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: December 31

Date of reporting period: October 1, 2006 – December 31, 2006

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 100.22%
APPAREL AND ACCESSORY STORES - 0.86%
28,955	*	J Crew Group, Inc	$	1,116,215
		TOTAL APPAREL AND ACCESSORY STORES		1,116,215
APPAREL AND OTHER TEXTILE PRODUCTS - 1.03%
17,275		Polo Ralph Lauren Corp		1,341,577
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,341,577
BUSINESS SERVICES - 11.06%
62,517	*	Adobe Systems, Inc		2,570,699
3,361	*	Cognizant Technology Solutions Corp (Class A)		259,335
18,522	*	eBay, Inc		556,957
37,781	*	Electronic Arts, Inc		1,902,651
8,672	*	Google, Inc (Class A)		3,993,283
104,489		Microsoft Corp		3,120,042
76,539	*	Yahoo!, Inc		1,954,806
		TOTAL BUSINESS SERVICES		14,357,773
CHEMICALS AND ALLIED PRODUCTS - 12.79%
42,790		Abbott Laboratories		2,084,301
19,873	*	Amgen, Inc		1,357,525
20,910	*	Genentech, Inc		1,696,428
28,785	*	Gilead Sciences, Inc		1,869,010
47,641	*	Keryx Biopharmaceuticals, Inc		633,625
48,769		Monsanto Co		2,561,836
46,026		Procter & Gamble Co		2,958,091
7,096		Roche Holding AG.		1,272,446
42,566		Wyeth		2,167,461
		TOTAL CHEMICALS AND ALLIED PRODUCTS		16,600,723
COMMUNICATIONS - 2.49%
24,164		America Movil S.A. de C.V.(Series L) (ADR)		1,092,696
25,649		AT&T, Inc		916,952
5,690	*	Comcast Corp (Class A)		240,858
36,360		Grupo Televisa S.A. (ADR)		982,084
		TOTAL COMMUNICATIONS		3,232,590
EATING AND DRINKING PLACES - 1.33%
48,616	*	Starbucks Corp		1,721,979
		TOTAL EATING AND DRINKING PLACES		1,721,979
ELECTRIC, GAS, AND SANITARY SERVICES - 0.78%
35,757		Fortum Oyj		1,017,650
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,017,650
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.83%
36,207	*	Apple Computer, Inc		3,071,802
13,827	*	Broadcom Corp (Class A)		446,750
147,141	*	Cisco Systems, Inc		4,021,364

1

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
16,507		Cooper Industries Ltd (Class A)	$	1,492,728
49,869		Emerson Electric Co		2,198,724
33,205		Intel Corp		672,401
55,061	*	Marvell Technology Group Ltd		1,056,621
77,843		Motorola, Inc		1,600,452
25,863		National Semiconductor Corp		587,090
25,083	*	Network Appliance, Inc		985,260
88,586		Qualcomm, Inc		3,347,665
36,902		Texas Instruments, Inc		1,062,778
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		20,543,635
ENGINEERING AND MANAGEMENT SERVICES - 3.29%
32,661	*	Celgene Corp		1,878,987
9,225		Fluor Corp		753,221
41,287		Paychex, Inc		1,632,488
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,264,696
FOOD AND KINDRED PRODUCTS - 2.31%
48,004		PepsiCo, Inc		3,002,650
		TOTAL FOOD AND KINDRED PRODUCTS		3,002,650
FURNITURE AND HOMEFURNISHINGS STORES - 0.71%
16,684	*	GameStop Corp (Class A)		919,455
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		919,455
GENERAL MERCHANDISE STORES - 1.88%
39,847		Target Corp		2,273,271
3,582		Wal-Mart Stores, Inc		165,417
		TOTAL GENERAL MERCHANDISE STORES		2,438,688
HEALTH SERVICES - 0.76%
18,350	*	Medco Health Solutions, Inc		980,624
		TOTAL HEALTH SERVICES		980,624
HOLDING AND OTHER INVESTMENT OFFICES - 3.88%
7,673		Alcon, Inc		857,611
337		Hugoton Royalty Trust		8,290
75,772		iShares Russell 1000 Growth Index Fund		4,167,460
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,033,361
HOTELS AND OTHER LODGING PLACES - 1.92%
18,913		Hilton Hotels Corp		660,064
29,277		Starwood Hotels & Resorts Worldwide, Inc		1,829,813
		TOTAL HOTELS AND OTHER LODGING PLACES		2,489,877
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.77%
9,417	*	Alstom RGPT		1,276,650
23,683		Applied Materials, Inc		436,951
29,183		General Electric Co		1,085,899
32,644		Hewlett-Packard Co		1,344,606
44,377		International Game Technology		2,050,217
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,194,323
INSTRUMENTS AND RELATED PRODUCTS - 4.68%
34,839		Johnson & Johnson		2,300,071
13,200		Medtronic, Inc		706,332
34,715	*	St. Jude Medical, Inc		1,269,180

2

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
22,952	*	Zimmer Holdings, Inc	$	1,798,978
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		6,074,561
INSURANCE CARRIERS - 2.63%
21,765		Aetna, Inc		939,813
16,861		American International Group, Inc		1,208,259
52,116		Progressive Corp		1,262,250
		TOTAL INSURANCE CARRIERS		3,410,322
LEATHER AND LEATHER PRODUCTS - 1.45%
43,771	*	Coach, Inc		1,880,402
		TOTAL LEATHER AND LEATHER PRODUCTS		1,880,402
METAL MINING - 1.10%
29,229		Anglo American plc		1,425,596
		TOTAL METAL MINING		1,425,596
MISCELLANEOUS RETAIL - 2.04%
32,803		Best Buy Co, Inc		1,613,580
38,827		Staples, Inc		1,036,681
		TOTAL MISCELLANEOUS RETAIL		2,650,261
MOTION PICTURES - 0.24%
9,191		Walt Disney Co		314,976
		TOTAL MOTION PICTURES		314,976
NONDEPOSITORY INSTITUTIONS - 2.12%
45,471		American Express Co		2,758,726
		TOTAL NONDEPOSITORY INSTITUTIONS		2,758,726
OIL AND GAS EXTRACTION - 2.55%
22,856		Schlumberger Ltd		1,443,585
39,757		XTO Energy, Inc		1,870,567
		TOTAL OIL AND GAS EXTRACTION		3,314,152
PETROLEUM AND COAL PRODUCTS - 0.90%
14,835	*	Suncor Energy, Inc		1,170,630
		TOTAL PETROLEUM AND COAL PRODUCTS		1,170,630
PRIMARY METAL INDUSTRIES - 2.21%
51,433		BHP Billiton plc		941,087
102,850	*	Corning, Inc		1,924,324
		TOTAL PRIMARY METAL INDUSTRIES		2,865,411
RAILROAD TRANSPORTATION - 0.40%
14,970		CSX Corp		515,417
		TOTAL RAILROAD TRANSPORTATION		515,417
SECURITY AND COMMODITY BROKERS - 5.97%
128,978		Charles Schwab Corp		2,494,435
3,342		Chicago Mercantile Exchange Holdings, Inc		1,703,585
8,743		Goldman Sachs Group, Inc		1,742,917
11,238		Merrill Lynch & Co, Inc		1,046,258
47,241		TD Ameritrade Holding Corp		764,359
		TOTAL SECURITY AND COMMODITY BROKERS		7,751,554

3

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth Equity Fund
SHARES		COMPANY		VALUE
TOBACCO PRODUCTS - 2.73%
41,345		Altria Group, Inc	$	3,548,228
		TOTAL TOBACCO PRODUCTS		3,548,228
TRANSPORTATION EQUIPMENT - 4.35%
30,249		Boeing Co		2,687,321
8,999	*	Spirit Aerosystems Holdings, Inc (Class A)		301,197
42,600		United Technologies Corp		2,663,352
		TOTAL TRANSPORTATION EQUIPMENT		5,651,870
TRANSPORTATION SERVICES - 0.43%
13,565		CH Robinson Worldwide, Inc		554,673
		TOTAL TRANSPORTATION SERVICES		554,673
TRUCKING AND WAREHOUSING - 0.56%
9,603		United Parcel Service, Inc (Class B)		720,028
		TOTAL TRUCKING AND WAREHOUSING		720,028
WHOLESALE TRADE-DURABLE GOODS - 0.17%
3,673	*	WESCO International, Inc		216,009
		TOTAL WHOLESALE TRADE-DURABLE GOODS		216,009
		TOTAL COMMON STOCKS		130,078,632
		(Cost $125,689,470)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 2.23%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.23%
$     2,900,000		Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		2,898,437
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,898,437
		TOTAL SHORT-TERM INVESTMENTS		2,898,437
		(Cost $2,899,614)
		TOTAL PORTFOLIO - 102.45%
		(Cost $128,589,084)		132,977,069
		OTHER ASSETS & LIABILITIES, NET - (2.45)%		(3,176,854	)
		NET ASSETS - 100.00%	$	129,800,215
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

4

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
GROWTH AND INCOME FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.59%
AMUSEMENT AND RECREATION SERVICES - 1.22%
63,010	*	Activision, Inc	$	1,086,292
46,550		Aristocrat Leisure Ltd		584,231
3,300		Nintendo Co Ltd		856,855
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,527,378
APPAREL AND ACCESSORY STORES - 0.84%
20,629	*	J Crew Group, Inc		795,248
12,310	*	JOS A Bank Clothiers, Inc		361,299
11,443	*	Under Armour, Inc (Class A)		577,299
		TOTAL APPAREL AND ACCESSORY STORES		1,733,846
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.40%
20,669		Home Depot, Inc		830,067
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		830,067
BUSINESS SERVICES - 5.13%
29,995	*	Adobe Systems, Inc		1,233,394
18,346	*	Akamai Technologies, Inc		974,540
39,379	*	BEA Systems, Inc		495,388
9,458	*	Computer Sciences Corp		504,773
4,323	*	Google, Inc (Class A)		1,990,655
2	*	Interpublic Group of Cos, Inc		24
152,865		Microsoft Corp		4,564,549
60,030		WPP Group plc		811,597
		TOTAL BUSINESS SERVICES		10,574,920
CHEMICALS AND ALLIED PRODUCTS - 13.99%
44,292		Abbott Laboratories		2,157,463
24,774		Air Products & Chemicals, Inc		1,741,117
7,328		Avery Dennison Corp		497,791
28,828		Bristol-Myers Squibb Co		758,753
10,678	*	Chattem, Inc		534,754
22,986		Colgate-Palmolive Co		1,499,607
11,083		Cytec Industries, Inc		626,300
41,008		Du Pont (E.I.) de Nemours & Co		1,997,500
23,710	*	Gilead Sciences, Inc		1,539,490
17,700	*	Keryx Biopharmaceuticals, Inc		235,410
22,122	*	Medimmune, Inc		716,089
70,563		Merck & Co, Inc		3,076,547
27,587		Monsanto Co		1,449,145
11,168		Novartis AG. (ADR)		641,490
65,290		Pfizer, Inc		1,691,011
63,657		Procter & Gamble Co		4,091,235
5,609		Roche Holding AG.		1,005,799
48,152		Schering-Plough Corp		1,138,313
11,870		Sigma-Aldrich Corp		922,536
50,108		Wyeth		2,551,499
		TOTAL CHEMICALS AND ALLIED PRODUCTS		28,871,849

5

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
COAL MINING - 0.61%
19,579		Peabody Energy Corp	$	791,187
12,849		Sasol Ltd (ADR)		474,128
		TOTAL COAL MINING		1,265,315
COMMUNICATIONS - 3.07%
18,061		America Movil S.A. de C.V.(Series L) (ADR)		816,718
74,431		AT&T, Inc		2,660,908
49,050		Verizon Communications, Inc		1,826,622
24,958	*	Viacom, Inc (Class B)		1,024,027
		TOTAL COMMUNICATIONS		6,328,275
DEPOSITORY INSTITUTIONS - 10.02%
68,118		Bank of America Corp		3,636,820
57,384		Citigroup, Inc		3,196,289
80,371		JPMorgan Chase & Co		3,881,919
29,736		Northern Trust Corp		1,804,678
29,547		SunTrust Banks, Inc		2,495,244
80,494		US Bancorp		2,913,078
52,094		Wells Fargo & Co		1,852,463
39,380		Western Union Co		882,900
		TOTAL DEPOSITORY INSTITUTIONS		20,663,391
EATING AND DRINKING PLACES - 1.00%
9,359	*	Chipotle Mexican Grill, Inc (Class A)		533,463
34,294		McDonald's Corp		1,520,253
		TOTAL EATING AND DRINKING PLACES		2,053,716
ELECTRIC, GAS, AND SANITARY SERVICES - 3.13%
37,389		American Electric Power Co, Inc		1,592,024
17,669		Constellation Energy Group, Inc		1,216,864
50,115		DPL, Inc		1,392,195
37,037		Duke Energy Corp		1,229,999
11,125		Entergy Corp		1,027,060
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		6,458,142
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.48%
20,258	*	Agere Systems, Inc		388,346
29,611	*	Apple Computer, Inc		2,512,197
11,554	*	Broadcom Corp (Class A)		373,310
177,068	*	Cisco Systems, Inc		4,839,268
37,596		Emerson Electric Co		1,657,608
28,236	*	First Solar, Inc		841,433
23,614		Gamesa Corp Tecnologica S.A.		649,927
54,766		Honeywell International, Inc		2,477,614
82,735		Intel Corp		1,675,384
28,828		Motorola, Inc		592,704
37,543	*	Nvidia Corp		1,389,466
57,410		Qualcomm, Inc		2,169,524
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		19,566,781
FOOD AND KINDRED PRODUCTS - 2.50%
35,515		C&C Group plc		630,555
20,916		Coca-Cola Co		1,009,197
5,782		Groupe Danone		876,211
42,110		PepsiCo, Inc		2,633,981
		TOTAL FOOD AND KINDRED PRODUCTS		5,149,944

6

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 2.28%
39,054		Saks, Inc	$	695,942
23,828		Target Corp		1,359,387
44,233		TJX Cos, Inc		1,261,525
30,233		Wal-Mart Stores, Inc		1,396,160
		TOTAL GENERAL MERCHANDISE STORES		4,713,014
HEALTH SERVICES - 0.62%
24,026	*	Medco Health Solutions, Inc		1,283,949
		TOTAL HEALTH SERVICES		1,283,949
HOLDING AND OTHER INVESTMENT OFFICES - 0.65%
7,296		Boston Properties, Inc		816,276
3,700		SPDR Trust Series 1		524,253
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,340,529
HOTELS AND OTHER LODGING PLACES - 1.00%
13,229		Accor S.A.		1,025,071
10,226	*	MGM Mirage		586,461
9,665		Orient-Express Hotels Ltd (Class A)		457,348
		TOTAL HOTELS AND OTHER LODGING PLACES		2,068,880
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.51%
14,379	*	Alstom RGPT		1,949,341
12,656		Deere & Co		1,203,206
177,420		General Electric Co		6,601,798
94,658		Hewlett-Packard Co		3,898,963
18,174		International Business Machines Corp		1,765,604
2,846	*	Isilon Systems, Inc		78,550
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		15,497,462
INSTRUMENTS AND RELATED PRODUCTS - 0.86%
18,147	*	St. Jude Medical, Inc		663,454
24,647	*	Thermo Electron Corp		1,116,263
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		1,779,717
INSURANCE AGENTS, BROKERS AND SERVICE - 0.92%
20,229		Hartford Financial Services Group, Inc		1,887,568
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,887,568
INSURANCE CARRIERS - 4.02%
42,717		ACE Ltd		2,587,369
24,456		Aetna, Inc		1,056,010
64,745		American International Group, Inc		4,639,627
		TOTAL INSURANCE CARRIERS		8,283,006
METAL MINING - 0.87%
26,772		Anglo American plc		1,305,759
4,131		Phelps Dodge Corp		494,563
		TOTAL METAL MINING		1,800,322
MISCELLANEOUS RETAIL - 1.00%
29,688		Best Buy Co, Inc		1,460,353
9,311	*	Nutri/System, Inc		590,224
		TOTAL MISCELLANEOUS RETAIL		2,050,577

7

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
MOTION PICTURES - 2.97%
27,532	*	DreamWorks Animation SKG, Inc (Class A)	$	811,919
101,508		News Corp (Class A)		2,180,392
49,052		Time Warner, Inc		1,068,353
60,244		Walt Disney Co		2,064,562
		TOTAL MOTION PICTURES		6,125,226
NONDEPOSITORY INSTITUTIONS - 2.96%
44,599		American Express Co		2,705,821
34,812		Fannie Mae		2,067,485
27,113		SLM Corp		1,322,301
		TOTAL NONDEPOSITORY INSTITUTIONS		6,095,607
OIL AND GAS EXTRACTION - 2.22%
39,108	*	Cameron International Corp		2,074,679
39,545		Schlumberger Ltd		2,497,662
		TOTAL OIL AND GAS EXTRACTION		4,572,341
PETROLEUM AND COAL PRODUCTS - 7.13%
12,587		Cabot Oil & Gas Corp		763,402
19,155		Devon Energy Corp		1,284,917
109,083		Exxon Mobil Corp		8,359,030
22,611		Hess Corp		1,120,827
15,407		Marathon Oil Corp		1,425,148
26,769		Noble Energy, Inc		1,313,555
4,337		Petroleo Brasileiro S.A. (ADR)		446,668
		TOTAL PETROLEUM AND COAL PRODUCTS		14,713,547
PRINTING AND PUBLISHING - 0.25%
9,147		Meredith Corp		515,433
		TOTAL PRINTING AND PUBLISHING		515,433
REAL ESTATE - 0.21%
28,600		Urban Corp		434,029
		TOTAL REAL ESTATE		434,029
SECURITY AND COMMODITY BROKERS - 3.32%
11,322		AllianceBernstein Holding LP		910,289
9,601		Bear Stearns Cos, Inc		1,562,851
29,588		Lazard Ltd (Class A)		1,400,696
35,441		Morgan Stanley		2,885,961
778	*	Nymex Holdings, Inc		96,480
		TOTAL SECURITY AND COMMODITY BROKERS		6,856,277
TOBACCO PRODUCTS - 3.94%
94,717		Altria Group, Inc		8,128,613
		TOTAL TOBACCO PRODUCTS		8,128,613
TRANSPORTATION BY AIR - 0.50%
34,417	*	AMR Corp		1,040,426
		TOTAL TRANSPORTATION BY AIR		1,040,426
TRANSPORTATION EQUIPMENT - 4.23%
32,366		Boeing Co		2,875,395
93,258	*	Ford Motor Co		700,368
8,674		Goodrich Corp		395,101

8

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Growth & Income Fund
SHARES		COMPANY		VALUE
17,633		ITT Industries, Inc	$	1,001,906
16,187		Raytheon Co		854,674
14,063	*	Spirit Aerosystems Holdings, Inc (Class A)		470,689
38,973		United Technologies Corp		2,436,592
		TOTAL TRANSPORTATION EQUIPMENT		8,734,725
TRUCKING AND WAREHOUSING - 0.39%
4,405		DSV A/S		804,766
		TOTAL TRUCKING AND WAREHOUSING		804,766
WHOLESALE TRADE-NONDURABLE GOODS - 0.35%
19,578		Sysco Corp		719,687
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		719,687
		TOTAL COMMON STOCKS		205,469,325
		(Cost $173,824,288)
PRINCIPAL		ISSUER
SHORT TERM INVESTMENTS - 0.58%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.58%
$     1,200,000		Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		1,199,353
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,199,353
		TOTAL SHORT-TERM INVESTMENTS		1,199,353
		(Cost $1,199,840)
		TOTAL PORTFOLIO - 100.17%		206,668,678
		(Cost $175,024,128)
		OTHER ASSETS & LIABILITIES, NET - (0.17)%		(344,632	)
		NET ASSETS - 100.00%	$	206,324,046
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

9

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.28%
AGRICULTURAL SERVICES - 0.02%
102,435		AWB Ltd	$	249,039
		TOTAL AGRICULTURAL SERVICES		249,039
APPAREL AND OTHER TEXTILE PRODUCTS - 0.14%
557,000		Toyobo Co Ltd		1,680,291
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,680,291
BUSINESS SERVICES - 3.29%
428,353		Adecco S.A.		29,265,808
348		NTT Data Corp		1,742,851
48,100		Secom Co Ltd		2,493,820
380,395		WPP Group plc		5,142,889
		TOTAL BUSINESS SERVICES		38,645,368
CHEMICALS AND ALLIED PRODUCTS - 9.06%
222,000		Air Water, Inc		2,357,951
1,450	*	Arkema		74,515
1,304,652		Bayer AG.		70,024,619
77,764		Dr Reddy's Laboratories Ltd		1,425,263
382,039	*	Dyno Nobel Ltd		717,716
65,000		JSR Corp		1,682,282
83,000		Kaken Pharmaceutical Co Ltd		647,931
51,500		Kuraray Co Ltd		607,588
399,000		Nippon Paint Co Ltd		2,092,147
100,000		Nippon Shokubai Co Ltd		1,062,981
272,350		Reckitt Benckiser plc		12,446,202
51,500		Shin-Etsu Chemical Co Ltd		3,449,057
107,800		Takeda Pharmaceutical Co Ltd		7,400,748
306,000		Teijin Ltd		1,884,778
39,000		Tsumura & Co		911,054
		TOTAL CHEMICALS AND ALLIED PRODUCTS		106,784,832
COAL MINING - 0.08%
720,000	*	China Coal Energy Co		467,454
12,700		Sasol Ltd (ADR)		468,630
		TOTAL COAL MINING		936,084
COMMUNICATIONS - 1.42%
61,000	*	China Communications Services Corp Ltd		34,820
686		KDDI Corp		4,651,922
33,738		News Corp (Class B)		757,652
375		Nippon Telegraph & Telephone Corp		1,846,561
657,600		Royal KPN NV		9,349,023
		TOTAL COMMUNICATIONS		16,639,978

10

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
DEPOSITORY INSTITUTIONS - 8.90%
151,249		Australia & New Zealand Banking Group Ltd	$	3,367,934
303,500	*	China Merchants Bank Co Ltd		643,030
55		DBS Group Holdings Ltd		810
28,194		ICICI Bank Ltd (ADR)		1,176,818
4,917,000	*	Industrial & Commercial Bank of China		3,053,252
223,208		Julius Baer Holding AG.		24,583,105
17,000	v*	Kazkommertsbank (GDR)		392,700
831		Mitsubishi UFJ Financial Group, Inc		10,264,863
646		Mizuho Financial Group. Inc		4,614,092
1,409,100		Nordea Bank AB		21,715,036
142,758		Societe Generale		24,234,280
566		Sumitomo Mitsui Financial Group, Inc		5,802,445
380,000		Sumitomo Trust & Banking Co Ltd		3,985,043
256,585	*	Yes Bank Ltd		780,016
		TOTAL DEPOSITORY INSTITUTIONS		104,613,424
ELECTRIC, GAS, AND SANITARY SERVICES - 4.39%
1,548,106		Fortum Oyj		44,059,356
367,000		Hong Kong & China Gas Ltd		825,695
5,873,000		Xinao Gas Holdings Ltd		6,644,434
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		51,529,485
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.12%
65,790		Advantest Corp		3,770,327
121,506		Crompton Greaves Ltd		573,214
14,600		Fanuc Ltd		1,437,856
8,300		Hirose Electric Co Ltd		942,255
71,200		Hitachi Maxell Ltd		1,061,972
67,600		Hoya Corp		2,635,721
29,100		Kyocera Corp		2,743,599
16,900	*	NEC Electronics Corp		494,198
29,000		NGK Spark Plug Co Ltd		545,859
9,700		Rohm Co Ltd		965,884
142,044		Satyam Computer Services Ltd		1,551,380
122,700		Sony Corp		5,258,350
35,000		Sumco Corp		2,958,699
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		24,939,314
FABRICATED METAL PRODUCTS - 0.07%
73,596		Tata Steel Ltd		801,890
		TOTAL FABRICATED METAL PRODUCTS		801,890
FOOD AND KINDRED PRODUCTS - 7.29%
62,000		Ajinomoto Co, Inc		819,512
243,604		Bajaj Hindusthan Ltd		1,210,590
27,000	*	Cosan SA Industria e Comercio		564,896
301,322		Groupe Danone		45,662,683
213,000		Meiji Seika Kaisha Ltd		1,018,419
159,000		Nichirei Corp		891,164
410,000		Nippon Formula Feed Manufacturing Co Ltd		596,025
1,142,000		Nisshin Oillio Group Ltd		7,417,890
218,000		Nosan Corp		560,548
638,000		Olam International Ltd		886,024
289,500		PT Astra Agro Lestari Tbk		405,593

11

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
956,200		Sampo Oyj (A Shares)	$	25,597,962
		TOTAL FOOD AND KINDRED PRODUCTS		85,631,306
FOOD STORES - 0.70%
812,521		Tesco plc		6,435,196
104,092		Woolworths Ltd		1,963,736
		TOTAL FOOD STORES		8,398,932
GENERAL BUILDING CONTRACTORS - 1.42%
27,300		Daito Trust Construction Co Ltd		1,252,536
239,450		Fletcher Building Ltd		1,864,179
272,885		Lend Lease Corp Ltd		3,971,994
252,000		Sekisui Chemical Co Ltd		2,009,563
107,000		Sekisui House Ltd		1,558,178
9,982,000		Shanghai Forte Land Co		4,465,932
322,000		Shimizu Corp		1,609,932
		TOTAL GENERAL BUILDING CONTRACTORS		16,732,314
HEALTH SERVICES - 0.22%
1,656,000	*	Wilmar International Ltd		2,623,687
		TOTAL HEALTH SERVICES		2,623,687
HEAVY CONSTRUCTION, EXCEPT BUILDING - 4.28%
394,087		Vinci S.A.		50,356,573
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		50,356,573
HOLDING AND OTHER INVESTMENT OFFICES - 10.71%
5,227,835	*	Ashmore Group plc		26,485,664
1,610,995		GEA Group AG.		36,300,818
430,000		iShares MSCI EAFE Index Fund		31,484,600
2,932,526		Man Group plc		30,015,428
2,264,300		Noble Group Ltd		1,623,948
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		125,910,458
HOTELS AND OTHER LODGING PLACES - 4.10%
610,813		Accor S.A.		47,329,844
245,150		Indian Hotels Co Ltd		856,585
59,000	*	Shanghai Jin Jiang International Hotels Group Co Ltd		28,293
		TOTAL HOTELS AND OTHER LODGING PLACES		48,214,722
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.80%
119,100		Canon, Inc		6,705,349
63,500		FUJIFILM Holdings Corp		2,609,260
142,600		Komatsu Ltd		2,893,820
128,000		Konica Minolta Holdings, Inc		1,806,983
34,700		Melco Holdings, Inc		970,976
251,489		Rheinmetall AG.		19,082,025
73,900		Riso Kagaku Corp		1,456,204
14,100		SMC Corp		1,999,983
85,000		Sumitomo Heavy Industries Ltd		892,820
63,600		Tokyo Seimitsu Co Ltd		3,003,504
120,200		Toyota Tsusho Corp		3,222,033
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		44,642,957

12

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
INSTRUMENTS AND RELATED PRODUCTS - 3.73%
424,550		Phonak Holding AG.	$	33,796,758
79,591		Tecan Group AG.		4,993,625
127,600		Terumo Corp		5,018,008
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		43,808,391
INSURANCE AGENTS, BROKERS AND SERVICE - 0.26%
132,197		QBE Insurance Group Ltd		3,010,477
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,010,477
INSURANCE CARRIERS - 2.48%
654,000		Aioi Insurance Co Ltd		4,616,277
716,944		AMP Ltd		5,715,768
90,000		Insurance Australia Group Ltd		451,112
38,100		Millea Holdings, Inc		1,344,649
179,000		Nipponkoa Insurance Co Ltd		1,451,494
18,850		T&D Holdings, Inc		1,246,582
53,143		Zurich Financial Services AG.		14,305,215
		TOTAL INSURANCE CARRIERS		29,131,097
LUMBER AND WOOD PRODUCTS - 0.07%
2,655,000	*	Sumalindo Lestari Jaya Tbk PT		804,456
		TOTAL LUMBER AND WOOD PRODUCTS		804,456
METAL MINING - 2.75%
381,884		BHP Billiton Ltd		7,626,406
13,400		Cameco Corp		542,366
90,794		MMC Norilsk Nickel (ADR)		14,345,452
36,549		Newcrest Mining Ltd		760,193
627,085		Oxiana Ltd		1,569,111
119,021	*	Paladin Resources Ltd		836,145
89,814	*	Polyus Gold (ADR)		4,355,979
25,212		Rio Tinto Ltd		1,478,645
40,000	*	Zhaojin Mining Industry Co Ltd		79,812
47,981		Zinifex Ltd		711,646
		TOTAL METAL MINING		32,305,755
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.18%
1,378,279		Futuris Corp Ltd		2,143,243
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,143,243
MISCELLANEOUS RETAIL - 0.09%
158,000		Origin Energy Ltd		1,031,408
		TOTAL MISCELLANEOUS RETAIL		1,031,408
NONCLASSIFIABLE ESTABLISHMENTS - 1.92%
231,844		Siemens AG.		22,996,183
		TOTAL NONCLASSIFIABLE ESTABLISHMENTS		22,996,183
NONDEPOSITORY INSTITUTIONS - 5.69%
1,785,357	*	Collins Stewart plc		8,879,069
24,200		Credit Saison Co Ltd		833,746
370,830		Deutsche Postbank AG.		31,314,098
49,795		Hypo Real Estate Holding AG.		3,138,028

13

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
1,785,357	*	Tullett Prebon plc	$	22,722,026
		TOTAL NONDEPOSITORY INSTITUTIONS		66,886,967
OIL AND GAS EXTRACTION - 1.29%
90		Inpex Holdings, Inc		739,633
19,500		Japan Petroleum Exploration Co		1,160,119
33,100	v*	KazMunaiGas Exploration Production (GDR)		809,626
4,128,000		PetroChina Co Ltd		5,848,394
17,788		Petroleo Brasileiro S.A. (ADR)		1,831,986
47,102		Total S.A.		3,397,960
47,107		Woodside Petroleum Ltd		1,417,073
		TOTAL OIL AND GAS EXTRACTION		15,204,791
PETROLEUM AND COAL PRODUCTS - 0.98%
341,500		ENI S.p.A.		11,486,265
		TOTAL PETROLEUM AND COAL PRODUCTS		11,486,265
PRIMARY METAL INDUSTRIES - 0.42%
565,000		Nippon Steel Corp		3,247,427
127,000		Sumitomo Metal Mining Co Ltd		1,629,587
		TOTAL PRIMARY METAL INDUSTRIES		4,877,014
RAILROAD TRANSPORTATION - 0.24%
429		East Japan Railway Co		2,865,888
		TOTAL RAILROAD TRANSPORTATION		2,865,888
REAL ESTATE - 1.01%
181,000		Mitsui Fudosan Co Ltd		4,418,344
3,230		ORIX Corp		935,032
61,329	*	Parsvnath Developers Ltd		636,223
1,528,500	*	Shui On Land Ltd		1,334,291
107,000		Sumitomo Realty & Development Co Ltd		3,434,646
69,018		Westfield Group		1,143,517
		TOTAL REAL ESTATE		11,902,053
SECURITY AND COMMODITY BROKERS - 0.26%
48,246		Macquarie Bank Ltd		3,005,878
		TOTAL SECURITY AND COMMODITY BROKERS		3,005,878
SPECIAL TRADE CONTRACTORS - 0.11%
132,000		Takasago Thermal Engineering Co Ltd		1,234,536
		TOTAL SPECIAL TRADE CONTRACTORS		1,234,536
STONE, CLAY, AND GLASS PRODUCTS - 1.74%
371,295		CSR Ltd		1,099,052
134,296		Holcim Ltd		12,310,926
105,000		Krosaki Harima Corp		418,218
234,000		NGK Insulators Ltd		3,614,067
191,000		Nippon Sheet Glass Co Ltd		895,576
645,000		Sumitomo Osaka Cement Co Ltd		2,108,357
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		20,446,196
TOBACCO PRODUCTS - 0.47%
1,130		Japan Tobacco, Inc		5,459,855
		TOTAL TOBACCO PRODUCTS		5,459,855

14

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund
SHARES		COMPANY		VALUE
TRANSPORTATION BY AIR - 0.16%
524,000		All Nippon Airways Co Ltd	$	1,853,737
		TOTAL TRANSPORTATION BY AIR		1,853,737
TRANSPORTATION EQUIPMENT - 7.27%
37,300		Denso Corp		1,479,400
2,555,883	*	Fiat S.p.A.		48,853,786
189,200		Honda Motor Co Ltd		7,472,291
299,000		Keppel Corp Ltd		3,431,068
58,000		Mitsuba Corp		457,157
169,000		NHK Spring Co Ltd		1,776,556
357,000		NSK Ltd		3,518,852
94,400		Toyota Industries Corp		4,339,045
210,700		Toyota Motor Corp		14,093,290
		TOTAL TRANSPORTATION EQUIPMENT		85,421,445
TRUCKING AND WAREHOUSING - 5.66%
2,208,024		Deutsche Post AG.		66,571,537
		TOTAL TRUCKING AND WAREHOUSING		66,571,537
WHOLESALE TRADE-DURABLE GOODS - 0.26%
579,000	*	China Communications Construction Co Ltd		572,427
32,600		Sumitomo Corp		487,884
55,000	*	TMK OAO (GDR)		1,925,000
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,985,311
WHOLESALE TRADE-NONDURABLE GOODS - 0.19%
56,300		Mitsubishi Corp		1,059,720
473,110		Sigma Pharmaceuticals Ltd		1,116,603
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,176,323
		TOTAL COMMON STOCKS		1,166,939,460
		(Cost $955,305,268)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 2.48%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.48%
$     29,130,000		Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		29,114,302
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		29,114,302
		TOTAL SHORT-TERM INVESTMENTS		29,114,302
		(Cost $29,126,116)
		TOTAL PORTFOLIO - 101.76%
		(Cost $984,431,384)		1,196,053,762
		OTHER ASSETS & LIABILITIES, NET- (1.76)%		(20,662,602	)
		NET ASSETS - 100.00%	$	1,175,391,160
	*	Non-income producing
	v	Security valued at fair value
		ABBREVIATION:
		ADR - American Depositary Receipt
		GDR - Global Depositary Receipt

15

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY FUND
SUMMARY OF MARKET VALUES BY COUNTRY (Unaudited)
December 31, 2006

			% OF
			MARKET
		VALUE	VALUE
DOMESTIC
UNITED STATES	$	60,991,602	5.10	%
TOTAL DOMESTIC		60,991,602	5.10
FOREIGN
AUSTRALIA		44,144,355	3.69
BRAZIL		2,396,882	0.20
CANADA		542,366	0.04
FINLAND		69,657,318	5.82
FRANCE		171,055,854	14.30
GERMANY		249,427,308	20.85
HONG KONG		23,997,833	2.01
INDIA		9,011,978	0.75
INDONESIA		1,210,049	0.10
ITALY		60,340,051	5.04
JAPAN		208,497,793	17.43
KAZAKHSTAN		809,626	0.07
NETHERLANDS		9,349,023	0.78
NEW ZEALAND		1,864,179	0.16
RUSSIA		20,626,431	1.73
SINGAPORE		8,565,537	0.72
SOUTH AFRICA		468,630	0.04
SWEDEN		21,715,036	1.82
SWITZERLAND		119,255,437	9.97
UNITED KINGDOM		112,126,474	9.38
TOTAL FOREIGN		1,135,062,160	94.90
TOTAL PORTFOLIO	$	1,196,053,762	100.00	%

16

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP GROWTH FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006

SHARES		COMPANY		VALUE
COMMON STOCKS - 98.27%
APPAREL AND ACCESSORY STORES - 0.87%
4,670	*	J Crew Group, Inc	$	180,029
		TOTAL APPAREL AND ACCESSORY STORES		180,029
APPAREL AND OTHER TEXTILE PRODUCTS - 1.04%
2,794		Polo Ralph Lauren Corp		216,982
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		216,982
BUSINESS SERVICES - 11.15%
10,057	*	Adobe Systems, Inc		413,544
543	*	Cognizant Technology Solutions Corp (Class A)		41,898
2,995	*	eBay, Inc		90,060
6,094	*	Electronic Arts, Inc		306,894
1,397	*	Google, Inc (Class A)		643,291
16,879		Microsoft Corp		504,007
12,383	*	Yahoo!, Inc		316,262
		TOTAL BUSINESS SERVICES		2,315,956
CHEMICALS AND ALLIED PRODUCTS - 13.10%
6,918		Abbott Laboratories		336,976
3,771	*	Amgen, Inc		257,597
35		Eli Lilly & Co		1,824
3,231	*	Genentech, Inc		262,131
4,653	*	Gilead Sciences, Inc		302,119
7,669	*	Keryx Biopharmaceuticals, Inc		101,998
7,884		Monsanto Co		414,147
7,438		Procter & Gamble Co		478,040
1,205		Roche Holding AG.		216,079
6,884		Wyeth		350,533
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,721,444
COMMUNICATIONS - 2.56%
3,897		America Movil S.A. de C.V.(Series L) (ADR)		176,222
4,147		AT&T, Inc		148,255
920	*	Comcast Corp (Class A)		38,944
5,877		Grupo Televisa S.A. (ADR)		158,738
248	*	Viacom, Inc (Class B)		10,175
		TOTAL COMMUNICATIONS		532,334
EATING AND DRINKING PLACES - 1.34%
7,879	*	Starbucks Corp		279,074
		TOTAL EATING AND DRINKING PLACES		279,074
ELECTRIC, GAS, AND SANITARY SERVICES - 0.81%
5,894		Fortum Oyj		167,744
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		167,744

17

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 15.91%
5,839	*	Apple Computer, Inc	$	495,381
2,170	*	Broadcom Corp (Class A)		70,113
23,727	*	Cisco Systems, Inc		648,459
2,667		Cooper Industries Ltd (Class A)		241,177
8,042		Emerson Electric Co		354,572
5,372		Intel Corp		108,783
8,908	*	Marvell Technology Group Ltd		170,945
12,535		Motorola, Inc		257,720
4,181		National Semiconductor Corp		94,909
4,004	*	Network Appliance, Inc		157,277
403	*	Nvidia Corp		14,915
13,731		Qualcomm, Inc		518,894
5,969		Texas Instruments, Inc		171,907
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,305,052
ENGINEERING AND MANAGEMENT SERVICES - 3.32%
5,293	*	Celgene Corp		304,506
1,490		Fluor Corp		121,659
6,679		Paychex, Inc		264,088
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		690,253
FOOD AND KINDRED PRODUCTS - 2.34%
7,759		PepsiCo, Inc		485,325
		TOTAL FOOD AND KINDRED PRODUCTS		485,325
FURNITURE AND HOMEFURNISHINGS STORES - 0.72%
2,699	*	GameStop Corp (Class A)		148,742
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		148,742
GENERAL MERCHANDISE STORES - 1.90%
6,425		Target Corp		366,546
624		Wal-Mart Stores, Inc		28,816
		TOTAL GENERAL MERCHANDISE STORES		395,362
HEALTH SERVICES - 0.76%
2,967	*	Medco Health Solutions, Inc		158,556
		TOTAL HEALTH SERVICES		158,556
HOLDING AND OTHER INVESTMENT OFFICES - 0.84%
1,241		Alcon, Inc		138,707
48		Hugoton Royalty Trust		1,181
622		iShares Russell 1000 Growth Index Fund		34,210
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		174,098
HOTELS AND OTHER LODGING PLACES - 1.93%
3,065		Hilton Hotels Corp		106,969
4,719		Starwood Hotels & Resorts Worldwide, Inc		294,938
		TOTAL HOTELS AND OTHER LODGING PLACES		401,907
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.81%
1,518	*	Alstom RGPT		205,793
3,838		Applied Materials, Inc		70,811
4,717		General Electric Co		175,520
5,273		Hewlett-Packard Co		217,195
7,157		International Game Technology		330,653
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		999,972

18

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
INSTRUMENTS AND RELATED PRODUCTS - 4.70%
5,573		Johnson & Johnson	$	367,929
2,130		Medtronic, Inc		113,976
5,610	*	St. Jude Medical, Inc		205,102
3,701	*	Zimmer Holdings, Inc		290,084
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		977,091
INSURANCE CARRIERS - 2.65%
3,510		Aetna, Inc		151,562
2,726		American International Group, Inc		195,345
8,405		Progressive Corp		203,569
		TOTAL INSURANCE CARRIERS		550,476
LEATHER AND LEATHER PRODUCTS - 1.46%
7,082	*	Coach, Inc		304,243
		TOTAL LEATHER AND LEATHER PRODUCTS		304,243
METAL MINING - 1.07%
4,571		Anglo American plc		222,943
		TOTAL METAL MINING		222,943
MISCELLANEOUS RETAIL - 2.06%
5,313		Best Buy Co, Inc		261,346
6,279		Staples, Inc		167,649
		TOTAL MISCELLANEOUS RETAIL		428,995
MOTION PICTURES - 0.25%
1,489		Walt Disney Co		51,028
		TOTAL MOTION PICTURES		51,028
NONDEPOSITORY INSTITUTIONS - 2.14%
7,332		American Express Co		444,832
		TOTAL NONDEPOSITORY INSTITUTIONS		444,832
OIL AND GAS EXTRACTION - 2.60%
152		Halliburton Co		4,720
3,686		Schlumberger Ltd		232,808
6,427		XTO Energy, Inc		302,390
		TOTAL OIL AND GAS EXTRACTION		539,918
PETROLEUM AND COAL PRODUCTS - 0.91%
2,398	*	Suncor Energy, Inc		189,226
		TOTAL PETROLEUM AND COAL PRODUCTS		189,226
PRIMARY METAL INDUSTRIES - 2.20%
8,044		BHP Billiton plc		147,184
16,541	*	Corning, Inc		309,482
		TOTAL PRIMARY METAL INDUSTRIES		456,666
RAILROAD TRANSPORTATION - 0.40%
2,425		CSX Corp		83,493
		TOTAL RAILROAD TRANSPORTATION		83,493
SECURITY AND COMMODITY BROKERS - 6.10%
20,798		Charles Schwab Corp		402,233
538		Chicago Mercantile Exchange Holdings, Inc		274,246
1,506		Goldman Sachs Group, Inc		300,221

19

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Fund
SHARES		COMPANY		VALUE
1,818		Merrill Lynch & Co, Inc	$	169,256
7,523		TD Ameritrade Holding Corp		121,722
		TOTAL SECURITY AND COMMODITY BROKERS		1,267,678
TOBACCO PRODUCTS - 2.75%
6,667		Altria Group, Inc		572,162
		TOTAL TOBACCO PRODUCTS		572,162
TRANSPORTATION EQUIPMENT - 4.40%
4,887		Boeing Co		434,160
1,459	*	Spirit Aerosystems Holdings, Inc (Class A)		48,832
6,886		United Technologies Corp		430,512
		TOTAL TRANSPORTATION EQUIPMENT		913,504
TRANSPORTATION SERVICES - 0.43%
2,196		CH Robinson Worldwide, Inc		89,794
		TOTAL TRANSPORTATION SERVICES		89,794
TRUCKING AND WAREHOUSING - 0.56%
1,552		United Parcel Service, Inc (Class B)		116,369
		TOTAL TRUCKING AND WAREHOUSING		116,369
WHOLESALE TRADE-DURABLE GOODS - 0.17%
595	*	WESCO International, Inc		34,992
		TOTAL WHOLESALE TRADE-DURABLE GOODS		34,992
		TOTAL COMMON STOCKS
		(Cost $19,305,728)		20,416,240
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.84%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.84%
$     360,000		Federal Home Loan Banks (FHLB) 4.800%, 01/02/07		359,806
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		359,806
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $359,952)		359,806
		TOTAL PORTFOLIO - 100.30%
		(Cost $19,665,680)		20,776,046
		OTHER ASSETS & LIABILITIES, NET - (0.30)%		(330,506	)
		NET ASSETS - 100.00%	$	20,445,540
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

20

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
LARGE-CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 100.61%
AMUSEMENT AND RECREATION SERVICES - 0.22%
79,626	*	Bally Technologies, Inc	$	1,487,414
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,487,414
APPAREL AND ACCESSORY STORES - 2.37%
833,985		Gap, Inc		16,262,708
		TOTAL APPAREL AND ACCESSORY STORES		16,262,708
APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
4,023		Liz Claiborne, Inc		174,840
3,049		VF Corp		250,262
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		425,102
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.29%
49,275		Home Depot, Inc		1,978,884
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		1,978,884
BUSINESS SERVICES - 2.64%
45,138	*	AerCap Holdings NV		1,046,299
23,134	*	Computer Sciences Corp		1,234,662
14,929	*	Double-Take Software, Inc		192,286
90,841	*	DynCorp International, Inc (Class A)		1,441,647
39,226		Fidelity National Information Services, Inc		1,572,570
508,328	*	Novell, Inc		3,151,634
15,008,045		Solomon Systech International Ltd		2,334,666
496,696	*	Sun Microsystems, Inc		2,692,092
175,148	*	Yahoo!, Inc		4,473,280
		TOTAL BUSINESS SERVICES		18,139,136
CHEMICALS AND ALLIED PRODUCTS - 8.41%
111,451		Abbott Laboratories		5,428,778
64,506		Bristol-Myers Squibb Co		1,697,798
62,657		Colgate-Palmolive Co		4,087,743
165,893		Du Pont (E.I.) de Nemours & Co		8,080,648
139,272	*	Hercules, Inc		2,689,342
40,060	*	Invitrogen Corp		2,266,995
94,008	*	Medimmune, Inc		3,043,039
404,345		Pfizer, Inc		10,472,536
46,943		Procter & Gamble Co		3,017,027
49,187	*	Sepracor, Inc		3,028,935
37,998		Unilever plc		1,062,423
78,483		Unilever plc (ADR)		2,183,397
50,792	*	Vertex Pharmaceuticals, Inc		1,900,637
190,410	*	Warner Chilcott Ltd (Class A)		2,631,466
119,184		Wyeth		6,068,849
		TOTAL CHEMICALS AND ALLIED PRODUCTS		57,659,613

21

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
COAL MINING - 1.36%
107,648		Peabody Energy Corp	$	4,350,056
135,818		Sasol Ltd (ADR)		5,011,684
		TOTAL COAL MINING		9,361,740
COMMUNICATIONS - 4.78%
337,606		AT&T, Inc		12,069,415
106,264		BellSouth Corp		5,006,097
32,420		Cablevision Systems Corp (Class A)		923,322
3,136	*	Liberty Media Corp - Capital (Series A)		307,265
15,594	*	Liberty Media Holding Corp (Interactive A)		336,363
68,803	*	Qwest Communications International, Inc		575,881
586,606		Sprint Nextel Corp		11,080,987
5,097,695	*	True Corp PCL		877,177
4,337,300	*	True Corp PCL		746,334
22,909		Verizon Communications, Inc		853,131
		TOTAL COMMUNICATIONS		32,775,972
DEPOSITORY INSTITUTIONS - 17.56%
297,852		Bank of America Corp		15,902,318
335,590		Bank of New York Co, Inc		13,212,178
90,588		Citigroup, Inc		5,045,752
23,124		Colonial Bancgroup, Inc		595,212
625,373		Hudson City Bancorp, Inc		8,680,177
468,638		JPMorgan Chase & Co		22,635,215
603		National City Corp		22,046
167,256		South Financial Group, Inc		4,447,337
225,846		SunTrust Banks, Inc		19,072,695
186,005		TCF Financial Corp		5,100,257
268,837		US Bancorp		9,729,211
78,553		Wachovia Corp		4,473,593
147,530		Washington Mutual, Inc		6,711,140
134,625		Wells Fargo & Co		4,787,265
		TOTAL DEPOSITORY INSTITUTIONS		120,414,396
EATING AND DRINKING PLACES - 1.86%
1,118,441		Compass Group plc		6,350,672
162,127		Darden Restaurants, Inc		6,512,642
		TOTAL EATING AND DRINKING PLACES		12,863,314
ELECTRIC, GAS, AND SANITARY SERVICES - 4.75%
128,703		American Electric Power Co, Inc		5,480,174
27,968		Constellation Energy Group, Inc		1,926,156
8,114		Dominion Resources, Inc		680,278
221,489		DPL, Inc		6,152,964
24,163		Duke Energy Corp		802,453
21,206		Entergy Corp		1,957,738
46,940		Exelon Corp		2,905,117
17,547		FirstEnergy Corp		1,058,084
44,546		FPL Group, Inc		2,424,193
6,133		MDU Resources Group, Inc		157,250
41,008	*	Mirant Corp		1,294,623
57,131		Northeast Utilities		1,608,809

22

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
48,927	*	NRG Energy, Inc	$	2,740,401
27,744		PPL Corp		994,345
417,920	*	Sojitz Holdings Corp		1,271,266
30,260		Southern Co		1,115,384
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		32,569,235
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.03%
143,923		ABB Ltd (ADR)		2,587,736
260,574	*	Agere Systems, Inc		4,995,204
97,849	*	Ciena Corp		2,711,396
116,183	*	Cree, Inc		2,012,290
402,131	*	Finisar Corp		1,298,883
8,458	*	First Solar, Inc		252,048
367,093		Honeywell International, Inc		16,607,287
157,370		Intel Corp		3,186,743
171,851	*	JDS Uniphase Corp		2,863,038
114,713		Qualcomm, Inc		4,335,004
439,662		RadioShack Corp		7,377,528
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		48,227,157
ENGINEERING AND MANAGEMENT SERVICES - 0.50%
408	*	Affymax, Inc		13,888
156,636	*	Infrasource Services, Inc		3,409,966
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,423,854
FABRICATED METAL PRODUCTS - 0.31%
45,535		Illinois Tool Works, Inc		2,103,262
		TOTAL FABRICATED METAL PRODUCTS		2,103,262
FOOD AND KINDRED PRODUCTS - 1.64%
25,776		Coca-Cola Co		1,243,692
89,155		PepsiCo, Inc		5,576,645
171,415	*	Smithfield Foods, Inc		4,398,509
		TOTAL FOOD AND KINDRED PRODUCTS		11,218,846
FORESTRY - 0.25%
42,496		Rayonier, Inc		1,744,461
		TOTAL FORESTRY		1,744,461
GENERAL BUILDING CONTRACTORS - 0.63%
370,100	*	Daikyo, Inc		1,897,072
74,958	*	Toll Brothers, Inc		2,415,896
		TOTAL GENERAL BUILDING CONTRACTORS		4,312,968
HEALTH SERVICES - 1.31%
81,842	*	DaVita, Inc		4,655,173
190,017	*	Healthsouth Corp		4,303,885
		TOTAL HEALTH SERVICES		8,959,058
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.00%**
2,704	*	Canadian Solar, Inc		28,338
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		28,338

23

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 1.05%
11		Cross Timbers Royalty Trust	$	557
41,895		Douglas Emmett, Inc		1,113,988
70,428		General Growth Properties, Inc		3,678,454
60,167		Plum Creek Timber Co, Inc		2,397,655
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		7,190,654
HOTELS AND OTHER LODGING PLACES - 2.25%
149,491		Accor S.A.		11,583,554
80,753		Orient-Express Hotels Ltd (Class A)		3,821,232
		TOTAL HOTELS AND OTHER LODGING PLACES		15,404,786
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.14%
68,004	*	Alstom RGPT		9,219,208
390		Deere & Co		37,077
75,931		General Electric Co		2,825,393
228,631		Hewlett-Packard Co		9,417,311
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		21,498,989
INSTRUMENTS AND RELATED PRODUCTS - 1.41%
61,780	*	Eagle Test Systems, Inc		900,752
193,281	*	Thermo Electron Corp		8,753,696
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		9,654,448
INSURANCE AGENTS, BROKERS AND SERVICE - 1.54%
52,120		AON Corp		1,841,921
85,118		Hartford Financial Services Group, Inc		7,942,361
25,001		Marsh & McLennan Cos, Inc		766,531
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		10,550,813
INSURANCE CARRIERS - 7.56%
1,199		Aegon NV		22,721
162,966		Aetna, Inc		7,036,872
232,746		American International Group, Inc		16,678,578
57,451		Aspen Insurance Holdings Ltd		1,514,408
89,506		Axis Capital Holdings Ltd		2,986,815
15,688		Everest Re Group Ltd		1,539,150
15,957	*	First Mercury Financial Corp		375,309
80,359		Max Re Capital Ltd		1,994,510
156,190		Montpelier Re Holdings Ltd		2,906,696
8,998	*	OneBeacon Insurance Group Ltd		251,944
70,524		PartnerRe Ltd		5,009,320
101,226		Platinum Underwriters Holdings Ltd		3,131,932
25,372		St. Paul Travelers Cos, Inc		1,362,223
97,908		XL Capital Ltd (Class A)		7,051,334
		TOTAL INSURANCE CARRIERS		51,861,812
METAL MINING - 0.71%
53,700		Anglo American plc		2,619,128
12,472	*	Barrick Gold Corp		382,890
11,659		MMC Norilsk Nickel (ADR)		1,842,122
		TOTAL METAL MINING		4,844,140
MISCELLANEOUS RETAIL - 1.10%
1,388,523	*	Rite Aid Corp		7,553,565
		TOTAL MISCELLANEOUS RETAIL		7,553,565

24

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
MOTION PICTURES - 0.92%
99,507	*	DreamWorks Animation SKG, Inc (Class A)	$	2,934,461
20		News Corp (Class A)		430
62,657		Time Warner, Inc		1,364,669
58,711		Walt Disney Co		2,012,026
		TOTAL MOTION PICTURES		6,311,586
NONDEPOSITORY INSTITUTIONS - 2.26%
210,211		Fannie Mae		12,484,431
44,586		Freddie Mac		3,027,389
		TOTAL NONDEPOSITORY INSTITUTIONS		15,511,820
OIL AND GAS EXTRACTION - 0.96%
4,149		Equitable Resources, Inc		173,221
67,000	v*	KazMunaiGas Exploration Production (GDR)		1,638,820
45,350		Petroleo Brasileiro S.A. (ADR)		4,670,597
1,745		Pogo Producing Co		84,528
		TOTAL OIL AND GAS EXTRACTION		6,567,166
PAPER AND ALLIED PRODUCTS - 1.23%
57,534		Kimberly-Clark Corp		3,909,435
10,183	*	Smurfit-Stone Container Corp		107,532
95,912		Temple-Inland, Inc		4,414,829
		TOTAL PAPER AND ALLIED PRODUCTS		8,431,796
PETROLEUM AND COAL PRODUCTS - 8.26%
98,755		Apache Corp		6,568,195
245,163		Chevron Corp		18,026,835
37,564		ConocoPhillips		2,702,730
72,855		Devon Energy Corp		4,887,113
62,679		EOG Resources, Inc		3,914,304
100,052		Exxon Mobil Corp		7,666,985
17,380		Marathon Oil Corp		1,607,650
31,781		Noble Energy, Inc		1,559,494
198,703		Occidental Petroleum Corp		9,702,667
		TOTAL PETROLEUM AND COAL PRODUCTS		56,635,973
PRIMARY METAL INDUSTRIES - 0.68%
96,432	*	Lone Star Technologies, Inc		4,668,273
		TOTAL PRIMARY METAL INDUSTRIES		4,668,273
PRINTING AND PUBLISHING - 0.38%
43,415		Gannett Co, Inc		2,624,871
		TOTAL PRINTING AND PUBLISHING		2,624,871
RAILROAD TRANSPORTATION - 0.20%
39,271		CSX Corp		1,352,101
		TOTAL RAILROAD TRANSPORTATION		1,352,101
REAL ESTATE - 0.36%
164,400		Urban Corp		2,494,907
		TOTAL REAL ESTATE		2,494,907

25

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Fund
SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 3.25%
154,363		Morgan Stanley	$	12,569,779
223,442		TD Ameritrade Holding Corp		3,615,292
223,444		Waddell & Reed Financial, Inc (Class A)		6,113,428
		TOTAL SECURITY AND COMMODITY BROKERS		22,298,499
TOBACCO PRODUCTS - 3.54%
282,653		Altria Group, Inc		24,257,280
		TOTAL TOBACCO PRODUCTS		24,257,280
TRANSPORTATION BY AIR - 0.96%
260,296	*	JetBlue Airways Corp		3,696,203
66,151	*	UAL Corp		2,910,644
		TOTAL TRANSPORTATION BY AIR		6,606,847
TRANSPORTATION EQUIPMENT - 2.15%
1,109,951	*	Ford Motor Co		8,335,732
75,420		ITT Industries, Inc		4,285,364
11,223		Raytheon Co		592,574
44,992	*	Spirit Aerosystems Holdings, Inc (Class A)		1,505,882
		TOTAL TRANSPORTATION EQUIPMENT		14,719,552
WHOLESALE TRADE-DURABLE GOODS - 0.23%
45,000	*	TMK OAO (GDR)		1,575,000
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,575,000
WHOLESALE TRADE-NONDURABLE GOODS - 0.50%
80,926	*	Dean Foods Co		3,421,551
1,145	*	Idearc, Inc		32,804
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,454,355
		TOTAL COMMON STOCKS
		(Cost $610,146,061)		690,024,691
		TOTAL PORTFOLIO - 100.61%
		(Cost $610,146,061)		690,024,691
		OTHER ASSETS & LIABILITIES, NET - (0.61)%		(4,168,214	)
		NET ASSETS - 100.00%	$	685,856,477
	*	Non-income producing
	**	Percentage represents less than 0.01%
	v	Security valued at fair value
		ABBREVIATION:
		ADR - American Depositary Receipt
		GDR - Global Depositary Receipt

26

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.84%
APPAREL AND ACCESSORY STORES - 0.93%
90,427		Limited Brands, Inc	$	2,616,957
		TOTAL APPAREL AND ACCESSORY STORES		2,616,957
APPAREL AND OTHER TEXTILE PRODUCTS - 2.39%
32,089	*	Guess ?, Inc		2,035,405
60,502		Polo Ralph Lauren Corp		4,698,585
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		6,733,990
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.00%
93,516	*	Copart, Inc		2,805,480
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		2,805,480
BUSINESS SERVICES - 11.77%
83,338	*	Adobe Systems, Inc		3,426,859
27,218	*	Akamai Technologies, Inc		1,445,820
38,930	*	Autodesk, Inc		1,575,108
65,778	*	Cerner Corp		2,992,899
38,388	*	Citrix Systems, Inc		1,038,395
56,984	*	Cognizant Technology Solutions Corp (Class A)		4,396,885
106,490	*	Commvault Systems, Inc		2,130,865
20,847	*	DST Systems, Inc		1,305,648
35,765	*	Electronic Arts, Inc		1,801,125
45,443	*	ExlService Holdings, Inc		956,121
50,781	*	F5 Networks, Inc		3,768,458
35,682	*	Focus Media Holding Ltd (ADR)		2,368,928
92,401	*	H&E Equipment Services, Inc		2,288,773
47,385	*	Intuit, Inc		1,445,716
21,148		Omnicom Group, Inc		2,210,812
		TOTAL BUSINESS SERVICES		33,152,412
CHEMICALS AND ALLIED PRODUCTS - 4.04%
49,773	*	Abraxis BioScience, Inc		1,360,794
86,021	*	Adams Respiratory Therapeutics, Inc		3,510,517
86,492		Ecolab, Inc		3,909,438
22,379		Medicis Pharmaceutical Corp (Class A)		786,174
29,319		Shire plc (ADR)		1,810,741
		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,377,664
COAL MINING - 0.82%
71,534		Consol Energy, Inc		2,298,387
		TOTAL COAL MINING		2,298,387
COMMUNICATIONS - 6.86%
96,636	*	American Tower Corp (Class A)		3,602,590
76,137		Global Payments, Inc		3,525,143
129,122	*	NeuStar, Inc (Class A)		4,188,718
84,510	*	NII Holdings, Inc		5,445,824

27

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
72,332	*	Univision Communications, Inc (Class A)	$	2,561,999
		TOTAL COMMUNICATIONS		19,324,274
DEPOSITORY INSTITUTIONS - 1.44%
125,815		Hudson City Bancorp, Inc		1,746,312
38,380		Northern Trust Corp		2,329,282
		TOTAL DEPOSITORY INSTITUTIONS		4,075,594
EATING AND DRINKING PLACES - 1.34%
26,166	*	Chipotle Mexican Grill, Inc (Class A)		1,491,462
38,833		Yum! Brands, Inc		2,283,380
		TOTAL EATING AND DRINKING PLACES		3,774,842
ELECTRIC, GAS, AND SANITARY SERVICES - 2.49%
47,398		Constellation Energy Group, Inc		3,264,300
169,931	*	Covanta Holding Corp		3,745,279
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		7,009,579
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.58%
6,536	*	Acme Packet, Inc		134,903
28,293		Amphenol Corp (Class A)		1,756,429
146,495	*	Fairchild Semiconductor International, Inc		2,462,581
39,289		L-3 Communications Holdings, Inc		3,213,054
65,963	*	MEMC Electronic Materials, Inc		2,581,792
101,866	*	Network Appliance, Inc		4,001,296
68,652	*	Nvidia Corp		2,540,811
937	*	Optium Corp		23,369
101,570	*	QLogic Corp		2,226,414
50,932	*	Thomas & Betts Corp		2,408,065
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		21,348,714
ENGINEERING AND MANAGEMENT SERVICES - 4.25%
43,812	*	Celgene Corp		2,520,504
75,696	*	Infrasource Services, Inc		1,647,902
38,143	*	Jacobs Engineering Group, Inc		3,110,180
118,921		Paychex, Inc		4,702,136
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		11,980,722
FOOD AND KINDRED PRODUCTS - 2.53%
60,573	*	Constellation Brands, Inc (Class A)		1,757,828
58,927	*	Hansen Natural Corp		1,984,661
88,012		McCormick & Co, Inc		3,393,743
		TOTAL FOOD AND KINDRED PRODUCTS		7,136,232
FURNITURE AND FIXTURES - 0.76%
59,245		Herman Miller, Inc		2,154,148
		TOTAL FURNITURE AND FIXTURES		2,154,148
FURNITURE AND HOMEFURNISHINGS STORES - 0.99%
50,458	*	GameStop Corp (Class A)		2,780,740
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		2,780,740
GENERAL MERCHANDISE STORES - 1.96%
30,265		JC Penney Co, Inc		2,341,300
111,969		TJX Cos, Inc		3,193,356
		TOTAL GENERAL MERCHANDISE STORES		5,534,656

28

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
HEALTH SERVICES - 2.41%
25,658	*	Express Scripts, Inc	$	1,837,113
60,707		Manor Care, Inc		2,848,372
137,789	*	Nektar Therapeutics		2,095,771
		TOTAL HEALTH SERVICES		6,781,256
HOLDING AND OTHER INVESTMENT OFFICES - 2.32%
58,219		Global Signal, Inc		3,066,395
11,972		iShares Russell Midcap Growth Index Fund		1,233,954
25,726		Macerich Co		2,227,100
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,527,449
HOTELS AND OTHER LODGING PLACES - 1.88%
152,021		Hilton Hotels Corp		5,305,533
		TOTAL HOTELS AND OTHER LODGING PLACES		5,305,533
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.01%
30,804	*	Flowserve Corp		1,554,678
114,259		International Game Technology		5,278,766
4,015	*	Isilon Systems, Inc		110,814
61,880	*	Netgear, Inc		1,624,350
90,354	*	Riverbed Technology, Inc		2,773,868
64,627		Smith International, Inc		2,654,231
6,962	*	Verigy Ltd		123,576
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		14,120,283
INSTRUMENTS AND RELATED PRODUCTS - 12.53%
56,865	*	Agilent Technologies, Inc		1,981,745
42,984		Allergan, Inc		5,146,904
49,813		Bard (C.R.), Inc		4,132,985
27,009	*	Hologic, Inc		1,276,986
62,069	*	Intuitive Surgical, Inc		5,952,417
61,160		Kla-Tencor Corp		3,042,710
57,016	*	Resmed, Inc		2,806,328
72,014		Rockwell Collins, Inc		4,557,766
105,508	*	Thermo Electron Corp		4,778,457
32,033	*	Trimble Navigation Ltd		1,625,034
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		35,301,332
INSURANCE CARRIERS - 0.46%
54,916	*	First Mercury Financial Corp		1,291,624
		TOTAL INSURANCE CARRIERS		1,291,624
JUSTICE, PUBLIC ORDER AND SAFETY - 1.09%
67,729	*	Corrections Corp of America		3,063,383
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		3,063,383
LEATHER AND LEATHER PRODUCTS - 2.07%
135,779	*	Coach, Inc		5,833,066
		TOTAL LEATHER AND LEATHER PRODUCTS		5,833,066
METAL MINING - 1.29%
37,279		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,077,559
28,884		Southern Copper Corp		1,556,559
		TOTAL METAL MINING		3,634,118
MISCELLANEOUS RETAIL - 2.37%
69,734	*	Nutri/System, Inc		4,420,438

29

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Fund
SHARES		COMPANY		VALUE
59,460	*	Office Depot, Inc	$	2,269,588
		TOTAL MISCELLANEOUS RETAIL		6,690,026
MOTION PICTURES - 1.03%
98,441	*	DreamWorks Animation SKG, Inc (Class A)		2,903,025
		TOTAL MOTION PICTURES		2,903,025
OIL AND GAS EXTRACTION - 4.90%
97,331	*	Denbury Resources, Inc		2,704,828
87,290		Equitable Resources, Inc		3,644,358
46,789	*	National Oilwell Varco, Inc		2,862,551
52,347	*	Southwestern Energy Co		1,834,762
58,444		XTO Energy, Inc		2,749,790
		TOTAL OIL AND GAS EXTRACTION		13,796,289
PRIMARY METAL INDUSTRIES - 2.01%
36,296		Precision Castparts Corp		2,841,251
95,896	*	Titanium Metals Corp		2,829,891
		TOTAL PRIMARY METAL INDUSTRIES		5,671,142
PRINTING AND PUBLISHING - 0.55%
22,776		McGraw-Hill Cos, Inc		1,549,224
		TOTAL PRINTING AND PUBLISHING		1,549,224
REAL ESTATE - 2.54%
125,484	*	CB Richard Ellis Group, Inc (Class A)		4,166,069
51,417		Forest City Enterprises, Inc (Class A)		3,002,753
		TOTAL REAL ESTATE		7,168,822
SECURITY AND COMMODITY BROKERS - 3.60%
6,814		Chicago Mercantile Exchange Holdings, Inc		3,473,437
72,494	*	E*Trade Financial Corp		1,625,315
49,667		Greenhill & Co, Inc		3,665,425
29,418		Lazard Ltd (Class A)		1,392,649
		TOTAL SECURITY AND COMMODITY BROKERS		10,156,826
TRANSPORTATION EQUIPMENT - 1.79%
37,397		ITT Industries, Inc		2,124,899
31,178		Textron, Inc		2,923,562
		TOTAL TRANSPORTATION EQUIPMENT		5,048,461
WHOLESALE TRADE-DURABLE GOODS - 0.84%
40,318	*	WESCO International, Inc		2,371,103
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,371,103
		TOTAL COMMON STOCKS
		(Cost $241,740,935)		281,317,353
		TOTAL PORTFOLIO - 99.84%
		(Cost $241,740,935)		281,317,353
		OTHER ASSETS & LIABILITIES, NET - 0.16%		442,159
		NET ASSETS - 100.00%	$	281,759,512
	*	Non-income producing
		ABBREVIATION:
		ADR - American Depositary Receipt

30

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP VALUE FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.92%
BUSINESS SERVICES - 4.08%
37,701	*	AerCap Holdings NV	$	873,908
39,000		Automatic Data Processing, Inc		1,920,750
90,000	*	BEA Systems, Inc		1,132,200
32,000	*	CACI International, Inc (Class A)		1,808,000
96,000	*	Computer Sciences Corp		5,123,520
150,000	*	DynCorp International, Inc (Class A)		2,380,500
62,000		First Data Corp		1,582,240
38,000	*	Intuit, Inc		1,159,380
282,000	*	Novell, Inc		1,748,400
18,000		Omnicom Group, Inc		1,881,720
98,000		Waste Management, Inc		3,603,460
		TOTAL BUSINESS SERVICES		23,214,078
CHEMICALS AND ALLIED PRODUCTS - 5.16%
128,000		Alberto-Culver Co		2,745,600
79,000		Clorox Co		5,067,850
110,000		Cytec Industries, Inc		6,216,100
96,000		Georgia Gulf Corp		1,853,760
36,000	*	Invitrogen Corp		2,037,240
30,000		PPG Industries, Inc		1,926,300
101,000		Rohm & Haas Co		5,163,120
34,500		Sigma-Aldrich Corp		2,681,340
122,340	*	Warner Chilcott Ltd (Class A)		1,690,739
		TOTAL CHEMICALS AND ALLIED PRODUCTS		29,382,049
COAL MINING - 0.42%
60,000		Peabody Energy Corp		2,424,600
		TOTAL COAL MINING		2,424,600
COMMUNICATIONS - 1.56%
70,000		Cablevision Systems Corp (Class A)		1,993,600
58,000		CenturyTel, Inc		2,532,280
27,000	*	EchoStar Communications Corp (Class A)		1,026,810
49,000	*	IAC/InterActiveCorp		1,820,840
104,000	*	XM Satellite Radio Holdings, Inc (Class A)		1,502,800
		TOTAL COMMUNICATIONS		8,876,330
DEPOSITORY INSTITUTIONS - 9.56%
57,000		Astoria Financial Corp		1,719,120
73,000		Bank of New York Co, Inc		2,874,010
106,000		Colonial Bancgroup, Inc		2,728,440
41,000		Compass Bancshares, Inc		2,445,650
24,000		Cullen/Frost Bankers, Inc		1,339,680
850,000		Hudson City Bancorp, Inc		11,798,000
83,000		Interchange Financial Services Corp		1,908,170
50,000		Keycorp		1,901,500
119,000		Marshall & Ilsley Corp		5,725,090
70,000		Mercantile Bankshares Corp		3,275,300

31

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
41,000		New York Community Bancorp, Inc	$	660,100
56,500		Northern Trust Corp		3,428,985
142,000		South Financial Group, Inc		3,775,780
131,000		TCF Financial Corp		3,592,020
60,000		TD Banknorth, Inc		1,936,800
94,000		Valley National Bancorp		2,491,940
70,000		Western Union Co		1,569,400
15,000		Zions Bancorporation		1,236,600
		TOTAL DEPOSITORY INSTITUTIONS		54,406,585
EATING AND DRINKING PLACES - 0.46%
65,000		Darden Restaurants, Inc		2,611,050
		TOTAL EATING AND DRINKING PLACES		2,611,050
ELECTRIC, GAS, AND SANITARY SERVICES - 12.33%
47,000	*	Allegheny Energy, Inc		2,157,770
139,000		American Electric Power Co, Inc		5,918,620
102,000		Constellation Energy Group, Inc		7,024,740
140,500		DPL, Inc		3,903,090
89,000		Edison International		4,047,720
52,000		Energen Corp		2,440,880
94,000		Energy East Corp		2,331,200
74,500		Entergy Corp		6,877,840
33,000		FirstEnergy Corp		1,989,900
142,000		Fortum Oyj		4,041,344
75,000	*	Mirant Corp		2,367,750
37,000		National Fuel Gas Co		1,425,980
46,000		Northeast Utilities		1,295,360
107,000		NorthWestern Corp		3,785,660
109,000	*	NRG Energy, Inc		6,105,090
107,000		Pepco Holdings, Inc		2,783,070
110,000		PPL Corp		3,942,400
28,500		Questar Corp		2,366,925
40,500		Williams Cos, Inc		1,057,860
186,000		Xcel Energy, Inc		4,289,160
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		70,152,359
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 4.65%
130,000	*	Agere Systems, Inc		2,492,100
234,240		Alcatel S.A. (ADR)		3,330,893
80,000	*	Cree, Inc		1,385,600
131,000	*	Fairchild Semiconductor International, Inc		2,202,110
200,000	*	Gemstar-TV Guide International, Inc		802,000
187,000	*	Infineon Technologies AG. (ADR)		2,623,610
122,500	*	JDS Uniphase Corp		2,040,850
65,000		L-3 Communications Holdings, Inc		5,315,700
70,000		Linear Technology Corp		2,122,400
245,000	*	Sycamore Networks, Inc		921,200
313,000	*	Tellabs, Inc		3,211,380
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		26,447,843
ENGINEERING AND MANAGEMENT SERVICES - 0.43%
48,000	*	McDermott International, Inc		2,441,280
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,441,280
FABRICATED METAL PRODUCTS - 1.64%
84,000		Ball Corp		3,662,400

32

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
272,000	*	Crown Holdings, Inc	$	5,690,240
		TOTAL FABRICATED METAL PRODUCTS		9,352,640
FOOD AND KINDRED PRODUCTS - 1.06%
65,000		Coca-Cola Enterprises, Inc		1,327,300
125,000		Del Monte Foods Co		1,378,750
129,000	*	Smithfield Foods, Inc		3,310,140
		TOTAL FOOD AND KINDRED PRODUCTS		6,016,190
FOOD STORES - 1.86%
315,000		Kroger Co		7,267,050
93,000		Supervalu, Inc		3,324,750
		TOTAL FOOD STORES		10,591,800
FORESTRY - 0.42%
58,000		Rayonier, Inc		2,380,900
		TOTAL FORESTRY		2,380,900
GENERAL BUILDING CONTRACTORS - 0.79%
42,000		Lennar Corp (Class A)		2,203,320
42,000		Ryland Group, Inc		2,294,040
		TOTAL GENERAL BUILDING CONTRACTORS		4,497,360
GENERAL MERCHANDISE STORES - 1.40%
118,000		Federated Department Stores, Inc		4,499,340
45,000		JC Penney Co, Inc		3,481,200
		TOTAL GENERAL MERCHANDISE STORES		7,980,540
HEALTH SERVICES - 2.15%
29,500	*	Coventry Health Care, Inc		1,476,475
43,500	*	DaVita, Inc		2,474,280
134,727	*	Healthsouth Corp		3,051,567
139,000	*	Nektar Therapeutics		2,114,190
47,000		Omnicare, Inc		1,815,610
16,500	*	WellPoint, Inc		1,298,385
		TOTAL HEALTH SERVICES		12,230,507
HEAVY CONSTRUCTION, EXCEPT BUILDING - 2.74%
108,500		Bouygues S.A.		6,965,025
121,000		Macquarie Infrastructure Co Trust		4,293,080
33,700		Vinci S.A.		4,306,198
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		15,564,303
HOLDING AND OTHER INVESTMENT OFFICES - 12.32%
74,500		Archstone-Smith Trust		4,336,645
52,000		Boston Properties, Inc		5,817,760
47,000		Douglas Emmett, Inc		1,249,730
53,000		Equity Residential		2,689,750
50,000		General Growth Properties, Inc		2,611,500
61,329	v*	GSC Capital Corp		1,410,567
24,390		iShares Russell 1000 Value Index Fund		2,014,858
166,374		iShares Russell Midcap Value Index Fund		24,362,145
81,000		iStar Financial, Inc		3,873,420
127,000		Plum Creek Timber Co, Inc		5,060,950
83,000		Prologis		5,043,910
18,500		Public Storage, Inc		1,803,750
38,000		Reckson Associates Realty Corp		1,732,800

33

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
83,000		Taubman Centers, Inc	$	4,221,380
32,000		Vornado Realty Trust		3,888,000
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		70,117,165
HOTELS AND OTHER LODGING PLACES - 2.80%
84,500		Accor S.A.		6,547,621
159,000		Hilton Hotels Corp		5,549,100
19,250		Orient-Express Hotels Ltd (Class A)		910,910
46,500		Starwood Hotels & Resorts Worldwide, Inc		2,906,250
		TOTAL HOTELS AND OTHER LODGING PLACES		15,913,881
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.73%
32,000		American Standard Cos, Inc		1,467,200
36,000	*	Hydril		2,706,840
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,174,040
INSTRUMENTS AND RELATED PRODUCTS - 4.11%
69,000	*	Agilent Technologies, Inc		2,404,650
37,000	*	Mettler-Toledo International, Inc		2,917,450
75,000	*	Teradyne, Inc		1,122,000
198,000	*	Thermo Electron Corp		8,967,420
35,000	*	Waters Corp		1,713,950
369,000	*	Xerox Corp		6,254,550
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		23,380,020
INSURANCE AGENTS, BROKERS AND SERVICE - 1.22%
97,000		AON Corp		3,427,980
37,500		Hartford Financial Services Group, Inc		3,499,125
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		6,927,105
INSURANCE CARRIERS - 4.47%
35,000		Aetna, Inc		1,511,300
80,000		Axis Capital Holdings Ltd		2,669,600
46,000	*	CNA Financial Corp		1,854,720
315,000	*	Conseco, Inc		6,293,700
52,500		Genworth Financial, Inc (Class A)		1,796,025
76,000		Max Re Capital Ltd		1,886,320
48,000	*	OneBeacon Insurance Group Ltd		1,344,000
38,000		PartnerRe Ltd		2,699,140
30,000		Safeco Corp		1,876,500
48,500		XL Capital Ltd (Class A)		3,492,970
		TOTAL INSURANCE CARRIERS		25,424,275
METAL MINING - 1.14%
107,000		Anglo American plc		5,218,746
22,500		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,253,925
		TOTAL METAL MINING		6,472,671
MISCELLANEOUS RETAIL - 1.23%
53,000	*	Office Depot, Inc		2,023,010
618,000	*	Rite Aid Corp		3,361,920
9,500	*	Sears Holdings Corp		1,595,335
		TOTAL MISCELLANEOUS RETAIL		6,980,265
MOTION PICTURES - 0.78%
50,000		CBS Corp (Class B)		1,559,000
58,000	*	DreamWorks Animation SKG, Inc (Class A)		1,710,420

