13,379
300	*	Adolor Corp		4,380
10,000		Air Products & Chemicals, Inc		591,900
100	*	Alexion Pharmaceuticals, Inc		2,025
300	*	Alkermes, Inc		5,736
1,300	*	American Pharmaceutical Partners, Inc		50,427
23,724	*	Amgen, Inc		1,870,875
677	*	Arena Pharmaceuticals, Inc		9,627
694	*	Array Biopharma, Inc		4,865
505	*	Atherogenics, Inc		10,105
5,100		Avery Dennison Corp		281,877
7,200		Avon Products, Inc		205,560
2,825	*	Barr Pharmaceuticals, Inc		175,969
2,722	*	Bentley Pharmaceuticals, Inc		44,668
4,400	*	Bioenvision, Inc		28,732
6,111	*	Biogen Idec, Inc		277,012
1,300	*	BioMarin Pharmaceuticals, Inc		14,014
1,600		Cabot Corp		57,280
3,600		Calgon Carbon Corp		20,484
2,026	*	Cell Genesys, Inc		12,014
4,105	*	Cell Therapeutics, Inc		8,949
900	*	Cephalon, Inc		58,266
300	*	Charles River Laboratories International, Inc		12,711
1,301	*	Chattem, Inc		47,343
1,600		Clorox Co		91,024
10,200		Colgate-Palmolive Co		559,470
1,700	*	Connetics Corp		24,565
632	*	Cotherix, Inc		6,712
400	*	Cubist Pharmaceuticals, Inc		8,500
4,200	*	Curis, Inc		14,952
400	*	Cypress Bioscience, Inc		2,312
1,200		Dade Behring Holdings, Inc		49,068
3,780	*	Dendreon Corp		20,487
500		Diagnostic Products Corp		24,275

395

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
282	*	Digene Corp	$	8,226
1,376	*	Dov Pharmaceutical, Inc		20,200
6,334	*	Durect Corp		32,113
800	*	Dusa Pharmaceuticals, Inc		8,616
8,800		Ecolab, Inc		319,176
563	*	Encysive Pharmaceuticals, Inc		4,442
7,700		Engelhard Corp		232,155
135	*	Enzon Pharmaceuticals, Inc		999
300	*	EPIX Pharmaceuticals, Inc		1,212
1,200	*	First Horizon Pharmaceutical Corp		20,700
9,135	*	Forest Laboratories, Inc		371,612
5,201	*	Genzyme Corp		368,127
500	*	Geron Corp		4,305
8,914	*	Gilead Sciences, Inc		469,144
300		H.B. Fuller Co		9,621
1,100	*	Hi-Tech Pharmacal Co, Inc		48,719
1,305	*	Human Genome Sciences, Inc		11,171
300	*	Idexx Laboratories, Inc		21,594
754	*	Immucor, Inc		17,613
800	*	Immunogen, Inc		4,104
1,712	*	Inspire Pharmaceuticals, Inc		8,697
100	*	InterMune, Inc		1,680
1,657	*	Inverness Medical Innovations, Inc		39,287
700	*	Invitrogen Corp		46,648
7,800	*	King Pharmaceuticals, Inc		131,976
800	*	Kos Pharmaceuticals, Inc		41,384
1,850	*	KV Pharmaceutical Co (Class A)		38,110
800		Lubrizol Corp		34,744
1,096		Mannatech, Inc		15,136
800	*	Martek Biosciences Corp		19,688
830	*	Medarex, Inc		11,495
1,900		Medicis Pharmaceutical Corp (Class A)		60,895
4,141	*	Medimmune, Inc		145,018
49,942		Merck & Co, Inc		1,588,655
600	*	MGI Pharma, Inc		10,296
4,400	*	Millennium Pharmaceuticals, Inc		42,680
10,525		Mylan Laboratories, Inc		210,079
400	*	Myogen, Inc		12,064
1,200	*	Nabi Biopharmaceuticals		4,056
2,675	*	Nastech Pharmaceutical Co, Inc		39,376
2,157		Natures Sunshine Products, Inc		38,999
400	*	NBTY, Inc		6,500
200	*	Neurocrine Biosciences, Inc		12,546
200	*	NitroMed, Inc		2,790
300	*	Northfield Laboratories, Inc		4,020
2,329	*	Noven Pharmaceuticals, Inc		35,238
100	*	NPS Pharmaceuticals, Inc		1,184
800	*	Nuvelo, Inc		6,488
100	*	OraSure Technologies, Inc		882
643	*	OSI Pharmaceuticals, Inc		18,030
5,070	*	Pain Therapeutics, Inc		34,273

396

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
1,200	*	Par Pharmaceutical Cos, Inc	$	37,608
2,000	*	Penwest Pharmaceuticals Co		39,040
4,967		Perrigo Co		74,058
1,400	*	Pharmion Corp		24,878
1,000	*	Pozen, Inc		9,590
12,000		Praxair, Inc		635,520
58,969		Procter & Gamble Co		3,413,126
600	*	Progenics Pharmaceuticals, Inc		15,006
800	*	Protein Design Labs, Inc		22,736
1,526	*	Renovis, Inc		23,348
8,200		Rohm & Haas Co		397,044
3,700		RPM International, Inc		64,269
1,305	*	Salix Pharmaceuticals Ltd		22,942
1,600	*	Sepracor, Inc		82,560
280	*	Serologicals Corp		5,527
1,900		Sigma-Aldrich Corp		120,251
5,723	*	StemCells, Inc		19,744
887	*	SuperGen, Inc		4,479
300	*	Tanox, Inc		4,911
608	*	USANA Health Sciences, Inc		23,323
1,400		Valspar Corp		34,538
1,527	*	Vertex Pharmaceuticals, Inc		42,252
4,300	*	Watson Pharmaceuticals, Inc		139,793
1,903	*	Zymogenetics, Inc		32,370
		TOTAL CHEMICALS AND ALLIED PRODUCTS		14,554,292
COMMUNICATIONS - 5.02%
784		Adtran, Inc		23,316
6,400		Alltel Corp		403,840
4,500	*	American Tower Corp (Class A)		121,950
74,425		AT&T, Inc		1,822,668
7,960	*	Avaya, Inc		84,933
37,500		BellSouth Corp		1,016,250
800		Citizens Communications Co		9,784
38,372	*	Comcast Corp (Class A)		996,137
4,600	*	Comcast Corp (Special Class A)		118,174
924	*	Dobson Communications Corp (Class A)		6,930
500	*	Foundry Networks, Inc		6,905
7,181	*	IAC/InterActiveCorp		203,294
11,262	*	Liberty Global, Inc		253,395
102,956	*	Liberty Media Corp (Class A)		810,264
600	*	NII Holdings, Inc (Class B)		26,208
1,238	*	Novatel Wireless, Inc		14,992
971	*	NTL, Inc		66,106
42,411		Sprint Nextel Corp		990,721
350	*	Terremark Worldwide, Inc		1,628
2,193	*	TiVo, Inc		11,228
3,700	*	Univision Communications, Inc (Class A)		108,743
57,631		Verizon Communications, Inc		1,735,846

397

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
100	*	West Corp	$	4,215
2,538	*	XM Satellite Radio Holdings, Inc		69,237
		TOTAL COMMUNICATIONS		8,906,764
DEPOSITORY INSTITUTIONS - 9.78%
9,700		AmSouth Bancorp		254,237
16,400		BB&T Corp		687,324
4,900		Comerica, Inc		278,124
700		Compass Bancshares, Inc		33,803
18,583		Fifth Third Bancorp		700,951
1,700		First Bancorp (Puerto Rico)		21,097
1,800		First Horizon National Corp		69,192
1,900		Fremont General Corp		44,137
6,100		Golden West Financial Corp		402,600
1,000		IndyMac Bancorp, Inc		39,020
70,120		JPMorgan Chase & Co		2,783,063
13,400		Keycorp		441,262
2,000		M&T Bank Corp		218,100
4,500		Marshall & Ilsley Corp		193,680
11,800		Mellon Financial Corp		404,150
21,684		National City Corp		727,932
3,133		New York Community Bancorp, Inc		51,757
10,732		North Fork Bancorporation, Inc		293,628
3,800		Northern Trust Corp		196,916
8,500		PNC Financial Services Group, Inc		525,555
4,500		Popular, Inc		95,175
174	v*	Popular, Inc		26
2,800		R & G Financial Corp (Class B)		36,960
15,032		Regions Financial Corp		513,493
3,600		Sovereign Bancorp, Inc		77,832
8,300		State Street Corp		460,152
10,600		SunTrust Banks, Inc		771,256
5,600		Synovus Financial Corp		151,256
196		TD Banknorth, Inc		5,694
2,100		UnionBanCal Corp		144,312
48,800		US Bancorp		1,458,632
34,929		Wachovia Corp		1,846,347
26,943		Washington Mutual, Inc		1,172,021
35,300		Wells Fargo & Co		2,217,899
716		Zions Bancorporation		54,101
		TOTAL DEPOSITORY INSTITUTIONS		17,371,684
EATING AND DRINKING PLACES - 0.99%
4,900		AFC Enterprises		74,088
450		Applebees International, Inc		10,166
800		Bob Evans Farms, Inc		18,448
3,050		Darden Restaurants, Inc		118,584
800		Lone Star Steakhouse & Saloon, Inc		18,992

398

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
39,574		McDonald's Corp	$	1,334,435
1,400		Outback Steakhouse, Inc		58,254
2,200		Wendy's International, Inc		121,572
		TOTAL EATING AND DRINKING PLACES		1,754,539
EDUCATIONAL SERVICES - 0.02%
900	*	Career Education Corp		30,348
49	*	Laureate Education, Inc		2,573
		TOTAL EDUCATIONAL SERVICES		32,921
ELECTRIC, GAS, AND SANITARY SERVICES - 5.17%
17,595	*	AES Corp		278,529
7,300		AGL Resources, Inc		254,113
3,033		Allete, Inc		133,452
1,433		Aqua America, Inc		39,121
15,876	*	Aquila, Inc		57,154
5,900		Atmos Energy Corp		154,344
12,733		Avista Corp		225,501
6,500		Black Hills Corp		224,965
800		Cascade Natural Gas Corp		15,608
811	*	Casella Waste Systems, Inc (Class A)		10,373
9,007		Cleco Corp		187,796
1,600		Connecticut Water Service, Inc		39,216
2,300		Crosstex Energy, Inc		145,038
15,300		DPL, Inc		397,953
13,600		Empire District Electric Co		276,488
3,200		Energen Corp		116,224
719		EnergySouth, Inc		19,255
12,700		Hawaiian Electric Industries, Inc		328,930
13,200		Idacorp, Inc		386,760
13,400		KeySpan Corp		478,246
8,700		Kinder Morgan, Inc		799,965
700		Markwest Hydrocarbon, Inc		15,407
1,521		Metal Management, Inc		35,378
3,624		MGE Energy, Inc		122,890
9,100		National Fuel Gas Co		283,829
200		New Jersey Resources Corp		8,378
800		Nicor, Inc		31,448
26,419		NiSource, Inc		551,100
18,700		OGE Energy Corp		500,973
5,222		Otter Tail Corp		151,333
3,900		Peoples Energy Corp		136,773
25,500		Pepco Holdings, Inc		570,435
2,000		Piedmont Natural Gas Co, Inc		48,320
25,200		Puget Energy, Inc		514,584
5,200		Questar Corp		393,640
1,390		Resource America, Inc (Class A)		23,700
7,622	*	Sierra Pacific Resources		99,391

399

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
1,800		South Jersey Industries, Inc	$	52,452
3,126	*	Southern Union Co		73,867
3,900		UGI Corp		80,340
4,627		Unisource Energy Corp		144,362
2,550	*	Waste Connections, Inc		87,873
4,300		Western Gas Resources, Inc		202,487
4,300		WGL Holdings, Inc		129,258
15,181		Williams Cos, Inc		351,744
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		9,178,993
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.64%
885	*	ADC Telecommunications, Inc		19,771
5,000	*	Advanced Micro Devices, Inc		153,000
840	*	Agere Systems, Inc		10,836
3,500	*	Altera Corp		64,855
3,893		American Power Conversion Corp		85,646
300		Ametek, Inc		12,762
800	*	Amkor Technology, Inc		4,480
6,100		Analog Devices, Inc		218,807
1,287	*	Andrew Corp		13,810
440	*	Arris Group, Inc		4,167
953	*	Artesyn Technologies, Inc		9,816
500		Baldor Electric Co		12,825
3,665	*	Broadcom Corp (Class A)		172,805
1,915	*	Broadwing Corp		11,586
1,100	*	Brocade Communications Systems, Inc		4,477
2,500		C&D Technologies, Inc		19,050
462	*	C-COR, Inc		2,245
10,300	*	Ciena Corp		30,591
100,274	*	Cisco Systems, Inc		1,716,691
2,600	*	Comverse Technology, Inc		69,134
3,100	*	Conexant Systems, Inc		7,006
100	*	Cree, Inc		2,524
100	*	Cypress Semiconductor Corp		1,425
2,941	*	Ditech Communications Corp		24,557
3,918	*	Emcore Corp		29,072
15,900		Emerson Electric Co		1,187,730
50	*	EndWave Corp		589
400	*	Energizer Holdings, Inc		19,916
560	*	Evergreen Solar, Inc		5,964
1,000	*	Finisar Corp		2,080
5,100	*	Freescale Semiconductor, Inc (Class B)		128,367
300	*	Greatbatch, Inc		7,803
1,100		Harman International Industries, Inc		107,635
1,543	*	Harmonic, Inc		7,484
106,336		Intel Corp		2,654,147
500	*	Interdigital Communications Corp		9,160
100	*	International Rectifier Corp		3,190
500		Intersil Corp (Class A)		12,440
726	*	InterVoice, Inc		5,779

400

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
497	*	Kemet Corp	$	3,514
395		Lincoln Electric Holdings, Inc		15,666
355		LSI Industries, Inc		5,559
4,400	*	LSI Logic Corp		35,200
78,911	*	Lucent Technologies, Inc		209,903
4,700		Maxim Integrated Products, Inc		170,328
1,900	*	Maxtor Corp		13,186
3,652	*	McData Corp (Class A)		13,877
1,200	*	MEMC Electronic Materials, Inc		26,604
1,100		Microchip Technology, Inc		35,365
8,247	*	Micron Technology, Inc		109,767
5,354		Molex, Inc		138,936
40,500		Motorola, Inc		914,895
8,476	*	MRV Communications, Inc		17,376
3,200		National Semiconductor Corp		83,136
4,540	*	Network Appliance, Inc		122,580
800	*	Novellus Systems, Inc		19,296
1,200	*	Nvidia Corp		43,872
4,957	*	Optical Communication Products, Inc		11,451
900		Park Electrochemical Corp		23,382
500	*	PMC - Sierra, Inc		3,855
300	*	Polycom, Inc		4,590
1,461	*	Power-One, Inc		8,795
600	*	Powerwave Technologies, Inc		7,542
700	*	QLogic Corp		22,757
27,524		Qualcomm, Inc		1,185,734
6,593	*	Quantum Fuel Systems Technologies Worldwide, Inc		17,669
600	*	Rambus, Inc		9,714
500	*	RF Micro Devices, Inc		2,705
2,200		Scientific-Atlanta, Inc		94,754
767	*	Silicon Storage Technology, Inc		3,873
17,739	*	Sirius Satellite Radio, Inc		118,851
600	*	Skyworks Solutions, Inc		3,054
2,000	*	Sycamore Networks, Inc		8,640
2,200		Teleflex, Inc		142,956
8,717	*	Tellabs, Inc		95,015
4,100	*	Terayon Communication Systems, Inc		9,471
28,800		Texas Instruments, Inc		923,616
886	*	Thomas & Betts Corp		37,176
5,771	*	Transwitch Corp		10,561
1,000	*	Utstarcom, Inc		8,060
1,475	*	Vishay Intertechnology, Inc		20,296
7,600	*	Westell Technologies, Inc		34,200
300		Whirlpool Corp		25,128
5,000		Xilinx, Inc		126,050
1,900	*	Zhone Technologies, Inc		4,028
92	*	Zoltek Cos, Inc		808
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		11,798,013

401

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
ENGINEERING AND MANAGEMENT SERVICES - 0.53%
700	*	Amylin Pharmaceuticals, Inc	$	27,944
600	*	Antigenics, Inc		2,856
1,200	*	Applera Corp (Celera Genomics Group)		13,152
793	*	Ariad Pharmaceuticals, Inc		4,639
200		Corporate Executive Board Co		17,940
2,538	*	CuraGen Corp		7,817
100	*	CV Therapeutics, Inc		2,473
1,300	*	deCODE genetics, Inc		10,738
200	*	Gen-Probe, Inc		9,758
34	*	Hewitt Associates, Inc		952
500	*	ICOS Corp		13,815
2,093	*	Incyte Corp		11,177
2,704	*	Isis Pharmaceuticals, Inc		14,169
570	*	Lexicon Genetics, Inc		2,081
500	*	Luminex Corp		5,810
5,600		Moody's Corp		343,952
300	*	Neopharm, Inc		3,237
9,500		Paychex, Inc		362,140
600		Pharmaceutical Product Development, Inc		37,170
1,000	*	PRG-Schultz International, Inc		610
969	*	Regeneron Pharmaceuticals, Inc		15,456
1,600	*	Seattle Genetics, Inc		7,552
600	*	Sourcecorp		14,388
200	*	Telik, Inc		3,398
900	*	Trimeris, Inc		10,341
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		943,565
FABRICATED METAL PRODUCTS - 0.74%
3,678		Commercial Metals Co		138,072
2,332		Dynamic Materials Corp		70,007
5,800	*	Global Power Equipment Group, Inc		26,216
700		Gulf Island Fabrication, Inc		17,017
10,600		Illinois Tool Works, Inc		932,694
600	*	Jacuzzi Brands, Inc		5,040
1,200		Silgan Holdings, Inc		43,344
900		Snap-On, Inc		33,804
1,200		Valmont Industries, Inc		40,152
		TOTAL FABRICATED METAL PRODUCTS		1,306,346
FOOD AND KINDRED PRODUCTS - 3.44%
8,000		Campbell Soup Co		238,160
48,500		Coca-Cola Co		1,955,035
7,000		Coca-Cola Enterprises, Inc		134,190
8,300		General Mills, Inc		409,356
11,100		H.J. Heinz Co		374,292
3,700		Hershey Co		204,425

402

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
9,000		Kellogg Co	$	388,980
900		McCormick & Co, Inc (Non-Vote)		27,828
2,000		Pepsi Bottling Group, Inc		57,220
33,900		PepsiCo, Inc		2,002,812
4,700		Wrigley (Wm.) Jr Co		312,503
		TOTAL FOOD AND KINDRED PRODUCTS		6,104,801
FOOD STORES - 0.68%
9,200		Albertson's, Inc		196,420
16		Arden Group, Inc (Class A)		1,456
15,500	*	Kroger Co		292,640
3,200	*	Pathmark Stores, Inc		31,968
17,674	*	Starbucks Corp		530,396
2,000		Whole Foods Market, Inc		154,780
		TOTAL FOOD STORES		1,207,660
FURNITURE AND FIXTURES - 0.78%
10,800	*	BE Aerospace, Inc		237,600
2,200		Hillenbrand Industries, Inc		108,702
7,000		Johnson Controls, Inc		510,370
4,400		Leggett & Platt, Inc		101,024
12,600		Masco Corp		380,394
2,100		Newell Rubbermaid, Inc		49,938
		TOTAL FURNITURE AND FIXTURES		1,388,028
FURNITURE AND HOMEFURNISHINGS STORES - 0.29%
4,100	*	Bed Bath & Beyond, Inc		148,215
5,900		Best Buy Co, Inc		256,532
1,553		Circuit City Stores, Inc		35,082
2,000		RadioShack Corp		42,060
2,048	*	Restoration Hardware, Inc		12,329
300	*	Williams-Sonoma, Inc		12,945
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		507,163
GENERAL BUILDING CONTRACTORS - 0.58%
400		Beazer Homes USA, Inc		29,136
2,600		Centex Corp		185,874
5,333		DR Horton, Inc		190,548
1,500		KB Home		108,990
3,000		Lennar Corp (Class A)		183,060
60		Lennar Corp (Class B)		3,401
400		MDC Holdings, Inc		24,792
4,200		Pulte Homes, Inc		165,312
700		Ryland Group, Inc		50,491

403

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
600		Standard-Pacific Corp	$	22,080
2,000	*	Toll Brothers, Inc		69,280
		TOTAL GENERAL BUILDING CONTRACTORS		1,032,964
GENERAL MERCHANDISE STORES - 1.31%
600	*	99 Cents Only Stores		6,276
400	*	Big Lots, Inc		4,804
12,374		Costco Wholesale Corp		612,142
4,200		Dollar General Corp		80,094
3,900		Family Dollar Stores, Inc		96,681
5,100		JC Penney Co, Inc		283,560
600	*	Retail Ventures, Inc		7,464
1,600	*	Saks, Inc		26,976
17,600		Target Corp		967,472
10,600		TJX Cos, Inc		246,238
		TOTAL GENERAL MERCHANDISE STORES		2,331,707
HEALTH SERVICES - 0.76%
100	*	Apria Healthcare Group, Inc		2,411
300	*	Bio-Reference Labs, Inc		5,643
7,167	*	Caremark Rx, Inc		371,179
100	*	Covance, Inc		4,855
2,341	*	Coventry Health Care, Inc		133,343
1,050	*	DaVita, Inc		53,172
100	*	Edwards Lifesciences Corp		4,161
1,800	*	Express Scripts, Inc		150,840
4,300		Health Management Associates, Inc (Class A)		94,428
2,000	*	Laboratory Corp of America Holdings		107,700
162	*	LifePoint Hospitals, Inc		6,075
800	*	Lincare Holdings, Inc		33,528
900		Manor Care, Inc		35,793
4,850	*	Medco Health Solutions, Inc		270,630
1,700	*	Nektar Therapeutics		27,982
300		Option Care, Inc		4,008
762	*	Specialty Laboratories, Inc		9,944
200	*	Triad Hospitals, Inc		7,846
300		Universal Health Services, Inc (Class B)		14,022
800	*	VistaCare, Inc (Class A)		10,000
		TOTAL HEALTH SERVICES		1,347,560
HOLDING AND OTHER INVESTMENT OFFICES - 2.53%
9,290		Allied Capital Corp		272,847
300		AMB Property Corp		14,751
1,600		American Financial Realty Trust		19,200
2,900		Annaly Mortgage Management, Inc		31,726
6,858		Archstone-Smith Trust		287,282

404

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
1,100		AvalonBay Communities, Inc	$	98,175
3,700		Bimini Mortgage Management, Inc (Class A)		33,485
2,600		Boston Properties, Inc		192,738
200		CarrAmerica Realty Corp		6,926
1,781		Cherokee, Inc		61,249
1,000		Crescent Real Estate Equities Co		19,820
1,600		Developers Diversified Realty Corp		75,232
4,273		Duke Realty Corp		142,718
17,300		Equity Office Properties Trust		524,709
10,113		Equity Residential		395,621
200		FelCor Lodging Trust, Inc		3,442
4,000		Friedman Billings Ramsey Group, Inc		39,600
3,770		General Growth Properties, Inc		177,152
800		Harris & Harris Group, Inc		11,120
1,000		Health Care Property Investors, Inc		25,560
200		Highwoods Properties, Inc		5,690
1,200		Hospitality Properties Trust		48,120
7,500		Host Marriott Corp		142,125
2,500		HRPT Properties Trust		25,875
2,500		iStar Financial, Inc		89,125
6,700		Kimco Realty Corp		214,936
200		Liberty Property Trust		8,570
10,600		Luminent Mortgage Capital, Inc		79,606
700	*	MeriStar Hospitality Corp		6,580
1,400		MFA Mortgage Investments, Inc		7,980
6,265		New Plan Excel Realty Trust		145,223
6,400		Prologis		299,008
2,438		Public Storage, Inc		165,101
6,400		Simon Property Group, Inc		490,432
3,500		Vornado Realty Trust		292,145
1,250		Weingarten Realty Investors		47,262
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		4,501,131
HOTELS AND OTHER LODGING PLACES - 0.24%
4,800		Choice Hotels International, Inc		200,448
2,970	*	Gaylord Entertainment Co		129,462
4,100	*	Great Wolf Resorts, Inc		42,271
2,600		Marcus Corp		61,100
		TOTAL HOTELS AND OTHER LODGING PLACES		433,281
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.39%
20,900		3M Co		1,619,750
4,100	*	AGCO Corp		67,937
300		Alamo Group, Inc		6,150
5,200		American Standard Cos, Inc		207,740
11,394	*	Apple Computer, Inc		819,115
30,048		Applied Materials, Inc		539,061
979	*	Astec Industries, Inc		31,974

405

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
2,000		Black & Decker Corp	$	173,920
900		Briggs & Stratton Corp		34,911
194	*	Brooks Automation, Inc		2,431
400		Carlisle Cos, Inc		27,660
300		CDW Corp		17,271
2,400	*	Cooper Cameron Corp		99,360
1,100		Cummins, Inc		98,703
9,000		Deere & Co		612,990
37,300	*	Dell, Inc		1,118,627
200		Donaldson Co, Inc		6,360
500	*	Dril-Quip, Inc		23,600
38,500	*	EMC Corp		524,370
400	*	Emulex Corp		7,916
857	*	Entegris, Inc		8,073
1,500	*	FMC Technologies, Inc		64,380
1,200	*	Gehl Co		31,500
300		Graco, Inc		10,944
2,200	*	Grant Prideco, Inc		97,064
45,088		Hewlett-Packard Co		1,290,869
300	*	Hydril		18,780
300	*	Intermec, Inc		10,140
29,131		International Business Machines Corp		2,394,568
2,441	*	Jabil Circuit, Inc		90,537
600	*	Lam Research Corp		21,408
1,900	*	Lexmark International, Inc		85,177
810		Lufkin Industries, Inc		40,395
1,200		Modine Manufacturing Co		39,108
600		Nordson Corp		24,306
172	*	Nuance Communications, Inc		1,312
1,100	*	Oil States International, Inc		34,848
2,400		Pall Corp		64,464
926	*	Palm, Inc		29,447
2,064		Pentair, Inc		71,249
800	*	Quantum Corp		2,440
2,300	*	SanDisk Corp		144,486
400		Sauer-Danfoss, Inc		7,524
2,031	*	Semitool, Inc		22,097
5,400		Smith International, Inc		200,394
19,269	*	Solectron Corp		70,525
1,700		SPX Corp		77,809
2,200		Stanley Works		105,688
2,153		Tennant Co		111,956
769	*	TurboChef Technologies, Inc		11,043
1,900	*	Varian Medical Systems, Inc		95,646
800	*	Western Digital Corp		14,888
150	*	Zebra Technologies Corp (Class A)		6,428
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		11,339,339
INSTRUMENTS AND RELATED PRODUCTS - 5.87%
600	*	Advanced Medical Optics, Inc		25,080
727	*	Affymetrix, Inc		34,714

406

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
500	*	Align Technology, Inc	$	3,235
4,200		Allergan, Inc		453,432
100		Analogic Corp		4,785
5,300		Applera Corp (Applied Biosystems Group)		140,768
2,400		Bard (C.R.), Inc		158,208
700		Bausch & Lomb, Inc		47,530
16,148		Baxter International, Inc		607,972
1,000		Beckman Coulter, Inc		56,900
7,200		Becton Dickinson & Co		432,576
5,774		Biomet, Inc		211,155
908	*	Biosite, Inc		51,111
13,600	*	Boston Scientific Corp		333,064
638	*	Bruker BioSciences Corp		3,101
300		Cooper Cos, Inc		15,390
400	*	Credence Systems Corp		2,784
1,891		Dentsply International, Inc		101,528
100	*	DJ Orthopedics, Inc		2,758
400	*	FARO Technologies, Inc		8,000
2,180	*	Fisher Scientific International, Inc		134,855
6,850		Guidant Corp		443,538
700	*	Illumina, Inc		9,870
531	*	Input/Output, Inc		3,733
400	*	Intuitive Surgical, Inc		46,908
1,300	*	Ista Pharmaceuticals, Inc		8,268
60,239		Johnson & Johnson		3,620,364
2,300		Kla-Tencor Corp		113,459
800	*	Lexar Media, Inc		6,568
2,835	*	LTX Corp		12,757
26,800		Medtronic, Inc		1,542,876
700	*	Millipore Corp		46,228
847	*	MKS Instruments, Inc		15,153
4,067	*	Nanogen, Inc		10,655
551		Oakley, Inc		8,094
2,100		PerkinElmer, Inc		49,476
5,500		Pitney Bowes, Inc		232,375
6,400	*	St. Jude Medical, Inc		321,280
7,300		Stryker Corp		324,339
100	*	Techne Corp		5,615
1,800		Tektronix, Inc		50,778
3,100	*	Thermo Electron Corp		93,403
500	*	TriPath Imaging, Inc		3,020
1,600	*	Waters Corp		60,480
14,100	*	Xerox Corp		206,565
5,200	*	Zimmer Holdings, Inc		350,688
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		10,415,436
INSURANCE AGENTS, BROKERS AND SERVICE - 0.77%
1,800		Brown & Brown, Inc		54,972
4,100		Crawford & Co (Class B)		23,616
3,900		Gallagher (Arthur J.) & Co		120,432