34

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
56,000		Regal Entertainment Group (Class A)	$	1,193,920
		TOTAL MOTION PICTURES		4,463,340
NONDEPOSITORY INSTITUTIONS - 0.70%
71,000		CIT Group, Inc		3,959,670
		TOTAL NONDEPOSITORY INSTITUTIONS		3,959,670
OIL AND GAS EXTRACTION - 1.94%
56,500		Cabot Oil & Gas Corp		3,426,725
25,000	*	Cameron International Corp		1,326,250
90,000		Chesapeake Energy Corp		2,614,500
71,000	*	Forest Oil Corp		2,320,280
45,000	*	Pride International, Inc		1,350,450
		TOTAL OIL AND GAS EXTRACTION		11,038,205
PAPER AND ALLIED PRODUCTS - 1.21%
49,000		Bowater, Inc		1,102,500
56,000		MeadWestvaco Corp		1,683,360
64,000		Temple-Inland, Inc		2,945,920
76,000		Wausau Paper Corp		1,139,240
		TOTAL PAPER AND ALLIED PRODUCTS		6,871,020
PERSONAL SERVICES - 0.32%
230,000	*	Sally Beauty Holdings, Inc		1,794,000
		TOTAL PERSONAL SERVICES		1,794,000
PETROLEUM AND COAL PRODUCTS - 2.09%
67,000		Hess Corp		3,321,190
20,000		Marathon Oil Corp		1,850,000
124,000		Noble Energy, Inc		6,084,680
10,000		Tesoro Corp		657,700
		TOTAL PETROLEUM AND COAL PRODUCTS		11,913,570
PRIMARY METAL INDUSTRIES - 0.46%
33,500		Precision Castparts Corp		2,622,380
		TOTAL PRIMARY METAL INDUSTRIES		2,622,380
PRINTING AND PUBLISHING - 1.39%
57,500		Gannett Co, Inc		3,476,450
45,000		Meredith Corp		2,535,750
61,500		Tribune Co		1,892,970
		TOTAL PRINTING AND PUBLISHING		7,905,170
RAILROAD TRANSPORTATION - 0.82%
136,000		CSX Corp		4,682,480
		TOTAL RAILROAD TRANSPORTATION		4,682,480
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.43%
84,000		Newell Rubbermaid, Inc		2,431,800
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,431,800
SECURITY AND COMMODITY BROKERS - 2.23%
24,000		Bear Stearns Cos, Inc		3,906,720
71,000		Charles Schwab Corp		1,373,140
45,000	*	Cowen Group, Inc		951,750
50,000	*	E*Trade Financial Corp		1,121,000
84,000		Janus Capital Group, Inc		1,813,560
53,000		Jefferies Group, Inc		1,421,460

35

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Fund
SHARES		COMPANY		VALUE
77,000		Waddell & Reed Financial, Inc (Class A)	$	2,106,720
		TOTAL SECURITY AND COMMODITY BROKERS		12,694,350
TOBACCO PRODUCTS - 1.42%
104,000		Loews Corp (Carolina Group)		6,730,880
75,000		Vector Group Ltd		1,331,250
		TOTAL TOBACCO PRODUCTS		8,062,130
TRANSPORTATION BY AIR - 1.70%
43,500	*	ACE Aviation Holdings, Inc (Class A)		1,409,651
70,000	*	AMR Corp		2,116,100
113,000	*	JetBlue Airways Corp		1,604,600
103,200	*	UAL Corp		4,540,800
		TOTAL TRANSPORTATION BY AIR		9,671,151
TRANSPORTATION EQUIPMENT - 3.55%
92,000		Autoliv, Inc		5,547,600
945,000	*	Ford Motor Co		7,096,950
20,500		General Dynamics Corp		1,524,175
50,500		ITT Industries, Inc		2,869,410
37,580	*	Spirit Aerosystems Holdings, Inc (Class A)		1,257,803
74,000	*	TRW Automotive Holdings Corp		1,914,380
		TOTAL TRANSPORTATION EQUIPMENT		20,210,318
WATER TRANSPORTATION - 0.67%
114,000	*	Danaos Corp		2,736,000
68,000		Omega Navigation Enterprises, Inc (Class A)		1,064,880
		TOTAL WATER TRANSPORTATION		3,800,880
WHOLESALE TRADE-DURABLE GOODS - 0.18%
29,000	*	TMK OAO (GDR)		1,015,000
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,015,000
WHOLESALE TRADE-NONDURABLE GOODS - 1.30%
65,000		Akzo Nobel NV (ADR)		3,956,550
81,000	*	Dean Foods Co		3,424,680
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		7,381,230
		TOTAL COMMON STOCKS
		(Cost $499,611,544)		568,476,530
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.82%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.82%
$     4,670,000		Federal Home Loan Banks (FHLB) 4.800%, 01/02/07		4,667,483
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		4,667,483
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $4,669,377)		4,667,483
		TOTAL PORTFOLIO - 100.74%
		(Cost $504,280,921)		573,144,013
		OTHER ASSETS & LIABILITIES, NET - (0.74)%		(4,195,308	)
		NET ASSETS - 100.00%	$	568,948,705
	*	Non-income producing
	v	Security valued at fair value
		ABBREVIATION:
		ADR - American Depositary Receipt

36

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

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SMALL-CAP EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 97.48%
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.23%
580		Seaboard Corp	$	1,023,700
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		1,023,700
AMUSEMENT AND RECREATION SERVICES - 0.54%
23,361		Dover Downs Gaming & Entertainment, Inc		312,337
9,288	*	Live Nation, Inc		208,051
18,500	*	Magna Entertainment Corp		83,435
7,298	*	Marvel Entertainment, Inc		196,389
18,766	*	Pinnacle Entertainment, Inc		621,905
20,756		Speedway Motorsports, Inc		797,030
24,049		Westwood One, Inc		169,786
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,388,933
APPAREL AND ACCESSORY STORES - 1.69%
17,439	*	Aeropostale, Inc		538,342
11,373		Brown Shoe Co, Inc		542,947
5,876		Buckle, Inc		298,795
29,759	*	Carter's, Inc		758,855
29,854		Cato Corp (Class A)		683,955
16,681	*	Charlotte Russe Holding, Inc		512,941
26,253	*	Charming Shoppes, Inc		355,203
3,754	*	Dress Barn, Inc		87,581
16,238	*	Pacific Sunwear Of California, Inc		317,940
83,497	d*	Payless Shoesource, Inc		2,740,372
16,866	*	Tween Brands, Inc		673,459
		TOTAL APPAREL AND ACCESSORY STORES		7,510,390
APPAREL AND OTHER TEXTILE PRODUCTS - 1.35%
6,161		Columbia Sportswear Co		343,168
5,308	*	Gymboree Corp		202,553
63,762		Kellwood Co		2,073,540
76,600	*	Maidenform Brands, Inc		1,387,992
20,391		Phillips-Van Heusen Corp		1,023,016
38,029	*	Warnaco Group, Inc		965,176
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		5,995,445
AUTO REPAIR, SERVICES AND PARKING - 0.01%
664	*	Wright Express Corp		20,697
		TOTAL AUTO REPAIR, SERVICES AND PARKING		20,697
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.22%
38,384	*	CSK Auto Corp		658,286
10,292		Sonic Automotive, Inc (Class A)		298,880
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		957,166

37

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.00%**
265	*	Central Garden & Pet Co	$	12,831
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		12,831
BUSINESS SERVICES - 12.76%
90,888	*	3Com Corp		373,550
21,332		ABM Industries, Inc		484,450
29,049	*	Actuate Corp		172,551
33,967		Acxiom Corp		871,254
29,665		Administaff, Inc		1,268,772
4,071	*	Advent Software, Inc		143,666
15,431	*	Altiris, Inc		391,639
13,269	*	Ansoft Corp		368,878
14,785	*	aQuantive, Inc		364,598
20,661		Arbitron, Inc		897,514
14,217	*	Ariba, Inc		110,040
118,401	*	Art Technology Group, Inc		275,874
26,878	*	Asset Acceptance Capital Corp		452,088
26,727	*	Avocent Corp		904,709
90,604	*	BISYS Group, Inc		1,169,698
23,100	*	CACI International, Inc (Class A)		1,305,150
13,458		Catalina Marketing Corp		370,095
84,115	*	CBIZ, Inc		586,282
444,299	*	CMGI, Inc		595,361
59,139	*	CNET Networks, Inc		537,574
6,303		Computer Programs & Systems, Inc		214,239
29,246	*	COMSYS IT Partners, Inc		591,062
26,664	*	Covansys Corp		611,939
13,199	*	CSG Systems International, Inc		352,809
1,422	*	DealerTrack Holdings, Inc		41,835
10,553	*	Dendrite International, Inc		113,023
6,143	*	Digital River, Inc		342,718
182,869	*	Earthlink, Inc		1,298,370
16,207	*	eFunds Corp		445,693
39,345	*	Gerber Scientific, Inc		494,173
24,736		Gevity HR, Inc		585,996
21,230	*	Global Cash Access, Inc		344,563
33,669	*	Heidrick & Struggles International, Inc		1,426,219
49,093	*	Hypercom Corp		311,741
34,988	*	Hyperion Solutions Corp		1,257,469
35,378	*	i2 Technologies, Inc		807,326
60,656	*	Informatica Corp		740,610
14,889	*	Infospace, Inc		305,373
2,425	*	Internap Network Services Corp		48,185
23,054		Interpool, Inc		538,541
11,468	*	inVentiv Health, Inc		405,394
17,060	*	Keane, Inc		203,185
11,075		Kelly Services, Inc (Class A)		320,511
33,875	*	Kforce, Inc		412,259
13,852	*	Korn/Ferry International		318,042
12,205	*	Kronos, Inc		448,412
87,557	*	Labor Ready, Inc		1,604,920
511	*	Lawson Software, Inc		3,776
14,544	*	Manhattan Associates, Inc		437,484
13,648	*	Mantech International Corp (Class A)		502,656

38

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
18,481	*	Mentor Graphics Corp	$	333,212
13,166	*	MicroStrategy, Inc (Class A)		1,501,056
59,613	*	MPS Group, Inc		845,312
20,600	*	Ness Technologies, Inc		293,756
16,207	*	NetFlix, Inc		419,113
18,800	*	Netscout Systems, Inc		156,040
67,685	*	NIC, Inc		336,394
25,787	*	Packeteer, Inc		350,703
24,280	*	Parametric Technology Corp		437,526
49,946	*	Perot Systems Corp (Class A)		818,615
52,852	*	Premiere Global Services, Inc		498,923
19,060	*	Progress Software Corp		532,346
9,537	*	Radisys Corp		158,982
188,541	*	RealNetworks, Inc		2,062,639
57,084	*	Rent-A-Center, Inc		1,684,549
40,332	*	Rewards Network, Inc		280,307
14,406		Rollins, Inc		318,517
112,271	*	Sitel Corp		473,784
23,315	*	Sohu.com, Inc		559,560
22,462		Sotheby's		696,771
103,114	*	Spherion Corp		766,137
32,917	*	SPSS, Inc		989,814
10,500	*	SRA International, Inc (Class A)		280,770
76,968	*	Sybase, Inc		1,901,110
108,192	*	SYKES Enterprises, Inc		1,908,507
12,500		Talx Corp		343,125
30,465	*	TeleTech Holdings, Inc		727,504
30,874		TheStreet.com, Inc		274,779
148,987	*	TIBCO Software, Inc		1,406,437
4,455	*	TNS, Inc		85,759
52,354	*	Transaction Systems Architects, Inc		1,705,170
20,073	*	Travelzoo, Inc		601,186
5,007	*	Trizetto Group, Inc		91,979
29,825		United Online, Inc		396,076
18,671	*	Universal Compression Holdings, Inc		1,159,656
26,253	*	Vasco Data Security International		311,098
8,720	*	Verint Systems, Inc		298,922
51,349		Viad Corp		2,084,769
19,050	*	Vignette Corp		325,184
7,398	*	WebEx Communications, Inc		258,116
38,873	*	webMethods, Inc		286,105
16,696	*	Websense, Inc		381,170
28,622	*	Wind River Systems, Inc		293,376
		TOTAL BUSINESS SERVICES		56,807,120
CHEMICALS AND ALLIED PRODUCTS - 7.18%
7,014	*	Acadia Pharmaceuticals, Inc		61,653
7,363	*	Adams Respiratory Therapeutics, Inc		300,484
10,855	*	Adolor Corp		81,630
8,335	*	Alexion Pharmaceuticals, Inc		336,651
75,607	*	Alkermes, Inc		1,010,866
18,007	*	Alnylam Pharmaceuticals, Inc		385,350
39,348	*	Alpharma, Inc (Class A)		948,287
11,800	*	American Oriental Bioengineering, Inc		137,706

39

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
54,204	*	Anadys Pharmaceuticals, Inc	$	266,684
12,890		Arch Chemicals, Inc		429,366
67,610	*	Aventine Renewable Energy Holdings, Inc		1,592,892
776	*	Bentley Pharmaceuticals, Inc		7,892
1,255	*	BioCryst Pharmaceuticals, Inc		14,508
20,372	*	BioMarin Pharmaceuticals, Inc		333,897
291	*	Chattem, Inc		14,573
3,907	*	Coley Pharmaceutical Group, Inc		37,859
25,589	*	Combinatorx, Inc		221,601
15,266	*	Cotherix, Inc		205,938
14,880	*	Cubist Pharmaceuticals, Inc		269,477
14,217	*	Digene Corp		681,279
41,577	*	Elizabeth Arden, Inc		792,042
12,100	*	Emergent Biosolutions, Inc		135,036
26,158	*	Emisphere Technologies, Inc		138,376
7,488	*	Encysive Pharmaceuticals, Inc		31,524
19,050	*	Enzon Pharmaceuticals, Inc		162,116
139,033	*	Genta, Inc		61,522
37,341		Georgia Gulf Corp		721,055
34,498		H.B. Fuller Co		890,738
25,968	*	Hana Biosciences, Inc		165,416
524	*	Hercules, Inc		10,118
6,682	*	Hi-Tech Pharmacal Co, Inc		81,320
36,476	*	Human Genome Sciences, Inc		453,761
21,798	*	Immucor, Inc		637,156
42,743	*	Indevus Pharmaceuticals, Inc		303,475
4,265	*	Inverness Medical Innovations, Inc		165,056
21,893		Koppers Holdings, Inc		570,751
59,139	*	KV Pharmaceutical Co (Class A)		1,406,325
33,987		Mannatech, Inc		500,629
51,323	*	Medicines Co		1,627,966
3,888		Meridian Bioscience, Inc		95,373
11,752	*	MGI Pharma, Inc		216,354
20,367	*	Nabi Biopharmaceuticals		138,088
18,292	*	NBTY, Inc		760,398
4,550	*	Neurocrine Biosciences, Inc		47,411
10,426	*	New River Pharmaceuticals, Inc		570,406
11,279		NewMarket Corp		666,025
19,879	*	NPS Pharmaceuticals, Inc		90,052
32,887		Olin Corp		543,293
27,299	*	OM Group, Inc		1,236,099
88,565	*	OraSure Technologies, Inc		731,547
8,720	*	OSI Pharmaceuticals, Inc		305,026
42,183	*	Pain Therapeutics, Inc		375,429
2,096	*	Panacos Pharmaceuticals, Inc		8,405
18,794	*	Par Pharmaceutical Cos, Inc		420,422
1,003	*	Parexel International Corp		29,057
112,484		Perrigo Co		1,945,973
30,402	*	Pharmion Corp		782,547
32,648	*	Pioneer Cos, Inc		935,692
90,035	*	PolyOne Corp		675,263
24,547	*	Quidel Corp		334,330
38,005	*	Santarus, Inc		297,579
34,809	*	Sciele Pharma, Inc		835,416

40

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
26,348	*	Solexa, Inc	$	346,476
16,413		Stepan Co		519,800
15,733	*	SuperGen, Inc		79,924
2,314		UAP Holding Corp		58,267
15,663	*	United Therapeutics Corp		851,597
64,365	*	USEC, Inc		818,723
14,311	*	Valeant Pharmaceuticals International		246,722
25,684	*	Viropharma, Inc		376,014
20,647	*	WR Grace & Co		408,811
		TOTAL CHEMICALS AND ALLIED PRODUCTS		31,939,494
COAL MINING - 0.54%
70,417	*	Alpha Natural Resources, Inc		1,002,034
26,264	*	International Coal Group, Inc		143,139
18,156		Penn Virginia Corp		1,271,646
		TOTAL COAL MINING		2,416,819
COMMUNICATIONS - 3.07%
13,476		Atlantic Tele-Network, Inc		394,847
54,850	*	Brightpoint, Inc		737,733
269		Centennial Communications Corp		1,934
177,805	*	Cincinnati Bell, Inc		812,569
853		Citadel Broadcasting Corp		8,496
37,715		Commonwealth Telephone Enterprises, Inc		1,578,750
18,592		Consolidated Communications Holdings, Inc		388,573
71,270	*	Covad Communications Group, Inc		98,353
44,503		CT Communications, Inc		1,020,009
36,109		Entercom Communications Corp (Class A)		1,017,552
13,648	*	Eschelon Telecom, Inc		270,367
5,782		Fairpoint Communications, Inc		109,569
34,825	*	FiberTower Corp		204,771
67,794	*	Foundry Networks, Inc		1,015,554
64,380	*	General Communication, Inc (Class A)		1,012,697
9,119	*	Globalstar, Inc		126,845
14,552		Golden Telecom, Inc		681,616
62,498	*	Lightbridge, Inc		846,223
88,110	*	Mastec, Inc		1,016,789
52,505	*	Syniverse Holdings, Inc		787,050
61,130		USA Mobility, Inc		1,367,478
25,968	*	Vonage Holdings Corp		180,218
		TOTAL COMMUNICATIONS		13,677,993
DEPOSITORY INSTITUTIONS - 8.83%
4,600		1st Source Corp		147,798
14,435		Anchor Bancorp Wisconsin, Inc		416,017
17,022		Bancfirst Corp		919,188
1,125		Bank Mutual Corp		13,624
16,505		Bank of Granite Corp		313,100
18,788		BankUnited Financial Corp (Class A)		525,312
24,865		Boston Private Financial Holdings, Inc		701,442
4,893		Cadence Financial Corp		106,031
474		Capitol Bancorp Ltd		21,899
5,592		Cathay General Bancorp		192,980
43,459	*	Centennial Bank Holdings, Inc		411,122

41

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
22,900		Center Financial Corp	$	548,913
32,697		Central Pacific Financial Corp		1,267,336
14,241		Chemical Financial Corp		474,225
28,338		Chittenden Corp		869,693
54,751		Citizens Banking Corp		1,450,902
1,650		City Bank		59,070
42,598		City Holding Co		1,741,832
11,279		Community Bank System, Inc		259,417
1,804		Community Banks, Inc		50,079
12,963		Community Trust Bancorp, Inc		538,353
27,083		Corus Bankshares, Inc		624,805
15,638		Downey Financial Corp		1,135,006
35,778		First Bancorp		340,964
14,428		First Community Bancorp, Inc		754,152
1,629		First Financial Bankshares, Inc		68,190
1,896		First Financial Holdings, Inc		74,285
6,728		First Midwest Bancorp, Inc		260,239
94,077		First Niagara Financial Group, Inc		1,397,984
12,064	*	First Regional Bancorp		411,262
23,668	*	FirstFed Financial Corp		1,585,046
43,576		FirstMerit Corp		1,051,925
14,321		Flagstar Bancorp, Inc		212,524
7,818		FNB Corp		324,838
51,424		Greater Bay Bancorp		1,353,994
82,872		Hanmi Financial Corp		1,867,106
14,023		Integra Bank Corp		385,913
7,727		International Bancshares Corp		238,842
19,526	*	Intervest Bancshares Corp		671,890
7,938		ITLA Capital Corp		459,690
21,389		MAF Bancorp, Inc		955,874
29,330		MB Financial, Inc		1,103,101
5,178		Mercantile Bank Corp		195,211
16,212		Mid-State Bancshares		589,955
11,542		National Penn Bancshares, Inc		233,726
34,688		Old National Bancorp		656,297
80,600		Oriental Financial Group, Inc		1,043,770
12,580		Pacific Capital Bancorp		422,436
500		Peoples Bancorp, Inc		14,850
20,300		PFF Bancorp, Inc		700,553
16,086		Placer Sierra Bancshares		382,364
15,167		Provident Bankshares Corp		539,945
41,227		Provident Financial Services, Inc		747,446
23,111		Republic Bancorp, Inc		311,074
6,835		S&T Bancorp, Inc		236,969
9,719		Sierra Bancorp		285,155
10,103		Simmons First National Corp (Class A)		318,750
11,125		Southwest Bancorp, Inc		309,943
8,435		Sterling Bancorp		166,170
6,256		Sterling Bancshares, Inc		81,453
10,744		Sterling Financial Corp		254,310
8,063		Suffolk Bancorp		307,442
4,310	*	Sun Bancorp, Inc		90,812
7,306	*	SVB Financial Group		340,606
31,914		Taylor Capital Group, Inc		1,168,372

42

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
40,564		TierOne Corp	$	1,282,228
1,700		Trico Bancshares		46,257
5,308		UCBH Holdings, Inc		93,208
9,288		UMB Financial Corp		339,105
7,508		Umpqua Holdings Corp		220,960
2,400		United Community Financial Corp		29,376
59,156		W Holding Co, Inc		352,570
15,801		Westamerica Bancorporation		800,005
13,174		Wilshire Bancorp, Inc		249,911
3,895		Wintrust Financial Corp		187,038
		TOTAL DEPOSITORY INSTITUTIONS		39,304,230
EATING AND DRINKING PLACES - 2.37%
10,615		Applebees International, Inc		261,872
11,184		Bob Evans Farms, Inc		382,716
36,122		CBRL Group, Inc		1,616,821
11,089	*	CEC Entertainment, Inc		446,332
34,877		CKE Restaurants, Inc		641,737
11,563		Domino's Pizza, Inc		323,764
6,965		IHOP Corp		367,056
39,100	*	Jack in the Box, Inc		2,386,664
6,729	*	Krispy Kreme Doughnuts, Inc		74,692
74,019	*	Luby's, Inc		806,067
18,697	*	McCormick & Schmick's Seafood Restaurants, Inc		449,476
15,663	*	O'Charleys, Inc		333,309
23,543	*	Papa John's International, Inc		682,982
4,137	*	PF Chang's China Bistro, Inc		158,778
7,203		Ruby Tuesday, Inc		197,650
31,834	*	Ruth's Chris Steak House, Inc		581,926
34,704	*	Sonic Corp		831,161
		TOTAL EATING AND DRINKING PLACES		10,543,003
EDUCATIONAL SERVICES - 0.45%
57,704	*	Corinthian Colleges, Inc		786,506
40,185		DeVry, Inc		1,125,180
7,105	*	Lincoln Educational Services Corp		95,846
		TOTAL EDUCATIONAL SERVICES		2,007,532
ELECTRIC, GAS, AND SANITARY SERVICES - 4.32%
13,300		Allete, Inc		618,982
77,569		Avista Corp		1,963,271
58,700		Black Hills Corp		2,168,378
11,658	*	El Paso Electric Co		284,105
56,195		Laclede Group, Inc		1,968,511
9,200		Markwest Hydrocarbon, Inc		446,660
38,217		Metal Management, Inc		1,446,513
42,130		New Jersey Resources Corp		2,046,675
50,671		Nicor, Inc		2,371,403
1,665		Northwest Natural Gas Co		70,663
29,836		NorthWestern Corp		1,055,598
4,942		Otter Tail Corp		153,993
432		Peoples Energy Corp		19,254
1,112		Piedmont Natural Gas Co, Inc		29,746
6,633		Southwest Gas Corp		254,508

43

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
48,914		UIL Holdings Corp	$	2,063,682
41,019		Unisource Energy Corp		1,498,424
23,327		WGL Holdings, Inc		759,994
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		19,220,360
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.88%
25,400		Acuity Brands, Inc		1,321,816
100,871	*	Adaptec, Inc		470,059
13,648		Adtran, Inc		309,810
61,696	*	Advanced Energy Industries, Inc		1,164,204
44,373	*	Aeroflex, Inc		520,052
21,399	*	AMIS Holdings, Inc		226,187
99,906	*	Amkor Technology, Inc		933,122
62,847	*	Andrew Corp		642,925
38,186	*	Applied Micro Circuits Corp		135,942
144,619	*	Arris Group, Inc		1,809,184
5,749	*	ATMI, Inc		175,517
8,056		Baldor Electric Co		269,232
19,524	*	Benchmark Electronics, Inc		475,605
164,055	*	Brocade Communications Systems, Inc		1,346,892
4,066	*	Ceradyne, Inc		229,729
27,181	*	Checkpoint Systems, Inc		549,056
10,615	*	Comtech Telecommunications Corp		404,113
101,029	*	Conexant Systems, Inc		206,099
32,982	*	Electro Scientific Industries, Inc		664,257
16,391	*	EMS Technologies, Inc		328,312
6,350	*	Genlyte Group, Inc		495,999
30,897	*	Hexcel Corp		537,917
70,124	*	Interdigital Communications Corp		2,352,660
10,141	*	InterVoice, Inc		77,680
4,265	*	Lamson & Sessions Co		103,469
99,262	*	Mattson Technology, Inc		925,122
72,720	*	Micrel, Inc		783,922
198	*	Monolithic Power Systems, Inc		2,200
78,326	*	MRV Communications, Inc		277,274
1,706	*	Multi-Fineline Electronix, Inc		34,615
45,018	*	Omnivision Technologies, Inc		614,496
160,609	*	ON Semiconductor Corp		1,215,810
17,344	*	Oplink Communications, Inc		356,593
19,137	*	Pericom Semiconductor Corp		219,501
89,216	*	Plexus Corp		2,130,478
25,968	*	Polycom, Inc		802,671
15,465	*	Portalplayer, Inc		208,004
9,200	*	Radyne Corp		98,808
86,248	*	RF Micro Devices, Inc		585,624
8,814	*	Rogers Corp		521,348
43,413	*	Semtech Corp		567,408
44,323	*	Silicon Image, Inc		563,789
25,940	*	Sirenza Microdevices, Inc		203,888
14,143	*	Standard Microsystems Corp		395,721
40,629	*	Stratex Networks, Inc		196,238
14,804	*	Synaptics, Inc		439,531
24,073		Technitrol, Inc		575,104
10,938	*	Tessera Technologies, Inc		441,239

44

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
27,289	*	Trident Microsystems, Inc	$	496,114
98,205	*	Triquint Semiconductor, Inc		441,923
25,409	*	TTM Technologies, Inc		287,884
25,528	*	Ulticom, Inc		244,814
25,589	*	Utstarcom, Inc		223,904
9,667	*	Varian Semiconductor Equipment Associates, Inc		440,042
4,076		Vicor Corp		45,284
33,077	*	Zhone Technologies, Inc		43,331
34,734	*	Zoran Corp		506,422
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		30,638,940
ENGINEERING AND MANAGEMENT SERVICES - 1.91%
5,495	*	Advisory Board Co		294,202
20,566	*	Applera Corp (Celera Genomics Group)		287,718
9,851	*	Ariad Pharmaceuticals, Inc		50,634
10,899		CDI Corp		271,385
4,060	*	deCODE genetics, Inc		18,392
81,020	*	Digitas, Inc		1,086,478
23,147	*	Exelixis, Inc		208,323
66,079	*	Harris Interactive, Inc		333,038
17,778	*	ICOS Corp		600,719
29,191	*	Incyte Corp		170,475
4,334	*	LECG Corp		80,092
22,302	*	Lifecell Corp		538,370
15,400	*	Luminex Corp		195,580
16,957	*	MTC Technologies, Inc		399,337
10,871	*	Myriad Genetics, Inc		340,262
8,246	*	Omnicell, Inc		153,623
14,015	*	PharmaNet Development Group, Inc		309,311
26,032	*	Regeneron Pharmaceuticals, Inc		522,462
16,775	*	Resources Connection, Inc		534,116
16,870	*	Rigel Pharmaceuticals, Inc		200,247
39,400	*	SAIC, Inc		700,926
47,208	*	Savient Pharmaceuticals, Inc		529,202
11,184	*	Washington Group International, Inc		668,691
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		8,493,583
FABRICATED METAL PRODUCTS - 0.71%
10,899		Ameron International Corp		832,357
3,128		Dynamic Materials Corp		87,897
58,956		Insteel Industries, Inc		1,048,827
13,932	*	NCI Building Systems, Inc		720,981
6,318		Silgan Holdings, Inc		277,487
5,474		Simpson Manufacturing Co, Inc		173,252
		TOTAL FABRICATED METAL PRODUCTS		3,140,801
FOOD AND KINDRED PRODUCTS - 0.87%
5,498	*	Altus Pharmaceuticals, Inc		103,637
37,745		Flowers Foods, Inc		1,018,738
63,287		Imperial Sugar Co		1,532,178
19,619		National Beverage Corp		275,255
34,331	*	Performance Food Group Co		948,909
		TOTAL FOOD AND KINDRED PRODUCTS		3,878,717

45

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
FOOD STORES - 0.51%
42,174	*	Pantry, Inc	$	1,975,430
21,419	*	Wild Oats Markets, Inc		308,005
		TOTAL FOOD STORES		2,283,435
FURNITURE AND FIXTURES - 1.08%
46,623		Ethan Allen Interiors, Inc		1,683,557
101,029		Furniture Brands International, Inc		1,639,701
3,267		Herman Miller, Inc		118,788
13,183		Hooker Furniture Corp		206,709
40,937	*	Select Comfort Corp		711,894
19,928		Stanley Furniture Co, Inc		427,456
		TOTAL FURNITURE AND FIXTURES		4,788,105
FURNITURE AND HOMEFURNISHINGS STORES - 0.05%
10,047		Knoll, Inc		221,034
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		221,034
GENERAL BUILDING CONTRACTORS - 0.59%
10,507		Amrep Corp		1,287,108
4,929	*	Cavco Industries, Inc		172,712
20,907	*	Meritage Homes Corp		997,682
5,213	*	Perini Corp		160,456
		TOTAL GENERAL BUILDING CONTRACTORS		2,617,958
GENERAL MERCHANDISE STORES - 0.36%
43,468	*	Big Lots, Inc		996,287
14,501		Casey's General Stores, Inc		341,499
18,612		Stein Mart, Inc		246,795
		TOTAL GENERAL MERCHANDISE STORES		1,584,581
HEALTH SERVICES - 0.61%
10,379	*	Amsurg Corp		238,717
17,316	*	Apria Healthcare Group, Inc		461,471
4,680	*	Genesis HealthCare Corp		221,036
4,360	*	Genomic Health, Inc		81,096
190	*	Kindred Healthcare, Inc		4,798
5,734	*	Magellan Health Services, Inc		247,823
7,852	*	Nektar Therapeutics		119,429
27,472	*	Odyssey HealthCare, Inc		364,279
702	*	RehabCare Group, Inc		10,425
77,318	*	Sun Healthcare Group, Inc		976,526
		TOTAL HEALTH SERVICES		2,725,600
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.27%
23,978		Granite Construction, Inc		1,206,573
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		1,206,573
HOLDING AND OTHER INVESTMENT OFFICES - 7.14%
10,805		Acadia Realty Trust		270,341
2,900		Agree Realty Corp		99,673
1,138	*	Alexander's, Inc		477,562
3,318		Alexandria Real Estate Equities, Inc		333,127
2,363		American Campus Communities, Inc		67,275

46

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
37,135		American Home Mortgage Investment Corp	$	1,304,181
25,783		Apollo Investment Corp		577,539
26,442		Arbor Realty Trust, Inc		795,640
14,690		Ashford Hospitality Trust, Inc		182,891
364		Capital Southwest Corp		45,951
5,782		Capital Trust, Inc (Class A)		288,753
11,658		CentraCore Properties Trust		376,903
3,752		Colonial Properties Trust		175,894
22,916		Compass Diversified Trust		393,009
60,869		Cousins Properties, Inc		2,146,850
118,591		DiamondRock Hospitality Co		2,135,824
15,070		Digital Realty Trust, Inc		515,846
36,583		Equity Inns, Inc		583,865
24,547		Equity One, Inc		654,423
39,332		FelCor Lodging Trust, Inc		859,011
7,393		Getty Realty Corp		228,444
16,950		Gladstone Capital Corp		404,427
9,280		GMH Communities Trust		94,192
474	*	Harris & Harris Group, Inc		5,731
48,430		Highland Hospitality Corp		690,128
37,858		Highwoods Properties, Inc		1,543,092
16,276		Home Properties, Inc		964,679
82,898		Innkeepers U.S.A. Trust		1,284,919
27,674		LaSalle Hotel Properties		1,268,853
2,844		LTC Properties, Inc		77,670
7,100		Maguire Properties, Inc		284,000
103,133		Medical Properties Trust, Inc		1,577,935
1,731		Mid-America Apartment Communities, Inc		99,082
7,000	*	Mills Corp		140,000
13,553		National Health Investors, Inc		447,249
96,096		Newkirk Realty Trust, Inc		1,733,572
40,564		NorthStar Realty Finance Corp		672,145
73,538		Omega Healthcare Investors, Inc		1,303,093
8,246		Parkway Properties, Inc		420,628
24,547		Pennsylvania Real Estate Investment Trust		966,661
8,151		PS Business Parks, Inc		576,357
6,824		Sovran Self Storage, Inc		390,879
8,882	*	Star Maritime Acquisition Corp		87,132
96,755		Strategic Hotels & Resorts, Inc		2,108,291
34,782		Sunstone Hotel Investors, Inc		929,723
15,922		Tanger Factory Outlet Centers, Inc		622,232
4,121		Taubman Centers, Inc		209,594
26,821		Winston Hotels, Inc		355,378
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		31,770,644
HOTELS AND OTHER LODGING PLACES - 0.41%
11,198	*	Isle of Capri Casinos, Inc		297,643
52,995	*	Monarch Casino & Resort, Inc		1,265,521
5,611	*	Vail Resorts, Inc		251,485
		TOTAL HOTELS AND OTHER LODGING PLACES		1,814,649
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.75%
15,828		Actuant Corp (Class A)		754,204
5,213		Albany International Corp (Class A)		171,560

47

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
5,874	*	Allis-Chalmers Energy, Inc	$	135,337
6,824		Ampco-Pittsburgh Corp		228,468
42,175	*	Asyst Technologies, Inc		308,299
14,785		Black Box Corp		620,822
9,995		Briggs & Stratton Corp		269,365
26,142	*	Brooks Automation, Inc		376,445
2,897		Cascade Corp		153,251
79,049	*	Cirrus Logic, Inc		543,857
9,383	*	Columbus McKinnon Corp		197,231
8,784	*	Cymer, Inc		386,057
33,986	*	Electronics for Imaging, Inc		903,348
38,848	*	Emulex Corp		757,924
9,857	*	Entegris, Inc		106,653
131,011	*	Extreme Networks, Inc		548,936
9,499	*	Global Imaging Systems, Inc		208,503
351	*	Hydril		26,392
9,099	*	Intermec, Inc		220,833
21,180	*	Intevac, Inc		549,621
5,592		Kaydon Corp		222,226
8,239	*	Komag, Inc		312,093
92,031	*	Kulicke & Soffa Industries, Inc		773,060
3,439		Lufkin Industries, Inc		199,737
26,428	*	Micros Systems, Inc		1,392,756
1,601	*	Middleby Corp		167,577
19,713		Modine Manufacturing Co		493,416
44,700	*	NATCO Group, Inc (Class A)		1,425,036
29,141		Nordson Corp		1,452,096
32,224	*	Oil States International, Inc		1,038,580
67,479	*	Palm, Inc		950,779
3,921		Tennant Co		113,709
56,865	*	VA Software Corp		286,031
9,707		Woodward Governor Co		385,465
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		16,679,667
INSTRUMENTS AND RELATED PRODUCTS - 6.26%
23,566	*	Abaxis, Inc		453,646
10,401	*	Affymetrix, Inc		239,847
42,144	*	Align Technology, Inc		588,752
15,150	*	American Medical Systems Holdings, Inc		280,578
20,383	*	Anaren, Inc		362,002
5,784		Arrow International, Inc		204,638
5,922	*	Arthrocare Corp		236,406
18,269	*	Aspect Medical Systems, Inc		343,640
7,792	*	Bio-Rad Laboratories, Inc (Class A)		642,996
4,573	*	Biosite, Inc		223,391
72,445	*	Bruker BioSciences Corp		544,062
76,639	*	Candela Corp		948,024
8,435	*	Coherent, Inc		266,293
10,699	*	Conmed Corp		247,361
17,700	*	Credence Systems Corp		92,040
1,327		Datascope Corp		48,356
24,788	*	Depomed, Inc		85,519
6,350	*	DJ Orthopedics, Inc		271,907
12,771	*	DXP Enterprises, Inc		447,496

48

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
13,788	*	Eagle Test Systems, Inc	$	201,029
11,089	*	Esterline Technologies Corp		446,110
9,086	*	Excel Technology, Inc		232,511
18,106	*	Flir Systems, Inc		576,314
23,943	*	Formfactor, Inc		891,877
14,491	*	Fossil, Inc		327,207
13,932	*	Haemonetics Corp		627,219
1,517	*	Hologic, Inc		71,724
7,713	*	ICU Medical, Inc		313,765
23,123	*	Illumina, Inc		908,965
8,174	*	Integra LifeSciences Holdings Corp		348,131
24,957	*	Intralase Corp		558,538
8,530		Invacare Corp		209,412
9,487	*	Itron, Inc		491,806
86,718	*	Kopin Corp		309,583
22,217	*	Kyphon, Inc		897,567
116,153	*	LTX Corp		650,457
8,140	*	Medical Action Industries, Inc		262,434
6,729		Mentor Corp		328,846
1	*	Merit Medical Systems, Inc		16
23,437	*	MKS Instruments, Inc		529,207
35,300	*	Molecular Devices Corp		743,771
25,020		MTS Systems Corp		966,272
12,132	*	Neurometrix, Inc		180,888
30,351	*	Newport Corp		635,853
8,064	*	Nextest Systems Corp		90,881
4,834	*	Palomar Medical Technologies, Inc		244,939
4,500	*	Rofin-Sinar Technologies, Inc		272,070
5,497		Sirona Dental Systems, Inc		211,689
15,638	*	SonoSite, Inc		483,683
89,744		STERIS Corp		2,258,856
25,116	*	Symmetry Medical, Inc		347,354
16,041	*	Teledyne Technologies, Inc		643,725
4,958	*	Thoratec Corp		87,162
14,975		United Industrial Corp		759,981
23,324	*	Varian, Inc		1,044,682
17,537	*	Ventana Medical Systems, Inc		754,617
8,720	*	Viasys Healthcare, Inc		242,590
3,101		Vital Signs, Inc		154,802
25,478	*	Wright Medical Group, Inc		593,128
1,114		Young Innovations, Inc		37,096
17,652	*	Zoll Medical Corp		1,028,052
21,552	*	Zygo Corp		354,530
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		27,846,293
INSURANCE AGENTS, BROKERS AND SERVICE - 0.05%
474		Hilb Rogal & Hobbs Co		19,965
6,500		James River Group, Inc		210,080
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		230,045
INSURANCE CARRIERS - 2.85%
15,871		Affirmative Insurance Holdings, Inc		258,221
17,597	*	American Physicians Capital, Inc		704,584
47,240	*	AMERIGROUP Corp		1,695,444

49

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
8,615	*	Argonaut Group, Inc	$	300,319
61,718		Bristol West Holdings, Inc		976,996
1,316		EMC Insurance Group, Inc		44,902
118		FBL Financial Group, Inc (Class A)		4,611
700		Harleysville Group, Inc		24,374
14,636	*	HealthExtras, Inc		352,728
52,328	*	Healthspring, Inc		1,064,875
46,203	*	Molina Healthcare, Inc		1,502,060
75		National Western Life Insurance Co (Class A)		17,261
9,005	*	Navigators Group, Inc		433,861
2,300		NYMAGIC, Inc		84,180
54,109		Odyssey Re Holdings Corp		2,018,266
25,557		Ohio Casualty Corp		761,854
1,700		Presidential Life Corp		37,315
9,573	*	SCPIE Holdings, Inc		250,238
44,016	*	SeaBright Insurance Holdings, Inc		792,728
7,769		Selective Insurance Group, Inc		445,086
288		State Auto Financial Corp		10,002
14,416	*	Triad Guaranty, Inc		791,006
1,455	*	WellCare Health Plans, Inc		100,250
		TOTAL INSURANCE CARRIERS		12,671,161
LEATHER AND LEATHER PRODUCTS - 0.48%
14,027	*	Genesco, Inc		523,207
18,122	*	Iconix Brand Group, Inc		351,386
14,785	*	Timberland Co (Class A)		466,910
27,722		Wolverine World Wide, Inc		790,631
		TOTAL LEATHER AND LEATHER PRODUCTS		2,132,134
LUMBER AND WOOD PRODUCTS - 0.63%
9,864		American Woodmark Corp		412,808
105,673	*	Champion Enterprises, Inc		989,099
8,720		Skyline Corp		350,718
22,918		Universal Forest Products, Inc		1,068,437
		TOTAL LUMBER AND WOOD PRODUCTS		2,821,062
METAL MINING - 0.31%
24,940		Cleveland-Cliffs, Inc		1,208,094
31,178	*	Coeur d'Alene Mines Corp		154,331
		TOTAL METAL MINING		1,362,425
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.45%
5,117		Blyth, Inc		106,178
16,573		Callaway Golf Co		238,817
25,800	*	K2, Inc		340,302
7,288	*	RC2 Corp		320,672
14,296	*	Shuffle Master, Inc		374,555
17,818		Yankee Candle Co, Inc		610,801
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,991,325
MISCELLANEOUS RETAIL - 0.71%
16,207		Longs Drug Stores Corp		686,853
17,155	*	Priceline.com, Inc		748,130
55,355	*	Stamps.com, Inc		871,841

50

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
40,374	*	Systemax, Inc	$	704,526
5,470	*	Zale Corp		154,309
		TOTAL MISCELLANEOUS RETAIL		3,165,659
MOTION PICTURES - 0.10%
16,175	*	Macrovision Corp		457,106
		TOTAL MOTION PICTURES		457,106
NONDEPOSITORY INSTITUTIONS - 1.52%
32,697		Advance America Cash Advance Centers, Inc		479,011
27,302		Ares Capital Corp		521,741
4,725	*	CompuCredit Corp		188,102
15,408		Federal Agricultural Mortgage Corp (Class C)		418,019
46,961		Financial Federal Corp		1,381,123
20,000	*	First Cash Financial Services, Inc		517,400
14,215		MCG Capital Corp		288,849
4,269		NGP Capital Resources Co		71,506
122,814	*	Ocwen Financial Corp		1,947,830
25,614	*	United PanAm Financial Corp		352,449
12,997	*	World Acceptance Corp		610,209
		TOTAL NONDEPOSITORY INSTITUTIONS		6,776,239
OIL AND GAS EXTRACTION - 2.54%
21,832	*	Atlas America, Inc		1,112,777
73,829	*	Basic Energy Services, Inc		1,819,885
9,200	*	Bill Barrett Corp		250,332
14,256		Cabot Oil & Gas Corp		864,626
37,800	*	Callon Petroleum Co		568,134
16,470	*	Complete Production Services, Inc		349,164
52,600	*	EXCO Resources, Inc		889,466
9,800	*	GeoGlobal Resources, Inc		76,930
6,800	*	Geomet, Inc		70,720
6,646	*	Global Industries Ltd		86,664
84,180	*	Grey Wolf, Inc		577,475
190	*	Harvest Natural Resources, Inc		2,020
7,789	*	Hercules Offshore, Inc		225,102
1,800	*	Mariner Energy, Inc		35,280
664	*	Oceaneering International, Inc		26,361
35,730	*	Parker Drilling Co		291,914
500	v*	PetroCorp		(0	)
29,800	*	PetroHawk Energy Corp		342,700
3,200	*	Petroleum Development Corp		137,760
34,498	*	RAM Energy Resources, Inc		190,084
36,963		St. Mary Land & Exploration Co		1,361,717
6,445	*	Swift Energy Co		288,800
40,767	*	Trico Marine Services, Inc		1,561,784
13,953	*	Union Drilling, Inc		196,458
		TOTAL OIL AND GAS EXTRACTION		11,326,153
PAPER AND ALLIED PRODUCTS - 0.11%
10,805	*	Cenveo, Inc		229,066
12,371		Longview Fibre Co		271,543
		TOTAL PAPER AND ALLIED PRODUCTS		500,609

51

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
PERSONAL SERVICES - 0.07%
9,288		Jackson Hewitt Tax Service, Inc	$	315,513
		TOTAL PERSONAL SERVICES		315,513
PETROLEUM AND COAL PRODUCTS - 0.51%
32,000		Alon USA Energy, Inc		841,920
41,322		Delek US Holdings, Inc		677,268
12,321		Frontier Oil Corp		354,106
3,409	*	Giant Industries, Inc		255,505
5,409		Western Refining, Inc		137,713
		TOTAL PETROLEUM AND COAL PRODUCTS		2,266,512
PRIMARY METAL INDUSTRIES - 1.89%
27,485	*	AK Steel Holding Corp		464,497
23,694		Belden CDT, Inc		926,198
20,928		Chaparral Steel Co		926,483
43,975	*	CommScope, Inc		1,340,358
5,204		Encore Wire Corp		114,540
11,942	*	General Cable Corp		521,985
8,939		Gibraltar Industries, Inc		210,156
5,592	*	Lone Star Technologies, Inc		270,709
13,071		Matthews International Corp (Class A)		514,344
15,354		Mueller Industries, Inc		486,722
21,149		Olympic Steel, Inc		470,142
3,645	*	Oregon Steel Mills, Inc		227,484
52,161		Quanex Corp		1,804,249
4,739	*	Superior Essex, Inc		157,572
		TOTAL PRIMARY METAL INDUSTRIES		8,435,439
PRINTING AND PUBLISHING - 1.84%
36,105		American Greetings Corp (Class A)		861,826
17,628		Banta Corp		641,659
25,495		Belo (A.H.) Corp (Class A)		468,343
31,059	*	Consolidated Graphics, Inc		1,834,655
19,435		John H Harland Co		975,637
61,888		Journal Register Co		451,782
16,496	*	Playboy Enterprises, Inc (Class B)		189,044
26,916		Reader's Digest Association, Inc		449,497
17,547	*	Scholastic Corp		628,884
116,047	*	Valassis Communications, Inc		1,682,682
		TOTAL PRINTING AND PUBLISHING		8,184,009
REAL ESTATE - 0.03%
7,100		California Coastal Communities, Inc		152,295
1		Stewart Enterprises, Inc (Class A)		6
		TOTAL REAL ESTATE		152,301
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.58%
14,802	*	AEP Industries, Inc		789,095
2,187		PW Eagle, Inc		75,452
14,136		Schulman (A.), Inc		314,526
43,868		Spartech Corp		1,150,219
4,929		West Pharmaceutical Services, Inc		252,513
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,581,805

52

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 0.36%
53,608	*	Knight Capital Group, Inc (Class A)	$	1,027,665
36,962	*	LaBranche & Co, Inc		363,336
3,200	*	Piper Jaffray Cos		208,480
		TOTAL SECURITY AND COMMODITY BROKERS		1,599,481
SOCIAL SERVICES - 0.09%
10,709	*	Bright Horizons Family Solutions, Inc		414,010
		TOTAL SOCIAL SERVICES		414,010
SPECIAL TRADE CONTRACTORS - 0.53%
9,470		Chemed Corp		350,201
10,499		Comfort Systems USA, Inc		132,707
24,310	*	EMCOR Group, Inc		1,382,024
3,620	*	Insituform Technologies, Inc (Class A)		93,613
20,180	*	Quanta Services, Inc		396,941
		TOTAL SPECIAL TRADE CONTRACTORS		2,355,486
STONE, CLAY, AND GLASS PRODUCTS - 0.02%
2,905	*	Cabot Microelectronics Corp		98,596
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		98,596
TEXTILE MILL PRODUCTS - 0.10%
8,814		Oxford Industries, Inc		437,615
		TOTAL TEXTILE MILL PRODUCTS		437,615
TRANSPORTATION BY AIR - 0.80%
169,504	*	ABX Air, Inc		1,174,663
806	*	Airtran Holdings, Inc		9,462
47,444	*	EGL, Inc		1,412,882
94,026	*	ExpressJet Holdings, Inc		761,611
6,456	*	Republic Airways Holdings, Inc		108,332
3,477		Skywest, Inc		88,698
		TOTAL TRANSPORTATION BY AIR		3,555,648
TRANSPORTATION EQUIPMENT - 2.19%
8,814		A.O. Smith Corp		331,054
21,135	*	BE Aerospace, Inc		542,747
26,442		Clarcor, Inc		894,004
14,690		Federal Signal Corp		235,628
15,875		Freightcar America, Inc		880,269
28,216		Group 1 Automotive, Inc		1,459,332
13,822		Kaman Corp		309,475
2,180	*	Miller Industries, Inc		52,320
47,809	*	Navistar International Corp		1,598,255
43,653	*	Orbital Sciences Corp		804,961
9,152		Polaris Industries, Inc		428,588
4,929	*	Sequa Corp (Class A)		567,131
8,435		Triumph Group, Inc		442,247
11,373	*	Visteon Corp		96,443
29,142		Wabash National Corp		440,044
22,083		Westinghouse Air Brake Technologies Corp		670,882
		TOTAL TRANSPORTATION EQUIPMENT		9,753,380

53

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
SHARES		COMPANY		VALUE
TRANSPORTATION SERVICES - 0.68%
7,100	*	Dynamex, Inc	$	165,856
19,310	*	HUB Group, Inc (Class A)		531,991
15,733	*	Lear Corp		464,595
62,145		Pacer International, Inc		1,850,057
		TOTAL TRANSPORTATION SERVICES		3,012,499
TRUCKING AND WAREHOUSING - 0.28%
7,299		Arkansas Best Corp		262,764
5,592	*	Old Dominion Freight Line		134,599
5,900	*	P.A.M. Transportation Services, Inc		129,918
6,160	*	Quality Distribution, Inc		82,051
2,749	*	Saia, Inc		63,804
35,920	*	U.S. Xpress Enterprises, Inc (Class A)		591,602
		TOTAL TRUCKING AND WAREHOUSING		1,264,738
WHOLESALE TRADE-DURABLE GOODS - 1.89%
71,841		Agilysys, Inc		1,202,618
78,199		Applied Industrial Technologies, Inc		2,057,416
21,514		BlueLinx Holdings, Inc		223,746
29,508		Building Material Holding Corp		728,553
18,776		Castle (A.M.) & Co		477,849
11,692	*	Digi International, Inc		161,233
84,728		IKON Office Solutions, Inc		1,386,997
56,064	*	Insight Enterprises, Inc		1,057,928
21,272	*	Keystone Automotive Industries, Inc		723,035
29,191	*	Tyler Technologies, Inc		410,425
		TOTAL WHOLESALE TRADE-DURABLE GOODS		8,429,800
WHOLESALE TRADE-NONDURABLE GOODS - 0.91%
10,555	*	Allscripts Healthcare Solutions, Inc		284,879
3,000	*	Core-Mark Holding Co, Inc		100,350
8,613	*	Hain Celestial Group, Inc		268,812
16,800		Men's Wearhouse, Inc		642,768
47,200		Myers Industries, Inc		739,152
2,591		Spartan Stores, Inc		54,230
8,500		Stride Rite Corp		128,180
39,003	*	United Stationers, Inc		1,821,021
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		4,039,392
		TOTAL COMMON STOCKS
		(Cost $399,112,952)		433,846,435
PRINCPAL		ISSUER
SHORT-TERM INVESTMENTS - 2.50%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 2.50%
$     11,130,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		11,124,002
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		11,124,002
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $11,128,516)		11,124,002

54

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Equity Fund
				VALUE
		TOTAL PORTFOLIO - 99.98%
		(Cost $410,241,468)	$	444,970,437
		OTHER ASSETS & LIABILITIES, NET- 0.02%		81,220
		NET ASSETS - 100.00%	$	445,051,657
	*	Non-income producing
	**	Percentage represents less than 0.01%
	d	All or a portion of these securities have been segregated by the custodian to cover margin or other
		requirements on open futures contracts in the amount of $807,372
	v	Security valued at fair value.
		Restricted securities held by the Fund are as follows:

	ACQUISITION	ACQUISITION
SECURITY	DATE	COST	VALUE
Maguire Properties, Inc	04/25/05-10/10/05	$186,163	$284,000

55

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.45%
AMUSEMENT AND RECREATION SERVICES - 0.21%
5,051		Harrah's Entertainment, Inc	$	417,819
2,712	*	Penn National Gaming, Inc		112,873
1,891		Warner Music Group Corp		43,398
		TOTAL AMUSEMENT AND RECREATION SERVICES		574,090
APPAREL AND ACCESSORY STORES - 1.09%
3,369		Abercrombie & Fitch Co (Class A)		234,583
6,205		American Eagle Outfitters, Inc		193,658
2,488	*	AnnTaylor Stores Corp		81,706
7,140	*	Chico's FAS, Inc		147,727
3,605		Claire's Stores, Inc		119,470
623		Foot Locker, Inc		13,662
10,403		Gap, Inc		202,859
1,755	*	Hanesbrands, Inc		41,453
12,133	*	Kohl's Corp		830,261
12,777		Limited Brands, Inc		369,766
8,825		Nordstrom, Inc		435,426
5,259		Ross Stores, Inc		154,089
4,354	*	Urban Outfitters, Inc		100,273
		TOTAL APPAREL AND ACCESSORY STORES		2,924,933
APPAREL AND OTHER TEXTILE PRODUCTS - 0.06%
2,193		Polo Ralph Lauren Corp		170,308
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		170,308
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.29%
3,962		Advance Auto Parts		140,889
1,892	*	Autozone, Inc		218,640
3,808	*	Carmax, Inc		204,223
2,552	*	Copart, Inc		76,560
4,094	*	O'Reilly Automotive, Inc		131,254
246		United Auto Group, Inc		5,798
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		777,364
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.88%
4,550		Fastenal Co		163,254
72,547		Home Depot, Inc		2,913,488
57,518		Lowe's Cos, Inc		1,791,686
2,563		Sherwin-Williams Co		162,956
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		5,031,384
BUSINESS SERVICES - 11.63%
9,858	*	Activision, Inc		169,952
3,040		Acxiom Corp		77,976
22,191	*	Adobe Systems, Inc		912,494
1,687	*	Affiliated Computer Services, Inc (Class A)		82,393

56

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,647	*	Akamai Technologies, Inc	$	299,969
2,984	*	Alliance Data Systems Corp		186,410
8,701	*	Autodesk, Inc		352,042
21,365		Automatic Data Processing, Inc		1,052,226
472	*	Avis Budget Group, Inc		10,238
14,896	*	BEA Systems, Inc		187,392
8,075	*	BMC Software, Inc		260,015
1,404		Brink's Co		89,744
2,574		CA, Inc		58,301
8,592	*	Cadence Design Systems, Inc		153,883
4,455	*	Ceridian Corp		124,651
2,568	*	Cerner Corp		116,844
3,075	*	Checkfree Corp		123,492
3,071	*	ChoicePoint, Inc		120,936
6,659	*	Citrix Systems, Inc		180,126
1,209	*	Clear Channel Outdoor Holdings, Inc (Class A)		33,743
5,218	*	Cognizant Technology Solutions Corp (Class A)		402,621
287	*	Convergys Corp		6,825
2,129	*	DST Systems, Inc		133,339
43,646	*	eBay, Inc		1,312,435
11,285	*	Electronic Arts, Inc		568,313
10,576		Electronic Data Systems Corp		291,369
6,047	*	Emdeon Corp		74,922
4,178		Equifax, Inc		169,627
746	*	Expedia, Inc		15,651
1,418	*	F5 Networks, Inc		105,230
1,535		Factset Research Systems, Inc		86,697
1,877		Fair Isaac Corp		76,300
732		Fidelity National Information Services, Inc		29,346
28,378		First Data Corp		724,207
6,639	*	Fiserv, Inc		348,016
1,847	*	Getty Images, Inc		79,089
7,736	*	Google, Inc (Class A)		3,562,273
5,187		IMS Health, Inc		142,539
15,874	*	Interpublic Group of Cos, Inc		194,298
13,056	*	Intuit, Inc		398,339
4,193	*	Iron Mountain, Inc		173,339
11,213	*	Juniper Networks, Inc		212,374
1,708	*	Kinetic Concepts, Inc		67,551
3,035	*	Lamar Advertising Co (Class A)		198,459
2,843		Manpower, Inc		213,026
2,340		Mastercard, Inc (Class A)		230,467
5,396	*	McAfee, Inc		153,138
329,023		Microsoft Corp		9,824,627
3,062		MoneyGram International, Inc		96,024
4,519	*	Monster Worldwide, Inc		210,766
3,408	*	NAVTEQ Corp		119,178
1,466	*	NCR Corp		62,686
6,324		Omnicom Group, Inc		661,111
147,333	*	Oracle Corp		2,525,288
6,591	*	Red Hat, Inc		151,593
5,731		Robert Half International, Inc		212,735
3,049	*	Salesforce.com, Inc		111,136
2,964		ServiceMaster Co		38,858

57

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
10,477	*	Sun Microsystems, Inc	$	56,785
15,335	*	Symantec Corp		319,735
461	*	Synopsys, Inc		12,323
1,324		Total System Services, Inc		34,940
8,301	*	VeriSign, Inc		199,639
17,979		Waste Management, Inc		661,088
322	*	WebMD Health Corp (Class A)		12,886
52,227	*	Yahoo!, Inc		1,333,878
		TOTAL BUSINESS SERVICES		31,207,893
CHEMICALS AND ALLIED PRODUCTS - 9.45%
45,314		Abbott Laboratories		2,207,245
886	*	Abraxis BioScience, Inc		24,223
1,028		Air Products & Chemicals, Inc		72,248
709		Alberto-Culver Co		15,208
43,712	*	Amgen, Inc		2,985,967
3,591		Avery Dennison Corp		243,937
16,732		Avon Products, Inc		552,825
3,871	*	Barr Pharmaceuticals, Inc		194,015
6,173	*	Biogen Idec, Inc		303,650
33,382		Bristol-Myers Squibb Co		878,614
881		Cabot Corp		38,385
1,395		Celanese Corp (Series A)		36,103
2,205	*	Cephalon, Inc		155,254
764	*	Charles River Laboratories International, Inc		33,043
2,420		Church & Dwight Co, Inc		103,213
17,096		Colgate-Palmolive Co		1,115,343
3,231		Dade Behring Holdings, Inc		128,626
27,357		Du Pont (E.I.) de Nemours & Co		1,332,559
6,569		Ecolab, Inc		296,919
27,556		Eli Lilly & Co		1,435,668
4,511		Estee Lauder Cos (Class A)		184,139
12,077	*	Forest Laboratories, Inc		611,096
17,302	*	Genentech, Inc		1,403,711
9,661	*	Genzyme Corp		594,924
16,869	*	Gilead Sciences, Inc		1,095,304
5,705	*	Hospira, Inc		191,574
2,455	*	Huntsman Corp		46,571
1,180	*	Idexx Laboratories, Inc		93,574
2,443	*	ImClone Systems, Inc		65,375
2,360		International Flavors & Fragrances, Inc		116,018
678	*	Invitrogen Corp		38,368
9,410	*	Medimmune, Inc		304,602
24,678		Merck & Co, Inc		1,075,961
6,270	*	Millennium Pharmaceuticals, Inc		68,343
20,061		Monsanto Co		1,053,804
7,594		Mylan Laboratories, Inc		151,576
3,867	*	Nalco Holding Co		79,119
4,270	*	PDL BioPharma, Inc		85,998
823		PPG Industries, Inc		52,845
11,971		Praxair, Inc		710,239
25,126		Procter & Gamble Co		1,614,848
924		Rohm & Haas Co		47,235
54,905		Schering-Plough Corp		1,297,954

58

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,198		Scotts Miracle-Gro Co (Class A)	$	61,877
4,140	*	Sepracor, Inc		254,941
1,055		Sigma-Aldrich Corp		81,995
3,356	*	VCA Antech, Inc		108,030
4,330	*	Vertex Pharmaceuticals, Inc		162,029
30,481		Wyeth		1,552,093
		TOTAL CHEMICALS AND ALLIED PRODUCTS		25,357,188
COAL MINING - 0.32%
5,234		Arch Coal, Inc		157,177
6,615		Consol Energy, Inc		212,540
3,506		Massey Energy Co		81,444
9,887		Peabody Energy Corp		399,534
		TOTAL COAL MINING		850,695
COMMUNICATIONS - 2.64%
15,554	*	American Tower Corp (Class A)		579,853
1,218	*	Avaya, Inc		17,028
3,958		Cablevision Systems Corp (Class A)		112,724
4,988		Citizens Communications Co		71,678
36,471	*	Comcast Corp (Class A)		1,543,817
6,732	*	Crown Castle International Corp		217,444
615	*	CTC Media, Inc		14,766
29,834	*	DIRECTV Group, Inc		744,060
7,487	*	EchoStar Communications Corp (Class A)		284,731
2,447		Global Payments, Inc		113,296
2,456	*	IAC/InterActiveCorp		91,265
698	*	Leap Wireless International, Inc		41,510
44,557	*	Level 3 Communications, Inc		249,519
5,759	*	Liberty Global, Inc (Class A)		167,875
18,509	*	Liberty Media Holding Corp (Interactive A)		399,239
2,151	*	NeuStar, Inc (Class A)		69,778
5,211	*	NII Holdings, Inc		335,797
3,754	*	SBA Communications Corp (Class A)		103,235
25,673		Sprint Nextel Corp		484,963
2,103		Telephone & Data Systems, Inc		114,256
5,279	*	Univision Communications, Inc (Class A)		186,982
324	*	US Cellular Corp		22,547
23,521	*	Viacom, Inc (Class B)		965,067
10,449	*	XM Satellite Radio Holdings, Inc (Class A)		150,988
		TOTAL COMMUNICATIONS		7,082,418
DEPOSITORY INSTITUTIONS - 1.68%
1,243		Bank of Hawaii Corp		67,060
1,730		Bank of New York Co, Inc		68,110
6,905		Commerce Bancorp, Inc		243,539
1,039		Cullen/Frost Bankers, Inc		57,997
2,056		East West Bancorp, Inc		72,824
10,273		Hudson City Bancorp, Inc		142,589
503		IndyMac Bancorp, Inc		22,715
2,324		Investors Financial Services Corp		99,165
13,762		Mellon Financial Corp		580,068
7,499		Northern Trust Corp		455,114
2,193		People's Bank		97,852

59

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
11,539		State Street Corp	$	778,190
4,455		Synovus Financial Corp		137,348
1,840		TCF Financial Corp		50,453
5,626		Wachovia Corp		320,401
123		Webster Financial Corp		5,993
18,785		Wells Fargo & Co		667,995
28,378		Western Union Co		636,235
		TOTAL DEPOSITORY INSTITUTIONS		4,503,648
EATING AND DRINKING PLACES - 0.93%
4,324		Aramark Corp (Class B)		144,638
4,540		Brinker International, Inc		136,926
2,910	*	Cheesecake Factory		71,586
5,422		Darden Restaurants, Inc		217,802
1,237		OSI Restaurant Partners, Inc		48,490
28,448	*	Starbucks Corp		1,007,628
7,357		Tim Hortons, Inc		213,059
1,718		Wendy's International, Inc		56,849
10,075		Yum! Brands, Inc		592,410
		TOTAL EATING AND DRINKING PLACES		2,489,388
EDUCATIONAL SERVICES - 0.18%
5,114	*	Apollo Group, Inc (Class A)		199,293
3,997	*	Career Education Corp		99,046
1,583	*	ITT Educational Services, Inc		105,064
1,376	*	Laureate Education, Inc		66,915
		TOTAL EDUCATIONAL SERVICES		470,318
ELECTRIC, GAS, AND SANITARY SERVICES - 1.90%
24,400	*	AES Corp		537,776
5,958	*	Allegheny Energy, Inc		273,532
503	*	Allied Waste Industries, Inc		6,182
2,840		Aqua America, Inc		64,695
907		Constellation Energy Group, Inc		62,465
4,178	*	Covanta Holding Corp		92,083
762		DPL, Inc		21,168
23,534		El Paso Corp		359,600
20,957		Exelon Corp		1,297,029
3,873		Kinder Morgan, Inc		409,570
1,371	*	NRG Energy, Inc		76,790
2,710		Questar Corp		225,066
4,390		Republic Services, Inc		178,541
1,790	*	Stericycle, Inc		135,145
16,931		TXU Corp		917,830
16,373		Williams Cos, Inc		427,663
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		5,085,135
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 10.52%
3,857	*	ADC Telecommunications, Inc		56,042
20,335	*	Advanced Micro Devices, Inc		413,817
6,151	*	Agere Systems, Inc		117,915
13,670	*	Altera Corp		269,026
2,420		American Power Conversion Corp		74,028
3,723		Ametek, Inc		118,540

60

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,278		Amphenol Corp (Class A)	$	203,498
12,944		Analog Devices, Inc		425,469
31,525	*	Apple Computer, Inc		2,674,581
2,158	*	Avnet, Inc		55,094
853		AVX Corp		12,616
16,875	*	Broadcom Corp (Class A)		545,231
817	*	Ciena Corp		22,639
226,314	*	Cisco Systems, Inc		6,185,162
5,721	*	Comverse Technology, Inc		120,770
2,276	*	Cree, Inc		39,420
4,514	*	Cypress Semiconductor Corp		76,151
1,564	*	Dolby Laboratories, Inc (Class A)		48,515
28,546		Emerson Electric Co		1,258,593
1,745	*	Energizer Holdings, Inc		123,878
2,115	*	Fairchild Semiconductor International, Inc		35,553
2,438		Harman International Industries, Inc		243,581
4,902		Harris Corp		224,806
13,612		Honeywell International, Inc		615,807
3,138	*	Integrated Device Technology, Inc		48,576
215,649		Intel Corp		4,366,892
1,396	*	International Rectifier Corp		53,788
2,193		Intersil Corp (Class A)		52,457
8,136	*	JDS Uniphase Corp		135,546
309		L-3 Communications Holdings, Inc		25,270
1,575		Lincoln Electric Holdings, Inc		95,162
11,364		Linear Technology Corp		344,556
10,352	*	LSI Logic Corp		93,168
11,998		Maxim Integrated Products, Inc		367,379
5,340	*	MEMC Electronic Materials, Inc		209,008
8,020		Microchip Technology, Inc		262,254
11,987	*	Micron Technology, Inc		167,339
4,960		Molex, Inc		156,885
71,897		Motorola, Inc		1,478,202
12,274		National Semiconductor Corp		278,620
13,910	*	Network Appliance, Inc		546,385
1,808	*	Novellus Systems, Inc		62,231
13,126	*	Nvidia Corp		485,793
8,184	*	PMC - Sierra, Inc		54,915
5,848	*	QLogic Corp		128,188
62,138		Qualcomm, Inc		2,348,195
3,801		RadioShack Corp		63,781
3,573	*	Rambus, Inc		67,637
10,773	*	Sanmina-SCI Corp		37,167
1,883	*	Silicon Laboratories, Inc		65,246
54,121	*	Sirius Satellite Radio, Inc		191,588
369	*	Spansion, Inc (Class A)		5,483
57,756		Texas Instruments, Inc		1,663,373
2,239	*	Thomas & Betts Corp		105,860
1,246	*	Vishay Intertechnology, Inc		16,871
12,459		Xilinx, Inc		296,649
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		28,235,196
ENGINEERING AND MANAGEMENT SERVICES - 1.14%
4,189	*	Amylin Pharmaceuticals, Inc		151,097

61

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
13,807	*	Celgene Corp	$	794,317
1,451		Corporate Executive Board Co		127,253
3,190		Fluor Corp		260,464
1,905	*	Gen-Probe, Inc		99,765
172	*	Hewitt Associates, Inc (Class A)		4,429
2,063	*	Jacobs Engineering Group, Inc		168,217
510	*	KBR, Inc		13,342
8,998		Moody's Corp		621,402
12,534		Paychex, Inc		495,594
5,734		Quest Diagnostics, Inc		303,902
164	*	URS Corp		7,027
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,046,809
FABRICATED METAL PRODUCTS - 0.46%
519	*	Alliant Techsystems, Inc		40,581
3,687		Ball Corp		160,753
6,121	*	Crown Holdings, Inc		128,051
18,503		Illinois Tool Works, Inc		854,654
1,312		Pentair, Inc		41,197
189		Snap-On, Inc		9,004
		TOTAL FABRICATED METAL PRODUCTS		1,234,240
FOOD AND KINDRED PRODUCTS - 3.53%
18,333		Anheuser-Busch Cos, Inc		901,984
838	*	Burger King Holdings, Inc		17,682
5,269		Campbell Soup Co		204,911
50,011		Coca-Cola Co		2,413,031
1,412	*	Constellation Brands, Inc (Class A)		40,976
1,536		General Mills, Inc		88,474
7,211		H.J. Heinz Co		324,567
2,177	*	Hansen Natural Corp		73,321
5,705		Hershey Co		284,109
6,893		Kellogg Co		345,064
3,846		McCormick & Co, Inc		148,302
2,540		Pepsi Bottling Group, Inc		78,511
61,264		PepsiCo, Inc		3,832,063
15,177		Sara Lee Corp		258,464
8,827		Wrigley (Wm.) Jr Co		456,532
		TOTAL FOOD AND KINDRED PRODUCTS		9,467,991
FOOD STORES - 0.14%
3,360		Kroger Co		77,515
1,100	*	Panera Bread Co (Class A)		61,501
5,097		Whole Foods Market, Inc		239,202
		TOTAL FOOD STORES		378,218
FORESTRY - 0.00%**
248		Rayonier, Inc		10,180
		TOTAL FORESTRY		10,180
FURNITURE AND FIXTURES - 0.31%
993		Hillenbrand Industries, Inc		56,531
1,905		HNI Corp		84,601
4,021		Johnson Controls, Inc		345,484

62

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,663		Leggett & Platt, Inc	$	87,546
8,558		Masco Corp		255,627
		TOTAL FURNITURE AND FIXTURES		829,789
FURNITURE AND HOMEFURNISHINGS STORES - 0.31%
10,634	*	Bed Bath & Beyond, Inc		405,155
5,869		Circuit City Stores, Inc		111,394
2,588	*	GameStop Corp (Class A)		142,625
223	*	Mohawk Industries, Inc		16,694
2,161		Steelcase, Inc (Class A)		39,244
3,491		Williams-Sonoma, Inc		109,757
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		824,869
GENERAL BUILDING CONTRACTORS - 0.34%
780		Beazer Homes USA, Inc		36,668
1,987		Centex Corp		111,808
6,524		DR Horton, Inc		172,821
1,591		KB Home		81,586
1,954		Lennar Corp (Class A)		102,507
607		MDC Holdings, Inc		34,629
175	*	NVR, Inc		112,875
3,896		Pulte Homes, Inc		129,036
582		Ryland Group, Inc		31,789
1,134		Standard-Pacific Corp		30,380
952	*	Toll Brothers, Inc		30,683
1,613		Walter Industries, Inc		43,632
		TOTAL GENERAL BUILDING CONTRACTORS		918,414
GENERAL MERCHANDISE STORES - 3.04%
11,850		Costco Wholesale Corp		626,510
10,614		Dollar General Corp		170,461
3,007		Family Dollar Stores, Inc		88,195
1,584		Federated Department Stores, Inc		60,398
8,693		JC Penney Co, Inc		672,490
32,189		Target Corp		1,836,382
17,035		TJX Cos, Inc		485,838
91,154		Wal-Mart Stores, Inc		4,209,492
		TOTAL GENERAL MERCHANDISE STORES		8,149,766
HEALTH SERVICES - 1.82%
1,549		AmerisourceBergen Corp		69,643
631		Brookdale Senior Living, Inc		30,288
15,122		Caremark Rx, Inc		863,617
2,234	*	Community Health Systems, Inc		81,586
1,775	*	Covance, Inc		104,565
5,856	*	Coventry Health Care, Inc		293,093
3,744	*	DaVita, Inc		212,959
2,082	*	Edwards Lifesciences Corp		97,937
4,345	*	Express Scripts, Inc		311,102
2,102		Health Management Associates, Inc (Class A)		44,373
4,692	*	Laboratory Corp of America Holdings		344,721
777	*	LifePoint Hospitals, Inc		26,185
3,720	*	Lincare Holdings, Inc		148,205
2,847		Manor Care, Inc		133,581

63

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
7,977		McKesson Corp	$	404,434
6,776	*	Medco Health Solutions, Inc		362,109
2,398		Omnicare, Inc		92,635
1,825	*	Pediatrix Medical Group, Inc		89,243
3,652		Pharmaceutical Product Development, Inc		117,667
2,072	*	Sierra Health Services, Inc		74,675
11,599	*	Tenet Healthcare Corp		80,845
507	*	Triad Hospitals, Inc		21,208
370		Universal Health Services, Inc (Class B)		20,509
10,838	*	WellPoint, Inc		852,842
		TOTAL HEALTH SERVICES		4,878,022
HOLDING AND OTHER INVESTMENT OFFICES - 2.03%
1,163	*	Affiliated Managers Group, Inc		122,266
4,083		Developers Diversified Realty Corp		257,025
400		Douglas Emmett, Inc		10,636
364		Essex Property Trust, Inc		47,047
1,013		Federal Realty Investment Trust		86,105
3,254		General Growth Properties, Inc		169,956
543		Global Signal, Inc		28,600
1		Hugoton Royalty Trust		25
55,940		iShares Russell 1000 Growth Index Fund		3,076,700
1,170		Kilroy Realty Corp		91,260
2,567		Macerich Co		222,225
2,827		Public Storage, Inc		275,633
1,179	*	Realogy Corp		35,747
4,478		Simon Property Group, Inc		453,577
1,686		SL Green Realty Corp		223,867
1,083		Taubman Centers, Inc		55,081
4,730		United Dominion Realty Trust, Inc		150,367
2,267		Ventas, Inc		95,939
696		Weingarten Realty Investors		32,093
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,434,149
HOTELS AND OTHER LODGING PLACES - 1.00%
1,634		Boyd Gaming Corp		74,037
1,313		Choice Hotels International, Inc		55,277
14,309		Hilton Hotels Corp		499,384
5,055	*	Las Vegas Sands Corp		452,321
12,670		Marriott International, Inc (Class A)		604,612
4,323	*	MGM Mirage		247,924
6,702		Starwood Hotels & Resorts Worldwide, Inc		418,875
1,822		Station Casinos, Inc		148,803
944	*	Wyndham Worldwide Corp		30,227
1,789		Wynn Resorts Ltd		167,898
		TOTAL HOTELS AND OTHER LODGING PLACES		2,699,358
INDUSTRIAL MACHINERY AND EQUIPMENT - 10.56%
27,949		3M Co		2,178,066
419	*	AGCO Corp		12,964
6,436		American Standard Cos, Inc		295,091
51,150		Applied Materials, Inc		943,718
2,467		Black & Decker Corp		197,286
965		Carlisle Cos, Inc		75,753