407

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
8,600		Hartford Financial Services Group, Inc	$	738,654
13,700		Marsh & McLennan Cos, Inc		435,112
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,372,786
INSURANCE CARRIERS - 5.96%
5,800		Aetna, Inc		546,998
15,900		Aflac, Inc		738,078
3,800		Ambac Financial Group, Inc		292,828
7,600		Chubb Corp		742,140
2,500		Cigna Corp		279,250
10,535		Cincinnati Financial Corp		470,704
100		Erie Indemnity Co (Class A)		5,320
4,452		Fidelity National Financial, Inc		163,789
1,000		First American Corp		45,300
900	*	Health Net, Inc		46,395
2,000	*	Humana, Inc		108,660
4,900		Jefferson-Pilot Corp		278,957
7,500		Lincoln National Corp		397,725
4,400		MBIA, Inc		264,704
500		Mercury General Corp		29,110
2,500		MGIC Investment Corp		164,550
700		Phoenix Cos, Inc		9,548
34	*	PMA Capital Corp (Class A)		310
1,300		PMI Group, Inc		53,391
10,200		Principal Financial Group		483,786
5,020		Progressive Corp		586,236
13,800		Prudential Financial, Inc		1,010,022
1,400		Radian Group, Inc		82,026
4,872		Safeco Corp		275,268
20,147		St. Paul Travelers Cos, Inc		899,966
24,790		UnitedHealth Group, Inc		1,540,451
7,100		UnumProvident Corp		161,525
1,000		W.R. Berkley Corp		47,620
10,836	*	WellPoint, Inc		864,604
		TOTAL INSURANCE CARRIERS		10,589,261
LEATHER AND LEATHER PRODUCTS - 0.14%
7,048	*	Coach, Inc		234,980
800		Weyco Group, Inc		15,280
		TOTAL LEATHER AND LEATHER PRODUCTS		250,260
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.01%
1,100		Laidlaw International, Inc		25,553
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		25,553

408

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
LUMBER AND WOOD PRODUCTS - 0.01%
700	*	Champion Enterprises, Inc	$	9,534
		TOTAL LUMBER AND WOOD PRODUCTS		9,534
METAL MINING - 0.18%
986		Cleveland-Cliffs, Inc		87,330
6,662		Royal Gold, Inc		231,371
		TOTAL METAL MINING		318,701
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.18%
1,486		Callaway Golf Co		20,566
800	*	K2, Inc		8,088
2,150		Marine Products Corp		22,554
14,510		Mattel, Inc		229,548
300		Nautilus, Inc		5,598
1,997		Russ Berrie & Co, Inc		22,806
110	*	Steinway Musical Instruments, Inc		2,806
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		311,966
MISCELLANEOUS RETAIL - 1.16%
4,948	*	Amazon.com, Inc		233,298
13,800		CVS Corp		364,596
567	*	Dollar Tree Stores, Inc		13,574
676	*	Drugstore.com, Inc		1,927
404	*	GSI Commerce, Inc		6,096
700		Michaels Stores, Inc		24,759
3,488	*	Office Depot, Inc		109,523
130	*	Overstock.com, Inc		3,660
984		Petsmart, Inc		25,249
13,738		Staples, Inc		311,990
1,200		Tiffany & Co		45,948
19,200		Walgreen Co		849,792
1,816		World Fuel Services Corp		61,236
		TOTAL MISCELLANEOUS RETAIL		2,051,648
MOTION PICTURES - 1.74%
2,400		Carmike Cinemas, Inc		60,864
6,335	*	Discovery Holding Co (Class A)		95,975
1,000	*	DreamWorks Animation SKG, Inc (Class A)		24,560
1,500	*	Pixar		79,080
1,000		Regal Entertainment Group (Class A)		19,020

409

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
90,729		Time Warner, Inc	$	1,582,314
51,300		Walt Disney Co		1,229,661
		TOTAL MOTION PICTURES		3,091,474
NONDEPOSITORY INSTITUTIONS - 3.80%
440		Advanta Corp (Class A)		13,257
200		Advanta Corp (Class B)		6,488
3,740		American Capital Strategies Ltd		135,425
26,100		American Express Co		1,343,106
1,900	*	AmeriCredit Corp		48,697
1,500		Beverly Hills Bancorp, Inc		15,555
6,653		Capital One Financial Corp		574,819
3,100		CapitalSource, Inc		69,440
1,100		CharterMac		23,298
5,810		CIT Group, Inc		300,842
331	*	CompuCredit Corp		12,737
13,174		Countrywide Financial Corp		450,419
7,800		Doral Financial Corp		82,680
20,115		Fannie Mae		981,813
700		Federal Agricultural Mortgage Corp (Class C)		20,951
1,000		First Marblehead Corp		32,860
17,200		Freddie Mac		1,124,020
29,450		MBNA Corp		799,568
4,400		MCG Capital Corp		64,196
11,800		SLM Corp		650,062
		TOTAL NONDEPOSITORY INSTITUTIONS		6,750,233
NONMETALLIC MINERALS, EXCEPT FUELS - 0.15%
3,000		AMCOL International Corp		61,560
750		Florida Rock Industries, Inc		36,795
2,600		Vulcan Materials Co		176,150
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		274,505
OIL AND GAS EXTRACTION - 4.65%
9,800		Anadarko Petroleum Corp		928,550
12,094		Apache Corp		828,681
825	*	Atlas America, Inc		49,682
1,257	*	ATP Oil & Gas Corp		46,522
900		Berry Petroleum Co (Class A)		51,480
1,800		Cabot Oil & Gas Corp (Class A)		81,180
800	*	Cal Dive International, Inc		28,712
2,500	*	Callon Petroleum Co		44,125
1,100	*	Carrizo Oil & Gas, Inc		27,181
881	*	Cheniere Energy, Inc		32,791
9,174		Chesapeake Energy Corp		291,091
3,677		Cimarex Energy Co		158,148

410

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
709	*	Clayton Williams Energy, Inc	$	29,594
1,500	*	Comstock Resources, Inc		45,765
700	*	Delta Petroleum Corp		15,239
5,800	*	Denbury Resources, Inc		132,124
16,486		Devon Energy Corp		1,031,034
1,400	*	Edge Petroleum Corp		34,874
1,800	*	Encore Acquisition Co		57,672
1,200	*	Energy Partners Ltd		26,148
6,100		ENSCO International, Inc		270,535
6,400		Equitable Resources, Inc		234,816
2,100	*	Forest Oil Corp		95,697
1,600	*	FX Energy, Inc		12,768
2,037	*	Gasco Energy, Inc		13,302
3,700	*	Global Industries Ltd		41,995
1,000	*	Goodrich Petroleum Corp		25,150
5,300	*	Grey Wolf, Inc		40,969
2,361	*	Harvest Natural Resources, Inc		20,966
2,100		Helmerich & Payne, Inc		130,011
1,700	*	Houston Exploration Co		89,760
1,409	*	KCS Energy, Inc		34,126
3,033	*	Meridian Resource Corp		12,739
3,888	*	National Oilwell Varco, Inc		243,778
4,800	*	Newfield Exploration Co		240,336
7,300		Noble Energy, Inc		294,190
2,250	*	Parallel Petroleum Corp		38,273
4,062	*	PetroHawk Energy Corp		53,700
200	*	Petroleum Development Corp		6,668
1,493	*	Petroquest Energy, Inc		12,362
6,169		Pioneer Natural Resources Co		316,285
2,735	*	Plains Exploration & Production Co		108,662
3,700		Pogo Producing Co		184,297
4,100	*	Pride International, Inc		126,075
3,000	*	Quicksilver Resources, Inc		126,030
3,750		Range Resources Corp		98,775
1,200	*	Remington Oil & Gas Corp		43,800
2,100		Rowan Cos, Inc		74,844
2,600		St. Mary Land & Exploration Co		95,706
2,300	*	Stone Energy Corp		104,719
800	*	Swift Energy Co		36,056
3,500		Tidewater, Inc		155,610
1,156	*	Toreador Resources Corp		24,357
9,793	*	Transmontaigne, Inc		64,634
491	*	Tri-Valley Corp		3,820
1,200	*	Unit Corp		66,036
3,300		Vintage Petroleum, Inc		175,989
2,100		W&T Offshore, Inc		61,740
1,000	*	Whiting Petroleum Corp		40,000
11,376		XTO Energy, Inc		499,861
		TOTAL OIL AND GAS EXTRACTION		8,260,030

411

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
PAPER AND ALLIED PRODUCTS - 0.84%
2,900		Bemis Co	$	80,823
2,200		Bowater, Inc		67,584
4,800	*	Buckeye Technologies, Inc		38,640
2,300		Chesapeake Corp		39,054
11,000		Kimberly-Clark Corp		656,150
10,800		MeadWestvaco Corp		302,724
2,200		Packaging Corp of America		50,490
1,600		Rock-Tenn Co (Class A)		21,840
3,200		Sonoco Products Co		94,080
2,600		Temple-Inland, Inc		116,610
2,200		Wausau Paper Corp		26,070
		TOTAL PAPER AND ALLIED PRODUCTS		1,494,065
PERSONAL SERVICES - 0.01%
400	*	Weight Watchers International, Inc		19,772
		TOTAL PERSONAL SERVICES		19,772
PETROLEUM AND COAL PRODUCTS - 1.19%
9,200		EOG Resources, Inc		675,004
5,862		Frontier Oil Corp		220,001
1,300	*	Giant Industries, Inc		67,548
811	*	Headwaters, Inc		28,742
6,600		Sunoco, Inc		517,308
11,600		Valero Energy Corp		598,560
		TOTAL PETROLEUM AND COAL PRODUCTS		2,107,163
PRIMARY METAL INDUSTRIES - 1.16%
2,218	*	Aleris International, Inc		71,508
2,009	*	Century Aluminum Co		52,656
23,481	*	Corning, Inc		461,636
400	*	General Cable Corp		7,880
2,303		Gibraltar Industries, Inc		52,831
2,300		Hubbell, Inc (Class B)		103,776
900	*	Lone Star Technologies, Inc		46,494
2,000	*	Maverick Tube Corp		79,720
3,400		Mueller Industries, Inc		93,228
1,243	*	NS Group, Inc		51,970
6,900		Nucor Corp		460,368
900		Quanex Corp		44,973
1,933		Schnitzer Steel Industries, Inc (Class A)		59,130
2,512		Steel Dynamics, Inc		89,201
2,600		Steel Technologies, Inc		72,774
5,001	*	Superior Essex, Inc		100,820
3,983		Tredegar Corp		51,341

412

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
3,422	*	Wheeling-Pittsburgh Corp	$	30,866
6,800		Worthington Industries, Inc		130,628
		TOTAL PRIMARY METAL INDUSTRIES		2,061,800
PRINTING AND PUBLISHING - 1.01%
1,000	*	ACCO Brands Corp		24,500
1,900		Dex Media, Inc		51,471
600		Dow Jones & Co, Inc		21,294
900	*	Dun & Bradstreet Corp		60,264
2,800		EW Scripps Co		134,456
100		Harte-Hanks, Inc		2,639
12,900		McGraw-Hill Cos, Inc		666,027
3,600		New York Times Co (Class A)		95,220
6,600		R.R. Donnelley & Sons Co		225,786
807		Standard Register Co		12,759
11,400		Tribune Co		344,964
200		Washington Post Co (Class B)		153,000
		TOTAL PRINTING AND PUBLISHING		1,792,380
RAILROAD TRANSPORTATION - 0.45%
2,400	*	Kansas City Southern Industries, Inc		58,632
16,400		Norfolk Southern Corp		735,212
		TOTAL RAILROAD TRANSPORTATION		793,844
REAL ESTATE - 0.01%
2,796		Stewart Enterprises, Inc (Class A)		15,126
		TOTAL REAL ESTATE		15,126
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.07%
1,500		Cooper Tire & Rubber Co		22,980
1,300	*	Sealed Air Corp		73,021
400	*	Skechers U.S.A., Inc (Class A)		6,128
1,100		Spartech Corp		24,145
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		126,274
SECURITY AND COMMODITY BROKERS - 2.69%
1,100		A.G. Edwards. Inc		51,546
3,499		Ameritrade Holding Corp		83,976
24,100		Charles Schwab Corp		353,547
500		Chicago Mercantile Exchange Holdings, Inc		183,745
7,000		Franklin Resources, Inc		658,070
9,963		Goldman Sachs Group, Inc		1,272,375

413

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
200	*	Investment Technology Group, Inc	$	7,088
4,000		Janus Capital Group, Inc		74,520
1,850		Legg Mason, Inc		221,427
23,400		Merrill Lynch & Co, Inc		1,584,882
226	*	Piper Jaffray Cos		9,130
600		SEI Investments Co		22,200
3,500		T Rowe Price Group, Inc		252,105
		TOTAL SECURITY AND COMMODITY BROKERS		4,774,611
SPECIAL TRADE CONTRACTORS - 0.02%
500	*	Layne Christensen Co		12,715
2,322	*	Quanta Services, Inc		30,581
		TOTAL SPECIAL TRADE CONTRACTORS		43,296
STONE, CLAY, AND GLASS PRODUCTS - 0.05%
173	*	Cabot Microelectronics Corp		5,074
300		CARBO Ceramics, Inc		16,956
26		Eagle Materials, Inc		3,181
89		Eagle Materials, Inc (Class B)		10,482
2,652		Gentex Corp		51,714
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		87,407
TRANSPORTATION BY AIR - 0.70%
2,370	*	AMR Corp		52,685
700	*	Airtran Holdings, Inc		11,221
700	*	Alaska Air Group, Inc		25,004
2,600	*	Continental Airlines, Inc (Class B)		55,380
2,500	*	ExpressJet Holdings, Inc		20,225
5,884		FedEx Corp		608,347
3,155	*	Frontier Airlines, Inc		29,152
1,575	*	JetBlue Airways Corp		24,224
2,884	*	Mesa Air Group, Inc		30,167
3,500	*	Pinnacle Airlines Corp		23,345
458		Skywest, Inc		12,302
21,900		Southwest Airlines Co		359,817
		TOTAL TRANSPORTATION BY AIR		1,251,869
TRANSPORTATION EQUIPMENT - 0.90%
500	*	Aftermarket Technology Corp		9,720
1,500		American Axle & Manufacturing Holdings, Inc		27,495
2,100		ArvinMeritor, Inc		30,219
3,600		Autoliv, Inc		163,512
2,341		Brunswick Corp		95,185
1,200		Coachmen Industries, Inc		14,172

414

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
5,500		Dana Corp	$	39,490
300		Federal Signal Corp		4,503
1,500	*	Fleetwood Enterprises, Inc		18,525
7,500		Genuine Parts Co		329,400
828		Greenbrier Cos, Inc		23,515
7,700		Harley-Davidson, Inc		396,473
2,100		Harsco Corp		141,771
900		JLG Industries, Inc		41,094
690		Noble International Ltd		14,380
3,200		Standard Motor Products, Inc		29,536
2,300		Superior Industries International, Inc		51,198
1,800	*	Tenneco, Inc		35,298
300		Thor Industries, Inc		12,021
1,200	*	TRW Automotive Holdings Corp		31,620
5,874	*	Visteon Corp		36,771
471		Wabash National Corp		8,973
1,400		Westinghouse Air Brake Technologies Corp		37,660
		TOTAL TRANSPORTATION EQUIPMENT		1,592,531
TRANSPORTATION SERVICES - 0.09%
2,300		GATX Corp		82,984
2,550	*	RailAmerica, Inc		28,025
2,305		Sabre Holdings Corp		55,573
		TOTAL TRANSPORTATION SERVICES		166,582
TRUCKING AND WAREHOUSING - 0.67%
3,500	*	SIRVA, Inc		28,000
15,529		United Parcel Service, Inc (Class B)		1,167,004
		TOTAL TRUCKING AND WAREHOUSING		1,195,004
WATER TRANSPORTATION - 0.03%
1,600	*	Gulfmark Offshore, Inc		47,392
200	*	Hornbeck Offshore Services, Inc		6,540
		TOTAL WATER TRANSPORTATION		53,932
WHOLESALE TRADE-DURABLE GOODS - 0.58%
6,500	*	Aviall, Inc		187,200
3,400		Barnes Group, Inc		112,200
1,600		BorgWarner, Inc		97,008
1,577	*	Castle (A.M.) & Co		34,442
380	*	Cytyc Corp		10,727
500		Hughes Supply, Inc		17,925
1,900		IKON Office Solutions, Inc		19,779
600	*	Ingram Micro, Inc (Class A)		11,958

415

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

SHARES				VALUE
1,000		Omnicare, Inc	$	57,220
2,100	*	Patterson Cos, Inc		70,140
2,100		Reliance Steel & Aluminum Co		128,352
4,300		Ryerson Tull, Inc		104,576
200	*	Strattec Security Corp		8,084
200	*	Tech Data Corp		7,936
2,400		W.W. Grainger, Inc		170,640
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,038,187
WHOLESALE TRADE-NONDURABLE GOODS - 1.56%
500	*	Allscripts Healthcare Solutions, Inc		6,700
12,468		Cardinal Health, Inc		857,175
1,200	*	Dean Foods Co		45,192
4,100	*	Endo Pharmaceuticals Holdings, Inc		124,066
2,100		Handleman Co		26,082
1,000	*	Henry Schein, Inc		43,640
8,400		McKesson Corp		433,356
5,400		Nike, Inc (Class B)		468,666
500		Reebok International, Ltd		29,115
9,400		Safeway, Inc		222,404
1,700		Stride Rite Corp		23,052
2,100		Supervalu, Inc		68,208
13,500		Sysco Corp		419,175
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,766,831
		TOTAL COMMON STOCKS		177,075,607
		(Cost $154,172,284)

416

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund

PRINCIPAL				VALUE
SHORT-TERM INVESTMENTS - 0.47%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.47%
$     830,000		Federal Home Loan Bank (FHLB) 3.400%, 01/03/06	$	829,691
		U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		829,691
		TOTAL SHORT- TERM INVESTMENTS		829,691
		(Cost $829,843)
		TOTAL PORTFOLIO - 100.19%		177,905,298
		(Cost $155,002,127)
		OTHER ASSETS & LIABILITIES, NET - (0.19)%		(336,842	)
		NET ASSETS - 100.00%	$	177,568,456
	*	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.

417

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

					MATURITY
PRINCIPAL			RATE		DATE	RATING+		VALUE
BONDS - 96.54%
CORPORATE BONDS - 23.87%
APPAREL AND OTHER TEXTILE PRODUCTS - 0.07%
$     1,150,000	g	Controladora Mabe SA CV	6.500	%	12/15/15	NR	$	1,147,446
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS						1,147,446
ASSET BACKED - 1.96%
354,371		AQ Finance NIM Trust Series 2004-RN2	4.579		04/25/09	Aaa		354,312
281,505	v	AQ Finance NIM Trust Series 2004-RN3	4.559		05/25/09	Aaa		281,505
600,000		Centex Home Equity Series 2004-C (Class AF5)	5.980		06/25/34	Aaa		596,479
2,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1A2)	3.777		01/25/22	Aaa		1,988,866
1,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1B)	5.700		02/25/34	Baa2		953,491
1,000,000		Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (Class 1M1)	5.700		02/25/34	Aa2		1,000,006
2,000,000		Chase Manhattan Auto Owner Trust Series 2004-A (Class A4)	2.830		09/15/10	Aaa		1,937,954
1,500,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360		11/20/12	Aaa		1,484,283
2,189,382		CIT Group Home Equity Loan Trust Series 2002-1 (Class AF6)	6.200		02/25/30	Aaa		2,225,568
601,207		Countrywide Home Equity Loan Trust Series 2004-B (Class 1A)	4.589		02/15/29	Aaa		602,011
941,369		Detroit Edison Securitization Funding LLC Series 2001-1 (Class A3)	5.875		03/01/10	Aaa		952,047
3,000,000		Golden Securities Corp Series 2003-A (Class A1)	4.591		12/02/13	Aaa		3,006,094
550,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130		03/01/09	Aaa		563,650
727,426		Public Service New Hampshire Funding LLC Series 2001-1 (Class A2)	5.730		11/01/10	Aaa		736,998
8,000,000		Residential Asset Mortgage Products, Inc Series 2004-RS11 (Class M1)	4.999		11/25/34	Aa1		8,015,256
835,255		Residential Asset Securities Corp Series 2001-KS2 (Class AI6)	6.489		10/25/30	Aaa		847,660
2,000,000		Wachovia Bank Commercial Mortgage Trust Series 2005-C20 (Class AJ)	5.124		07/15/42	Aaa		1,984,766
2,663,759		Wachovia Loan Trust Series 2005-SD1 (Class A)	4.739		05/25/35	NR		2,663,485
		TOTAL ASSET BACKED						30,194,431
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.22%
1,250,000		Home Depot, Inc	3.750		09/15/09	Aa3		1,205,388
2,000,000		Lowe's Cos, Inc	8.250		06/01/10	A2		2,260,410
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES						3,465,798
BUSINESS SERVICES - 0.03%
410,000		Cendant Corp	7.375		01/15/13	Baa1		457,157
		TOTAL BUSINESS SERVICES						457,157
CHEMICALS AND ALLIED PRODUCTS - 0.55%
280,000		Colgate-Palmolive Co	6.450		06/16/28	Aa3		327,075
280,000		EI Du Pont de Nemours & Co	3.375		11/15/07	A2		272,382
1,645,000		EI Du Pont de Nemours & Co	4.125		03/06/13	A2		1,550,490

418

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     900,000		Genentech, Inc	5.250	07/15/35	A1	$	859,409
250,000		Lubrizol Corp	4.625	10/01/09	Baa3		245,129
1,500,000		Lubrizol Corp	5.500	10/01/14	Baa3		1,506,143
830,000		Merck & Co, Inc	5.250	07/01/06	Aa3		831,096
2,900,000		Procter & Gamble Co	4.950	08/15/14	Aa3		2,895,967
		TOTAL CHEMICALS AND ALLIED PRODUCTS					8,487,691
COMMUNICATIONS - 2.20%
1,000,000		America Movil SA de CV	6.375	03/01/35	A3		983,380
16,000		AT&T Corp	6.000	03/15/09	Baa2		16,348
1,500,000		AT&T, Inc	4.125	09/15/09	A2		1,449,055
2,000,000		AT&T, Inc	5.100	09/15/14	A2		1,953,280
1,400,000		AT&T, Inc	6.150	09/15/34	A2		1,406,898
280,000		BellSouth Corp	6.875	10/15/31	A2		306,338
1,500,000	d	British Telecommunications plc	8.875	12/15/30	Baa1		2,012,595
2,500,000		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		2,896,868
1,500,000		Comcast Corp	5.850	11/15/15	Baa2		1,519,035
410,000		Comcast Corp	7.050	03/15/33	Baa2		442,826
1,750,000		Comcast Corp	5.650	06/15/35	Baa2		1,600,053
500,000		COX Communications, Inc	4.625	06/01/13	Baa3		465,277
1,500,000	g	COX Communications, Inc	5.450	12/15/14	Baa3		1,462,739
1,930,000	g	COX Enterprises, Inc	4.375	05/01/08	Baa3		1,884,637
550,000		Deutsche Telekom International Finance BV	3.875	07/22/08	A3		537,078
1,410,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		1,792,030
500,000		France Telecom SA	7.750	03/01/11	A3		558,231
1,970,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa2		2,211,382
550,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa2		728,980
750,000		Sprint Capital Corp	7.625	01/30/11	Baa2		826,683
3,000,000		Sprint Capital Corp	8.375	03/15/12	Baa2		3,478,771
750,000		Telecom Italia Capital SA	4.875	10/01/10	Baa2		736,969
1,660,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		1,677,222
750,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		696,161
830,000		Verizon Wireless Capital LLC	5.375	12/15/06	A3		833,596
1,380,000		Verizon/New England	6.500	09/15/11	Baa1		1,422,733
		TOTAL COMMUNICATIONS					33,899,165
DEPOSITORY INSTITUTIONS - 2.94%
1,000,000		Bank of America Corp	3.375	02/17/09	Aa2		956,191
1,410,000		Bank of America Corp	4.875	01/15/13	Aa2		1,396,390
2,250,000		Bank of America Corp	4.750	08/15/13	Aa3		2,197,987
2,000,000		Bank One Corp	2.625	06/30/08	Aa3		1,894,637
1,200,000		Bank One Corp	5.900	11/15/11	A1		1,247,537
2,000,000		Bank One Corp	5.250	01/30/13	A1		2,005,861
1,100,000		Bank One NA/Chicago IL	5.500	03/26/07	Aa2		1,108,760
410,000		BB&T Corp	6.500	08/01/11	A1		439,369
1,500,000		Citigroup, Inc	4.625	08/03/10	Aa1		1,479,452
3,525,000		Citigroup, Inc	5.000	09/15/14	Aa2		3,468,793
2,550,000		Citigroup, Inc	5.875	02/22/33	Aa2		2,617,276

419

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

			MATURITY
PRINCIPAL		RATE	DATE	RATING+		VALUE
$     410,000	Golden West Financial Corp	4.750	10/01/12	A1	$	402,108
750,000	HSBC Bank USA NA/New York NY	5.625	08/15/35	Aa3		732,249
550,000	JPMorgan Chase & Co	7.875	06/15/10	A1		610,095
250,000	JPMorgan Chase & Co	4.500	01/15/12	Aa3		242,166
830,000	M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		820,614
2,500,000	M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		2,448,072
650,000	MBNA America Bank NA	4.625	08/03/09	Aa1		643,074
1,100,000	Mellon Funding Corp	4.875	06/15/07	A1		1,100,319
550,000	Mellon Funding Corp	6.400	05/14/11	A2		584,981
550,000	National Westminster Bank plc/United Kingdom	7.375	10/01/09	Aa2		594,076
550,000	PNC Funding Corp	5.750	08/01/06	A2		552,672
2,250,000	Popular North America, Inc	3.875	10/01/08	A3		2,176,516
1,200,000	Regions Financial Corp/Old	6.375	05/15/12	A2		1,280,970
550,000	Suntrust Bank	7.250	09/15/06	Aa3		556,781
1,400,000	US Bancorp	4.500	07/29/10	Aa2		1,374,904
550,000	Wachovia Bank NA/Old	4.850	07/30/07	Aa2		550,206
1,500,000	Wachovia Bank NA/Old	4.800	11/01/14	Aa3		1,458,946
1,400,000	Wachovia Corp	5.250	08/01/14	A1		1,400,966
1,650,000	Washington Mutual Bank/Seattle WA	4.500	08/25/08	A2		1,633,217
5,000,000	Wells Fargo & Co	4.625	08/09/10	Aa1		4,937,319
830,000	Wells Fargo Bank NA	6.450	02/01/11	Aa1		883,720
1,650,000	Zions Bancorporation	5.500	11/16/15	Baa1		1,659,971
	TOTAL DEPOSITORY INSTITUTIONS					45,456,195
ELECTRIC, GAS, AND SANITARY SERVICES - 1.81%
229,000	American Electric Power Co, Inc	6.125	05/15/06	Baa2		230,036
1,150,000	Atmos Energy Corp	4.000	10/15/09	Baa3		1,104,492
500,000	Carolina Power & Light Co	5.700	04/01/35	A3		500,233
410,000	CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		469,125
1,650,000	Consolidated Edison Co of New York	5.375	12/15/15	A1		1,673,390
1,389,000	Consolidated Natural Gas Co	6.250	11/01/11	A3		1,465,591
500,000	Consolidated Natural Gas Co	5.000	12/01/14	A3		488,068
750,000	Consumers Energy Co	4.400	08/15/09	Baa3		728,113
1,340,000	FirstEnergy Corp	6.450	11/15/11	Baa3		1,421,002
1,500,000	Florida Power & Light Co	4.850	02/01/13	Aa3		1,483,204
1,000,000	Florida Power Corp	4.500	06/01/10	A2		980,309
550,000	FPL Group Capital, Inc	7.625	09/15/06	A2		560,013
2,000,000	KeySpan Corp	4.900	05/16/08	A3		1,999,208
2,500,000	Kinder Morgan Energy Partners Lp	5.125	11/15/14	Baa1		2,445,127
410,000	National Fuel Gas Co	5.250	03/01/13	Baa1		411,202
830,000	National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		851,310
500,000	Nisource Finance Corp	7.875	11/15/10	Baa3		554,572
1,000,000	Northern States Power-Minnesota	5.250	07/15/35	A2		950,735
500,000	Ohio Power Co	5.300	11/01/10	NR		502,980
3,000,000	Pacific Gas & Electric Co	4.200	03/01/11	Baa1		2,878,290
410,000	Public Service Co of Colorado	5.500	04/01/14	A3		421,197
250,000	Southern California Edison Co	6.000	01/15/34	A3		266,171
1,150,000	Southern California Edison Co	5.350	07/15/35	A3		1,117,959
1,100,000	Texas Eastern Transmission Lp	5.250	07/15/07	Baa2		1,103,314
340,000	TXU Electric Delivery Co	7.250	01/15/33	Baa1		398,410

420

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

			MATURITY
PRINCIPAL		RATE	DATE	RATING+		VALUE
$     1,900,000	Virginia Electric and Power Co	4.750	03/01/13	A3	$	1,850,453
1,000,000	Washington Gas Light	7.310	10/30/07	A2		1,041,555
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					27,896,059
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.10%
550,000	Cooper Industries, Inc	5.250	07/01/07	A3		549,981
1,000,000	General Electric Co	5.000	02/01/13	Aaa		998,234
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,548,215
FABRICATED METAL PRODUCTS - 0.15%
280,000	CRH America, Inc	6.400	10/15/33	Baa1		305,379
2,000,000	Illinois Tool Works, Inc	5.750	03/01/09	Aa3		2,037,330
	TOTAL FABRICATED METAL PRODUCTS					2,342,709
FOOD AND KINDRED PRODUCTS - 0.45%
1,750,000	Anheuser-Busch Cos, Inc	6.000	04/15/11	A1		1,837,599
410,000	Bottling Group LLC	4.625	11/15/12	Aa3		404,189
900,000	Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		870,989
1,100,000	Coors Brewing Co	6.375	05/15/12	Baa2		1,160,774
550,000	Kellogg Co	6.600	04/01/11	Baa1		587,738
500,000	Kraft Foods, Inc	6.500	11/01/31	A3		549,188
550,000	PepsiAmericas, Inc	4.875	01/15/15	Baa1		540,365
1,000,000	WM Wrigley Jr Co	4.650	07/15/15	A1		978,933
	TOTAL FOOD AND KINDRED PRODUCTS					6,929,775
FOOD STORES - 0.18%
1,100,000	Kroger Co	6.800	04/01/11	Baa2		1,154,523
1,000,000	Safeway, Inc	4.125	11/01/08	Baa2		968,090
550,000	Safeway, Inc	7.250	02/01/31	Baa2		590,486
	TOTAL FOOD STORES					2,713,099
FURNITURE AND FIXTURES - 0.14%
830,000	Masco Corp	4.625	08/15/07	Baa1		822,590
1,500,000	Masco Corp	4.800	06/15/15	Baa1		1,393,069
	TOTAL FURNITURE AND FIXTURES					2,215,659
GENERAL BUILDING CONTRACTORS - 0.30%
4,900,000	Centex Corp	5.250	06/15/15	Baa2		4,647,989
	TOTAL GENERAL BUILDING CONTRACTORS					4,647,989