64

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
24,826		Caterpillar, Inc	$	1,522,579
2,299		CDW Corp		161,666
1,584		Cummins, Inc		187,197
85,520	*	Dell, Inc		2,145,697
1,986		Diebold, Inc		92,548
2,621		Donaldson Co, Inc		90,975
6,589		Dover Corp		322,993
1,086	*	Dresser-Rand Group, Inc		26,574
71,770	*	EMC Corp		947,364
300	*	Flowserve Corp		15,141
2,465	*	FMC Technologies, Inc		151,918
1,923	*	Gardner Denver, Inc		71,747
187,346	d	General Electric Co		6,971,145
2,493		Graco, Inc		98,773
4,868	*	Grant Prideco, Inc		193,600
62,955		Hewlett-Packard Co		2,593,116
1,854		IDEX Corp		87,898
52,247		International Business Machines Corp		5,075,796
12,596		International Game Technology		581,935
6,539		Jabil Circuit, Inc		160,532
4,744		Joy Global, Inc		229,325
5,251	*	Lam Research Corp		265,806
2,955	*	Lexmark International, Inc (Class A)		216,306
2,238		Manitowoc Co, Inc		133,004
721		Pall Corp		24,911
1,870		Parker Hannifin Corp		143,766
390	*	Riverbed Technology, Inc		11,973
6,299		Rockwell Automation, Inc		384,743
8,249	*	SanDisk Corp		354,954
2,337	*	Scientific Games Corp (Class A)		70,648
7,664		Smith International, Inc		314,760
14,625	*	Solectron Corp		47,093
2,084		Stanley Works		104,804
7,249	*	Symbol Technologies, Inc		108,300
1,759	*	Terex Corp		113,596
300		Timken Co		8,754
1,498		Toro Co		69,852
4,983	*	Varian Medical Systems, Inc		237,041
1,325	*	VeriFone Holdings, Inc		46,905
7,915	*	Western Digital Corp		161,941
2,503	*	Zebra Technologies Corp (Class A)		87,079
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		28,337,633
INSTRUMENTS AND RELATED PRODUCTS - 7.10%
2,392	*	Advanced Medical Optics, Inc		84,198
15,818	*	Agilent Technologies, Inc		551,257
5,539		Allergan, Inc		663,240
5,455		Applera Corp (Applied Biosystems Group)		200,144
3,810		Bard (C.R.), Inc		316,116
314		Bausch & Lomb, Inc		16,347
24,269		Baxter International, Inc		1,125,839
2,086		Beckman Coulter, Inc		124,743
9,185		Becton Dickinson & Co		644,328
9,267		Biomet, Inc		382,449

65

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
45,742	*	Boston Scientific Corp	$	785,848
802		Cooper Cos, Inc		35,689
8,797		Danaher Corp		637,255
5,726		Dentsply International, Inc		170,921
668		DRS Technologies, Inc		35,190
1,327	*	Intuitive Surgical, Inc		127,259
97,259		Johnson & Johnson		6,421,039
5,734		Kla-Tencor Corp		285,267
44,739		Medtronic, Inc		2,393,984
1,505	*	Mettler-Toledo International, Inc		118,669
1,995	*	Millipore Corp		132,867
2,107		National Instruments Corp		57,395
2,324		PerkinElmer, Inc		51,663
5,012		Pitney Bowes, Inc		231,504
2,780	*	Resmed, Inc		136,832
2,607	*	Respironics, Inc		98,414
6,437		Rockwell Collins, Inc		407,398
3,101		Roper Industries, Inc		155,794
13,428	*	St. Jude Medical, Inc		490,928
11,105		Stryker Corp		611,997
1,402	*	Techne Corp		77,741
1,986		Tektronix, Inc		57,932
5,324	*	Teradyne, Inc		79,647
7,272	*	Thermo Electron Corp		329,349
1,929	*	Trimble Navigation Ltd		97,858
3,764	*	Waters Corp		184,323
9,191	*	Zimmer Holdings, Inc		720,391
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		19,041,815
INSURANCE AGENTS, BROKERS AND SERVICE - 0.06%
4,008		Brown & Brown, Inc		113,066
1,177		Gallagher (Arthur J.) & Co		34,780
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		147,846
INSURANCE CARRIERS - 2.30%
9,529		Aetna, Inc		411,462
18,484		Aflac, Inc		850,264
413		Ambac Financial Group, Inc		36,786
10,695		American International Group, Inc		766,404
164	*	CNA Financial Corp		6,612
646		Hanover Insurance Group, Inc		31,525
2,168		HCC Insurance Holdings, Inc		69,571
4,050	*	Health Net, Inc		197,073
6,199	*	Humana, Inc		342,867
80	*	Markel Corp		38,408
1,697	*	Philadelphia Consolidated Holding Co		75,618
777		Principal Financial Group		45,610
7,559		Progressive Corp		183,079
2,599		Prudential Financial, Inc		223,150
465		Transatlantic Holdings, Inc		28,877
49,929		UnitedHealth Group, Inc		2,682,685
3,361		W.R. Berkley Corp		115,988
1,232	*	WellCare Health Plans, Inc		84,885
		TOTAL INSURANCE CARRIERS		6,190,864

66

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
1,461	*	Corrections Corp of America	$	66,081
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		66,081
LEATHER AND LEATHER PRODUCTS - 0.23%
14,271	*	Coach, Inc		613,082
		TOTAL LEATHER AND LEATHER PRODUCTS		613,082
METAL MINING - 0.35%
1,758		Foundation Coal Holdings, Inc		55,834
3,691		Freeport-McMoRan Copper & Gold, Inc (Class B)		205,699
14,639		Newmont Mining Corp		660,951
478		Southern Copper Corp		25,759
		TOTAL METAL MINING		948,243
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.06%
1,853		Fortune Brands, Inc		158,228
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		158,228
MISCELLANEOUS RETAIL - 2.03%
11,637	*	Amazon.com, Inc		459,196
443		Barnes & Noble, Inc		17,592
14,846		Best Buy Co, Inc		730,275
2,265	*	Coldwater Creek, Inc		55,538
27,450		CVS Corp		848,480
1,340	*	Dick's Sporting Goods, Inc		65,647
399	*	Dollar Tree Stores, Inc		12,010
1,345		MSC Industrial Direct Co (Class A)		52,657
1,214	*	Nutri/System, Inc		76,955
10,787	*	Office Depot, Inc		411,740
5,380		Petsmart, Inc		155,267
26,992		Staples, Inc		720,686
3,116		Tiffany & Co		122,272
37,446		Walgreen Co		1,718,397
		TOTAL MISCELLANEOUS RETAIL		5,446,712
MOTION PICTURES - 0.94%
2,853	*	Discovery Holding Co (Class A)		45,905
856	*	DreamWorks Animation SKG, Inc (Class A)		25,243
57,723		News Corp (Class A)		1,239,890
2,364		Regal Entertainment Group (Class A)		50,400
10,034		Time Warner, Inc		218,541
27,604		Walt Disney Co		945,989
		TOTAL MOTION PICTURES		2,525,968
NONDEPOSITORY INSTITUTIONS - 1.64%
40,107		American Express Co		2,433,292
1,152	*	AmeriCredit Corp		28,996
1,863		Capital One Financial Corp		143,116
2,056		CapitalSource, Inc		56,149
1,728		First Marblehead Corp		94,435
12,909		Freddie Mac		876,521
652	*	Nelnet, Inc (Class A)		17,839

67

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
15,224		SLM Corp	$	742,474
		TOTAL NONDEPOSITORY INSTITUTIONS		4,392,822
NONMETALLIC MINERALS, EXCEPT FUELS - 0.15%
1,680		Florida Rock Industries, Inc		72,324
3,541		Vulcan Materials Co		318,230
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		390,554
OIL AND GAS EXTRACTION - 2.35%
11,935		Baker Hughes, Inc		891,067
10,841		BJ Services Co		317,858
4,188	*	Cameron International Corp		222,173
2,476	*	Cheniere Energy, Inc		71,482
1,007	*	CNX Gas Corp		25,679
4,401	*	Denbury Resources, Inc		122,304
2,097		Diamond Offshore Drilling, Inc		167,634
5,576		ENSCO International, Inc		279,135
3,809		Equitable Resources, Inc		159,026
4,206	*	Global Industries Ltd		54,846
38,265		Halliburton Co		1,188,128
3,392	*	Helix Energy Solutions Group, Inc		106,407
3,985		Helmerich & Payne, Inc		97,513
6,044	*	National Oilwell Varco, Inc		369,772
2,095	*	Oceaneering International, Inc		83,172
6,249		Patterson-UTI Energy, Inc		145,164
2,902	*	Plains Exploration & Production Co		137,932
4,870	*	Pride International, Inc		146,149
2,389	*	Quicksilver Resources, Inc		87,414
4,907		Range Resources Corp		134,746
4,056		Rowan Cos, Inc		134,659
6,212	*	Southwestern Energy Co		217,731
2,133		St. Mary Land & Exploration Co		78,580
3,391	*	Superior Energy Services		110,818
2,579	*	Tetra Technologies, Inc		65,971
1,353		Tidewater, Inc		65,431
2,257	*	Todco		77,122
1,848	*	Unit Corp		89,536
789		W&T Offshore, Inc		24,238
13,494		XTO Energy, Inc		634,893
		TOTAL OIL AND GAS EXTRACTION		6,306,580
PAPER AND ALLIED PRODUCTS - 0.27%
9,884		Kimberly-Clark Corp		671,618
2,981		Packaging Corp of America		65,880
		TOTAL PAPER AND ALLIED PRODUCTS		737,498
PERSONAL SERVICES - 0.22%
5,349		Cintas Corp		212,409
12,333		H&R Block, Inc		284,152
709	*	Sally Beauty Holdings, Inc		5,530
1,652		Weight Watchers International, Inc		86,780
		TOTAL PERSONAL SERVICES		588,871
PETROLEUM AND COAL PRODUCTS - 0.57%

68

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,976		EOG Resources, Inc	$	248,301
12,778		Exxon Mobil Corp		979,178
2,266		Frontier Oil Corp		65,125
1,734		Holly Corp		89,128
2,414		Sunoco, Inc		150,537
		TOTAL PETROLEUM AND COAL PRODUCTS		1,532,269
PRIMARY METAL INDUSTRIES - 0.89%
12,545		Alcoa, Inc		376,475
3,791		Allegheny Technologies, Inc		343,768
873		Carpenter Technology Corp		89,500
57,738	*	Corning, Inc		1,080,278
606		Hubbell, Inc (Class B)		27,397
4,921		Precision Castparts Corp		385,216
3,313	*	Titanium Metals Corp		97,767
		TOTAL PRIMARY METAL INDUSTRIES		2,400,401
PRINTING AND PUBLISHING - 0.58%
2,178		Dow Jones & Co, Inc		82,764
2,335	*	Dun & Bradstreet Corp		193,315
3,249		EW Scripps Co (Class A)		162,255
2,004		Harte-Hanks, Inc		55,531
1,562		John Wiley & Sons, Inc (Class A)		60,090
123		McClatchy Co (Class A)		5,326
13,264		McGraw-Hill Cos, Inc		902,217
1,175		Meredith Corp		66,211
55		Washington Post Co (Class B)		41,008
		TOTAL PRINTING AND PUBLISHING		1,568,717
RAILROAD TRANSPORTATION - 0.81%
13,517		Burlington Northern Santa Fe Corp		997,690
8,100		CSX Corp		278,883
914	*	Kansas City Southern Industries, Inc		26,488
8,748		Norfolk Southern Corp		439,937
4,591		Union Pacific Corp		422,464
		TOTAL RAILROAD TRANSPORTATION		2,165,462
REAL ESTATE - 0.23%
6,679	*	CB Richard Ellis Group, Inc (Class A)		221,743
2,461		Forest City Enterprises, Inc (Class A)		143,722
1,302		Jones Lang LaSalle, Inc		120,005
2,624		St. Joe Co		140,568
		TOTAL REAL ESTATE		626,038
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.16%
7,072	*	Goodyear Tire & Rubber Co		148,441
800	*	Jarden Corp		27,832
6,110		Newell Rubbermaid, Inc		176,885
1,273		Sealed Air Corp		82,643
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		435,801
SECURITY AND COMMODITY BROKERS - 3.07%
722		BlackRock, Inc		109,672
1,923	*	Cbot Holdings, Inc (Class A)		291,277

69

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
38,722		Charles Schwab Corp	$	748,883
1,293		Chicago Mercantile Exchange Holdings, Inc		659,107
14,242	*	E*Trade Financial Corp		319,306
4,152		Eaton Vance Corp		137,058
3,349		Federated Investors, Inc (Class B)		113,129
6,318		Franklin Resources, Inc		696,054
10,669		Goldman Sachs Group, Inc		2,126,865
1,938	*	IntercontinentalExchange, Inc		209,110
1,605	*	Investment Technology Group, Inc		68,822
3,885		Janus Capital Group, Inc		83,877
2,720		Legg Mason, Inc		258,536
2,474		Lehman Brothers Holdings, Inc		193,269
6,075		Merrill Lynch & Co, Inc		565,583
4,349		Morgan Stanley		354,139
3,411	*	Nasdaq Stock Market, Inc		105,025
3,059		Nuveen Investments, Inc (Class A)		158,701
110	*	Nymex Holdings, Inc		13,641
2,911	*	NYSE Group, Inc		282,949
2,253		SEI Investments Co		134,189
9,938		T Rowe Price Group, Inc		434,986
11,277		TD Ameritrade Holding Corp		182,462
		TOTAL SECURITY AND COMMODITY BROKERS		8,246,640
SPECIAL TRADE CONTRACTORS - 0.01%
1,986	*	Quanta Services, Inc		39,065
		TOTAL SPECIAL TRADE CONTRACTORS		39,065
STONE, CLAY, AND GLASS PRODUCTS - 0.13%
1,896		Eagle Materials, Inc		81,964
5,066		Gentex Corp		78,827
5,810	*	Owens-Illinois, Inc		107,195
1,328	*	USG Corp		72,774
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		340,760
TOBACCO PRODUCTS - 1.19%
35,146		Altria Group, Inc		3,016,230
3,240		UST, Inc		188,568
		TOTAL TOBACCO PRODUCTS		3,204,798
TRANSPORTATION BY AIR - 0.72%
5,905	*	AMR Corp		178,508
3,291	*	Continental Airlines, Inc (Class B)		135,754
11,289		FedEx Corp		1,226,211
17,723		Southwest Airlines Co		271,516
2,224	*	US Airways Group, Inc		119,762
		TOTAL TRANSPORTATION BY AIR		1,931,751
TRANSPORTATION EQUIPMENT - 3.38%
29,637		Boeing Co		2,632,951
625		Brunswick Corp		19,938
4,473		Goodrich Corp		203,745
9,953		Harley-Davidson, Inc		701,388
1,436		Harsco Corp		109,280
4,505		ITT Industries, Inc		255,974

70

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
SHARES		COMPANY		VALUE
13,572		Lockheed Martin Corp	$	1,249,574
917		Northrop Grumman Corp		62,081
2,713		Oshkosh Truck Corp		131,363
5,486		Paccar, Inc		356,041
5,132	*	Pactiv Corp		183,161
7,983		Raytheon Co		421,502
1,500	*	Spirit Aerosystems Holdings, Inc (Class A)		50,205
4,412		Textron, Inc		413,713
1,214		Thor Industries, Inc		53,404
2,699		Trinity Industries, Inc		95,005
34,284		United Technologies Corp		2,143,436
		TOTAL TRANSPORTATION EQUIPMENT		9,082,761
TRANSPORTATION SERVICES - 0.24%
6,319		CH Robinson Worldwide, Inc		258,384
7,716		Expeditors International Washington, Inc		312,498
1,000		GATX Corp		43,330
1,900	*	Hertz Global Holdings, Inc		33,041
		TOTAL TRANSPORTATION SERVICES		647,253
TRUCKING AND WAREHOUSING - 0.77%
1,842		Con-way, Inc		81,122
3,817		J.B. Hunt Transport Services, Inc		79,279
2,119		Landstar System, Inc		80,903
1,313	*	Swift Transportation Co, Inc		34,493
23,878		United Parcel Service, Inc (Class B)		1,790,372
		TOTAL TRUCKING AND WAREHOUSING		2,066,169
WATER TRANSPORTATION - 0.02%
1,939	*	Kirby Corp		66,178
		TOTAL WATER TRANSPORTATION		66,178
WHOLESALE TRADE-DURABLE GOODS - 0.31%
615	*	Arrow Electronics, Inc		19,403
151		BorgWarner, Inc		8,912
4,202	*	Cytyc Corp		118,917
1,699		Martin Marietta Materials, Inc		176,543
5,049	*	Patterson Cos, Inc		179,290
2,139		Pool Corp		83,785
2,161		W.W. Grainger, Inc		151,140
1,743	*	WESCO International, Inc		102,506
		TOTAL WHOLESALE TRADE-DURABLE GOODS		840,496
WHOLESALE TRADE-NONDURABLE GOODS - 1.18%
2,311		Airgas, Inc		93,642
610	*	Bare Escentuals, Inc		18,953
2,253		Brown-Forman Corp (Class B)		149,239
15,481		Cardinal Health, Inc		997,441
4,785	*	Endo Pharmaceuticals Holdings, Inc		131,970
3,188	*	Henry Schein, Inc		156,148
7,147		Nike, Inc (Class B)		707,767
22,928		Sysco Corp		842,833
1,346	*	Tractor Supply Co		60,180
259		Valhi, Inc		6,706
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,164,879

71

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Growth Index Fund
				VALUE
		TOTAL COMMON STOCKS
		(Cost $254,816,190)	$	266,883,998
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.74%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.74%
$     1,990,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		1,988,928
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,988,928
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $1,989,735)		1,988,928
		TOTAL PORTFOLIO - 100.19%
		(Cost $256,805,925)		268,872,926
		OTHER ASSETS & LIABILITIES, NET - (0.19)%		(519,117	)
		NET ASSETS - 100.00%	$	268,353,809
	*	Non-income producing
	**	Percentage represents less than 0.01%
	d	All or a portion of these securities have been segregated by the custodian to cover margin or
		other requirements on futures contracts in the amount of $96,746.

72

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.30%
AMUSEMENT AND RECREATION SERVICES - 0.09%
2,255		Harrah's Entertainment, Inc	$	186,534
2,253		International Speedway Corp (Class A)		114,993
1,870		Warner Music Group Corp		42,917
		TOTAL AMUSEMENT AND RECREATION SERVICES		344,444
APPAREL AND ACCESSORY STORES - 0.13%
254	*	AnnTaylor Stores Corp		8,341
7,453		Foot Locker, Inc		163,444
11,666		Gap, Inc		227,487
2,749	*	Hanesbrands, Inc		64,931
		TOTAL APPAREL AND ACCESSORY STORES		464,203
APPAREL AND OTHER TEXTILE PRODUCTS - 0.21%
6,070		Jones Apparel Group, Inc		202,920
4,864		Liz Claiborne, Inc		211,389
4,176		VF Corp		342,766
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		757,075
AUTO REPAIR, SERVICES AND PARKING - 0.04%
2,882		Ryder System, Inc		147,155
		TOTAL AUTO REPAIR, SERVICES AND PARKING		147,155
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
7,383	*	Autonation, Inc		157,406
3,394		United Auto Group, Inc		79,997
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		237,403
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.12%
7,748		Home Depot, Inc		311,160
1,950		Sherwin-Williams Co		123,981
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		435,141
BUSINESS SERVICES - 1.43%
3,101	*	Affiliated Computer Services, Inc (Class A)		151,453
4,228	*	Avis Budget Group, Inc		91,705
638		Brink's Co		40,781
17,628		CA, Inc		399,274
2,006	*	Cadence Design Systems, Inc		35,927
693	*	Ceridian Corp		19,390
8,219	*	Computer Sciences Corp		438,648
17,626	*	Compuware Corp		146,825
7,135	*	Convergys Corp		169,670
11,596		Electronic Data Systems Corp		319,470
643		Equifax, Inc		26,106
9,733	*	Expedia, Inc		204,198
718		Fair Isaac Corp		29,187
7,963		Fidelity National Information Services, Inc		319,237
2,475		IMS Health, Inc		68,013
13,974	*	Juniper Networks, Inc		264,668

73

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
571		Manpower, Inc	$	42,785
453	*	McAfee, Inc		12,856
7,260	*	NCR Corp		310,438
17,889	*	Novell, Inc		110,912
11,027		ServiceMaster Co		144,564
153,227	*	Sun Microsystems, Inc		830,490
27,281	*	Symantec Corp		568,809
5,966	*	Synopsys, Inc		159,471
16,691	*	Unisys Corp		130,857
3,156	*	United Rentals, Inc		80,257
692	*	VeriSign, Inc		16,643
2,952		Waste Management, Inc		108,545
		TOTAL BUSINESS SERVICES		5,241,179
CHEMICALS AND ALLIED PRODUCTS - 8.88%
14,937		Abbott Laboratories		727,581
9,427		Air Products & Chemicals, Inc		662,530
2,126		Albemarle Corp		152,647
2,953		Alberto-Culver Co		63,342
8,507	*	Biogen Idec, Inc		418,459
52,567		Bristol-Myers Squibb Co		1,383,563
1,659		Cabot Corp		72,283
2,040		Celanese Corp (Series A)		52,795
2,177	*	Charles River Laboratories International, Inc		94,155
14,562		Chemtura Corp		140,232
7,551		Clorox Co		484,397
2,331		Colgate-Palmolive Co		152,074
1,865		Cytec Industries, Inc		105,391
47,425		Dow Chemical Co		1,894,155
8,566		Du Pont (E.I.) de Nemours & Co		417,250
4,098		Eastman Chemical Co		243,052
11,683		Eli Lilly & Co		608,684
2,273		FMC Corp		173,998
1,132	*	Huntsman Corp		21,474
1,270		International Flavors & Fragrances, Inc		62,433
1,648	*	Invitrogen Corp		93,260
12,795	*	King Pharmaceuticals, Inc		203,696
3,366		Lubrizol Corp		168,738
10,091		Lyondell Chemical Co		258,027
74,840		Merck & Co, Inc		3,263,024
6,976	*	Millennium Pharmaceuticals, Inc		76,038
6,723	*	Mosaic Co		143,603
361,766		Pfizer, Inc		9,369,739
7,137		PPG Industries, Inc		458,267
128,491		Procter & Gamble Co		8,258,117
6,979		Rohm & Haas Co		356,766
5,500		RPM International, Inc		114,895
542		Scotts Miracle-Gro Co (Class A)		27,994
2,031		Sigma-Aldrich Corp		157,849
4,937		Valspar Corp		136,459
4,682	*	Watson Pharmaceuticals, Inc		121,872
612		Westlake Chemical Corp		19,205
25,731		Wyeth		1,310,223
		TOTAL CHEMICALS AND ALLIED PRODUCTS		32,468,267
COMMUNICATIONS - 7.26%
19,342		Alltel Corp		1,169,804

74

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
191,983		AT&T, Inc	$	6,863,392
20,052	*	Avaya, Inc		280,327
89,263		BellSouth Corp		4,205,180
5,027		Cablevision Systems Corp (Class A)		143,169
6,015		CenturyTel, Inc		262,615
8,910		Citizens Communications Co		128,037
24,820		Clear Channel Communications, Inc		882,103
47,484	*	Comcast Corp (Class A)		2,009,998
1,022	*	Crown Castle International Corp		33,011
1,074	*	CTC Media, Inc		25,787
7,488		Embarq Corp		393,609
1,210		Hearst-Argyle Television, Inc		30,855
4,928	*	IAC/InterActiveCorp		183,124
1,166	*	Leap Wireless International, Inc		69,342
13,657	*	Liberty Global, Inc (Class A)		398,102
6,753	*	Liberty Media Corp - Capital (Series A)		661,659
7,506	*	Liberty Media Holding Corp (Interactive A)		161,904
77,024	*	Qwest Communications International, Inc		644,691
108,946		Sprint Nextel Corp		2,057,990
2,525		Telephone & Data Systems, Inc		137,183
2,984	*	Univision Communications, Inc (Class A)		105,693
389	*	US Cellular Corp		27,071
144,128		Verizon Communications, Inc		5,367,327
20,818		Windstream Corp		296,032
		TOTAL COMMUNICATIONS		26,538,005
DEPOSITORY INSTITUTIONS - 18.04%
6,220		Associated Banc-Corp		216,954
4,713		Astoria Financial Corp		142,144
3,435		Bancorpsouth, Inc		92,127
225,359		Bank of America Corp		12,031,917
861		Bank of Hawaii Corp		46,451
35,346		Bank of New York Co, Inc		1,391,572
27,084		BB&T Corp		1,189,800
1,512		BOK Financial Corp		83,130
927		Capitol Federal Financial		35,615
244,982		Citigroup, Inc		13,645,497
1,955		City National Corp		139,196
7,411		Colonial Bancgroup, Inc		190,759
7,975		Comerica, Inc		467,973
3,662		Commerce Bancshares, Inc		177,277
6,233		Compass Bancshares, Inc		371,798
1,474		Cullen/Frost Bankers, Inc		82,279
396		East West Bancorp, Inc		14,026
23,818		Fifth Third Bancorp		974,871
273		First Citizens Bancshares, Inc (Class A)		55,321
5,732		First Horizon National Corp		239,483
7,493		Fulton Financial Corp		125,133
12,531		Hudson City Bancorp, Inc		173,930
12,800		Huntington Bancshares, Inc		304,000
2,415		IndyMac Bancorp, Inc		109,061
171,542		JPMorgan Chase & Co		8,285,479
20,067		Keycorp		763,148
3,859		M&T Bank Corp		471,415
12,649		Marshall & Ilsley Corp		608,543
2,266		Mellon Financial Corp		95,512
5,986		Mercantile Bankshares Corp		280,085

75

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
29,252		National City Corp	$	1,069,453
13,480		New York Community Bancorp, Inc		217,028
811		Northern Trust Corp		49,220
14,159		PNC Financial Services Group, Inc		1,048,332
12,923		Popular, Inc		231,968
36,086		Regions Financial Corp		1,349,616
5,084		Sky Financial Group, Inc		145,097
3,114		South Financial Group, Inc		82,801
19,543		Sovereign Bancorp, Inc		496,197
1,155		State Street Corp		77,893
17,921		SunTrust Banks, Inc		1,513,428
6,836		Synovus Financial Corp		210,754
3,545		TCF Financial Corp		97,204
4,984		TD Banknorth, Inc		160,884
2,448		UnionBanCal Corp		149,940
87,971		US Bancorp		3,183,670
5,280		Valley National Bancorp		139,973
85,515		Wachovia Corp		4,870,079
4,631		Washington Federal, Inc		108,967
47,464		Washington Mutual, Inc		2,159,137
2,616		Webster Financial Corp		127,452
140,974		Wells Fargo & Co		5,013,035
3,731		Whitney Holding Corp		121,705
2,956		Wilmington Trust Corp		124,655
5,085		Zions Bancorporation		419,207
		TOTAL DEPOSITORY INSTITUTIONS		65,972,191
EATING AND DRINKING PLACES - 0.78%
60,660		McDonald's Corp		2,689,058
1,346		OSI Restaurant Partners, Inc		52,763
3,135		Wendy's International, Inc		103,737
		TOTAL EATING AND DRINKING PLACES		2,845,558
EDUCATIONAL SERVICES - 0.00%**
301	*	Laureate Education, Inc		14,638
		TOTAL EDUCATIONAL SERVICES		14,638
ELECTRIC, GAS, AND SANITARY SERVICES - 6.23%
3,801		AGL Resources, Inc		147,897
5,785		Alliant Energy Corp		218,499
10,963	*	Allied Waste Industries, Inc		134,735
10,095		Ameren Corp		542,404
18,965		American Electric Power Co, Inc		807,530
2,325		Aqua America, Inc		52,964
3,703		Atmos Energy Corp		118,163
14,644		Centerpoint Energy, Inc		242,798
11,839	*	CMS Energy Corp		197,711
12,015		Consolidated Edison, Inc		577,561
7,785		Constellation Energy Group, Inc		536,153
17,180		Dominion Resources, Inc		1,440,371
4,394		DPL, Inc		122,065
8,397		DTE Energy Co		406,499
61,049		Duke Energy Corp		2,027,437
17,653	*	Dynegy, Inc (Class A)		127,808
16,088		Edison International		731,682
1,885		El Paso Corp		28,803
3,448		Energen Corp		161,849

76

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,147		Energy East Corp	$	177,246
10,224		Entergy Corp		943,880
4,916		Exelon Corp		304,251
16,263		FirstEnergy Corp		980,659
19,835		FPL Group, Inc		1,079,421
3,605		Great Plains Energy, Inc		114,639
3,833		Hawaiian Electric Industries, Inc		104,066
9,177		KeySpan Corp		377,909
8,555		MDU Resources Group, Inc		219,350
13,496	*	Mirant Corp		426,069
4,211		National Fuel Gas Co		162,292
12,829		NiSource, Inc		309,179
7,762		Northeast Utilities		218,578
4,530	*	NRG Energy, Inc		253,725
5,162		NSTAR		177,366
4,174		OGE Energy Corp		166,960
5,770		Oneok, Inc		248,802
9,257		Pepco Holdings, Inc		240,775
17,101		PG&E Corp		809,390
4,854		Pinnacle West Capital Corp		246,049
18,731		PPL Corp		671,319
12,669		Progress Energy, Inc		621,795
12,419		Public Service Enterprise Group, Inc		824,373
6,766		Puget Energy, Inc		171,586
449		Questar Corp		37,289
15,575	*	Reliant Energy, Inc		221,321
315		Republic Services, Inc		12,811
5,411		SCANA Corp		219,795
12,928		Sempra Energy		724,485
10,809	*	Sierra Pacific Resources		181,915
36,669		Southern Co		1,351,619
4,301		Southern Union Co		120,213
9,923		TECO Energy, Inc		170,973
4,671		UGI Corp		127,425
3,265		Vectren Corp		92,334
6,668		Williams Cos, Inc		174,168
6,237		Wisconsin Energy Corp		296,008
2,586		WPS Resources Corp		139,722
19,412		Xcel Energy, Inc		447,641
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		22,790,327
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 1.20%
1,220	*	ADC Telecommunications, Inc		17,727
5,367		American Power Conversion Corp		164,177
24,517	*	Atmel Corp		148,328
4,318	*	Avnet, Inc		110,239
1,413		AVX Corp		20,898
3,643	*	Ciena Corp		100,948
1,742	*	Comverse Technology, Inc		36,774
566	*	Cree, Inc		9,803
735	*	Cypress Semiconductor Corp		12,399
2,654		Emerson Electric Co		117,015
567	*	Energizer Holdings, Inc		40,251
3,767	*	Fairchild Semiconductor International, Inc		63,323
22,240		Honeywell International, Inc		1,006,138
5,405	*	Integrated Device Technology, Inc		83,669
1,687	*	International Rectifier Corp		65,000

77

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,501		Intersil Corp (Class A)	$	83,744
5,303		L-3 Communications Holdings, Inc		433,679
5,897	*	LSI Logic Corp		53,073
20,338	*	Micron Technology, Inc		283,918
25,468		Motorola, Inc		523,622
3,376	*	Novellus Systems, Inc		116,202
2,258		RadioShack Corp		37,889
566	*	Rambus, Inc		10,714
16,405	*	Sanmina-SCI Corp		56,597
2,097	*	Spansion, Inc (Class A)		31,161
2,226		Teleflex, Inc		143,711
23,170	*	Tellabs, Inc		237,724
5,807	*	Vishay Intertechnology, Inc		78,627
3,769		Whirlpool Corp		312,902
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,400,252
ENGINEERING AND MANAGEMENT SERVICES - 0.09%
3,958	*	Hewitt Associates, Inc (Class A)		101,919
3,815	*	Shaw Group, Inc		127,803
2,306	*	URS Corp		98,812
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		328,534
FABRICATED METAL PRODUCTS - 0.16%
1,374	*	Alliant Techsystems, Inc		107,433
5,572		Commercial Metals Co		143,758
3,097		Crane Co		113,474
3,549		Pentair, Inc		111,439
2,324		Snap-On, Inc		110,715
		TOTAL FABRICATED METAL PRODUCTS		586,819
FOOD AND KINDRED PRODUCTS - 2.22%
13,216		Anheuser-Busch Cos, Inc		650,227
32,264		Archer Daniels Midland Co		1,031,157
5,467		Campbell Soup Co		212,612
33,986		Coca-Cola Co		1,639,825
15,160		Coca-Cola Enterprises, Inc		309,567
25,061		ConAgra Foods, Inc		676,647
8,509	*	Constellation Brands, Inc (Class A)		246,931
3,481		Corn Products International, Inc		120,234
9,354		Del Monte Foods Co		103,175
15,791		General Mills, Inc		909,562
6,684		H.J. Heinz Co		300,847
964		Hershey Co		48,007
3,979		Hormel Foods Corp		148,576
3,447		J.M. Smucker Co		167,076
3,381		Kellogg Co		169,253
10,256		Kraft Foods, Inc (Class A)		366,139
1,248		McCormick & Co, Inc		48,123
2,562		Molson Coors Brewing Co (Class B)		195,839
3,194		Pepsi Bottling Group, Inc		98,727
3,494		PepsiAmericas, Inc		73,304
18,286		Sara Lee Corp		311,411
4,598	*	Smithfield Foods, Inc		117,985
11,107		Tyson Foods, Inc (Class A)		182,710
		TOTAL FOOD AND KINDRED PRODUCTS		8,127,934

78

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
FOOD STORES - 0.29%
30,586		Kroger Co	$	705,619
10,323		Supervalu, Inc		369,047
		TOTAL FOOD STORES		1,074,666
FORESTRY - 0.27%
3,222		Rayonier, Inc		132,263
11,901		Weyerhaeuser Co		840,806
		TOTAL FORESTRY		973,069
FURNITURE AND FIXTURES - 0.21%
1,669		Hillenbrand Industries, Inc		95,016
3,880		Johnson Controls, Inc		333,370
3,988		Leggett & Platt, Inc		95,313
7,726		Masco Corp		230,776
		TOTAL FURNITURE AND FIXTURES		754,475
FURNITURE AND HOMEFURNISHINGS STORES - 0.06%
713		Circuit City Stores, Inc		13,533
2,470	*	Mohawk Industries, Inc		184,904
797		Steelcase, Inc (Class A)		14,474
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		212,911
GENERAL BUILDING CONTRACTORS - 0.33%
1,069		Beazer Homes USA, Inc		50,254
3,057		Centex Corp		172,017
6,667		DR Horton, Inc		176,609
1,940		KB Home		99,483
3,903		Lennar Corp (Class A)		204,751
873		MDC Holdings, Inc		49,805
4,992		Pulte Homes, Inc		165,335
1,490		Ryland Group, Inc		81,384
2,213		Standard-Pacific Corp		59,286
4,852	*	Toll Brothers, Inc		156,380
		TOTAL GENERAL BUILDING CONTRACTORS		1,215,304
GENERAL MERCHANDISE STORES - 0.49%
3,297	*	BJ's Wholesale Club, Inc		102,570
7,118		Costco Wholesale Corp		376,329
3,010		Dillard's, Inc (Class A)		105,260
954		Dollar General Corp		15,321
3,451		Family Dollar Stores, Inc		101,218
24,882		Federated Department Stores, Inc		948,751
7,407		Saks, Inc		131,993
		TOTAL GENERAL MERCHANDISE STORES		1,781,442
HEALTH SERVICES - 1.02%
7,716		AmerisourceBergen Corp		346,911
1,512		Caremark Rx, Inc		86,350
5,175		Cigna Corp		680,875
1,969	*	Community Health Systems, Inc		71,908
9,699		Health Management Associates, Inc (Class A)		204,746
1,922	*	LifePoint Hospitals, Inc		64,771
4,292		McKesson Corp		217,604
6,028	*	Medco Health Solutions, Inc		322,136
2,953		Omnicare, Inc		114,074
8,046	*	Tenet Healthcare Corp		56,081
3,708	*	Triad Hospitals, Inc		155,106

79

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
1,713		Universal Health Services, Inc (Class B)	$	94,952
16,772	*	WellPoint, Inc		1,319,789
		TOTAL HEALTH SERVICES		3,735,303
HOLDING AND OTHER INVESTMENT OFFICES - 7.37%
6,630		Allied Capital Corp		216,668
4,222		AMB Property Corp		247,451
9,100		Annaly Mortgage Management, Inc		126,581
4,523		Apartment Investment & Management Co (Class A)		253,378
10,099		Archstone-Smith Trust		587,863
3,490		AvalonBay Communities, Inc		453,875
5,523		Boston Properties, Inc		617,913
4,750		Brandywine Realty Trust		157,938
2,571		BRE Properties, Inc (Class A)		167,166
2,729		Camden Property Trust		201,537
3,031		CBL & Associates Properties, Inc		131,394
2,349		Colonial Properties Trust		110,121
5,589		Developers Diversified Realty Corp		351,828
2,700		Douglas Emmett, Inc		71,793
6,795		Duke Realty Corp		277,916
17,803		Equity Office Properties Trust		857,571
14,162		Equity Residential		718,722
704		Essex Property Trust, Inc		90,992
1,125		Federal Realty Investment Trust		95,625
3,629		General Growth Properties, Inc		189,543
10,222		Health Care Property Investors, Inc		376,374
3,207		Health Care REIT, Inc		137,965
3,920		Hospitality Properties Trust		186,318
24,749		Host Marriott Corp		607,588
9,903		HRPT Properties Trust		122,302
169,917		iShares Russell 1000 Value Index Fund		14,036,843
6,219		iStar Financial, Inc		297,393
10,607		Kimco Realty Corp		476,785
4,762		Liberty Property Trust		234,005
2,944		Mack-Cali Realty Corp		150,144
2,158		New Century Financial Corp		68,171
4,871		New Plan Excel Realty Trust		133,855
14,946		NTL, Inc		377,237
8,578		Plum Creek Timber Co, Inc		341,833
12,139		Prologis		737,687
2,235		Public Storage, Inc		217,913
8,761	*	Realogy Corp		265,634
7,246		Reckson Associates Realty Corp		330,418
3,535		Regency Centers Corp		276,331
4,703		Simon Property Group, Inc		476,367
1,048		Taubman Centers, Inc		53,301
6,071		Thornburg Mortgage, Inc		152,564
1,849		Ventas, Inc		78,250
6,317		Vornado Realty Trust		767,516
2,872		Weingarten Realty Investors		132,428
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		26,961,097
HOTELS AND OTHER LODGING PLACES - 0.11%
1,593		Starwood Hotels & Resorts Worldwide, Inc		99,563
9,229	*	Wyndham Worldwide Corp		295,513
		TOTAL HOTELS AND OTHER LODGING PLACES		395,076

80

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.46%
4,504	*	AGCO Corp	$	139,354
285		Black & Decker Corp		22,791
211		Carlisle Cos, Inc		16,564
388		Cummins, Inc		45,854
11,609		Deere & Co		1,103,668
604		Diebold, Inc		28,146
1,214		Dover Corp		59,510
7,037		Eaton Corp		528,760
13,150	*	EMC Corp		173,580
2,291	*	Flowserve Corp		115,627
264,008	d	General Electric Co		9,823,738
54,525		Hewlett-Packard Co		2,245,885
6,690		International Business Machines Corp		649,934
2,242		Kennametal, Inc		131,942
3,721		Lennox International, Inc		113,900
1,077	*	Lexmark International, Inc (Class A)		78,836
4,692		Pall Corp		162,109
3,257		Parker Hannifin Corp		250,398
24,600	*	Solectron Corp		79,212
2,830		SPX Corp		173,083
1,089		Stanley Works		54,766
2,520	*	Symbol Technologies, Inc		37,649
2,509	*	Terex Corp		162,031
3,640		Timken Co		106,215
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		16,303,552
INSTRUMENTS AND RELATED PRODUCTS - 0.98%
1,593		Applera Corp (Applied Biosystems Group)		58,447
1,471	*	Armor Holdings, Inc		80,684
1,979		Bausch & Lomb, Inc		103,027
283		Beckman Coulter, Inc		16,923
1,173		Cooper Cos, Inc		52,199
1,425		DRS Technologies, Inc		75,069
14,308		Eastman Kodak Co		369,146
16,617		Johnson & Johnson		1,097,054
1,849		Kla-Tencor Corp		91,988
2,816		PerkinElmer, Inc		62,600
4,766		Pitney Bowes, Inc		220,142
1,045		Tektronix, Inc		30,483
2,491	*	Teradyne, Inc		37,265
10,787	*	Thermo Electron Corp		488,543
46,280	*	Xerox Corp		784,446
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,568,016
INSURANCE AGENTS, BROKERS AND SERVICE - 0.78%
16,046		AON Corp		567,066
2,947		Gallagher (Arthur J.) & Co		87,084
14,904		Hartford Financial Services Group, Inc		1,390,692
26,535		Marsh & McLennan Cos, Inc		813,563
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,858,405
INSURANCE CARRIERS - 7.00%
13,023		Aetna, Inc		562,333
238	*	Alleghany Corp		86,537
31,368		Allstate Corp		2,042,370
4,620		Ambac Financial Group, Inc		411,503

81

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,077		American Financial Group, Inc	$	146,405
94,519		American International Group, Inc		6,773,232
644		American National Insurance Co		73,487
6,422		Assurant, Inc		354,816
20,429		Chubb Corp		1,080,898
7,996		Cincinnati Financial Corp		362,299
1,157	*	CNA Financial Corp		46,650
6,613	*	Conseco, Inc		132,128
2,327		Erie Indemnity Co (Class A)		134,919
10,575		Fidelity National Title Group, Inc (Class A)		252,531
3,997		First American Corp		162,598
22,122		Genworth Financial, Inc (Class A)		756,794
1,417		Hanover Insurance Group, Inc		69,150
2,184		HCC Insurance Holdings, Inc		70,085
424	*	Health Net, Inc		20,632
7,578		Leucadia National Corp		213,700
13,802		Lincoln National Corp		916,453
21,315		Loews Corp		883,933
459	*	Markel Corp		220,366
6,591		MBIA, Inc		481,538
1,229		Mercury General Corp		64,805
22,818		Metlife, Inc		1,346,490
4,530		MGIC Investment Corp		283,306
2,463		Nationwide Financial Services, Inc (Class A)		133,495
11,377		Old Republic International Corp		264,857
646	*	Philadelphia Consolidated Holding Co		28,786
4,073		PMI Group, Inc		192,123
12,267		Principal Financial Group		720,073
28,530		Progressive Corp		690,997
3,367		Protective Life Corp		159,933
20,732		Prudential Financial, Inc		1,780,050
4,284		Radian Group, Inc		230,950
1,578		Reinsurance Group Of America, Inc		87,895
5,756		Safeco Corp		360,038
34,370		St. Paul Travelers Cos, Inc		1,845,325
2,582		Stancorp Financial Group, Inc		116,319
5,231		Torchmark Corp		333,529
799		Transatlantic Holdings, Inc		49,618
2,266		Unitrin, Inc		113,549
17,190		UnumProvident Corp		357,208
3,937		W.R. Berkley Corp		135,866
66		Wesco Financial Corp		30,360
		TOTAL INSURANCE CARRIERS		25,580,929
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
927	*	Corrections Corp of America		41,928
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		41,928
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.04%
4,308		Laidlaw International, Inc		131,092
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		131,092
LUMBER AND WOOD PRODUCTS - 0.03%
4,871		Louisiana-Pacific Corp		104,873
		TOTAL LUMBER AND WOOD PRODUCTS		104,873

82

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
METAL MINING - 0.41%
4,452		Freeport-McMoRan Copper & Gold, Inc (Class B)	$	248,110
1,193		Newmont Mining Corp		53,864
10,120		Phelps Dodge Corp		1,211,566
		TOTAL METAL MINING		1,513,540
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.29%
4,834		Fortune Brands, Inc		412,775
8,037		Hasbro, Inc		219,008
18,256		Mattel, Inc		413,681
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,045,464
MISCELLANEOUS RETAIL - 0.40%
1,846		Barnes & Noble, Inc		73,305
3,358		CVS Corp		103,796
5,400	*	Dollar Tree Stores, Inc		162,540
3,300		OfficeMax, Inc		163,845
27,955	*	Rite Aid Corp		152,075
4,295	*	Sears Holdings Corp		721,259
2,468		Tiffany & Co		96,844
		TOTAL MISCELLANEOUS RETAIL		1,473,664
MOTION PICTURES - 2.24%
32,499		CBS Corp (Class B)		1,013,319
9,504	*	Discovery Holding Co (Class A)		152,919
682	*	DreamWorks Animation SKG, Inc (Class A)		20,112
36,448		News Corp (Class A)		782,903
183,321		Time Warner, Inc		3,992,731
65,513		Walt Disney Co		2,245,131
		TOTAL MOTION PICTURES		8,207,115
NONDEPOSITORY INSTITUTIONS - 2.10%
7,206		American Capital Strategies Ltd		333,350
4,681	*	AmeriCredit Corp		117,821
17,369		Capital One Financial Corp		1,334,287
1,477		CapitalSource, Inc		40,337
9,614		CIT Group, Inc		536,173
30,064		Countrywide Financial Corp		1,276,217
47,830		Fannie Mae		2,840,624
16,931		Freddie Mac		1,149,615
182		Student Loan Corp		37,729
		TOTAL NONDEPOSITORY INSTITUTIONS		7,666,153
OIL AND GAS EXTRACTION - 0.72%
22,618		Anadarko Petroleum Corp		984,335
2,276		Cabot Oil & Gas Corp		138,039
20,319		Chesapeake Energy Corp		590,267
3,798		Cimarex Energy Co		138,627
812		Equitable Resources, Inc		33,901
2,478	*	Forest Oil Corp		80,981
526	*	National Oilwell Varco, Inc		32,181
6,039		Pioneer Natural Resources Co		239,688
3,060		Pogo Producing Co		148,226
1,315	*	Pride International, Inc		39,463
354		Rowan Cos, Inc		11,753
1,423	*	SEACOR Holdings, Inc		141,076
1,325		Tidewater, Inc		64,077
		TOTAL OIL AND GAS EXTRACTION		2,642,614

83

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 0.66%
5,066		Bemis Co	$	172,143
22,384		International Paper Co		763,294
9,539		Kimberly-Clark Corp		648,175
8,417		MeadWestvaco Corp		253,015
14,858	*	Smurfit-Stone Container Corp		156,900
4,728		Sonoco Products Co		179,948
4,962		Temple-Inland, Inc		228,401
		TOTAL PAPER AND ALLIED PRODUCTS		2,401,876
PERSONAL SERVICES - 0.05%
2,953	*	Sally Beauty Holdings, Inc		23,033
15,468		Service Corp International		158,547
		TOTAL PERSONAL SERVICES		181,580
PETROLEUM AND COAL PRODUCTS - 12.61%
16,293		Apache Corp		1,083,647
3,007		Ashland, Inc		208,024
109,521		Chevron Corp		8,053,079
81,509		ConocoPhillips		5,864,573
21,635		Devon Energy Corp		1,451,276
6,161		EOG Resources, Inc		384,754
281,183		Exxon Mobil Corp		21,547,053
2,659		Frontier Oil Corp		76,420
12,028		Hess Corp		596,228
17,844		Marathon Oil Corp		1,650,570
9,301		Murphy Oil Corp		472,956
6,010	*	Newfield Exploration Co		276,160
8,801		Noble Energy, Inc		431,865
42,306		Occidental Petroleum Corp		2,065,802
3,053		Sunoco, Inc		190,385
3,228		Tesoro Corp		212,306
30,258		Valero Energy Corp		1,547,999
		TOTAL PETROLEUM AND COAL PRODUCTS		46,113,097
PRIMARY METAL INDUSTRIES - 0.63%
25,903		Alcoa, Inc		777,349
114		Carpenter Technology Corp		11,687
1,951		Hubbell, Inc (Class B)		88,205
15,598		Nucor Corp		852,587
4,532		Steel Dynamics, Inc		147,063
6,059		United States Steel Corp		443,155
		TOTAL PRIMARY METAL INDUSTRIES		2,320,046
PRINTING AND PUBLISHING - 0.55%
11,745		Gannett Co, Inc		710,103
2,300		McClatchy Co (Class A)		99,590
5,870		New York Times Co (Class A)		142,993
2,985		R.H. Donnelley Corp		187,249
10,770		R.R. Donnelley & Sons Co		382,766
8,610		Tribune Co		265,016
303		Washington Post Co (Class B)		225,917
		TOTAL PRINTING AND PUBLISHING		2,013,634
RAILROAD TRANSPORTATION - 0.42%
10,957		CSX Corp		377,250

84

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,402	*	Kansas City Southern Industries, Inc	$	69,610
9,136		Norfolk Southern Corp		459,449
6,982		Union Pacific Corp		642,484
		TOTAL RAILROAD TRANSPORTATION		1,548,793
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.09%
1,042	*	Jarden Corp		36,251
5,295		Newell Rubbermaid, Inc		153,290
2,206		Sealed Air Corp		143,214
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		332,755
SECURITY AND COMMODITY BROKERS - 3.50%
3,464		A.G. Edwards, Inc		219,237
10,568		Ameriprise Financial, Inc		575,956
5,892		Bear Stearns Cos, Inc		959,100
1,817	*	E*Trade Financial Corp		40,737
4,541		Goldman Sachs Group, Inc		905,248
4,589		Janus Capital Group, Inc		99,077
5,437		Jefferies Group, Inc		145,820
2,942		Legg Mason, Inc		279,637
22,994		Lehman Brothers Holdings, Inc		1,796,291
37,288		Merrill Lynch & Co, Inc		3,471,513
47,172		Morgan Stanley		3,841,216
3,652	*	NYSE Group, Inc		354,974
4,068		Raymond James Financial, Inc		123,301
		TOTAL SECURITY AND COMMODITY BROKERS		12,812,107
SPECIAL TRADE CONTRACTORS - 0.02%
3,038	*	Quanta Services, Inc		59,757
		TOTAL SPECIAL TRADE CONTRACTORS		59,757
STONE, CLAY, AND GLASS PRODUCTS - 0.04%
735		Gentex Corp		11,437
2,503	*	USG Corp		137,164
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		148,601
TOBACCO PRODUCTS - 1.61%
56,274		Altria Group, Inc		4,829,435
4,784		Loews Corp (Carolina Group)		309,620
8,345		Reynolds American, Inc		546,347
3,407		UST, Inc		198,287
		TOTAL TOBACCO PRODUCTS		5,883,689
TRANSPORTATION BY AIR - 0.15%
2,489	*	AMR Corp		75,242
15,723		Southwest Airlines Co		240,876
5,724	*	UAL Corp		251,856
		TOTAL TRANSPORTATION BY AIR		567,974
TRANSPORTATION EQUIPMENT - 1.67%
4,120		Autoliv, Inc		248,436
3,712		Brunswick Corp		118,413
90,829	*	Ford Motor Co		682,126
19,794		General Dynamics Corp		1,471,684
22,733		General Motors Corp		698,358
7,955		Genuine Parts Co		377,306
391		Goodrich Corp		17,810

85

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,957		ITT Industries, Inc	$	168,017
15,611		Northrop Grumman Corp		1,056,865
5,114		Paccar, Inc		331,899
10,975		Raytheon Co		579,480
400		Textron, Inc		37,508
340		Trinity Industries, Inc		11,968
2,347	*	TRW Automotive Holdings Corp		60,717
4,167		United Technologies Corp		260,521
		TOTAL TRANSPORTATION EQUIPMENT		6,121,108
TRANSPORTATION SERVICES - 0.07%
970		GATX Corp		42,030
6,214		Sabre Holdings Corp (Class A)		198,164
		TOTAL TRANSPORTATION SERVICES		240,194
TRUCKING AND WAREHOUSING - 0.04%
1,788	*	Swift Transportation Co, Inc		46,971
3,074	*	YRC Worldwide, Inc		115,982
		TOTAL TRUCKING AND WAREHOUSING		162,953
WATER TRANSPORTATION - 0.05%
1,999		Alexander & Baldwin, Inc		88,636
1,430		Overseas Shipholding Group, Inc		80,509
		TOTAL WATER TRANSPORTATION		169,145
WHOLESALE TRADE-DURABLE GOODS - 0.23%
5,166		Adesa, Inc		143,357
4,834	*	Arrow Electronics, Inc		152,513
2,461		BorgWarner, Inc		145,248
6,533	*	Ingram Micro, Inc (Class A)		133,339
3,153		Reliance Steel & Aluminum Co		124,165
2,410	*	Tech Data Corp		91,267
1,001		W.W. Grainger, Inc		70,010
		TOTAL WHOLESALE TRADE-DURABLE GOODS		859,899
WHOLESALE TRADE-NONDURABLE GOODS - 0.35%
196		Airgas, Inc		7,942
7,053	*	Dean Foods Co		298,201
6,881	*	Idearc, Inc		197,141
22,186		Safeway, Inc		766,736
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,270,020
		TOTAL COMMON STOCKS
		(Cost $319,005,998)		363,147,041
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.57%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.57%
$     2,080,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		2,078,879
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		2,078,879
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $2,079,723)		2,078,879
		TOTAL PORTFOLIO - 99.87%
		(Cost $321,085,721)		365,225,920

86

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Large-Cap Value Index Fund
				VALUE
		OTHER ASSETS & LIABILITIES, NET- 0.13%	$	464,765
		NET ASSETS - 100.00%	$	365,690,685
	*	Non-income producing
	**	Percentage represents less than 0.01%
	d	All or a portion of these securities have been segregated by the custodian to cover margin or
		other requirements on futures contracts in the amount of $148,840.

87

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 100.12%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
1,774	*	Chiquita Brands International, Inc	$	28,331
		TOTAL AGRICULTURAL PRODUCTION-CROPS		28,331
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
1,677		Pilgrim's Pride Corp		49,354
15		Seaboard Corp		26,475
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		75,829
AMUSEMENT AND RECREATION SERVICES - 0.22%
2,782	*	Bally Technologies, Inc		51,968
1,562	*	Bally Total Fitness Holding Corp		3,827
833	*	Century Casinos, Inc		9,296
416		Churchill Downs, Inc		17,780
309		Dover Downs Gaming & Entertainment, Inc		4,131
503		Dover Motorsports, Inc		2,671
8,118		Harrah's Entertainment, Inc		671,521
1,672		International Speedway Corp (Class A)		85,339
956	*	Lakes Entertainment, Inc		10,315
1,229	*	Leapfrog Enterprises, Inc		11,651
1,593	*	Life Time Fitness, Inc		77,276
2,578	*	Live Nation, Inc		57,747
1,658	*	Magna Entertainment Corp		7,478
2,211	*	Marvel Entertainment, Inc		59,498
925	*	MTR Gaming Group, Inc		11,304
1,729	*	Multimedia Games, Inc		16,598
3,645	*	Penn National Gaming, Inc		151,705
2,181	*	Pinnacle Entertainment, Inc		72,278
3,899	*	Six Flags, Inc		20,431
697		Speedway Motorsports, Inc		26,765
3,844		Warner Music Group Corp		88,220
2,725		Westwood One, Inc		19,239
1,126	*	WMS Industries, Inc		39,252
544		World Wrestling Entertainment, Inc		8,867
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,525,157
APPAREL AND ACCESSORY STORES - 0.72%
3,885		Abercrombie & Fitch Co (Class A)		270,513
2,624	*	Aeropostale, Inc		81,003
7,920		American Eagle Outfitters, Inc		247,183
3,154	*	AnnTaylor Stores Corp		103,577
1,578		Bebe Stores, Inc		31,229
1,185		Brown Shoe Co, Inc		56,572
310		Buckle, Inc		15,764
524	*	Cache, Inc		13,226
2,018	*	Carter's, Inc		51,459
1,341	*	Casual Male Retail Group, Inc		17,500
1,629		Cato Corp (Class A)		37,320
676	*	Charlotte Russe Holding, Inc		20,787

88

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,554	*	Charming Shoppes, Inc	$	75,146
8,240	*	Chico's FAS, Inc		170,486
1,014	*	Children's Place Retail Stores, Inc		64,409
1,409		Christopher & Banks Corp		26,292
367	*	Citi Trends, Inc		14,548
4,888		Claire's Stores, Inc		161,988
175		DEB Shops, Inc		4,620
1,944	*	Dress Barn, Inc		45,354
700	*	DSW, Inc (Class A)		26,999
1,593		Finish Line, Inc (Class A)		22,748
6,596		Foot Locker, Inc		144,650
24,526		Gap, Inc		478,257
4,176	*	Hanesbrands, Inc		98,637
1,910	*	HOT Topic, Inc		25,479
1,280	*	J Crew Group, Inc		49,344
796	*	Jo-Ann Stores, Inc		19,582
921	*	JOS A Bank Clothiers, Inc		27,031
14,833	*	Kohl's Corp		1,015,022
14,773		Limited Brands, Inc		427,531
960	*	New York & Co, Inc		12,557
10,300		Nordstrom, Inc		508,202
4,160	*	Pacific Sunwear Of California, Inc		81,453
2,897	*	Payless Shoesource, Inc		95,080
6,945		Ross Stores, Inc		203,489
300	*	Shoe Carnival, Inc		9,480
1,509		Stage Stores, Inc		45,859
889		Talbots, Inc		21,425
1,435	*	Tween Brands, Inc		57,300
867	*	Under Armour, Inc (Class A)		43,740
5,736	*	Urban Outfitters, Inc		132,100
3,252	*	Wet Seal, Inc (Class A)		21,691
		TOTAL APPAREL AND ACCESSORY STORES		5,076,632
APPAREL AND OTHER TEXTILE PRODUCTS - 0.20%
672		Columbia Sportswear Co		37,430
1,127	*	Guess ?, Inc		71,486
1,454	*	Gymboree Corp		55,485
3,493	*	Hartmarx Corp		24,661
5,095		Jones Apparel Group, Inc		170,326
962		Kellwood Co		31,284
4,747		Liz Claiborne, Inc		206,305
1,310	*	Maidenform Brands, Inc		23,737
2,301		Phillips-Van Heusen Corp		115,441
2,535		Polo Ralph Lauren Corp		196,868
5,936	*	Quiksilver, Inc		93,492
539	*	True Religion Apparel, Inc		8,252
3,959		VF Corp		324,955
2,266	*	Warnaco Group, Inc		57,511
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,417,233
AUTO REPAIR, SERVICES AND PARKING - 0.06%
479	*	Amerco, Inc		41,678
356		Bandag, Inc		17,953
800		Central Parking Corp		14,400
1,141	*	Dollar Thrifty Automotive Group, Inc		52,041
711	*	Midas, Inc		16,353
379		Monro Muffler, Inc		13,303

89

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,301	*	PHH Corp	$	66,430
2,747		Ryder System, Inc		140,262
216	*	Standard Parking Corp		8,297
1,495	*	Wright Express Corp		46,599
		TOTAL AUTO REPAIR, SERVICES AND PARKING		417,316
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.19%
4,936		Advance Auto Parts		175,524
279	*	America's Car-Mart, Inc		3,309
381		Asbury Automotive Group, Inc		8,976
7,282	*	Autonation, Inc		155,252
2,509	*	Autozone, Inc		289,940
4,750	*	Carmax, Inc		254,743
3,306	*	Copart, Inc		99,180
2,524	*	CSK Auto Corp		43,287
514		Lithia Motors, Inc (Class A)		14,783
482	*	MarineMax, Inc		12,498
5,199	*	O'Reilly Automotive, Inc		166,680
806	*	Rush Enterprises, Inc (Class A)		13,638
1,790		Sonic Automotive, Inc (Class A)		51,982
2,394		United Auto Group, Inc		56,427
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,346,219
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.93%
790	*	Builders FirstSource, Inc		14,086
1,010	*	Central Garden & Pet Co		48,904
5,540		Fastenal Co		198,775
95,025		Home Depot, Inc		3,816,204
69,546		Lowe's Cos, Inc		2,166,358
4,987		Sherwin-Williams Co		317,073
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		6,561,400
BUSINESS SERVICES - 6.98%
2,587	*	@Road, Inc		18,885
1,998	*	24/7 Real Media, Inc		18,082
16,227	*	3Com Corp		66,693
418	*	3D Systems Corp		6,671
1,856		Aaron Rents, Inc		53,416
1,811		ABM Industries, Inc		41,128
1,165	*	Acacia Research (Acacia Technologies)		15,588
12,941	*	Activision, Inc		223,103
2,370	*	Actuate Corp		14,078
3,392		Acxiom Corp		87,005
960		Administaff, Inc		41,059
26,603	*	Adobe Systems, Inc		1,093,915
881	*	Advent Software, Inc		31,090
1,357	*	Advo, Inc		44,238
4,989	*	Affiliated Computer Services, Inc (Class A)		243,663
2,399	*	Agile Software Corp		14,754
6,825	*	Akamai Technologies, Inc		362,544
3,472	*	Alliance Data Systems Corp		216,896
953	*	Altiris, Inc		24,187
1,081	*	American Reprographics Co		36,008
1,364	*	AMN Healthcare Services, Inc		37,565
408	*	Ansoft Corp		11,342
1,474	*	Ansys, Inc		64,104
3,169	*	aQuantive, Inc		78,148

90

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,558		Arbitron, Inc	$	67,680
2,717	*	Ariba, Inc		21,030
4,633	*	Art Technology Group, Inc		10,795
2,040	*	Aspen Technology, Inc		22,481
1,229	*	Asset Acceptance Capital Corp		20,672
340	*	Atari, Inc		194
1,613	*	Audible, Inc		12,791
10,566	*	Autodesk, Inc		427,500
26,192		Automatic Data Processing, Inc		1,289,956
5,368	*	Avis Budget Group, Inc		116,432
2,004	*	Avocent Corp		67,869
359	*	Bankrate, Inc		13,624
281		Barrett Business Services		6,581
18,001	*	BEA Systems, Inc		226,453
7,893	*	BearingPoint, Inc		62,118
4,785	*	BISYS Group, Inc		61,774
1,828		Blackbaud, Inc		47,528
1,560	*	Blackboard, Inc		46,862
488	*	Blue Coat Systems, Inc		11,688
9,797	*	BMC Software, Inc		315,463
3,514	*	Borland Software Corp		19,116
411	*	Bottomline Technologies, Inc		4,706
2,236		Brady Corp (Class A)		83,358
2,101		Brink's Co		134,296
19,431		CA, Inc		440,112
1,267	*	CACI International, Inc (Class A)		71,586
12,297	*	Cadence Design Systems, Inc		220,239
1,999		Catalina Marketing Corp		54,973
2,796	*	CBIZ, Inc		19,488
6,218	*	Ceridian Corp		173,980
2,778	*	Cerner Corp		126,399
3,555	*	Checkfree Corp		142,769
4,334	*	ChoicePoint, Inc		170,673
3,232	*	Chordiant Software, Inc		10,698
2,008	*	Ciber, Inc		13,614
8,077	*	Citrix Systems, Inc		218,483
1,400	*	Clear Channel Outdoor Holdings, Inc (Class A)		39,074
17,104	*	CMGI, Inc		22,919
6,214	*	CNET Networks, Inc		56,494
1,400	*	Cogent Communications Group, Inc		22,708
3,654	*	Cogent, Inc		40,231
1,734		Cognex Corp		41,304
6,448	*	Cognizant Technology Solutions Corp (Class A)		497,528
1,270	*	Commvault Systems, Inc		25,413
275		Computer Programs & Systems, Inc		9,347
8,055	*	Computer Sciences Corp		429,895
16,646	*	Compuware Corp		138,661
412	*	COMSYS IT Partners, Inc		8,327
1,428	*	Concur Technologies, Inc		22,905
1,156	*	Convera Corp (Class A)		5,306
6,774	*	Convergys Corp		161,086
683	*	CoStar Group, Inc		36,581
2,118	*	Covansys Corp		48,608
1,975	*	CSG Systems International, Inc		52,792
1,489	*	Cybersource Corp		16,409
620	*	DealerTrack Holdings, Inc		18,240
2,010		Deluxe Corp		50,652

91

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,616	*	Dendrite International, Inc	$	17,307
1,333	*	Digital Insight Corp		51,307
1,960	*	Digital River, Inc		109,348
1,040	*	DivX, Inc		23,993
2,494	*	DST Systems, Inc		156,199
1,700	*	DynCorp International, Inc (Class A)		26,979
5,336	*	Earthlink, Inc		37,893
52,880	*	eBay, Inc		1,590,102
1,354	*	Echelon Corp		10,832
1,630	*	Eclipsys Corp		33,513
779	*	eCollege.com, Inc		12,191
2,012	*	eFunds Corp		55,357
721	*	Electro Rent Corp		12,041
13,699	*	Electronic Arts, Inc		689,882
22,769		Electronic Data Systems Corp		627,286
872	*	Emageon, Inc		13,394
6,821	*	Emdeon Corp		84,512
1,888	*	Epicor Software Corp		25,507
566	*	EPIQ Systems, Inc		9,605
6,182		Equifax, Inc		250,989
1,195	*	Equinix, Inc		90,366
1,308	*	eSpeed, Inc (Class A)		11,419
5,590	*	Evergreen Energy, Inc		55,285
9,532	*	Expedia, Inc		199,981
1,967	*	F5 Networks, Inc		145,971
1,737		Factset Research Systems, Inc		98,106
2,749		Fair Isaac Corp		111,747
1,503	*	FalconStor Software, Inc		13,001
8,252		Fidelity National Information Services, Inc		330,823
34,281		First Data Corp		874,851
7,768	*	Fiserv, Inc		407,199
553	*	Forrester Research, Inc		14,992
1,310	*	FTD Group, Inc		23,436
2,383	*	Gartner, Inc		47,160
931	*	Gerber Scientific, Inc		11,693
2,158	*	Getty Images, Inc		92,406
1,114		Gevity HR, Inc		26,391
1,230	*	Global Cash Access, Inc		19,963
9,375	*	Google, Inc (Class A)		4,317,000
490	*	H&E Equipment Services, Inc		12,137
1,142		Healthcare Services Group		33,072
880		Heartland Payment Systems, Inc		24,860
1,293	*	Heidrick & Struggles International, Inc		54,771
908	*	Hudson Highland Group, Inc		15,145
2,511	*	Hypercom Corp		15,945
2,508	*	Hyperion Solutions Corp		90,138
610	*	i2 Technologies, Inc		13,920
289	*	ICT Group, Inc		9,130
416	*	iGate Corp		2,862
880	*	IHS, Inc (Class A)		34,742
8,989		IMS Health, Inc		247,018
766	*	Infocrossing, Inc		12,486
3,809	*	Informatica Corp		46,508
1,205	*	Infospace, Inc		24,715
1,630		infoUSA, Inc		19,413
311	*	Innovative Solutions & Support, Inc		5,296
803		Integral Systems, Inc		18,606

92

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,387		Interactive Data Corp	$	33,343
2,661	*	Internap Network Services Corp		52,874
1,311	*	Internet Capital Group, Inc		13,451
1,094		Interpool, Inc		25,556
19,330	*	Interpublic Group of Cos, Inc		236,599
1,836	*	Interwoven, Inc		26,934
15,756	*	Intuit, Inc		480,716
1,215	*	inVentiv Health, Inc		42,950
2,049	*	Ipass, Inc		12,048
5,344	*	Iron Mountain, Inc		220,921
3,304		Jack Henry & Associates, Inc		70,706
1,242	*	JDA Software Group, Inc		17,102
25,591	*	Juniper Networks, Inc		484,694
758	*	Jupitermedia Corp		6,003
1,398	*	Kanbay International, Inc		40,220
2,103	*	Keane, Inc		25,047
1,290		Kelly Services, Inc (Class A)		37,333
660	*	Kenexa Corp		21,952
1,645	*	Kforce, Inc		20,020
1,870	*	Kinetic Concepts, Inc		73,959
591	*	Knot, Inc		15,508
1,761	*	Korn/Ferry International		40,433
1,294	*	Kronos, Inc		47,542
2,302	*	Labor Ready, Inc		42,196
3,931	*	Lamar Advertising Co (Class A)		257,048
5,131	*	Lawson Software, Inc		37,918
2,268	*	Lionbridge Technologies		14,606
1,100	*	Liquidity Services, Inc		18,931
609	*	LoJack Corp		10,402
1,019	*	Magma Design Automation, Inc		9,100
1,298	*	Manhattan Associates, Inc		39,044
3,683		Manpower, Inc		275,967
757	*	Mantech International Corp (Class A)		27,880
1,017	*	Mapinfo Corp		13,272
747		Marchex, Inc (Class B)		9,995
270	*	Marlin Business Services, Inc		6,488
2,796		Mastercard, Inc (Class A)		275,378
6,787	*	McAfee, Inc		192,615
3,070	*	Mentor Graphics Corp		55,352
399,020		Microsoft Corp		11,914,765
431	*	MicroStrategy, Inc (Class A)		49,138
2,592	*	Midway Games, Inc		18,092
3,502		MoneyGram International, Inc		109,823
5,712	*	Monster Worldwide, Inc		266,408
5,050	*	Move, Inc		27,826
4,139	*	MPS Group, Inc		58,691
4,568	*	NAVTEQ Corp		159,743
8,322	*	NCR Corp		355,849
2,013	*	Neoware, Inc		26,592
618	*	Ness Technologies, Inc		8,813
2,514	*	NetFlix, Inc		65,012
655	*	Netratings, Inc		11,469
856	*	Netscout Systems, Inc		7,105
1,304	*	NIC, Inc		6,481
14,931	*	Novell, Inc		92,578
5,354	*	Nuance Communications, Inc		61,357
7,794		Omnicom Group, Inc		814,785

93

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,750	*	Omniture, Inc	$	24,640
1,078	*	On Assignment, Inc		12,667
807	*	Online Resources Corp		8,239
613	*	Open Solutions, Inc		23,073
538	*	Opnet Technologies, Inc		7,774
4,039	*	Opsware, Inc		35,624
178,245	*	Oracle Corp		3,055,119
2,039	*	Packeteer, Inc		27,730
5,280	*	Parametric Technology Corp		95,146
503	*	PDF Solutions, Inc		7,268
613		Pegasystems, Inc		6,050
771	*	PeopleSupport, Inc		16,230
714	*	Perficient, Inc		11,717
3,744	*	Perot Systems Corp (Class A)		61,364
1,398	*	Phase Forward, Inc		20,942
554	*	Portfolio Recovery Associates, Inc		25,866
732	*	PRA International		18,498
2,440	*	Premiere Global Services, Inc		23,034
1,829	*	Progress Software Corp		51,084
1,027		QAD, Inc		8,617
689		Quality Systems, Inc		25,679
2,773	*	Quest Software, Inc		40,624
795	*	Radiant Systems, Inc		8,300
699	*	Radisys Corp		11,652
1,800	*	Raser Technologies, Inc		11,016
4,968	*	RealNetworks, Inc		54,350
8,982	*	Red Hat, Inc		206,586
3,214	*	Redback Networks, Inc		80,157
412		Renaissance Learning, Inc		7,305
3,728	*	Rent-A-Center, Inc		110,013
1,124	*	Rewards Network, Inc		7,812
440	*	RightNow Technologies, Inc		7,577
6,373		Robert Half International, Inc		236,566
1,091		Rollins, Inc		24,122
2,796	*	S1 Corp		15,406
944	*	SafeNet, Inc		22,599
3,513	*	Salesforce.com, Inc		128,049
3,580	*	Sapient Corp		19,654
4,137	*	Secure Computing Corp		27,139
12,676		ServiceMaster Co		166,182
524	*	SI International, Inc		16,988
2,431	*	Sitel Corp		10,259
1,939	*	Smith Micro Software, Inc		27,514
1,113	*	Sohu.com, Inc		26,712
2,560	*	SonicWALL, Inc		21,555
11,291	*	Sonus Networks, Inc		74,408
3,302		Sotheby's		102,428
3,234	*	Spherion Corp		24,029
771	*	SPSS, Inc		23,184
1,601	*	SRA International, Inc (Class A)		42,811
485		Startek, Inc		6,567
405	*	Stratasys, Inc		12,721
156,593	*	Sun Microsystems, Inc		848,734
3,689	*	Sybase, Inc		91,118
960	*	SYKES Enterprises, Inc		16,934
41,949	*	Symantec Corp		874,637
358	*	SYNNEX Corp		7,855

94

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
6,518	*	Synopsys, Inc	$	174,226
195		Syntel, Inc		5,226
4,171	*	Take-Two Interactive Software, Inc		74,077
880		TAL International Group, Inc		23,487
567	*	Taleo Corp (Class A)		7,751
1,228		Talx Corp		33,709
1,701	*	TeleTech Holdings, Inc		40,620
748		TheStreet.com, Inc		6,657
2,497	*	THQ, Inc		81,202
8,235	*	TIBCO Software, Inc		77,738
989	*	TNS, Inc		19,038
1,817		Total System Services, Inc		47,951
770	*	TradeStation Group, Inc		10,588
1,675	*	Transaction Systems Architects, Inc		54,555
247	*	Travelzoo, Inc		7,398
1,360	*	Trizetto Group, Inc		24,983
751	*	Ultimate Software Group, Inc		17,468
14,286	*	Unisys Corp		112,002
3,990		United Online, Inc		52,987
2,773	*	United Rentals, Inc		70,517
1,256	*	Universal Compression Holdings, Inc		78,010
4,254	*	Valueclick, Inc		100,522
892	*	Vasco Data Security International		10,570
409	*	Verint Systems, Inc		14,021
10,740	*	VeriSign, Inc		258,297
346	*	Vertrue, Inc		13,290
948		Viad Corp		38,489
1,286	*	Vignette Corp		21,952
310	*	Volt Information Sciences, Inc		15,565
24,907		Waste Management, Inc		915,830
1,742	*	WebEx Communications, Inc		60,778
173	*	WebMD Health Corp (Class A)		6,923
1,961	*	webMethods, Inc		14,433
1,768	*	Websense, Inc		40,363
714	*	WebSideStory, Inc		9,039
2,710	*	Wind River Systems, Inc		27,778
1,573	*	Witness Systems, Inc		27,575
63,313	*	Yahoo!, Inc		1,617,014
		TOTAL BUSINESS SERVICES		49,332,597
CHEMICALS AND ALLIED PRODUCTS - 9.10%
68,686		Abbott Laboratories		3,345,695
1,299	*	Abraxis BioScience, Inc		35,515
1,230	*	Acadia Pharmaceuticals, Inc		10,812
1,220	*	Adams Respiratory Therapeutics, Inc		49,788
642	*	Adeza Biomedical Corp		9,572
2,100	*	Adolor Corp		15,792
338	*	Advanced Magnetics, Inc		20,185
2,243	*	ADVENTRX Pharmaceuticals, Inc		6,617
10,266		Air Products & Chemicals, Inc		721,494
1,192	*	Albany Molecular Research, Inc		12,588
1,797		Albemarle Corp		129,025
3,596		Alberto-Culver Co		77,134
1,305	*	Alexion Pharmaceuticals, Inc		52,709
3,737	*	Alkermes, Inc		49,964
1,315	*	Alnylam Pharmaceuticals, Inc		28,141
1,840	*	Alpharma, Inc (Class A)		44,344

95

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,829	*	American Oriental Bioengineering, Inc	$	21,344
492		American Vanguard Corp		7,823
52,956	*	Amgen, Inc		3,617,424
4,100	*	Anadys Pharmaceuticals, Inc		20,172
1,008		Arch Chemicals, Inc		33,576
2,244	*	Arena Pharmaceuticals, Inc		28,970
1,295	*	Array Biopharma, Inc		16,731
2,020	*	Atherogenics, Inc		20,018
928	*	Auxilium Pharmaceuticals, Inc		13,632
2,924	*	AVANIR Pharmaceuticals (Class A)		6,754
1,690	*	Aventine Renewable Energy Holdings, Inc		39,816
4,219		Avery Dennison Corp		286,597
5,541	*	AVI BioPharma, Inc		17,620
20,392		Avon Products, Inc		673,752
445		Balchem Corp		11,428
4,710	*	Barr Pharmaceuticals, Inc		236,065
877	*	Bentley Pharmaceuticals, Inc		8,919
950	*	BioCryst Pharmaceuticals, Inc		10,982
2,436	*	Bioenvision, Inc		11,303
15,308	*	Biogen Idec, Inc		753,001
4,044	*	BioMarin Pharmaceuticals, Inc		66,281
580	*	Bradley Pharmaceuticals, Inc		11,936
88,326		Bristol-Myers Squibb Co		2,324,740
2,693		Cabot Corp		117,334
1,404	*	Calgon Carbon Corp		8,705
1,245		Cambrex Corp		28,286
495	*	Caraco Pharmaceutical Laboratories Ltd		6,930
3,154		Celanese Corp (Series A)		81,626
1,393	*	Cell Genesys, Inc		4,722
2,776	*	Cephalon, Inc		195,458
2,271		CF Industries Holdings, Inc		58,228
3,001	*	Charles River Laboratories International, Inc		129,793
678	*	Chattem, Inc		33,954
9,815		Chemtura Corp		94,518
3,364		Church & Dwight Co, Inc		143,475
6,714		Clorox Co		430,703
769	*	Coley Pharmaceutical Group, Inc		7,452
23,221		Colgate-Palmolive Co		1,514,938
996	*	Combinatorx, Inc		8,625
1,129	*	Conor Medsystems, Inc		35,372
1,310	*	Cotherix, Inc		17,672
2,467	*	Cubist Pharmaceuticals, Inc		44,677
637	*	Cypress Bioscience, Inc		4,937
2,093		Cytec Industries, Inc		118,275
1,097	*	Cytokinetics, Inc		8,206
4,356		Dade Behring Holdings, Inc		173,412
3,860	*	Dendreon Corp		16,096
730	*	Digene Corp		34,982
43,146		Dow Chemical Co		1,723,291
41,393		Du Pont (E.I.) de Nemours & Co		2,016,253
1,706	*	Durect Corp		7,575
3,825		Eastman Chemical Co		226,861
7,969		Ecolab, Inc		360,199
44,238		Eli Lilly & Co		2,304,800
813	*	Elizabeth Arden, Inc		15,488
957	*	Emisphere Technologies, Inc		5,063
3,151	*	Encysive Pharmaceuticals, Inc		13,266