421

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
GENERAL MERCHANDISE STORES - 0.45%
$     1,000,000	g	May Department Stores Co	3.950	07/15/07	Baa1	$	985,314
1,500,000		Target Corp	4.000	06/15/13	A2		1,415,674
1,380,000		Wal-Mart Stores, Inc	6.875	08/10/09	Aa2		1,469,920
2,000,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		1,935,336
1,150,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		1,110,918
		TOTAL GENERAL MERCHANDISE STORES					6,917,162
HEALTH SERVICES - 0.07%
1,000,000		Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		1,012,569
		TOTAL HEALTH SERVICES					1,012,569
HOLDING AND OTHER INVESTMENT OFFICES - 0.44%
410,000		Boston Properties Lp	6.250	01/15/13	Baa2		431,661
750,000		Colonial Properties Trust	6.250	06/15/14	Baa3		775,355
410,000		Greenpoint Financial Corp	3.200	06/06/08	A2		392,467
1,000,000		Health Care REIT, Inc	6.200	06/01/16	Baa3		1,003,041
2,000,000		iStar Financial, Inc	5.150	03/01/12	Baa3		1,941,008
750,000	g	iStar Financial, Inc	5.700	03/01/14	Baa3		741,761
500,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		489,916
1,000,000		Simon Property Group Lp	5.375	06/01/11	Baa1		1,003,324
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					6,778,533
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.37%
650,000		Caterpillar Financial Services Corp	5.050	12/01/10	A2		652,745
1,385,000		Dover Corp	6.500	02/15/11	A2		1,478,931
1,500,000		Dover Corp	4.875	10/15/15	A2		1,475,349
1,250,000		Hewlett-Packard Co	6.500	07/01/12	A3		1,346,563
750,000		International Business Machines Corp	6.220	08/01/27	A1		819,446
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					5,773,034
INSTRUMENTS AND RELATED PRODUCTS - 0.13%
410,000		Johnson & Johnson	3.800	05/15/13	Aaa		386,745
900,000	g	Medtronic, Inc	4.750	09/15/15	A1		874,096
750,000		Thermo Electron Corp	5.000	06/01/15	Baa1		723,264
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,984,105
INSURANCE CARRIERS - 0.79%
500,000		Allstate Corp	5.000	08/15/14	A1		493,460
2,000,000		American International Group, Inc	5.050	10/01/15	Aa2		1,963,749
1,000,000		ING Groep NV	5.775	12/01/49	A2		1,016,261
2,000,000		International Lease Finance Corp	5.125	11/01/10	A1		1,990,782

422

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,150,000		Metlife, Inc	5.000	06/15/15	A2	$	1,128,822
750,000		Metlife, Inc	5.700	06/15/35	A2		749,705
1,500,000	g	Pricoa Global Funding I	4.625	06/25/12	NR		1,461,140
2,000,000		UnitedHealth Group, Inc	3.300	01/30/08	A2		1,943,071
500,000		WellPoint, Inc	3.500	09/01/07	Baa1		487,744
1,000,000		WellPoint, Inc	4.250	12/15/09	Baa1		974,360
		TOTAL INSURANCE CARRIERS					12,209,094
METAL MINING - 0.15%
500,000		Barrick Gold Corp	5.800	11/15/34	Baa1		487,253
500,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		484,422
900,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		871,925
550,000		Falconbridge Ltd/Old	5.375	06/01/15	Baa3		531,676
		TOTAL METAL MINING					2,375,276
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.11%
830,000		Harsco Corp	5.125	09/15/13	A3		829,085
500,000	d	Tyco International Group SA	5.800	08/01/06	Baa3		502,092
410,000		Tyco International Group SA	6.000	11/15/13	Baa3		417,443
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					1,748,620
MISCELLANEOUS RETAIL - 0.06%
1,000,000	g	CVS Corp	4.875	09/15/14	A3		964,562
		TOTAL MISCELLANEOUS RETAIL					964,562
MOTION PICTURES - 0.36%
1,950,000		Historic TW, Inc	6.625	05/15/29	Baa1		1,945,768
500,000		News America, Inc	7.625	11/30/28	Baa2		567,000
1,000,000		News America, Inc	6.200	12/15/34	Baa2		990,330
1,350,000		Time Warner, Inc	6.875	05/01/12	Baa1		1,437,682
550,000		Walt Disney Co	5.500	12/29/06	Baa1		552,621
		TOTAL MOTION PICTURES					5,493,401
NONDEPOSITORY INSTITUTIONS - 2.49%
2,000,000		American Honda Finance Corp	5.125	12/15/10	A1		2,006,020
1,500,000		Capital One Financial Corp	5.500	06/01/15	Baa1		1,490,225
2,000,000		CIT Group, Inc	4.750	08/15/08	A2		1,988,147
1,000,000		CIT Group, Inc	5.200	11/03/10	A2		1,002,409
500,000		CIT Group, Inc	5.125	09/30/14	A2		492,207
500,000		Countrywide Home Loans, Inc	4.000	03/22/11	A3		470,171
750,000		Ford Motor Credit Co	5.800	01/12/09	Baa3		652,500
2,750,000		Ford Motor Credit Co	5.700	01/15/10	Baa3		2,337,500

423

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     1,000,000		Ford Motor Credit Co	7.375	02/01/11	Baa3	$	877,500
1,000,000	d	General Electric Capital Corp	4.125	03/04/08	Aaa		985,923
1,500,000		General Electric Capital Corp	3.500	05/01/08	Aaa		1,456,991
1,500,000		General Electric Capital Corp	3.250	06/15/09	Aaa		1,425,308
2,750,000		General Electric Capital Corp	4.375	11/21/11	Aaa		2,671,028
3,400,000		General Electric Capital Corp	5.875	02/15/12	Aaa		3,556,984
500,000		HSBC Capital Funding Lp/Jersey Channel Islands	4.610	06/30/15	A1		471,546
1,000,000		HSBC Finance Capital Trust IX	5.911	11/30/35	A2		1,011,281
3,000,000		HSBC Finance Corp	4.125	11/16/09	A1		2,898,028
2,000,000		HSBC Finance Corp	4.750	04/15/10	A1		1,968,553
2,280,000		HSBC Finance Corp	4.750	07/15/13	A1		2,207,076
2,500,000		HSBC Finance Corp	5.250	04/15/15	A1		2,478,211
2,150,000		HSBC Finance Corp	5.000	06/30/15	A1		2,089,980
1,370,000		John Deere Capital Corp	3.625	05/25/07	A3		1,346,262
410,000		MBNA America Bank NA	5.375	01/15/08	Aa1		413,871
500,000	g	Rabobank Capital Funding Trust	5.254	12/31/49	Aa2		490,264
650,000		Residential Capital Corp	6.125	11/21/08	Baa3		652,217
410,000		SLM Corp	4.000	01/15/09	A2		398,659
690,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		658,527
		TOTAL NONDEPOSITORY INSTITUTIONS					38,497,388
OIL AND GAS EXTRACTION - 0.85%
1,380,000		Burlington Resources Finance Co	6.400	08/15/11	A3		1,478,035
1,650,000		Burlington Resources Finance Co	7.200	08/15/31	A3		2,037,450
1,650,000		Canadian Natural Resources Ltd	5.850	02/01/35	Baa1		1,663,161
1,000,000		Conoco Funding Co	6.350	10/15/11	A1		1,071,228
830,000		Devon Energy Corp	2.750	08/01/06	Baa2		818,749
750,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		807,525
410,000		Equitable Resources, Inc	5.150	11/15/12	A2		414,791
500,000		Nexen, Inc	5.050	11/20/13	Baa2		495,513
1,100,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		1,087,954
500,000		PC Financial Partnership	5.000	11/15/14	Baa2		490,180
1,000,000	g	Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		992,970
1,150,000		Petro-Canada	5.950	05/15/35	Baa2		1,162,303
550,000		XTO Energy, Inc	5.300	06/30/15	Baa3		550,437
		TOTAL OIL AND GAS EXTRACTION					13,070,296
OTHER MORTGAGE BACKED SECURITIES - 3.07%
3,310,000		Banc of America Commercial Mortgage, Inc Series 2002-2 (Class A3)	5.118	07/11/43	NR		3,316,167
650,000		Banc of America Commercial Mortgage, Inc Series 2005-6 (Class AJ)	5.182	09/10/47	Aaa		651,264
2,000,000		Banc of America Commercial Mortgage, Inc Series 2005-1 (Class B)	4.999	11/10/42	NR		1,985,322
6,000,000	d	Bear Stearns Commercial Mortgage Securities Series 2004-PWR5 (Class A5)	4.978	07/11/42	Aaa		5,908,212
1,068,014		CS First Boston Mortgage Securities Corp Series 2004-8 (Class 7A1)	6.000	12/25/34	NR		1,074,039
1,660,000		Ge Capital Commercial Mortgage Corp Series 2003-C2 (Class A4)	5.145	07/10/37	Aaa		1,660,911
2,000,000		Bear Stearns Commercial Mortgage Securities Series 2005-PW10 (Class AJ)	5.464	12/11/40	NR		2,033,548
1,500,000		Countrywide Alternative Loan Trust Series 2005-J8 (Class 1A5)	5.500	07/25/35	Aaa		1,463,859
2,940,045		Countrywide Home Loan Mortgage Pass Through Trust Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		2,913,227
10,000,000	d	LB-UBS Commercial Mortgage Trust Series 2004-C7 (Class A6)	4.786	10/15/29	Aaa		9,734,430

424

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     230,310		Wells Fargo Mortgage Backed Securities Trust Series 2005-5 (Class 1A1)	5.000	05/25/20	Aaa	$	226,208
1,300,000	v	Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		1,307,090
2,000,000		Greenwich Capital Commercial Funding Corp Series 2004-GG1 (Class A7)	5.317	06/10/36	Aaa		2,018,778
2,210,000		JP Morgan Chase Commercial Mortgage Securities Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		2,225,256
1,300,000		LB-UBS Commercial Mortgage Trust Series 2005-C3 (Class A2)	4.553	07/15/30	Aaa		1,273,579
2,000,000		LB-UBS Commercial Mortgage Trust Series 2005-C5 (Class AJ)	5.057	09/15/40	NR		1,961,642
3,654,291		MASTR Alternative Loans Trust Series 2004-8 (Class 5A1)	6.000	09/25/34	NR		3,660,003
1,100,000		Wachovia Bank Commercial Mortgage Trust Series 2002-C2 (Class A4)	4.980	11/15/34	Aaa		1,092,264
2,967,488	v	Washington Mutual, Inc Series 2005-AR15 (Class A1A1)	4.639	11/25/45	Aaa		2,966,562
		TOTAL OTHER MORTGAGE BACKED SECURITIES					47,472,361
PAPER AND ALLIED PRODUCTS - 0.27%
1,000,000		Bemis Co	4.875	04/01/12	Baa1		975,524
1,660,000		Kimberly-Clark Corp	7.100	08/01/07	Aa2		1,715,086
1,500,000	g	Sappi Papier Holding AG	6.750	06/15/12	Baa3		1,432,511
		TOTAL PAPER AND ALLIED PRODUCTS					4,123,121
PETROLEUM AND COAL PRODUCTS - 0.09%
550,000		ConocoPhillips	5.900	10/15/32	A1		590,896
900,000	g	PTT PCL	5.875	08/03/35	A2		866,885
		TOTAL PETROLEUM AND COAL PRODUCTS					1,457,781
PIPELINES, EXCEPT NATURAL GAS - 0.35%
1,000,000		Enbridge Energy Partners Lp	4.000	01/15/09	Baa2		964,409
400,000		Enterprise Products Operating Lp	4.000	10/15/07	Baa3		392,866
500,000		Enterprise Products Operating Lp	4.950	06/01/10	Baa3		490,253
750,000		Enterprise Products Operating Lp	5.600	10/15/14	Baa3		747,912
750,000		Enterprise Products Operating Lp	5.000	03/01/15	Baa3		714,958
550,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		545,015
1,000,000	g	Plains All American Pipeline Lp/PAA Finance Corp	4.750	08/15/09	Baa3		982,968
550,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		517,768
		TOTAL PIPELINES, EXCEPT NATURAL GAS					5,356,149
PRIMARY METAL INDUSTRIES - 0.14%
500,000		Alcoa, Inc	6.500	06/01/11	A2		533,182
1,150,000		Alcan, Inc	5.000	06/01/15	Baa1		1,117,229
500,000		Alcan, Inc	6.125	12/15/33	Baa1		513,731
		TOTAL PRIMARY METAL INDUSTRIES					2,164,142
PRINTING AND PUBLISHING - 0.12%
1,700,000		CBS Corp	7.700	07/30/10	Baa3		1,843,695
		TOTAL PRINTING AND PUBLISHING					1,843,695

425

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
RAILROAD TRANSPORTATION - 0.18%
$     1,000,000		Burlington Northern Santa Fe Corp	5.900	07/01/12	Baa2	$	1,047,210
550,000		Canadian National Railway Co	4.400	03/15/13	A3		529,261
263,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		262,903
287,000		Norfolk Southern Corp	7.250	02/15/31	Baa1		349,417
500,000		Union Pacific Corp	6.500	04/15/12	Baa2		537,787
		TOTAL RAILROAD TRANSPORTATION					2,726,578
SECURITY AND COMMODITY BROKERS - 1.51%
1,500,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		1,544,151
2,150,000		Credit Suisse First Boston USA, Inc	4.875	08/15/10	Aa3		2,132,673
650,000		Goldman Sachs Group Lp	4.500	06/15/10	Aa3		635,337
650,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		659,558
1,100,000		Lehman Brothers Holdings, Inc	6.250	05/15/06	A1		1,105,573
3,200,000		Lehman Brothers Holdings, Inc	4.000	01/22/08	A1		3,143,415
1,900,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		2,050,194
900,000		Merrill Lynch & Co, Inc	4.790	08/04/10	Aa3		890,424
1,000,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		987,582
2,000,000		Morgan Stanley	4.000	01/15/10	Aa3		1,923,290
3,250,000		Morgan Stanley	5.300	03/01/13	Aa3		3,257,581
4,637,285	g	Morgan Stanley Tracers	6.789	06/15/12	Baa2		4,933,839
		TOTAL SECURITY AND COMMODITY BROKERS					23,263,617
TRANSPORTATION EQUIPMENT - 0.61%
1,000,000		DaimlerChrysler NA Holding Corp	4.875	06/15/10	A3		975,515
410,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	A3		428,709
830,000		DaimlerChrysler NA Holding Corp	8.500	01/18/31	A3		1,005,196
500,000		General Dynamics Corp	3.000	05/15/08	A2		479,362
550,000		Lockheed Martin Corp	8.500	12/01/29	Baa2		748,553
410,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		520,667
3,550,000		United Technologies Corp	4.875	11/01/06	A2		3,558,641
1,100,000		United Technologies Corp	6.350	03/01/11	A2		1,172,874
500,000		United Technologies Corp	5.400	05/01/35	A2		498,314
		TOTAL TRANSPORTATION EQUIPMENT					9,387,831
WHOLESALE TRADE-NONDURABLE GOODS - 0.16%
2,500,000		Sysco Corp	5.375	09/21/35	A1		2,467,789
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					2,467,789
		TOTAL CORPORATE BONDS					368,488,492
		(Cost $380,764,997)
GOVERNMENT BONDS - 72.67%
AGENCY SECURITIES - 20.49%
4,000,000		Cal Dive International, Inc	4.930	02/01/27	NR		3,954,320

426

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     16,020,000	d	Federal Farm Credit Bank (FFCB)	2.250	09/01/06	Aaa	$	15,770,889
2,500,000		FFCB	3.375	07/15/08	Aaa		2,423,948
6,550,000		FFCB	3.875	01/12/09	Aaa		6,396,874
2,500,000		FFCB	4.125	04/15/09	Aaa		2,456,471
4,000,000		FFCB	4.700	08/10/15	Aaa		3,958,904
8,000,000		FFCB	4.875	12/16/15	Aaa		8,031,007
4,250,000		Federal Home Loan Bank (FHLB)	2.500	04/20/09	Aaa		4,222,549
15,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.550	11/15/07	Aaa		14,678,210
2,665,000		FHLMC	3.500	03/24/08	Aaa		2,594,773
1,820,000		FHLMC	5.750	04/15/08	Aaa		1,861,947
6,500,000		FHLMC	3.600	05/22/08	Aaa		6,334,580
5,000,000		FHLMC	3.875	06/15/08	Aaa		4,908,560
4,000,000		FHLMC	4.625	09/15/08	Aaa		3,970,951
1,500,000		FHLMC	3.750	02/27/09	Aaa		1,450,032
33,000,000		FHLMC	7.000	03/15/10	Aaa		35,811,656
4,146,000		FHLMC	4.125	07/12/10	Aaa		4,041,297
3,200,000		FHLMC	4.750	01/18/11	Aaa		3,200,556
20,248,000		FHLMC	5.875	03/21/11	Aa2		21,075,491
3,870,000		FHLMC	6.375	08/01/11	Aa2		3,898,347
10,000,000		FHLMC	6.250	03/05/12	Aa2		10,157,368
1,000,000		FHLMC	4.375	07/17/15	Aaa		966,520
6,000,000	d	Federal National Mortgage Association (FNMA)	2.625	11/15/06	Aaa		5,893,530
20,000,000		FNMA	3.875	05/15/07	Aaa		19,789,584
2,750,000		FNMA	3.375	05/15/07	Aaa		2,697,546
11,000,000		FNMA	4.000	05/23/07	Aaa		10,871,683
4,000,000		FNMA	3.750	08/15/07	Aaa		3,937,928
8,000,000		FNMA	4.625	01/15/08	Aaa		7,994,315
3,375,000		FNMA	4.450	04/11/08	Aaa		3,374,865
9,000,000		FNMA	4.125	06/16/08	Aaa		8,865,761
3,000,000	d	FNMA	3.375	12/15/08	Aaa		2,893,510
10,000,000		FNMA	3.660	02/25/09	Aaa		9,667,730
46,000,000	d	FNMA	7.125	06/15/10	Aaa		50,331,567
5,000,000		FNMA	6.625	11/15/10	Aaa		5,400,717
2,000,000		FNMA	4.125	01/30/12	Aaa		1,913,484
10,000,000		FNMA	5.250	08/01/12	Aa2		10,106,728
5,000,000		FNMA	6.470	09/25/12	Aaa		5,457,580
1,000,000	d	FNMA	6.210	08/06/38	Aaa		1,190,805
2,000,000		Private Export Funding Corp	5.340	03/15/06	Aaa		2,002,640
1,750,000		Totem Ocean Trailer Express, Inc	4.514	12/18/19	NR		1,709,278
		TOTAL AGENCY SECURITIES					316,264,501
FOREIGN GOVERNMENT BONDS - 3.16%
1,500,000		Asian Development Bank/Pasig	4.125	09/15/10	Aaa		1,468,123
280,000		Canada Government International Bond	6.750	08/28/06	Aaa		283,781
2,500,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		2,510,380
410,000		Chile Government International Bond	5.500	01/15/13	Baa1		420,332
1,650,000		China Development Bank	5.000	10/15/15	A2		1,616,257
900,000		Development Bank of Japan	4.250	06/09/15	Aaa		863,468
6,000,000		Egypt Government AID Bonds	4.450	09/15/15	Aaa		5,858,063
6,000,000		Eksportfinans A/S	4.750	12/15/08	NR		6,004,049

427

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     750,000		European Investment Bank	4.000	03/03/10	Aaa	$	731,625
2,500,000		Federal Republic of Germany	3.875	06/01/10	Aaa		2,440,345
280,000		Inter-American Development Bank	6.125	03/08/06	Aaa		280,719
500,000		Inter-American Development Bank	4.375	09/20/12	Aaa		489,249
3,000,000		International Finance Corp	3.750	06/30/09	Aaa		2,915,493
2,000,000		Italy Government International Bond	4.500	01/21/15	NR		1,939,267
410,000		Korea Development Bank	5.750	09/10/13	A3		424,641
410,000		Mexico Government International Bond	6.375	01/16/13	Baa1		435,830
966,000		Mexico Government International Bond	5.875	01/15/14	Baa1		1,001,259
550,000		Mexico Government International Bond	8.300	08/15/31	Baa1		703,785
1,500,000		Mexico Government International Bond	6.750	09/27/34	Baa1		1,635,000
5,000,000		Province of Manitoba Canada	4.450	04/12/10	Aa2		4,960,998
2,500,000		Province of Ontario	2.650	12/15/06	Aa2		2,453,705
550,000		Province of Ontario	5.500	10/01/08	Aa2		561,017
1,500,000		Province of Ontario	4.500	02/03/15	Aa2		1,466,113
1,380,000		Province of Quebec Canada	5.000	07/17/09	A1		1,391,036
1,800,000		Province of Quebec Canada	4.600	05/26/15	A1		1,757,078
1,380,000		Province of Quebec Canada	7.500	09/15/29	A1		1,811,165
2,000,000		Province of Saskatchewan Canada	7.375	07/15/13	Aa2		2,330,861
		TOTAL FOREIGN GOVERNMENT BONDS					48,753,639
MORTGAGE BACKED SECURITIES - 33.87%
12,105,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	04/15/07			11,967,141
6,000,000		FHLMC	3.500	04/28/08			5,838,102
5,384,000		FHLMC	6.875	09/15/10			5,860,029
2,390,344		FHLMC	6.000	04/15/30			2,396,538
2,012,307		FHLMC	6.000	12/15/30			2,040,844
132,220		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500	01/01/16			138,859
9,385		FGLMC	7.500	05/01/16			9,857
11,822		FGLMC	7.500	06/01/16			12,417
2,331,167		FGLMC	5.000	05/01/18			2,311,260
2,316,579		FGLMC	5.000	06/01/18			2,296,796
5,079,511		FGLMC	4.500	09/01/18			4,954,143
5,312,366		FGLMC	4.500	01/01/19			5,177,336
8,930,340		FGLMC	4.500	05/01/19			8,703,349
6,542,453		FGLMC	5.000	05/01/20			6,477,872
123,763		FGLMC	7.000	10/01/20			129,331
16,227		FGLMC	6.500	10/01/28			16,698
180,326	d	FGLMC	6.500	01/01/29			185,559
29,197		FGLMC	6.500	03/01/29			30,045
128,084		FGLMC	6.500	07/01/29			131,753
49,265		FGLMC	8.000	01/01/31			52,543
204,942	d	FGLMC	6.500	09/01/31			210,450
212,930		FGLMC	8.000	09/01/31			227,012
27,469		FGLMC	7.000	10/01/31			28,619
1,684,828		FGLMC	7.000	12/01/31			1,755,239
6,452,244		FGLMC	6.000	03/01/33			6,527,852
2,005,178		FGLMC	6.000	03/01/33			2,028,675
1,264,314		FGLMC	6.000	03/01/33			1,278,428
3,385,346		FGLMC	5.500	09/01/33			3,362,563

428

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     3,727,170		FGLMC	5.500	09/01/33	$	3,702,087
2,775,527		FGLMC	5.500	09/01/33		2,756,848
3,753,920		FGLMC	6.000	09/01/33		3,795,825
7,017,273		FGLMC	5.000	09/01/33		6,818,067
4,222,879		FGLMC	5.500	10/01/33		4,194,460
1,165,232		FGLMC	6.000	11/01/33		1,178,240
959,297		FGLMC	6.500	11/01/33		983,315
13,468,008		FGLMC	5.500	12/01/33		13,380,305
11,179,679		FGLMC	5.000	01/01/34		10,862,310
1,842,066		FGLMC	5.500	12/01/34		1,826,962
8,639,285		FGLMC	4.500	04/01/35		8,145,913
4,140,997		FGLMC	6.000	05/01/35		4,182,838
3,712,513		FGLMC	6.000	07/01/35		3,750,025
949,673	h	FGLMC	5.000	07/01/35		919,402
2,911,509		FGLMC	6.000	08/01/35		2,940,927
3,000,000	h	Federal National Mortgage Association (FNMA)	4.000	02/16/06		2,863,125
2,900,103		FNMA	4.440	07/01/13		2,801,375
3,685,809		FNMA	4.735	10/01/13		3,623,564
3,376,455		FNMA	4.772	02/01/14		3,329,121
15,514,526		FNMA	4.804	03/01/16		15,359,607
10,455,657		FNMA	6.000	02/01/34		10,564,825
14,981,754		FNMA	5.500	09/01/34		14,849,391
3,222,405		FNMA	5.500	09/01/34		3,193,935
6,695,582		FNMA	5.500	04/01/35		6,631,419
3,217,113		FNMA	5.500	05/01/35		3,186,284
158,856		FNMA	5.000	06/01/13		158,426
83,356		FNMA	6.000	09/01/13		85,176
66,890		FNMA	6.500	12/01/13		68,815
39,062		FNMA	6.000	06/01/14		39,930
8,170		FNMA	6.500	07/01/14		8,406
6,896,778		FNMA	4.640	11/01/14		6,718,476
143,238		FNMA	6.500	10/01/16		147,355
1,065,129	d	FNMA	6.500	11/01/16		1,095,737
774,943	d	FNMA	6.500	04/01/17		796,201
999,143		FNMA	6.000	11/01/17		1,021,336
760,833		FNMA	6.000	02/01/18		777,715
26,000,000	h	FNMA	5.500	02/25/18		26,130,000
792,768		FNMA	5.500	04/01/18		798,032
215,953		FNMA	5.500	05/01/18		217,387
3,172,988		FNMA	4.500	10/01/18		3,094,670
7,058,687	d	FNMA	5.000	11/01/18		6,993,310
487,267		FNMA	6.000	01/01/19		496,622
35,000,000	h	FNMA	4.500	02/25/19		34,037,500
768,171		FNMA	4.500	05/01/19		748,635
1,525,521		FNMA	5.000	11/01/23		1,493,072
1,368,635		FNMA	5.500	02/01/24		1,368,906
7,511		FNMA	8.000	07/01/24		8,021
785,748		FNMA	5.500	07/01/24		784,706
9,713,594		FNMA	5.000	03/01/25		9,497,059
4,537		FNMA	7.500	01/01/29		4,765
14,018		FNMA	6.500	04/01/29		14,437
18,106		FNMA	7.500	07/01/29		18,989

429

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$          3,884		FNMA	7.500	07/01/29	$	4,074
9,577		FNMA	7.500	02/01/31		10,037
32,612		FNMA	7.500	03/01/31		34,179
11,415		FNMA	7.500	05/01/31		11,963
248,119		FNMA	6.500	06/01/31		255,049
29,033		FNMA	6.500	09/01/31		29,844
27,634		FNMA	6.500	10/01/31		28,406
176,178		FNMA	6.500	11/01/31		181,099
318,350		FNMA	6.000	01/01/32		322,103
11,000,000	h	FNMA	6.500	02/25/32		11,271,568
869,285		FNMA	5.000	02/01/33		845,311
4,921,190		FNMA	5.000	02/01/33		4,787,914
1,217,756		FNMA	5.500	07/01/33		1,208,827
2,370,711		FNMA	4.500	08/01/33		2,241,069
1,999,838		FNMA	5.000	08/01/33		1,944,685
1,659,678		FNMA	5.500	09/01/33		1,647,508
2,296,967		FNMA	5.500	09/01/33		2,280,124
4,128,260		FNMA	4.500	10/01/33		3,902,506
2,291,782		FNMA	5.000	10/01/33		2,228,578
2,233,519		FNMA	5.000	10/01/33		2,171,922
5,599,604		FNMA	5.500	10/01/33		5,558,542
4,730,415		FNMA	5.500	10/01/33		4,695,727
8,546,108	d	FNMA	5.500	10/01/33		8,483,440
9,169,552		FNMA	5.000	11/01/33		8,916,665
6,275,218	d	FNMA	5.500	12/01/33		6,229,202
2,224,788		FNMA	6.000	01/01/34		2,248,017
1,130,738		FNMA	5.000	03/01/34		1,099,554
2,262,365		FNMA	5.000	03/01/34		2,199,971
833,614		FNMA	5.000	03/01/34		810,624
742,169		FNMA	5.000	03/01/34		721,701
5,880,001		FNMA	4.350	03/25/34		5,641,597
6,237,662		FNMA	5.000	04/01/34		6,056,103
544,827		FNMA	6.500	07/01/34		558,945
1,811,452		FNMA	6.500	08/01/34		1,858,391
1,824,436		FNMA	6.000	11/01/34		1,841,687
7,188,655		FNMA	5.000	12/01/34		6,979,415
1,879,084		FNMA	5.500	01/01/35		1,862,483
4,434,138		FNMA	5.500	02/01/35		4,394,963
6,304,455		FNMA	5.500	02/01/35		6,248,756
13,000,000	h	FNMA	5.000	02/25/35		12,585,625
17,877,285		FNMA	5.000	02/25/35		17,708,685
22,000,000	h	FNMA	6.000	02/25/35		22,171,864
4,692,636		FNMA	6.000	05/01/35		4,737,118
497,312		FNMA	7.500	06/01/35		520,883
9,920,709		FNMA	5.000	10/01/35		9,612,751
2,520,423		Freddie Mac Reference REMIC	5.125	10/15/15		2,502,387
5,000,000	h	Government National Mortgage Association (GNMA)	5.000	01/23/06		4,932,810
10,000,000	h	GNMA	5.500	01/23/06		10,059,380
896		GNMA	7.000	01/15/28		942
5,200		GNMA	7.000	02/15/28		5,466
17,171		GNMA	6.500	05/15/28		17,980
2,898		GNMA	7.000	06/15/28		3,046