96

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,573	*	Enzon Pharmaceuticals, Inc	$	13,386
5,799		Estee Lauder Cos (Class A)		236,715
1,407		Ferro Corp		29,111
1,712		FMC Corp		131,054
14,787	*	Forest Laboratories, Inc		748,222
20,995	*	Genentech, Inc		1,703,324
7,724	*	Genitope Corp		27,188
5,606	*	Genta, Inc		2,481
11,823	*	Genzyme Corp		728,065
1,853		Georgia Gulf Corp		35,781
1,819	*	Geron Corp		15,971
20,107	*	Gilead Sciences, Inc		1,305,548
1,380	*	GTx, Inc		24,619
2,954		H.B. Fuller Co		76,272
1,178	*	Hana Biosciences, Inc		7,504
5,447	*	Hercules, Inc		105,182
296	*	Hi-Tech Pharmacal Co, Inc		3,602
7,397	*	Hospira, Inc		248,391
5,385	*	Human Genome Sciences, Inc		66,989
3,611	*	Huntsman Corp		68,501
1,622	*	Idenix Pharmaceuticals, Inc		14,095
1,701	*	Idexx Laboratories, Inc		134,889
3,146	*	ImClone Systems, Inc		84,187
3,470	*	Immucor, Inc		101,428
1,938	*	Indevus Pharmaceuticals, Inc		13,760
582		Innospec, Inc		27,092
275		Inter Parfums, Inc		5,277
1,385	*	InterMune, Inc		42,589
4,284		International Flavors & Fragrances, Inc		210,601
1,156	*	Inverness Medical Innovations, Inc		44,737
2,428	*	Invitrogen Corp		137,457
2,155	*	Keryx Biopharmaceuticals, Inc		28,662
10,299	*	King Pharmaceuticals, Inc		163,976
412		Koppers Holdings, Inc		10,741
180		Kronos Worldwide, Inc		5,861
1,591	*	KV Pharmaceutical Co (Class A)		37,834
3,342		Lubrizol Corp		167,534
9,563		Lyondell Chemical Co		244,526
1,061		MacDermid, Inc		36,180
530		Mannatech, Inc		7,807
1,118	*	MannKind Corp		18,436
1,163	*	Martek Biosciences Corp		27,144
5,142	*	Medarex, Inc		76,050
1,977	*	Medicines Co		62,710
2,658		Medicis Pharmaceutical Corp (Class A)		93,376
482	*	Medifast, Inc		6,064
10,799	*	Medimmune, Inc		349,564
98,036		Merck & Co, Inc		4,274,370
621		Meridian Bioscience, Inc		15,233
884	*	Metabasis Therapeutics, Inc		6,648
3,240	*	MGI Pharma, Inc		59,648
12,846	*	Millennium Pharmaceuticals, Inc		140,021
966		Minerals Technologies, Inc		56,791
1,600	*	Momenta Pharmaceuticals, Inc		25,168
24,350		Monsanto Co		1,279,106
6,436	*	Mosaic Co		137,473
9,004		Mylan Laboratories, Inc		179,720

97

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,526	*	Nabi Biopharmaceuticals	$	17,126
4,416	*	Nalco Holding Co		90,351
1,296	*	Nastech Pharmaceutical Co, Inc		19,608
2,405	*	NBTY, Inc		99,976
1,806	*	Neurocrine Biosciences, Inc		18,819
1,146	*	New River Pharmaceuticals, Inc		62,698
833		NewMarket Corp		49,189
383		NL Industries, Inc		3,960
840	*	Northfield Laboratories, Inc		3,419
2,542	*	Novavax, Inc		10,422
1,042	*	Noven Pharmaceuticals, Inc		26,519
3,035	*	NPS Pharmaceuticals, Inc		13,749
2,376	*	Nuvelo, Inc		9,504
2,992		Olin Corp		49,428
1,229	*	OM Group, Inc		55,649
1,711	*	Omnova Solutions, Inc		7,836
1,910	*	Onyx Pharmaceuticals, Inc		20,208
1,863	*	OraSure Technologies, Inc		15,388
2,357	*	OSI Pharmaceuticals, Inc		82,448
1,698	*	Pacific Ethanol, Inc		26,132
1,404	*	Pain Therapeutics, Inc		12,496
2,065	*	Panacos Pharmaceuticals, Inc		8,281
1,427	*	Par Pharmaceutical Cos, Inc		31,922
1,152	*	Parexel International Corp		33,373
466	*	Parlux Fragrances, Inc		2,596
4,551	*	PDL BioPharma, Inc		91,657
688	*	Penwest Pharmaceuticals Co		11,435
7,141	*	Peregrine Pharmaceuticals, Inc		8,284
3,017		Perrigo Co		52,194
762	*	PetMed Express, Inc		10,173
329,038		Pfizer, Inc		8,522,084
861	*	Pharmion Corp		22,162
428	*	Pioneer Cos, Inc		12,266
3,766	*	PolyOne Corp		28,245
3,406	*	Pozen, Inc		57,868
7,576		PPG Industries, Inc		486,455
14,430		Praxair, Inc		856,132
958	*	Prestige Brands Holdings, Inc		12,473
147,383		Procter & Gamble Co		9,472,305
915	*	Progenics Pharmaceuticals, Inc		23,552
1,274	*	Quidel Corp		17,352
8,214	*	Renovis, Inc		25,956
7,209	*	Revlon, Inc		360
7,436	*	Revlon, Inc (Class A)		9,518
1,930	*	Rockwood Holdings, Inc		48,752
7,122		Rohm & Haas Co		364,077
5,450		RPM International, Inc		113,851
1,699	*	Salix Pharmaceuticals Ltd		20,677
1,880	*	Santarus, Inc		14,720
66,528		Schering-Plough Corp		1,572,722
1,019	*	Sciele Pharma, Inc		24,456
2,056		Scotts Miracle-Gro Co (Class A)		106,192
2,378		Sensient Technologies Corp		58,499
4,822	*	Sepracor, Inc		296,939
3,086		Sigma-Aldrich Corp		239,844
3,584	*	Sirna Therapeutics, Inc		46,628
968	*	Solexa, Inc		12,729

98

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
220		Stepan Co	$	6,967
1,703	*	SuperGen, Inc		8,651
618	*	SurModics, Inc		19,232
1,135	*	Tanox, Inc		22,587
1,722		Tronox, Inc (Class B)		27,190
2,128		UAP Holding Corp		53,583
981	*	United Therapeutics Corp		53,337
404	*	USANA Health Sciences, Inc		20,871
3,550	*	USEC, Inc		45,156
4,173	*	Valeant Pharmaceuticals International		71,943
5,119		Valspar Corp		141,489
3,647	*	VCA Antech, Inc		117,397
1,120	*	Verasun Energy Corp		22,120
5,175	*	Vertex Pharmaceuticals, Inc		193,649
2,825	*	Viropharma, Inc		41,358
1,000	*	Visicu, Inc		11,200
4,324	*	Watson Pharmaceuticals, Inc		112,554
620		Westlake Chemical Corp		19,456
3,342	*	WR Grace & Co		66,172
60,444		Wyeth		3,077,808
683	*	Xenoport, Inc		16,768
1,546	*	Zymogenetics, Inc		24,071
		TOTAL CHEMICALS AND ALLIED PRODUCTS		64,329,305
COAL MINING - 0.16%
2,159	*	Alpha Natural Resources, Inc		30,723
5,996		Arch Coal, Inc		180,060
8,064		Consol Energy, Inc		259,096
7,016	*	International Coal Group, Inc		38,237
1,198	*	James River Coal Co		11,117
4,052		Massey Energy Co		94,128
11,586		Peabody Energy Corp		468,190
708		Penn Virginia Corp		49,588
278	*	Westmoreland Coal Co		5,468
		TOTAL COAL MINING		1,136,607
COMMUNICATIONS - 4.85%
1,768		Alaska Communications Systems Group, Inc		26,856
17,412		Alltel Corp		1,053,078
18,602	*	American Tower Corp (Class A)		693,483
1,606	*	Anixter International, Inc		87,206
174,675		AT&T, Inc		6,244,631
800		Atlantic Tele-Network, Inc		23,440
948	*	Audiovox Corp (Class A)		13,357
21,155	*	Avaya, Inc		295,760
81,234		BellSouth Corp		3,826,934
2,411	*	Brightpoint, Inc		32,428
9,894		Cablevision Systems Corp (Class A)		281,781
680	*	Cbeyond Communications, Inc		20,801
543		Centennial Communications Corp		3,904
5,228		CenturyTel, Inc		228,254
20,376	*	Charter Communications, Inc (Class A)		62,351
9,580	*	Cincinnati Bell, Inc		43,781
2,130		Citadel Broadcasting Corp		21,215
14,133		Citizens Communications Co		203,091
22,105		Clear Channel Communications, Inc		785,612
87,387	*	Comcast Corp (Class A)		3,699,092

99

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,183		Commonwealth Telephone Enterprises, Inc	$	49,520
1,400		Consolidated Communications Holdings, Inc		29,260
12,100	*	Covad Communications Group, Inc		16,698
1,894	*	Cox Radio, Inc (Class A)		30,872
9,130	*	Crown Castle International Corp		294,899
1,124	*	Crown Media Holdings, Inc (Class A)		4,080
780		CT Communications, Inc		17,878
600	*	CTC Media, Inc		14,406
2,244	*	Cumulus Media, Inc (Class A)		23,315
35,572	*	DIRECTV Group, Inc		887,166
6,319	*	Dobson Communications Corp (Class A)		55,038
9,538	*	EchoStar Communications Corp (Class A)		362,730
7,074		Embarq Corp		371,838
1,015		Emmis Communications Corp (Class A)		8,364
1,528		Entercom Communications Corp (Class A)		43,059
2,269	*	Entravision Communications Corp (Class A)		18,651
948		Fairpoint Communications, Inc		17,965
6,660	*	FiberTower Corp		39,161
355	*	Fisher Communications, Inc		15,695
6,082	*	Foundry Networks, Inc		91,108
1,886	*	General Communication, Inc (Class A)		29,667
3,274		Global Payments, Inc		151,586
813		Golden Telecom, Inc		38,081
1,649		Gray Television, Inc		12,087
1,053		Hearst-Argyle Television, Inc		26,852
8,073	*	IAC/InterActiveCorp		299,993
1,952	*	IDT Corp (Class B)		25,532
551	*	InPhonic, Inc		6,111
1,292		Iowa Telecommunications Services, Inc		25,465
689	*	iPCS, Inc		38,143
2,948	*	j2 Global Communications, Inc		80,333
2,288	*	Leap Wireless International, Inc		136,067
54,171	*	Level 3 Communications, Inc		303,358
18,112	*	Liberty Global, Inc (Class A)		527,965
6,390	*	Liberty Media Corp - Capital (Series A)		626,092
29,511	*	Liberty Media Holding Corp (Interactive A)		636,552
1,131	*	Lightbridge, Inc		15,314
1,014	*	Lin TV Corp (Class A)		10,089
446	*	Lodgenet Entertainment Corp		11,163
2,083	*	Mastec, Inc		24,038
2,113	*	Mediacom Communications Corp (Class A)		16,989
2,595	*	NeuStar, Inc (Class A)		84,182
6,022	*	NII Holdings, Inc		388,058
649		North Pittsburgh Systems, Inc		15,667
1,787	*	Novatel Wireless, Inc		17,280
960	*	NTELOS Holdings Corp		17,165
70,750	*	Qwest Communications International, Inc		592,186
2,945	*	Radio One, Inc (Class D)		19,849
1,213	*	RCN Corp		36,572
1	v*	RCN Corp (Expires 12/21/06)		(0	)
410		Salem Communications Corp (Class A)		4,900
1,741	*	SAVVIS, Inc		62,171
4,417	*	SBA Communications Corp (Class A)		121,468
222		Shenandoah Telecom Co		10,436
1,673		Sinclair Broadcast Group, Inc (Class A)		17,567
1,678	*	Spanish Broadcasting System, Inc (Class A)		6,897
129,791		Sprint Nextel Corp		2,451,752

100

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
551		SureWest Communications	$	15,175
628	*	Syniverse Holdings, Inc		9,414
4,971		Telephone & Data Systems, Inc		270,074
2,525	*	Terremark Worldwide, Inc		16,968
3,217	*	TiVo, Inc		16,471
10,032	*	Univision Communications, Inc (Class A)		355,333
956	*	US Cellular Corp		66,528
1,110		USA Mobility, Inc		24,831
131,146		Verizon Communications, Inc		4,883,877
28,875	*	Viacom, Inc (Class B)		1,184,741
1,285	*	Vonage Holdings Corp		8,918
19,726		Windstream Corp		280,504
2,317	*	Wireless Facilities, Inc		6,603
13,365	*	XM Satellite Radio Holdings, Inc (Class A)		193,124
		TOTAL COMMUNICATIONS		34,258,946
DEPOSITORY INSTITUTIONS - 10.13%
642		1st Source Corp		20,627
784		Alabama National Bancorp		53,884
819		Amcore Financial, Inc		26,757
490		AmericanWest Bancorp		11,868
524		Ameris Bancorp		14,766
899		Anchor Bancorp Wisconsin, Inc		25,909
455		Arrow Financial Corp		11,270
5,992		Associated Banc-Corp		209,001
4,235		Astoria Financial Corp		127,728
638		Bancfirst Corp		34,452
304	*	Bancorp, Inc		8,998
3,186		Bancorpsouth, Inc		85,449
487		BancTrust Financial Group, Inc		12,428
2,621		Bank Mutual Corp		31,740
205,108		Bank of America Corp		10,950,716
796		Bank of Granite Corp		15,100
2,419		Bank of Hawaii Corp		130,505
34,494		Bank of New York Co, Inc		1,358,029
432		Bank of the Ozarks, Inc		14,282
1,814		BankAtlantic Bancorp, Inc (Class A)		25,051
1,031		BankFinancial Corp		18,362
1,514		BankUnited Financial Corp (Class A)		42,331
532		Banner Corp		23,589
24,493		BB&T Corp		1,075,977
257		Berkshire Hills Bancorp, Inc		8,599
538	*	BFC Financial Corp (Class A)		3,438
1,216		BOK Financial Corp		66,856
1,457		Boston Private Financial Holdings, Inc		41,102
2,247		Brookline Bancorp, Inc		29,593
310		Cadence Financial Corp		6,718
313		Camden National Corp		14,436
477		Capital City Bank Group, Inc		16,838
401		Capital Corp of the West		12,868
517		Capitol Bancorp Ltd		23,885
1,621		Capitol Federal Financial		62,279
757		Cardinal Financial Corp		7,759
1,008		Cascade Bancorp		31,278
234		Cass Information Systems, Inc		8,466
2,138		Cathay General Bancorp		73,782
2,180	*	Centennial Bank Holdings, Inc		20,623

101

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
408		Center Financial Corp	$	9,780
364		Centerstate Banks of Florida, Inc		7,608
1,158		Central Pacific Financial Corp		44,884
156		Charter Financial Corp		8,037
1,067		Chemical Financial Corp		35,531
1,834		Chittenden Corp		56,285
223,469		Citigroup, Inc		12,447,223
1,651		Citizens Banking Corp		43,752
356		Citizens First Bancorp, Inc		10,943
474		City Bank		16,969
796		City Holding Co		32,548
2,052		City National Corp		146,102
665		Clifton Savings Bancorp, Inc		8,106
809		Coastal Financial Corp		13,551
465		CoBiz, Inc		10,249
7,615		Colonial Bancgroup, Inc		196,010
408		Columbia Bancorp		10,792
751		Columbia Banking System, Inc		26,375
7,482		Comerica, Inc		439,044
8,401		Commerce Bancorp, Inc		296,303
3,284		Commerce Bancshares, Inc		158,978
159	*	Community Bancorp		4,800
1,266		Community Bank System, Inc		29,118
1,158		Community Banks, Inc		32,146
551		Community Trust Bancorp, Inc		22,883
5,787		Compass Bancshares, Inc		345,195
1,582		Corus Bankshares, Inc		36,497
2,814		Cullen/Frost Bankers, Inc		157,077
2,517		CVB Financial Corp		36,396
1,011		Dime Community Bancshares		14,164
412	*	Dollar Financial Corp		11,478
906		Downey Financial Corp		65,757
3,219		East West Bancorp, Inc		114,017
292		Enterprise Financial Services Corp		9,513
1,579	*	Euronet Worldwide, Inc		46,881
268		Farmers Capital Bank Corp		9,147
1,016		Fidelity Bankshares, Inc		40,305
21,471		Fifth Third Bancorp		878,808
465		First Bancorp		10,156
2,416		First Bancorp		23,024
616		First Busey Corp		14,199
1,366		First Charter Corp		33,604
391		First Citizens Bancshares, Inc (Class A)		79,232
2,562		First Commonwealth Financial Corp		34,408
986		First Community Bancorp, Inc		51,538
432		First Community Bancshares, Inc		17,090
1,422		First Financial Bancorp		23,619
858		First Financial Bankshares, Inc		35,916
621		First Financial Corp		22,014
600		First Financial Holdings, Inc		23,508
5,877		First Horizon National Corp		245,541
546		First Indiana Corp		13,847
852		First Merchants Corp		23,166
2,314		First Midwest Bancorp, Inc		89,506
6,283		First Niagara Financial Group, Inc		93,365
592		First Place Financial Corp		13,906
285	*	First Regional Bancorp		9,716

102

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
910		First Republic Bank	$	35,563
287		First South Bancorp, Inc		9,152
736		First State Bancorporation		18,216
858	*	FirstFed Financial Corp		57,460
3,320		FirstMerit Corp		80,145
1,990		Flagstar Bancorp, Inc		29,532
832		Flushing Financial Corp		14,202
2,170		FNB Corp		39,646
280		FNB Corp		11,634
974	*	Franklin Bank Corp		20,006
3,278		Fremont General Corp		53,136
1,536		Frontier Financial Corp		44,897
8,113		Fulton Financial Corp		135,487
536		GB&T Bancshares, Inc		11,883
1,801		Glacier Bancorp, Inc		44,016
546		Great Southern Bancorp, Inc		16,112
2,010		Greater Bay Bancorp		52,923
253		Greene County Bancshares, Inc		10,052
1,102		Hancock Holding Co		58,230
1,406		Hanmi Financial Corp		31,677
1,337		Harleysville National Corp		25,817
537		Heartland Financial USA, Inc		15,492
440		Heritage Commerce Corp		11,722
600		Horizon Financial Corp		14,436
24,926		Hudson City Bancorp, Inc		345,973
11,846		Huntington Bancshares, Inc		281,343
415		IBERIABANK Corp		24,506
729		Independent Bank Corp		26,266
919		Independent Bank Corp		23,242
3,219		IndyMac Bancorp, Inc		145,370
682		Integra Bank Corp		18,769
721		Interchange Financial Services Corp		16,576
1,932		International Bancshares Corp		59,718
199	*	Intervest Bancshares Corp		6,848
2,010	*	Investors Bancorp, Inc		31,617
2,728		Investors Financial Services Corp		116,404
826		Irwin Financial Corp		18,692
266		ITLA Capital Corp		15,404
155,924		JPMorgan Chase & Co		7,531,129
585		Kearny Financial Corp		9,395
18,396		Keycorp		699,600
1,310		KNBT Bancorp, Inc		21,916
525		Lakeland Bancorp, Inc		7,823
346		Lakeland Financial Corp		8,833
3,599		M&T Bank Corp		439,654
714		Macatawa Bank Corp		15,180
1,800		MAF Bancorp, Inc		80,442
439		MainSource Financial Group, Inc		7,437
11,499		Marshall & Ilsley Corp		553,217
1,469		MB Financial, Inc		55,249
717		MBT Financial Corp		10,984
18,519		Mellon Financial Corp		780,576
243		Mercantile Bank Corp		9,161
5,518		Mercantile Bankshares Corp		258,187
291		MetroCorp Bancshares, Inc		6,123
975		Mid-State Bancshares		35,480
568		Midwest Banc Holdings, Inc		13,490

103

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
930		Nara Bancorp, Inc	$	19,456
142		NASB Financial, Inc		5,872
27,371		National City Corp		1,000,684
1,831		National Penn Bancshares, Inc		37,078
1,830		NBT Bancorp, Inc		46,683
1,998	*	Net 1 UEPS Technologies, Inc		59,061
1,952	*	NetBank, Inc		9,057
12,854		New York Community Bancorp, Inc		206,949
4,578		NewAlliance Bancshares, Inc		75,079
322	*	Northern Empire Bancshares		9,512
10,074		Northern Trust Corp		611,391
762		Northwest Bancorp, Inc		20,925
428		OceanFirst Financial Corp		9,814
2,757		Old National Bancorp		52,162
662		Old Second Bancorp, Inc		19,397
349		Omega Financial Corp		11,140
929		Oriental Financial Group, Inc		12,031
2,182		Pacific Capital Bancorp		73,272
641		Park National Corp		63,459
1,751		Partners Trust Financial Group, Inc		20,382
552		Pennfed Financial Services, Inc		10,665
431		Peoples Bancorp, Inc		12,801
2,401		People's Bank		107,133
903		PFF Bancorp, Inc		31,163
636	*	Pinnacle Financial Partners, Inc		21,102
481		Placer Sierra Bancshares		11,433
13,272		PNC Financial Services Group, Inc		982,659
12,687		Popular, Inc		227,732
129		Preferred Bank		7,752
537		Premierwest Bancorp		8,571
712		PrivateBancorp, Inc		29,641
1,055		Prosperity Bancshares, Inc		36,408
1,420		Provident Bankshares Corp		50,552
2,921		Provident Financial Services, Inc		52,958
1,895		Provident New York Bancorp		28,387
1,133	*	R & G Financial Corp (Class B)		8,667
33,153		Regions Financial Corp		1,239,922
537		Renasant Corp		16,448
2,997		Republic Bancorp, Inc		40,340
273		Republic Bancorp, Inc (Class A)		6,850
237		Royal Bancshares of Pennsylvania (Class A)		6,228
1,339		S&T Bancorp, Inc		46,423
574		S.Y. Bancorp, Inc		16,072
676		Sandy Spring Bancorp, Inc		25,810
343		Santander BanCorp		6,123
291		SCBT Financial Corp		12,143
454		Seacoast Banking Corp of Florida		11,259
1,040		Security Bank Corp		23,733
354		Shore Bancshares, Inc		10,677
251		Sierra Bancorp		7,364
1,220	*	Signature Bank		37,796
701		Simmons First National Corp (Class A)		22,117
4,772		Sky Financial Group, Inc		136,193
324		Smithtown Bancorp, Inc		8,787
3,459		South Financial Group, Inc		91,975
460		Southside Bancshares, Inc		11,836
423		Southwest Bancorp, Inc		11,785

104

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
17,724		Sovereign Bancorp, Inc	$	450,012
433		State National Bancshares, Inc		16,666
14,937		State Street Corp		1,007,351
765		Sterling Bancorp		15,071
2,857		Sterling Bancshares, Inc		37,198
1,155		Sterling Financial Corp		27,339
1,715		Sterling Financial Corp		57,984
421		Suffolk Bancorp		16,053
479	*	Sun Bancorp, Inc		10,093
16,463		SunTrust Banks, Inc		1,390,300
717	*	Superior Bancorp		8,131
2,146		Susquehanna Bancshares, Inc		57,684
1,352	*	SVB Financial Group		63,030
12,603		Synovus Financial Corp		388,550
140		Taylor Capital Group, Inc		5,125
6,573		TCF Financial Corp		180,232
4,691		TD Banknorth, Inc		151,425
987	*	Texas Capital Bancshares, Inc		19,622
383		Texas United Bancshares, Inc		13,152
854		TierOne Corp		26,995
281		Tompkins Trustco, Inc		12,771
617		Trico Bancshares		16,789
2,989		Trustco Bank Corp NY		33,238
2,776		Trustmark Corp		90,803
3,928		UCBH Holdings, Inc		68,976
1,977		UMB Financial Corp		72,180
2,336		Umpqua Holdings Corp		68,748
559		Union Bankshares Corp		17,100
2,525		UnionBanCal Corp		154,656
1,927		United Bankshares, Inc		74,479
1,282		United Community Banks, Inc		41,434
1,315		United Community Financial Corp		16,096
296		United Security Bancshares		7,134
488		Univest Corp of Pennsylvania		14,874
80,188		US Bancorp		2,902,004
451		USB Holding Co, Inc		10,869
5,428		Valley National Bancorp		143,896
301		Vineyard National Bancorp		6,929
495	*	Virginia Commerce Bancorp		9,841
466		Virginia Financial Group, Inc		13,043
4,158		W Holding Co, Inc		24,782
84,623		Wachovia Corp		4,819,280
4,327		Washington Federal, Inc		101,814
43,297		Washington Mutual, Inc		1,969,581
457		Washington Trust Bancorp, Inc		12,746
439	*	Wauwatosa Holdings, Inc		7,823
2,590		Webster Financial Corp		126,185
151,130		Wells Fargo & Co		5,374,183
819		WesBanco, Inc		27,461
904		West Bancorporation, Inc		16,073
702		West Coast Bancorp		24,317
1,472		Westamerica Bancorporation		74,527
548	*	Western Alliance Bancorp		19,054
34,401		Western Union Co		771,270
216	*	Westfield Financial, Inc		7,474
2,708		Whitney Holding Corp		88,335
619		Willow Grove Bancorp, Inc		9,235

105

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,192		Wilmington Trust Corp	$	134,607
766		Wilshire Bancorp, Inc		14,531
1,205		Wintrust Financial Corp		57,864
228		WSFS Financial Corp		15,260
349		Yardville National Bancorp		13,164
4,928		Zions Bancorporation		406,264
		TOTAL DEPOSITORY INSTITUTIONS		71,618,598
EATING AND DRINKING PLACES - 0.96%
1,701	*	AFC Enterprises		30,057
3,286		Applebees International, Inc		81,066
5,413		Aramark Corp (Class B)		181,065
396	*	BJ's Restaurants, Inc		8,003
1,354		Bob Evans Farms, Inc		46,334
5,389		Brinker International, Inc		162,532
224	*	Buffalo Wild Wings, Inc		11,917
819	*	California Pizza Kitchen, Inc		27,281
1,284		CBRL Group, Inc		57,472
1,345	*	CEC Entertainment, Inc		54,136
3,734	*	Cheesecake Factory		91,856
1,342	*	Chipotle Mexican Grill, Inc (Class B)		69,784
3,723		CKE Restaurants, Inc		68,503
1,399	*	Cosi, Inc		7,121
6,938		Darden Restaurants, Inc		278,699
1,571		Domino's Pizza, Inc		43,988
836		IHOP Corp		44,057
1,809	*	Jack in the Box, Inc		110,421
2,318	*	Krispy Kreme Doughnuts, Inc		25,730
617		Landry's Restaurants, Inc		18,566
885	*	Luby's, Inc		9,638
486	*	McCormick & Schmick's Seafood Restaurants, Inc		11,683
55,162		McDonald's Corp		2,445,331
421	*	Morton's Restaurant Group, Inc		7,010
915	*	O'Charleys, Inc		19,471
2,753		OSI Restaurant Partners, Inc		107,918
992	*	Papa John's International, Inc		28,778
1,003	*	PF Chang's China Bistro, Inc		38,495
1,414	*	Rare Hospitality International, Inc		46,563
951	*	Red Robin Gourmet Burgers, Inc		34,093
2,449		Ruby Tuesday, Inc		67,201
960	*	Ruth's Chris Steak House, Inc		17,549
3,679	*	Sonic Corp		88,112
34,066	*	Starbucks Corp		1,206,618
978	*	Steak N Shake Co		17,213
2,182	*	Texas Roadhouse, Inc (Class A)		28,933
8,889		Tim Hortons, Inc		257,425
2,567		Triarc Cos (Class B)		51,340
4,897		Wendy's International, Inc		162,042
12,027		Yum! Brands, Inc		707,188
		TOTAL EATING AND DRINKING PLACES		6,771,189
EDUCATIONAL SERVICES - 0.12%
6,122	*	Apollo Group, Inc (Class A)		238,574
4,061	*	Career Education Corp		100,632
3,600	*	Corinthian Colleges, Inc		49,068
2,531		DeVry, Inc		70,868
960	*	Educate, Inc		6,835

106

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,234	*	ITT Educational Services, Inc	$	148,271
1,897	*	Laureate Education, Inc		92,251
619		Strayer Education, Inc		65,645
1,557	*	Universal Technical Institute, Inc		34,581
		TOTAL EDUCATIONAL SERVICES		806,725
ELECTRIC, GAS, AND SANITARY SERVICES - 4.13%
29,247	*	AES Corp		644,626
4,049		AGL Resources, Inc		157,547
7,342	*	Allegheny Energy, Inc		337,071
1,515		Allete, Inc		70,508
4,909		Alliant Energy Corp		185,413
10,361	*	Allied Waste Industries, Inc		127,337
9,373		Ameren Corp		503,611
473		American Ecology Corp		8,755
17,336		American Electric Power Co, Inc		738,167
687		American States Water Co		26,532
5,389		Aqua America, Inc		122,761
15,554	*	Aquila, Inc		73,104
3,622		Atmos Energy Corp		115,578
2,313		Avista Corp		58,542
1,364		Black Hills Corp		50,386
804		California Water Service Group		32,482
485		Cascade Natural Gas Corp		12,571
982	*	Casella Waste Systems, Inc (Class A)		12,010
12,920		Centerpoint Energy, Inc		214,214
1,150		CH Energy Group, Inc		60,720
701	*	Clean Harbors, Inc		33,935
2,560		Cleco Corp		64,589
9,177	*	CMS Energy Corp		153,256
11,231		Consolidated Edison, Inc		539,874
8,046		Constellation Energy Group, Inc		554,128
4,850	*	Covanta Holding Corp		106,894
1,098		Crosstex Energy, Inc		34,796
15,736		Dominion Resources, Inc		1,319,306
5,231		DPL, Inc		145,317
8,313		DTE Energy Co		402,432
55,490		Duke Energy Corp		1,842,823
4,378		Duquesne Light Holdings, Inc		86,903
14,642	*	Dynegy, Inc (Class A)		106,008
14,536		Edison International		661,097
31,328		El Paso Corp		478,692
3,046	*	El Paso Electric Co		74,231
1,058		Empire District Electric Co		26,122
3,223		Energen Corp		151,288
7,254		Energy East Corp		179,899
283		EnergySouth, Inc		11,348
9,415		Entergy Corp		869,193
30,088		Exelon Corp		1,862,146
14,737		FirstEnergy Corp		888,641
18,021		FPL Group, Inc		980,703
3,848		Great Plains Energy, Inc		122,366
3,976		Hawaiian Electric Industries, Inc		107,948
1,880		Idacorp, Inc		72,662
700		ITC Holdings Corp		27,930
8,386		KeySpan Corp		345,335
4,858		Kinder Morgan, Inc		513,734

107

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
945		Laclede Group, Inc	$	33,103
261		Markwest Hydrocarbon, Inc		12,672
7,819		MDU Resources Group, Inc		200,479
1,058		Metal Management, Inc		40,045
838		MGE Energy, Inc		30,654
11,969	*	Mirant Corp		377,861
3,486		National Fuel Gas Co		134,350
1,399		New Jersey Resources Corp		67,963
1,785		Nicor, Inc		83,538
12,039		NiSource, Inc		290,162
6,817		Northeast Utilities		191,967
1,464		Northwest Natural Gas Co		62,132
1,469		NorthWestern Corp		51,973
6,183	*	NRG Energy, Inc		346,310
5,310		NSTAR		182,452
3,772		OGE Energy Corp		150,880
5,153		Oneok, Inc		222,197
500		Ormat Technologies, Inc		18,410
1,516		Otter Tail Corp		47,239
1,548		Peoples Energy Corp		68,994
8,918		Pepco Holdings, Inc		231,957
15,095		PG&E Corp		714,446
379	*	Pico Holdings, Inc		13,178
3,310		Piedmont Natural Gas Co, Inc		88,543
880	*	Pike Electric Corp		14,370
4,464		Pinnacle West Capital Corp		226,280
5,873	*	Plug Power, Inc		22,846
3,021		PNM Resources, Inc		93,953
1,113		Portland General Electric Co		30,329
16,806		PPL Corp		602,327
11,532		Progress Energy, Inc		565,991
328	v*	Progress Energy, Inc		3
11,139		Public Service Enterprise Group, Inc		739,407
5,527		Puget Energy, Inc		140,165
3,764		Questar Corp		312,600
12,740	*	Reliant Energy, Inc		181,035
5,405		Republic Services, Inc		219,821
750		Resource America, Inc (Class A)		19,800
5,156		SCANA Corp		209,437
11,822		Sempra Energy		662,505
9,547	*	Sierra Pacific Resources		160,676
574		SJW Corp		22,248
1,844		South Jersey Industries, Inc		61,608
33,145		Southern Co		1,221,725
4,157		Southern Union Co		116,188
1,608		Southwest Gas Corp		61,699
850		Southwest Water Co		11,696
2,201	*	Stericycle, Inc		166,176
2,563		Synagro Technologies, Inc		11,328
8,855		TECO Energy, Inc		152,572
20,273		TXU Corp		1,098,999
4,646		UGI Corp		126,743
890		UIL Holdings Corp		37,549
1,817		Unisource Energy Corp		66,375
3,761		Vectren Corp		106,361
1,995	*	Waste Connections, Inc		82,892
800		Waste Industries USA, Inc		24,416

108

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
699	*	Waste Services, Inc	$	6,885
3,515		Westar Energy, Inc		91,249
2,747		WGL Holdings, Inc		89,497
26,374		Williams Cos, Inc		688,915
5,267		Wisconsin Energy Corp		249,972
2,188		WPS Resources Corp		118,218
17,146		Xcel Energy, Inc		395,387
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		29,187,279
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.03%
1,190	*	Acme Packet, Inc		24,562
1,312	*	Actel Corp		23,826
1,798		Acuity Brands, Inc		93,568
5,029	*	Adaptec, Inc		23,435
4,855	*	ADC Telecommunications, Inc		70,543
2,856		Adtran, Inc		64,831
1,511	*	Advanced Analogic Technologies, Inc		8,144
1,451	*	Advanced Energy Industries, Inc		27,380
25,144	*	Advanced Micro Devices, Inc		511,680
2,986	*	Aeroflex, Inc		34,996
7,045	*	Agere Systems, Inc		135,053
15,808	*	Altera Corp		311,101
7,777		American Power Conversion Corp		237,898
1,237	*	American Superconductor Corp		12,135
4,423		Ametek, Inc		140,828
1,431	*	AMIS Holdings, Inc		15,126
4,595	*	Amkor Technology, Inc		42,917
4,124		Amphenol Corp (Class A)		256,018
4,696	*	Anadigics, Inc		41,607
16,253		Analog Devices, Inc		534,236
6,363	*	Andrew Corp		65,093
38,129	*	Apple Computer, Inc		3,234,864
13,597	*	Applied Micro Circuits Corp		48,405
4,679	*	Arris Group, Inc		58,534
2,771	*	Atheros Communications, Inc		59,078
23,079	*	Atmel Corp		139,628
1,346	*	ATMI, Inc		41,093
6,965	*	Avanex Corp		13,164
5,634	*	Avnet, Inc		143,836
2,105		AVX Corp		31,133
1,359		Baldor Electric Co		45,418
574		Bel Fuse, Inc (Class B)		19,969
2,670	*	Benchmark Electronics, Inc		65,041
6,932	*	Bookham, Inc		28,213
20,239	*	Broadcom Corp (Class A)		653,922
4,552	*	Broadwing Corp		71,102
11,884	*	Brocade Communications Systems, Inc		97,568
3,133	*	CalAmp Corp		26,443
4,359	*	Capstone Turbine Corp		5,362
4,669	*	Carrier Access Corp		30,629
1,387	*	C-COR, Inc		15,451
1,168	*	Ceradyne, Inc		65,992
1,439	*	Checkpoint Systems, Inc		29,068
1,155	*	China BAK Battery, Inc		7,531
3,622	*	Ciena Corp		100,366
273,971	*	Cisco Systems, Inc		7,487,627
812	*	Color Kinetics, Inc		17,336

109

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
821	*	Comtech Telecommunications Corp	$	31,255
9,043	*	Comverse Technology, Inc		190,898
22,516	*	Conexant Systems, Inc		45,933
3,057	*	Cree, Inc		52,947
1,756		CTS Corp		27,569
926		Cubic Corp		20,094
5,792	*	Cypress Semiconductor Corp		97,711
826	*	Diodes, Inc		29,306
783	*	Ditech Networks, Inc		5,418
1,449	*	Dolby Laboratories, Inc (Class A)		44,948
1,600	*	DSP Group, Inc		34,720
825	*	DTS, Inc		19,957
1,088	*	Electro Scientific Industries, Inc		21,912
2,209	*	Emcore Corp		12,216
36,684		Emerson Electric Co		1,617,398
617	*	EMS Technologies, Inc		12,359
2,621	*	Energizer Holdings, Inc		186,134
1,626	*	Energy Conversion Devices, Inc		55,251
1,922	*	EnerSys		30,752
4,270	*	Evergreen Solar, Inc		32,324
1,243	*	Exar Corp		16,159
6,287	*	Fairchild Semiconductor International, Inc		105,684
10,287	*	Finisar Corp		33,227
1,270	*	First Solar, Inc		37,846
942		Franklin Electric Co, Inc		48,409
2,947	*	FuelCell Energy, Inc		19,038
10,703	*	Gemstar-TV Guide International, Inc		42,919
1,091	*	Genlyte Group, Inc		85,218
4,791	*	GrafTech International Ltd		33,154
700	*	Greatbatch, Inc		18,844
2,926		Harman International Industries, Inc		292,337
2,986	*	Harmonic, Inc		21,708
6,276		Harris Corp		287,817
4,617	*	Hexcel Corp		80,382
534	*	Hittite Microwave Corp		17,259
36,561		Honeywell International, Inc		1,654,020
956	*	Hutchinson Technology, Inc		22,533
477	*	ID Systems, Inc		8,977
3,390	*	Ikanos Communications, Inc		29,459
1,456		Imation Corp		67,602
8,324	*	Integrated Device Technology, Inc		128,856
260,891		Intel Corp		5,283,043
2,259	*	Interdigital Communications Corp		75,789
2,980	*	International Rectifier Corp		114,819
5,922		Intersil Corp (Class A)		141,654
1,030		Inter-Tel, Inc		22,825
1,695	*	InterVoice, Inc		12,984
530	*	iRobot Corp		9,572
684	*	IXYS Corp		6,088
8,491	*	JDS Uniphase Corp		141,460
3,758	*	Kemet Corp		27,433
5,461		L-3 Communications Holdings, Inc		446,601
577	*	Lamson & Sessions Co		13,998
4,763	*	Lattice Semiconductor Corp		30,864
2,176		Lincoln Electric Holdings, Inc		131,474
13,113		Linear Technology Corp		397,586
1,023	*	Littelfuse, Inc		32,613

110

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
472	*	Loral Space & Communications, Inc	$	19,220
683		LSI Industries, Inc		13,558
17,535	*	LSI Logic Corp		157,815
2,849	*	Mattson Technology, Inc		26,553
14,116		Maxim Integrated Products, Inc		432,232
603	*	Maxwell Technologies, Inc		8,412
7,077	*	McData Corp (Class A)		39,283
1,064	*	Medis Technologies Ltd		18,546
6,216	*	MEMC Electronic Materials, Inc		243,294
820	*	Mercury Computer Systems, Inc		10,955
1,572		Methode Electronics, Inc		17,025
3,046	*	Micrel, Inc		32,836
9,390		Microchip Technology, Inc		307,053
32,790	*	Micron Technology, Inc		457,748
2,827	*	Microsemi Corp		55,551
2,270	*	Microtune, Inc		10,669
4,570	*	Mindspeed Technologies, Inc		8,729
2,659	*	MIPS Technologies, Inc		22,070
1,348	*	Mobility Electronics, Inc		4,516
5,851		Molex, Inc		185,067
903	*	Monolithic Power Systems, Inc		10,032
1,599	*	Moog, Inc (Class A)		61,066
972	*	MoSys, Inc		8,991
110,725		Motorola, Inc		2,276,506
12,529	*	MRV Communications, Inc		44,353
383	*	Multi-Fineline Electronix, Inc		7,771
181		National Presto Industries, Inc		10,836
14,628		National Semiconductor Corp		332,056
1,828	*	Netlogic Microsystems, Inc		39,649
16,641	*	Network Appliance, Inc		653,658
5,298	*	Novellus Systems, Inc		182,357
15,974	*	Nvidia Corp		591,198
2,321	*	Omnivision Technologies, Inc		31,682
6,584	*	ON Semiconductor Corp		49,841
4,194	*	Openwave Systems, Inc		38,711
830	*	Oplink Communications, Inc		17,065
803	*	Optical Communication Products, Inc		1,317
575	*	OSI Systems, Inc		12,035
856		Park Electrochemical Corp		21,956
2,894	*	Parkervision, Inc		32,268
824	*	Pericom Semiconductor Corp		9,451
1,953	*	Photronics, Inc		31,912
2,177		Plantronics, Inc		46,152
1,988	*	Plexus Corp		47,473
2,850	*	PLX Technology, Inc		37,164
11,528	*	PMC - Sierra, Inc		77,353
3,736	*	Polycom, Inc		115,480
1,451	*	Portalplayer, Inc		19,516
242	*	Powell Industries, Inc		7,640
2,878	*	Power-One, Inc		20,952
8,818	*	Powerwave Technologies, Inc		56,876
6,640	*	QLogic Corp		145,549
75,184		Qualcomm, Inc		2,841,203
3,100	*	Quantum Fuel Systems Technologies Worldwide, Inc		4,960
5,923		RadioShack Corp		99,388
732	*	Radyne Corp		7,862
4,362	*	Rambus, Inc		82,573

111

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
752		Raven Industries, Inc	$	20,154
1,279		Regal-Beloit Corp		67,160
8,950	*	RF Micro Devices, Inc		60,771
756	*	Rogers Corp		44,717
26,033	*	Sanmina-SCI Corp		89,814
2,802	*	Semtech Corp		36,622
3,657	*	Silicon Image, Inc		46,517
2,056	*	Silicon Laboratories, Inc		71,240
4,590	*	Silicon Storage Technology, Inc		20,701
2,634	*	Sirenza Microdevices, Inc		20,703
61,830	*	Sirius Satellite Radio, Inc		218,878
10,334	*	Skyworks Solutions, Inc		73,165
2,160	*	Spansion, Inc (Class A)		32,098
3,061	*	Spectrum Brands, Inc		33,365
1,222	*	Standard Microsystems Corp		34,192
3,972	*	Stratex Networks, Inc		19,185
530	*	Sunpower Corp (Class A)		19,700
485	*	Supertex, Inc		19,036
6,440	*	Sycamore Networks, Inc		24,214
2,092	*	Symmetricom, Inc		18,661
807	*	Synaptics, Inc		23,960
1,696		Technitrol, Inc		40,517
2,237	*	Tekelec		33,175
2,066		Teleflex, Inc		133,381
18,955	*	Tellabs, Inc		194,478
1,866	*	Tessera Technologies, Inc		75,274
69,848		Texas Instruments, Inc		2,011,622
2,565	*	Thomas & Betts Corp		121,273
8,259	*	Transmeta Corp		9,167
3,536	*	Transwitch Corp		4,950
3,087	*	Trident Microsystems, Inc		56,122
6,366	*	Triquint Semiconductor, Inc		28,647
1,955	*	TTM Technologies, Inc		22,150
711	*	Ulticom, Inc		6,818
1,134	*	Universal Display Corp		17,021
621	*	Universal Electronics, Inc		13,053
4,907	*	Utstarcom, Inc		42,936
2,374	*	Varian Semiconductor Equipment Associates, Inc		108,064
966	*	Viasat, Inc		28,796
772		Vicor Corp		8,577
488	*	Virage Logic Corp		4,534
7,726	*	Vishay Intertechnology, Inc		104,618
440	*	Volterra Semiconductor Corp		6,600
3,171		Whirlpool Corp		263,256
15,166		Xilinx, Inc		361,102
4,672	*	Zhone Technologies, Inc		6,120
660	*	Zoltek Cos, Inc		12,982
2,133	*	Zoran Corp		31,099
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		42,608,272
ENGINEERING AND MANAGEMENT SERVICES - 0.79%
728	*	Advisory Board Co		38,977
5,128	*	Amylin Pharmaceuticals, Inc		184,967
2,911	*	Applera Corp (Celera Genomics Group)		40,725
3,964	*	Ariad Pharmaceuticals, Inc		20,375
349		CDI Corp		8,690
16,747	*	Celgene Corp		963,455

112

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
489	*	Cornell Cos, Inc	$	8,963
1,974		Corporate Executive Board Co		173,120
872	*	CRA International, Inc		45,693
3,342	*	CV Therapeutics, Inc		46,654
2,347	*	deCODE genetics, Inc		10,632
1,088		Diamond Management & Technology Consultants, Inc		13,535
3,765	*	Digitas, Inc		50,489
1,409	*	Diversa Corp		15,330
1,976	*	eResearch Technology, Inc		13,298
653	*	Essex Corp		15,613
2,898	*	Exelixis, Inc		26,082
700	*	Exponent, Inc		13,062
897	*	First Consulting Group, Inc		12,343
3,940		Fluor Corp		321,701
2,148	*	Gen-Probe, Inc		112,491
2,397	*	Harris Interactive, Inc		12,081
4,620	*	Hewitt Associates, Inc (Class A)		118,965
717	*	Huron Consulting Group, Inc		32,509
2,712	*	ICOS Corp		91,638
2,654	*	Incyte Corp		15,499
1,108	*	Infrasource Services, Inc		24,121
4,108	*	Isis Pharmaceuticals, Inc		45,681
2,713	*	Jacobs Engineering Group, Inc		221,218
1,240	*	KBR, Inc		32,438
514	*	Kendle International, Inc		16,165
402		Landauer, Inc		21,093
998	*	LECG Corp		18,443
3,091	*	Lexicon Genetics, Inc		11,159
1,393	*	Lifecell Corp		33,627
1,458	*	Luminex Corp		18,517
885		MAXIMUS, Inc		27,240
1,339	*	Maxygen, Inc		14,421
4,374	*	Monogram Biosciences, Inc		7,786
11,053		Moody's Corp		763,320
281	*	MTC Technologies, Inc		6,618
1,748	*	Myriad Genetics, Inc		54,712
1,944	*	Navigant Consulting, Inc		38,413
1,115	*	Omnicell, Inc		20,772
15,281		Paychex, Inc		604,211
1,452	*	Per-Se Technologies, Inc		40,337
700	*	PharmaNet Development Group, Inc		15,449
6,914		Quest Diagnostics, Inc		366,442
1,631	*	Regeneron Pharmaceuticals, Inc		32,734
5,690	*	Rentech, Inc		21,451
1,988	*	Resources Connection, Inc		63,298
1,502	*	Rigel Pharmaceuticals, Inc		17,829
4,430	*	SAIC, Inc		78,810
4,966	*	Sangamo Biosciences, Inc		32,776
3,926	*	Savient Pharmaceuticals, Inc		44,010
1,893	*	Senomyx, Inc		24,590
3,350	*	Shaw Group, Inc		112,225
1,265	*	Symyx Technologies, Inc		27,311
349	*	Tejon Ranch Co		19,488
2,028	*	Telik, Inc		8,984
2,974	*	Tetra Tech, Inc		53,800
613	*	Trimeris, Inc		7,791
2,124	*	URS Corp		91,013

113

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,271	*	Washington Group International, Inc	$	75,993
1,817		Watson Wyatt & Co Holdings (Class A)		82,038
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		5,603,211
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
3,649	*	Home Solutions of America, Inc		21,383
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		21,383
FABRICATED METAL PRODUCTS - 0.39%
1,662	*	Alliant Techsystems, Inc		129,952
493		Ameron International Corp		37,650
1,566		Aptargroup, Inc		92,457
4,650		Ball Corp		202,740
754		CIRCOR International, Inc		27,740
4,904		Commercial Metals Co		126,523
866	*	Commercial Vehicle Group, Inc		18,879
2,125		Crane Co		77,860
8,162	*	Crown Holdings, Inc		170,749
900		Dynamic Materials Corp		25,290
1,108	*	Griffon Corp		28,254
281		Gulf Island Fabrication, Inc		10,369
22,700		Illinois Tool Works, Inc		1,048,513
1,290		Insteel Industries, Inc		22,949
5,078	*	Jacuzzi Brands, Inc		63,120
583	*	Ladish Co, Inc		21,618
394		Lifetime Brands, Inc		6,473
1,434	*	Mobile Mini, Inc		38,632
5,711		Mueller Water Products, Inc (Class A)		84,923
974	*	NCI Building Systems, Inc		50,405
4,228		Pentair, Inc		132,759
1,910	*	PGT, Inc		24,162
866		Silgan Holdings, Inc		38,035
1,564		Simpson Manufacturing Co, Inc		49,501
3,109	*	Smith & Wesson Holding Corp		32,147
2,411		Snap-On, Inc		114,860
2,587	*	Taser International, Inc		19,687
708		Valmont Industries, Inc		39,287
1,041		Watts Water Technologies, Inc (Class A)		42,796
		TOTAL FABRICATED METAL PRODUCTS		2,778,330
FOOD AND KINDRED PRODUCTS - 2.76%
34,840		Anheuser-Busch Cos, Inc		1,714,128
29,148		Archer Daniels Midland Co		931,570
417	*	Boston Beer Co, Inc (Class A)		15,004
1,048	*	Burger King Holdings, Inc		22,113
10,992		Campbell Soup Co		427,479
136		Coca-Cola Bottling Co Consolidated		9,306
91,698		Coca-Cola Co		4,424,429
13,420		Coca-Cola Enterprises, Inc		274,036
23,809		ConAgra Foods, Inc		642,870
9,450	*	Constellation Brands, Inc (Class A)		274,239
3,054		Corn Products International, Inc		105,485
3,121	*	Darling International, Inc		17,197
8,316		Del Monte Foods Co		91,725
645		Diamond Foods, Inc		12,261
290		Farmer Bros Co		6,192
2,152		Flowers Foods, Inc		58,082

114

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
15,970		General Mills, Inc	$	919,872
1,898	*	Gold Kist, Inc		39,896
15,289		H.J. Heinz Co		688,158
2,632	*	Hansen Natural Corp		88,646
8,103		Hershey Co		403,529
3,471		Hormel Foods Corp		129,607
477		Imperial Sugar Co		11,548
493		J&J Snack Foods Corp		20,410
2,636		J.M. Smucker Co		127,767
903	*	Jones Soda Co		11,107
11,164		Kellogg Co		558,870
9,265		Kraft Foods, Inc (Class A)		330,761
1,299		Lancaster Colony Corp		57,559
1,209		Lance, Inc		24,277
367	*	M&F Worldwide Corp		9,270
6,080		McCormick & Co, Inc		234,445
385		MGP Ingredients, Inc		8,705
2,108		Molson Coors Brewing Co (Class B)		161,136
234		National Beverage Corp		3,283
477	*	Peet's Coffee & Tea, Inc		12,516
5,915		Pepsi Bottling Group, Inc		182,833
3,287		PepsiAmericas, Inc		68,961
74,330		PepsiCo, Inc		4,649,342
2,201	*	Performance Food Group Co		60,836
790		Premium Standard Farms, Inc		14,670
1,226	*	Ralcorp Holdings, Inc		62,391
880		Reddy Ice Holdings, Inc		22,722
659		Sanderson Farms, Inc		19,961
33,410		Sara Lee Corp		568,972
4,552	*	Smithfield Foods, Inc		116,804
1,991		Tootsie Roll Industries, Inc		65,106
1,498		Topps Co, Inc		13,332
1,753	*	TreeHouse Foods, Inc		54,694
9,247		Tyson Foods, Inc (Class A)		152,129
10,638		Wrigley (Wm.) Jr Co		550,197
		TOTAL FOOD AND KINDRED PRODUCTS		19,470,428
FOOD STORES - 0.23%
70		Arden Group, Inc (Class A)		8,667
646		Great Atlantic & Pacific Tea Co, Inc		16,628
417		Ingles Markets, Inc (Class A)		12,422
32,590		Kroger Co		751,851
1,250	*	Panera Bread Co (Class A)		69,888
935	*	Pantry, Inc		43,795
2,148	*	Pathmark Stores, Inc		23,950
1,648		Ruddick Corp		45,732
9,109		Supervalu, Inc		325,647
462		Weis Markets, Inc		18,531
6,132		Whole Foods Market, Inc		287,775
1,375	*	Wild Oats Markets, Inc		19,773
		TOTAL FOOD STORES		1,624,659
FORESTRY - 0.13%
3,932		Rayonier, Inc		161,409
10,924		Weyerhaeuser Co		771,781
		TOTAL FORESTRY		933,190

115

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
FURNITURE AND FIXTURES - 0.30%
1,362		Ethan Allen Interiors, Inc	$	49,182
1,610		Furniture Brands International, Inc		26,130
2,979		Herman Miller, Inc		108,316
2,852		Hillenbrand Industries, Inc		162,364
2,529		HNI Corp		112,313
308		Hooker Furniture Corp		4,829
2,650	*	Interface, Inc (Class A)		37,683
8,737		Johnson Controls, Inc		750,683
921		Kimball International, Inc (Class B)		22,380
1,728		La-Z-Boy, Inc		20,511
7,813		Leggett & Platt, Inc		186,731
17,211		Masco Corp		514,093
841		Sealy Corp		12,405
2,316	*	Select Comfort Corp		40,275
408		Stanley Furniture Co, Inc		8,752
2,083	*	Tempur-Pedic International, Inc		42,618
1,750	*	Williams Scotsman International, Inc		34,335
		TOTAL FURNITURE AND FIXTURES		2,133,600
FURNITURE AND HOMEFURNISHINGS STORES - 0.19%
12,915	*	Bed Bath & Beyond, Inc		492,062
7,868		Circuit City Stores, Inc		149,335
652	*	Cost Plus, Inc		6,716
2,722	*	GameStop Corp (Class A)		150,009
1,395	*	Guitar Center, Inc		63,417
621		Haverty Furniture Cos, Inc		9,191
1,390		Knoll, Inc		30,580
2,516	*	Mohawk Industries, Inc		188,348
6,805	*	Pier 1 Imports, Inc		40,490
997	*	Restoration Hardware, Inc		8,484
3,202		Steelcase, Inc (Class A)		58,148
978		Tuesday Morning Corp		15,208
4,127		Williams-Sonoma, Inc		129,753
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,341,741
GENERAL BUILDING CONTRACTORS - 0.37%
200		Amrep Corp		24,500
208	*	Avatar Holdings, Inc		16,817
2,261		Beazer Homes USA, Inc		106,290
436		Brookfield Homes Corp		16,372
266	*	Cavco Industries, Inc		9,321
5,343		Centex Corp		300,651
13,510		DR Horton, Inc		357,898
2,520	*	Hovnanian Enterprises, Inc (Class A)		85,428
3,347		KB Home		171,634
5,705		Lennar Corp (Class A)		299,284
1,893		Levitt Corp (Class A)		23,170
904		M/I Homes, Inc		34,524
902		McGrath RentCorp		27,628
1,751		MDC Holdings, Inc		99,895
1,066	*	Meritage Homes Corp		50,870
202	*	NVR, Inc		130,290
555	*	Palm Harbor Homes, Inc		7,781
1,161	*	Perini Corp		35,736
9,595		Pulte Homes, Inc		317,786
1,823		Ryland Group, Inc		99,572

116

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,354		Standard-Pacific Corp	$	89,854
256	*	Team, Inc		8,916
975		Technical Olympic USA, Inc		9,916
5,850	*	Toll Brothers, Inc		188,546
1,806		Walter Industries, Inc		48,852
2,284	*	WCI Communities, Inc		43,807
		TOTAL GENERAL BUILDING CONTRACTORS		2,605,338
GENERAL MERCHANDISE STORES - 1.67%
1,632	*	99 Cents Only Stores		19,861
4,672	*	Big Lots, Inc		107,082
2,939	*	BJ's Wholesale Club, Inc		91,432
468		Bon-Ton Stores, Inc		16,216
1,794	*	Cabela's, Inc		43,289
2,116		Casey's General Stores, Inc		49,832
381	*	Conn's, Inc		8,866
21,422		Costco Wholesale Corp		1,132,581
3,250		Dillard's, Inc (Class A)		113,653
13,270		Dollar General Corp		213,116
6,921		Family Dollar Stores, Inc		202,993
24,326		Federated Department Stores, Inc		927,550
1,377		Fred's, Inc		16,579
10,374		JC Penney Co, Inc		802,533
1,190	*	Retail Ventures, Inc		22,658
5,658		Saks, Inc		100,826
875		Stein Mart, Inc		11,603
38,976		Target Corp		2,223,581
20,515		TJX Cos, Inc		585,088
110,547		Wal-Mart Stores, Inc		5,105,060
		TOTAL GENERAL MERCHANDISE STORES		11,794,399
HEALTH SERVICES - 1.48%
505	*	Alliance Imaging, Inc		3,358
1,069	*	Amedisys, Inc		35,138
9,666		AmerisourceBergen Corp		434,583
2,170	*	Amsurg Corp		49,910
1,862	*	Apria Healthcare Group, Inc		49,622
339	*	Bio-Reference Labs, Inc		7,624
620		Brookdale Senior Living, Inc		29,760
19,732		Caremark Rx, Inc		1,126,895
4,879		Cigna Corp		641,930
4,575	*	Community Health Systems, Inc		167,079
363	*	Corvel Corp		17,268
2,045	*	Covance, Inc		120,471
7,384	*	Coventry Health Care, Inc		369,569
1,087	*	Cross Country Healthcare, Inc		23,718
4,758	*	DaVita, Inc		270,635
2,603	*	Edwards Lifesciences Corp		122,445
900	*	Emeritus Corp		22,365
1,006	*	Enzo Biochem, Inc		14,356
5,124	*	Express Scripts, Inc		366,878
1,315	*	Five Star Quality Care, Inc		14,662
963	*	Genesis HealthCare Corp		45,482
1,154	*	Genomic Health, Inc		21,464
968	*	Gentiva Health Services, Inc		18,450
11,453		Health Management Associates, Inc (Class A)		241,773
1,438	*	Healthways, Inc		68,607

117

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
401	*	Horizon Health Corp	$	7,848
1,110	*	Hythiam, Inc		10,256
1,499	*	Kindred Healthcare, Inc		37,850
5,485	*	Laboratory Corp of America Holdings		402,983
1,181		LCA-Vision, Inc		40,579
474	*	LHC Group, Inc		13,514
3,147	*	LifePoint Hospitals, Inc		106,054
4,443	*	Lincare Holdings, Inc		177,009
1,843	*	Magellan Health Services, Inc		79,654
3,502		Manor Care, Inc		164,314
1,055	*	Matria Healthcare, Inc		30,310
13,807		McKesson Corp		700,015
275	*	Medcath Corp		7,524
13,528	*	Medco Health Solutions, Inc		722,936
254		National Healthcare Corp		14,021
3,487	*	Nektar Therapeutics		53,037
620	*	Nighthawk Radiology Holdings, Inc		15,810
1,899	*	Odyssey HealthCare, Inc		25,181
5,367		Omnicare, Inc		207,327
1,779		Option Care, Inc		25,351
2,070	*	Pediatrix Medical Group, Inc		101,223
4,876		Pharmaceutical Product Development, Inc		157,105
2,264	*	Psychiatric Solutions, Inc		84,945
418	*	Radiation Therapy Services, Inc		13,175
635	*	RehabCare Group, Inc		9,430
2,322	*	Sierra Health Services, Inc		83,685
1,400	*	Stereotaxis, Inc		14,448
956	*	Sun Healthcare Group, Inc		12,074
2,302	*	Sunrise Senior Living, Inc		70,717
636	*	Symbion, Inc		11,772
23,210	*	Tenet Healthcare Corp		161,774
3,965	*	Triad Hospitals, Inc		165,897
1,920	*	United Surgical Partners International, Inc		54,432
2,419		Universal Health Services, Inc (Class B)		134,085
513	*	VistaCare, Inc (Class A)		5,207
28,554	*	WellPoint, Inc		2,246,914
		TOTAL HEALTH SERVICES		10,452,498
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.01%
1,460		Granite Construction, Inc		73,467
852	*	Matrix Service Co		13,717
372	*	Sterling Construction Co, Inc		8,095
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		95,279
HOLDING AND OTHER INVESTMENT OFFICES - 3.93%
1,314		Acadia Realty Trust		32,876
1,376	*	Affiliated Managers Group, Inc		144,659
2,756	*	Affordable Residential Communities LP		32,107
2,756	v*	Affordable Residential Communities LP		661
287		Agree Realty Corp		9,864
105	*	Alexander's, Inc		44,063
1,276		Alexandria Real Estate Equities, Inc		128,110
6,207		Allied Capital Corp		202,845
3,908		AMB Property Corp		229,048
1,447		American Campus Communities, Inc		41,196
5,376		American Financial Realty Trust		61,501
1,808		American Home Mortgage Investment Corp		63,497

118

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
8,109		Annaly Mortgage Management, Inc	$	112,796
3,152		Anthracite Capital, Inc		40,125
2,610		Anworth Mortgage Asset Corp		24,821
4,072		Apartment Investment & Management Co (Class A)		228,113
4,472		Apollo Investment Corp		100,173
386		Arbor Realty Trust, Inc		11,615
9,366		Archstone-Smith Trust		545,195
2,985		Ashford Hospitality Trust, Inc		37,163
3,290		AvalonBay Communities, Inc		427,865
2,824		BioMed Realty Trust, Inc		80,766
5,065		Boston Properties, Inc		566,672
4,101		Brandywine Realty Trust		136,358
2,453		BRE Properties, Inc (Class A)		159,494
2,338		Camden Property Trust		172,661
1,408		Capital Lease Funding, Inc		16,333
111		Capital Southwest Corp		14,013
940		Capital Trust, Inc (Class A)		46,944
3,179		CBL & Associates Properties, Inc		137,810
1,530		CBRE Realty Finance, Inc		24,036
1,880		Cedar Shopping Centers, Inc		29,911
448		CentraCore Properties Trust		14,484
184		Cherokee, Inc		7,895
2,398		Colonial Properties Trust		112,418
542		Compass Diversified Trust		9,295
1,573		Corporate Office Properties Trust		79,389
1,880		Cousins Properties, Inc		66,308
3,197		Crescent Real Estate Equities Co		63,141
1,090		Crystal River Capital, Inc		27,828
2,139		Deerfield Triarc Capital Corp		36,213
4,589		Developers Diversified Realty Corp		288,878
2,671		DiamondRock Hospitality Co		48,105
1,640		Digital Realty Trust, Inc		56,137
3,860		Douglas Emmett, Inc		102,637
5,676		Duke Realty Corp		232,148
1,133		EastGroup Properties, Inc		60,683
834		Education Realty Trust, Inc		12,318
144	*	Enstar Group, Inc		13,810
1,094		Entertainment Properties Trust		63,933
2,250		Equity Inns, Inc		35,910
892		Equity Lifestyle Properties, Inc		48,552
16,242		Equity Office Properties Trust		782,377
2,160		Equity One, Inc		57,586
12,896		Equity Residential		654,472
1,051		Essex Property Trust, Inc		135,842
2,180		Extra Space Storage, Inc		39,807
2,433		Federal Realty Investment Trust		206,805
3,010		FelCor Lodging Trust, Inc		65,738
3,003		Fieldstone Investment Corp		13,153
1,840		First Industrial Realty Trust, Inc		86,278
858		First Potomac Realty Trust		24,976
2,056		Franklin Street Properties Corp		43,279
9,526		Friedman Billings Ramsey Group, Inc (Class A)		76,208
7,718		General Growth Properties, Inc		403,111
755		Getty Realty Corp		23,330
395		Gladstone Capital Corp		9,425
629		Gladstone Investment Corp		9,630
1,627		Glimcher Realty Trust		43,457

119

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
620		Global Signal, Inc	$	32,655
2,180		GMH Communities Trust		22,127
695		Gramercy Capital Corp		21,469
682	*	Harris & Harris Group, Inc		8,245
8,690		Health Care Property Investors, Inc		319,966
3,097		Health Care REIT, Inc		133,233
1,823		Healthcare Realty Trust, Inc		72,081
1,137		Hersha Hospitality Trust		12,894
2,478		Highland Hospitality Corp		35,312
2,254		Highwoods Properties, Inc		91,873
1,608		Home Properties, Inc		95,306
1,920		HomeBanc Corp		8,122
3,495		Hospitality Properties Trust		166,117
22,399		Host Marriott Corp		549,895
8,972		HRPT Properties Trust		110,804
1		Hugoton Royalty Trust		25
3,059		IMPAC Mortgage Holdings, Inc		26,919
3,626		Inland Real Estate Corp		67,879
2,210		Innkeepers U.S.A. Trust		34,255
1,721		Investors Real Estate Trust		17,657
84,900		iShares Russell 3000 Index Fund		6,965,196
5,663		iStar Financial, Inc		270,805
880		JER Investors Trust, Inc		18,190
1,649		Kilroy Realty Corp		128,622
9,535		Kimco Realty Corp		428,598
1,660		Kite Realty Group Trust		30,909
3,745		KKR Financial Corp		100,329
1,848		LaSalle Hotel Properties		84,731
2,194		Lexington Corporate Properties Trust		49,189
3,964		Liberty Property Trust		194,791
1,306		LTC Properties, Inc		35,667
3,289		Luminent Mortgage Capital, Inc		31,936
3,139		Macerich Co		271,743
3,054		Mack-Cali Realty Corp		155,754
1,740		Maguire Properties, Inc		69,600
1,644		Medical Properties Trust, Inc		25,153
6,400		MFA Mortgage Investments, Inc		49,216
1,187		Mid-America Apartment Communities, Inc		67,944
2,536	*	Mills Corp		50,720
1,660		MortgageIT Holdings, Inc		24,485
1,200		MVC Capital, Inc		16,032
892		National Health Investors, Inc		29,436
2,216		National Retail Properties, Inc		50,857
3,253		Nationwide Health Properties, Inc		98,306
2,588		New Century Financial Corp		81,755
4,581		New Plan Excel Realty Trust		125,886
1,828		Newcastle Investment Corp		57,253
1,140		Newkirk Realty Trust, Inc		20,566
1,286		NorthStar Realty Finance Corp		21,309
1,495		Novastar Financial, Inc		39,842
13,332		NTL, Inc		336,500
2,173		Omega Healthcare Investors, Inc		38,506
544		Parkway Properties, Inc		27,749
1,780		Pennsylvania Real Estate Investment Trust		70,096
8,659		Plum Creek Timber Co, Inc		345,061
2,254		Post Properties, Inc		103,008
1,978		Potlatch Corp		86,676

120

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
10,657		Prologis	$	647,626
842		PS Business Parks, Inc		59,538
5,587		Public Storage, Inc		544,733
975		RAIT Investment Trust		33,618
562		Ramco-Gershenson Properties		21,435
10,396	*	Realogy Corp		315,207
4,460		Realty Income Corp		123,542
3,747		Reckson Associates Realty Corp		170,863
1,300		Redwood Trust, Inc		75,504
3,054		Regency Centers Corp		238,731
990		Republic Property Trust		11,425
474		Saul Centers, Inc		26,160
3,365		Senior Housing Properties Trust		82,375
9,833		Simon Property Group, Inc		995,985
1,953		SL Green Realty Corp		259,319
915		Sovran Self Storage, Inc		52,411
12,600		SPDR Trust Series 1		1,785,294
3,425		Spirit Finance Corp		42,710
770	*	Star Maritime Acquisition Corp		7,554
3,047		Strategic Hotels & Resorts, Inc		66,394
754		Sun Communities, Inc		24,399
2,409		Sunstone Hotel Investors, Inc		64,393
1,579		Tanger Factory Outlet Centers, Inc		61,707
367		Tarragon Corp		4,466
2,705		Taubman Centers, Inc		137,576
4,995		Thornburg Mortgage, Inc		125,524
2,818		Trustreet Properties, Inc		47,483
5,574		United Dominion Realty Trust, Inc		177,197
514		Universal Health Realty Income Trust		20,036
841		Urstadt Biddle Properties, Inc (Class A)		16,055
1,920		U-Store-It Trust		39,456
4,353		Ventas, Inc		184,219
5,288		Vornado Realty Trust		642,492
1,836		Washington Real Estate Investment Trust		73,440
3,528		Weingarten Realty Investors		162,676
762		Winston Hotels, Inc		10,097
2,500		Winthrop Realty Trust		17,125
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		27,756,862
HOTELS AND OTHER LODGING PLACES - 0.57%
1,198		Ameristar Casinos, Inc		36,827
1,739	*	Aztar Corp		94,636
712	*	Bluegreen Corp		9,135
1,823		Boyd Gaming Corp		82,600
2,000		Choice Hotels International, Inc		84,200
1,861	*	Gaylord Entertainment Co		94,781
954	*	Great Wolf Resorts, Inc		13,318
17,243		Hilton Hotels Corp		601,815
743	*	Isle of Capri Casinos, Inc		19,749
6,008	*	Las Vegas Sands Corp		537,596
1,050	*	Lodgian, Inc		14,280
938		Marcus Corp		23,994
15,096		Marriott International, Inc (Class A)		720,381
5,385	*	MGM Mirage		308,830
342	*	Monarch Casino & Resort, Inc		8,167
2,420	*	Morgans Hotel Group Co		40,971
937	*	Riviera Holdings Corp		22,638

121

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
9,482		Starwood Hotels & Resorts Worldwide, Inc	$	592,625
2,120		Station Casinos, Inc		173,140
2,059	*	Trump Entertainment Resorts, Inc		37,556
1,430	*	Vail Resorts, Inc		64,093
8,817	*	Wyndham Worldwide Corp		282,320
2,022		Wynn Resorts Ltd		189,765
		TOTAL HOTELS AND OTHER LODGING PLACES		4,053,417
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.32%
34,008		3M Co		2,650,243
396		Aaon, Inc		10,407
1,115		Actuant Corp (Class A)		53,130
4,290	*	AGCO Corp		132,733
1,085		Albany International Corp (Class A)		35,707
1,377	*	Allis-Chalmers Energy, Inc		31,726
7,800		American Standard Cos, Inc		357,630
306		Ampco-Pittsburgh Corp		10,245
61,889		Applied Materials, Inc		1,141,870
1,300	*	Astec Industries, Inc		45,630
1,420	*	ASV, Inc		23,103
2,142	*	Asyst Technologies, Inc		15,658
4,034	*	Axcelis Technologies, Inc		23,524
3,358		Black & Decker Corp		268,539
723		Black Box Corp		30,359
2,391	*	Blount International, Inc		32,183
2,080		Briggs & Stratton Corp		56,056
3,439	*	Brooks Automation, Inc		49,522
1,368		Bucyrus International, Inc (Class A)		70,808
1,409		Carlisle Cos, Inc		110,607
779		Cascade Corp		41,209
29,988		Caterpillar, Inc		1,839,164
2,840		CDW Corp		199,709
4,059	*	Cirrus Logic, Inc		27,926
749	*	Columbus McKinnon Corp		15,744
2,422		Cummins, Inc		286,232
2,594		Curtiss-Wright Corp		96,186
1,615	*	Cymer, Inc		70,979
10,450		Deere & Co		993,482
103,402	*	Dell, Inc		2,594,356
3,064		Diebold, Inc		142,782
3,243		Donaldson Co, Inc		112,565
9,241		Dover Corp		452,994
1,490	*	Dresser-Rand Group, Inc		36,460
1,068	*	Dril-Quip, Inc		41,823
6,881		Eaton Corp		517,038
2,405	*	Electronics for Imaging, Inc		63,925
98,185	*	EMC Corp		1,296,042
3,352	*	Emulex Corp		65,398
2,000	*	ENGlobal Corp		12,860
816	*	EnPro Industries, Inc		27,099
5,635	*	Entegris, Inc		60,971
4,316	*	Extreme Networks, Inc		18,084
713	*	Flanders Corp		7,059
2,299	*	Flowserve Corp		116,031
2,844	*	FMC Technologies, Inc		175,276
2,170	*	Gardner Denver, Inc		80,963
8,749	*	Gateway, Inc		17,585

122

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
386	*	Gehl Co	$	10,627
467,226		d General Electric Co		17,385,479
2,050	*	Global Imaging Systems, Inc		44,998
969	*	Goodman Global, Inc		16,667
435		Gorman-Rupp Co		16,082
2,849		Graco, Inc		112,877
5,471	*	Grant Prideco, Inc		217,582
125,775		Hewlett-Packard Co		5,180,672
849	*	Hydril		63,836
2,489		IDEX Corp		118,003
2,109	*	Intermec, Inc		51,185
69,754		International Business Machines Corp		6,776,601
15,086		International Game Technology		696,973
1,881	*	Intevac, Inc		48,812
8,194		Jabil Circuit, Inc		201,163
5,542		Joy Global, Inc		267,900
644	*	Kadant, Inc		15,701
1,178		Kaydon Corp		46,814
1,843		Kennametal, Inc		108,461
1,393	*	Komag, Inc		52,767
2,318	*	Kulicke & Soffa Industries, Inc		19,471
6,292	*	Lam Research Corp		318,501
425	*	LB Foster Co (Class A)		11,012
2,546		Lennox International, Inc		77,933
4,840	*	Lexmark International, Inc (Class A)		354,288
485		Lindsay Manufacturing Co		15,835
612		Lufkin Industries, Inc		35,545
2,504		Manitowoc Co, Inc		148,813
1,708	*	Micros Systems, Inc		90,012
277	*	Middleby Corp		28,994
1,295		Modine Manufacturing Co		32,414
265		Nacco Industries, Inc (Class A)		36,199
604	*	NATCO Group, Inc (Class A)		19,256
1,173	*	Netgear, Inc		30,791
485		NN, Inc		6,029
1,219		Nordson Corp		60,743
2,474	*	Oil States International, Inc		79,737
5,954		Pall Corp		205,711
3,492	*	Palm, Inc		49,202
5,213		Parker Hannifin Corp		400,852
1,711	*	Paxar Corp		39,456
1,020	*	ProQuest Co		10,659
6,315	*	Quantum Corp		14,651
1,849	*	Rackable Systems, Inc		57,264
620	*	RBC Bearings, Inc		17,769
790	*	Riverbed Technology, Inc		24,253
553		Robbins & Myers, Inc		25,394
7,729		Rockwell Automation, Inc		472,087
5,027	*	Safeguard Scientifics, Inc		12,165
9,918	*	SanDisk Corp		426,772
531		Sauer-Danfoss, Inc		17,125
1,200	*	Scansource, Inc		36,480
2,742	*	Scientific Games Corp (Class A)		82,891
661	*	Semitool, Inc		8,798
2,019	*	Sigma Designs, Inc		51,384
9,540		Smith International, Inc		391,808
36,758	*	Solectron Corp		118,361

123

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,433		SPX Corp	$	148,802
564		Standex International Corp		16,993
3,866		Stanley Works		194,421
12,143	*	Symbol Technologies, Inc		181,416
674	*	Tecumseh Products Co (Class A)		11,391
654		Tennant Co		18,966
4,502	*	Terex Corp		290,739
3,398		Timken Co		99,154
2,403		Toro Co		112,052
918	*	TurboChef Technologies, Inc		15,624
1,034	*	Ultratech, Inc		12,904
7,509	*	VA Software Corp		37,770
5,800	*	Varian Medical Systems, Inc		275,906
1,614	*	VeriFone Holdings, Inc		57,136
1,157		Watsco, Inc		54,564
9,772	*	Western Digital Corp		199,935
1,118		Woodward Governor Co		44,396
3,111	*	Zebra Technologies Corp (Class A)		108,232
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		51,701,878
INSTRUMENTS AND RELATED PRODUCTS - 4.19%
956	*	Abaxis, Inc		18,403
828	*	Abiomed, Inc		11,675
2,875	*	Advanced Medical Optics, Inc		101,200
2,839	*	Affymetrix, Inc		65,467
	*	Agilent Technologies, Inc		661,174
2,388	*	Align Technology, Inc		33,360
6,819		Allergan, Inc		816,507
3,495	*	American Medical Systems Holdings, Inc		64,727
317	*	American Science & Engineering, Inc		18,865
880		Analogic Corp		49,403
898	*	Anaren, Inc		15,948
499	*	Angiodynamics, Inc		10,724
8,000		Applera Corp (Applied Biosystems Group)		293,520
697	*	Argon ST, Inc		15,013
1,546	*	Armor Holdings, Inc		84,798
847		Arrow International, Inc		29,967
983	*	Arthrocare Corp		39,241
615	*	Aspect Medical Systems, Inc		11,568
422		Badger Meter, Inc		11,689
4,611		Bard (C.R.), Inc		382,575
2,263		Bausch & Lomb, Inc		117,812
29,535		Baxter International, Inc		1,370,129
2,919		Beckman Coulter, Inc		174,556
11,221		Becton Dickinson & Co		787,153
10,877		Biomet, Inc		448,894
827	*	Bio-Rad Laboratories, Inc (Class A)		68,244
1,016	*	Biosite, Inc		49,632
54,829	*	Boston Scientific Corp		941,962
968	*	Bruker BioSciences Corp		7,270
1,283	*	Candela Corp		15,871
1,983	*	Cepheid, Inc		16,856
1,139	*	Cerus Corp		6,675
1,163	*	Coherent, Inc		36,716
926		Cohu, Inc		18,668
1,022	*	Conmed Corp		23,629
2,123		Cooper Cos, Inc		94,474