430

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$          5,782		GNMA	7.000	06/15/28	$	6,077
121,218		GNMA	6.500	09/15/28		126,926
22,461		GNMA	6.500	09/15/28		23,520
11,785		GNMA	7.500	11/15/28		12,408
53,971		GNMA	6.500	11/15/28		56,513
23,447		GNMA	7.500	07/15/29		24,673
5,822		GNMA	8.500	07/15/30		6,285
3,173		GNMA	8.500	07/15/30		3,425
51,659		GNMA	8.500	10/15/30		55,764
76,835		GNMA	8.500	10/20/30		82,632
8,116		GNMA	8.500	11/15/30		8,762
9,540		GNMA	8.500	12/15/30		10,298
16,287		GNMA	7.000	06/20/31		16,989
55,018		GNMA	7.000	07/15/31		57,764
56,102		GNMA	7.000	07/15/31		58,902
44,054		GNMA	6.500	07/15/31		46,045
133,216		GNMA	7.500	02/15/32		140,086
6,392		GNMA	6.500	03/15/33		6,678
4,991,086		GNMA	5.500	09/15/33		5,030,316
14,062,798		GNMA	5.000	03/20/35		13,829,919
		TOTAL MORTGAGE BACKED SECURITIES				522,888,632
U.S. TREASURY SECURITIES - 15.15%
76,400,000		United States Treasury Bond	8.000	11/15/21		105,286,838
14,482,000		United States Treasury Bond	5.375	02/15/31		16,276,463
7,287,360	k	United States Treasury Inflation Indexed Bond	3.875	01/15/09		7,663,096
2,102,847	k	United States Treasury Inflation Indexed Bond	0.875	04/15/10		1,999,660
425,000		United States Treasury Note	4.625	05/15/06		425,433
1,200,000		United States Treasury Note	7.000	07/15/06		1,215,984
24,390,000		United States Treasury Note	2.375	08/15/06		24,090,002
450,000		United States Treasury Note	2.500	09/30/06		443,655
21,925,000	d	United States Treasury Note	2.625	11/15/06		21,588,450
550,000		United States Treasury Note	2.875	11/30/06		542,350
1,140,000		United States Treasury Note	3.000	12/31/06		1,123,926
1,650,000		United States Treasury Note	2.250	02/15/07		1,610,647
19,000,000		United States Treasury Note	3.625	04/30/07		18,803,731
1,900,000		United States Treasury Note	2.750	08/15/07		1,851,094
6,020,000		United States Treasury Note	4.000	09/30/07		5,978,703
700,000		United States Treasury Note	4.250	10/31/07		698,033
15,900,000		United States Treasury Note	4.250	11/30/07		15,855,480
700,000		United States Treasury Note	3.375	02/15/08		685,657
4,000,000		United States Treasury Note	3.125	09/15/08		3,873,080
420,000		United States Treasury Note	4.375	11/15/08		420,130
1,900,000		United States Treasury Note	4.250	10/15/10		1,890,690
650,000		United States Treasury Note	5.000	02/15/11		669,728
850,000		United States Treasury Note	4.500	11/15/15		857,438
		TOTAL U.S. TREASURY SECURITIES				233,850,268

431

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE
		TOTAL GOVERNMENT BONDS			$	1,121,757,040
		(Cost $1,122,550,083)
		TOTAL BONDS				1,490,245,532
		(Cost $1,503,315,080)
SHORT-TERM INVESTMENTS - 10.54%
COMMERICAL PAPER - 4.15%
$     2,960,000		ABN Amro North America Finance, Inc	4.250	01/19/06		2,954,346
5,000,000		Corporate Asset Funding Corp, Inc	4.270	01/13/06		4,993,900
5,000,000	c,d	Danske Corp	4.330	02/13/06		4,975,500
1,860,000	c	Edison Asset Securitization, LLC	4.420	04/07/06		1,838,182
5,000,000		Goldman Sachs Group, Inc	4.330	01/09/06		4,996,400
4,400,000	c	Govco, Inc	4.230	01/25/06		4,388,296
5,000,000		Greyhawk Funding LLC	4.280	01/05/06		4,998,750
5,000,000		Kitty Hawk Funding Corp	4.300	01/17/06		4,991,450
5,000,000		Morgan Stanley Dean Witter	4.370	01/04/06		4,999,400
5,000,000		Rabobank USA Finance Corp	4.280	01/05/06		4,998,800
5,000,000		Ranger Funding Co LLC	4.290	01/17/06		4,991,450
5,000,000	c	Sheffield Receivables Corp	4.300	01/17/06		4,991,450
5,000,000		Societe Generale North America, Inc	4.270	01/03/06		5,000,000
5,000,000		Yorktown Capital, LLC	4.350	01/06/06		4,998,150
		TOTAL COMMERICAL PAPER				64,116,074
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 6.39%
24,450,000		Federal Home Loan Bank (FHLB)	3.400	01/03/06		24,440,899
10,051,000		FHLB	4.100	01/20/06		10,031,401
8,000,000		Federal Home Loan Mortgage Corp (FHLMC)	3.910	01/03/06		8,000,000
20,000,000	d	FHLMC	4.070	01/30/06		19,938,000
21,340,000		FHLMC	4.210	01/31/06		21,271,499
15,000,000		Federal National Mortgage Association (FNMA)	3.350	01/03/06		15,000,000
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				98,681,799
		TOTAL SHORT-TERM INVESTMENTS				162,797,873
		(Cost $162,769,256)
		TOTAL PORTFOLIO - 107.08%				1,653,043,405
		(Cost $1,666,084,336)
		OTHER ASSETS & LIABILITIES, NET - (7.08)%				(109,325,337	)
		NET ASSETS -100.00%			$	1,543,718,068

432

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund

c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities Act of 1933.
d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a delayed delivery basis.
g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions exempt
	from registration to qualified institutional buyers.
	At December 31, 2005, the value of these securities amounted to $21,390,498 or 1.39% 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).
	ABBREVIATION:
	NR - Not Rated
	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.

433

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INFLATION-LINKED BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

					MATURITY
PRINCIPAL			RATE		DATE		VALUE
GOVERNMENT BONDS - 98.72%
U.S. TREASURY SECURITIES - 98.72%
$     21,957,220	k	United States Treasury Inflation Indexed Bonds	3.375	%	01/15/07	$	22,128,706
23,222,387	k	United States Treasury Inflation Indexed Bonds	3.625		01/15/08		23,853,804
21,904,508	k	United States Treasury Inflation Indexed Bonds	3.875		01/15/09		23,033,905
15,704,563	k	United States Treasury Inflation Indexed Bonds	4.250		01/15/10		17,027,202
37,693,533	k	United States Treasury Inflation Indexed Bonds	0.875		04/15/10		35,843,912
15,953,722	k	United States Treasury Inflation Indexed Bonds	3.500		01/15/11		17,057,082
8,744,169	k	United States Treasury Inflation Indexed Bonds	3.375		01/15/12		9,404,092
30,005,464	k	United States Treasury Inflation Indexed Bonds	3.000		07/15/12		31,742,481
27,834,101	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/13		27,466,691
28,739,555	k	United States Treasury Inflation Indexed Bonds	2.000		01/15/14		28,598,157
26,143,094	k	United States Treasury Inflation Indexed Bonds	2.000		07/15/14		26,020,483
25,713,990	k	United States Treasury Inflation Indexed Bonds	1.625		01/15/15		24,791,887
22,733,801	k	United States Treasury Inflation Indexed Bonds	1.875		07/15/15		22,371,425
34,258,345	k	United States Treasury Inflation Indexed Bonds	2.375		01/15/25		36,077,806
22,783,059	k	United States Treasury Inflation Indexed Bonds	3.625		04/15/28		29,450,750
26,468,277	k	United States Treasury Inflation Indexed Bonds	3.875		04/15/29		35,781,670
7,030,462	k	United States Treasury Inflation Indexed Bonds	3.375		04/15/32		9,165,404
		TOTAL U.S. TREASURY SECURITIES					419,815,457
		TOTAL GOVERNMENT BONDS					419,815,457
		(Cost $421,646,567)
SHORT-TERM INVESTMENTS - 0.74%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.74%
3,130,000		Federal Home Loan Bank (FHLB)	3.400		01/03/06		3,128,835
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					3,128,835
		TOTAL SHORT-TERM INVESTMENTS					3,128,835
		(Cost $3,129,409)
		TOTAL PORTFOLIO - 99.46%					422,944,292
		(Cost $424,775,976)
		OTHER ASSETS & LIABILITIES, NET - 0.54%					2,311,321
		NET ASSETS- 100.00%				$	425,255,613
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the
		Consumer Price Index.
		For ease of presentation, we have grouped a number of industry classification categories together in
		the Statement of Investments. Note that the Funds use more specific industry categories in following
		their investment limitations on industry concentration.

434

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

					MATURITY
PRINCIPAL			RATE		DATE		VALUE
SHORT-TERM INVESTMENTS - 100.33%
CERTIFICATES OF DEPOSIT - 6.73%
$     2,000,000		American Express Centurion Bank	4.130	%	01/23/06	$	2,000,012
2,355,000		Barclays Bank, plc	4.420		03/14/06		2,355,047
5,000,000		Regions Bank (Alabama)	4.150		01/10/06		5,000,000
1,500,000		Wells Fargo	4.300		01/27/06		1,500,000
3,500,000		Wells Fargo	4.320		02/09/06		3,500,000
		TOTAL CERTIFICATES OF DEPOSIT					14,355,059
COMMERCIAL PAPER - 87.22%
4,290,000		American Honda Finance Corp	4.060		01/18/06		4,281,775
2,060,000		American Honda Finance Corp	4.120		01/26/06		2,054,106
2,000,000	c	Atlantis One Funding Corp	4.040		01/17/06		1,996,409
1,415,000	c	Atlantis One Funding Corp	4.140		01/24/06		1,411,257
1,400,000		Barclays U.S. Funding Co	4.320		02/10/06		1,393,280
900,000	c	Beta Finance, Inc	4.140		01/12/06		898,856
1,000,000	c	Beta Finance, Inc	4.070		01/17/06		998,191
1,000,000	c	Beta Finance, Inc	3.870		01/20/06		997,958
1,000,000	c	Beta Finance, Inc	4.170		02/02/06		996,293
1,215,000	c	Corporate Asset Funding Corp, Inc	4.350		02/16/06		1,208,247
2,000,000	c	CC (USA), Inc	4.040		01/11/06		1,997,756
500,000	c	CC (USA), Inc	3.890		02/15/06		497,569
1,525,000		Caylon North America, Inc	4.220		02/08/06		1,518,207
3,110,000	c	Ciesco Lp	4.280		01/23/06		3,101,866
3,400,000	c	Ciesco Lp	4.350		02/16/06		3,381,102
4,200,000		Concentrate Manufacturing Co	4.240		01/12/06		4,194,559
2,000,000	c	Danske Corp	4.330		02/13/06		1,989,656
2,000,000		Danske Corp	4.030		02/06/06		1,991,420
2,000,000	c	Dorada Finance, Inc	3.900		01/23/06		1,995,233
2,130,000	c	Dorada Finance, Inc	4.300		02/27/06		2,115,431
1,000,000	c	Edison Asset Securitization, LLC	4.190		01/17/06		998,138
3,000,000	c	Edison Asset Securitization, LLC	1.720		02/22/06		2,981,107
925,000	c	Edison Asset Securitization, LLC	1.850		02/08/06		920,762
1,995,000	c	Edison Asset Securitization, LLC	4.370		03/13/06		1,977,609
2,000,000		Fcar Owner Trust I	4.270		01/13/06		1,997,153
1,000,000		Fcar Owner Trust I	4.340		02/08/06		995,419
1,890,000		General Electric Capital Corp	4.090		01/19/06		1,886,135
1,000,000		General Electric Capital Corp	4.330		02/10/06		995,189
2,000,000		General Electric Capital Corp	1.780		03/13/06		1,982,763
1,000,000		General Electric Capital Corp	4.520		06/28/06		977,651
1,000,000		Goldman Sachs Group, Lp	4.270		02/23/06		993,714
500,000	c	Govco, Inc	2.280		01/18/06		499,050
2,970,000	c	Govco, Inc	4.120		01/25/06		2,961,842
1,225,000	c	Govco, Inc	4.020		01/09/06		1,223,900
1,950,000	c	Govco, Inc	4.390		03/14/06		1,932,879
1,000,000	c	Grampian Funding LLC	4.110		01/26/06		997,146
5,000,000	c	Grampian Funding LLC	3.740		01/09/06		4,995,844

435

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     1,000,000	c	Grampian Funding LLC	4.040	02/01/06	$	996,521
1,020,000	c	Greyhawk Funding LLC	4.200	01/18/06		1,017,967
2,262,000	c	Greyhawk Funding LLC	4.310	01/30/06		2,254,146
2,180,000	c	Greyhawk Funding LLC	4.210	02/06/06		2,170,822
1,100,000		HBOS Treasury Services plc	4.270	02/21/06		1,093,252
2,955,000		HBOS Treasury Services plc	4.220	02/03/06		2,943,569
2,000,000		HBOS Treasury Services plc	4.350	03/28/06		1,979,217
4,090,000		HSBC Finance Corp	4.150	01/30/06		4,076,327
2,500,000		HSBC Finance Corp	4.290	02/28/06		2,482,721
4,765,000	c	Harley-Davidson Funding Corp	4.260	02/01/06		4,747,520
1,820,000	c	Harley-Davidson Funding Corp	4.300	02/09/06		1,811,522
4,000,000	c	Harrier Finance Funding LLC	4.200	02/15/06		3,979,000
2,000,000	c	IBM Capital, Inc	4.340	03/08/06		1,984,465
3,265,000	c	Kimberly-Clark Worldwide, Inc	4.240	01/19/06		3,258,078
1,000,000	c	Kitty Hawk Funding Corp	4.220	01/20/06		997,773
3,000,000	c	Links Finance LLC	4.380	03/08/06		2,975,910
3,000,000		Nestle Capital Corp	4.220	02/02/06		2,988,925
1,675,000		Paccar Financial Corp	4.250	02/23/06		1,664,520
2,510,000		Paccar Financial Corp	4.270	02/27/06		2,493,030
595,000		Paccar Financial Corp	4.160	02/01/06		592,869
1,000,000		Paccar Financial Corp	4.210	02/07/06		995,833
1,000,000		Paccar Financial Corp	4.380	03/14/06		991,240
1,000,000	c	Park Avenue Receivables Corp	4.300	01/26/06		997,014
5,480,000	c	Park Avenue Receivables Corp	2.150	01/04/06		5,478,041
2,000,000	c	Pfizer Investment Capital plc	4.255	01/24/06		1,994,679
3,000,000	c	Preferred Receivables Funding	4.130	01/06/06		2,998,279
2,970,000	c	Preferred Receivables Funding	1.810	01/09/06		2,967,162
3,895,000	c	Private Export Funding Corp	4.170	02/07/06		3,878,307
3,000,000	c	Private Export Funding Corp	4.300	03/09/06		2,975,992
2,500,000	c	Procter & Gamble Co	4.020	01/17/06		2,495,642
2,000,000	c	Procter & Gamble Co	4.090	01/26/06		1,994,319
3,000,000		Rabobank Usa Financial Co	4.450	05/15/06		2,951,698
461,000	c	Ranger Funding Co LLC	4.075	01/17/06		460,165
2,875,000	c	Ranger Funding Co LLC	3.970	01/03/06		2,874,364
3,340,000	c	Ranger Funding Co LLC	4.190	01/05/06		3,338,426
2,850,000		Royal Bank of Scotland plc	4.200	01/31/06		2,840,025
3,000,000		Royal Bank of Scotland plc	4.290	02/06/06		2,987,130
1,215,000	c	Scaldis Capital LLC	3.890	01/25/06		1,211,582
1,225,000	c	Scaldis Capital LLC	4.220	01/30/06		1,220,836
1,318,000	c	Scaldis Capital LLC	4.270	02/16/06		1,310,809
2,000,000	c	Scaldis Capital LLC	4.200	02/03/06		1,992,300
3,000,000	c	Sheffield Receivables Corp	4.300	01/19/06		2,993,550
1,810,000		Shell International Finance BV	4.340	03/31/06		1,790,535
1,000,000	c	Sherwin-Williams Co	4.300	02/14/06		994,744
1,000,000	c	Sigma Finance, Inc	4.400	05/08/06		984,478
2,000,000		Societe Generale North America, Inc	4.340	02/22/06		1,987,820
910,000		Societe Generale North America, Inc	4.430	04/12/06		898,690
1,900,000		UBS Finance, (Delaware), Inc	1.670	01/18/06		1,896,205
600,000		UBS Finance, (Delaware), Inc	1.770	02/22/06		596,390
2,080,000		UBS Finance, (Delaware), Inc	1.830	02/28/06		2,065,423
2,360,000		UBS Finance, (Delaware), Inc	1.760	04/19/06		2,328,565
2,000,000	c	Variable Funding Capital Corp	4.000	01/05/06		1,999,111

436

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund

				MATURITY
PRINCIPAL			RATE	DATE		VALUE
$     2,140,000	c	Variable Funding Capital Corp	4.260	02/06/06	$	2,130,884
1,523,000	c	Yorktown Capital, LLC	4.310	01/17/06		1,520,374
		TOTAL COMMERCIAL PAPER				185,984,238
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.63%
330,000		Federal Home Loan Bank Discount Notes	1.500	01/17/06		329,400
640,000		Federal Home Loan Bank Discount Notes	3.790	01/18/06		638,855
422,000		Federal Home Loan Bank Discount Notes	1.650	01/23/06		421,023
2,000,000		Federal Home Loan Bank Discount Notes	4.220	02/10/06		1,990,784
236,000		Fannie Mae Discount Notes	4.250	02/13/06		234,802
2,000,000		Fannie Mae Discount Notes	1.740	02/15/06		1,989,736
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				5,604,600
VARIABLE NOTES - 3.75%
5,000,000		Toyota Motor Credit Corp	4.300	10/10/06		4,999,892
3,000,000		U.S. Bancorp	4.491	09/29/06		3,000,069
		TOTAL VARIABLE NOTES				7,999,961
		TOTAL SHORT-TERM INVESTMENTS				213,943,858
		(Cost $213,943,858)
		TOTAL PORTFOLIO - 100.33%				213,943,858
		(Cost $213,943,858)
		OTHER ASSETS & LIABILITIES, NET - (0.33)%				(709,094	)
		NET ASSETS - 100.00%			$	213,234,764
	c	Commerical 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 Statement
		of investments. Note that the Funds use more specific industry categories in following their investment limitations
		on industry concentration.

437

The following is information about the holdings of the TIAA-CREF Lifecycle Funds in
the TIAA-CREF Institutional Mutual Funds as of December 31, 2005 (unaudited):

	Lifecycle 2010 Fund		Lifecycle 2015 Fund		Lifecycle 2020 Fund
	Number of		Number of		Number of
	Shares held in	Percent of Total Shares	Shares held in	Percent of Total Shares	Shares held in	Percent of Total Shares
Funds	Funds	outstanding in the Funds	Funds	outstanding in the Funds	Funds	outstanding in the Funds
TIAA-CREF Institutional Mutual Funds
Bond Fund - Institutional Class	208,012	0.14%	200,902	0.13%	108,597	0.07%
Growth Equity Fund - Institutional Class	198,288	1.11%	253,363	1.42%	169,964	0.96%
Inflation-Linked Bond Fund - Institutional Class	203,546	0.59%	196,961	0.57%	106,265	0.31%
International Equity Fund - Institutional Class	40,955	0.07%	53,159	0.09%	35,095	0.06%
Large-Cap Value Fund - Institutional Class	100,668	0.60%	129,041	0.77%	86,276	0.52%
Real Estate Securities Fund - Institutional Class	18,227	0.10%	23,521	0.13%	15,623	0.09%
Small-Cap Equity Fund - Institutional Class	16,132	0.20%	20,716	0.25%	13,828	0.17%
	Lifecycle 2025 Fund		Lifecycle 2030 Fund		Lifecycle 2035 Fund
	Number of		Number of		Number of
	Shares held in	Percent of Total Shares	Shares held in	Percent of Total Shares	Shares held in	Percent of Total Shares
Funds	Funds	outstanding in the Funds	Funds	outstanding in the Funds	Funds	outstanding in the Funds
TIAA-CREF Institutional Mutual Funds
Bond Fund - Institutional Class	102,977	0.07%	61,303	0.04%	45,615	0.03%
Growth Equity Fund - Institutional Class	199,338	1.12%	147,949	0.83%	141,528	0.80%
Inflation-Linked Bond Fund - Institutional Class	100,763	0.29%	59,983	0.17%	44,633	0.13%
International Equity Fund - Institutional Class	41,202	0.07%	31,299	0.05%	30,028	0.05%
Large-Cap Value Fund - Institutional Class	101,222	0.60%	75,480	0.45%	72,148	0.43%
Real Estate Securities Fund - Institutional Class	18,462	0.10%	14,054	0.08%	13,479	0.07%
Small-Cap Equity Fund - Institutional Class	16,226	0.20%	12,296	0.15%	11,736	0.14%
	Lifecycle 2040 Fund		All Lifecycle Funds
	Number of		Number of
	Shares held in	Percent of Total Shares	Shares held in	Percent of Total Shares
Funds	Funds	outstanding in the Funds	Funds	outstanding in the Funds
TIAA-CREF Institutional Mutual Funds
Bond Fund - Institutional Class	27,935	0.02%	755,341	0.49%
Growth Equity Fund - Institutional Class	118,759	0.67%	1,229,189	6.91%
Inflation-Linked Bond Fund - Institutional Class	27,291	0.08%	739,442	2.14%
International Equity Fund - Institutional Class	25,863	0.05%	257,601	0.45%
Large-Cap Value Fund - Institutional Class	60,510	0.36%	625,345	3.73%
Real Estate Securities Fund - Institutional Class	11,490	0.06%	114,856	0.63%
Small-Cap Equity Fund - Institutional Class	9,886	0.12%	100,820	1.23%

1 TIAA-CREF LIFECYCLE FUNDS
2010 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 98.85%
208,012	TIAA-CREF Institutional Bond Fund	$	2,088,440
198,288	TIAA-CREF Institutional Growth Equity Fund		1,415,780
203,546	TIAA-CREF Institutional Inflation-Linked Bond Fund		2,090,422
40,955	TIAA-CREF Institutional International Equity Fund		473,444
100,668	TIAA-CREF Institutional Large-Cap Value Fund		1,423,442
18,227	TIAA-CREF Institutional Real Estate Securities Fund		237,685
16,132	TIAA-CREF Institutional Small-Cap Equity Fund		236,009
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		7,965,222
	(Cost $8,068,190)
	TOTAL PORTFOLIO - 98.85%		7,965,222
	(Cost $8,068,190)
	OTHER ASSETS & LIABILITIES, NET - 1.15%		92,642
	NET ASSETS - 100.00%	$	8,057,864

2 TIAA-CREF LIFECYCLE FUNDS
2015 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.15%
200,902	TIAA-CREF Institutional Bond Fund	$	2,017,052
253,363	TIAA-CREF Institutional Growth Equity Fund		1,809,013
196,961	TIAA-CREF Institutional Inflation-Linked Bond Fund		2,022,791
53,159	TIAA-CREF Institutional International Equity Fund		614,522
129,041	TIAA-CREF Institutional Large-Cap Value Fund		1,824,643
23,521	TIAA-CREF Institutional Real Estate Securities Fund		306,713
20,716	TIAA-CREF Institutional Small-Cap Equity Fund		303,079
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		8,897,813
	(Cost $9,011,716)
	TOTAL PORTFOLIO - 99.15%		8,897,813
	(Cost $9,011,716)
	OTHER ASSETS & LIABILITIES, NET - 0.85%		76,572
	NET ASSETS - 100.00%	$	8,974,385

3 TIAA-CREF LIFECYCLE FUNDS
2020 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 98.23%
108,597	TIAA-CREF Institutional Bond Fund	$	1,090,317
169,964	TIAA-CREF Institutional Growth Equity Fund		1,213,546
106,265	TIAA-CREF Institutional Inflation-Linked Bond Fund		1,091,340
35,095	TIAA-CREF Institutional International Equity Fund		405,698
86,276	TIAA-CREF Institutional Large-Cap Value Fund		1,219,948
15,623	TIAA-CREF Institutional Real Estate Securities Fund		203,722
13,828	TIAA-CREF Institutional Small-Cap Equity Fund		202,311
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		5,426,882
	(Cost $5,449,548)
	TOTAL PORTFOLIO - 98.23%		5,426,882
	(Cost $5,449,548)
	OTHER ASSETS & LIABILITIES, NET - 1.77%		97,694
	NET ASSETS - 100.00%	$	5,524,576

4 TIAA-CREF LIFECYCLE FUNDS
2025 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 98.13%
102,977	TIAA-CREF Institutional Bond Fund	$	1,033,893
199,338	TIAA-CREF Institutional Growth Equity Fund		1,423,276
100,763	TIAA-CREF Institutional Inflation-Linked Bond Fund		1,034,836
41,202	TIAA-CREF Institutional International Equity Fund		476,297
101,222	TIAA-CREF Institutional Large-Cap Value Fund		1,431,283
18,462	TIAA-CREF Institutional Real Estate Securities Fund		240,739
16,226	TIAA-CREF Institutional Small-Cap Equity Fund		237,391
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		5,877,715
	(Cost $5,882,136)
	TOTAL PORTFOLIO - 98.13%		5,877,715
	(Cost $5,882,136)
	OTHER ASSETS & LIABILITIES, NET - 1.87%		111,790
	NET ASSETS - 100.00%	$	5,989,505

5 TIAA-CREF LIFECYCLE FUNDS
2030 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 96.67%
61,303	TIAA-CREF Institutional Bond Fund	$	615,482
147,949	TIAA-CREF Institutional Growth Equity Fund		1,056,353
59,983	TIAA-CREF Institutional Inflation-Linked Bond Fund		616,027
31,299	TIAA-CREF Institutional International Equity Fund		361,821
75,480	TIAA-CREF Institutional Large-Cap Value Fund		1,067,282
14,054	TIAA-CREF Institutional Real Estate Securities Fund		183,262
12,296	TIAA-CREF Institutional Small-Cap Equity Fund		179,890
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		4,080,117
	(Cost $4,044,456)
	TOTAL PORTFOLIO - 96.67%		4,080,117
	(Cost $4,044,456)
	OTHER ASSETS & LIABILITIES, NET - 3.33%		140,503
	NET ASSETS - 100.00%	$	4,220,620

6

TIAA-CREF LIFECYCLE FUNDS
2035 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 97.06%
45,615	TIAA-CREF Institutional Bond Fund	$	457,970
141,528	TIAA-CREF Institutional Growth Equity Fund		1,010,509
44,633	TIAA-CREF Institutional Inflation-Linked Bond Fund		458,379
30,028	TIAA-CREF Institutional International Equity Fund		347,128
72,148	TIAA-CREF Institutional Large-Cap Value Fund		1,020,180
13,479	TIAA-CREF Institutional Real Estate Securities Fund		175,760
11,736	TIAA-CREF Institutional Small-Cap Equity Fund		171,703
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		3,641,629
	(Cost $3,589,368)
	TOTAL PORTFOLIO - 97.06%		3,641,629
	(Cost $3,589,368)
	OTHER ASSETS & LIABILITIES, NET - 2.94%		110,394
	NET ASSETS - 100.00%	$	3,752,023

7 TIAA-CREF LIFECYCLE FUNDS
2040 FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2005

SHARES			VALUE
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 95.58%
27,935	TIAA-CREF Institutional Bond Fund	$	280,467
118,759	TIAA-CREF Institutional Growth Equity Fund		847,940
27,291	TIAA-CREF Institutional Inflation-Linked Bond Fund		280,275
25,863	TIAA-CREF Institutional International Equity Fund		298,978
60,510	TIAA-CREF Institutional Large-Cap Value Fund		855,608
11,490	TIAA-CREF Institutional Real Estate Securities Fund		149,834
9,886	TIAA-CREF Institutional Small-Cap Equity Fund		144,625
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		2,857,727
	(Cost $2,811,245)
	TOTAL PORTFOLIO - 95.58%		2,857,727
	(Cost $2,811,245)
	OTHER ASSETS & LIABILITIES, NET - 4.42%		132,211
	NET ASSETS - 100.00%	$	2,989,938

8 Item 2. Controls and Procedures.

     (a) Evaluation of disclosure controls and procedures. An evaluation was performed within 90 days from the date hereof under the supervision of the registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures. Based on that evaluation, the registrant’s management, including the principal executive officer and principal financial officer, concluded that the registrant’s disclosure controls and procedures were effective for this 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 last fiscal quarter that materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

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

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

SIGNATURES

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

		TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
Date:  February 28, 2006	By:	/s/Bertram L. Scott________________________
		Bertram L. Scott
		Executive Vice President

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

Date:  February 28, 2006	By:	/s/Bertram L. Scott
		Bertram L. Scott
		Executive Vice President
		(principal executive officer)

Date:  February 28, 2006	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 3. Exhibits.

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

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