124

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
4,868	*	Credence Systems Corp	$	25,314
809	*	Cyberonics, Inc		16,698
10,824		Danaher Corp		784,091
547		Datascope Corp		19,933
7,234		Dentsply International, Inc		215,935
1,499	*	Depomed, Inc		5,172
708	*	DexCom, Inc		6,981
909	*	Dionex Corp		51,549
891	*	DJ Orthopedics, Inc		38,153
2,244		DRS Technologies, Inc		118,214
600	*	DXP Enterprises, Inc		21,024
12,095		Eastman Kodak Co		312,051
672		EDO Corp		15,953
1,077	*	ESCO Technologies, Inc		48,939
1,080	*	Esterline Technologies Corp		43,448
1,000	*	ev3, Inc		17,230
655	*	Excel Technology, Inc		16,761
991	*	FEI Co		26,133
2,879	*	Flir Systems, Inc		91,639
1,872	*	Formfactor, Inc		69,732
1,692	*	Fossil, Inc		38,205
785	*	Foxhollow Technologies, Inc		16,940
1,154	*	Haemonetics Corp		51,953
1,275	*	HealthTronics, Inc		8,492
1,678	*	Herley Industries, Inc		27,167
2,299	*	Hologic, Inc		108,697
520	*	ICU Medical, Inc		21,154
898	*	I-Flow Corp		13,425
1,118	*	II-VI, Inc		31,237
1,840	*	Illumina, Inc		72,330
2,936	*	Input/Output, Inc		40,018
713	*	Integra LifeSciences Holdings Corp		30,367
874	*	Intralase Corp		19,560
1,564	*	Intuitive Surgical, Inc		149,988
1,096		Invacare Corp		26,907
1,916	*	Ionatron, Inc		7,856
612	*	IRIS International, Inc		7,742
1,257	*	Itron, Inc		65,163
1,354	*	Ixia		12,998
133,211		Johnson & Johnson		8,794,656
523	*	Kensey Nash Corp		16,631
8,668		Kla-Tencor Corp		431,233
3,535	*	Kopin Corp		12,620
1,831	*	Kyphon, Inc		73,972
3,051	*	L-1 Identity Solutions, Inc		46,162
3,001	*	LTX Corp		16,806
415	*	Measurement Specialties, Inc		8,981
375	*	Medical Action Industries, Inc		12,090
54,201		Medtronic, Inc		2,900,296
1,613		Mentor Corp		78,827
1,160	*	Merit Medical Systems, Inc		18,374
1,788	*	Mettler-Toledo International, Inc		140,984
2,593	*	Millipore Corp		172,694
1,290		Mine Safety Appliances Co		47,279
1,514	*	MKS Instruments, Inc		34,186
734	*	Molecular Devices Corp		15,465
756		Movado Group, Inc		21,924

125

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
884		MTS Systems Corp	$	34,140
2,733		National Instruments Corp		74,447
764	*	Natus Medical, Inc		12,690
516	*	Neurometrix, Inc		7,694
1,859	*	Newport Corp		38,946
1,400	*	Northstar Neuroscience, Inc		20,132
1,377	*	NuVasive, Inc		31,809
730		Oakley, Inc		14,644
159	*	OYO Geospace Corp		9,236
649	*	Palomar Medical Technologies, Inc		32,885
6,222		PerkinElmer, Inc		138,337
734	*	Photon Dynamics, Inc		8,580
10,327		Pitney Bowes, Inc		477,004
1,097		PolyMedica Corp		44,330
1,644	*	RAE Systems, Inc		5,261
3,156	*	Resmed, Inc		155,338
3,790	*	Respironics, Inc		143,073
7,406		Rockwell Collins, Inc		468,726
636	*	Rofin-Sinar Technologies, Inc		38,453
3,611		Roper Industries, Inc		181,417
1,074	*	Rudolph Technologies, Inc		17,098
2,843	*	Sirf Technology Holdings, Inc		72,553
696		Sirona Dental Systems, Inc		26,803
835	*	Sonic Solutions, Inc		13,611
631	*	SonoSite, Inc		19,517
1,262	*	Spectranetics Corp		14,248
16,203	*	St. Jude Medical, Inc		592,382
3,808		STERIS Corp		95,847
13,668		Stryker Corp		753,243
1,436	*	Symmetry Medical, Inc		19,860
1,702	*	Techne Corp		94,376
3,488		Tektronix, Inc		101,745
2,017	*	Teledyne Technologies, Inc		80,942
8,223	*	Teradyne, Inc		123,016
18,481	*	Thermo Electron Corp		837,004
2,165	*	ThermoGenesis Corp		9,331
2,549	*	Thoratec Corp		44,811
2,269	*	Trimble Navigation Ltd		115,106
417		United Industrial Corp		21,163
1,292	*	Varian, Inc		57,869
1,196	*	Veeco Instruments, Inc		22,401
1,183	*	Ventana Medical Systems, Inc		50,904
1,178	*	Viasys Healthcare, Inc		32,800
422	*	Vital Images, Inc		14,686
654		Vital Signs, Inc		32,648
4,636	*	Waters Corp		227,025
1,418	*	Wright Medical Group, Inc		33,011
44,036	*	Xerox Corp		746,410
967		X-Rite, Inc		11,894
200		Young Innovations, Inc		6,660
11,060	*	Zimmer Holdings, Inc		866,883
417	*	Zoll Medical Corp		24,286
758	*	Zygo Corp		12,469
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		29,582,438
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
14,523		AON Corp		513,243

126

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
5,116		Brown & Brown, Inc	$	144,322
756		Clark, Inc		12,572
837		Crawford & Co (Class B)		6,110
4,146		Gallagher (Arthur J.) & Co		122,514
13,719		Hartford Financial Services Group, Inc		1,280,120
2,096		Hilb Rogal & Hobbs Co		88,284
369		James River Group, Inc		11,926
24,594		Marsh & McLennan Cos, Inc		754,052
1,466		National Financial Partners Corp		64,460
1,653	*	USI Holdings Corp		25,390
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		3,022,993
INSURANCE CARRIERS - 4.60%
1,026		21st Century Insurance Group		18,109
23,373		Aetna, Inc		1,009,246
1,205		Affirmative Insurance Holdings, Inc		19,605
22,469		Aflac, Inc		1,033,574
1,425		Alfa Corp		26,804
245	*	Alleghany Corp		89,082
28,589		Allstate Corp		1,861,430
4,891		Ambac Financial Group, Inc		435,641
2,322		American Equity Investment Life Holding Co		30,256
3,978		American Financial Group, Inc		142,850
98,928		American International Group, Inc		7,089,251
676		American National Insurance Co		77,138
562	*	American Physicians Capital, Inc		22,502
2,506	*	AMERIGROUP Corp		89,940
1,294	*	Argonaut Group, Inc		45,109
5,590		Assurant, Inc		308,848
274		Baldwin & Lyons, Inc (Class B)		6,998
530		Bristol West Holdings, Inc		8,390
1,744	*	Centene Corp		42,850
18,904		Chubb Corp		1,000,211
7,418		Cincinnati Financial Corp		336,110
876	*	CNA Financial Corp		35,320
701	*	CNA Surety Corp		15,072
2,255		Commerce Group, Inc		67,086
6,615	*	Conseco, Inc		132,168
2,217		Delphi Financial Group, Inc (Class A)		89,700
425		Direct General Corp		8,772
263		Donegal Group, Inc (Class A)		5,152
78		EMC Insurance Group, Inc		2,661
2,450		Erie Indemnity Co (Class A)		142,051
545		FBL Financial Group, Inc (Class A)		21,299
9,022		Fidelity National Title Group, Inc (Class A)		215,445
1,112	*	First Acceptance Corp		11,921
4,193		First American Corp		170,571
439	*	Fpic Insurance Group, Inc		17,108
20,415		Genworth Financial, Inc (Class A)		698,397
281		Great American Financial Resources, Inc		6,477
2,038		Hanover Insurance Group, Inc		99,454
546		Harleysville Group, Inc		19,012
5,045		HCC Insurance Holdings, Inc		161,894
5,366	*	Health Net, Inc		261,110
1,123	*	HealthExtras, Inc		27,064
750	*	Healthspring, Inc		15,263
1,885		Horace Mann Educators Corp		38,077

127

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,129	*	Humana, Inc	$	394,305
297		Independence Holding Co		6,484
753		Infinity Property & Casualty Corp		36,438
155		Kansas City Life Insurance Co		7,762
768		LandAmerica Financial Group, Inc		48,468
6,882		Leucadia National Corp		194,072
12,679		Lincoln National Corp		841,886
19,920		Loews Corp		826,082
428	*	Markel Corp		205,483
5,899		MBIA, Inc		430,981
1,073	*	Meadowbrook Insurance Group, Inc		10,612
1,146		Mercury General Corp		60,429
20,528		Metlife, Inc		1,211,357
3,937		MGIC Investment Corp		246,220
349		Midland Co		14,641
547	*	Molina Healthcare, Inc		17,783
660		National Interstate Corp		16,038
88		National Western Life Insurance Co (Class A)		20,252
2,032		Nationwide Financial Services, Inc (Class A)		110,134
540	*	Navigators Group, Inc		26,017
242		NYMAGIC, Inc		8,857
377		Odyssey Re Holdings Corp		14,062
3,464		Ohio Casualty Corp		103,262
10,257		Old Republic International Corp		238,783
2,847	*	Philadelphia Consolidated Holding Co		126,862
4,481		Phoenix Cos, Inc		71,203
1,396	*	PMA Capital Corp (Class A)		12,871
4,306		PMI Group, Inc		203,114
1,006		Presidential Life Corp		22,082
12,553		Principal Financial Group		736,861
1,554	*	ProAssurance Corp		77,576
34,726		Progressive Corp		841,064
3,523		Protective Life Corp		167,343
22,142		Prudential Financial, Inc		1,901,112
3,902		Radian Group, Inc		210,357
1,208		Reinsurance Group Of America, Inc		67,286
1,133		RLI Corp		63,924
5,256		Safeco Corp		328,763
594		Safety Insurance Group, Inc		30,122
416	*	SCPIE Holdings, Inc		10,874
644	*	SeaBright Insurance Holdings, Inc		11,598
1,382		Selective Insurance Group, Inc		79,175
31,265		St. Paul Travelers Cos, Inc		1,678,618
2,774		Stancorp Financial Group, Inc		124,969
621		State Auto Financial Corp		21,567
743		Stewart Information Services Corp		32,216
4,861		Torchmark Corp		309,937
637		Tower Group, Inc		19,792
1,419		Transatlantic Holdings, Inc		88,120
474	*	Triad Guaranty, Inc		26,008
862		United Fire & Casualty Co		30,386
60,304		UnitedHealth Group, Inc		3,240,134
2,276		Unitrin, Inc		114,050
1,595	*	Universal American Financial Corp		29,731
14,468		UnumProvident Corp		300,645
7,445		W.R. Berkley Corp		256,927
1,359	*	WellCare Health Plans, Inc		93,635

128

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
67		Wesco Financial Corp	$	30,820
1,531		Zenith National Insurance Corp		71,819
		TOTAL INSURANCE CARRIERS		32,476,987
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
2,500	*	Corrections Corp of America		113,075
805	*	Geo Group, Inc		30,204
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		143,279
LEATHER AND LEATHER PRODUCTS - 0.15%
17,074	*	Coach, Inc		733,499
530	*	CROCS, Inc		22,896
1,096	*	Genesco, Inc		40,881
3,022	*	Iconix Brand Group, Inc		58,597
1,090		Steven Madden Ltd		38,248
2,774	*	Timberland Co (Class A)		87,603
184		Weyco Group, Inc		4,572
2,253		Wolverine World Wide, Inc		64,256
		TOTAL LEATHER AND LEATHER PRODUCTS		1,050,552
LEGAL SERVICES - 0.01%
1,725	*	FTI Consulting, Inc		48,110
489	*	Pre-Paid Legal Services, Inc		19,135
		TOTAL LEGAL SERVICES		67,245
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.02%
4,058		Laidlaw International, Inc		123,485
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		123,485
LUMBER AND WOOD PRODUCTS - 0.03%
466		American Woodmark Corp		19,502
5,279	*	Champion Enterprises, Inc		49,411
446		Deltic Timber Corp		24,878
4,339		Louisiana-Pacific Corp		93,419
374		Skyline Corp		15,042
681		Universal Forest Products, Inc		31,748
		TOTAL LUMBER AND WOOD PRODUCTS		234,000
METAL MINING - 0.40%
1,802		Cleveland-Cliffs, Inc		87,289
14,553	*	Coeur d'Alene Mines Corp		72,037
1,895		Foundation Coal Holdings, Inc		60,185
8,123		Freeport-McMoRan Copper & Gold, Inc (Class B)		452,695
5,707	*	Hecla Mining Co		43,716
18,996		Newmont Mining Corp		857,669
9,104		Phelps Dodge Corp		1,089,931
2,380	*	Rosetta Resources, Inc		44,435
1,026		Royal Gold, Inc		36,915
564		Southern Copper Corp		30,394
1,962	*	Stillwater Mining Co		24,505
		TOTAL METAL MINING		2,799,771
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.22%
1,085		Blyth, Inc		22,514
2,987		Callaway Golf Co		43,043
1,996		Daktronics, Inc		73,553
6,692		Fortune Brands, Inc		571,430

129

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
7,846		Hasbro, Inc	$	213,804
1,717	*	Jakks Pacific, Inc		37,499
1,666	*	K2, Inc		21,975
396		Marine Products Corp		4,649
16,998		Mattel, Inc		385,175
1,290		Nautilus, Inc		18,060
2,173	*	Progressive Gaming International Corp		19,709
953	*	RC2 Corp		41,932
395	*	Russ Berrie & Co, Inc		6,103
1,355	*	Shuffle Master, Inc		35,501
380	*	Steinway Musical Instruments, Inc		11,799
1,729		Yankee Candle Co, Inc		59,270
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,566,016
MISCELLANEOUS RETAIL - 1.21%
833	*	1-800-FLOWERS.COM, Inc (Class A)		5,131
409	*	AC Moore Arts & Crafts, Inc		8,863
14,061	*	Amazon.com, Inc		554,847
2,166		Barnes & Noble, Inc		86,012
17,876		Best Buy Co, Inc		879,320
844		Big 5 Sporting Goods Corp		20,610
507	*	Blue Nile, Inc		18,703
594		Books-A-Million, Inc		13,472
2,777		Borders Group, Inc		62,066
530	*	Build-A-Bear Workshop, Inc		14,851
1,324		Cash America International, Inc		62,096
2,131	*	CKX, Inc		24,997
2,484	*	Coldwater Creek, Inc		60,908
36,371		CVS Corp		1,124,228
845	*	dELiA*s, Inc		8,864
1,856	*	Dick's Sporting Goods, Inc		90,925
5,294	*	Dollar Tree Stores, Inc		159,349
2,404	*	Drugstore.com, Inc		8,799
1,497	*	Ezcorp, Inc (Class A)		24,326
1,644	*	GSI Commerce, Inc		30,825
1,901	*	Hibbett Sporting Goods, Inc		58,038
1,317		Longs Drug Stores Corp		55,814
1,675		MSC Industrial Direct Co (Class A)		65,576
1,331	*	Nutri/System, Inc		84,372
13,063	*	Office Depot, Inc		498,615
2,955		OfficeMax, Inc		146,716
568	*	Overstock.com, Inc		8,974
5,993		Petsmart, Inc		172,958
1,125	*	Priceline.com, Inc		49,061
22,239	*	Rite Aid Corp		120,980
3,896	*	Sears Holdings Corp		654,255
726	*	Stamps.com, Inc		11,435
32,744		Staples, Inc		874,265
1,770	*	Systemax, Inc		30,887
6,564		Tiffany & Co		257,571
1,263	*	Valuevision International, Inc (Class A)		16,596
45,323		Walgreen Co		2,079,872
1,046		World Fuel Services Corp		46,505
1,929	*	Zale Corp		54,417
530	*	Zumiez, Inc		15,656
		TOTAL MISCELLANEOUS RETAIL		8,561,755

130

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
MOTION PICTURES - 1.55%
2,099	*	Avid Technology, Inc	$	78,209
10,504	*	Blockbuster, Inc (Class A)		55,566
417		Carmike Cinemas, Inc		8,503
29,997		CBS Corp (Class B)		935,306
3,414	*	Denny's Corp		16,080
13,190	*	Discovery Holding Co (Class A)		212,227
1,858	*	DreamWorks Animation SKG, Inc (Class A)		54,792
655	*	Gaiam, Inc (Class A)		8,960
2,158	*	Macrovision Corp		60,985
103,101		News Corp (Class A)		2,214,609
2,626		Regal Entertainment Group (Class A)		55,986
6,110	*	Time Warner Telecom, Inc (Class A)		121,772
179,037		Time Warner, Inc		3,899,426
93,903		Walt Disney Co		3,218,063
		TOTAL MOTION PICTURES		10,940,484
NONDEPOSITORY INSTITUTIONS - 1.82%
938	*	Accredited Home Lenders Holding Co		25,589
2,821		Advance America Cash Advance Centers, Inc		41,328
811		Advanta Corp (Class B)		35,384
6,332		American Capital Strategies Ltd		292,918
48,563		American Express Co		2,946,317
5,283	*	AmeriCredit Corp		132,973
1,920		Ares Capital Corp		36,691
507		Asta Funding, Inc		15,433
18,178		Capital One Financial Corp		1,396,434
3,711		CapitalSource, Inc		101,347
2,162		CharterMac		46,418
9,116		CIT Group, Inc		508,399
931	*	CompuCredit Corp		37,063
27,455		Countrywide Financial Corp		1,165,465
394	*	Credit Acceptance Corp		13,132
3,470	*	Doral Financial Corp		9,959
43,539		Fannie Mae		2,585,781
346		Federal Agricultural Mortgage Corp (Class C)		9,387
977		Financial Federal Corp		28,734
1,280	*	First Cash Financial Services, Inc		33,114
1,899		First Marblehead Corp		103,780
31,112		Freddie Mac		2,112,505
3,816	*	INVESTools, Inc		52,623
2,597		MCG Capital Corp		52,771
596		Medallion Financial Corp		7,373
813	*	Nelnet, Inc (Class A)		22,244
619		NGP Capital Resources Co		10,368
1,848	*	Ocwen Financial Corp		29,309
940	*	Penson Worldwide, Inc		25,765
18,305		SLM Corp		892,735
159		Student Loan Corp		32,961
1,050		Technology Investment Capital Corp		16,947
417	*	United PanAm Financial Corp		5,738
1,037	*	World Acceptance Corp		48,687
		TOTAL NONDEPOSITORY INSTITUTIONS		12,875,672
NONMETALLIC MINERALS, EXCEPT FUELS - 0.08%
1,000		AMCOL International Corp		27,740
1,338		Compass Minerals International, Inc		42,227

131

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,991		Florida Rock Industries, Inc	$	85,713
4,472		Vulcan Materials Co		401,899
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		557,579
OIL AND GAS EXTRACTION - 1.69%
20,868		Anadarko Petroleum Corp		908,175
448	*	Arena Resources, Inc		19,134
831	*	Atlas America, Inc		42,356
934	*	ATP Oil & Gas Corp		36,958
1,410	*	Atwood Oceanics, Inc		69,048
7,077	*	Aurora Oil & Gas Corp		22,717
14,762		Baker Hughes, Inc		1,102,131
440	*	Basic Energy Services, Inc		10,846
1,314		Berry Petroleum Co (Class A)		40,747
1,186	*	Bill Barrett Corp		32,271
13,870		BJ Services Co		406,668
472	*	Bois d'Arc Energy, Inc		6,905
1,879	*	Brigham Exploration Co		13,735
1,340	*	Bronco Drilling Co, Inc		23,035
2,030		Cabot Oil & Gas Corp		123,120
850	*	Callon Petroleum Co		12,776
4,828	*	Cameron International Corp		256,125
718	*	Carrizo Oil & Gas, Inc		20,836
2,720	*	Cheniere Energy, Inc		78,526
17,879		Chesapeake Energy Corp		519,385
4,183		Cimarex Energy Co		152,680
220	*	Clayton Williams Energy, Inc		7,988
1,156	*	CNX Gas Corp		29,478
1,087	*	Complete Production Services, Inc		23,044
1,937	*	Comstock Resources, Inc		60,163
306	*	Dawson Geophysical Co		11,148
1,526		Delta & Pine Land Co		61,727
2,527	*	Delta Petroleum Corp		58,525
4,950	*	Denbury Resources, Inc		137,561
2,401		Diamond Offshore Drilling, Inc		191,936
706	*	Edge Petroleum Corp		12,877
2,285	*	Encore Acquisition Co		56,051
1,602	*	Energy Partners Ltd		39,121
6,765		ENSCO International, Inc		338,656
5,014		Equitable Resources, Inc		209,335
2,650	*	EXCO Resources, Inc		44,812
1,187	*	Exploration Co of Delaware, Inc		15,835
2,220	*	Forest Oil Corp		72,550
3,815	*	Gasco Energy, Inc		9,347
5,057	*	GeoGlobal Resources, Inc		39,697
4,298	*	Global Industries Ltd		56,046
932	*	GMX Resources, Inc		33,086
1,026	*	Goodrich Petroleum Corp		37,121
7,751	*	Grey Wolf, Inc		53,172
550	*	Gulfport Energy Corp		7,475
45,652		Halliburton Co		1,417,495
4,244	*	Hanover Compressor Co		80,169
2,309	*	Harvest Natural Resources, Inc		24,545
3,720	*	Helix Energy Solutions Group, Inc		116,696
4,360		Helmerich & Payne, Inc		106,689
1,625	*	Hercules Offshore, Inc		46,963
1,363	*	Houston Exploration Co		70,576

132

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
3,029	*	Mariner Energy, Inc	$	59,368
755	*	McMoRan Exploration Co		10,736
7,513	*	Meridian Resource Corp		23,215
1,860	*	Metretek Technologies, Inc		22,915
7,434	*	National Oilwell Varco, Inc		454,812
3,099	*	Newpark Resources, Inc		22,344
2,184	*	Oceaneering International, Inc		86,705
1,658	*	Parallel Petroleum Corp		29,131
4,931	*	Parker Drilling Co		40,286
7,602		Patterson-UTI Energy, Inc		176,594
272	v*	PetroCorp		0
5,951	*	PetroHawk Energy Corp		68,437
711	*	Petroleum Development Corp		30,609
2,175	*	Petroquest Energy, Inc		27,710
3,569	*	Pioneer Drilling Co		47,396
5,707		Pioneer Natural Resources Co		226,511
3,362	*	Plains Exploration & Production Co		159,796
2,809		Pogo Producing Co		136,068
6,724	*	Pride International, Inc		201,787
800	*	Quest Resource Corp		8,080
2,593	*	Quicksilver Resources, Inc		94,878
5,965		Range Resources Corp		163,799
4,573		Rowan Cos, Inc		151,824
1,731		RPC, Inc		29,219
1,054	*	SEACOR Holdings, Inc		104,494
7,674	*	Southwestern Energy Co		268,974
2,381		St. Mary Land & Exploration Co		87,716
1,169	*	Stone Energy Corp		41,359
1,424	*	Sulphco, Inc		6,721
3,783	*	Superior Energy Services		123,628
440	*	Superior Well Services, Inc		11,246
1,141	*	Swift Energy Co		51,128
2,688	*	Syntroleum Corp		9,300
3,175	*	Tetra Technologies, Inc		81,217
2,625		Tidewater, Inc		126,945
2,569	*	Todco		87,783
541	*	Toreador Resources Corp		13,942
5,579	*	Transmeridian Exploration, Inc		19,248
487	*	Trico Marine Services, Inc		18,657
700	*	Union Drilling, Inc		9,856
2,451	*	Unit Corp		118,751
2,372	*	Vaalco Energy, Inc		16,011
1,571	*	Veritas DGC, Inc		134,525
683		W&T Offshore, Inc		20,982
2,215	*	Warren Resources, Inc		25,960
1,773	*	W-H Energy Services, Inc		86,327
1,549	*	Whiting Petroleum Corp		72,183
16,034		XTO Energy, Inc		754,400
		TOTAL OIL AND GAS EXTRACTION		11,931,631
PAPER AND ALLIED PRODUCTS - 0.51%
5,090		Bemis Co		172,958
2,135		Bowater, Inc		48,038
1,509	*	Buckeye Technologies, Inc		18,078
1,364	*	Caraustar Industries, Inc		11,035
2,680	*	Cenveo, Inc		56,816
543		Chesapeake Corp		9,242

133

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,848		Glatfelter	$	28,644
3,362	*	Graphic Packaging Corp		14,557
689		Greif, Inc (Class A)		81,578
20,417		International Paper Co		696,253
20,826		Kimberly-Clark Corp		1,415,127
3,178		Longview Fibre Co		69,757
8,162		MeadWestvaco Corp		245,350
800	*	Mercer International, Inc		9,496
685		Neenah Paper, Inc		24,194
4,496		Packaging Corp of America		99,362
2,335	*	Playtex Products, Inc		33,601
1,322		Rock-Tenn Co (Class A)		35,839
644		Schweitzer-Mauduit International, Inc		16,776
10,583	*	Smurfit-Stone Container Corp		111,756
4,616		Sonoco Products Co		175,685
4,898		Temple-Inland, Inc		225,455
2,041		Wausau Paper Corp		30,595
		TOTAL PAPER AND ALLIED PRODUCTS		3,630,192
PERSONAL SERVICES - 0.15%
6,097		Cintas Corp		242,112
1,150	*	Coinstar, Inc		35,156
1,535		G & K Services, Inc (Class A)		59,696
14,371		H&R Block, Inc		331,108
1,660		Jackson Hewitt Tax Service, Inc		56,390
2,255		Regis Corp		89,163
3,596	*	Sally Beauty Holdings, Inc		28,049
12,285		Service Corp International		125,921
349		Unifirst Corp		13,405
1,929		Weight Watchers International, Inc		101,330
		TOTAL PERSONAL SERVICES		1,082,330
PETROLEUM AND COAL PRODUCTS - 6.23%
734		Alon USA Energy, Inc		19,312
15,097		Apache Corp		1,004,101
2,737		Ashland, Inc		189,346
99,611		Chevron Corp		7,324,397
74,020		ConocoPhillips		5,325,739
440		Delek US Holdings, Inc		7,212
19,542		Devon Energy Corp		1,310,877
790		ElkCorp		32,461
10,708		EOG Resources, Inc		668,715
271,828		Exxon Mobil Corp		20,830,180
4,716		Frontier Oil Corp		135,538
530	*	Giant Industries, Inc		39,724
2,266	*	Headwaters, Inc		54,293
10,899		Hess Corp		540,263
2,001		Holly Corp		102,851
16,284		Marathon Oil Corp		1,506,270
8,543		Murphy Oil Corp		434,412
5,665	*	Newfield Exploration Co		260,307
7,740		Noble Energy, Inc		379,802
38,474		Occidental Petroleum Corp		1,878,685
5,722		Sunoco, Inc		356,824
2,852		Tesoro Corp		187,576
27,685		Valero Energy Corp		1,416,365
756		WD-40 Co		26,362

134

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,158		Western Refining, Inc	$	29,483
		TOTAL PETROLEUM AND COAL PRODUCTS		44,061,095
PRIMARY METAL INDUSTRIES - 0.88%
5,807	*	AK Steel Holding Corp		98,138
39,322		Alcoa, Inc		1,180,053
4,380		Allegheny Technologies, Inc		397,178
1,885		Belden CDT, Inc		73,685
823	*	Brush Engineered Materials, Inc		27,793
1,059		Carpenter Technology Corp		108,569
1,052	*	Century Aluminum Co		46,972
2,480		Chaparral Steel Co		109,790
2,318	*	CommScope, Inc		70,653
70,147	*	Corning, Inc		1,312,450
1,324		Encore Wire Corp		29,141
2,228	*	General Cable Corp		97,386
1,035		Gibraltar Industries, Inc		24,333
2,600		Hubbell, Inc (Class B)		117,546
1,797	*	Lone Star Technologies, Inc		86,993
1,230		Matthews International Corp (Class A)		48,401
1,588		Mueller Industries, Inc		50,340
13,712		Nucor Corp		749,498
341		Olympic Steel, Inc		7,580
1,531	*	Oregon Steel Mills, Inc		95,550
5,949		Precision Castparts Corp		465,688
1,470		Quanex Corp		50,847
1,299	*	RTI International Metals, Inc		101,608
889		Schnitzer Steel Industries, Inc (Class A)		35,293
4,444		Steel Dynamics, Inc		144,208
416		Steel Technologies, Inc		7,301
833	*	Superior Essex, Inc		27,697
960		Texas Industries, Inc		61,661
3,684	*	Titanium Metals Corp		108,715
1,244		Tredegar Corp		28,127
5,546		United States Steel Corp		405,634
601	*	Wheeling-Pittsburgh Corp		11,257
2,853		Worthington Industries, Inc		50,555
		TOTAL PRIMARY METAL INDUSTRIES		6,230,640
PRINTING AND PUBLISHING - 0.64%
1,883	*	ACCO Brands Corp		49,843
2,454		American Greetings Corp (Class A)		58,577
1,124		Banta Corp		40,914
3,644		Belo (A.H.) Corp (Class A)		66,940
1,610		Bowne & Co, Inc		25,663
468	*	Consolidated Graphics, Inc		27,645
401		Courier Corp		15,627
347		CSS Industries, Inc		12,273
2,456		Dow Jones & Co, Inc		93,328
2,830	*	Dun & Bradstreet Corp		234,296
1,046		Ennis, Inc		25,585
3,941		EW Scripps Co (Class A)		196,814
10,892		Gannett Co, Inc		658,530
1,340		GateHouse Media, Inc		24,870
3,146		Harte-Hanks, Inc		87,176
1,187		John H Harland Co		59,587
2,248		John Wiley & Sons, Inc (Class A)		86,481

135

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,810		Journal Communications, Inc (Class A)	$	22,824
1,302		Journal Register Co		9,505
1,820		Lee Enterprises, Inc		56,529
867		Martha Stewart Living Omnimedia, Inc (Class A)		18,987
2,544		McClatchy Co (Class A)		110,155
16,152		McGraw-Hill Cos, Inc		1,098,659
823		Media General, Inc (Class A)		30,591
1,705		Meredith Corp		96,077
5,552		New York Times Co (Class A)		135,247
975	*	Playboy Enterprises, Inc (Class B)		11,174
1,422	*	Presstek, Inc		9,044
5,941	*	Primedia, Inc		10,040
2,833		R.H. Donnelley Corp		177,714
9,489		R.R. Donnelley & Sons Co		337,239
4,012		Reader's Digest Association, Inc		67,000
630		Schawk, Inc		12,310
1,345	*	Scholastic Corp		48,205
760		Standard Register Co		9,120
3,143	*	Sun-Times Media Group, Inc (Class A)		15,432
8,384		Tribune Co		258,060
2,239	*	Valassis Communications, Inc		32,466
272		Washington Post Co (Class B)		202,803
		TOTAL PRINTING AND PUBLISHING		4,533,330
RAILROAD TRANSPORTATION - 0.59%
16,532		Burlington Northern Santa Fe Corp		1,220,227
19,346		CSX Corp		666,083
1,483		Florida East Coast Industries		88,387
1,632	*	Genesee & Wyoming, Inc (Class A)		42,824
3,918	*	Kansas City Southern Industries, Inc		113,544
18,347		Norfolk Southern Corp		922,671
12,267		Union Pacific Corp		1,128,809
		TOTAL RAILROAD TRANSPORTATION		4,182,545
REAL ESTATE - 0.12%
297		California Coastal Communities, Inc		6,371
8,403	*	CB Richard Ellis Group, Inc (Class A)		278,980
255		Consolidated-Tomoka Land Co		18,462
3,162		Forest City Enterprises, Inc (Class A)		184,661
2,200	*	Housevalues, Inc		12,386
1,487		Jones Lang LaSalle, Inc		137,057
254		Orleans Homebuilders, Inc		4,775
3,154		St. Joe Co		168,960
4,149		Stewart Enterprises, Inc (Class A)		25,931
		TOTAL REAL ESTATE		837,583
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.17%
299	*	AEP Industries, Inc		15,940
2,282		Cooper Tire & Rubber Co		32,633
387	*	Deckers Outdoor Corp		23,201
8,746	*	Goodyear Tire & Rubber Co		183,579
2,011	*	Jarden Corp		69,963
11,881		Newell Rubbermaid, Inc		343,955
439		PW Eagle, Inc		15,146
1,206		Schulman (A.), Inc		26,834
3,452		Sealed Air Corp		224,104
618	*	Skechers U.S.A., Inc (Class A)		20,586

136

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,940		Spartech Corp	$	50,867
488		Titan International, Inc		9,833
479	*	Trex Co, Inc		10,964
3,355		Tupperware Corp		75,857
1,354		West Pharmaceutical Services, Inc		69,365
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,172,827
SECURITY AND COMMODITY BROKERS - 3.15%
3,493		A.G. Edwards, Inc		221,072
9,790		Ameriprise Financial, Inc		533,555
5,339		Bear Stearns Cos, Inc		869,082
990		BlackRock, Inc		150,381
1,050		Calamos Asset Management, Inc (Class A)		28,172
2,397	*	Cbot Holdings, Inc (Class A)		363,074
46,185		Charles Schwab Corp		893,237
1,543		Chicago Mercantile Exchange Holdings, Inc		786,544
551		Cohen & Steers, Inc		22,134
18,332	*	E*Trade Financial Corp		411,003
5,400		Eaton Vance Corp		178,254
4,508		Federated Investors, Inc (Class B)		152,280
7,720		Franklin Resources, Inc		850,512
290		GAMCO Investors, Inc (Class A)		11,153
491	*	GFI Group, Inc		30,570
17,124		Goldman Sachs Group, Inc		3,413,669
731		Greenhill & Co, Inc		53,948
2,090	*	IntercontinentalExchange, Inc		225,511
1,586		International Securities Exchange, Inc		74,209
1,798	*	Investment Technology Group, Inc		77,098
8,632		Janus Capital Group, Inc		186,365
4,925		Jefferies Group, Inc		132,089
4,728	*	Knight Capital Group, Inc (Class A)		90,636
2,582	*	LaBranche & Co, Inc		25,381
5,760		Legg Mason, Inc		547,488
24,027		Lehman Brothers Holdings, Inc		1,876,989
824	*	MarketAxess Holdings, Inc		11,182
41,401		Merrill Lynch & Co, Inc		3,854,433
48,126		Morgan Stanley		3,918,900
589	*	Morningstar, Inc		26,534
3,918	*	Nasdaq Stock Market, Inc		120,635
3,768		Nuveen Investments, Inc (Class A)		195,484
270	*	Nymex Holdings, Inc		33,483
7,017	*	NYSE Group, Inc		682,052
671		optionsXpress Holdings, Inc		15,225
904	*	Piper Jaffray Cos		58,896
4,364		Raymond James Financial, Inc		132,273
446		Sanders Morris Harris Group, Inc		5,695
2,712		SEI Investments Co		161,527
494	*	Stifel Financial Corp		19,380
537		SWS Group, Inc		19,171
11,950		T Rowe Price Group, Inc		523,052
13,161		TD Ameritrade Holding Corp		212,945
39		Value Line, Inc		1,773
3,524		Waddell & Reed Financial, Inc (Class A)		96,417
		TOTAL SECURITY AND COMMODITY BROKERS		22,293,463
SOCIAL SERVICES - 0.01%
1,428	*	Bright Horizons Family Solutions, Inc		55,206

137

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
900	*	Capital Senior Living Corp	$	9,576
350	*	Providence Service Corp		8,796
1,454	*	Res-Care, Inc		26,390
		TOTAL SOCIAL SERVICES		99,968
SPECIAL TRADE CONTRACTORS - 0.05%
136		Alico, Inc		6,886
1,090		Chemed Corp		40,308
1,912		Comfort Systems USA, Inc		24,168
1,924	*	Dycom Industries, Inc		40,635
1,394	*	EMCOR Group, Inc		79,249
1,130	*	Insituform Technologies, Inc (Class A)		29,222
636	*	Integrated Electrical Services, Inc		11,314
543	*	Layne Christensen Co		17,827
4,630	*	Quanta Services, Inc		91,072
		TOTAL SPECIAL TRADE CONTRACTORS		340,681
STONE, CLAY, AND GLASS PRODUCTS - 0.08%
1,309		Apogee Enterprises, Inc		25,277
940	*	Cabot Microelectronics Corp		31,937
899		CARBO Ceramics, Inc		33,596
2,106		Eagle Materials, Inc		91,042
6,410		Gentex Corp		99,740
6,374	*	Owens-Illinois, Inc		117,600
1,387	*	US Concrete, Inc		9,875
3,222	*	USG Corp		176,566
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		585,633
TEXTILE MILL PRODUCTS - 0.01%
678		Oxford Industries, Inc		33,663
517		Xerium Technologies, Inc		5,061
		TOTAL TEXTILE MILL PRODUCTS		38,724
TOBACCO PRODUCTS - 1.32%
93,868		Altria Group, Inc		8,055,752
4,178		Loews Corp (Carolina Group)		270,400
7,954		Reynolds American, Inc		520,748
1,216		Universal Corp		59,596
7,112		UST, Inc		413,918
1,854		Vector Group Ltd		32,909
		TOTAL TOBACCO PRODUCTS		9,353,323
TRANSPORTATION BY AIR - 0.48%
2,186	*	ABX Air, Inc		15,149
437	*	Air Methods Corp		12,201
3,537	*	Airtran Holdings, Inc		41,524
1,658	*	Alaska Air Group, Inc		65,491
9,465	*	AMR Corp		286,127
832	*	Atlas Air Worldwide Holdings, Inc		37,024
881	*	Bristow Group, Inc		31,795
4,343	*	Continental Airlines, Inc (Class B)		179,149
1,610	*	EGL, Inc		47,946
3,462	*	ExpressJet Holdings, Inc		28,042
13,733		FedEx Corp		1,491,786
1,444	*	Frontier Airlines Holdings, Inc		10,686
7,198	*	JetBlue Airways Corp		102,212
1,553	*	Mesa Air Group, Inc		13,309

138

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
569	*	PHI, Inc	$	18,623
2,023	*	Republic Airways Holdings, Inc		33,946
2,495		Skywest, Inc		63,647
35,589		Southwest Airlines Co		545,223
5,268	*	UAL Corp		231,792
2,527	*	US Airways Group, Inc		136,079
		TOTAL TRANSPORTATION BY AIR		3,391,751
TRANSPORTATION EQUIPMENT - 2.54%
853		A.O. Smith Corp		32,039
1,823	*	AAR Corp		53,213
1,400	*	Accuride Corp		15,764
1,251	*	Aftermarket Technology Corp		26,621
2,166		American Axle & Manufacturing Holdings, Inc		41,132
440		American Railcar Industries, Inc		14,978
683		Arctic Cat, Inc		12,014
2,809		ArvinMeritor, Inc		51,208
3,475		Autoliv, Inc		209,543
3,859	*	BE Aerospace, Inc		99,099
35,754		Boeing Co		3,176,385
4,049		Brunswick Corp		129,163
2,808		Clarcor, Inc		94,938
606	*	Comtech Group, Inc		11,023
2,052		Federal Signal Corp		32,914
3,267	*	Fleetwood Enterprises, Inc		25,842
79,960	*	Ford Motor Co		600,507
572		Freightcar America, Inc		31,717
1,567	*	Fuel Systems Solutions, Inc		34,599
3,162	*	GenCorp, Inc		44,331
17,796		General Dynamics Corp		1,323,133
20,624		General Motors Corp		633,569
426	*	GenTek, Inc		14,735
8,104		Genuine Parts Co		384,373
5,449		Goodrich Corp		248,202
560		Greenbrier Cos, Inc		16,800
1,019		Group 1 Automotive, Inc		52,703
11,956		Harley-Davidson, Inc		842,539
2,076		Harsco Corp		157,984
755		Heico Corp		29,317
8,456		ITT Industries, Inc		480,470
1,050	*	K&F Industries Holdings, Inc		23,846
930		Kaman Corp		20,823
16,161		Lockheed Martin Corp		1,487,943
385	*	Miller Industries, Inc		9,240
1,116		Monaco Coach Corp		15,803
2,560	*	Navistar International Corp		85,581
522		Noble International Ltd		10,466
15,633		Northrop Grumman Corp		1,058,354
2,650	*	Orbital Sciences Corp		48,866
3,104		Oshkosh Truck Corp		150,296
11,079		Paccar, Inc		719,027
6,277	*	Pactiv Corp		224,026
1,859		Polaris Industries, Inc		87,057
19,849		Raytheon Co		1,048,027
317	*	Sequa Corp (Class A)		36,474
3,000	*	Spirit Aerosystems Holdings, Inc (Class A)		100,410
955		Superior Industries International, Inc		18,403

139

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
2,104	*	Tenneco, Inc	$	52,011
5,709		Textron, Inc		535,333
1,473		Thor Industries, Inc		64,797
1,395	*	TransDigm Group, Inc		36,981
3,275		Trinity Industries, Inc		115,280
837		Triumph Group, Inc		43,884
1,973	*	TRW Automotive Holdings Corp		51,042
45,351		United Technologies Corp		2,835,345
6,104	*	Visteon Corp		51,762
1,163		Wabash National Corp		17,561
2,024		Westinghouse Air Brake Technologies Corp		61,489
1,627		Winnebago Industries, Inc		53,545
		TOTAL TRANSPORTATION EQUIPMENT		17,984,527
TRANSPORTATION SERVICES - 0.19%
857		Ambassadors Group, Inc		26,010
287		Ambassadors International, Inc		13,093
7,670		CH Robinson Worldwide, Inc		313,626
448	*	Dynamex, Inc		10,465
9,590		Expeditors International Washington, Inc		388,395
1,864		GATX Corp		80,767
4,480	*	Hertz Global Holdings, Inc		77,907
1,496	*	HUB Group, Inc (Class A)		41,215
3,690	*	Lear Corp		108,966
1,558		Pacer International, Inc		46,382
1,597	*	RailAmerica, Inc		25,680
5,609		Sabre Holdings Corp (Class A)		178,903
		TOTAL TRANSPORTATION SERVICES		1,311,409
TRUCKING AND WAREHOUSING - 0.41%
1,183		Arkansas Best Corp		42,588
956	*	Celadon Group, Inc		16,013
2,097		Con-way, Inc		92,352
1,489		Forward Air Corp		43,077
2,486		Heartland Express, Inc		37,340
4,746		J.B. Hunt Transport Services, Inc		98,574
2,528		Landstar System, Inc		96,519
483	*	Marten Transport Ltd		8,853
1,568	*	Old Dominion Freight Line		37,742
181	*	P.A.M. Transportation Services, Inc		3,986
1,300	*	Quality Distribution, Inc		17,316
725	*	Saia, Inc		16,827
2,290	*	SIRVA, Inc		7,969
2,212	*	Swift Transportation Co, Inc		58,109
947	*	U.S. Xpress Enterprises, Inc (Class A)		15,597
29,056		United Parcel Service, Inc (Class B)		2,178,619
243	*	Universal Truckload Services, Inc		5,771
620	*	USA Truck, Inc		9,951
2,025		Werner Enterprises, Inc		35,397
2,784	*	YRC Worldwide, Inc		105,040
		TOTAL TRUCKING AND WAREHOUSING		2,927,640
WATER TRANSPORTATION - 0.06%
1,934		Alexander & Baldwin, Inc		85,754
1,282	*	American Commercial Lines, Inc		83,984
684	*	Gulfmark Offshore, Inc		25,588
1,400		Horizon Lines, Inc (Class A)		37,744

140

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
1,460	*	Hornbeck Offshore Services, Inc	$	52,122
2,178	*	Kirby Corp		74,335
1,293		Overseas Shipholding Group, Inc		72,796
		TOTAL WATER TRANSPORTATION		432,323
WHOLESALE TRADE-DURABLE GOODS - 0.36%
3,836		Adesa, Inc		106,449
1,200		Agilysys, Inc		20,088
1,776		Applied Industrial Technologies, Inc		46,727
5,073	*	Arrow Electronics, Inc		160,053
1,565		Barnes Group, Inc		34,039
1,810	*	Beacon Roofing Supply, Inc		34,064
501		BlueLinx Holdings, Inc		5,210
2,810		BorgWarner, Inc		165,846
1,324		Building Material Holding Corp		32,690
590		Castle (A.M.) & Co		15,016
931	*	Conceptus, Inc		19,821
4,781	*	Cytyc Corp		135,302
984	*	Digi International, Inc		13,569
1,178	*	Drew Industries, Inc		30,640
1,731	*	Genesis Microchip, Inc		17,552
1,040	*	Houston Wire & Cable Co		21,736
4,695		IKON Office Solutions, Inc		76,857
6,456	*	Ingram Micro, Inc (Class A)		131,767
1,949	*	Insight Enterprises, Inc		36,778
1,134	*	Interline Brands, Inc		25,481
655	*	Keystone Automotive Industries, Inc		22,263
2,457		Knight Transportation, Inc		41,892
177		Lawson Products, Inc		8,123
1,867	*	LKQ Corp		42,922
1,952		Martin Marietta Materials, Inc		202,832
1,033	*	Merge Technologies, Inc		6,776
440	*	MWI Veterinary Supply, Inc		14,212
1,638		Owens & Minor, Inc		51,220
6,240	*	Patterson Cos, Inc		221,582
1,947		PEP Boys-Manny Moe & Jack		28,932
2,701		Pool Corp		105,798
2,786	*	PSS World Medical, Inc		54,411
2,704		Reliance Steel & Aluminum Co		106,484
1,300		Ryerson Tull, Inc		32,617
2,647	*	Tech Data Corp		100,242
1,838	*	Tyler Technologies, Inc		25,842
3,573		W.W. Grainger, Inc		249,896
2,007	*	WESCO International, Inc		118,032
304	*	West Marine, Inc		5,250
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,569,011
WHOLESALE TRADE-NONDURABLE GOODS - 0.82%
2,813		Airgas, Inc		113,983
1,844	*	Akorn, Inc		11,525
3,159	*	Alliance One International, Inc		22,303
1,944	*	Allscripts Healthcare Solutions, Inc		52,469
514		Andersons, Inc		21,788
830	*	Bare Escentuals, Inc		25,788
2,755		Brown-Forman Corp (Class B)		182,491
18,923		Cardinal Health, Inc		1,219,273
1,536	*	Central European Distribution Corp		45,619

141

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund
SHARES		COMPANY		VALUE
411	*	Core-Mark Holding Co, Inc	$	13,748
6,196	*	Dean Foods Co		261,967
6,425	*	Endo Pharmaceuticals Holdings, Inc		177,202
164	*	Green Mountain Coffee Roasters, Inc		8,074
1,915	*	Hain Celestial Group, Inc		59,767
4,038	*	Henry Schein, Inc		197,781
6,332	*	Idearc, Inc		181,412
369		Kenneth Cole Productions, Inc (Class A)		8,852
1,029		K-Swiss, Inc (Class A)		31,631
136	*	Maui Land & Pineapple Co, Inc		4,613
2,393		Men's Wearhouse, Inc		91,556
1,155		Myers Industries, Inc		18,087
485		Nash Finch Co		13,241
8,334		Nike, Inc (Class B)		825,316
2,249		Nu Skin Enterprises, Inc (Class A)		40,999
650	*	Nuco2, Inc		15,984
215	*	Perry Ellis International, Inc		8,815
20,238		Safeway, Inc		699,425
1,103	*	School Specialty, Inc		41,351
597	*	Smart & Final, Inc		11,283
983	*	Source Interlink Cos, Inc		8,021
786		Spartan Stores, Inc		16,451
1,605		Stride Rite Corp		24,203
28,200		Sysco Corp		1,036,593
5,477	*	Terra Industries, Inc		65,614
1,489	*	Tractor Supply Co		66,573
1,745	*	United Natural Foods, Inc		62,680
1,425	*	United Stationers, Inc		66,533
356		Valhi, Inc		9,249
1,120	*	Volcom, Inc		33,118
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,795,378
		TOTAL COMMON STOCKS		707,652,108
		(Cost $504,694,181)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.93%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.93%
$     6,580,000		Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		6,576,454
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		6,576,454
		TOTAL SHORT-TERM INVESTMENTS		6,576,454
		(Cost $6,579,123)
		TOTAL PORTFOLIO - 101.05%		714,228,562
		(Cost $511,273,304)
		OTHER ASSETS & LIABILITIES, NET - (1.05)%		(7,451,999	)
		NET ASSETS - 100.00%	$	706,776,563

142

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Equity Index Fund

*	Non-income producing
**	Percentage is less than .01%
d	All or a portion of these securities have been segregated by the custodian to cover margin or other
	requirements on open futures contracts in the amount of $245,586.
v	Security valued at fair value

	ACQUISITION	ACQUISITION
SECURITY	DATE	COST	VALUE
Maguire Properties, Inc	6/25/2004	$44,647	$69,600

143

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, 2006

SHARES		COMPANY		VALUE
COMMON STOCKS - 99.46%
AMUSEMENT AND RECREATION SERVICES - 0.11%
13,125		Harrah's Entertainment, Inc	$	1,085,700
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,085,700
APPAREL AND ACCESSORY STORES - 0.41%
37,737		Gap, Inc		735,872
24,115	*	Kohl's Corp		1,650,189
24,470		Limited Brands, Inc		708,162
16,213		Nordstrom, Inc		799,949
		TOTAL APPAREL AND ACCESSORY STORES		3,894,172
APPAREL AND OTHER TEXTILE PRODUCTS - 0.12%
8,603		Jones Apparel Group, Inc		287,598
7,426		Liz Claiborne, Inc		322,734
6,673		VF Corp		547,720
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,158,052
AUTO REPAIR, SERVICES AND PARKING - 0.03%
5,110		Ryder System, Inc		260,917
		TOTAL AUTO REPAIR, SERVICES AND PARKING		260,917
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
12,820	*	Autonation, Inc		273,322
3,668	*	Autozone, Inc		423,874
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		697,196
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.05%
150,349		Home Depot, Inc		6,038,016
112,118		Lowe's Cos, Inc		3,492,476
7,785		Sherwin-Williams Co		494,970
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		10,025,462
BUSINESS SERVICES - 6.24%
41,763	*	Adobe Systems, Inc		1,717,295
8,392	*	Affiliated Computer Services, Inc (Class A)		409,865
16,534	*	Autodesk, Inc		668,966
40,099		Automatic Data Processing, Inc		1,974,876
14,494	*	BMC Software, Inc		466,707
31,368		CA, Inc		710,485
13,121	*	Citrix Systems, Inc		354,923
10,300	*	Cognizant Technology Solutions Corp (Class A)		794,748
12,206	*	Computer Sciences Corp		651,434
26,698	*	Compuware Corp		222,394
9,706	*	Convergys Corp		230,809
86,483	*	eBay, Inc		2,600,544

144

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
23,009	*	Electronic Arts, Inc	$	1,158,733
38,050		Electronic Data Systems Corp		1,048,278
8,805		Equifax, Inc		357,483
12,800		Fidelity National Information Services, Inc		513,152
57,023		First Data Corp		1,455,227
12,574	*	Fiserv, Inc		659,129
15,666	*	Google, Inc (Class A)		7,213,880
14,317		IMS Health, Inc		393,431
30,101	*	Interpublic Group of Cos, Inc		368,436
26,464	*	Intuit, Inc		807,417
40,623	*	Juniper Networks, Inc		769,400
633,158		Microsoft Corp		18,906,098
9,992	*	Monster Worldwide, Inc		466,027
12,684	*	NCR Corp		542,368
23,050	*	Novell, Inc		142,910
12,832		Omnicom Group, Inc		1,341,457
292,237	*	Oracle Corp		5,008,942
11,985		Robert Half International, Inc		444,883
262,092	*	Sun Microsystems, Inc		1,420,539
68,815	*	Symantec Corp		1,434,793
23,243	*	Unisys Corp		182,225
17,692	*	VeriSign, Inc		425,493
40,161		Waste Management, Inc		1,476,720
89,940	*	Yahoo!, Inc		2,297,068
		TOTAL BUSINESS SERVICES		59,637,135
CHEMICALS AND ALLIED PRODUCTS - 9.28%
111,234		Abbott Laboratories		5,418,208
15,753		Air Products & Chemicals, Inc		1,107,121
85,237	*	Amgen, Inc		5,822,539
6,774		Avery Dennison Corp		460,158
31,736		Avon Products, Inc		1,048,557
7,537	*	Barr Pharmaceuticals, Inc		377,754
25,779	*	Biogen Idec, Inc		1,268,069
144,169		Bristol-Myers Squibb Co		3,794,528
10,864		Clorox Co		696,926
38,405		Colgate-Palmolive Co		2,505,542
70,923		Dow Chemical Co		2,832,665
67,173		Du Pont (E.I.) de Nemours & Co		3,271,997
6,416		Eastman Chemical Co		380,533
12,950		Ecolab, Inc		585,340
71,665		Eli Lilly & Co		3,733,747
9,127		Estee Lauder Cos (Class A)		372,564
24,036	*	Forest Laboratories, Inc		1,216,222
19,592	*	Genzyme Corp		1,206,475
33,072	*	Gilead Sciences, Inc		2,147,365
7,858	*	Hercules, Inc		151,738
11,176	*	Hospira, Inc		375,290
6,923		International Flavors & Fragrances, Inc		340,335
16,691	*	King Pharmaceuticals, Inc		265,721
17,803	*	Medimmune, Inc		576,283
158,491		Merck & Co, Inc		6,910,208
39,517		Monsanto Co		2,075,828
14,476		Mylan Laboratories, Inc		288,941

145

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
531,047		Pfizer, Inc	$	13,754,117
11,728		PPG Industries, Inc		753,055
24,021		Praxair, Inc		1,425,166
231,214		Procter & Gamble Co		14,860,124
9,972		Rohm & Haas Co		509,769
107,948		Schering-Plough Corp		2,551,891
5,000		Sigma-Aldrich Corp		388,600
6,903	*	Watson Pharmaceuticals, Inc		179,685
98,037		Wyeth		4,992,044
		TOTAL CHEMICALS AND ALLIED PRODUCTS		88,645,105
COAL MINING - 0.13%
13,235		Consol Energy, Inc		425,241
19,900		Peabody Energy Corp		804,159
		TOTAL COAL MINING		1,229,400
COMMUNICATIONS - 4.78%
28,762		Alltel Corp		1,739,526
282,130		AT&T, Inc		10,086,148
32,508	*	Avaya, Inc		454,462
132,926		BellSouth Corp		6,262,144
9,191		CenturyTel, Inc		401,279
22,370		Citizens Communications Co		321,457
37,081		Clear Channel Communications, Inc		1,317,859
151,554	*	Comcast Corp (Class A)		6,415,281
53,000	*	DIRECTV Group, Inc		1,321,820
10,811		Embarq Corp		568,226
15,000	*	IAC/InterActiveCorp		557,400
118,237	*	Qwest Communications International, Inc		989,644
213,024		Sprint Nextel Corp		4,024,023
17,766	*	Univision Communications, Inc (Class A)		629,272
213,734		Verizon Communications, Inc		7,959,454
51,691	*	Viacom, Inc (Class B)		2,120,882
33,703		Windstream Corp		479,257
		TOTAL COMMUNICATIONS		45,648,134
DEPOSITORY INSTITUTIONS - 10.44%
329,647		Bank of America Corp		17,599,853
55,647		Bank of New York Co, Inc		2,190,822
40,209		BB&T Corp		1,766,381
360,032		Citigroup, Inc		20,053,782
12,104		Comerica, Inc		710,263
13,235		Commerce Bancorp, Inc		466,798
9,118		Compass Bancshares, Inc		543,889
40,764		Fifth Third Bancorp		1,668,471
8,823		First Horizon National Corp		368,625
17,297		Huntington Bancshares, Inc		410,804
252,866		JPMorgan Chase & Co		12,213,428
30,592		Keycorp		1,163,414
6,106		M&T Bank Corp		745,909
18,786		Marshall & Ilsley Corp		903,794
30,650		Mellon Financial Corp		1,291,898
44,826		National City Corp		1,638,839
13,253		Northern Trust Corp		804,325

146

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
21,817		PNC Financial Services Group, Inc	$	1,615,331
53,063		Regions Financial Corp		1,984,556
25,872		Sovereign Bancorp, Inc		656,890
23,427		State Street Corp		1,579,917
26,423		SunTrust Banks, Inc		2,231,422
22,949		Synovus Financial Corp		707,518
129,427		US Bancorp		4,683,963
139,461		Wachovia Corp		7,942,304
71,078		Washington Mutual, Inc		3,233,338
245,217		Wells Fargo & Co		8,719,917
57,423		Western Union Co		1,287,424
7,619		Zions Bancorporation		628,110
		TOTAL DEPOSITORY INSTITUTIONS		99,811,985
EATING AND DRINKING PLACES - 0.81%
11,369		Darden Restaurants, Inc		456,693
89,127		McDonald's Corp		3,951,000
55,055	*	Starbucks Corp		1,950,048
8,327		Wendy's International, Inc		275,540
19,227		Yum! Brands, Inc		1,130,548
		TOTAL EATING AND DRINKING PLACES		7,763,829
EDUCATIONAL SERVICES - 0.05%
11,780	*	Apollo Group, Inc (Class A)		459,067
		TOTAL EDUCATIONAL SERVICES		459,067
ELECTRIC, GAS, AND SANITARY SERVICES - 3.77%
49,927	*	AES Corp		1,100,391
12,546	*	Allegheny Energy, Inc		575,987
18,713	*	Allied Waste Industries, Inc		229,983
15,533		Ameren Corp		834,588
27,912		American Electric Power Co, Inc		1,188,493
21,378		Centerpoint Energy, Inc		354,447
15,165	*	CMS Energy Corp		253,256
19,192		Consolidated Edison, Inc		922,559
12,700		Constellation Energy Group, Inc		874,649
26,395		Dominion Resources, Inc		2,212,957
13,501		DTE Energy Co		653,583
91,330		Duke Energy Corp		3,033,069
32,958	*	Dynegy, Inc (Class A)		238,616
23,096		Edison International		1,050,406
49,290		El Paso Corp		753,151
15,579		Entergy Corp		1,438,253
48,715		Exelon Corp		3,014,971
24,462		FirstEnergy Corp		1,475,059
28,684		FPL Group, Inc		1,560,983
13,437		KeySpan Corp		553,336
8,228		Kinder Morgan, Inc		870,111
3,070		Nicor, Inc		143,676
19,439		NiSource, Inc		468,480
2,638		Peoples Energy Corp		117,576
24,686		PG&E Corp		1,168,388
7,362		Pinnacle West Capital Corp		373,180
27,039		PPL Corp		969,078

147

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
19,441		Progress Energy, Inc	$	954,164
17,858		Public Service Enterprise Group, Inc		1,185,414
5,700		Questar Corp		473,385
19,590		Sempra Energy		1,097,824
53,848		Southern Co		1,984,837
14,439		TECO Energy, Inc		248,784
33,610		TXU Corp		1,821,998
43,433		Williams Cos, Inc		1,134,470
28,795		Xcel Energy, Inc		664,013
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		35,994,115
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.92%
8,196	*	ADC Telecommunications, Inc		119,088
40,439	*	Advanced Micro Devices, Inc		822,934
28,097	*	Altera Corp		552,949
13,199		American Power Conversion Corp		403,757
24,889		Analog Devices, Inc		818,101
61,961	*	Apple Computer, Inc		5,256,771
35,480	*	Broadcom Corp (Class A)		1,146,359
6,658	*	Ciena Corp		184,493
444,618	*	Cisco Systems, Inc		12,151,410
13,901	*	Comverse Technology, Inc		293,450
6,480		Cooper Industries Ltd (Class A)		585,986
59,300		Emerson Electric Co		2,614,537
4,724		Harman International Industries, Inc		471,975
59,639		Honeywell International, Inc		2,698,068
420,127		Intel Corp		8,507,572
15,704	*	JDS Uniphase Corp		261,629
8,667		L-3 Communications Holdings, Inc		708,787
21,155		Linear Technology Corp		641,420
34,144	*	LSI Logic Corp		307,296
22,752		Maxim Integrated Products, Inc		696,666
51,817	*	Micron Technology, Inc		723,365
9,993		Molex, Inc		316,079
178,640		Motorola, Inc		3,672,838
21,222		National Semiconductor Corp		481,739
28,182	*	Network Appliance, Inc		1,106,989
8,732	*	Novellus Systems, Inc		300,555
26,129	*	Nvidia Corp		967,034
15,863	*	PMC - Sierra, Inc		106,441
10,880	*	QLogic Corp		238,490
120,375		Qualcomm, Inc		4,548,971
9,366		RadioShack Corp		157,161
38,877	*	Sanmina-SCI Corp		134,126
31,662	*	Tellabs, Inc		324,852
111,669		Texas Instruments, Inc		3,216,067
5,497		Whirlpool Corp		456,361
23,873		Xilinx, Inc		568,416
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		56,562,732
ENGINEERING AND MANAGEMENT SERVICES - 0.50%
27,439	*	Celgene Corp		1,578,566
6,131		Fluor Corp		500,596
17,049		Moody's Corp		1,177,404

148

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
23,997		Paychex, Inc	$	948,841
11,737		Quest Diagnostics, Inc		622,061
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,827,468
FABRICATED METAL PRODUCTS - 0.20%
7,169		Ball Corp		312,568
31,260		Illinois Tool Works, Inc		1,443,899
4,026		Snap-On, Inc		191,799
		TOTAL FABRICATED METAL PRODUCTS		1,948,266
FOOD AND KINDRED PRODUCTS - 3.01%
55,964		Anheuser-Busch Cos, Inc		2,753,429
48,550		Archer Daniels Midland Co		1,551,658
16,323		Campbell Soup Co		634,801
148,384		Coca-Cola Co		7,159,528
19,751		Coca-Cola Enterprises, Inc		403,315
38,801		ConAgra Foods, Inc		1,047,627
14,990	*	Constellation Brands, Inc (Class A)		435,010
26,290		General Mills, Inc		1,514,304
24,337		H.J. Heinz Co		1,095,408
13,235		Hershey Co		659,103
19,257		Kellogg Co		964,005
11,257		McCormick & Co, Inc		434,070
3,392		Molson Coors Brewing Co (Class B)		259,284
9,908		Pepsi Bottling Group, Inc		306,256
120,018		PepsiCo, Inc		7,507,126
57,872		Sara Lee Corp		985,560
17,371		Tyson Foods, Inc (Class A)		285,753
15,459		Wrigley (Wm.) Jr Co		799,539
		TOTAL FOOD AND KINDRED PRODUCTS		28,795,776
FOOD STORES - 0.24%
54,520		Kroger Co		1,257,776
15,000		Supervalu, Inc		536,250
10,073		Whole Foods Market, Inc		472,726
		TOTAL FOOD STORES		2,266,752
FORESTRY - 0.13%
17,417		Weyerhaeuser Co		1,230,511
		TOTAL FORESTRY		1,230,511
FURNITURE AND FIXTURES - 0.24%
13,832		Johnson Controls, Inc		1,188,445
12,573		Leggett & Platt, Inc		300,495
28,271		Masco Corp		844,455
		TOTAL FURNITURE AND FIXTURES		2,333,395
FURNITURE AND HOMEFURNISHINGS STORES - 0.10%
20,045	*	Bed Bath & Beyond, Inc		763,715
10,303		Circuit City Stores, Inc		195,551
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		959,266
GENERAL BUILDING CONTRACTORS - 0.24%
8,566		Centex Corp		482,009

149

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
19,806		DR Horton, Inc	$	524,661
5,800		KB Home		297,424
9,531		Lennar Corp (Class A)		499,996
16,148		Pulte Homes, Inc		534,822
		TOTAL GENERAL BUILDING CONTRACTORS		2,338,912
GENERAL MERCHANDISE STORES - 1.92%
8,015	*	Big Lots, Inc		183,704
33,758		Costco Wholesale Corp		1,784,785
4,283		Dillard's, Inc (Class A)		149,777
25,979		Dollar General Corp		417,223
10,753		Family Dollar Stores, Inc		315,385
38,787		Federated Department Stores, Inc		1,478,948
16,259		JC Penney Co, Inc		1,257,796
62,541		Target Corp		3,567,964
33,188		TJX Cos, Inc		946,522
179,120		Wal-Mart Stores, Inc		8,271,762
		TOTAL GENERAL MERCHANDISE STORES		18,373,866
HEALTH SERVICES - 1.28%
14,963		AmerisourceBergen Corp		672,736
31,609		Caremark Rx, Inc		1,805,190
7,440		Cigna Corp		978,881
12,649	*	Coventry Health Care, Inc		633,082
10,037	*	Express Scripts, Inc		718,649
18,878		Health Management Associates, Inc (Class A)		398,515
8,925	*	Laboratory Corp of America Holdings		655,720
5,405		Manor Care, Inc		253,603
22,538		McKesson Corp		1,142,677
21,121	*	Medco Health Solutions, Inc		1,128,706
39,198	*	Tenet Healthcare Corp		273,210
45,109	*	WellPoint, Inc		3,549,627
		TOTAL HEALTH SERVICES		12,210,596
HOLDING AND OTHER INVESTMENT OFFICES - 3.03%
6,811		Apartment Investment & Management Co (Class A)		381,552
15,137		Archstone-Smith Trust		881,125
8,410		Boston Properties, Inc		940,911
25,137		Equity Office Properties Trust		1,210,849
20,652		Equity Residential		1,048,089
15,330		Kimco Realty Corp		689,084
14,565		Plum Creek Timber Co, Inc		580,415
17,325		Prologis		1,052,840
8,906		Public Storage, Inc		868,335
16,415	*	Realogy Corp		497,703
16,115		Simon Property Group, Inc		1,632,288
127,600		SPDR Trust Series 1		18,079,644
9,168		Vornado Realty Trust		1,113,912
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		28,976,747
HOTELS AND OTHER LODGING PLACES - 0.38%
28,602		Hilton Hotels Corp		998,210
24,392		Marriott International, Inc (Class A)		1,163,986
15,404		Starwood Hotels & Resorts Worldwide, Inc		962,750

150

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
14,639	*	Wyndham Worldwide Corp	$	468,741
		TOTAL HOTELS AND OTHER LODGING PLACES		3,593,687
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.77%
54,886		3M Co		4,277,266
12,141		American Standard Cos, Inc		556,665
101,296		Applied Materials, Inc		1,868,911
5,331		Black & Decker Corp		426,320
47,870		Caterpillar, Inc		2,935,867
4,063		Cummins, Inc		480,165
16,840		Deere & Co		1,600,979
165,466	*	Dell, Inc		4,151,542
14,439		Dover Corp		707,800
10,588		Eaton Corp		795,582
162,095	*	EMC Corp		2,139,654
754,884		d General Electric Co		28,089,234
198,928		Hewlett-Packard Co		8,193,844
23,170		Ingersoll-Rand Co Ltd (Class A)		906,642
110,855		International Business Machines Corp		10,769,563
25,487		International Game Technology		1,177,499
13,079		Jabil Circuit, Inc		321,089
7,325	*	Lexmark International, Inc (Class A)		536,190
8,640		Pall Corp		298,512
8,483		Parker Hannifin Corp		652,173
12,426		Rockwell Automation, Inc		758,980
17,460	*	SanDisk Corp		751,304
14,797		Smith International, Inc		607,713
63,342	*	Solectron Corp		203,961
5,634		Stanley Works		283,334
17,463	*	Symbol Technologies, Inc		260,897
7,000	*	Terex Corp		452,060
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		74,203,746
INSTRUMENTS AND RELATED PRODUCTS - 4.11%
29,695	*	Agilent Technologies, Inc		1,034,871
11,363		Allergan, Inc		1,360,606
12,665		Applera Corp (Applied Biosystems Group)		464,679
8,069		Bard (C.R.), Inc		669,485
3,769		Bausch & Lomb, Inc		196,214
47,102		Baxter International, Inc		2,185,062
17,858		Becton Dickinson & Co		1,252,739
18,262		Biomet, Inc		753,673
84,782	*	Boston Scientific Corp		1,456,555
17,792		Danaher Corp		1,288,852
20,385		Eastman Kodak Co		525,933
213,000		Johnson & Johnson		14,062,260
14,090		Kla-Tencor Corp		700,978
83,712		Medtronic, Inc		4,479,429
3,677	*	Millipore Corp		244,888
8,603		PerkinElmer, Inc		191,245
15,726		Pitney Bowes, Inc		726,384
13,442		Rockwell Collins, Inc		850,744
25,504	*	St. Jude Medical, Inc		932,426
21,543		Stryker Corp		1,187,235

151

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
5,791		Tektronix, Inc	$	168,923
15,441	*	Teradyne, Inc		230,997
28,952	*	Thermo Electron Corp		1,311,236
7,068	*	Waters Corp		346,120
71,347	*	Xerox Corp		1,209,332
18,297	*	Zimmer Holdings, Inc		1,434,119
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		39,264,985
INSURANCE AGENTS, BROKERS AND SERVICE - 0.44%
22,563		AON Corp		797,376
23,125		Hartford Financial Services Group, Inc		2,157,794
41,305		Marsh & McLennan Cos, Inc		1,266,411
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,221,581
INSURANCE CARRIERS - 5.15%
24,305		ACE Ltd		1,472,154
39,768		Aetna, Inc		1,717,182
36,754		Aflac, Inc		1,690,684
46,584		Allstate Corp		3,033,084
7,803		Ambac Financial Group, Inc		695,013
189,228		American International Group, Inc		13,560,078
29,896		Chubb Corp		1,581,797
12,449		Cincinnati Financial Corp		564,064
32,204		Genworth Financial, Inc (Class A)		1,101,699
11,728	*	Humana, Inc		648,676
20,287		Lincoln National Corp		1,347,057
34,234		Loews Corp		1,419,684
9,825		MBIA, Inc		717,815
55,293		Metlife, Inc		3,262,840
6,030		MGIC Investment Corp		377,116
20,417		Principal Financial Group		1,198,478
57,803		Progressive Corp		1,399,989
35,788		Prudential Financial, Inc		3,072,758
7,775		Safeco Corp		486,326
49,829		St. Paul Travelers Cos, Inc		2,675,319
7,711		Torchmark Corp		491,653
98,083		UnitedHealth Group, Inc		5,270,000
23,914		UnumProvident Corp		496,933
12,702		XL Capital Ltd (Class A)		914,798
		TOTAL INSURANCE CARRIERS		49,195,197
LEATHER AND LEATHER PRODUCTS - 0.12%
26,846	*	Coach, Inc		1,153,304
		TOTAL LEATHER AND LEATHER PRODUCTS		1,153,304
METAL MINING - 0.42%
13,961		Freeport-McMoRan Copper & Gold, Inc (Class B)		778,047
32,857		Newmont Mining Corp		1,483,494
14,838		Phelps Dodge Corp		1,776,405
		TOTAL METAL MINING		4,037,946
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.67%
11,589		Fortune Brands, Inc		989,585
11,866		Hasbro, Inc		323,349

152

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
26,800		Mattel, Inc	$	607,288
146,785		Tyco International Ltd		4,462,264
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		6,382,486
MISCELLANEOUS RETAIL - 1.22%
24,087	*	Amazon.com, Inc		950,473
30,076		Best Buy Co, Inc		1,479,438
60,668		CVS Corp		1,875,248
20,082	*	Office Depot, Inc		766,530
5,258		OfficeMax, Inc		261,060
6,381	*	Sears Holdings Corp		1,071,561
54,264		Staples, Inc		1,448,849
9,687		Tiffany & Co		380,118
74,351		Walgreen Co		3,411,967
		TOTAL MISCELLANEOUS RETAIL		11,645,244
MOTION PICTURES - 1.79%
55,282		CBS Corp (Class B)		1,723,693
171,394		News Corp (Class A)		3,681,543
296,252		Time Warner, Inc		6,452,369
152,270		Walt Disney Co		5,218,293
		TOTAL MOTION PICTURES		17,075,898
NONDEPOSITORY INSTITUTIONS - 2.04%
88,489		American Express Co		5,368,628
29,969		Capital One Financial Corp		2,302,219
14,090		CIT Group, Inc		785,799
45,125		Countrywide Financial Corp		1,915,556
70,499		Fannie Mae		4,186,936
50,730		Freddie Mac		3,444,567
29,934		SLM Corp		1,459,881
		TOTAL NONDEPOSITORY INSTITUTIONS		19,463,586
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
6,995		Vulcan Materials Co		628,641
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		628,641
OIL AND GAS EXTRACTION - 2.00%
34,044		Anadarko Petroleum Corp		1,481,595
23,777		Baker Hughes, Inc		1,775,191
22,187		BJ Services Co		650,523
29,955		Chesapeake Energy Corp		870,193
75,588		Halliburton Co		2,347,007
24,121	*	Nabors Industries Ltd		718,323
12,417	*	National Oilwell Varco, Inc		759,672
9,623		Noble Corp		732,791
9,601		Rowan Cos, Inc		318,753
86,202		Schlumberger Ltd		5,444,518
21,337	*	Transocean, Inc		1,725,950
25,394	*	Weatherford International Ltd		1,061,215
27,186		XTO Energy, Inc		1,279,101
		TOTAL OIL AND GAS EXTRACTION		19,164,832

153

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 0.46%
9,361		Bemis Co	$	318,087
32,066		International Paper Co		1,093,451
33,261		Kimberly-Clark Corp		2,260,085
12,491		MeadWestvaco Corp		375,479
7,601		Temple-Inland, Inc		349,874
		TOTAL PAPER AND ALLIED PRODUCTS		4,396,976
PERSONAL SERVICES - 0.10%
11,231		Cintas Corp		445,983
22,545		H&R Block, Inc		519,437
		TOTAL PERSONAL SERVICES		965,420
PETROLEUM AND COAL PRODUCTS - 7.15%
24,006		Apache Corp		1,596,639
4,890		Ashland, Inc		338,290
160,021		Chevron Corp		11,766,344
120,034		ConocoPhillips		8,636,446
31,921		Devon Energy Corp		2,141,261
17,233		EOG Resources, Inc		1,076,201
427,946		Exxon Mobil Corp		32,793,502
18,867		Hess Corp		935,237
26,592		Marathon Oil Corp		2,459,760
13,281		Murphy Oil Corp		675,339
62,563		Occidental Petroleum Corp		3,054,951
9,265		Sunoco, Inc		577,765
44,272		Valero Energy Corp		2,264,956
		TOTAL PETROLEUM AND COAL PRODUCTS		68,316,691
PRIMARY METAL INDUSTRIES - 0.69%
63,176		Alcoa, Inc		1,895,912
7,785		Allegheny Technologies, Inc		705,944
112,815	*	Corning, Inc		2,110,769
22,141		Nucor Corp		1,210,227
9,439		United States Steel Corp		690,368
		TOTAL PRIMARY METAL INDUSTRIES		6,613,220
PRINTING AND PUBLISHING - 0.49%
4,669		Dow Jones & Co, Inc		177,422
5,855		EW Scripps Co (Class A)		292,399
17,900		Gannett Co, Inc		1,082,234
26,062		McGraw-Hill Cos, Inc		1,772,737
2,886		Meredith Corp		162,626
9,963		New York Times Co (Class A)		242,699
15,395		R.R. Donnelley & Sons Co		547,138
13,642		Tribune Co		419,901
		TOTAL PRINTING AND PUBLISHING		4,697,156
RAILROAD TRANSPORTATION - 0.66%
26,129		Burlington Northern Santa Fe Corp		1,928,581
31,248		CSX Corp		1,075,869
30,800		Norfolk Southern Corp		1,548,932
19,632		Union Pacific Corp		1,806,537
		TOTAL RAILROAD TRANSPORTATION		6,359,919

154

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - S&P 500 Index Fund
SHARES		COMPANY		VALUE
REAL ESTATE - 0.05%
15,000	*	CB Richard Ellis Group, Inc (Class A)	$	498,000
		TOTAL REAL ESTATE		498,000
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.13%
15,404	*	Goodyear Tire & Rubber Co		323,330
19,687		Newell Rubbermaid, Inc		569,939
5,598		Sealed Air Corp		363,422
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,256,691
SECURITY AND COMMODITY BROKERS - 3.26%
17,306		Ameriprise Financial, Inc		943,177
8,983		Bear Stearns Cos, Inc		1,462,253
73,369		Charles Schwab Corp		1,418,956
2,574		Chicago Mercantile Exchange Holdings, Inc		1,312,097
30,311	*	E*Trade Financial Corp		679,573
6,416		Federated Investors, Inc (Class B)		216,732
12,474		Franklin Resources, Inc		1,374,261
31,381		Goldman Sachs Group, Inc		6,255,802
14,586		Janus Capital Group, Inc		314,912
10,009		Legg Mason, Inc		951,355
39,674		Lehman Brothers Holdings, Inc		3,099,333
64,507		Merrill Lynch & Co, Inc		6,005,602
78,033		Morgan Stanley		6,354,227
18,571		T Rowe Price Group, Inc		812,853
		TOTAL SECURITY AND COMMODITY BROKERS		31,201,133
TOBACCO PRODUCTS - 1.53%
152,417		Altria Group, Inc		13,080,427
12,261		Reynolds American, Inc		802,728
12,003		UST, Inc		698,575
		TOTAL TOBACCO PRODUCTS		14,581,730
TRANSPORTATION BY AIR - 0.35%
22,309		FedEx Corp		2,423,204
60,241		Southwest Airlines Co		922,892
		TOTAL TRANSPORTATION BY AIR		3,346,096
TRANSPORTATION EQUIPMENT - 2.70%
57,855		Boeing Co		5,139,838
6,563		Brunswick Corp		209,360
141,616	*	Ford Motor Co		1,063,536
29,319		General Dynamics Corp		2,179,868
42,471		General Motors Corp		1,304,709
11,884		Genuine Parts Co		563,658
9,853		Goodrich Corp		448,804
18,703		Harley-Davidson, Inc		1,318,000
13,042		ITT Industries, Inc		741,046
25,817		Lockheed Martin Corp		2,376,971
25,483		Northrop Grumman Corp		1,725,199
17,431		Paccar, Inc		1,131,272
9,761	*	Pactiv Corp		348,370
33,172		Raytheon Co		1,751,482
9,090		Textron, Inc		852,369

155

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

SHARES		COMPANY		VALUE
73,641		United Technologies Corp	$	4,604,035
		TOTAL TRANSPORTATION EQUIPMENT		25,758,517
TRANSPORTATION SERVICES - 0.03%
9,191		Sabre Holdings Corp (Class A)		293,101
		TOTAL TRANSPORTATION SERVICES		293,101
TRUCKING AND WAREHOUSING - 0.62%
78,704		United Parcel Service, Inc (Class B)		5,901,226
		TOTAL TRUCKING AND WAREHOUSING		5,901,226
WATER TRANSPORTATION - 0.17%
33,015		Carnival Corp		1,619,386
		TOTAL WATER TRANSPORTATION		1,619,386
WHOLESALE TRADE-DURABLE GOODS - 0.08%
10,257	*	Patterson Cos, Inc		364,226
5,248		W.W. Grainger, Inc		367,045
		TOTAL WHOLESALE TRADE-DURABLE GOODS		731,271
WHOLESALE TRADE-NONDURABLE GOODS - 0.71%
5,855		Brown-Forman Corp (Class B)		387,834
29,273		Cardinal Health, Inc		1,886,058
9,614	*	Dean Foods Co		406,480
13,566		Nike, Inc (Class B)		1,343,440
32,857		Safeway, Inc		1,135,537
44,915		Sysco Corp		1,651,075
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		6,810,424
		TOTAL COMMON STOCKS
		(Cost $817,354,427)		950,512,646
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.84%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.84%
$     7,980,000	d	Federal Home Loan Banks (FHLB) 4.800%, 01/02/07		7,975,700
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		7,975,700
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $7,978,936)		7,975,700
		TOTAL PORTFOLIO - 100.30%
		(Cost $825,333,363)		958,488,346
		OTHER ASSETS & LIABILITIES, NET - (0.30)%		(2,819,135	)
		NET ASSETS - 100.00%	$	955,669,211
	*	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.

156

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MID-CAP GROWTH INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
12/31/2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 100.05%
AMUSEMENT AND RECREATION SERVICES - 0.71%
3,181		Harrah's Entertainment, Inc	$	263,132
1,749	*	Penn National Gaming, Inc		72,793
1,183		Warner Music Group Corp		27,150
		TOTAL AMUSEMENT AND RECREATION SERVICES		363,075
APPAREL AND ACCESSORY STORES - 2.30%
2,053		Abercrombie & Fitch Co (Class A)		142,950
4,038		American Eagle Outfitters, Inc		126,026
1,525	*	AnnTaylor Stores Corp		50,081
4,239	*	Chico's FAS, Inc		87,705
2,300		Claire's Stores, Inc		76,222
349		Foot Locker, Inc		7,654
1,090	*	Hanesbrands, Inc		25,746
7,960		Limited Brands, Inc		230,362
5,506		Nordstrom, Inc		271,666
3,344		Ross Stores, Inc		97,979
2,722	*	Urban Outfitters, Inc		62,688
		TOTAL APPAREL AND ACCESSORY STORES		1,179,079
APPAREL AND OTHER TEXTILE PRODUCTS - 0.22%
1,437		Polo Ralph Lauren Corp		111,597
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		111,597
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.97%
2,458		Advance Auto Parts		87,406
1,203	*	Autozone, Inc		139,019
2,476	*	Carmax, Inc		132,788
1,663	*	Copart, Inc		49,890
2,583	*	O'Reilly Automotive, Inc		82,811
200		United Auto Group, Inc		4,714
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		496,628
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.41%
2,941		Fastenal Co		105,523
1,615		Sherwin-Williams Co		102,682
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		208,205
BUSINESS SERVICES - 10.14%
6,340	*	Activision, Inc		109,302
1,761		Acxiom Corp		45,170
919	*	Affiliated Computer Services, Inc (Class A)		44,884
3,562	*	Akamai Technologies, Inc		189,213
1,892	*	Alliance Data Systems Corp		118,193
5,388	*	Autodesk, Inc		217,998
9,184	*	BEA Systems, Inc		115,535
4,965	*	BMC Software, Inc		159,873

157

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
846		Brink's Co	$	54,076
1,575		CA, Inc		35,674
5,538	*	Cadence Design Systems, Inc		99,186
2,824	*	Ceridian Corp		79,016
1,469	*	Cerner Corp		66,840
1,984	*	Checkfree Corp		79,677
1,810	*	ChoicePoint, Inc		71,278
4,289	*	Citrix Systems, Inc		116,017
900	*	Clear Channel Outdoor Holdings, Inc (Class A)		25,119
3,274	*	Cognizant Technology Solutions Corp (Class A)		252,622
200	*	Convergys Corp		4,756
1,322	*	DST Systems, Inc		82,797
7,088	*	Electronic Arts, Inc		356,952
6,782		Electronic Data Systems Corp		186,844
3,862	*	Emdeon Corp		47,850
2,742		Equifax, Inc		111,325
500	*	Expedia, Inc		10,490
973	*	F5 Networks, Inc		72,206
925		Factset Research Systems, Inc		52,244
1,105		Fair Isaac Corp		44,918
422		Fidelity National Information Services, Inc		16,918
4,099	*	Fiserv, Inc		214,870
1,241	*	Getty Images, Inc		53,140
3,287		IMS Health, Inc		90,327
9,990	*	Interpublic Group of Cos, Inc		122,278
8,120	*	Intuit, Inc		247,741
2,694	*	Iron Mountain, Inc		111,370
7,098	*	Juniper Networks, Inc		134,436
1,099	*	Kinetic Concepts, Inc		43,465
1,950	*	Lamar Advertising Co (Class A)		127,511
1,759		Manpower, Inc		131,802
1,439		Mastercard, Inc (Class A)		141,727
3,394	*	McAfee, Inc		96,322
2,047		MoneyGram International, Inc		64,194
2,878	*	Monster Worldwide, Inc		134,230
2,251	*	NAVTEQ Corp		78,717
860	*	NCR Corp		36,774
4,314	*	Red Hat, Inc		99,222
3,521		Robert Half International, Inc		130,700
1,935	*	Salesforce.com, Inc		70,531
2,138		ServiceMaster Co		28,029
257	*	Synopsys, Inc		6,870
840		Total System Services, Inc		22,168
5,365	*	VeriSign, Inc		129,028
140	*	WebMD Health Corp (Class A)		5,603
		TOTAL BUSINESS SERVICES		5,188,028
CHEMICALS AND ALLIED PRODUCTS - 5.79%
620	*	Abraxis BioScience, Inc		16,951
620		Air Products & Chemicals, Inc		43,574
413		Alberto-Culver Co		8,859
2,218		Avery Dennison Corp		150,669
10,502		Avon Products, Inc		346,986
2,474	*	Barr Pharmaceuticals, Inc		123,997

158

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
648		Cabot Corp	$	28,233
1,010		Celanese Corp (Series A)		26,139
1,454	*	Cephalon, Inc		102,376
428	*	Charles River Laboratories International, Inc		18,511
1,495		Church & Dwight Co, Inc		63,762
2,057		Dade Behring Holdings, Inc		81,889
4,208		Ecolab, Inc		190,202
2,896		Estee Lauder Cos (Class A)		118,215
7,597	*	Forest Laboratories, Inc		384,408
3,655	*	Hospira, Inc		122,735
1,467	*	Huntsman Corp		27,829
726	*	Idexx Laboratories, Inc		57,572
1,577	*	ImClone Systems, Inc		42,201
1,463		International Flavors & Fragrances, Inc		71,921
382	*	Invitrogen Corp		21,617
5,800	*	Medimmune, Inc		187,746
3,870	*	Millennium Pharmaceuticals, Inc		42,183
4,958		Mylan Laboratories, Inc		98,962
2,555	*	Nalco Holding Co		52,275
2,699	*	PDL BioPharma, Inc		54,358
517		PPG Industries, Inc		33,197
574		Rohm & Haas Co		29,343
797		Scotts Miracle-Gro Co (Class A)		41,165
2,535	*	Sepracor, Inc		156,105
670		Sigma-Aldrich Corp		52,072
2,007	*	VCA Antech, Inc		64,605
2,813	*	Vertex Pharmaceuticals, Inc		105,262
		TOTAL CHEMICALS AND ALLIED PRODUCTS		2,965,919
COAL MINING - 0.56%
3,354		Arch Coal, Inc		100,721
4,310		Consol Energy, Inc		138,480
2,022		Massey Energy Co		46,971
		TOTAL COAL MINING		286,172
COMMUNICATIONS - 4.13%
9,785	*	American Tower Corp (Class A)		364,785
725	*	Avaya, Inc		10,136
2,540		Cablevision Systems Corp (Class A)		72,339
3,308		Citizens Communications Co		47,536
4,180	*	Crown Castle International Corp		135,014
300	*	CTC Media, Inc		7,203
4,797	*	EchoStar Communications Corp (Class A)		182,430
1,551		Global Payments, Inc		71,811
1,552	*	IAC/InterActiveCorp		57,672
428	*	Leap Wireless International, Inc		25,453
27,363	*	Level 3 Communications, Inc		153,233
3,286	*	Liberty Global, Inc (Class A)		95,787
11,759	*	Liberty Media Holding Corp (Interactive A)		253,642
1,496	*	NeuStar, Inc (Class A)		48,530
3,212	*	NII Holdings, Inc		206,981
2,499	*	SBA Communications Corp (Class A)		68,723
1,362		Telephone & Data Systems, Inc		73,997
3,457	*	Univision Communications, Inc (Class A)		122,447

159

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
182	*	US Cellular Corp	$	12,665
7,080	*	XM Satellite Radio Holdings, Inc (Class A)		102,306
		TOTAL COMMUNICATIONS		2,112,690
DEPOSITORY INSTITUTIONS - 1.80%
753		Bank of Hawaii Corp		40,624
4,297		Commerce Bancorp, Inc		151,555
549		Cullen/Frost Bankers, Inc		30,645
1,313		East West Bancorp, Inc		46,506
6,738		Hudson City Bancorp, Inc		93,523
402		IndyMac Bancorp, Inc		18,154
1,503		Investors Financial Services Corp		64,133
4,803		Northern Trust Corp		291,494
1,394		People's Bank		62,200
2,702		Synovus Financial Corp		83,303
1,194		TCF Financial Corp		32,739
110		Webster Financial Corp		5,359
		TOTAL DEPOSITORY INSTITUTIONS		920,235
EATING AND DRINKING PLACES - 1.83%
2,823		Aramark Corp (Class B)		94,429
2,990		Brinker International, Inc		90,178
1,768	*	Cheesecake Factory		43,493
3,467		Darden Restaurants, Inc		139,269
800		OSI Restaurant Partners, Inc		31,360
4,457		Tim Hortons, Inc		129,075
1,043		Wendy's International, Inc		34,513
6,339		Yum! Brands, Inc		372,733
		TOTAL EATING AND DRINKING PLACES		935,050
EDUCATIONAL SERVICES - 0.57%
3,270	*	Apollo Group, Inc (Class A)		127,432
2,326	*	Career Education Corp		57,638
968	*	ITT Educational Services, Inc		64,246
831	*	Laureate Education, Inc		40,412
		TOTAL EDUCATIONAL SERVICES		289,728
ELECTRIC, GAS, AND SANITARY SERVICES - 3.55%
15,358	*	AES Corp		338,490
3,806	*	Allegheny Energy, Inc		174,733
285	*	Allied Waste Industries, Inc		3,503
1,742		Aqua America, Inc		39,683
550		Constellation Energy Group, Inc		37,879
2,657	*	Covanta Holding Corp		58,560
429		DPL, Inc		11,918
15,179		El Paso Corp		231,935
2,471		Kinder Morgan, Inc		261,308
912	*	NRG Energy, Inc		51,081
1,762		Questar Corp		146,334
2,653		Republic Services, Inc		107,898
1,023	*	Stericycle, Inc		77,237
10,553		Williams Cos, Inc		275,644
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		1,816,203

160

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 8.22%
2,358	*	ADC Telecommunications, Inc	$	34,262
3,928	*	Agere Systems, Inc		75,300
8,379	*	Altera Corp		164,899
1,527		American Power Conversion Corp		46,711
2,385		Ametek, Inc		75,938
2,084		Amphenol Corp (Class A)		129,375
7,972		Analog Devices, Inc		262,040
1,464	*	Avnet, Inc		37,376
500		AVX Corp		7,395
420	*	Ciena Corp		11,638
3,716	*	Comverse Technology, Inc		78,445
1,502	*	Cree, Inc		26,015
2,772	*	Cypress Semiconductor Corp		46,764
800	*	Dolby Laboratories, Inc (Class A)		24,816
1,073	*	Energizer Holdings, Inc		76,172
1,438	*	Fairchild Semiconductor International, Inc		24,173
1,576		Harman International Industries, Inc		157,458
3,170		Harris Corp		145,376
2,054	*	Integrated Device Technology, Inc		31,796
885	*	International Rectifier Corp		34,099
1,438		Intersil Corp (Class A)		34,397
4,777	*	JDS Uniphase Corp		79,585
178		L-3 Communications Holdings, Inc		14,557
1,030		Lincoln Electric Holdings, Inc		62,233
7,086		Linear Technology Corp		214,848
6,799	*	LSI Logic Corp		61,191
7,481		Maxim Integrated Products, Inc		229,068
3,424	*	MEMC Electronic Materials, Inc		134,015
4,996		Microchip Technology, Inc		163,369
7,801	*	Micron Technology, Inc		108,902
3,291		Molex, Inc		104,094
7,871		National Semiconductor Corp		178,672
8,725	*	Network Appliance, Inc		342,718
1,212	*	Novellus Systems, Inc		41,717
8,226	*	Nvidia Corp		304,444
5,293	*	PMC - Sierra, Inc		35,516
3,710	*	QLogic Corp		81,323
2,549		RadioShack Corp		42,772
1,764	*	Rambus, Inc		33,393
5,157	*	Sanmina-SCI Corp		17,792
1,241	*	Silicon Laboratories, Inc		43,001
32,962	*	Sirius Satellite Radio, Inc		116,685
350	*	Spansion, Inc (Class A)		5,201
1,437	*	Thomas & Betts Corp		67,941
722	*	Vishay Intertechnology, Inc		9,776
8,008		Xilinx, Inc		190,670
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		4,207,928
ENGINEERING AND MANAGEMENT SERVICES - 3.02%
2,655	*	Amylin Pharmaceuticals, Inc		95,766
8,688	*	Celgene Corp		499,821
957		Corporate Executive Board Co		83,929
2,038		Fluor Corp		166,403

161

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,223	*	Gen-Probe, Inc	$	64,049
311	*	Hewitt Associates, Inc (Class A)		8,008
1,381	*	Jacobs Engineering Group, Inc		112,607
260	*	KBR, Inc		6,802
7,838		Paychex, Inc		309,915
3,687		Quest Diagnostics, Inc		195,411
100	*	URS Corp		4,285
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,546,996
FABRICATED METAL PRODUCTS - 0.49%
321	*	Alliant Techsystems, Inc		25,099
2,494		Ball Corp		108,738
3,867	*	Crown Holdings, Inc		80,898
867		Pentair, Inc		27,224
145		Snap-On, Inc		6,908
		TOTAL FABRICATED METAL PRODUCTS		248,867
FOOD AND KINDRED PRODUCTS - 2.29%
493	*	Burger King Holdings, Inc		10,402
3,046		Campbell Soup Co		118,459
885	*	Constellation Brands, Inc (Class A)		25,683
4,427		H.J. Heinz Co		199,259
1,478	*	Hansen Natural Corp		49,779
3,593		Hershey Co		178,931
2,501		McCormick & Co, Inc		96,439
1,607		Pepsi Bottling Group, Inc		49,672
9,322		Sara Lee Corp		158,754
5,462		Wrigley (Wm.) Jr Co		282,495
		TOTAL FOOD AND KINDRED PRODUCTS		1,169,873
FOOD STORES - 0.48%
2,198		Kroger Co		50,708
705	*	Panera Bread Co (Class A)		39,417
3,268		Whole Foods Market, Inc		153,367
		TOTAL FOOD STORES		243,492
FORESTRY - 0.01%
138		Rayonier, Inc		5,665
		TOTAL FORESTRY		5,665
FURNITURE AND FIXTURES - 0.60%
636		Hillenbrand Industries, Inc		36,207
1,131		HNI Corp		50,228
2,191		Leggett & Platt, Inc		52,365
5,600		Masco Corp		167,272
		TOTAL FURNITURE AND FIXTURES		306,072
FURNITURE AND HOMEFURNISHINGS STORES - 1.00%
6,572	*	Bed Bath & Beyond, Inc		250,393
3,691		Circuit City Stores, Inc		70,055
1,560	*	GameStop Corp (Class A)		85,972
124	*	Mohawk Industries, Inc		9,283
1,478		Steelcase, Inc (Class A)		26,840

162

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,296		Williams-Sonoma, Inc	$	72,186
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		514,729
GENERAL BUILDING CONTRACTORS - 1.12%
490		Beazer Homes USA, Inc		23,035
1,275		Centex Corp		71,744
3,826		DR Horton, Inc		101,351
928		KB Home		47,588
1,292		Lennar Corp (Class A)		67,778
395		MDC Holdings, Inc		22,535
112	*	NVR, Inc		72,240
2,421		Pulte Homes, Inc		80,184
428		Ryland Group, Inc		23,377
701		Standard-Pacific Corp		18,780
496	*	Toll Brothers, Inc		15,986
1,072		Walter Industries, Inc		28,998
		TOTAL GENERAL BUILDING CONTRACTORS		573,596
GENERAL MERCHANDISE STORES - 1.75%
6,726		Dollar General Corp		108,020
2,026		Family Dollar Stores, Inc		59,423
5,474		JC Penney Co, Inc		423,469
10,685		TJX Cos, Inc		304,736
		TOTAL GENERAL MERCHANDISE STORES		895,648
HEALTH SERVICES - 2.94%
897		AmerisourceBergen Corp		40,329
531		Brookdale Senior Living, Inc		25,488
1,400	*	Community Health Systems, Inc		51,128
1,143	*	Covance, Inc		67,334
3,740	*	Coventry Health Care, Inc		187,187
2,407	*	DaVita, Inc		136,910
1,361	*	Edwards Lifesciences Corp		64,021
2,689	*	Express Scripts, Inc		192,532
1,426		Health Management Associates, Inc (Class A)		30,103
2,901	*	Laboratory Corp of America Holdings		213,136
491	*	LifePoint Hospitals, Inc		16,547
2,245	*	Lincare Holdings, Inc		89,441
1,756		Manor Care, Inc		82,392
1,361		Omnicare, Inc		52,575
1,161	*	Pediatrix Medical Group, Inc		56,773
2,322		Pharmaceutical Product Development, Inc		74,815
1,359	*	Sierra Health Services, Inc		48,978
7,652	*	Tenet Healthcare Corp		53,334
289	*	Triad Hospitals, Inc		12,089
211		Universal Health Services, Inc (Class B)		11,696
		TOTAL HEALTH SERVICES		1,506,808
HOLDING AND OTHER INVESTMENT OFFICES - 3.61%
723	*	Affiliated Managers Group, Inc		76,009
1,020		Developers Diversified Realty Corp		64,209
340		Douglas Emmett, Inc		9,041
245		Essex Property Trust, Inc		31,666
654		Federal Realty Investment Trust		55,590
2,072		General Growth Properties, Inc		108,221

163

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
367		Global Signal, Inc	$	19,330
7,355		iShares Russell Midcap Growth Index Fund		758,080
735		Kilroy Realty Corp		57,330
1,673		Macerich Co		144,832
1,777		Public Storage, Inc		173,258
1,026		SL Green Realty Corp		136,232
663		Taubman Centers, Inc		33,720
3,001		United Dominion Realty Trust, Inc		95,402
1,486		Ventas, Inc		62,888
493		Weingarten Realty Investors		22,732
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		1,848,540
HOTELS AND OTHER LODGING PLACES - 1.98%
966		Boyd Gaming Corp		43,769
778		Choice Hotels International, Inc		32,754
8,971		Hilton Hotels Corp		313,088
2,791	*	MGM Mirage		160,064
4,220		Starwood Hotels & Resorts Worldwide, Inc		263,750
1,103		Station Casinos, Inc		90,082
1,144		Wynn Resorts Ltd		107,364
		TOTAL HOTELS AND OTHER LODGING PLACES		1,010,871
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.36%
200	*	AGCO Corp		6,188
4,153		American Standard Cos, Inc		190,415
1,414		Black & Decker Corp		113,078
621		Carlisle Cos, Inc		48,749
1,394		CDW Corp		98,026
981		Cummins, Inc		115,935
1,290		Diebold, Inc		60,114
1,689		Donaldson Co, Inc		58,625
4,256		Dover Corp		208,629
720	*	Dresser-Rand Group, Inc		17,618
169	*	Flowserve Corp		8,529
1,563	*	FMC Technologies, Inc		96,328
1,277	*	Gardner Denver, Inc		47,645
1,574		Graco, Inc		62,362
3,048	*	Grant Prideco, Inc		121,219
1,268		IDEX Corp		60,116
7,909		International Game Technology		365,396
4,292		Jabil Circuit, Inc		105,369
2,882		Joy Global, Inc		139,316
3,281	*	Lam Research Corp		166,084
1,763	*	Lexmark International, Inc (Class A)		129,052
1,403		Manitowoc Co, Inc		83,380
443		Pall Corp		15,306
1,194		Parker Hannifin Corp		91,795
140	*	Riverbed Technology, Inc		4,298
3,897		Rockwell Automation, Inc		238,029
5,251	*	SanDisk Corp		225,951
1,622	*	Scientific Games Corp (Class A)		49,033
4,992		Smith International, Inc		205,021
9,257	*	Solectron Corp		29,808
1,336		Stanley Works		67,187

164

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
4,760	*	Symbol Technologies, Inc	$	71,114
1,132	*	Terex Corp		73,105
134		Timken Co		3,910
947		Toro Co		44,159
3,073	*	Varian Medical Systems, Inc		146,183
1,070	*	VeriFone Holdings, Inc		37,878
5,253	*	Western Digital Corp		107,476
1,627	*	Zebra Technologies Corp (Class A)		56,603
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,769,029
INSTRUMENTS AND RELATED PRODUCTS - 6.35%
1,467	*	Advanced Medical Optics, Inc		51,638
3,482		Allergan, Inc		416,935
3,482		Applera Corp (Applied Biosystems Group)		127,755
2,412		Bard (C.R.), Inc		200,124
173		Bausch & Lomb, Inc		9,006
1,320		Beckman Coulter, Inc		78,936
5,736		Biomet, Inc		236,725
543		Cooper Cos, Inc		24,164
3,716		Dentsply International, Inc		110,923
237		DRS Technologies, Inc		12,485
874	*	Intuitive Surgical, Inc		83,817
3,660		Kla-Tencor Corp		182,085
947	*	Mettler-Toledo International, Inc		74,671
1,223	*	Millipore Corp		81,452
1,260		National Instruments Corp		34,322
1,480		PerkinElmer, Inc		32,900
3,040		Pitney Bowes, Inc		140,418
1,804	*	Resmed, Inc		88,793
1,640	*	Respironics, Inc		61,910
3,987		Rockwell Collins, Inc		252,337
2,040		Roper Industries, Inc		102,490
8,420	*	St. Jude Medical, Inc		307,835
980	*	Techne Corp		54,341
1,383		Tektronix, Inc		40,342
3,359	*	Teradyne, Inc		50,251
4,576	*	Thermo Electron Corp		207,247
1,297	*	Trimble Navigation Ltd		65,797
2,433	*	Waters Corp		119,144
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,248,843
INSURANCE AGENTS, BROKERS AND SERVICE - 0.18%
2,566		Brown & Brown, Inc		72,387
731		Gallagher (Arthur J.) & Co		21,601
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		93,988
INSURANCE CARRIERS - 1.23%
208		Ambac Financial Group, Inc		18,527
454		Hanover Insurance Group, Inc		22,155
1,334		HCC Insurance Holdings, Inc		42,808
2,493	*	Health Net, Inc		121,309
3,842	*	Humana, Inc		212,501
45	*	Markel Corp		21,605
1,111	*	Philadelphia Consolidated Holding Co		49,506

165

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
278		Transatlantic Holdings, Inc	$	17,264
2,068		W.R. Berkley Corp		71,367
746	*	WellCare Health Plans, Inc		51,399
		TOTAL INSURANCE CARRIERS		628,441
JUSTICE, PUBLIC ORDER AND SAFETY - 0.08%
936	*	Corrections Corp of America		42,335
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		42,335
LEATHER AND LEATHER PRODUCTS - 0.75%
8,978	*	Coach, Inc		385,695
		TOTAL LEATHER AND LEATHER PRODUCTS		385,695
METAL MINING - 0.35%
1,003		Foundation Coal Holdings, Inc		31,855
2,364		Freeport-McMoRan Copper & Gold, Inc (Class B)		131,746
272		Southern Copper Corp		14,658
		TOTAL METAL MINING		178,259
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.20%
1,206		Fortune Brands, Inc		102,980
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		102,980
MISCELLANEOUS RETAIL - 1.72%
7,165	*	Amazon.com, Inc		282,731
297		Barnes & Noble, Inc		11,794
1,379	*	Coldwater Creek, Inc		33,813
852	*	Dick's Sporting Goods, Inc		41,739
221	*	Dollar Tree Stores, Inc		6,652
849		MSC Industrial Direct Co (Class A)		33,238
736	*	Nutri/System, Inc		46,655
6,711	*	Office Depot, Inc		256,159
3,226		Petsmart, Inc		93,102
1,926		Tiffany & Co		75,576
		TOTAL MISCELLANEOUS RETAIL		881,459
MOTION PICTURES - 0.15%
1,865	*	Discovery Holding Co (Class A)		30,008
515	*	DreamWorks Animation SKG, Inc (Class A)		15,187
1,450		Regal Entertainment Group (Class A)		30,914
		TOTAL MOTION PICTURES		76,109
NONDEPOSITORY INSTITUTIONS - 0.24%
618	*	AmeriCredit Corp		15,555
1,407		CapitalSource, Inc		38,425
1,051		First Marblehead Corp		57,437
381	*	Nelnet, Inc (Class A)		10,424
		TOTAL NONDEPOSITORY INSTITUTIONS		121,841
NONMETALLIC MINERALS, EXCEPT FUELS - 0.47%
1,056		Florida Rock Industries, Inc		45,461
2,194		Vulcan Materials Co		197,175
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		242,636

166

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 4.37%
6,979		BJ Services Co	$	204,624
2,688	*	Cameron International Corp		142,598
1,366	*	Cheniere Energy, Inc		39,436
552	*	CNX Gas Corp		14,076
2,840	*	Denbury Resources, Inc		78,924
1,393		Diamond Offshore Drilling, Inc		111,356
3,587		ENSCO International, Inc		179,565
2,364		Equitable Resources, Inc		98,697
2,309	*	Global Industries Ltd		30,109
2,195	*	Helix Energy Solutions Group, Inc		68,857
2,392		Helmerich & Payne, Inc		58,532
3,808	*	National Oilwell Varco, Inc		232,973
1,285	*	Oceaneering International, Inc		51,015
3,789		Patterson-UTI Energy, Inc		88,018
1,870	*	Plains Exploration & Production Co		88,881
3,009	*	Pride International, Inc		90,300
1,380	*	Quicksilver Resources, Inc		50,494
3,172		Range Resources Corp		87,103
2,363		Rowan Cos, Inc		78,452
3,903	*	Southwestern Energy Co		136,800
1,360		St. Mary Land & Exploration Co		50,102
1,931	*	Superior Energy Services		63,105
1,615	*	Tetra Technologies, Inc		41,312
793		Tidewater, Inc		38,349
1,315	*	Todco		44,934
1,118	*	Unit Corp		54,167
478		W&T Offshore, Inc		14,684
		TOTAL OIL AND GAS EXTRACTION		2,237,463
PAPER AND ALLIED PRODUCTS - 0.08%
1,809		Packaging Corp of America		39,979
		TOTAL PAPER AND ALLIED PRODUCTS		39,979
PERSONAL SERVICES - 0.72%
3,300		Cintas Corp		131,043
7,658		H&R Block, Inc		176,440
413	*	Sally Beauty Holdings, Inc		3,221
1,118		Weight Watchers International, Inc		58,729
		TOTAL PERSONAL SERVICES		369,433
PETROLEUM AND COAL PRODUCTS - 0.36%
1,354		Frontier Oil Corp		38,914
1,152		Holly Corp		59,213
1,399		Sunoco, Inc		87,242
		TOTAL PETROLEUM AND COAL PRODUCTS		185,369
PRIMARY METAL INDUSTRIES - 1.14%
2,319		Allegheny Technologies, Inc		210,287
541		Carpenter Technology Corp		55,463
340		Hubbell, Inc (Class B)		15,371
3,147		Precision Castparts Corp		246,347
1,932	*	Titanium Metals Corp		57,013
		TOTAL PRIMARY METAL INDUSTRIES		584,481

167

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
PRINTING AND PUBLISHING - 0.80%
1,288		Dow Jones & Co, Inc	$	48,944
1,470	*	Dun & Bradstreet Corp		121,701
1,962		EW Scripps Co (Class A)		97,982
1,220		Harte-Hanks, Inc		33,806
976		John Wiley & Sons, Inc (Class A)		37,547
100		McClatchy Co (Class A)		4,330
716		Meredith Corp		40,347
32		Washington Post Co (Class B)		23,859
		TOTAL PRINTING AND PUBLISHING		408,516
RAILROAD TRANSPORTATION - 0.37%
5,054		CSX Corp		174,009
540	*	Kansas City Southern Industries, Inc		15,649
		TOTAL RAILROAD TRANSPORTATION		189,658
REAL ESTATE - 0.80%
4,387	*	CB Richard Ellis Group, Inc (Class A)		145,648
1,670		Forest City Enterprises, Inc (Class A)		97,528
809		Jones Lang LaSalle, Inc		74,566
1,683		St. Joe Co		90,158
		TOTAL REAL ESTATE		407,900
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS- 0.54%
4,281	*	Goodyear Tire & Rubber Co		89,858
574	*	Jarden Corp		19,969
4,003		Newell Rubbermaid, Inc		115,887
743		Sealed Air Corp		48,236
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		273,950
SECURITY AND COMMODITY BROKERS - 3.57%
445		BlackRock, Inc		67,596
1,227	*	Cbot Holdings, Inc (Class A)		185,854
9,188	*	E*Trade Financial Corp		205,995
2,641		Eaton Vance Corp		87,179
2,050		Federated Investors, Inc (Class B)		69,249
1,284	*	IntercontinentalExchange, Inc		138,544
1,078	*	Investment Technology Group, Inc		46,225
2,314		Janus Capital Group, Inc		49,959
1,679		Legg Mason, Inc		159,589
2,212	*	Nasdaq Stock Market, Inc		68,107
1,780		Nuveen Investments, Inc (Class A)		92,346
50	*	Nymex Holdings, Inc		6,201
1,839	*	NYSE Group, Inc		178,751
1,409		SEI Investments Co		83,920
6,196		T Rowe Price Group, Inc		271,199
7,315		TD Ameritrade Holding Corp		118,357
		TOTAL SECURITY AND COMMODITY BROKERS		1,829,071
SPECIAL TRADE CONTRACTORS - 0.05%
1,211	*	Quanta Services, Inc		23,820
		TOTAL SPECIAL TRADE CONTRACTORS		23,820

168

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.41%
1,217		Eagle Materials, Inc	$	52,611
3,065		Gentex Corp		47,691
3,608	*	Owens-Illinois, Inc		66,568
770	*	USG Corp		42,196
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		209,066
TOBACCO PRODUCTS - 0.23%
2,058		UST, Inc		119,776
		TOTAL TOBACCO PRODUCTS		119,776
TRANSPORTATION BY AIR - 0.86%
3,777	*	AMR Corp		114,179
2,056	*	Continental Airlines, Inc (Class B)		84,810
10,856		Southwest Airlines Co		166,314
1,415	*	US Airways Group, Inc		76,198
		TOTAL TRANSPORTATION BY AIR		441,501
TRANSPORTATION EQUIPMENT - 3.18%
352		Brunswick Corp		11,229
2,688		Goodrich Corp		122,438
6,269		Harley-Davidson, Inc		441,776
993		Harsco Corp		75,567
2,881		ITT Industries, Inc		163,698
1,771		Oshkosh Truck Corp		85,752
3,429		Paccar, Inc		222,542
3,096	*	Pactiv Corp		110,496
1,000	*	Spirit Aerosystems Holdings, Inc (Class A)		33,470
2,828		Textron, Inc		265,182
806		Thor Industries, Inc		35,456
1,675		Trinity Industries, Inc		58,960
		TOTAL TRANSPORTATION EQUIPMENT		1,626,566
TRANSPORTATION SERVICES - 0.81%
4,048		CH Robinson Worldwide, Inc		165,523
4,974		Expeditors International Washington, Inc		201,447
569		GATX Corp		24,655
1,330	*	Hertz Global Holdings, Inc		23,129
		TOTAL TRANSPORTATION SERVICES		414,754
TRUCKING AND WAREHOUSING - 0.33%
1,151		Con-way, Inc		50,690
2,378		J.B. Hunt Transport Services, Inc		49,391
1,374		Landstar System, Inc		52,459
636	*	Swift Transportation Co, Inc		16,708
		TOTAL TRUCKING AND WAREHOUSING		169,248
WATER TRANSPORTATION - 0.08%
1,294	*	Kirby Corp		44,164
		TOTAL WATER TRANSPORTATION		44,164
WHOLESALE TRADE-DURABLE GOODS - 1.02%
336	*	Arrow Electronics, Inc		10,601
89		BorgWarner, Inc		5,253

169

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,636	*	Cytyc Corp	$	74,599
1,080		Martin Marietta Materials, Inc		112,223
3,247	*	Patterson Cos, Inc		115,301
1,279		Pool Corp		50,098
1,247		W.W. Grainger, Inc		87,215
1,138	*	WESCO International, Inc		66,926
		TOTAL WHOLESALE TRADE-DURABLE GOODS		522,216
WHOLESALE TRADE-NONDURABLE GOODS - 0.76%
1,476		Airgas, Inc		59,808
270	*	Bare Escentuals, Inc		8,389
1,459		Brown-Forman Corp (Class B)		96,644
3,167	*	Endo Pharmaceuticals Holdings, Inc		87,346
2,023	*	Henry Schein, Inc		99,087
812	*	Tractor Supply Co		36,305
200		Valhi, Inc		5,189
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		392,768
		TOTAL COMMON STOCKS		51,213,008
		(Cost $40,702,098)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.41%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.41%
$     210,000		Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		209,887
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		209,887
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $209,972)		209,887
		TOTAL PORTFOLIO - 100.46%
		(Cost $40,912,070)		51,422,895
		OTHER ASSETS & LIABILITIES, NET - (0.46)%		(232,983	)
		NET ASSETS - 100.00%	$	51,189,912
	*	Non-income producing

170

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

TIAA-CREF MUTUAL FUNDS
MID -CAP VALUE INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.09%
AMUSEMENT AND RECREATION SERVICES - 0.35%
3,456		Harrah's Entertainment, Inc	$	285,880
2,526		International Speedway Corp (Class A)		128,927
3,183		Warner Music Group Corp		73,050
		TOTAL AMUSEMENT AND RECREATION SERVICES		487,857
APPAREL AND ACCESSORY STORES - 0.22%
315	*	AnnTaylor Stores Corp		10,345
9,877		Foot Locker, Inc		216,603
3,229	*	Hanesbrands, Inc		76,269
		TOTAL APPAREL AND ACCESSORY STORES		303,217
APPAREL AND OTHER TEXTILE PRODUCTS - 0.80%
8,058		Jones Apparel Group, Inc		269,379
7,484		Liz Claiborne, Inc		325,255
6,290		VF Corp		516,283
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,110,917
AUTO REPAIR, SERVICES AND PARKING - 0.16%
4,360		Ryder System, Inc		222,622
		TOTAL AUTO REPAIR, SERVICES AND PARKING		222,622
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.23%
11,268	*	Autonation, Inc		240,234
3,436		United Auto Group, Inc		80,987
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		321,221
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
3,159		Sherwin-Williams Co		200,849
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		200,849
BUSINESS SERVICES - 3.74%
3,929	*	Affiliated Computer Services, Inc (Class A)		191,892
832		Brink's Co		53,181
25,114		CA, Inc		568,832
3,235	*	Cadence Design Systems, Inc		57,939
841	*	Ceridian Corp		23,531
12,301	*	Computer Sciences Corp		656,504
25,248	*	Compuware Corp		210,316
9,483	*	Convergys Corp		225,506
16,313		Electronic Data Systems Corp		449,423
991		Equifax, Inc		40,235
14,176	*	Expedia, Inc		297,412
971		Fair Isaac Corp		39,471
12,031		Fidelity National Information Services, Inc		482,323
3,907		IMS Health, Inc		107,364
18,736	*	Juniper Networks, Inc		354,860

171

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
925		Manpower, Inc	$	69,310
949	*	McAfee, Inc		26,933
10,302	*	NCR Corp		440,514
24,027	*	Novell, Inc		148,967
14,535		ServiceMaster Co		190,554
9,370	*	Synopsys, Inc		250,460
24,582	*	Unisys Corp		192,723
4,628	*	United Rentals, Inc		117,690
1,242	*	VeriSign, Inc		29,870
		TOTAL BUSINESS SERVICES		5,225,810
CHEMICALS AND ALLIED PRODUCTS - 4.83%
14,182		Air Products & Chemicals, Inc		996,711
2,807		Albemarle Corp		201,543
4,440		Alberto-Culver Co		95,238
2,756		Cabot Corp		120,079
2,690		Celanese Corp (Series A)		69,617
3,381	*	Charles River Laboratories International, Inc		146,228
16,995		Chemtura Corp		163,662
10,801		Clorox Co		692,884
3,018		Cytec Industries, Inc		170,547
5,848		Eastman Chemical Co		346,845
2,791		FMC Corp		213,651
1,754	*	Huntsman Corp		33,273
2,043		International Flavors & Fragrances, Inc		100,434
2,261	*	Invitrogen Corp		127,950
17,354	*	King Pharmaceuticals, Inc		276,276
4,887		Lubrizol Corp		244,985
15,544		Lyondell Chemical Co		397,460
10,410	*	Millennium Pharmaceuticals, Inc		113,469
10,558	*	Mosaic Co		225,519
10,365		PPG Industries, Inc		665,537
9,803		Rohm & Haas Co		501,129
8,308		RPM International, Inc		173,554
784		Scotts Miracle-Gro Co (Class A)		40,494
2,685		Sigma-Aldrich Corp		208,678
7,275		Valspar Corp		201,081
7,307	*	Watson Pharmaceuticals, Inc		190,201
906		Westlake Chemical Corp		28,430
		TOTAL CHEMICALS AND ALLIED PRODUCTS		6,745,475
COMMUNICATIONS - 3.87%
30,521	*	Avaya, Inc		426,684
7,712		Cablevision Systems Corp (Class A)		219,638
8,313		CenturyTel, Inc		362,946
13,716		Citizens Communications Co		197,099
1,499	*	Crown Castle International Corp		48,418
620	*	CTC Media, Inc		14,886
10,664		Embarq Corp		560,500
1,770		Hearst-Argyle Television, Inc		45,135
7,695	*	IAC/InterActiveCorp		285,946
2,155	*	Leap Wireless International, Inc		128,158
18,333	*	Liberty Global, Inc (Class A)		534,407

172

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
10,066	*	Liberty Media Corp - Capital (Series A)	$	986,267
11,033	*	Liberty Media Holding Corp (Interactive A)		237,982
113,292	*	Qwest Communications International, Inc		948,254
3,664		Telephone & Data Systems, Inc		199,065
4,870	*	Univision Communications, Inc (Class A)		172,495
440	*	US Cellular Corp		30,620
		TOTAL COMMUNICATIONS		5,398,500
DEPOSITORY INSTITUTIONS - 8.54%
9,468		Associated Banc-Corp		330,244
6,542		Astoria Financial Corp		197,307
5,682		Bancorpsouth, Inc		152,391
1,275		Bank of Hawaii Corp		68,786
1,540		BOK Financial Corp		84,669
1,520		Capitol Federal Financial		58,398
2,982		City National Corp		212,318
11,072		Colonial Bancgroup, Inc		284,993
11,637		Comerica, Inc		682,859
5,019		Commerce Bancshares, Inc		242,970
9,248		Compass Bancshares, Inc		551,643
2,465		Cullen/Frost Bankers, Inc		137,596
270		East West Bancorp, Inc		9,563
431		First Citizens Bancshares, Inc (Class A)		87,338
8,822		First Horizon National Corp		368,583
12,436		Fulton Financial Corp		207,681
20,856		Hudson City Bancorp, Inc		289,481
17,573		Huntington Bancshares, Inc		417,359
3,970		IndyMac Bancorp, Inc		179,285
28,965		Keycorp		1,101,539
5,446		M&T Bank Corp		665,283
18,138		Marshall & Ilsley Corp		872,619
8,821		Mercantile Bankshares Corp		412,735
21,131		New York Community Bancorp, Inc		340,209
864		Northern Trust Corp		52,436
19,939		Popular, Inc		357,905
7,214		Sky Financial Group, Inc		205,888
5,249		South Financial Group, Inc		139,571
28,117		Sovereign Bancorp, Inc		713,891
10,779		Synovus Financial Corp		332,317
5,647		TCF Financial Corp		154,841
7,214		TD Banknorth, Inc		232,868
3,867		UnionBanCal Corp		236,854
8,374		Valley National Bancorp		221,995
1		Wachovia Corp		57
6,226		Washington Federal, Inc		146,498
3,838		Webster Financial Corp		186,987
4,700		Whitney Holding Corp		153,314
4,882		Wilmington Trust Corp		205,874
7,601		Zions Bancorporation		626,626
		TOTAL DEPOSITORY INSTITUTIONS		11,923,771
EATING AND DRINKING PLACES - 0.18%
2,170		OSI Restaurant Partners, Inc		85,064

173

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,948		Wendy's International, Inc	$	163,729
		TOTAL EATING AND DRINKING PLACES		248,793
EDUCATIONAL SERVICES - 0.02%
564	*	Laureate Education, Inc		27,427
		TOTAL EDUCATIONAL SERVICES		27,427
ELECTRIC, GAS, AND SANITARY SERVICES - 15.46%
5,443		AGL Resources, Inc		211,787
8,412		Alliant Energy Corp		317,721
16,880	*	Allied Waste Industries, Inc		207,455
14,712		Ameren Corp		790,476
28,234		American Electric Power Co, Inc		1,202,204
3,658		Aqua America, Inc		83,329
5,816		Atmos Energy Corp		185,589
22,321		Centerpoint Energy, Inc		370,082
15,847	*	CMS Energy Corp		264,645
17,609		Consolidated Edison, Inc		846,465
11,193		Constellation Energy Group, Inc		770,862
6,715		DPL, Inc		186,543
12,735		DTE Energy Co		616,501
27,054	*	Dynegy, Inc (Class A)		195,871
23,346		Edison International		1,061,776
3,395		El Paso Corp		51,876
5,286		Energen Corp		248,125
10,578		Energy East Corp		262,334
14,892	d	Entergy Corp		1,374,829
5,687		Great Plains Energy, Inc		180,847
5,660		Hawaiian Electric Industries, Inc		153,669
12,535		KeySpan Corp		516,191
12,890		MDU Resources Group, Inc		330,500
18,343	*	Mirant Corp		579,089
6,014		National Fuel Gas Co		231,780
19,534		NiSource, Inc		470,769
11,004		Northeast Utilities		309,873
6,347	*	NRG Energy, Inc		355,495
7,645		NSTAR		262,682
6,494		OGE Energy Corp		259,760
7,887		Oneok, Inc		340,087
13,636		Pepco Holdings, Inc		354,672
24,879		PG&E Corp		1,177,523
7,110		Pinnacle West Capital Corp		360,406
27,274		PPL Corp		977,500
18,122		Progress Energy, Inc		889,428
8,309		Puget Energy, Inc		210,716
655		Questar Corp		54,398
21,966	*	Reliant Energy, Inc		312,137
582		Republic Services, Inc		23,670
8,271		SCANA Corp		335,968
18,569		Sempra Energy		1,040,607
15,826	*	Sierra Pacific Resources		266,352
7,635		Southern Union Co		213,398
14,952		TECO Energy, Inc		257,623

174

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,544		UGI Corp	$	205,800
5,502		Vectren Corp		155,597
10,236		Williams Cos, Inc		267,364
8,373		Wisconsin Energy Corp		397,383
3,108		WPS Resources Corp		167,925
29,061		Xcel Energy, Inc		670,147
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		21,577,826
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.76%
1,049	*	ADC Telecommunications, Inc		15,242
7,489		American Power Conversion Corp		229,089
31,145	*	Atmel Corp		188,427
4,757	*	Avnet, Inc		121,446
1,700		AVX Corp		25,143
4,521	*	Ciena Corp		125,277
2,937	*	Comverse Technology, Inc		62,000
871	*	Cree, Inc		15,086
1,030	*	Cypress Semiconductor Corp		17,376
865	*	Energizer Holdings, Inc		61,406
4,284	*	Fairchild Semiconductor International, Inc		72,014
8,000	*	Integrated Device Technology, Inc		123,840
2,376	*	International Rectifier Corp		91,547
5,809		Intersil Corp (Class A)		138,951
8,110		L-3 Communications Holdings, Inc		663,236
7,815	*	LSI Logic Corp		70,335
28,266	*	Micron Technology, Inc		394,593
5,496	*	Novellus Systems, Inc		189,172
2,199		RadioShack Corp		36,899
708	*	Rambus, Inc		13,402
23,093	*	Sanmina-SCI Corp		79,671
2,380	*	Spansion, Inc (Class A)		35,367
2,872		Teleflex, Inc		185,416
32,121	*	Tellabs, Inc		329,561
9,528	*	Vishay Intertechnology, Inc		129,009
5,217		Whirlpool Corp		433,115
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		3,846,620
ENGINEERING AND MANAGEMENT SERVICES - 0.40%
7,206	*	Hewitt Associates, Inc (Class A)		185,555
1,030	*	KBR, Inc		26,945
5,935	*	Shaw Group, Inc		198,823
3,454	*	URS Corp		148,004
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		559,327
FABRICATED METAL PRODUCTS - 0.57%
1,550	*	Alliant Techsystems, Inc		121,195
8,615		Commercial Metals Co		222,267
3,789		Crane Co		138,829
4,468		Pentair, Inc		140,295
3,630		Snap-On, Inc		172,933
		TOTAL FABRICATED METAL PRODUCTS		795,519

175

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
FOOD AND KINDRED PRODUCTS - 3.45%
6,900		Campbell Soup Co	$	268,341
21,892		Coca-Cola Enterprises, Inc		447,035
37,214		ConAgra Foods, Inc		1,004,778
11,689	*	Constellation Brands, Inc (Class A)		339,215
5,390		Corn Products International, Inc		186,171
14,301		Del Monte Foods Co		157,740
10,370		H.J. Heinz Co		466,754
1,559		Hershey Co		77,638
5,277		Hormel Foods Corp		197,043
4,092		J.M. Smucker Co		198,339
2,053		McCormick & Co, Inc		79,164
3,493		Molson Coors Brewing Co (Class B)		267,005
4,661		Pepsi Bottling Group, Inc		144,072
4,431		PepsiAmericas, Inc		92,962
25,817		Sara Lee Corp		439,664
7,076	*	Smithfield Foods, Inc		181,570
15,913		Tyson Foods, Inc (Class A)		261,769
		TOTAL FOOD AND KINDRED PRODUCTS		4,809,260
FOOD STORES - 1.12%
45,331		Kroger Co		1,045,786
14,657		Supervalu, Inc		523,988
		TOTAL FOOD STORES		1,569,774
FORESTRY - 0.15%
4,982		Rayonier, Inc		204,511
		TOTAL FORESTRY		204,511
FURNITURE AND FIXTURES - 0.45%
2,599		Hillenbrand Industries, Inc		147,961
5,949		Leggett & Platt, Inc		142,181
11,209		Masco Corp		334,813
		TOTAL FURNITURE AND FIXTURES		624,955
FURNITURE AND HOMEFURNISHINGS STORES - 0.21%
1,163		Circuit City Stores, Inc		22,074
3,355	*	Mohawk Industries, Inc		251,155
1,029		Steelcase, Inc (Class A)		18,687
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		291,916
GENERAL BUILDING CONTRACTORS - 1.30%
1,476		Beazer Homes USA, Inc		69,387
4,730		Centex Corp		266,157
10,345		DR Horton, Inc		274,039
2,777		KB Home		142,405
5,825		Lennar Corp (Class A)		305,580
1,285		MDC Holdings, Inc		73,309
7,675		Pulte Homes, Inc		254,196
1,980		Ryland Group, Inc		108,148
3,032		Standard-Pacific Corp		81,227
7,467	*	Toll Brothers, Inc		240,661
		TOTAL GENERAL BUILDING CONTRACTORS		1,815,109

176

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
GENERAL MERCHANDISE STORES - 0.47%
4,751	*	BJ's Wholesale Club, Inc	$	147,804
4,419		Dillard's, Inc (Class A)		154,532
1,712		Dollar General Corp		27,495
5,342		Family Dollar Stores, Inc		156,681
9,742		Saks, Inc		173,602
		TOTAL GENERAL MERCHANDISE STORES		660,114
HEALTH SERVICES - 1.82%
11,055		AmerisourceBergen Corp		497,033
7,340		Cigna Corp		965,724
2,835	*	Community Health Systems, Inc		103,534
12,814		Health Management Associates, Inc (Class A)		270,504
2,687	*	LifePoint Hospitals, Inc		90,552
4,557		Omnicare, Inc		176,037
10,870	*	Tenet Healthcare Corp		75,764
5,224	*	Triad Hospitals, Inc		218,520
2,485		Universal Health Services, Inc (Class B)		137,744
		TOTAL HEALTH SERVICES		2,535,412
HOLDING AND OTHER INVESTMENT OFFICES - 14.78%
10,030		Allied Capital Corp		327,780
6,296		AMB Property Corp		369,009
14,290		Annaly Mortgage Management, Inc		198,774
6,958		Apartment Investment & Management Co (Class A)		389,787
15,315		Archstone-Smith Trust		891,486
5,319		AvalonBay Communities, Inc		691,736
8,180		Boston Properties, Inc		915,178
6,508		Brandywine Realty Trust		216,391
3,670		BRE Properties, Inc (Class A)		238,623
4,026		Camden Property Trust		297,320
4,597		CBL & Associates Properties, Inc		199,280
3,264		Colonial Properties Trust		153,016
2,641		Developers Diversified Realty Corp		166,251
4,240		Douglas Emmett, Inc		112,742
9,668		Duke Realty Corp		395,421
26,240		Equity Office Properties Trust		1,263,981
20,864		Equity Residential		1,058,848
892		Essex Property Trust, Inc		115,291
1,743		Federal Realty Investment Trust		148,155
5,946		General Growth Properties, Inc		310,560
14,210		Health Care Property Investors, Inc		523,212
4,449		Health Care REIT, Inc		191,396
6,123		Hospitality Properties Trust		291,026
37,090		Host Marriott Corp		910,560
15,029		HRPT Properties Trust		185,608
22,715		iShares Russell Midcap Value Index Fund		3,326,157
9,043		iStar Financial, Inc		432,436
15,857		Kimco Realty Corp		712,772
6,388		Liberty Property Trust		313,906
4,455		Mack-Cali Realty Corp		227,205
3,394		New Century Financial Corp		107,216
7,489		New Plan Excel Realty Trust		205,798

177

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
20,832		NTL, Inc	$	525,800
13,204		Plum Creek Timber Co, Inc		526,179
17,552		Prologis		1,066,635
3,257		Public Storage, Inc		317,558
3,638		Reckson Associates Realty Corp		165,893
4,915		Regency Centers Corp		384,206
1,726		Taubman Centers, Inc		87,784
8,011		Thornburg Mortgage, Inc		201,316
2,998		Ventas, Inc		126,875
9,325		Vornado Realty Trust		1,132,988
4,326		Weingarten Realty Investors		199,472
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		20,621,627
HOTELS AND OTHER LODGING PLACES - 0.11%
2,531		Starwood Hotels & Resorts Worldwide, Inc		158,188
		TOTAL HOTELS AND OTHER LODGING PLACES		158,188
INDUSTRIAL MACHINERY AND EQUIPMENT - 2.43%
6,099	*	AGCO Corp		188,703
341		Black & Decker Corp		27,270
370		Carlisle Cos, Inc		29,045
680		Cummins, Inc		80,362
908		Diebold, Inc		42,313
1,413		Dover Corp		69,265
10,757		Eaton Corp		808,281
3,343	*	Flowserve Corp		168,721
2,878		Kennametal, Inc		169,370
4,053		Lennox International, Inc		124,062
1,695	*	Lexmark International, Inc (Class A)		124,074
7,342		Pall Corp		253,666
4,927		Parker Hannifin Corp		378,788
70	*	Riverbed Technology, Inc		2,149
35,763	*	Solectron Corp		115,157
4,276		SPX Corp		261,520
1,732		Stanley Works		87,102
3,844	*	Symbol Technologies, Inc		57,429
3,772	*	Terex Corp		243,596
5,555		Timken Co		162,095
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		3,392,968
INSTRUMENTS AND RELATED PRODUCTS - 2.59%
2,543		Applera Corp (Applied Biosystems Group)		93,303
2,141	*	Armor Holdings, Inc		117,434
3,204		Bausch & Lomb, Inc		166,800
389		Beckman Coulter, Inc		23,262
1,627		Cooper Cos, Inc		72,402
1,977		DRS Technologies, Inc		104,148
20,573		Eastman Kodak Co		530,783
2,869		Kla-Tencor Corp		142,733
4,260		PerkinElmer, Inc		94,700
6,557		Pitney Bowes, Inc		302,868
1,506		Tektronix, Inc		43,930
3,498	*	Teradyne, Inc		52,330

178

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
15,462	*	Thermo Electron Corp	$	700,274
69,187	*	Xerox Corp		1,172,720
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,617,687
INSURANCE AGENTS, BROKERS AND SERVICE - 0.68%
22,835		AON Corp		806,989
4,893		Gallagher (Arthur J.) & Co		144,588
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		951,577
INSURANCE CARRIERS - 6.39%
339	*	Alleghany Corp		123,260
6,923		Ambac Financial Group, Inc		616,632
6,096		American Financial Group, Inc		218,907
1,007		American National Insurance Co		114,909
9,234		Assurant, Inc		510,179
11,156		Cincinnati Financial Corp		505,478
1,570	*	CNA Financial Corp		63,302
10,854	*	Conseco, Inc		216,863
3,564		Erie Indemnity Co (Class A)		206,641
15,356		Fidelity National Title Group, Inc (Class A)		366,701
6,136		First American Corp		249,612
2,230		Hanover Insurance Group, Inc		108,824
3,507		HCC Insurance Holdings, Inc		112,540
624	*	Health Net, Inc		30,364
11,696		Leucadia National Corp		329,827
557	*	Markel Corp		267,416
9,645		MBIA, Inc		704,664
1,860		Mercury General Corp		98,078
5,946		MGIC Investment Corp		371,863
3,501		Nationwide Financial Services, Inc (Class A)		189,754
16,471		Old Republic International Corp		383,445
700	*	Philadelphia Consolidated Holding Co		31,192
5,685		PMI Group, Inc		268,161
5,001		Protective Life Corp		237,548
5,890		Radian Group, Inc		317,530
2,030		Reinsurance Group Of America, Inc		113,071
8,540		Safeco Corp		534,177
3,918		Stancorp Financial Group, Inc		176,506
7,179		Torchmark Corp		457,733
1,250		Transatlantic Holdings, Inc		77,625
3,395		Unitrin, Inc		170,123
24,550		UnumProvident Corp		510,149
5,372		W.R. Berkley Corp		185,388
114		Wesco Financial Corp		52,440
		TOTAL INSURANCE CARRIERS		8,920,902
JUSTICE, PUBLIC ORDER AND SAFETY - 0.05%
1,493	*	Corrections Corp of America		67,528
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		67,528
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.13%
5,883		Laidlaw International, Inc		179,020
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		179,020

179

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
LUMBER AND WOOD PRODUCTS - 0.12%
7,603		Louisiana-Pacific Corp	$	163,693
		TOTAL LUMBER AND WOOD PRODUCTS		163,693
METAL MINING - 0.25%
6,228		Freeport-McMoRan Copper & Gold, Inc (Class B)		347,086
		TOTAL METAL MINING		347,086
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.10%
6,888		Fortune Brands, Inc		588,166
11,369		Hasbro, Inc		309,805
27,908		Mattel, Inc		632,395
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,530,366
MISCELLANEOUS RETAIL - 0.67%
2,864		Barnes & Noble, Inc		113,729
6,759	*	Dollar Tree Stores, Inc		203,446
5,085		OfficeMax, Inc		252,470
37,906	*	Rite Aid Corp		206,209
4,032		Tiffany & Co		158,216
		TOTAL MISCELLANEOUS RETAIL		934,070
MOTION PICTURES - 0.19%
14,414	*	Discovery Holding Co (Class A)		231,921
1,036	*	DreamWorks Animation SKG, Inc (Class A)		30,552
		TOTAL MOTION PICTURES		262,473
NONDEPOSITORY INSTITUTIONS - 1.11%
10,181		American Capital Strategies Ltd		470,973
6,351	*	AmeriCredit Corp		159,855
2,145		CapitalSource, Inc		58,580
14,281		CIT Group, Inc		796,451
180	*	Nelnet, Inc (Class A)		4,925
270		Student Loan Corp		55,971
		TOTAL NONDEPOSITORY INSTITUTIONS		1,546,755
OIL AND GAS EXTRACTION - 1.71%
3,493		Cabot Oil & Gas Corp		211,850
29,575		Chesapeake Energy Corp		859,154
5,996		Cimarex Energy Co		218,854
1,106		Equitable Resources, Inc		46,176
3,924	*	Forest Oil Corp		128,236
775	*	National Oilwell Varco, Inc		47,415
8,775		Pioneer Natural Resources Co		348,280
4,049		Pogo Producing Co		196,134
2,166	*	Pride International, Inc		65,002
663		Rowan Cos, Inc		22,012
1,593	*	SEACOR Holdings, Inc		157,930
1,814		Tidewater, Inc		87,725
		TOTAL OIL AND GAS EXTRACTION		2,388,768

180

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
PAPER AND ALLIED PRODUCTS - 1.05%
7,507		Bemis Co	$	255,088
12,972		MeadWestvaco Corp		389,938
18,235	*	Smurfit-Stone Container Corp		192,562
7,083		Sonoco Products Co		269,579
7,915		Temple-Inland, Inc		364,327
		TOTAL PAPER AND ALLIED PRODUCTS		1,471,494
PERSONAL SERVICES - 0.18%
4,820	*	Sally Beauty Holdings, Inc		37,596
21,190		Service Corp International		217,198
		TOTAL PERSONAL SERVICES		254,794
PETROLEUM AND COAL PRODUCTS - 2.56%
4,066		Ashland, Inc		281,286
3,734		Frontier Oil Corp		107,315
17,336		Hess Corp		859,346
13,365		Murphy Oil Corp		679,610
9,210	*	Newfield Exploration Co		423,200
12,693		Noble Energy, Inc		622,846
4,383		Sunoco, Inc		273,324
4,904		Tesoro Corp		322,536
		TOTAL PETROLEUM AND COAL PRODUCTS		3,569,463
PRIMARY METAL INDUSTRIES - 0.73%
150		Carpenter Technology Corp		15,378
3,031		Hubbell, Inc (Class B)		137,032
6,700		Steel Dynamics, Inc		217,415
8,817		United States Steel Corp		644,875
		TOTAL PRIMARY METAL INDUSTRIES		1,014,700
PRINTING AND PUBLISHING - 2.08%
17,040		Gannett Co, Inc		1,030,238
3,616		McClatchy Co (Class A)		156,573
9,471		New York Times Co (Class A)		230,714
4,696		R.H. Donnelley Corp		294,580
15,479		R.R. Donnelley & Sons Co		550,124
13,053		Tribune Co		401,771
327		Washington Post Co (Class B)		243,811
		TOTAL PRINTING AND PUBLISHING		2,907,811
RAILROAD TRANSPORTATION - 0.47%
16,222		CSX Corp		558,523
3,345	*	Kansas City Southern Industries, Inc		96,938
		TOTAL RAILROAD TRANSPORTATION		655,461
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS- 0.37%
1,868	*	Jarden Corp		64,988
7,685		Newell Rubbermaid, Inc		222,481
3,425		Sealed Air Corp		222,351
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		509,820
SECURITY AND COMMODITY BROKERS - 1.98%
5,485		A.G. Edwards, Inc		347,146

181

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
15,393		Ameriprise Financial, Inc	$	838,919
2,407	*	E*Trade Financial Corp		53,965
6,977		Janus Capital Group, Inc		150,633
8,487		Jefferies Group, Inc		227,621
4,003		Legg Mason, Inc		380,485
240	*	Nymex Holdings, Inc		29,762
5,490	*	NYSE Group, Inc		533,628
6,490		Raymond James Financial, Inc		196,712
		TOTAL SECURITY AND COMMODITY BROKERS		2,758,871
SPECIAL TRADE CONTRACTORS - 0.06%
4,257	*	Quanta Services, Inc		83,735
		TOTAL SPECIAL TRADE CONTRACTORS		83,735
STONE, CLAY, AND GLASS PRODUCTS - 0.13%
801		Gentex Corp		12,464
2,996	*	USG Corp		164,181
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		176,645
TOBACCO PRODUCTS - 0.52%
6,681		Loews Corp (Carolina Group)		432,394
5,128		UST, Inc		298,450
		TOTAL TOBACCO PRODUCTS		730,844
TRANSPORTATION BY AIR - 0.59%
3,508	*	AMR Corp		106,047
24,150		Southwest Airlines Co		369,978
7,925	*	UAL Corp		348,700
		TOTAL TRANSPORTATION BY AIR		824,725
TRANSPORTATION EQUIPMENT - 2.17%
5,939		Autoliv, Inc		358,122
5,494		Brunswick Corp		175,259
129,363	*	Ford Motor Co		971,516
12,366		Genuine Parts Co		586,519
660		Goodrich Corp		30,063
4,394		ITT Industries, Inc		249,667
7,354		Paccar, Inc		477,275
1,030	*	Spirit Aerosystems Holdings, Inc (Class A)		34,474
633		Textron, Inc		59,356
250		Trinity Industries, Inc		8,800
3,193	*	TRW Automotive Holdings Corp		82,603
		TOTAL TRANSPORTATION EQUIPMENT		3,033,654
TRANSPORTATION SERVICES - 0.29%
1,588		GATX Corp		68,808
1,880	*	Hertz Global Holdings, Inc		32,693
9,505		Sabre Holdings Corp (Class A)		303,114
		TOTAL TRANSPORTATION SERVICES		404,615
TRUCKING AND WAREHOUSING - 0.15%
2,158	*	Swift Transportation Co, Inc		56,691
4,254	*	YRC Worldwide, Inc		160,503
		TOTAL TRUCKING AND WAREHOUSING		217,194

182

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Mid-Cap Value Index Fund
SHARES		COMPANY		VALUE
WATER TRANSPORTATION - 0.19%
3,236		Alexander & Baldwin, Inc	$	143,484
2,129		Overseas Shipholding Group, Inc		119,863
		TOTAL WATER TRANSPORTATION		263,347
WHOLESALE TRADE-DURABLE GOODS - 0.91%
6,315		Adesa, Inc		175,241
7,515	*	Arrow Electronics, Inc		237,098
3,787		BorgWarner, Inc		223,509
10,039	*	Ingram Micro, Inc (Class A)		204,896
4,696		Reliance Steel & Aluminum Co		184,928
3,969	*	Tech Data Corp		150,306
1,481		W.W. Grainger, Inc		103,581
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,279,559
WHOLESALE TRADE-NONDURABLE GOODS - 1.11%
253		Airgas, Inc		10,252
370	*	Bare Escentuals, Inc		11,496
9,740	*	Dean Foods Co		411,807
32,255		Safeway, Inc		1,114,729
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,548,284
		TOTAL COMMON STOCKS		138,294,526
		(Cost $121,648,259)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.77%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.77%
$     1,070,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		1,069,423
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,069,423
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $1,069,857)		1,069,423
		TOTAL PORTFOLIO - 99.86%
		(Cost $122,718,116)		139,363,949
		OTHER ASSETS & LIABILITIES, NET - 0.14%		196,266
		NET ASSETS - 100.00%	$	139,560,215
	*	Non-income producing
	d	All or a portion of these securities have been segregated by the custodian to cover margin or
		other requirements on futures contracts in the amout of $55,392

183

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.51%
AMUSEMENT AND RECREATION SERVICES - 0.54%
5,695		Harrah's Entertainment, Inc	$	471,090
1,160		International Speedway Corp (Class A)		59,206
2,334	*	Penn National Gaming, Inc		97,141
2,859		Warner Music Group Corp		65,614
		TOTAL AMUSEMENT AND RECREATION SERVICES		693,051
APPAREL AND ACCESSORY STORES - 1.33%
2,729		Abercrombie & Fitch Co (Class A)		190,020
5,302		American Eagle Outfitters, Inc		165,475
2,174	*	AnnTaylor Stores Corp		71,394
5,731	*	Chico's FAS, Inc		118,574
2,948		Claire's Stores, Inc		97,697
4,960		Foot Locker, Inc		108,773
3,051	*	Hanesbrands, Inc		72,065
10,578		Limited Brands, Inc		306,127
7,319		Nordstrom, Inc		361,119
4,329		Ross Stores, Inc		126,840
3,796	*	Urban Outfitters, Inc		87,422
		TOTAL APPAREL AND ACCESSORY STORES		1,705,506
APPAREL AND OTHER TEXTILE PRODUCTS - 0.49%
3,560		Jones Apparel Group, Inc		119,011
3,270		Liz Claiborne, Inc		142,114
1,910		Polo Ralph Lauren Corp		148,331
2,698		VF Corp		221,452
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		630,908
AUTO REPAIR, SERVICES AND PARKING - 0.07%
1,797		Ryder System, Inc		91,755
		TOTAL AUTO REPAIR, SERVICES AND PARKING		91,755
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.62%
3,216		Advance Auto Parts		114,361
4,724	*	Autonation, Inc		100,716
1,564	*	Autozone, Inc		180,736
3,390	*	Carmax, Inc		181,806
2,057	*	Copart, Inc		61,710
3,664	*	O'Reilly Automotive, Inc		117,468
1,932		United Auto Group, Inc		45,537
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		802,334
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.28%
3,933		Fastenal Co		141,116
3,499		Sherwin-Williams Co		222,466
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		363,582
BUSINESS SERVICES - 7.11%
8,777	*	Activision, Inc		151,315
2,598		Acxiom Corp		66,639

184

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

SHARES		COMPANY		VALUE
2,903	*	Affiliated Computer Services, Inc (Class A)	$	141,783
4,778	*	Akamai Technologies, Inc		253,807
2,405	*	Alliance Data Systems Corp		150,240
7,150	*	Autodesk, Inc		289,289
11,485	*	BEA Systems, Inc		144,481
6,598	*	BMC Software, Inc		212,456
1,553		Brink's Co		99,268
12,825		CA, Inc		290,486
8,770	*	Cadence Design Systems, Inc		157,071
4,307	*	Ceridian Corp		120,510
1,994	*	Cerner Corp		90,727
2,640	*	Checkfree Corp		106,022
2,537	*	ChoicePoint, Inc		99,907
5,650	*	Citrix Systems, Inc		152,833
1,310	*	Clear Channel Outdoor Holdings, Inc (Class A)		36,562
4,327	*	Cognizant Technology Solutions Corp (Class A)		333,871
5,309	*	Computer Sciences Corp		283,341
10,622	*	Compuware Corp		88,481
4,130	*	Convergys Corp		98,211
1,750	*	DST Systems, Inc		109,603
9,387	*	Electronic Arts, Inc		472,729
16,072		Electronic Data Systems Corp		442,784
4,857	*	Emdeon Corp		60,178
4,019		Equifax, Inc		163,171
6,651	*	Expedia, Inc		139,538
1,285	*	F5 Networks, Inc		95,360
1,295		Factset Research Systems, Inc		73,142
2,011		Fair Isaac Corp		81,747
5,851		Fidelity National Information Services, Inc		234,567
5,447	*	Fiserv, Inc		285,532
1,655	*	Getty Images, Inc		70,867
6,194		IMS Health, Inc		170,211
13,547	*	Interpublic Group of Cos, Inc		165,815
10,800	*	Intuit, Inc		329,508
3,579	*	Iron Mountain, Inc		147,956
17,518	*	Juniper Networks, Inc		331,791
1,263	*	Kinetic Concepts, Inc		49,952
2,569	*	Lamar Advertising Co (Class A)		167,987
2,711		Manpower, Inc		203,135
1,903		Mastercard, Inc (Class A)		187,426
4,704	*	McAfee, Inc		133,500
2,603		MoneyGram International, Inc		81,630
3,827	*	Monster Worldwide, Inc		178,491
2,844	*	NAVTEQ Corp		99,455
5,640	*	NCR Corp		241,166
10,719	*	Novell, Inc		66,458
6,018	*	Red Hat, Inc		138,414
4,658		Robert Half International, Inc		172,905
2,749	*	Salesforce.com, Inc		100,201
8,600		ServiceMaster Co		112,746
4,550	*	Synopsys, Inc		121,622
1,120		Total System Services, Inc		29,557
10,643	*	Unisys Corp		83,441
1,883	*	United Rentals, Inc		47,885
7,600	*	VeriSign, Inc		182,780
298	*	WebMD Health Corp (Class A)		11,926
		TOTAL BUSINESS SERVICES		9,152,476

185

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

SHARES		COMPANY		VALUE
CHEMICALS AND ALLIED PRODUCTS - 5.34%
787	*	Abraxis BioScience, Inc	$	21,517
6,946		Air Products & Chemicals, Inc		488,165
1,237		Albemarle Corp		88,817
2,674		Alberto-Culver Co		57,357
2,918		Avery Dennison Corp		198,220
13,964		Avon Products, Inc		461,371
3,286	*	Barr Pharmaceuticals, Inc		164,694
1,870		Cabot Corp		81,476
2,106		Celanese Corp (Series A)		54,503
1,911	*	Cephalon, Inc		134,554
2,115	*	Charles River Laboratories International, Inc		91,474
7,388		Chemtura Corp		71,146
2,031		Church & Dwight Co, Inc		86,622
4,672		Clorox Co		299,709
1,394		Cytec Industries, Inc		78,775
2,588		Dade Behring Holdings, Inc		103,028
2,550		Eastman Chemical Co		151,241
5,590		Ecolab, Inc		252,668
3,866		Estee Lauder Cos (Class A)		157,810
1,256		FMC Corp		96,147
10,097	*	Forest Laboratories, Inc		510,908
4,850	*	Hospira, Inc		162,863
2,964	*	Huntsman Corp		56,227
980	*	Idexx Laboratories, Inc		77,714
2,206	*	ImClone Systems, Inc		59,033
2,851		International Flavors & Fragrances, Inc		140,155
1,582	*	Invitrogen Corp		89,525
7,640	*	King Pharmaceuticals, Inc		121,629
2,220		Lubrizol Corp		111,289
6,726		Lyondell Chemical Co		171,984
7,712	*	Medimmune, Inc		249,637
9,286	*	Millennium Pharmaceuticals, Inc		101,217
4,500	*	Mosaic Co		96,120
6,626		Mylan Laboratories, Inc		132,255
3,291	*	Nalco Holding Co		67,334
3,764	*	PDL BioPharma, Inc		75,807
5,128		PPG Industries, Inc		329,269
4,986		Rohm & Haas Co		254,884
3,680		RPM International, Inc		76,875
1,500		Scotts Miracle-Gro Co (Class A)		77,475
3,371	*	Sepracor, Inc		207,586
2,082		Sigma-Aldrich Corp		161,813
3,174		Valspar Corp		87,729
2,614	*	VCA Antech, Inc		84,145
3,742	*	Vertex Pharmaceuticals, Inc		140,026
3,090	*	Watson Pharmaceuticals, Inc		80,433
482		Westlake Chemical Corp		15,125
		TOTAL CHEMICALS AND ALLIED PRODUCTS		6,878,351
COAL MINING - 0.29%
4,234		Arch Coal, Inc		127,147
5,680		Consol Energy, Inc		182,498
2,659		Massey Energy Co		61,769
		TOTAL COAL MINING		371,414

186

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

SHARES		COMPANY		VALUE
COMMUNICATIONS - 3.99%
13,005	*	American Tower Corp (Class A)	$	484,826
14,272	*	Avaya, Inc		199,523
6,710		Cablevision Systems Corp (Class A)		191,101
3,627		CenturyTel, Inc		158,355
10,151		Citizens Communications Co		145,870
6,247	*	Crown Castle International Corp		201,778
1,000	*	CTC Media, Inc		24,010
6,375	*	EchoStar Communications Corp (Class A)		242,441
4,600		Embarq Corp		241,776
1,986		Global Payments, Inc		91,952
1,041		Hearst-Argyle Television, Inc		26,546
5,137	*	IAC/InterActiveCorp		190,891
1,425	*	Leap Wireless International, Inc		84,745
36,256	*	Level 3 Communications, Inc		203,034
12,412	*	Liberty Global, Inc (Class A)		361,810
4,350	*	Liberty Media Corp - Capital (Series A)		426,213
20,398	*	Liberty Media Holding Corp (Interactive A)		439,985
1,834	*	NeuStar, Inc (Class A)		59,495
4,268	*	NII Holdings, Inc		275,030
49,013	*	Qwest Communications International, Inc		410,239
3,392	*	SBA Communications Corp (Class A)		93,280
3,381		Telephone & Data Systems, Inc		183,690
6,673	*	Univision Communications, Inc (Class A)		236,358
491	*	US Cellular Corp		34,169
9,034	*	XM Satellite Radio Holdings, Inc (Class A)		130,541
		TOTAL COMMUNICATIONS		5,137,658
DEPOSITORY INSTITUTIONS - 4.97%
4,094		Associated Banc-Corp		142,799
2,830		Astoria Financial Corp		85,353
2,495		Bancorpsouth, Inc		66,916
1,457		Bank of Hawaii Corp		78,605
764		BOK Financial Corp		42,005
710		Capitol Federal Financial		27,278
1,280		City National Corp		91,136
4,560		Colonial Bancgroup, Inc		117,374
5,032		Comerica, Inc		295,278
5,712		Commerce Bancorp, Inc		201,462
2,282		Commerce Bancshares, Inc		110,472
4,006		Compass Bancshares, Inc		238,958
1,800		Cullen/Frost Bankers, Inc		100,476
1,817		East West Bancorp, Inc		64,358
180		First Citizens Bancshares, Inc (Class A)		36,475
3,827		First Horizon National Corp		159,892
5,241		Fulton Financial Corp		87,525
17,837		Hudson City Bancorp, Inc		247,578
7,603		Huntington Bancshares, Inc		180,571
2,191		IndyMac Bancorp, Inc		98,946
1,990		Investors Financial Services Corp		84,913
12,531		Keycorp		476,554
2,349		M&T Bank Corp		286,954
7,843		Marshall & Ilsley Corp		377,327
3,820		Mercantile Bankshares Corp		178,738
8,683		New York Community Bancorp, Inc		139,796
6,758		Northern Trust Corp		410,143
1,870		People's Bank		83,439

187

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

SHARES		COMPANY		VALUE
8,633		Popular, Inc	$	154,962
3,210		Sky Financial Group, Inc		91,613
2,541		South Financial Group, Inc		67,565
12,162		Sovereign Bancorp, Inc		308,793
8,390		Synovus Financial Corp		258,664
4,250		TCF Financial Corp		116,535
3,299		TD Banknorth, Inc		106,492
1,754		UnionBanCal Corp		107,433
3,626		Valley National Bancorp		96,125
2,821		Washington Federal, Inc		66,378
1,811		Webster Financial Corp		88,232
2,041		Whitney Holding Corp		66,577
2,110		Wilmington Trust Corp		88,979
3,290		Zions Bancorporation		271,228
		TOTAL DEPOSITORY INSTITUTIONS		6,400,897
EATING AND DRINKING PLACES - 1.05%
3,749		Aramark Corp (Class B)		125,404
4,012		Brinker International, Inc		121,002
2,361	*	Cheesecake Factory		58,081
4,591		Darden Restaurants, Inc		184,420
2,120		OSI Restaurant Partners, Inc		83,104
5,934		Tim Hortons, Inc		171,849
3,580		Wendy's International, Inc		118,462
8,370		Yum! Brands, Inc		492,156
		TOTAL EATING AND DRINKING PLACES		1,354,478
EDUCATIONAL SERVICES - 0.31%
4,318	*	Apollo Group, Inc (Class A)		168,272
3,119	*	Career Education Corp		77,289
1,285	*	ITT Educational Services, Inc		85,285
1,392	*	Laureate Education, Inc		67,693
		TOTAL EDUCATIONAL SERVICES		398,539
ELECTRIC, GAS, AND SANITARY SERVICES - 9.14%
20,411	*	AES Corp		449,858
2,390		AGL Resources, Inc		92,995
5,058	*	Allegheny Energy, Inc		232,213
3,700		Alliant Energy Corp		139,749
8,013	*	Allied Waste Industries, Inc		98,480
6,363		Ameren Corp		341,884
12,207		American Electric Power Co, Inc		519,774
4,220		Aqua America, Inc		96,132
2,512		Atmos Energy Corp		80,158
9,185		Centerpoint Energy, Inc		152,287
6,567	*	CMS Energy Corp		109,669
7,619		Consolidated Edison, Inc		366,245
5,549		Constellation Energy Group, Inc		382,160
3,544	*	Covanta Holding Corp		78,110
3,490		DPL, Inc		96,952
5,510		DTE Energy Co		266,739
11,580	*	Dynegy, Inc (Class A)		83,839
10,097		Edison International		459,212
21,577		El Paso Corp		329,697
2,252		Energen Corp		105,709
4,681		Energy East Corp		116,089
6,441	d	Entergy Corp		594,633

188

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

SHARES		COMPANY		VALUE
2,450		Great Plains Energy, Inc	$	77,910
2,570		Hawaiian Electric Industries, Inc		69,776
5,419		KeySpan Corp		223,154
3,300		Kinder Morgan, Inc		348,975
5,310		MDU Resources Group, Inc		136,148
7,936	*	Mirant Corp		250,540
2,726		National Fuel Gas Co		105,060
8,452		NiSource, Inc		203,693
4,550		Northeast Utilities		128,128
3,921	*	NRG Energy, Inc		219,615
3,390		NSTAR		116,480
2,900		OGE Energy Corp		116,000
3,461		Oneok, Inc		149,238
5,900		Pepco Holdings, Inc		153,459
10,764		PG&E Corp		509,460
3,090		Pinnacle West Capital Corp		156,632
11,798		PPL Corp		422,840
7,842		Progress Energy, Inc		384,885
3,860		Puget Energy, Inc		97,890
2,650		Questar Corp		220,083
9,508	*	Reliant Energy, Inc		135,109
3,700		Republic Services, Inc		150,479
3,608		SCANA Corp		146,557
8,014		Sempra Energy		449,105
6,854	*	Sierra Pacific Resources		115,353
3,305		Southern Union Co		92,375
1,361	*	Stericycle, Inc		102,756
6,191		TECO Energy, Inc		106,671
3,516		UGI Corp		95,916
2,370		Vectren Corp		67,024
18,456		Williams Cos, Inc		482,071
3,620		Wisconsin Energy Corp		171,805
1,389		WPS Resources Corp		75,048
12,570		Xcel Energy, Inc		289,864
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		11,762,683
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.64%
3,989	*	ADC Telecommunications, Inc		57,960
5,267	*	Agere Systems, Inc		100,968
11,137	*	Altera Corp		219,176
5,330		American Power Conversion Corp		163,045
3,292		Ametek, Inc		104,817
2,778		Amphenol Corp (Class A)		172,458
10,605		Analog Devices, Inc		348,586
13,257	*	Atmel Corp		80,205
3,779	*	Avnet, Inc		96,478
1,410		AVX Corp		20,854
2,467	*	Ciena Corp		68,361
5,957	*	Comverse Technology, Inc		125,752
2,210	*	Cree, Inc		38,277
4,523	*	Cypress Semiconductor Corp		76,303
1,316	*	Dolby Laboratories, Inc (Class A)		40,822
1,701	*	Energizer Holdings, Inc		120,754
4,006	*	Fairchild Semiconductor International, Inc		67,341
2,067		Harman International Industries, Inc		206,514
4,159		Harris Corp		190,732
5,912	*	Integrated Device Technology, Inc		91,518

189

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

SHARES		COMPANY		VALUE
2,220	*	International Rectifier Corp	$	85,537
4,630		Intersil Corp (Class A)		110,750
6,561	*	JDS Uniphase Corp		109,306
3,779		L-3 Communications Holdings, Inc		309,047
1,350		Lincoln Electric Holdings, Inc		81,567
9,412		Linear Technology Corp		285,372
11,960	*	LSI Logic Corp		107,640
9,943		Maxim Integrated Products, Inc		304,455
4,611	*	MEMC Electronic Materials, Inc		180,475
6,641		Microchip Technology, Inc		217,161
22,210	*	Micron Technology, Inc		310,052
4,047		Molex, Inc		128,007
10,471		National Semiconductor Corp		237,692
11,600	*	Network Appliance, Inc		455,648
3,986	*	Novellus Systems, Inc		137,198
10,912	*	Nvidia Corp		403,853
6,787	*	PMC - Sierra, Inc		45,541
4,760	*	QLogic Corp		104,339
4,250		RadioShack Corp		71,315
2,927	*	Rambus, Inc		55,408
17,162	*	Sanmina-SCI Corp		59,209
1,645	*	Silicon Laboratories, Inc		56,999
43,670	*	Sirius Satellite Radio, Inc		154,592
1,413	*	Spansion, Inc (Class A)		20,997
1,362		Teleflex, Inc		87,931
13,995	*	Tellabs, Inc		143,589
1,936	*	Thomas & Betts Corp		91,534
5,563	*	Vishay Intertechnology, Inc		75,323
2,256		Whirlpool Corp		187,293
10,649		Xilinx, Inc		253,553
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,262,304
ENGINEERING AND MANAGEMENT SERVICES - 1.78%
3,486	*	Amylin Pharmaceuticals, Inc		125,740
11,545	*	Celgene Corp		664,184
1,285		Corporate Executive Board Co		112,695
2,710		Fluor Corp		221,272
1,567	*	Gen-Probe, Inc		82,064
3,275	*	Hewitt Associates, Inc (Class A)		84,331
1,827	*	Jacobs Engineering Group, Inc		148,974
860	*	KBR, Inc		22,498
10,421		Paychex, Inc		412,046
4,905		Quest Diagnostics, Inc		259,965
2,483	*	Shaw Group, Inc		83,181
1,597	*	URS Corp		68,431
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		2,285,381
FABRICATED METAL PRODUCTS - 0.52%
1,093	*	Alliant Techsystems, Inc		85,462
3,319		Ball Corp		144,708
3,564		Commercial Metals Co		91,951
1,556		Crane Co		57,012
5,204	*	Crown Holdings, Inc		108,868
3,100		Pentair, Inc		97,340
1,810		Snap-On, Inc		86,228
		TOTAL FABRICATED METAL PRODUCTS		671,569

190

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

SHARES		COMPANY		VALUE
FOOD AND KINDRED PRODUCTS - 2.82%
850	*	Burger King Holdings, Inc	$	17,935
6,989		Campbell Soup Co		271,802
9,471		Coca-Cola Enterprises, Inc		193,398
16,106		ConAgra Foods, Inc		434,862
6,155	*	Constellation Brands, Inc (Class A)		178,618
2,113		Corn Products International, Inc		72,983
5,893		Del Monte Foods Co		65,000
10,383		H.J. Heinz Co		467,339
1,964	*	Hansen Natural Corp		66,148
5,468		Hershey Co		272,306
2,300		Hormel Foods Corp		85,882
1,806		J.M. Smucker Co		87,537
4,110		McCormick & Co, Inc		158,482
1,498		Molson Coors Brewing Co (Class B)		114,507
4,353		Pepsi Bottling Group, Inc		134,551
1,760		PepsiAmericas, Inc		36,925
23,571		Sara Lee Corp		401,414
3,048	*	Smithfield Foods, Inc		78,212
6,885		Tyson Foods, Inc (Class A)		113,258
7,281		Wrigley (Wm.) Jr Co		376,573
		TOTAL FOOD AND KINDRED PRODUCTS		3,627,732
FOOD STORES - 0.78%
22,386		Kroger Co		516,445
960	*	Panera Bread Co (Class A)		53,674
6,345		Supervalu, Inc		226,834
4,344		Whole Foods Market, Inc		203,864
		TOTAL FOOD STORES		1,000,817
FORESTRY - 0.08%
2,369		Rayonier, Inc		97,247
		TOTAL FORESTRY		97,247
FURNITURE AND FIXTURES - 0.53%
1,950		Hillenbrand Industries, Inc		111,014
1,590		HNI Corp		70,612
5,373		Leggett & Platt, Inc		128,415
12,310		Masco Corp		367,700
		TOTAL FURNITURE AND FIXTURES		677,741
FURNITURE AND HOMEFURNISHINGS STORES - 0.63%
8,704	*	Bed Bath & Beyond, Inc		331,622
5,240		Circuit City Stores, Inc		99,455
2,086	*	GameStop Corp (Class A)		114,959
1,560	*	Mohawk Industries, Inc		116,782
2,652		Steelcase, Inc (Class A)		48,160
3,114		Williams-Sonoma, Inc		97,904
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		808,882
GENERAL BUILDING CONTRACTORS - 1.20%
1,356		Beazer Homes USA, Inc		63,746
3,717		Centex Corp		209,156
9,632		DR Horton, Inc		255,152
2,540		KB Home		130,251
4,082		Lennar Corp (Class A)		214,142
1,093		MDC Holdings, Inc		62,356

191

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

SHARES		COMPANY		VALUE
150	*	NVR, Inc	$	96,750
6,592		Pulte Homes, Inc		218,327
1,310		Ryland Group, Inc		71,552
2,270		Standard-Pacific Corp		60,813
4,200	*	Toll Brothers, Inc		135,366
1,183		Walter Industries, Inc		32,000
		TOTAL GENERAL BUILDING CONTRACTORS		1,549,611
GENERAL MERCHANDISE STORES - 1.14%
2,009	*	BJ's Wholesale Club, Inc		62,500
1,969		Dillard's, Inc (Class A)		68,856
9,310		Dollar General Corp		149,519
4,628		Family Dollar Stores, Inc		135,739
7,272		JC Penney Co, Inc		562,562
4,460		Saks, Inc		79,477
14,196		TJX Cos, Inc		404,870
		TOTAL GENERAL MERCHANDISE STORES		1,463,523
HEALTH SERVICES - 2.41%
5,976		AmerisourceBergen Corp		268,681
693		Brookdale Senior Living, Inc		33,264
3,172		Cigna Corp		417,340
3,174	*	Community Health Systems, Inc		115,914
1,478	*	Covance, Inc		87,069
4,928	*	Coventry Health Care, Inc		246,646
3,202	*	DaVita, Inc		182,130
1,834	*	Edwards Lifesciences Corp		86,271
3,569	*	Express Scripts, Inc		255,540
7,504		Health Management Associates, Inc (Class A)		158,409
3,840	*	Laboratory Corp of America Holdings		282,125
1,898	*	LifePoint Hospitals, Inc		63,963
2,843	*	Lincare Holdings, Inc		113,265
2,329		Manor Care, Inc		109,277
3,574		Omnicare, Inc		138,064
1,628	*	Pediatrix Medical Group, Inc		79,609
3,098		Pharmaceutical Product Development, Inc		99,818
1,868	*	Sierra Health Services, Inc		67,323
14,601	*	Tenet Healthcare Corp		101,769
2,819	*	Triad Hospitals, Inc		117,919
1,430		Universal Health Services, Inc (Class B)		79,265
		TOTAL HEALTH SERVICES		3,103,661
HOLDING AND OTHER INVESTMENT OFFICES - 8.96%
893	*	Affiliated Managers Group, Inc		93,881
4,400		Allied Capital Corp		143,792
2,736		AMB Property Corp		160,357
6,190		Annaly Mortgage Management, Inc		86,103
3,014		Apartment Investment & Management Co (Class A)		168,844
6,626		Archstone-Smith Trust		385,699
2,300		AvalonBay Communities, Inc		299,115
3,532		Boston Properties, Inc		395,160
2,772		Brandywine Realty Trust		92,169
1,535		BRE Properties, Inc (Class A)		99,806
1,793		Camden Property Trust		132,413
1,895		CBL & Associates Properties, Inc		82,148
1,464		Colonial Properties Trust		68,632
2,989		Developers Diversified Realty Corp		188,158

192

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

SHARES		COMPANY		VALUE
2,190		Douglas Emmett, Inc	$	58,232
4,221		Duke Realty Corp		172,639
11,345		Equity Office Properties Trust		546,489
9,025		Equity Residential		458,019
710		Essex Property Trust, Inc		91,768
1,670		Federal Realty Investment Trust		141,950
5,331		General Growth Properties, Inc		278,438
457		Global Signal, Inc		24,070
6,150		Health Care Property Investors, Inc		226,443
2,100		Health Care REIT, Inc		90,342
2,641		Hospitality Properties Trust		125,527
16,044		Host Marriott Corp		393,880
6,550		HRPT Properties Trust		80,893
25,550		iShares Russell Midcap Index Fund		2,550,912
3,910		iStar Financial, Inc		186,976
1,023		Kilroy Realty Corp		79,794
6,855		Kimco Realty Corp		308,132
2,799		Liberty Property Trust		137,543
2,220		Macerich Co		192,185
1,919		Mack-Cali Realty Corp		97,869
1,536		New Century Financial Corp		48,522
3,085		New Plan Excel Realty Trust		84,776
9,019		NTL, Inc		227,640
5,710		Plum Creek Timber Co, Inc		227,544
7,537		Prologis		458,023
3,769		Public Storage, Inc		367,478
2,266		Reckson Associates Realty Corp		103,330
2,128		Regency Centers Corp		166,346
1,350		SL Green Realty Corp		179,253
1,617		Taubman Centers, Inc		82,241
3,490		Thornburg Mortgage, Inc		87,704
4,216		United Dominion Realty Trust, Inc		134,027
3,059		Ventas, Inc		129,457
4,031		Vornado Realty Trust		489,767
2,487		Weingarten Realty Investors		114,676
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		11,539,162
HOTELS AND OTHER LODGING PLACES - 1.10%
1,361		Boyd Gaming Corp		61,667
1,094		Choice Hotels International, Inc		46,057
11,926		Hilton Hotels Corp		416,217
3,684	*	MGM Mirage		211,277
6,734		Starwood Hotels & Resorts Worldwide, Inc		420,875
1,478		Station Casinos, Inc		120,708
1,459		Wynn Resorts Ltd		136,927
		TOTAL HOTELS AND OTHER LODGING PLACES		1,413,728
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.02%
2,996	*	AGCO Corp		92,696
5,521		American Standard Cos, Inc		253,138
2,120		Black & Decker Corp		169,536
903		Carlisle Cos, Inc		70,886
1,851		CDW Corp		130,162
1,627		Cummins, Inc		192,279
2,080		Diebold, Inc		96,928
2,230		Donaldson Co, Inc		77,403
6,317		Dover Corp		309,659

193

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

SHARES		COMPANY		VALUE
920	*	Dresser-Rand Group, Inc	$	22,512
4,653		Eaton Corp		349,626
1,844	*	Flowserve Corp		93,067
2,012	*	FMC Technologies, Inc		124,000
1,683	*	Gardner Denver, Inc		62,793
2,121		Graco, Inc		84,034
4,059	*	Grant Prideco, Inc		161,426
1,678		IDEX Corp		79,554
10,463		International Game Technology		483,391
5,677		Jabil Circuit, Inc		139,370
3,820		Joy Global, Inc		184,659
1,325		Kennametal, Inc		77,976
4,354	*	Lam Research Corp		220,399
1,992		Lennox International, Inc		60,975
3,029	*	Lexmark International, Inc (Class A)		221,723
1,971		Manitowoc Co, Inc		117,137
3,708		Pall Corp		128,111
3,723		Parker Hannifin Corp		286,224
310	*	Riverbed Technology, Inc		9,517
5,177		Rockwell Automation, Inc		316,211
6,952	*	SanDisk Corp		299,145
1,829	*	Scientific Games Corp (Class A)		55,291
6,628		Smith International, Inc		272,212
27,025	*	Solectron Corp		87,021
1,760		SPX Corp		107,642
2,394		Stanley Works		120,394
7,483	*	Symbol Technologies, Inc		111,796
3,108	*	Terex Corp		200,715
2,491		Timken Co		72,687
1,432		Toro Co		66,774
4,073	*	Varian Medical Systems, Inc		193,753
1,220	*	VeriFone Holdings, Inc		43,188
6,900	*	Western Digital Corp		141,174
2,193	*	Zebra Technologies Corp (Class A)		76,294
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		6,463,478
INSTRUMENTS AND RELATED PRODUCTS - 4.56%
1,836	*	Advanced Medical Optics, Inc		64,627
4,626		Allergan, Inc		553,917
5,740		Applera Corp (Applied Biosystems Group)		210,601
857	*	Armor Holdings, Inc		47,006
3,203		Bard (C.R.), Inc		265,753
1,790		Bausch & Lomb, Inc		93,187
2,010		Beckman Coulter, Inc		120,198
7,630		Biomet, Inc		314,890
1,518		Cooper Cos, Inc		67,551
4,926		Dentsply International, Inc		147,041
1,260		DRS Technologies, Inc		66,377
8,901		Eastman Kodak Co		229,646
1,077	*	Intuitive Surgical, Inc		103,284
6,170		Kla-Tencor Corp		306,958
1,256	*	Mettler-Toledo International, Inc		99,036
1,599	*	Millipore Corp		106,493
1,810		National Instruments Corp		49,304
3,730		PerkinElmer, Inc		82,918
6,883		Pitney Bowes, Inc		317,926
2,220	*	Resmed, Inc		109,268

194

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

SHARES		COMPANY		VALUE
2,430	*	Respironics, Inc	$	91,733
5,301		Rockwell Collins, Inc		335,500
2,554		Roper Industries, Inc		128,313
11,187	*	St. Jude Medical, Inc		408,997
1,274	*	Techne Corp		70,643
2,590		Tektronix, Inc		75,550
5,390	*	Teradyne, Inc		80,634
12,770	*	Thermo Electron Corp		578,353
1,688	*	Trimble Navigation Ltd		85,632
3,046	*	Waters Corp		149,163
29,931	*	Xerox Corp		507,330
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		5,867,829
INSURANCE AGENTS, BROKERS AND SERVICE - 0.41%
9,882		AON Corp		349,230
3,354		Brown & Brown, Inc		94,616
3,020		Gallagher (Arthur J.) & Co		89,241
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		533,087
INSURANCE CARRIERS - 3.64%
169	*	Alleghany Corp		61,448
3,278		Ambac Financial Group, Inc		291,971
2,801		American Financial Group, Inc		100,584
475		American National Insurance Co		54,202
3,995		Assurant, Inc		220,724
4,789		Cincinnati Financial Corp		216,990
780	*	CNA Financial Corp		31,450
4,473	*	Conseco, Inc		89,371
1,476		Erie Indemnity Co (Class A)		85,578
6,668		Fidelity National Title Group, Inc (Class A)		159,232
2,530		First American Corp		102,920
1,374		Hanover Insurance Group, Inc		67,051
3,282		HCC Insurance Holdings, Inc		105,319
3,570	*	Health Net, Inc		173,716
5,092	*	Humana, Inc		281,639
4,808		Leucadia National Corp		135,586
315	*	Markel Corp		151,232
4,169		MBIA, Inc		304,587
790		Mercury General Corp		41,657
2,575		MGIC Investment Corp		161,041
1,323		Nationwide Financial Services, Inc (Class A)		71,707
7,130		Old Republic International Corp		165,986
1,698	*	Philadelphia Consolidated Holding Co		75,663
2,530		PMI Group, Inc		119,340
2,160		Protective Life Corp		102,600
2,552		Radian Group, Inc		137,578
970		Reinsurance Group Of America, Inc		54,029
3,697		Safeco Corp		231,247
1,690		Stancorp Financial Group, Inc		76,135
3,105		Torchmark Corp		197,975
926		Transatlantic Holdings, Inc		57,505
1,350		Unitrin, Inc		67,649
10,618		UnumProvident Corp		220,642
5,001		W.R. Berkley Corp		172,585
953	*	WellCare Health Plans, Inc		65,662
59		Wesco Financial Corp		27,140
		TOTAL INSURANCE CARRIERS		4,679,741

195

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

SHARES		COMPANY		VALUE
JUSTICE, PUBLIC ORDER AND SAFETY - 0.07%
1,987	*	Corrections Corp of America	$	89,872
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		89,872
LEATHER AND LEATHER PRODUCTS - 0.40%
11,926	*	Coach, Inc		512,341
		TOTAL LEATHER AND LEATHER PRODUCTS		512,341
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.07%
2,761		Laidlaw International, Inc		84,017
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		84,017
LUMBER AND WOOD PRODUCTS - 0.06%
3,370		Louisiana-Pacific Corp		72,556
		TOTAL LUMBER AND WOOD PRODUCTS		72,556
METAL MINING - 0.31%
1,524		Foundation Coal Holdings, Inc		48,402
5,836		Freeport-McMoRan Copper & Gold, Inc (Class B)		325,240
542		Southern Copper Corp		29,208
		TOTAL METAL MINING		402,850
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.61%
4,544		Fortune Brands, Inc		388,012
4,694		Hasbro, Inc		127,912
12,077		Mattel, Inc		273,665
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		789,589
MISCELLANEOUS RETAIL - 1.24%
9,674	*	Amazon.com, Inc		381,736
1,583		Barnes & Noble, Inc		62,861
1,657	*	Coldwater Creek, Inc		40,630
1,193	*	Dick's Sporting Goods, Inc		58,445
3,380	*	Dollar Tree Stores, Inc		101,738
1,214		MSC Industrial Direct Co (Class A)		47,528
1,034	*	Nutri/System, Inc		65,545
8,902	*	Office Depot, Inc		339,789
2,205		OfficeMax, Inc		109,478
4,295		Petsmart, Inc		123,954
16,129	*	Rite Aid Corp		87,742
4,421		Tiffany & Co		173,480
		TOTAL MISCELLANEOUS RETAIL		1,592,926
MOTION PICTURES - 0.16%
8,269	*	Discovery Holding Co (Class A)		133,048
1,426	*	DreamWorks Animation SKG, Inc (Class A)		42,053
1,722		Regal Entertainment Group (Class A)		36,713
		TOTAL MOTION PICTURES		211,814
NONDEPOSITORY INSTITUTIONS - 0.66%
4,386		American Capital Strategies Ltd		202,896
3,710	*	AmeriCredit Corp		93,381
2,869		CapitalSource, Inc		78,352
6,182		CIT Group, Inc		344,770
1,275		First Marblehead Corp		69,679
858	*	Nelnet, Inc (Class A)		23,475

196

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

SHARES		COMPANY		VALUE
151		Student Loan Corp	$	31,302
		TOTAL NONDEPOSITORY INSTITUTIONS		843,855
NONMETALLIC MINERALS, EXCEPT FUELS - 0.25%
1,501		Florida Rock Industries, Inc		64,618
2,929		Vulcan Materials Co		263,229
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		327,847
OIL AND GAS EXTRACTION - 3.12%
9,275		BJ Services Co		271,943
1,513		Cabot Oil & Gas Corp		91,763
3,576	*	Cameron International Corp		189,707
1,841	*	Cheniere Energy, Inc		53,150
12,787		Chesapeake Energy Corp		371,462
2,548		Cimarex Energy Co		93,002
844	*	CNX Gas Corp		21,522
3,540	*	Denbury Resources, Inc		98,377
1,840		Diamond Offshore Drilling, Inc		147,090
4,770		ENSCO International, Inc		238,786
3,740		Equitable Resources, Inc		156,145
1,736	*	Forest Oil Corp		56,732
2,991	*	Global Industries Ltd		39,003
2,741	*	Helix Energy Solutions Group, Inc		85,985
3,328		Helmerich & Payne, Inc		81,436
5,405	*	National Oilwell Varco, Inc		330,678
1,460	*	Oceaneering International, Inc		57,962
4,694		Patterson-UTI Energy, Inc		109,042
3,814		Pioneer Natural Resources Co		151,378
2,316	*	Plains Exploration & Production Co		110,079
1,801		Pogo Producing Co		87,240
5,063	*	Pride International, Inc		151,941
1,934	*	Quicksilver Resources, Inc		70,765
4,153		Range Resources Corp		114,041
3,478		Rowan Cos, Inc		115,470
752	*	SEACOR Holdings, Inc		74,553
5,192	*	Southwestern Energy Co		181,980
1,856		St. Mary Land & Exploration Co		68,375
2,607	*	Superior Energy Services		85,197
2,309	*	Tetra Technologies, Inc		59,064
1,959		Tidewater, Inc		94,737
1,909	*	Todco		65,231
1,424	*	Unit Corp		68,993
820		W&T Offshore, Inc		25,190
		TOTAL OIL AND GAS EXTRACTION		4,018,019
PAPER AND ALLIED PRODUCTS - 0.54%
3,380		Bemis Co		114,852
5,618		MeadWestvaco Corp		168,877
2,621		Packaging Corp of America		57,924
7,830	*	Smurfit-Stone Container Corp		82,685
3,150		Sonoco Products Co		119,889
3,258		Temple-Inland, Inc		149,966
		TOTAL PAPER AND ALLIED PRODUCTS		694,193
PERSONAL SERVICES - 0.46%
4,346		Cintas Corp		172,580
10,180		H&R Block, Inc		234,547

197

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

SHARES		COMPANY		VALUE
2,304	*	Sally Beauty Holdings, Inc	$	17,971
8,730		Service Corp International		89,483
1,432		Weight Watchers International, Inc		75,223
		TOTAL PERSONAL SERVICES		589,804
PETROLEUM AND COAL PRODUCTS - 1.40%
1,919		Ashland, Inc		132,756
3,440		Frontier Oil Corp		98,866
7,495		Hess Corp		371,527
1,486		Holly Corp		76,380
5,786		Murphy Oil Corp		294,218
3,982	*	Newfield Exploration Co		182,973
5,490		Noble Energy, Inc		269,394
3,817		Sunoco, Inc		238,028
2,040		Tesoro Corp		134,171
		TOTAL PETROLEUM AND COAL PRODUCTS		1,798,313
PRIMARY METAL INDUSTRIES - 0.95%
3,101		Allegheny Technologies, Inc		281,199
781		Carpenter Technology Corp		80,068
2,010		Hubbell, Inc (Class B)		90,872
4,183		Precision Castparts Corp		327,445
2,650		Steel Dynamics, Inc		85,993
2,473	*	Titanium Metals Corp		72,978
3,871		United States Steel Corp		283,125
		TOTAL PRIMARY METAL INDUSTRIES		1,221,680
PRINTING AND PUBLISHING - 1.40%
1,837		Dow Jones & Co, Inc		69,806
1,986	*	Dun & Bradstreet Corp		164,421
2,639		EW Scripps Co (Class A)		131,792
7,366		Gannett Co, Inc		445,348
1,690		Harte-Hanks, Inc		46,830
1,423		John Wiley & Sons, Inc (Class A)		54,743
1,625		McClatchy Co (Class A)		70,363
850		Meredith Corp		47,898
4,104		New York Times Co (Class A)		99,973
1,939		R.H. Donnelley Corp		121,633
6,659		R.R. Donnelley & Sons Co		236,661
5,649		Tribune Co		173,876
181		Washington Post Co (Class B)		134,954
		TOTAL PRINTING AND PUBLISHING		1,798,298
RAILROAD TRANSPORTATION - 0.42%
13,700		CSX Corp		471,691
2,370	*	Kansas City Southern Industries, Inc		68,683
		TOTAL RAILROAD TRANSPORTATION		540,374
REAL ESTATE - 0.42%
5,740	*	CB Richard Ellis Group, Inc (Class A)		190,568
2,072		Forest City Enterprises, Inc (Class A)		121,005
1,156		Jones Lang LaSalle, Inc		106,549
2,198		St. Joe Co		117,747
		TOTAL REAL ESTATE		535,869
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.45%
5,733	*	Goodyear Tire & Rubber Co		120,336

198

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

SHARES		COMPANY		VALUE
1,534	*	Jarden Corp	$	53,368
8,585		Newell Rubbermaid, Inc		248,536
2,530		Sealed Air Corp		164,248
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		586,488
SECURITY AND COMMODITY BROKERS - 2.83%
2,258		A.G. Edwards, Inc		142,909
6,628		Ameriprise Financial, Inc		361,226
621		BlackRock, Inc		94,330
1,623	*	Cbot Holdings, Inc (Class A)		245,836
13,223	*	E*Trade Financial Corp		296,460
3,735		Eaton Vance Corp		123,292
3,000		Federated Investors, Inc (Class B)		101,340
1,707	*	IntercontinentalExchange, Inc		184,185
1,438	*	Investment Technology Group, Inc		61,661
6,240		Janus Capital Group, Inc		134,722
3,492		Jefferies Group, Inc		93,655
3,950		Legg Mason, Inc		375,448
3,015	*	Nasdaq Stock Market, Inc		92,832
2,498		Nuveen Investments, Inc (Class A)		129,596
250	*	Nymex Holdings, Inc		31,003
4,826	*	NYSE Group, Inc		469,087
2,795		Raymond James Financial, Inc		84,716
1,853		SEI Investments Co		110,365
8,210		T Rowe Price Group, Inc		359,352
9,669		TD Ameritrade Holding Corp		156,444
		TOTAL SECURITY AND COMMODITY BROKERS		3,648,459
SPECIAL TRADE CONTRACTORS - 0.05%
3,445	*	Quanta Services, Inc		67,763
		TOTAL SPECIAL TRADE CONTRACTORS		67,763
STONE, CLAY, AND GLASS PRODUCTS - 0.28%
1,674		Eagle Materials, Inc		72,367
4,192		Gentex Corp		65,228
4,756	*	Owens-Illinois, Inc		87,748
2,430	*	USG Corp		133,164
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		358,507
TOBACCO PRODUCTS - 0.37%
2,889		Loews Corp (Carolina Group)		186,976
5,001		UST, Inc		291,058
		TOTAL TOBACCO PRODUCTS		478,034
TRANSPORTATION BY AIR - 0.73%
6,584	*	AMR Corp		199,034
2,664	*	Continental Airlines, Inc (Class B)		109,890
24,861		Southwest Airlines Co		380,871
3,429	*	UAL Corp		150,876
1,992	*	US Airways Group, Inc		107,269
		TOTAL TRANSPORTATION BY AIR		947,940
TRANSPORTATION EQUIPMENT - 2.70%
2,426		Autoliv, Inc		146,288
2,905		Brunswick Corp		92,670
55,962	*	Ford Motor Co		420,275
5,351		Genuine Parts Co		253,798

199

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

SHARES		COMPANY		VALUE
3,840		Goodrich Corp	$	174,912
8,326		Harley-Davidson, Inc		586,733
1,299		Harsco Corp		98,854
5,728		ITT Industries, Inc		325,465
2,170		Oshkosh Truck Corp		105,071
7,725		Paccar, Inc		501,353
4,160	*	Pactiv Corp		148,470
1,740	*	Spirit Aerosystems Holdings, Inc (Class A)		58,238
4,031		Textron, Inc		377,987
1,204		Thor Industries, Inc		52,964
2,478		Trinity Industries, Inc		87,226
1,564	*	TRW Automotive Holdings Corp		40,461
		TOTAL TRANSPORTATION EQUIPMENT		3,470,765
TRANSPORTATION SERVICES - 0.56%
5,386		CH Robinson Worldwide, Inc		220,234
6,601		Expeditors International Washington, Inc		267,341
1,245		GATX Corp		53,946
3,000	*	Hertz Global Holdings, Inc		52,170
4,170		Sabre Holdings Corp (Class A)		132,981
		TOTAL TRANSPORTATION SERVICES		726,672
TRUCKING AND WAREHOUSING - 0.24%
1,531		Con-way, Inc		67,425
3,096		J.B. Hunt Transport Services, Inc		64,304
1,672		Landstar System, Inc		63,837
1,826	*	Swift Transportation Co, Inc		47,969
1,946	*	YRC Worldwide, Inc		73,423
		TOTAL TRUCKING AND WAREHOUSING		316,958
WATER TRANSPORTATION - 0.12%
1,268		Alexander & Baldwin, Inc		56,223
1,555	*	Kirby Corp		53,072
938		Overseas Shipholding Group, Inc		52,809
		TOTAL WATER TRANSPORTATION		162,104
WHOLESALE TRADE-DURABLE GOODS - 0.97%
2,780		Adesa, Inc		77,145
3,778	*	Arrow Electronics, Inc		119,196
1,750		BorgWarner, Inc		103,285
3,526	*	Cytyc Corp		99,786
4,136	*	Ingram Micro, Inc (Class A)		84,416
1,350		Martin Marietta Materials, Inc		140,279
4,293	*	Patterson Cos, Inc		152,444
1,653		Pool Corp		64,748
2,044		Reliance Steel & Aluminum Co		80,493
1,879	*	Tech Data Corp		71,158
2,374		W.W. Grainger, Inc		166,038
1,574	*	WESCO International, Inc		92,567
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,251,555
WHOLESALE TRADE-NONDURABLE GOODS - 0.92%
1,931		Airgas, Inc		78,244
500	*	Bare Escentuals, Inc		15,535
1,953		Brown-Forman Corp (Class B)		129,367
4,215	*	Dean Foods Co		178,210
3,910	*	Endo Pharmaceuticals Holdings, Inc		107,838

200

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

SHARES		COMPANY		VALUE
2,801	*	Henry Schein, Inc	$	137,193
13,950		Safeway, Inc		482,092
1,187	*	Tractor Supply Co		53,071
257		Valhi, Inc		6,677
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,188,227
		TOTAL COMMON STOCKS
		(Cost $100,256,801)		128,116,814
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.64%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.64%
$     820,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		819,558
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		819,558
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $819,891)		819,558
		TOTAL PORTFOLIO - 100.15%
		(Cost $101,076,692)		128,936,372
		OTHER ASSETS & LIABILITIES, NET- (0.15)%		(192,575	)
		NET ASSETS - 100.00%	$	128,743,797
	*	Non-income producing
	d	All or a portion of these securities have been segregated by the custodian to cover margin
		or other requirements on futures contracts in the amount of $22,526.

201

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.86%
AMUSEMENT AND RECREATION SERVICES - 0.97%
7,190	*	Bally Technologies, Inc	$	134,309
1,350	*	Bally Total Fitness Holding Corp		3,308
3,178	*	Century Casinos, Inc		35,466
2,339		Dover Downs Gaming & Entertainment, Inc		31,272
724	*	Leapfrog Enterprises, Inc		6,864
4,889	*	Life Time Fitness, Inc		237,165
2,618	*	Live Nation, Inc		58,643
5,912	*	Marvel Entertainment, Inc		159,092
995	*	MTR Gaming Group, Inc		12,159
4,787	*	Pinnacle Entertainment, Inc		158,641
4,357	*	WMS Industries, Inc		151,885
3,350		World Wrestling Entertainment, Inc		54,605
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,043,409
APPAREL AND ACCESSORY STORES - 2.59%
8,784	*	Aeropostale, Inc		271,162
3,706		Bebe Stores, Inc		73,342
1,165		Brown Shoe Co, Inc		55,617
1,313		Buckle, Inc		66,766
1,972	*	Cache, Inc		49,773
7,812	*	Carter's, Inc		199,206
4,818	*	Casual Male Retail Group, Inc		62,875
4,917		Cato Corp (Class A)		112,648
2,548	*	Charlotte Russe Holding, Inc		78,351
9,687	*	Charming Shoppes, Inc		131,065
3,640	*	Children's Place Retail Stores, Inc		231,213
5,881		Christopher & Banks Corp		109,739
989	*	Citi Trends, Inc		39,204
914		DEB Shops, Inc		24,130
7,404	*	Dress Barn, Inc		172,735
2,644	*	DSW, Inc (Class A)		101,979
7,211	*	HOT Topic, Inc		96,195
1,520	*	J Crew Group, Inc		58,596
2,876	*	JOS A Bank Clothiers, Inc		84,411
3,318	*	New York & Co, Inc		43,399
11,477	*	Pacific Sunwear Of California, Inc		224,720
1,303	*	Payless Shoesource, Inc		42,764
5,413	*	Tween Brands, Inc		216,141
3,355	*	Under Armour, Inc (Class A)		169,260
10,583	*	Wet Seal, Inc (Class A)		70,589
		TOTAL APPAREL AND ACCESSORY STORES		2,785,880
APPAREL AND OTHER TEXTILE PRODUCTS - 0.79%
3,381	*	Guess ?, Inc		214,457
5,360	*	Gymboree Corp		204,538
1,883	*	Maidenform Brands, Inc		34,120

202

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
4,365		Phillips-Van Heusen Corp	$	218,992
4,182	*	Quiksilver, Inc		65,867
2,062	*	True Religion Apparel, Inc		31,569
3,148	*	Warnaco Group, Inc		79,896
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		849,439
AUTO REPAIR, SERVICES AND PARKING - 0.42%
1,487	*	Amerco, Inc		129,384
2,586	*	Midas, Inc		59,478
1,852		Monro Muffler, Inc		65,005
757	*	Standard Parking Corp		29,076
5,438	*	Wright Express Corp		169,502
		TOTAL AUTO REPAIR, SERVICES AND PARKING		452,445
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.08%
880	*	America's Car-Mart, Inc		10,437
3,788	*	CSK Auto Corp		64,964
218	*	MarineMax, Inc		5,653
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		81,054
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.05%
2,357	*	Builders FirstSource, Inc		42,025
256	*	Central Garden & Pet Co		12,396
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		54,421
BUSINESS SERVICES - 14.76%
6,072	*	@Road, Inc		44,326
8,037	*	24/7 Real Media, Inc		72,735
2,155	*	3D Systems Corp		34,394
6,871		Aaron Rents, Inc		197,747
4,639	*	Acacia Research (Acacia Technologies)		62,070
2,105	*	Access Integrated Technologies, Inc (Class A)		18,356
7,185	*	Actuate Corp		42,679
3,696		Administaff, Inc		158,078
3,268	*	Advent Software, Inc		115,328
5,113	*	Advo, Inc		166,684
1,450	*	Agile Software Corp		8,918
321	*	Altiris, Inc		8,147
4,201	*	American Reprographics Co		139,935
4,951	*	AMN Healthcare Services, Inc		136,351
2,570	*	Ansoft Corp		71,446
4,843	*	Ansys, Inc		210,622
12,132	*	aQuantive, Inc		299,175
3,724		Arbitron, Inc		161,771
17,437	*	Art Technology Group, Inc		40,628
1,918	*	Asset Acceptance Capital Corp		32,261
4,117	*	Audible, Inc		32,648
690	*	Avocent Corp		23,357
1,676	*	Bankrate, Inc		63,604
1,090		Barrett Business Services		25,528
2,504	*	BearingPoint, Inc		19,706
4,668	*	BISYS Group, Inc		60,264
5,706		Blackbaud, Inc		148,356

203

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
4,383	*	Blackboard, Inc	$	131,665
2,268	*	Blue Coat Systems, Inc		54,319
314	*	Bottomline Technologies, Inc		3,595
4,604		Brady Corp (Class A)		171,637
4,070	*	CACI International, Inc (Class A)		229,955
490	*	Capella Education Co		11,883
4,193		Catalina Marketing Corp		115,308
4,168	*	CBIZ, Inc		29,051
12,415	*	Chordiant Software, Inc		41,094
705	*	Ciber, Inc		4,780
1,279	*	Clayton Holdings, Inc		23,930
24,034	*	CNET Networks, Inc		218,469
7,041	*	Cogent, Inc		77,521
6,932		Cognex Corp		165,120
1,290	*	Commvault Systems, Inc		25,813
1,466		Computer Programs & Systems, Inc		49,829
2,726	*	COMSYS IT Partners, Inc		55,092
5,210	*	Concur Technologies, Inc		83,568
4,397	*	Convera Corp (Class A)		20,182
2,698	*	CoStar Group, Inc		144,505
3,322	*	CSG Systems International, Inc		88,797
4,779	*	Cybersource Corp		52,665
1,669	*	DealerTrack Holdings, Inc		49,102
5,167	*	Digital Insight Corp		198,878
6,277	*	Digital River, Inc		350,194
920	*	DivX, Inc		21,224
2,380	*	DynCorp International, Inc (Class A)		37,771
7,301	*	Eclipsys Corp		150,109
2,820	*	eCollege.com, Inc		44,133
1,938	*	eFunds Corp		53,295
3,277	*	Emageon, Inc		50,335
8,664	*	Epicor Software Corp		117,051
4,609	*	Equinix, Inc		348,533
11,433	*	Evergreen Energy, Inc		113,072
630	*	ExlService Holdings, Inc		13,255
5,803	*	FalconStor Software, Inc		50,196
1,125	*	First Advantage Corp (Class A)		25,830
1,617	*	Forrester Research, Inc		43,837
9,185	*	Gartner, Inc		181,771
617	*	Gerber Scientific, Inc		7,750
4,218		Gevity HR, Inc		99,924
4,182	*	Global Cash Access, Inc		67,874
1,795	*	H&E Equipment Services, Inc		44,462
4,353		Healthcare Services Group		126,063
2,178		Heartland Payment Systems, Inc		61,529
2,392	*	Heidrick & Struggles International, Inc		101,325
3,702	*	Hudson Highland Group, Inc		61,749
8,847	*	Hypercom Corp		56,178
4,520	*	Hyperion Solutions Corp		162,449
1,475	*	i2 Technologies, Inc		33,660
1,062	*	ICT Group, Inc		33,549
3,133	*	iGate Corp		21,555
3,373	*	IHS, Inc (Class A)		133,166

204

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,241	*	Infocrossing, Inc	$	36,528
13,659	*	Informatica Corp		166,776
2,688	*	Infospace, Inc		55,131
5,490		infoUSA, Inc		65,386
500	*	Innerworkings, Inc		7,980
1,009	*	Innovative Solutions & Support, Inc		17,183
1,622		Integral Systems, Inc		37,582
4,793	*	Internap Network Services Corp		95,237
3,225	*	Interwoven, Inc		47,311
4,693	*	inVentiv Health, Inc		165,898
7,284	*	Ipass, Inc		42,830
12,623		Jack Henry & Associates, Inc		270,132
803	*	JDA Software Group, Inc		11,057
3,515	*	Jupitermedia Corp		27,839
5,241	*	Kanbay International, Inc		150,784
3,683	*	Keane, Inc		43,865
1,108		Kelly Services, Inc (Class A)		32,066
2,585	*	Kenexa Corp		85,977
4,554	*	Kforce, Inc		55,422
3,059	*	Knot, Inc		80,268
5,305	*	Korn/Ferry International		121,803
5,164	*	Kronos, Inc		189,725
8,779	*	Labor Ready, Inc		160,919
9,348	*	Lionbridge Technologies		60,201
1,215	*	Liquidity Services, Inc		20,910
3,032	*	LoJack Corp		51,787
560	*	Magma Design Automation, Inc		5,001
495	*	Manhattan Associates, Inc		14,890
2,218	*	Mantech International Corp (Class A)		81,689
2,550	*	Mapinfo Corp		33,278
3,709		Marchex, Inc (Class B)		49,626
627	*	Marlin Business Services, Inc		15,067
1,519	*	MicroStrategy, Inc (Class A)		173,181
5,468	*	Midway Games, Inc		38,167
16,250	*	Move, Inc		89,538
6,143	*	MPS Group, Inc		87,108
2,878	*	Neoware, Inc		38,018
1,596	*	Ness Technologies, Inc		22,759
7,173	*	NetFlix, Inc		185,494
3,304	*	Netscout Systems, Inc		27,423
6,330	*	NIC, Inc		31,460
20,226	*	Nuance Communications, Inc		231,790
1,330	*	Omniture, Inc		18,726
5,313	*	On Assignment, Inc		62,428
3,455	*	Online Resources Corp		35,276
3,179	*	Open Solutions, Inc		119,658
1,827	*	Opnet Technologies, Inc		26,400
13,305	*	Opsware, Inc		117,350
5,592	*	Packeteer, Inc		76,051
8,815	*	Parametric Technology Corp		158,846
3,297	*	PDF Solutions, Inc		47,642
3,727	*	PeopleSupport, Inc		78,453
2,752	*	Perficient, Inc		45,160

205

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,317	*	Phase Forward, Inc	$	79,649
2,574	*	Portfolio Recovery Associates, Inc		120,180
2,235	*	PRA International		56,478
1,713		QAD, Inc		14,372
2,570		Quality Systems, Inc		95,784
7,411	*	Quest Software, Inc		108,571
4,230	*	Radiant Systems, Inc		44,161
1,083	*	Radisys Corp		18,054
3,280	*	Raser Technologies, Inc		20,074
12,601	*	RealNetworks, Inc		137,855
10,074	*	Redback Networks, Inc		251,246
1,390		Renaissance Learning, Inc		24,645
3,104	*	Rewards Network, Inc		21,573
2,351	*	RightNow Technologies, Inc		40,484
4,768		Rollins, Inc		105,420
13,148	*	Sapient Corp		72,183
483	*	Secure Computing Corp		3,168
942	*	SI International, Inc		30,540
7,280	*	Sitel Corp		30,722
3,729	*	Smith Micro Software, Inc		52,915
4,205	*	Sohu.com, Inc		100,920
40,683	*	Sonus Networks, Inc		268,101
10,176		Sotheby's		315,660
4,928	*	Spherion Corp		36,615
2,988	*	SPSS, Inc		89,849
6,015	*	SRA International, Inc (Class A)		160,841
1,650	*	Stratasys, Inc		51,827
744	*	Sybase, Inc		18,377
4,819	*	SYKES Enterprises, Inc		85,007
700	*	Synchronoss Technologies, Inc		9,604
1,410		Syntel, Inc		37,788
590	*	Take-Two Interactive Software, Inc		10,478
245		TAL International Group, Inc		6,539
2,128	*	Taleo Corp (Class A)		29,090
5,033		Talx Corp		138,156
5,118	*	TeleTech Holdings, Inc		122,218
2,878		TheStreet.com, Inc		25,614
8,305	*	THQ, Inc		270,079
4,426	*	TIBCO Software, Inc		41,781
920	*	Tiens Biotech Group USA, Inc		3,616
975	*	TNS, Inc		18,769
4,023	*	TradeStation Group, Inc		55,316
6,016	*	Transaction Systems Architects, Inc		195,941
486	*	Travelzoo, Inc		14,556
6,920	*	Trizetto Group, Inc		127,120
3,891	*	Ultimate Software Group, Inc		90,505
15,221	*	Valueclick, Inc		359,672
4,012	*	Vasco Data Security International		47,542
2,033	*	Verint Systems, Inc		69,691
1,610	*	Vignette Corp		27,483
6,732	*	WebEx Communications, Inc		234,879
2,368	*	webMethods, Inc		17,428
7,118	*	Websense, Inc		162,504

206

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,737	*	WebSideStory, Inc	$	34,650
11,756	*	Wind River Systems, Inc		120,499
5,447	*	Witness Systems, Inc		95,486
		TOTAL BUSINESS SERVICES		15,887,062
CHEMICALS AND ALLIED PRODUCTS - 8.83%
3,790	*	Acadia Pharmaceuticals, Inc		33,314
4,880	*	Adams Respiratory Therapeutics, Inc		199,153
2,355	*	Adeza Biomedical Corp		35,113
7,285	*	Adolor Corp		54,783
1,510	*	Advanced Magnetics, Inc		90,177
7,068	*	ADVENTRX Pharmaceuticals, Inc		20,851
1,470	*	Albany Molecular Research, Inc		15,523
5,621	*	Alexion Pharmaceuticals, Inc		227,032
15,442	*	Alkermes, Inc		206,460
5,838	*	Alnylam Pharmaceuticals, Inc		124,933
1,407	*	Alpharma, Inc (Class A)		33,909
6,992	*	American Oriental Bioengineering, Inc		81,597
2,773		American Vanguard Corp		44,091
2,832	*	Anadys Pharmaceuticals, Inc		13,933
284		Arch Chemicals, Inc		9,460
6,620	*	Arena Pharmaceuticals, Inc		85,464
6,121	*	Array Biopharma, Inc		79,083
5,270	*	Atherogenics, Inc		52,226
4,117	*	Auxilium Pharmaceuticals, Inc		60,479
5,341	*	AVANIR Pharmaceuticals (Class A)		12,338
3,830	*	Aventine Renewable Energy Holdings, Inc		90,235
7,859	*	AVI BioPharma, Inc		24,992
1,883		Balchem Corp		48,355
633	*	Bentley Pharmaceuticals, Inc		6,438
3,596	*	BioCryst Pharmaceuticals, Inc		41,570
5,616	*	Bioenvision, Inc		26,058
14,537	*	BioMarin Pharmaceuticals, Inc		238,261
850	*	Cadence Pharmaceuticals, Inc		10,472
1,519	*	Caraco Pharmaceutical Laboratories Ltd		21,266
7,149	*	Cell Genesys, Inc		24,235
1,871	*	Chattem, Inc		93,700
2,805	*	Coley Pharmaceutical Group, Inc		27,180
3,852	*	Combinatorx, Inc		33,358
4,787	*	Conor Medsystems, Inc		149,977
8,743	*	Cubist Pharmaceuticals, Inc		158,336
3,368	*	Cypress Bioscience, Inc		26,102
4,017	*	Cytokinetics, Inc		30,047
850	*	Dendreon Corp		3,545
2,757	*	Digene Corp		132,115
8,690	*	Durect Corp		38,584
3,173	*	Emisphere Technologies, Inc		16,785
9,660	*	Encysive Pharmaceuticals, Inc		40,669
6,853	*	Enzon Pharmaceuticals, Inc		58,319
3,363	*	Genitope Corp		11,838
20,917	*	Genta, Inc		9,256
619		Georgia Gulf Corp		11,953
5,298	*	Geron Corp		46,516

207

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,772	*	GTx, Inc	$	31,612
4,945	*	Hana Biosciences, Inc		31,500
9,751	*	Hercules, Inc		188,292
1,575	*	Hi-Tech Pharmacal Co, Inc		19,168
21,176	*	Human Genome Sciences, Inc		263,429
3,868	*	Idenix Pharmaceuticals, Inc		33,613
10,757	*	Immucor, Inc		314,427
6,338	*	Indevus Pharmaceuticals, Inc		45,000
530		Innophos Holdings, Inc		7,780
684		Inter Parfums, Inc		13,126
4,206	*	InterMune, Inc		129,335
196	*	Inverness Medical Innovations, Inc		7,585
6,943	*	Keryx Biopharmaceuticals, Inc		92,342
517		Kronos Worldwide, Inc		16,834
6,262	*	KV Pharmaceutical Co (Class A)		148,910
4,382		MacDermid, Inc		149,426
2,515		Mannatech, Inc		37,046
4,943	*	MannKind Corp		81,510
3,328	*	Martek Biosciences Corp		77,676
19,690	*	Medarex, Inc		291,215
8,070	*	Medicines Co		255,980
8,639		Medicis Pharmaceutical Corp (Class A)		303,488
1,820	*	Medifast, Inc		22,896
3,450		Meridian Bioscience, Inc		84,629
3,214	*	Metabasis Therapeutics, Inc		24,169
12,583	*	MGI Pharma, Inc		231,653
3,975	*	Momenta Pharmaceuticals, Inc		62,527
3,460	*	Nastech Pharmaceutical Co, Inc		52,350
1,005	*	NBTY, Inc		41,778
4,782	*	Neurocrine Biosciences, Inc		49,828
2,115	*	New River Pharmaceuticals, Inc		115,712
2,777		NewMarket Corp		163,982
700		NL Industries, Inc		7,238
1,544	*	Northfield Laboratories, Inc		6,284
9,623	*	Novavax, Inc		39,454
3,690	*	Noven Pharmaceuticals, Inc		93,911
6,107	*	NPS Pharmaceuticals, Inc		27,665
6,057	*	Nuvelo, Inc		24,228
1,165		Olin Corp		19,246
3,122	*	Omnova Solutions, Inc		14,299
6,673	*	Onyx Pharmaceuticals, Inc		70,600
7,510	*	OraSure Technologies, Inc		62,033
9,053	*	OSI Pharmaceuticals, Inc		316,674
450	*	Osiris Therapeutics, Inc		11,394
4,371	*	Pacific Ethanol, Inc		67,270
5,565	*	Pain Therapeutics, Inc		49,529
7,893	*	Panacos Pharmaceuticals, Inc		31,651
3,650	*	Par Pharmaceutical Cos, Inc		81,651
4,403	*	Parexel International Corp		127,555
2,094	*	Parlux Fragrances, Inc		11,664
3,768	*	Penwest Pharmaceuticals Co		62,624
27,463	*	Peregrine Pharmaceuticals, Inc		31,857
856		Perrigo Co		14,809

208

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
2,938	*	PetMed Express, Inc	$	39,222
2,785	*	Pharmion Corp		71,686
570	*	Physicians Formula Holdings, Inc		10,653
1,662	*	Pioneer Cos, Inc		47,633
3,850	*	Pozen, Inc		65,412
3,659	*	Progenics Pharmaceuticals, Inc		94,183
4,708	*	Quidel Corp		64,123
2,524	*	Renovis, Inc		7,976
7,501	*	Salix Pharmaceuticals Ltd		91,287
7,202	*	Santarus, Inc		56,392
4,065	*	Sciele Pharma, Inc		97,560
6,301	*	Sirna Therapeutics, Inc		81,976
3,681	*	Solexa, Inc		48,405
930	*	Somaxon Pharmaceuticals, Inc		13,197
8,080	*	SuperGen, Inc		41,046
2,590	*	SurModics, Inc		80,601
3,813	*	Tanox, Inc		75,879
570	*	Trubion Pharmaceuticals, Inc		10,266
4,802		UAP Holding Corp		120,914
3,791	*	United Therapeutics Corp		206,117
1,478	*	USANA Health Sciences, Inc		76,353
14,945	*	Valeant Pharmaceuticals International		257,652
1,670	*	Verasun Energy Corp		32,983
4,477	*	Viropharma, Inc		65,543
900	*	Visicu, Inc		10,080
5,448	*	WR Grace & Co		107,870
3,182	*	Xenoport, Inc		78,118
6,087	*	Zymogenetics, Inc		94,775
		TOTAL CHEMICALS AND ALLIED PRODUCTS		9,508,437
COAL MINING - 0.31%
8,308	*	Alpha Natural Resources, Inc		118,223
15,442	*	International Coal Group, Inc		84,159
2,608	*	James River Coal Co		24,202
1,290		Penn Virginia Corp		90,352
1,053	*	Westmoreland Coal Co		20,713
		TOTAL COAL MINING		337,649
COMMUNICATIONS - 2.10%
2,604	*	Anixter International, Inc		141,397
774		Atlantic Tele-Network, Inc		22,678
7,885	*	Brightpoint, Inc		106,053
2,577	*	Cbeyond Communications, Inc		78,830
3,551		Centennial Communications Corp		25,532
1,817		Commonwealth Telephone Enterprises, Inc		76,060
2,165	*	Crown Media Holdings, Inc (Class A)		7,859
1,310	*	Cumulus Media, Inc (Class A)		13,611
23,926	*	Dobson Communications Corp (Class A)		208,395
1,646		Emmis Communications Corp (Class A)		13,563
5,781	*	Entravision Communications Corp (Class A)		47,520
1,125	*	Eschelon Telecom, Inc		22,286
18,724	*	FiberTower Corp		110,097
12,831	*	Foundry Networks, Inc		192,208

209

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
4,890	*	General Communication, Inc (Class A)	$	76,920
1,060	*	Globalstar, Inc		14,745
3,731	*	InPhonic, Inc		41,377
2,627	*	iPCS, Inc		145,431
8,002	*	j2 Global Communications, Inc		218,055
2,995	*	Lightbridge, Inc		40,552
2,584	*	Lodgenet Entertainment Corp		64,678
4,883	*	Mediacom Communications Corp (Class A)		39,259
2,424		North Pittsburgh Systems, Inc		58,515
4,840	*	Novatel Wireless, Inc		46,803
1,979	*	NTELOS Holdings Corp		35,385
138		Salem Communications Corp (Class A)		1,649
3,367	*	SAVVIS, Inc		120,236
200		Shenandoah Telecom Co		9,402
7,010		Sinclair Broadcast Group, Inc (Class A)		73,605
3,100	*	Spanish Broadcasting System, Inc (Class A)		12,741
3,191	*	Syniverse Holdings, Inc		47,833
7,209	*	Terremark Worldwide, Inc		48,444
13,512	*	TiVo, Inc		69,181
2,812	*	Vonage Holdings Corp		19,515
3,712	*	Wireless Facilities, Inc		10,579
		TOTAL COMMUNICATIONS		2,260,994
DEPOSITORY INSTITUTIONS - 3.53%
203		Arrow Financial Corp		5,028
241	*	Bancorp, Inc		7,134
1,800		Bank of the Ozarks, Inc		59,508
156		Camden National Corp		7,195
586		Capital Corp of the West		18,805
85		Capitol Bancorp Ltd		3,927
2,795		Cardinal Financial Corp		28,649
4,320		Cascade Bancorp		134,050
910		Cass Information Systems, Inc		32,924
651		Cathay General Bancorp		22,466
1,331		Center Financial Corp		31,904
693		Charter Financial Corp		35,703
571		City Bank		20,442
1,832		Coastal Financial Corp		30,686
2,390		CoBiz, Inc		52,676
464		Columbia Bancorp		12,273
437	*	Community Bancorp		13,193
6,138		CVB Financial Corp		88,755
1,978	*	Dollar Financial Corp		55,107
1,285		Enterprise Financial Services Corp		41,865
5,653	*	Euronet Worldwide, Inc		167,838
1,022		Fidelity Bankshares, Inc		40,543
1,804		First Busey Corp		41,582
487		First Community Bancorp, Inc		25,455
170		First Indiana Corp		4,311
1,047	*	First Regional Bancorp		35,692
817		First Republic Bank		31,928
1,256		First South Bancorp, Inc		40,054
259		First State Bancorporation		6,410

210

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,506		Fremont General Corp	$	89,252
1,542		Frontier Financial Corp		45,073
1,095		Glacier Bancorp, Inc		26,762
1,959		Hancock Holding Co		103,514
1,106		Heritage Commerce Corp		29,464
250		Home Bancshares, Inc		6,010
856		International Bancshares Corp		26,459
186	*	Intervest Bancshares Corp		6,400
616	*	Investors Bancorp, Inc		9,690
321		Lakeland Financial Corp		8,195
314		Macatawa Bank Corp		6,676
388		MB Financial, Inc		14,593
336		Mercantile Bank Corp		12,667
453		Midwest Banc Holdings, Inc		10,759
2,017		Nara Bancorp, Inc		42,196
7,730	*	Net 1 UEPS Technologies, Inc		228,499
8,099		NewAlliance Bancshares, Inc		132,824
261	*	Northern Empire Bancshares		7,710
269		Old Second Bancorp, Inc		7,882
704		Pacific Capital Bancorp		23,640
1,049		PFF Bancorp, Inc		36,201
1,694	*	Pinnacle Financial Partners, Inc		56,207
779		Placer Sierra Bancshares		18,517
638		Preferred Bank		38,337
264		Premierwest Bancorp		4,213
2,865		PrivateBancorp, Inc		119,270
333		QC Holdings, Inc		5,315
503		S.Y. Bancorp, Inc		14,084
1,370		Seacoast Banking Corp of Florida		33,976
858		Sierra Bancorp		25,174
4,718	*	Signature Bank		146,164
1,210		Smithtown Bancorp, Inc		32,815
266		Southside Bancshares, Inc		6,844
1,678		Suffolk Bancorp		63,982
3,587	*	Superior Bancorp		40,677
5,725	*	SVB Financial Group		266,900
3,751	*	Texas Capital Bancshares, Inc		74,570
501		Trico Bancshares		13,632
11,774		Trustco Bank Corp NY		130,927
11,782		UCBH Holdings, Inc		206,892
660		United Community Banks, Inc		21,331
1,163		United Security Bancshares		28,028
863		USB Holding Co, Inc		20,798
1,488		Vineyard National Bancorp		34,254
2,515	*	Virginia Commerce Bancorp		49,998
252	*	Wauwatosa Holdings, Inc		4,491
2,467		West Bancorporation, Inc		43,863
2,095		Westamerica Bancorporation		106,070
2,136	*	Western Alliance Bancorp		74,269
359	*	Westfield Financial, Inc		12,421
2,458		Wilshire Bancorp, Inc		46,628
1,551		Wintrust Financial Corp		74,479
237		Yardville National Bancorp		8,940
		TOTAL DEPOSITORY INSTITUTIONS		3,794,635

211

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
EATING AND DRINKING PLACES - 2.31%
9,999		Applebees International, Inc	$	246,675
2,118	*	BJ's Restaurants, Inc		42,805
1,180	*	Buffalo Wild Wings, Inc		62,776
3,239	*	California Pizza Kitchen, Inc		107,891
2,975	*	CEC Entertainment, Inc		119,744
3,883	*	Chipotle Mexican Grill, Inc (Class B)		201,916
10,830		CKE Restaurants, Inc		199,272
5,381	*	Cosi, Inc		27,389
750		IHOP Corp		39,525
4,262	*	Krispy Kreme Doughnuts, Inc		47,308
1,650	*	McCormick & Schmick's Seafood Restaurants, Inc		39,666
643	*	Morton's Restaurant Group, Inc		10,706
2,451	*	Papa John's International, Inc		71,104
4,270	*	PF Chang's China Bistro, Inc		163,883
4,602	*	Rare Hospitality International, Inc		151,544
2,677	*	Red Robin Gourmet Burgers, Inc		95,970
8,573		Ruby Tuesday, Inc		235,243
2,731	*	Ruth's Chris Steak House, Inc		49,923
11,126	*	Sonic Corp		266,468
8,420	*	Texas Roadhouse, Inc (Class A)		111,649
9,916		Triarc Cos (Class B)		198,320
		TOTAL EATING AND DRINKING PLACES		2,489,777
EDUCATIONAL SERVICES - 0.74%
13,881	*	Corinthian Colleges, Inc		189,198
9,825		DeVry, Inc		275,100
600	*	Lincoln Educational Services Corp		8,094
2,284		Strayer Education, Inc		242,218
3,755	*	Universal Technical Institute, Inc		83,399
		TOTAL EDUCATIONAL SERVICES		798,009
ELECTRIC, GAS, AND SANITARY SERVICES - 0.67%
2,600		American Ecology Corp		48,126
3,203	*	Casella Waste Systems, Inc (Class A)		39,173
2,501	*	Clean Harbors, Inc		121,073
5,040		Crosstex Energy, Inc		159,718
2,432		ITC Holdings Corp		97,037
1,145		Markwest Hydrocarbon, Inc		55,590
1,211		Ormat Technologies, Inc		44,589
2,455	*	Pike Electric Corp		40,090
11,325	*	Plug Power, Inc		44,054
1,826	*	Waste Connections, Inc		75,870
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		725,320
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 9.21%
1,150	*	Acme Packet, Inc		23,736
7,142		Acuity Brands, Inc		371,670
6,505		Adtran, Inc		147,664
5,762	*	Advanced Analogic Technologies, Inc		31,057
4,700	*	Advanced Energy Industries, Inc		88,689

212

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,770	*	Aeroflex, Inc	$	20,744
5,190	*	American Superconductor Corp		50,914
3,792	*	AMIS Holdings, Inc		40,081
16,479	*	Amkor Technology, Inc		153,914
7,384	*	Anadigics, Inc		65,422
9,048	*	Arris Group, Inc		113,190
8,312	*	Atheros Communications, Inc		177,212
4,144	*	ATMI, Inc		126,516
25,587	*	Avanex Corp		48,359
2,601		Baldor Electric Co		86,925
2,202	*	Benchmark Electronics, Inc		53,641
29,007	*	Brocade Communications Systems, Inc		238,147
16,092	*	Capstone Turbine Corp		19,793
783	*	Carrier Access Corp		5,136
5,372	*	C-COR, Inc		59,844
4,312	*	Ceradyne, Inc		243,628
4,745	*	China BAK Battery, Inc		30,937
2,093	*	Color Kinetics, Inc		44,686
3,608	*	Comtech Telecommunications Corp		137,357
68,159	*	Conexant Systems, Inc		139,044
1,105	*	CPI International, Inc		16,575
3,185		CTS Corp		50,005
3,195	*	Diodes, Inc		113,359
1,510	*	Directed Electronics, Inc		17,290
626	*	DSP Group, Inc		13,584
2,194	*	DTS, Inc		53,073
6,535	*	Emcore Corp		36,139
1,612	*	EMS Technologies, Inc		32,288
6,284	*	Energy Conversion Devices, Inc		213,530
10,777	*	Evergreen Solar, Inc		81,582
2,395	*	Exar Corp		31,135
36,875	*	Finisar Corp		119,106
2,460	*	First Solar, Inc		73,308
3,643		Franklin Electric Co, Inc		187,214
836	*	FuelCell Energy, Inc		5,401
39,976	*	Gemstar-TV Guide International, Inc		160,304
3,935	*	Genlyte Group, Inc		307,363
7,086	*	GrafTech International Ltd		49,035
866	*	Greatbatch, Inc		23,313
10,855	*	Harmonic, Inc		78,916
14,898	*	Hexcel Corp		259,374
2,136	*	Hittite Microwave Corp		69,036
1,733	*	ID Systems, Inc		32,615
3,217	*	Ikanos Communications, Inc		27,956
8,210	*	Interdigital Communications Corp		275,446
601		Inter-Tel, Inc		13,318
6,350	*	InterVoice, Inc		48,641
1,787	*	iRobot Corp		32,273
3,939	*	IXYS Corp		35,057
2,173	*	Lamson & Sessions Co		52,717
1,732	*	Littelfuse, Inc		55,216
8,017	*	Mattson Technology, Inc		74,718
2,248	*	Maxwell Technologies, Inc		31,360

213

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,259	*	Medis Technologies Ltd	$	56,804
930	*	Mercury Computer Systems, Inc		12,425
11,367	*	Micrel, Inc		122,536
11,176	*	Microsemi Corp		219,608
8,350	*	Microtune, Inc		39,245
17,241	*	Mindspeed Technologies, Inc		32,930
3,965	*	MIPS Technologies, Inc		32,910
4,498	*	Mobility Electronics, Inc		15,068
3,518	*	Monolithic Power Systems, Inc		39,085
3,533	*	MoSys, Inc		32,680
1,305	*	Multi-Fineline Electronix, Inc		26,478
2,624	*	Netlogic Microsystems, Inc		56,915
8,577	*	Omnivision Technologies, Inc		117,076
22,534	*	ON Semiconductor Corp		170,582
15,204	*	Openwave Systems, Inc		140,333
220	*	Oplink Communications, Inc		4,523
490	*	Optium Corp		12,221
917	*	OSI Systems, Inc		19,193
295		Park Electrochemical Corp		7,567
2,952	*	Parkervision, Inc		32,915
2,332	*	Pericom Semiconductor Corp		26,748
4,080		Plantronics, Inc		86,496
7,363	*	Plexus Corp		175,828
3,919	*	PLX Technology, Inc		51,104
6,472	*	Polycom, Inc		200,050
1,784	*	Portalplayer, Inc		23,995
2,623	*	Power-One, Inc		19,095
2,818	*	Radyne Corp		30,265
2,590		Raven Industries, Inc		69,412
2,675		Regal-Beloit Corp		140,464
25,723	*	RF Micro Devices, Inc		174,659
2,800	*	Rogers Corp		165,620
11,522	*	Semtech Corp		150,593
13,134	*	Silicon Image, Inc		167,064
5,234	*	Silicon Storage Technology, Inc		23,605
3,889	*	Sirenza Microdevices, Inc		30,568
4,503	*	Skyworks Solutions, Inc		31,881
760	*	Staktek Holdings, Inc		3,914
837	*	Standard Microsystems Corp		23,419
15,171	*	Stratex Networks, Inc		73,276
1,605	*	Sunpower Corp (Class A)		59,658
1,868	*	Supertex, Inc		73,319
1,352	*	Symmetricom, Inc		12,060
4,105	*	Synaptics, Inc		121,877
580	*	Techwell, Inc		9,315
7,798	*	Tekelec		115,644
7,318	*	Tessera Technologies, Inc		295,208
30,643	*	Transmeta Corp		34,014
19,852	*	Transwitch Corp		27,793
9,201	*	Trident Microsystems, Inc		167,274
5,631	*	TTM Technologies, Inc		63,799
2,581	*	Universal Display Corp		38,741
1,949	*	Universal Electronics, Inc		40,968

214

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
9,275	*	Utstarcom, Inc	$	81,156
7,792	*	Varian Semiconductor Equipment Associates, Inc		354,692
3,560	*	Viasat, Inc		106,124
3,290		Vicor Corp		36,552
2,185	*	Virage Logic Corp		20,299
2,933	*	Volterra Semiconductor Corp		43,995
8,376	*	Zhone Technologies, Inc		10,973
2,355	*	Zoltek Cos, Inc		46,323
6,946	*	Zoran Corp		101,273
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		9,908,760
ENGINEERING AND MANAGEMENT SERVICES - 3.66%
3,005	*	Advisory Board Co		160,888
6,188	*	Ariad Pharmaceuticals, Inc		31,806
449		CDI Corp		11,180
1,661	*	CRA International, Inc		87,036
8,784	*	CV Therapeutics, Inc		122,625
7,598	*	deCODE genetics, Inc		34,419
4,720		Diamond Management & Technology Consultants, Inc		58,717
14,569	*	Digitas, Inc		195,370
4,767	*	Diversa Corp		51,865
8,080	*	eResearch Technology, Inc		54,378
3,026	*	Essex Corp		72,352
14,901	*	Exelixis, Inc		134,109
3,830	*	First Consulting Group, Inc		52,701
2,760	*	Harris Interactive, Inc		13,910
2,735	*	Huron Consulting Group, Inc		124,005
10,346	*	ICOS Corp		349,591
7,451	*	Incyte Corp		43,514
11,541	*	Isis Pharmaceuticals, Inc		128,336
2,040	*	Kendle International, Inc		64,158
810		Landauer, Inc		42,501
3,001	*	LECG Corp		55,458
10,456	*	Lexicon Genetics, Inc		37,746
5,397	*	Lifecell Corp		130,284
5,235	*	Luminex Corp		66,485
22,710	*	Monogram Biosciences, Inc		40,424
1,158	*	MTC Technologies, Inc		27,271
6,358	*	Myriad Genetics, Inc		199,005
6,253	*	Navigant Consulting, Inc		123,559
4,252	*	Omnicell, Inc		79,215
5,398	*	Per-Se Technologies, Inc		149,956
8,282	*	Regeneron Pharmaceuticals, Inc		166,220
22,470	*	Rentech, Inc		84,712
7,757	*	Resources Connection, Inc		246,983
1,174	*	Rigel Pharmaceuticals, Inc		13,935
6,760	*	SAIC, Inc		120,260
4,753	*	Sangamo Biosciences, Inc		31,370
4,937	*	Senomyx, Inc		64,132
590	*	Stanley, Inc		9,977
5,452	*	Symyx Technologies, Inc		117,709
1,692	*	Tejon Ranch Co		94,481
8,415	*	Telik, Inc		37,278

215

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,564	*	Tetra Tech, Inc	$	100,653
2,840	*	Trimeris, Inc		36,096
1,567		Watson Wyatt & Co Holdings (Class A)		70,750
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		3,937,420
ENVIRONMENTAL QUALITY AND HOUSING - 0.04%
7,485	*	Home Solutions of America, Inc		43,862
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		43,862
FABRICATED METAL PRODUCTS - 1.36%
920	*	Chart Industries, Inc		14,913
1,835		Dynamic Materials Corp		51,564
1,280		Gulf Island Fabrication, Inc		47,232
2,141		Insteel Industries, Inc		38,088
6,405	*	Jacuzzi Brands, Inc		79,614
2,192	*	Ladish Co, Inc		81,279
1,452		Lifetime Brands, Inc		23,856
5,232	*	Mobile Mini, Inc		140,950
15,395		Mueller Water Products, Inc (Class A)		228,924
3,294	*	NCI Building Systems, Inc		170,465
700	*	PGT, Inc		8,855
2,178		Silgan Holdings, Inc		95,658
5,394		Simpson Manufacturing Co, Inc		170,720
4,571	*	Smith & Wesson Holding Corp		47,264
10,018	*	Taser International, Inc		76,237
2,712		Valmont Industries, Inc		150,489
899		Watts Water Technologies, Inc (Class A)		36,958
		TOTAL FABRICATED METAL PRODUCTS		1,463,066
FOOD AND KINDRED PRODUCTS - 0.87%
1,080	*	Altus Pharmaceuticals, Inc		20,358
1,110	*	Boston Beer Co, Inc (Class A)		39,938
751		Coca-Cola Bottling Co Consolidated		51,391
11,730	*	Darling International, Inc		64,632
1,835		Diamond Foods, Inc		34,883
4,584		Flowers Foods, Inc		123,722
1,054		J&J Snack Foods Corp		43,636
3,465	*	Jones Soda Co		42,620
2,866		Lancaster Colony Corp		126,992
1,871		Lance, Inc		37,570
1,494		MGP Ingredients, Inc		33,779
1,281		National Beverage Corp		17,972
2,170	*	Peet's Coffee & Tea, Inc		56,941
328	*	Ralcorp Holdings, Inc		16,692
2,439		Reddy Ice Holdings, Inc		62,975
5,109		Tootsie Roll Industries, Inc		167,064
		TOTAL FOOD AND KINDRED PRODUCTS		941,165
FOOD STORES - 0.24%
198		Arden Group, Inc (Class A)		24,514
3,324	*	Pantry, Inc		155,696
809	*	Pathmark Stores, Inc		9,020
4,649	*	Wild Oats Markets, Inc		66,853
		TOTAL FOOD STORES		256,083

216

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
FURNITURE AND FIXTURES - 0.92%
1,017		Ethan Allen Interiors, Inc	$	36,724
10,584		Herman Miller, Inc		384,834
7,834	*	Interface, Inc (Class A)		111,399
1,456		Kimball International, Inc (Class B)		35,381
1,236		Sealy Corp		18,231
8,679	*	Select Comfort Corp		150,928
8,099	*	Tempur-Pedic International, Inc		165,706
4,555	*	Williams Scotsman International, Inc		89,369
		TOTAL FURNITURE AND FIXTURES		992,572
FURNITURE AND HOMEFURNISHINGS STORES - 0.39%
4,661	*	Guitar Center, Inc		211,889
4,868		Knoll, Inc		107,096
4,770	*	Restoration Hardware, Inc		40,593
3,575		Tuesday Morning Corp		55,591
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		415,169
GENERAL BUILDING CONTRACTORS - 0.36%
213		Amrep Corp		26,093
765		Brookfield Homes Corp		28,726
373	*	Cavco Industries, Inc		13,070
2,137	*	Hovnanian Enterprises, Inc (Class A)		72,444
195		M/I Homes, Inc		7,447
3,424		McGrath RentCorp		104,877
410	*	Palm Harbor Homes, Inc		5,748
3,235	*	Perini Corp		99,573
994	*	Team, Inc		34,621
		TOTAL GENERAL BUILDING CONTRACTORS		392,599
GENERAL MERCHANDISE STORES - 0.12%
319	*	Cabela's, Inc		7,697
642		Casey's General Stores, Inc		15,119
1,015	*	Conn's, Inc		23,619
3,155	*	Retail Ventures, Inc		60,071
1,969		Stein Mart, Inc		26,109
		TOTAL GENERAL MERCHANDISE STORES		132,615
HEALTH SERVICES - 2.19%
1,369	*	Alliance Imaging, Inc		9,104
4,090	*	Amedisys, Inc		134,438
2,922	*	Amsurg Corp		67,206
676	*	Apria Healthcare Group, Inc		18,015
1,711	*	Bio-Reference Labs, Inc		38,480
549	*	Corvel Corp		26,116
775	*	Cross Country Healthcare, Inc		16,911
692	*	Emeritus Corp		17,196
4,414	*	Enzo Biochem, Inc		62,988
4,946	*	Five Star Quality Care, Inc		55,148
1,952	*	Genomic Health, Inc		36,307
2,319	*	Gentiva Health Services, Inc		44,200

217

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
5,455	*	Healthways, Inc	$	260,258
4,107	*	Hythiam, Inc		37,949
3,345		LCA-Vision, Inc		114,934
1,718	*	LHC Group, Inc		48,980
740	*	Magellan Health Services, Inc		31,983
3,137	*	Matria Healthcare, Inc		90,126
420	*	Medcath Corp		11,491
927		National Healthcare Corp		51,170
14,424	*	Nektar Therapeutics		219,389
1,030	*	Nighthawk Radiology Holdings, Inc		26,265
4,177	*	Odyssey HealthCare, Inc		55,387
409		Option Care, Inc		5,828
8,529	*	Psychiatric Solutions, Inc		320,008
1,924	*	Radiation Therapy Services, Inc		60,644
3,668	*	Stereotaxis, Inc		37,854
5,045	*	Sun Healthcare Group, Inc		63,718
5,389	*	Sunrise Senior Living, Inc		165,550
1,495	*	Symbion, Inc		27,672
6,985	*	United Surgical Partners International, Inc		198,025
848	*	VistaCare, Inc (Class A)		8,607
		TOTAL HEALTH SERVICES		2,361,947
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.14%
1,520		Granite Construction, Inc		76,486
3,268	*	Matrix Service Co		52,615
1,192	*	Sterling Construction Co, Inc		25,938
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		155,039
HOLDING AND OTHER INVESTMENT OFFICES - 4.79%
4,976		Acadia Realty Trust		124,500
327	*	Alexander's, Inc		137,226
840		Alexandria Real Estate Equities, Inc		84,336
947		Cherokee, Inc		40,636
5,372		Corporate Office Properties Trust		271,125
6,166		Cousins Properties, Inc		217,475
3,993		Digital Realty Trust, Inc		136,680
3,444		EastGroup Properties, Inc		184,461
482	*	Enstar Group, Inc		46,224
3,126		Equity Lifestyle Properties, Inc		170,148
1,765		FelCor Lodging Trust, Inc		38,548
2,818		Getty Realty Corp		87,076
1,113		Gladstone Investment Corp		17,040
5,898		Glimcher Realty Trust		157,536
2,737	*	Harris & Harris Group, Inc		33,090
4,828		Home Properties, Inc		286,156
587		Inland Real Estate Corp		10,989
26,100		iShares Russell 2000 Growth Index Fund		2,052,765
1,422		JER Investors Trust, Inc		29,393
872		Maguire Properties, Inc		34,880
925		Mid-America Apartment Communities, Inc		52,947
9,058	*	Mills Corp		181,160
1,616		Omega Healthcare Investors, Inc		28,636
560		PS Business Parks, Inc		39,598

218

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
360		Resource Capital Corp	$	6,102
1,709		Saul Centers, Inc		94,320
298		Sovran Self Storage, Inc		17,069
2,893		Sun Communities, Inc		93,617
4,861		Tanger Factory Outlet Centers, Inc		189,968
7,187		Washington Real Estate Investment Trust		287,480
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		5,151,181
HOTELS AND OTHER LODGING PLACES - 0.45%
977		Ameristar Casinos, Inc		30,033
1,467	*	Aztar Corp		79,834
2,425	*	Isle of Capri Casinos, Inc		64,457
290	*	Lodgian, Inc		3,944
1,630	*	Monarch Casino & Resort, Inc		38,924
2,820	*	Morgans Hotel Group Co		47,743
1,000	*	Riviera Holdings Corp		24,160
4,287	*	Vail Resorts, Inc		192,143
		TOTAL HOTELS AND OTHER LODGING PLACES		481,238
INDUSTRIAL MACHINERY AND EQUIPMENT - 4.23%
1,580		Aaon, Inc		41,522
4,310		Actuant Corp (Class A)		205,372
2,885		Albany International Corp (Class A)		94,945
2,983	*	Allis-Chalmers Energy, Inc		68,728
140		Ampco-Pittsburgh Corp		4,687
2,733	*	Astec Industries, Inc		95,928
3,451	*	ASV, Inc		56,148
4,890	*	Asyst Technologies, Inc		35,746
921	*	Basin Water, Inc		6,235
3,300	*	Blount International, Inc		44,418
5,082		Bucyrus International, Inc (Class A)		263,044
12,400	*	Cirrus Logic, Inc		85,312
2,817	*	Columbus McKinnon Corp		59,213
286		Curtiss-Wright Corp		10,605
5,606	*	Cymer, Inc		246,384
3,568	*	Dril-Quip, Inc		139,723
4,127	*	Emulex Corp		80,518
2,518	*	ENGlobal Corp		16,191
2,307	*	Entegris, Inc		24,962
2,026	*	Flanders Corp		20,057
1,678	*	Gateway, Inc		3,373
545	*	Gehl Co		15,004
2,278	*	Global Imaging Systems, Inc		50,002
2,405	*	Goodman Global, Inc		41,366
2,673	*	Hydril		200,983
7,956	*	Intermec, Inc		193,092
3,454	*	Intevac, Inc		89,631
4,538		Kaydon Corp		180,340
3,724	*	Komag, Inc		141,065
1,596	*	LB Foster Co (Class A)		41,352
322		Lindsay Manufacturing Co		10,513
2,387		Lufkin Industries, Inc		138,637
6,169	*	Micros Systems, Inc		325,106

219

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,095	*	Middleby Corp	$	114,614
2,289	*	NATCO Group, Inc (Class A)		72,973
5,341	*	Netgear, Inc		140,201
388		NN, Inc		4,823
4,091		Nordson Corp		203,855
4,098	*	Oil States International, Inc		132,079
831	*	Palm, Inc		11,709
4,456	*	Rackable Systems, Inc		138,002
3,371	*	RBC Bearings, Inc		96,613
1,242		Sauer-Danfoss, Inc		40,055
3,831	*	Scansource, Inc		116,462
493	*	Semitool, Inc		6,562
3,561	*	Sigma Designs, Inc		90,627
412		Tennant Co		11,948
2,274	*	TurboChef Technologies, Inc		38,703
3,470	*	Ultratech, Inc		43,306
9,778	*	VA Software Corp		49,183
4,483		Watsco, Inc		211,418
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,553,335
INSTRUMENTS AND RELATED PRODUCTS - 8.16%
3,125	*	Abaxis, Inc		60,156
3,658	*	Abiomed, Inc		51,578
10,796	*	Affymetrix, Inc		248,956
8,935	*	Align Technology, Inc		124,822
11,245	*	American Medical Systems Holdings, Inc		208,257
1,496	*	American Science & Engineering, Inc		89,027
1,237		Analogic Corp		69,445
382	*	Anaren, Inc		6,784
1,917	*	Angiodynamics, Inc		41,196
2,121	*	Argon ST, Inc		45,686
3,536		Arrow International, Inc		125,104
4,204	*	Arthrocare Corp		167,824
2,554	*	Aspect Medical Systems, Inc		48,041
1,535		Badger Meter, Inc		42,520
2,372	*	Biosite, Inc		115,872
5,867	*	Bruker BioSciences Corp		44,061
3,830	*	Candela Corp		47,377
8,790	*	Cepheid, Inc		74,715
4,346	*	Cerus Corp		25,468
2,893	*	Coherent, Inc		91,332
3,535	*	Cyberonics, Inc		72,962
107		Datascope Corp		3,899
5,764	*	Depomed, Inc		19,886
2,632	*	DexCom, Inc		25,952
3,180	*	Dionex Corp		180,338
3,676	*	DJ Orthopedics, Inc		157,406
273	*	DXP Enterprises, Inc		9,566
703	*	Eagle Test Systems, Inc		10,250
4,148	*	ESCO Technologies, Inc		188,485
1,465	*	Esterline Technologies Corp		58,937
2,586	*	ev3, Inc		44,557
1,294	*	Excel Technology, Inc		33,113

220

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
3,911	*	FEI Co	$	103,133
10,445	*	Flir Systems, Inc		332,464
7,269	*	Formfactor, Inc		270,770
2,943	*	Fossil, Inc		66,453
3,460	*	Foxhollow Technologies, Inc		74,667
4,197	*	Haemonetics Corp		188,949
537	*	Herley Industries, Inc		8,694
8,430	d*	Hologic, Inc		398,570
888	*	ICU Medical, Inc		36,124
3,660	*	I-Flow Corp		54,717
3,830	*	II-VI, Inc		107,010
7,333	*	Illumina, Inc		288,260
3,053	*	Input/Output, Inc		41,612
3,019	*	Integra LifeSciences Holdings Corp		128,579
3,353	*	Intralase Corp		75,040
4,775	*	Ionatron, Inc		19,578
2,737	*	IRIS International, Inc		34,623
4,082	*	Itron, Inc		211,611
6,263	*	Ixia		60,125
659	*	Kensey Nash Corp		20,956
9,364	*	Kopin Corp		33,429
7,116	*	Kyphon, Inc		287,486
7,084	*	L-1 Identity Solutions, Inc		107,181
10,220	*	LTX Corp		57,232
2,165	*	Measurement Specialties, Inc		46,851
447	*	Medical Action Industries, Inc		14,411
5,836		Mentor Corp		285,205
3,036		Mine Safety Appliances Co		111,269
2,471	*	Molecular Devices Corp		52,064
2,616		MTS Systems Corp		101,030
2,914	*	Natus Medical, Inc		48,402
1,952	*	Neurometrix, Inc		29,104
942	*	Nextest Systems Corp		10,616
1,376	*	Northstar Neuroscience, Inc		19,787
5,408	*	NuVasive, Inc		124,925
1,900	*	NxStage Medical, Inc		15,922
1,401		Oakley, Inc		28,104
616	*	OYO Geospace Corp		35,783
2,816	*	Palomar Medical Technologies, Inc		142,687
1,624	*	Photon Dynamics, Inc		18,985
3,670		PolyMedica Corp		148,305
6,043	*	RAE Systems, Inc		19,338
2,328	*	Rofin-Sinar Technologies, Inc		140,751
679	*	Rudolph Technologies, Inc		10,810
8,269	*	Sirf Technology Holdings, Inc		211,025
2,838		Sirona Dental Systems, Inc		109,291
4,142	*	Sonic Solutions, Inc		67,515
2,620	*	SonoSite, Inc		81,037
4,789	*	Spectranetics Corp		54,068
4,887	*	Symmetry Medical, Inc		67,587
4,591	*	Teledyne Technologies, Inc		184,237
8,479	*	ThermoGenesis Corp		36,544
7,361	*	Thoratec Corp		129,406

221

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
1,532		United Industrial Corp	$	77,749
1,613	*	Varian, Inc		72,246
4,556	*	Veeco Instruments, Inc		85,334
4,548	*	Ventana Medical Systems, Inc		195,700
3,411	*	Viasys Healthcare, Inc		94,894
2,636	*	Vital Images, Inc		91,733
1,028		Vital Signs, Inc		51,318
700	*	Volcano Corp		11,473
4,969	*	Wright Medical Group, Inc		115,678
1,472		X-Rite, Inc		18,106
752		Young Innovations, Inc		25,042
893	*	Zoll Medical Corp		52,008
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		8,777,175
INSURANCE AGENTS, BROKERS AND SERVICE - 0.22%
300		Clark, Inc		4,989
363		Hilb Rogal & Hobbs Co		15,290
4,991		National Financial Partners Corp		219,454
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		239,733
INSURANCE CARRIERS - 0.55%
624		21st Century Insurance Group		11,014
520	*	ACA Capital Holdings, Inc		8,039
1,485	*	AMERIGROUP Corp		53,297
6,893	*	Centene Corp		169,361
910	*	Darwin Professional Underwriters, Inc		21,340
1,511	*	First Acceptance Corp		16,198
4,244	*	HealthExtras, Inc		102,280
2,260	*	Healthspring, Inc		45,991
946	*	Molina Healthcare, Inc		30,754
1,550		National Interstate Corp		37,665
190		Safety Insurance Group, Inc		9,635
2,767		Tower Group, Inc		85,971
		TOTAL INSURANCE CARRIERS		591,545
JUSTICE, PUBLIC ORDER AND SAFETY - 0.11%
3,048	*	Geo Group, Inc		114,361
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		114,361
LEATHER AND LEATHER PRODUCTS - 0.56%
1,552	*	CROCS, Inc		67,046
507	*	Genesco, Inc		18,911
7,562	*	Iconix Brand Group, Inc		146,627
3,300		Steven Madden Ltd		115,797
4,203	*	Timberland Co (Class A)		132,731
4,359		Wolverine World Wide, Inc		124,319
		TOTAL LEATHER AND LEATHER PRODUCTS		605,431
LEGAL SERVICES - 0.15%
3,480	*	FTI Consulting, Inc		97,057
1,569	*	Pre-Paid Legal Services, Inc		61,395
		TOTAL LEGAL SERVICES		158,452

222

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
LUMBER AND WOOD PRODUCTS - 0.28%
1,920		American Woodmark Corp	$	80,352
12,226	*	Champion Enterprises, Inc		114,435
1,640		Deltic Timber Corp		91,479
275		Universal Forest Products, Inc		12,821
		TOTAL LUMBER AND WOOD PRODUCTS		299,087
METAL MINING - 0.56%
2,342		Cleveland-Cliffs, Inc		113,446
44,781	*	Coeur d'Alene Mines Corp		221,666
18,962	*	Hecla Mining Co		145,249
1,552		Royal Gold, Inc		55,841
5,263	*	Stillwater Mining Co		65,735
		TOTAL METAL MINING		601,937
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.61%
6,245		Daktronics, Inc		230,128
1,213		Marine Products Corp		14,241
3,941		Nautilus, Inc		55,174
5,576	*	Progressive Gaming International Corp		50,574
241	*	RC2 Corp		10,604
5,544	*	Shuffle Master, Inc		145,253
4,511		Yankee Candle Co, Inc		154,637
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		660,611
MISCELLANEOUS RETAIL - 1.55%
3,970	*	1-800-FLOWERS.COM, Inc (Class A)		24,455
1,381	*	AC Moore Arts & Crafts, Inc		29,926
2,879		Big 5 Sporting Goods Corp		70,305
2,127	*	Blue Nile, Inc		78,465
2,247	*	Build-A-Bear Workshop, Inc		62,961
2,425		Cash America International, Inc		113,733
8,296	*	CKX, Inc		97,312
1,884	*	dELiA*s, Inc		19,763
12,929	*	Drugstore.com, Inc		47,320
5,856	*	Ezcorp, Inc (Class A)		95,160
6,122	*	GSI Commerce, Inc		114,788
5,156	*	Hibbett Sporting Goods, Inc		157,413
4,416		Longs Drug Stores Corp		187,150
1,829	*	Overstock.com, Inc		28,898
3,723	*	Priceline.com, Inc		162,360
3,071	*	Stamps.com, Inc		48,368
4,517	*	Valuevision International, Inc (Class A)		59,353
4,426		World Fuel Services Corp		196,780
2,367	*	Zumiez, Inc		69,921
		TOTAL MISCELLANEOUS RETAIL		1,664,431
MOTION PICTURES - 0.63%
621	*	Avid Technology, Inc		23,138
14,406	*	Denny's Corp		67,852
2,537	*	Gaiam, Inc (Class A)		34,706
7,069	*	Macrovision Corp		199,770
17,746	*	Time Warner Telecom, Inc (Class A)		353,678
		TOTAL MOTION PICTURES		679,144

223

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
NONDEPOSITORY INSTITUTIONS - 0.73%
10,913		Advance America Cash Advance Centers, Inc	$	159,875
352		Advanta Corp (Class B)		15,358
1,841		Asta Funding, Inc		56,040
2,631	*	CompuCredit Corp		104,740
1,516	*	Credit Acceptance Corp		50,528
2,807	*	Doral Financial Corp		8,056
4,568	*	First Cash Financial Services, Inc		118,174
5,057	*	INVESTools, Inc		69,736
1,170	*	Penson Worldwide, Inc		32,070
1,549		Technology Investment Capital Corp		25,001
1,606	*	United PanAm Financial Corp		22,099
2,699	*	World Acceptance Corp		126,718
		TOTAL NONDEPOSITORY INSTITUTIONS		788,395
NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
3,532		AMCOL International Corp		97,978
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		97,978
OIL AND GAS EXTRACTION - 3.88%
1,686	*	Arena Resources, Inc		72,009
2,718	*	Atlas America, Inc		138,536
3,259	*	ATP Oil & Gas Corp		128,959
4,276	*	Atwood Oceanics, Inc		209,396
13,344	*	Aurora Oil & Gas Corp		42,834
1,958	*	Basic Energy Services, Inc		48,265
5,687		Berry Petroleum Co (Class A)		176,354
1,958	*	Bill Barrett Corp		53,277
2,482	*	Bois d'Arc Energy, Inc		36,312
1,783	*	Bronco Drilling Co, Inc		30,650
1,641	*	Callon Petroleum Co		24,664
3,522	*	Carrizo Oil & Gas, Inc		102,208
920	*	Clayton Williams Energy, Inc		33,405
4,061	*	Complete Production Services, Inc		86,093
4,695	*	Comstock Resources, Inc		145,827
631	*	Dawson Geophysical Co		22,987
4,199		Delta & Pine Land Co		169,850
7,831	*	Delta Petroleum Corp		181,366
4,594	*	Energy Partners Ltd		112,185
4,573	*	Exploration Co of Delaware, Inc		61,004
12,014	*	Gasco Energy, Inc		29,434
4,699	*	GeoGlobal Resources, Inc		36,887
1,000	*	Geomet, Inc		10,400
1,259	*	GMX Resources, Inc		44,695
2,235	*	Goodrich Petroleum Corp		80,862
31,261	*	Grey Wolf, Inc		214,450
2,013	*	Gulfport Energy Corp		27,357
3	*	Hanover Compressor Co		57
3,173	*	Hercules Offshore, Inc		91,700
11,796	*	Mariner Energy, Inc		231,202
2,459	*	Metretek Technologies, Inc		30,295

224

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
8,184	*	Newpark Resources, Inc	$	59,007
5,577	*	Parallel Petroleum Corp		97,988
13,346	*	PetroHawk Energy Corp		153,479
2,333	*	Petroleum Development Corp		100,436
1,662	*	Petroquest Energy, Inc		21,174
6,466	*	Pioneer Drilling Co		85,868
116	*	PrimeEnergy Corp		7,482
3,065	*	Quest Resource Corp		30,957
1,617	*	RAM Energy Resources, Inc		8,910
5,011		RPC, Inc		84,586
3,292	*	Sulphco, Inc		15,538
2,020	*	Superior Well Services, Inc		51,631
6,382	*	Syntroleum Corp		22,082
1,964	*	Toreador Resources Corp		50,612
10,854	*	Transmeridian Exploration, Inc		37,446
9,025	*	Vaalco Energy, Inc		60,919
1,120	*	Venoco, Inc		19,667
3,875	*	Veritas DGC, Inc		331,816
2,495	*	Warren Resources, Inc		29,241
4,747	*	W-H Energy Services, Inc		231,131
		TOTAL OIL AND GAS EXTRACTION		4,173,490
PAPER AND ALLIED PRODUCTS - 0.44%
8,574	*	Cenveo, Inc		181,769
11,857	*	Graphic Packaging Corp		51,341
2,697		Longview Fibre Co		59,199
2,289		Neenah Paper, Inc		80,847
6,312	*	Playtex Products, Inc		90,830
383		Wausau Paper Corp		5,741
		TOTAL PAPER AND ALLIED PRODUCTS		469,727
PERSONAL SERVICES - 0.20%
2,420		Coinmach Service Corp (Class A)		28,798
222	*	Coinstar, Inc		6,787
5,255		Jackson Hewitt Tax Service, Inc		178,512
		TOTAL PERSONAL SERVICES		214,097
PETROLEUM AND COAL PRODUCTS - 0.28%
1,200		Alon USA Energy, Inc		31,572
1,607		Delek US Holdings, Inc		26,339
1,239		ElkCorp		50,911
738	*	Giant Industries, Inc		55,313
3,766	*	Headwaters, Inc		90,233
1,314		WD-40 Co		45,819
		TOTAL PETROLEUM AND COAL PRODUCTS		300,187
PRIMARY METAL INDUSTRIES - 1.87%
17,721	*	AK Steel Holding Corp		299,485
2,072	*	Century Aluminum Co		92,515
1,364		Chaparral Steel Co		60,384
9,315	*	CommScope, Inc		283,921
3,751		Encore Wire Corp		82,560
7,391	*	General Cable Corp		323,061

225

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
299	*	Lone Star Technologies, Inc	$	14,475
3,370		Matthews International Corp (Class A)		132,610
890		Mueller Industries, Inc		28,213
4,988	*	Oregon Steel Mills, Inc		311,301
1,318		Quanex Corp		45,590
3,665	*	RTI International Metals, Inc		286,676
222	*	Superior Essex, Inc		7,382
645		Texas Industries, Inc		41,428
		TOTAL PRIMARY METAL INDUSTRIES		2,009,601
PRINTING AND PUBLISHING - 0.59%
2,770	*	ACCO Brands Corp		73,322
1,205	*	Consolidated Graphics, Inc		71,179
305		Courier Corp		11,886
1,050		GateHouse Media, Inc		19,488
1,699		John H Harland Co		85,290
3,961		Martha Stewart Living Omnimedia, Inc (Class A)		86,746
450	*	Playboy Enterprises, Inc (Class B)		5,157
4,611	*	Presstek, Inc		29,326
3,956	*	Private Media Group Ltd		15,943
7,756		Reader's Digest Association, Inc		129,525
490		Schawk, Inc		9,575
5,651	*	Sun-Times Media Group, Inc (Class A)		27,746
4,408	*	Valassis Communications, Inc		63,916
		TOTAL PRINTING AND PUBLISHING		629,099
RAILROAD TRANSPORTATION - 0.34%
3,549		Florida East Coast Industries		211,520
5,793	*	Genesee & Wyoming, Inc (Class A)		152,008
		TOTAL RAILROAD TRANSPORTATION		363,528
REAL ESTATE - 0.07%
906		Consolidated-Tomoka Land Co		65,594
2,128	*	Housevalues, Inc		11,981
		TOTAL REAL ESTATE		77,575
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.60%
1,021	*	AEP Industries, Inc		54,430
990	*	Deckers Outdoor Corp		59,351
840	*	Metabolix, Inc		15,910
1,646		PW Eagle, Inc		56,787
1,599	*	Skechers U.S.A., Inc (Class A)		53,263
1,973	*	Trex Co, Inc		45,162
4,350		Tupperware Corp		98,354
5,204		West Pharmaceutical Services, Inc		266,601
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		649,858
SECURITY AND COMMODITY BROKERS - 1.25%
3,160		Calamos Asset Management, Inc (Class A)		84,783
1,599		Cohen & Steers, Inc		64,232
1,947	*	GFI Group, Inc		121,220
2,840		Greenhill & Co, Inc		209,592
6,128		International Securities Exchange, Inc		286,729

226

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
450	*	KBW, Inc	$	13,226
1,984	*	MarketAxess Holdings, Inc		26,923
2,303	*	Morningstar, Inc		103,750
3,328		optionsXpress Holdings, Inc		75,512
912	*	Stifel Financial Corp		35,778
1,061	*	Thomas Weisel Partners Group, Inc		22,387
206		Value Line, Inc		9,363
10,718		Waddell & Reed Financial, Inc (Class A)		293,244
		TOTAL SECURITY AND COMMODITY BROKERS		1,346,739
SOCIAL SERVICES - 0.20%
4,207	*	Bright Horizons Family Solutions, Inc		162,643
1,911	*	Providence Service Corp		48,023
		TOTAL SOCIAL SERVICES		210,666
SPECIAL TRADE CONTRACTORS - 0.26%
601		Alico, Inc		30,429
4,209		Chemed Corp		155,649
2,137		Comfort Systems USA, Inc		27,012
2,401	*	Integrated Electrical Services, Inc		42,714
683	*	Layne Christensen Co		22,423
		TOTAL SPECIAL TRADE CONTRACTORS		278,227
STONE, CLAY, AND GLASS PRODUCTS - 0.27%
3,431		Apogee Enterprises, Inc		66,253
2,179	*	Cabot Microelectronics Corp		73,955
3,115		CARBO Ceramics, Inc		116,408
4,236	*	US Concrete, Inc		30,160
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		286,776
TEXTILE MILL PRODUCTS - 0.02%
174		Oxford Industries, Inc		8,639
1,566		Xerium Technologies, Inc		15,331
		TOTAL TEXTILE MILL PRODUCTS		23,970
TOBACCO PRODUCTS - 0.07%
4,140		Vector Group Ltd		73,485
		TOTAL TOBACCO PRODUCTS		73,485
TRANSPORTATION BY AIR - 0.97%
9,126	*	ABX Air, Inc		63,243
1,436	*	Air Methods Corp		40,093
14,624	*	Airtran Holdings, Inc		171,686
3,084	*	Alaska Air Group, Inc		121,818
613	*	Atlas Air Worldwide Holdings, Inc		27,279
5,036	*	EGL, Inc		149,972
1,009	*	ExpressJet Holdings, Inc		8,173
864	*	Frontier Airlines Holdings, Inc		6,394
22,077	*	JetBlue Airways Corp		313,493
1,358	*	PHI, Inc		44,447
3,869		Skywest, Inc		98,698
		TOTAL TRANSPORTATION BY AIR		1,045,296

227

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
TRANSPORTATION EQUIPMENT - 2.29%
2,470		A.O. Smith Corp	$	92,773
5,118	*	AAR Corp		149,394
1,568	*	Accuride Corp		17,656
1,415		American Railcar Industries, Inc		48,167
12,347	*	BE Aerospace, Inc		317,071
3,027		Clarcor, Inc		102,343
2,286	*	Comtech Group, Inc		41,582
10,524	*	Fleetwood Enterprises, Inc		83,245
1,068		Freightcar America, Inc		59,221
1,752	*	Fuel Systems Solutions, Inc		38,684
8,904	*	GenCorp, Inc		124,834
1,750	*	GenTek, Inc		60,533
839		Greenbrier Cos, Inc		25,170
3,365		Heico Corp		130,663
1,263	*	K&F Industries Holdings, Inc		28,683
1,495	*	Miller Industries, Inc		35,880
8,600	*	Navistar International Corp		287,498
1,287		Noble International Ltd		25,804
4,561	*	Orbital Sciences Corp		84,105
5,015		Polaris Industries, Inc		234,852
1,290	*	Tenneco, Inc		31,889
1,084	*	TransDigm Group, Inc		28,737
505		Triumph Group, Inc		26,477
7,817		Westinghouse Air Brake Technologies Corp		237,480
4,679		Winnebago Industries, Inc		153,986
		TOTAL TRANSPORTATION EQUIPMENT		2,466,727
TRANSPORTATION SERVICES - 0.46%
3,383		Ambassadors Group, Inc		102,674
1,593	*	Dynamex, Inc		37,212
6,442	*	HUB Group, Inc (Class A)		177,477
6,047		Pacer International, Inc		180,019
		TOTAL TRANSPORTATION SERVICES		497,382
TRUCKING AND WAREHOUSING - 0.44%
3,775	*	Celadon Group, Inc		63,231
4,465		Forward Air Corp		129,172
5,091		Heartland Express, Inc		76,467
712	*	Marten Transport Ltd		13,051
4,420	*	Old Dominion Freight Line		106,389
552	*	P.A.M. Transportation Services, Inc		12,155
58	*	Patriot Transportation Holding, Inc		5,415
1,331	*	Quality Distribution, Inc		17,729
672	*	U.S. Xpress Enterprises, Inc (Class A)		11,068
990	*	Universal Truckload Services, Inc		23,513
759	*	USA Truck, Inc		12,182
		TOTAL TRUCKING AND WAREHOUSING		470,372
WATER TRANSPORTATION - 0.33%
4,877	*	American Commercial Lines, Inc		319,492
900		Horizon Lines, Inc (Class A)		24,264
270	*	Hornbeck Offshore Services, Inc		9,639
		TOTAL WATER TRANSPORTATION		353,395

228

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-DURABLE GOODS - 1.41%
7,200		Applied Industrial Technologies, Inc	$	189,432
5,006		Barnes Group, Inc		108,881
7,055	*	Beacon Roofing Supply, Inc		132,775
804		Castle (A.M.) & Co		20,462
3,572	*	Conceptus, Inc		76,048
1,825	*	Digi International, Inc		25,167
3,030	*	Drew Industries, Inc		78,810
2,677	*	Genesis Microchip, Inc		27,145
710	*	Hansen Medical, Inc		8,193
500	*	Houston Wire & Cable Co		10,450
4,238	*	Interline Brands, Inc		95,228
2,517	*	Keystone Automotive Industries, Inc		85,553
9,223		Knight Transportation, Inc		157,252
7,212	*	LKQ Corp		165,804
1,556	*	Merge Technologies, Inc		10,207
808	*	MWI Veterinary Supply, Inc		26,098
10,874	*	PSS World Medical, Inc		212,369
6,138	*	Tyler Technologies, Inc		86,300
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,516,174
WHOLESALE TRADE-NONDURABLE GOODS - 1.30%
6,966	*	Akorn, Inc		43,538
7,477	*	Allscripts Healthcare Solutions, Inc		201,804
2,248		Andersons, Inc		95,293
4,159	*	Central European Distribution Corp		123,522
790	*	Green Mountain Coffee Roasters, Inc		38,892
2,148		K-Swiss, Inc (Class A)		66,030
303	*	Maui Land & Pineapple Co, Inc		10,278
7,559		Men's Wearhouse, Inc		289,207
2,478		Myers Industries, Inc		38,805
5,555		Nu Skin Enterprises, Inc (Class A)		101,268
2,417	*	Nuco2, Inc		59,434
370	*	School Specialty, Inc		13,871
825	*	Source Interlink Cos, Inc		6,732
6,791	*	United Natural Foods, Inc		243,933
380	*	Valley National Gases, Inc		10,051
2,049	*	Volcom, Inc		60,572
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,403,230
		TOTAL COMMON STOCKS
		(Cost $86,928,565)		106,392,463
WARRANTS - 0.00% **
COMMUNICATIONS - 0.00% **
3	v*	RCN Corp Wts		0
		TOTAL COMMUNICATIONS		0
		TOTAL WARRANTS
		(Cost - $0)		0

229

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Growth Index Fund
PRINCIPAL		ISSUER		VALUE
SHORT-TERM INVESTMENTS - 1.43%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.43%
$     1,540,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07	$	1,539,170
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,539,170
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $1,539,795)		1,539,170
		TOTAL PORTFOLIO - 100.29%
		(Cost $88,468,360)		107,931,633
		OTHER ASSETS & LIABILITIES, NET- (0.29)%		(307,025	)
		NET ASSETS - 100.00%	$	107,624,608
	*	Non-income producing
	**	Percentage represents less than 0.01%
	d	All or a portion of these securities have been segregated by the custodian to cover margin
		or other requirements on futures contracts in the amount of $132,384.

230

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 92.26%
AGRICULTURAL PRODUCTION-CROPS - 0.09%
7,751	*	Chiquita Brands International, Inc	$	123,783
		TOTAL AGRICULTURAL PRODUCTION-CROPS		123,783
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.25%
7,507		Pilgrim's Pride Corp		220,931
66		Seaboard Corp		116,490
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		337,421
AMUSEMENT AND RECREATION SERVICES - 0.72%
1,104	*	Bally Technologies, Inc		20,623
7,392	*	Bally Total Fitness Holding Corp		18,110
1,629		Churchill Downs, Inc		69,623
3,038		Dover Motorsports, Inc		16,132
4,489	*	Lakes Entertainment, Inc		48,436
5,616	*	Leapfrog Enterprises, Inc		53,240
8,326	*	Live Nation, Inc		186,502
8,690	*	Magna Entertainment Corp		39,192
1,981	*	Marvel Entertainment, Inc		53,309
2,687	*	MTR Gaming Group, Inc		32,835
5,159	*	Multimedia Games, Inc		49,526
3,406	*	Pinnacle Entertainment, Inc		112,875
13,034	*	Six Flags, Inc		68,298
2,924		Speedway Motorsports, Inc		112,282
970	*	Town Sports International Holdings, Inc		15,986
13,181		Westwood One, Inc		93,058
		TOTAL AMUSEMENT AND RECREATION SERVICES		990,027
APPAREL AND ACCESSORY STORES - 0.99%
3,914		Brown Shoe Co, Inc		186,854
238		Buckle, Inc		12,102
270	*	Cache, Inc		6,815
11,415	*	Charming Shoppes, Inc		154,445
7,857		Finish Line, Inc (Class A)		112,198
2,060	*	J Crew Group, Inc		79,413
4,519	*	Jo-Ann Stores, Inc		111,167
10,715	*	Payless Shoesource, Inc		351,666
1,575	*	Shoe Carnival, Inc		49,770
5,179		Stage Stores, Inc		157,390
1,618	*	Syms Corp		32,214
4,257		Talbots, Inc		102,594
		TOTAL APPAREL AND ACCESSORY STORES		1,356,628
APPAREL AND OTHER TEXTILE PRODUCTS - 0.73%
2,379		Columbia Sportswear Co		132,510
6,514	*	Hartmarx Corp		45,989
4,631		Kellwood Co		150,600

231

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
520	*	Maidenform Brands, Inc	$	9,422
5,075		Phillips-Van Heusen Corp		254,613
17,798	*	Quiksilver, Inc		280,319
4,905	*	Warnaco Group, Inc		124,489
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		997,942
AUTO REPAIR, SERVICES AND PARKING - 0.49%
156	*	Amerco, Inc		13,574
1,935		Bandag, Inc		97,582
1,572		Central Parking Corp		28,296
4,580	*	Dollar Thrifty Automotive Group, Inc		208,894
9,801	*	PHH Corp		282,955
160	*	Standard Parking Corp		6,146
1,287	*	Wright Express Corp		40,116
		TOTAL AUTO REPAIR, SERVICES AND PARKING		677,563
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.37%
1,229	*	America's Car-Mart, Inc		14,576
2,330		Asbury Automotive Group, Inc		54,895
3,608	*	CSK Auto Corp		61,877
2,767		Lithia Motors, Inc (Class A)		79,579
2,761	*	MarineMax, Inc		71,593
3,941	*	Rush Enterprises, Inc (Class A)		66,682
5,437		Sonic Automotive, Inc (Class A)		157,890
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		507,092
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.13%
3,705	*	Central Garden & Pet Co		179,396
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		179,396
BUSINESS SERVICES - 7.02%
3,879	*	@Road, Inc		28,317
72,054	*	3Com Corp		296,142
8,178		ABM Industries, Inc		185,722
1,388	*	Actuate Corp		8,245
8,790	*	Agile Software Corp		54,059
3,803	*	Altiris, Inc		96,520
258	*	AMN Healthcare Services, Inc		7,105
376	*	Ansys, Inc		16,352
1,265		Arbitron, Inc		54,952
13,740	*	Ariba, Inc		106,348
10,111	*	Aspen Technology, Inc		111,423
560	*	Asset Acceptance Capital Corp		9,419
8,401	*	Avocent Corp		284,374
31,386	*	BearingPoint, Inc		247,008
17,076	*	BISYS Group, Inc		220,451
1,666		Blackbaud, Inc		43,316
13,286	*	Borland Software Corp		72,276
4,133	*	Bottomline Technologies, Inc		47,323
3,105		Brady Corp (Class A)		115,754
1,015	*	CACI International, Inc (Class A)		57,348
3,546		Catalina Marketing Corp		97,515
4,892	*	CBIZ, Inc		34,097

232

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
9,486	*	Ciber, Inc	$	64,315
81,798	*	CMGI, Inc		109,609
3,923	*	Cogent Communications Group, Inc		63,631
594		Cognex Corp		14,149
690	*	Commvault Systems, Inc		13,807
5,701	*	Covansys Corp		130,838
4,916	*	CSG Systems International, Inc		131,405
9,444		Deluxe Corp		237,989
6,770	*	Dendrite International, Inc		72,507
490	*	DivX, Inc		11,304
2,090	*	DynCorp International, Inc (Class A)		33,168
23,204	*	Earthlink, Inc		164,748
5,514	*	Echelon Corp		44,112
6,127	*	eFunds Corp		168,493
3,540	*	Electro Rent Corp		59,118
2,922	*	EPIQ Systems, Inc		49,586
3,837	*	eSpeed, Inc (Class A)		33,497
227	*	First Advantage Corp (Class A)		5,212
594	*	Forrester Research, Inc		16,103
2,567	*	FTD Group, Inc		45,924
3,319	*	Gerber Scientific, Inc		41,687
1,030	*	Global Cash Access, Inc		16,717
1		Healthcare Services Group		29
498	*	Heidrick & Struggles International, Inc		21,095
402	*	Hudson Highland Group, Inc		6,705
5,661	*	Hyperion Solutions Corp		203,456
1,082	*	i2 Technologies, Inc		24,691
482	*	iGate Corp		3,316
465	*	IHS, Inc (Class A)		18,358
1,330	*	Infocrossing, Inc		21,679
2,601	*	Infospace, Inc		53,347
1,360	*	Innerworkings, Inc		21,706
1,410	*	Innovative Solutions & Support, Inc		24,012
180		Integral Systems, Inc		4,171
6,406		Interactive Data Corp		154,000
7,036	*	Internet Capital Group, Inc		72,189
2,194		Interpool, Inc		51,252
3,951	*	Interwoven, Inc		57,961
3,453	*	Ipass, Inc		20,304
4,184	*	JDA Software Group, Inc		57,614
3,901	*	Keane, Inc		46,461
2,197		Kelly Services, Inc (Class A)		63,581
1,395	*	Korn/Ferry International		32,029
23,368	*	Lawson Software, Inc		172,690
6,428	*	Magma Design Automation, Inc		57,402
4,512	*	Manhattan Associates, Inc		135,721
691	*	Mantech International Corp (Class A)		25,450
750	*	Mapinfo Corp		9,788
1,846	*	Marlin Business Services, Inc		44,359
14,761	*	Mentor Graphics Corp		266,141
12,208	*	MPS Group, Inc		173,109
526	*	Neoware, Inc		6,948
3,379	*	Ness Technologies, Inc		48,185

233

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,546	*	Netratings, Inc	$	44,580
829	*	Netscout Systems, Inc		6,881
1,110	*	Omniture, Inc		15,629
340	*	Opnet Technologies, Inc		4,913
10,402	*	Parametric Technology Corp		187,444
2,914		Pegasystems, Inc		28,761
15,907	*	Perot Systems Corp (Class A)		260,716
461	*	PRA International		11,649
13,033	*	Premiere Global Services, Inc		123,032
7,620	*	Progress Software Corp		212,827
910		QAD, Inc		7,635
3,772	*	Quest Software, Inc		55,260
2,588	*	Radisys Corp		43,142
4,721	*	RealNetworks, Inc		51,648
12,781	*	Rent-A-Center, Inc		377,167
796	*	Rewards Network, Inc		5,532
11,556	*	S1 Corp		63,674
4,794	*	SafeNet, Inc		114,768
9,789	*	Secure Computing Corp		64,216
1,381	*	SI International, Inc		44,772
1,436	*	Sitel Corp		6,060
12,177	*	SonicWALL, Inc		102,530
5,436	*	Spherion Corp		40,389
1,483		Startek, Inc		20,080
15,638	*	Sybase, Inc		386,259
930	*	Synchronoss Technologies, Inc		12,760
2,279	*	SYNNEX Corp		50,001
12,518	*	Take-Two Interactive Software, Inc		222,320
2,769		TAL International Group, Inc		73,905
2,105	*	THQ, Inc		68,455
33,789	*	TIBCO Software, Inc		318,968
3,279	*	TNS, Inc		63,121
12,151		United Online, Inc		161,365
5,546	*	Universal Compression Holdings, Inc		344,462
1,453	*	Vertrue, Inc		55,810
3,926		Viad Corp		159,396
3,627	*	Vignette Corp		61,913
1,540	*	Volt Information Sciences, Inc		77,323
7,409	*	webMethods, Inc		54,530
		TOTAL BUSINESS SERVICES		9,623,627
CHEMICALS AND ALLIED PRODUCTS - 3.91%
2,518	*	ADVENTRX Pharmaceuticals, Inc		7,428
2,451	*	Albany Molecular Research, Inc		25,883
6,178	*	Alpharma, Inc (Class A)		148,890
2,738	*	Anadys Pharmaceuticals, Inc		13,471
4,024		Arch Chemicals, Inc		134,039
2,842	*	Arena Pharmaceuticals, Inc		36,690
779	*	Atherogenics, Inc		7,720
850	*	Aventine Renewable Energy Holdings, Inc		20,026
3,428	*	Bentley Pharmaceuticals, Inc		34,863
2,710	*	Bradley Pharmaceuticals, Inc		55,772
7,500	*	Calgon Carbon Corp		46,500

234

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,733		Cambrex Corp	$	107,534
500	*	Caraco Pharmaceutical Laboratories Ltd		7,000
10,126		CF Industries Holdings, Inc		259,631
1,094	*	Chattem, Inc		54,788
3,894	*	Cotherix, Inc		52,530
2,428	*	Cypress Bioscience, Inc		18,817
12,134	*	Dendreon Corp		50,599
4,563	*	Elizabeth Arden, Inc		86,925
948	*	Emisphere Technologies, Inc		5,015
7,546		Ferro Corp		156,127
1,653	*	Genitope Corp		5,819
5,739		Georgia Gulf Corp		110,820
6,482	*	Geron Corp		56,912
10,822		H.B. Fuller Co		279,424
9,693	*	Hercules, Inc		187,172
1,718	*	Indevus Pharmaceuticals, Inc		12,198
770		Innophos Holdings, Inc		11,304
2,146		Innospec, Inc		99,896
176		Inter Parfums, Inc		3,377
5,550	*	Inverness Medical Innovations, Inc		214,785
1,992		Koppers Holdings, Inc		51,931
2,092	*	Martek Biosciences Corp		48,827
3,685		Minerals Technologies, Inc		216,641
10,218	*	Nabi Biopharmaceuticals		69,278
9,044	*	NBTY, Inc		375,959
1,499	*	Neurocrine Biosciences, Inc		15,620
492	*	New River Pharmaceuticals, Inc		26,917
100	*	NitroMed, Inc		245
400		NL Industries, Inc		4,136
3,256	*	Northfield Laboratories, Inc		13,252
1,856	*	NPS Pharmaceuticals, Inc		8,408
2,542	*	Nuvelo, Inc		10,168
12,173		Olin Corp		201,098
5,399	*	OM Group, Inc		244,467
5,609	*	Omnova Solutions, Inc		25,689
480	*	Osiris Therapeutics, Inc		12,154
2,284	*	Par Pharmaceutical Cos, Inc		51,093
13,290		Perrigo Co		229,917
1,311	*	Pharmion Corp		33,745
560	*	Physicians Formula Holdings, Inc		10,466
210	*	Pioneer Cos, Inc		6,019
16,514	*	PolyOne Corp		123,855
5,895	*	Prestige Brands Holdings, Inc		76,753
4,179	*	Renovis, Inc		13,206
1,780	*	Replidyne, Inc		10,217
30,418	*	Revlon, Inc		1,521
38,618	*	Revlon, Inc (Class A)		49,431
6,631	*	Rockwood Holdings, Inc		167,499
464	*	Sciele Pharma, Inc		11,136
8,604		Sensient Technologies Corp		211,658
1,240		Stepan Co		39,271
7,309		Tronox, Inc (Class B)		115,409
3,876		UAP Holding Corp		97,598

235

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
16,153	*	USEC, Inc	$	205,466
1,550	*	Verasun Energy Corp		30,613
6,945	*	Viropharma, Inc		101,675
250	*	Visicu, Inc		2,800
6,554	*	WR Grace & Co		129,769
		TOTAL CHEMICALS AND ALLIED PRODUCTS		5,355,862
COAL MINING - 0.12%
4,393	*	International Coal Group, Inc		23,942
1,911		Penn Virginia Corp		133,846
		TOTAL COAL MINING		157,788
COMMUNICATIONS - 2.43%
7,577		Alaska Communications Systems Group, Inc		115,095
3,168	*	Anixter International, Inc		172,022
350		Atlantic Tele-Network, Inc		10,255
3,318	*	Audiovox Corp (Class A)		46,751
67,879	*	Charter Communications, Inc (Class A)		207,710
44,195	*	Cincinnati Bell, Inc		201,971
6,757		Citadel Broadcasting Corp		67,300
1,815		Commonwealth Telephone Enterprises, Inc		75,976
3,865		Consolidated Communications Holdings, Inc		80,779
54,659	*	Covad Communications Group, Inc		75,429
8,316	*	Cox Radio, Inc (Class A)		135,551
999	*	Crown Media Holdings, Inc (Class A)		3,626
3,371		CT Communications, Inc		77,263
5,057	*	Cumulus Media, Inc (Class A)		52,542
3,444		Emmis Communications Corp (Class A)		28,379
5,998		Entercom Communications Corp (Class A)		169,024
5,901	*	Entravision Communications Corp (Class A)		48,506
264	*	Eschelon Telecom, Inc		5,230
5,246		Fairpoint Communications, Inc		99,412
1,426	*	Fisher Communications, Inc		63,043
12,405	*	Foundry Networks, Inc		185,827
4,162	*	General Communication, Inc (Class A)		65,468
1,980	*	Globalstar, Inc		27,542
3,917		Golden Telecom, Inc		183,472
8,238		Gray Television, Inc		60,385
7,984	*	IDT Corp (Class B)		104,431
5,853		Iowa Telecommunications Services, Inc		115,363
1,056	*	Lightbridge, Inc		14,298
4,556	*	Lin TV Corp (Class A)		45,332
7,746	*	Mastec, Inc		89,389
3,922	*	Mediacom Communications Corp (Class A)		31,533
524	*	NTELOS Holdings Corp		9,369
1,130	*	Orbcomm, Inc		9,967
14,434	*	Radio One, Inc (Class D)		97,285
5,208	*	RCN Corp		157,021
1,861		Salem Communications Corp (Class A)		22,239
2,034	*	SAVVIS, Inc		72,634
1,263		Shenandoah Telecom Co		59,374
6,635	*	Spanish Broadcasting System, Inc (Class A)		27,270
2,669		SureWest Communications		73,504

236

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
372	*	Syniverse Holdings, Inc	$	5,576
4,971		USA Mobility, Inc		111,201
2,262	*	Vonage Holdings Corp		15,698
6,368	*	Wireless Facilities, Inc		18,149
		TOTAL COMMUNICATIONS		3,338,191
DEPOSITORY INSTITUTIONS - 14.67%
2,300		1st Source Corp		73,899
1,542		Abington Community Bancorp, Inc		29,576
3,059		Alabama National Bancorp		210,245
4,054		Amcore Financial, Inc		132,444
2,150		AmericanWest Bancorp		52,073
2,380		Ameris Bancorp		67,068
3,730		Anchor Bancorp Wisconsin, Inc		107,499
1,719		Arrow Financial Corp		42,580
1,322		Bancfirst Corp		71,388
1,766	*	Bancorp, Inc		52,274
1,840		BancTrust Financial Group, Inc		46,957
10,893		Bank Mutual Corp		131,914
2,965		Bank of Granite Corp		56,246
8,697		BankAtlantic Bancorp, Inc (Class A)		120,106
4,333		BankFinancial Corp		77,171
5,616		BankUnited Financial Corp (Class A)		157,023
2,273		Banner Corp		100,785
1,620		Berkshire Hills Bancorp, Inc		54,205
3,411	*	BFC Financial Corp (Class A)		21,796
6,592		Boston Private Financial Holdings, Inc		185,960
11,022		Brookline Bancorp, Inc		145,160
1,963		Cadence Financial Corp		42,538
1,177		Camden National Corp		54,283
2,305		Capital City Bank Group, Inc		81,367
910		Capital Corp of the West		29,202
2,392		Capitol Bancorp Ltd		110,510
1,213		Cardinal Financial Corp		12,433
231		Cascade Bancorp		7,168
8,770		Cathay General Bancorp		302,653
10,866	*	Centennial Bank Holdings, Inc		102,792
676		Center Financial Corp		16,204
1,727		Centerstate Banks of Florida, Inc		36,094
5,646		Central Pacific Financial Corp		218,839
4,528		Chemical Financial Corp		150,782
8,613		Chittenden Corp		264,333
7,927		Citizens Banking Corp		210,066
1,493		Citizens First Bancorp, Inc		45,895
1,744		City Bank		62,435
3,224		City Holding Co		131,829
1,903		Clifton Savings Bancorp, Inc		23,198
939		Coastal Financial Corp		15,728
1,039		Columbia Bancorp		27,482
2,973		Columbia Banking System, Inc		104,412
1,275	*	Community Bancorp		38,492
5,411		Community Bank System, Inc		124,453
4,426		Community Banks, Inc		122,866

237

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,843		Community Trust Bancorp, Inc	$	118,070
7,055		Corus Bankshares, Inc		162,759
4,201		CVB Financial Corp		60,746
4,730		Dime Community Bancshares		66,267
3,869		Downey Financial Corp		280,812
1,350		Farmers Capital Bank Corp		46,076
3,360		Fidelity Bankshares, Inc		133,291
2,112		First Bancorp		46,126
12,864		First Bancorp		122,594
659		First Busey Corp		15,190
6,496		First Charter Corp		159,802
13,218		First Commonwealth Financial Corp		177,518
3,706		First Community Bancorp, Inc		193,713
1,712		First Community Bancshares, Inc		67,727
5,940		First Financial Bancorp		98,663
3,919		First Financial Bankshares, Inc		164,049
2,360		First Financial Corp		83,662
2,121		First Financial Holdings, Inc		83,101
2,173		First Indiana Corp		55,107
3,195		First Merchants Corp		86,872
9,178		First Midwest Bancorp, Inc		355,005
20,453		First Niagara Financial Group, Inc		303,932
2,990		First Place Financial Corp		70,235
402	*	First Regional Bancorp		13,704
3,689		First Republic Bank		144,166
3,458		First State Bancorporation		85,586
3,058	*	FirstFed Financial Corp		204,794
14,682		FirstMerit Corp		354,423
7,845		Flagstar Bancorp, Inc		116,420
3,386		Flushing Financial Corp		57,799
10,724		FNB Corp		195,927
1,299		FNB Corp		53,973
4,431	*	Franklin Bank Corp		91,013
5,595		Fremont General Corp		90,695
5,681		Frontier Financial Corp		166,056
2,360		GB&T Bancshares, Inc		52,321
8,463		Glacier Bancorp, Inc		206,836
1,972		Great Southern Bancorp, Inc		58,194
9,296		Greater Bay Bancorp		244,764
1,621		Greene County Bancshares, Inc		64,402
2,717		Hancock Holding Co		143,566
7,675		Hanmi Financial Corp		172,918
5,113		Harleysville National Corp		98,732
2,561		Heartland Financial USA, Inc		73,885
893		Heritage Commerce Corp		23,790
1,750		Home Bancshares, Inc		42,070
982		Home Federal Bancorp, Inc		16,851
2,336		Horizon Financial Corp		56,204
1,888		IBERIABANK Corp		111,486
2,817		Independent Bank Corp		101,497
4,055		Independent Bank Corp		102,551
3,353		Integra Bank Corp		92,275
3,280		Interchange Financial Services Corp		75,407

238

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
7,613		International Bancshares Corp	$	235,318
839	*	Intervest Bancshares Corp		28,870
9,008	*	Investors Bancorp, Inc		141,696
3,581		Irwin Financial Corp		81,038
1,040		ITLA Capital Corp		60,226
3,984		Kearny Financial Corp		63,983
5,128		KNBT Bancorp, Inc		85,791
3,541		Lakeland Bancorp, Inc		52,761
1,573		Lakeland Financial Corp		40,159
2,466		Macatawa Bank Corp		52,427
6,193		MAF Bancorp, Inc		276,765
3,473		MainSource Financial Group, Inc		58,833
4,767		MB Financial, Inc		179,287
2,880		MBT Financial Corp		44,122
1,166		Mercantile Bank Corp		43,958
1,038		MetroCorp Bancshares, Inc		21,840
4,050		Mid-State Bancshares		147,380
2,951		Midwest Banc Holdings, Inc		70,086
1,860		Nara Bancorp, Inc		38,911
655		NASB Financial, Inc		27,084
8,992		National Penn Bancshares, Inc		182,088
6,547		NBT Bancorp, Inc		167,014
7,248	*	NetBank, Inc		33,631
10,979		NewAlliance Bancshares, Inc		180,056
1,426	*	Northern Empire Bancshares		42,124
3,570		Northwest Bancorp, Inc		98,032
1,787		OceanFirst Financial Corp		40,976
12,403		Old National Bancorp		234,665
2,157		Old Second Bancorp, Inc		63,200
2,223		Omega Financial Corp		70,958
3,853		Oriental Financial Group, Inc		49,896
7,825		Pacific Capital Bancorp		262,764
2,223		Park National Corp		220,077
7,978		Partners Trust Financial Group, Inc		92,864
1,940		Pennfed Financial Services, Inc		37,481
2,013		Peoples Bancorp, Inc		59,786
3,398		PFF Bancorp, Inc		117,265
785	*	Pinnacle Financial Partners, Inc		26,046
980		Placer Sierra Bancshares		23,295
60		Preferred Bank		3,605
2,406		Premierwest Bancorp		38,400
4,829		Prosperity Bancshares, Inc		166,649
6,108		Provident Bankshares Corp		217,445
11,926		Provident Financial Services, Inc		216,218
7,510		Provident New York Bancorp		112,500
527		QC Holdings, Inc		8,411
5,498	*	R & G Financial Corp (Class B)		42,060
2,960		Renasant Corp		90,665
13,905		Republic Bancorp, Inc		187,161
1,177		Republic Bancorp, Inc (Class A)		29,531
1,700		Rockville Financial, Inc		30,345
1,470	*	Roma Financial Corp		24,343
835		Royal Bancshares of Pennsylvania (Class A)		21,944

239

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,677		S&T Bancorp, Inc	$	162,152
1,739		S.Y. Bancorp, Inc		48,692
2,854		Sandy Spring Bancorp, Inc		108,966
660		Santander BanCorp		11,781
1,455		SCBT Financial Corp		60,717
767		Seacoast Banking Corp of Florida		19,022
2,859		Security Bank Corp		65,242
1,480		Shore Bancshares, Inc		44,637
2,520		Simmons First National Corp (Class A)		79,506
1,744		Southside Bancshares, Inc		44,873
2,556		Southwest Bancorp, Inc		71,210
1,907		State National Bancshares, Inc		73,400
3,420		Sterling Bancorp		67,374
12,912		Sterling Bancshares, Inc		168,114
4,504		Sterling Financial Corp		106,610
7,659		Sterling Financial Corp		258,951
2,814	*	Sun Bancorp, Inc		59,291
1,604	*	Superior Bancorp		18,189
9,537		Susquehanna Bancshares, Inc		256,355
1,147		Taylor Capital Group, Inc		41,992
1,763		Texas United Bancshares, Inc		60,541
3,432		TierOne Corp		108,486
1,121		Tompkins Trustco, Inc		50,949
1,950		Trico Bancshares		53,060
8,996		Trustmark Corp		294,259
3,830		UCBH Holdings, Inc		67,255
5,876		UMB Financial Corp		214,533
10,316		Umpqua Holdings Corp		303,600
2,385		Union Bankshares Corp		72,957
6,835		United Bankshares, Inc		264,173
5,634		United Community Banks, Inc		182,091
5,000		United Community Financial Corp		61,200
2,126		Univest Corp of Pennsylvania		64,800
1,210		USB Holding Co, Inc		29,161
2,190	*	ViewPoint Financial Group		37,099
2,033		Virginia Financial Group, Inc		56,904
19,763		W Holding Co, Inc		117,787
2,125		Washington Trust Bancorp, Inc		59,266
2,017	*	Wauwatosa Holdings, Inc		35,943
4,038		WesBanco, Inc		135,394
291		West Bancorporation, Inc		5,174
2,911		West Coast Bancorp		100,837
3,392		Westamerica Bancorporation		171,737
309	*	Westfield Financial, Inc		10,691
2,832		Willow Grove Bancorp, Inc		42,253
2,815		Wintrust Financial Corp		135,176
1,046		WSFS Financial Corp		70,009
1,595		Yardville National Bancorp		60,163
		TOTAL COMMUNICATIONS		20,110,647
EATING AND DRINKING PLACES - 1.42%
4,631	*	AFC Enterprises		81,830
2,202		Applebees International, Inc		54,323

240

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
6,639		Bob Evans Farms, Inc	$	227,187
5,694		CBRL Group, Inc		254,863
2,741	*	CEC Entertainment, Inc		110,325
7,061		Domino's Pizza, Inc		197,708
2,505		IHOP Corp		132,014
6,506	*	Jack in the Box, Inc		397,126
5,465	*	Krispy Kreme Doughnuts, Inc		60,662
2,831		Landry's Restaurants, Inc		85,185
4,020	*	Luby's, Inc		43,778
313	*	McCormick & Schmick's Seafood Restaurants, Inc		7,525
1,160	*	Morton's Restaurant Group, Inc		19,314
3,977	*	O'Charleys, Inc		84,631
1,706	*	Papa John's International, Inc		49,491
1,083	*	Rare Hospitality International, Inc		35,663
779		Ruby Tuesday, Inc		21,376
4,906	*	Steak N Shake Co		86,346
		TOTAL EATING AND DRINKING PLACES		1,949,347
EDUCATIONAL SERVICES - 0.02%
2,887	*	Educate, Inc		20,555
		TOTAL EDUCATIONAL SERVICES		20,555
ELECTRIC, GAS, AND SANITARY SERVICES - 5.89%
4,660		Allete, Inc		216,876
3,144		American States Water Co		121,421
68,816	*	Aquila, Inc		323,435
9,052		Avista Corp		229,106
6,152		Black Hills Corp		227,255
3,500		California Water Service Group		141,400
2,030		Cascade Natural Gas Corp		52,618
397	*	Casella Waste Systems, Inc (Class A)		4,855
2,834		CH Energy Group, Inc		149,635
10,401		Cleco Corp		262,417
16,318		Duquesne Light Holdings, Inc		323,912
8,970	*	El Paso Electric Co		218,599
5,317		Empire District Electric Co		131,277
1,275		EnergySouth, Inc		51,128
7,874		Idacorp, Inc		304,330
561		ITC Holdings Corp		22,384
3,876		Laclede Group, Inc		135,776
4,879		Metal Management, Inc		184,670
3,769		MGE Energy, Inc		137,870
5,167		New Jersey Resources Corp		251,013
8,161		Nicor, Inc		381,935
5,114		Northwest Natural Gas Co		217,038
6,546		NorthWestern Corp		231,597
208		Ormat Technologies, Inc		7,659
5,494		Otter Tail Corp		171,193
7,069		Peoples Energy Corp		315,065
1,960	*	Pico Holdings, Inc		68,149
14,049		Piedmont Natural Gas Co, Inc		375,811
13,878		PNM Resources, Inc		431,606
5,124		Portland General Electric Co		139,629

241

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
2,828		Resource America, Inc (Class A)	$	74,659
2,659		SJW Corp		103,063
5,457		South Jersey Industries, Inc		182,318
7,368		Southwest Gas Corp		282,710
4,200		Southwest Water Co		57,792
11,516		Synagro Technologies, Inc		50,901
4,550		UIL Holdings Corp		191,965
6,484		Unisource Energy Corp		236,861
6,074	*	Waste Connections, Inc		252,375
1,452		Waste Industries USA, Inc		44,315
6,658	*	Waste Services, Inc		65,581
16,039		Westar Energy, Inc		416,372
8,978		WGL Holdings, Inc		292,503
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		8,081,074
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.16%
930	*	Acme Packet, Inc		19,195
4,574	*	Actel Corp		83,064
19,910	*	Adaptec, Inc		92,781
4,354		Adtran, Inc		98,836
1,321	*	Advanced Energy Industries, Inc		24,927
11,438	*	Aeroflex, Inc		134,053
3,996	*	AMIS Holdings, Inc		42,238
29,382	*	Andrew Corp		300,578
55,055	*	Applied Micro Circuits Corp		195,996
9,363	*	Arris Group, Inc		117,131
1,773	*	ATMI, Inc		54,130
3,025		Baldor Electric Co		101,096
1,746		Bel Fuse, Inc (Class B)		60,743
9,389	*	Benchmark Electronics, Inc		228,716
12,046	*	Bookham, Inc		49,027
14,030	*	Broadwing Corp		219,149
16,788	*	Brocade Communications Systems, Inc		137,829
4,952	*	CalAmp Corp		41,795
4,241	*	Carrier Access Corp		27,821
3,051	*	C-COR, Inc		33,988
7,104	*	Checkpoint Systems, Inc		143,501
10,248	*	Conexant Systems, Inc		20,906
2,998		CTS Corp		47,069
2,761		Cubic Corp		59,914
6,110	*	Ditech Networks, Inc		42,281
4,786	*	DSP Group, Inc		103,856
551	*	DTS, Inc		13,329
5,500	*	Electro Scientific Industries, Inc		110,770
811	*	EMS Technologies, Inc		16,244
8,475	*	EnerSys		135,600
3,230	*	Exar Corp		41,990
1,050	*	First Solar, Inc		31,290
8,956	*	FuelCell Energy, Inc		57,856
9,592	*	GrafTech International Ltd		66,377
2,964	*	Greatbatch, Inc		79,791
916	*	Harmonic, Inc		6,659
4,725	*	Hutchinson Technology, Inc		111,368

242

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
6,417		Imation Corp	$	297,941
3,107		Inter-Tel, Inc		68,851
370	*	IXYS Corp		3,293
16,186	*	Kemet Corp		118,158
20,776	*	Lattice Semiconductor Corp		134,628
2,040	*	Littelfuse, Inc		65,035
2,215	*	Loral Space & Communications, Inc		90,195
4,030		LSI Industries, Inc		79,996
690	*	Mattson Technology, Inc		6,431
28,972	*	McData Corp (Class A)		160,795
2,380	*	Mercury Computer Systems, Inc		31,797
6,688		Methode Electronics, Inc		72,431
3,316	*	MIPS Technologies, Inc		27,523
6,772	*	Moog, Inc (Class A)		258,623
24,206	*	MRV Communications, Inc		85,689
930		National Presto Industries, Inc		55,679
1,327	*	ON Semiconductor Corp		10,045
2,890	*	Oplink Communications, Inc		59,418
4,460	*	Optical Communication Products, Inc		7,314
420	*	Optium Corp		10,475
1,827	*	OSI Systems, Inc		38,239
3,355		Park Electrochemical Corp		86,056
1,967	*	Pericom Semiconductor Corp		22,561
7,712	*	Photronics, Inc		126,014
3,769		Plantronics, Inc		79,903
8,556	*	Polycom, Inc		264,466
3,022	*	Portalplayer, Inc		40,646
1,208	*	Powell Industries, Inc		38,137
9,446	*	Power-One, Inc		68,767
23,045	*	Powerwave Technologies, Inc		148,640
13,704	*	Quantum Fuel Systems Technologies Worldwide, Inc		21,926
2,517		Regal-Beloit Corp		132,168
6,284	*	RF Micro Devices, Inc		42,668
11,505	*	Silicon Storage Technology, Inc		51,888
22,515	*	Skyworks Solutions, Inc		159,406
6,984	*	Spectrum Brands, Inc		76,126
1,939	*	Staktek Holdings, Inc		9,986
3,220	*	Standard Microsystems Corp		90,096
33,944	*	Sycamore Networks, Inc		127,629
6,868	*	Symmetricom, Inc		61,263
7,608		Technitrol, Inc		181,755
600	*	Techwell, Inc		9,636
1,408	*	Tekelec		20,881
25,202	*	Triquint Semiconductor, Inc		113,409
834	*	TTM Technologies, Inc		9,449
2,069	*	Ulticom, Inc		19,842
1,884	*	Universal Display Corp		28,279
215	*	Universal Electronics, Inc		4,519
11,749	*	Utstarcom, Inc		102,804
1,460	*	Varian Semiconductor Equipment Associates, Inc		66,459
480	*	Virage Logic Corp		4,459
11,111	*	Zhone Technologies, Inc		14,555
843	*	Zoran Corp		12,291
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		7,071,134

243

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
ENGINEERING AND MANAGEMENT SERVICES - 1.36%
13,614	*	Applera Corp (Celera Genomics Group)	$	190,460
6,382	*	Ariad Pharmaceuticals, Inc		32,803
1,915		CDI Corp		47,684
2,315	*	Cornell Cos, Inc		42,434
114	*	CRA International, Inc		5,974
2,008	*	deCODE genetics, Inc		9,096
2,474	*	Exponent, Inc		46,165
7,985	*	Harris Interactive, Inc		40,244
6,110	*	Incyte Corp		35,682
4,990	*	Infrasource Services, Inc		108,632
790		Landauer, Inc		41,451
1,200	*	LECG Corp		22,176
3,723		MAXIMUS, Inc		114,594
5,630	*	Maxygen, Inc		60,635
814	*	MTC Technologies, Inc		19,170
386	*	Navigant Consulting, Inc		7,627
3,174	*	PharmaNet Development Group, Inc		70,050
3,853	*	Rigel Pharmaceuticals, Inc		45,735
8,150	*	SAIC, Inc		144,989
9,564	*	Savient Pharmaceuticals, Inc		107,212
630	*	Stanley, Inc		10,653
4,033	*	Tetra Tech, Inc		72,957
5,325	*	Washington Group International, Inc		318,382
6,044		Watson Wyatt & Co Holdings (Class A)		272,887
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,867,692
FABRICATED METAL PRODUCTS - 0.97%
1,650		Ameron International Corp		126,011
6,467		Aptargroup, Inc		381,812
1,540	*	Chart Industries, Inc		24,963
2,830		CIRCOR International, Inc		104,116
3,724	*	Commercial Vehicle Group, Inc		81,183
458		Compx International, Inc		9,233
5,480	*	Griffon Corp		139,740
685		Gulf Island Fabrication, Inc		25,277
6,651	*	Jacuzzi Brands, Inc		82,672
71	*	Ladish Co, Inc		2,633
407		Lifetime Brands, Inc		6,687
421	*	Mobile Mini, Inc		11,342
2,027		Mueller Water Products, Inc (Class A)		30,141
700	*	PGT, Inc		8,855
902		Shiloh Industries, Inc		17,093
1,708		Silgan Holdings, Inc		75,015
582		Simpson Manufacturing Co, Inc		18,420
238		Valmont Industries, Inc		13,207
4,196		Watts Water Technologies, Inc (Class A)		172,498
		TOTAL FABRICATED METAL PRODUCTS		1,330,898
FOOD AND KINDRED PRODUCTS - 1.08%
150	*	Altus Pharmaceuticals, Inc		2,828

244

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
460	*	Boston Beer Co, Inc (Class A)	$	16,551
680		Diamond Foods, Inc		12,927
1,077		Farmer Bros Co		22,994
4,348		Flowers Foods, Inc		117,353
9,511	*	Gold Kist, Inc		199,921
2,181		Imperial Sugar Co		52,802
1,296		J&J Snack Foods Corp		53,654
1,279		Lancaster Colony Corp		56,672
3,304		Lance, Inc		66,344
2,208	*	M&F Worldwide Corp		55,774
6,479	*	Performance Food Group Co		179,080
2,572		Premium Standard Farms, Inc		47,762
4,482	*	Ralcorp Holdings, Inc		228,089
406		Reddy Ice Holdings, Inc		10,483
3,204		Sanderson Farms, Inc		97,049
696		Tootsie Roll Industries, Inc		22,759
6,377		Topps Co, Inc		56,755
5,820	*	TreeHouse Foods, Inc		181,584
		TOTAL FOOD AND KINDRED PRODUCTS		1,481,381
FOOD STORES - 0.44%
3,631		Great Atlantic & Pacific Tea Co, Inc		93,462
2,090		Ingles Markets, Inc (Class A)		62,261
304	*	Pantry, Inc		14,239
8,281	*	Pathmark Stores, Inc		92,333
7,392		Ruddick Corp		205,128
940	*	Susser Holdings Corp		16,920
410		Village Super Market (Class A)		35,051
1,941		Weis Markets, Inc		77,854
		TOTAL FOOD STORES		597,248
FURNITURE AND FIXTURES - 0.44%
4,933		Ethan Allen Interiors, Inc		178,131
8,000		Furniture Brands International, Inc		129,840
2,395		Hooker Furniture Corp		37,554
2,642		Kimball International, Inc (Class B)		64,201
9,717		La-Z-Boy, Inc		115,341
1,860		Sealy Corp		27,435
1,911		Stanley Furniture Co, Inc		40,991
375	*	Williams Scotsman International, Inc		7,358
		TOTAL FURNITURE AND FIXTURES		600,851
FURNITURE AND HOMEFURNISHINGS STORES - 0.16%
4,061	*	Cost Plus, Inc		41,828
4,225		Haverty Furniture Cos, Inc		62,530
15,286	*	Pier 1 Imports, Inc		90,952
1,248		Tuesday Morning Corp		19,406
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		214,716
GENERAL BUILDING CONTRACTORS - 0.66%
90		Amrep Corp		11,025
1,046	*	Avatar Holdings, Inc		84,569
1,446		Brookfield Homes Corp		54,297

245

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
911	*	Cavco Industries, Inc	$	31,921
6,694	*	Hovnanian Enterprises, Inc (Class A)		226,927
2,770		Levitt Corp (Class A)		33,905
1,897		M/I Homes, Inc		72,446
4,172	*	Meritage Homes Corp		199,088
1,134	*	Palm Harbor Homes, Inc		15,899
392	*	Perini Corp		12,066
3,738		Technical Olympic USA, Inc		38,015
6,330	*	WCI Communities, Inc		121,409
		TOTAL GENERAL BUILDING CONTRACTORS		901,567
GENERAL MERCHANDISE STORES - 0.79%
8,714	*	99 Cents Only Stores		106,049
20,779	d*	Big Lots, Inc		476,255
1,342		Bon-Ton Stores, Inc		46,500
5,530	*	Cabela's, Inc		133,439
8,575		Casey's General Stores, Inc		201,941
200	*	Conn's, Inc		4,654
7,513		Fred's, Inc		90,457
1,868		Stein Mart, Inc		24,770
		TOTAL GENERAL MERCHANDISE STORES		1,084,065
HEALTH SERVICES - 1.00%
1,093	*	Alliance Imaging, Inc		7,268
2,220	*	Amsurg Corp		51,060
7,103	*	Apria Healthcare Group, Inc		189,295
997	*	Corvel Corp		47,427
5,179	*	Cross Country Healthcare, Inc		113,006
860	*	eHealth, Inc		17,295
469	*	Emeritus Corp		11,655
3,685	*	Genesis HealthCare Corp		174,043
2,469	*	Gentiva Health Services, Inc		47,059
2,942	*	Horizon Health Corp		57,575
5,048	*	Kindred Healthcare, Inc		127,462
5,884	*	Magellan Health Services, Inc		254,306
210	*	Matria Healthcare, Inc		6,033
867	*	Medcath Corp		23,721
252		National Healthcare Corp		13,910
1,282	*	Odyssey HealthCare, Inc		16,999
4,352		Option Care, Inc		62,016
3,370	*	RehabCare Group, Inc		50,045
2,018	*	Sunrise Senior Living, Inc		61,993
1,359	*	Symbion, Inc		25,155
1,098	*	VistaCare, Inc (Class A)		11,145
		TOTAL HEALTH SERVICES		1,368,468
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.17%
4,616		Granite Construction, Inc		232,277
106	*	Sterling Construction Co, Inc		2,307
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		234,584
HOLDING AND OTHER INVESTMENT OFFICES - 13.78%
5,837	v*	Affordable Residential Communities LP		1,401

246

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,837	*	Affordable Residential Communities LP	$	68,001
1,450		Agree Realty Corp		49,837
4,370		Alexandria Real Estate Equities, Inc		438,748
4,210		American Campus Communities, Inc		119,859
23,847		American Financial Realty Trust		272,810
8,111		American Home Mortgage Investment Corp		284,858
10,483		Anthracite Capital, Inc		133,449
7,741		Anworth Mortgage Asset Corp		73,617
14,940		Apollo Investment Corp		334,656
2,199		Arbor Realty Trust, Inc		66,168
10,629		Ashford Hospitality Trust, Inc		132,331
12,004		BioMed Realty Trust, Inc		343,314
5,633		Capital Lease Funding, Inc		65,343
501		Capital Southwest Corp		63,246
2,066		Capital Trust, Inc (Class A)		103,176
2,000		CBRE Realty Finance, Inc		31,420
7,812		Cedar Shopping Centers, Inc		124,289
1,970		CentraCore Properties Trust		63,690
386		Cherokee, Inc		16,563
2,017		Compass Diversified Trust		34,592
14,514		Crescent Real Estate Equities Co		286,652
1,360		Crystal River Capital, Inc		34,721
9,314		Deerfield Triarc Capital Corp		157,686
12,888		DiamondRock Hospitality Co		232,113
513		EastGroup Properties, Inc		27,476
4,718		Education Realty Trust, Inc		69,685
72	*	Enstar Group, Inc		6,905
4,862		Entertainment Properties Trust		284,135
10,314		Equity Inns, Inc		164,611
7,130		Equity One, Inc		190,086
10,746		Extra Space Storage, Inc		196,222
8,775		FelCor Lodging Trust, Inc		191,646
9,346		Fieldstone Investment Corp		40,935
8,232		First Industrial Realty Trust, Inc		385,998
4,246		First Potomac Realty Trust		123,601
10,814		Franklin Street Properties Corp		227,635
27,226		Friedman Billings Ramsey Group, Inc (Class A)		217,808
2,064		Gladstone Capital Corp		49,247
1,033		Gladstone Investment Corp		15,815
6,662		GMH Communities Trust		67,619
3,312		Gramercy Capital Corp		102,308
544	*	Harris & Harris Group, Inc		6,577
8,795		Healthcare Realty Trust, Inc		347,754
5,884		Hersha Hospitality Trust		66,725
10,705		Highland Hospitality Corp		152,546
9,944		Highwoods Properties, Inc		405,317
901		Home Properties, Inc		53,402
11,094		HomeBanc Corp		46,928
13,861		IMPAC Mortgage Holdings, Inc		121,977
11,837		Inland Real Estate Corp		221,589
7,995		Innkeepers U.S.A. Trust		123,923
8,869		Investors Real Estate Trust		90,996
38,900		iShares Russell 2000 Value Index Fund		3,112,778

247

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,095		JER Investors Trust, Inc	$	63,974
5,058		Kite Realty Group Trust		94,180
14,787		KKR Financial Corp		396,144
7,347		LaSalle Hotel Properties		336,860
9,816		Lexington Corporate Properties Trust		220,075
4,510		LTC Properties, Inc		123,168
8,369		Luminent Mortgage Capital, Inc		81,263
5,190		Maguire Properties, Inc		207,600
7,335		Medical Properties Trust, Inc		112,226
14,020		MFA Mortgage Investments, Inc		107,814
3,295		Mid-America Apartment Communities, Inc		188,606
5,182		MortgageIT Holdings, Inc		76,435
3,430		MVC Capital, Inc		45,825
4,296		National Health Investors, Inc		141,768
10,677		National Retail Properties, Inc		245,037
15,554		Nationwide Health Properties, Inc		470,042
8,094		Newcastle Investment Corp		253,504
3,658		Newkirk Realty Trust, Inc		65,990
10,678		NorthStar Realty Finance Corp		176,934
6,926		Novastar Financial, Inc		184,578
8,463		Omega Healthcare Investors, Inc		149,964
2,620		Parkway Properties, Inc		133,646
6,739		Pennsylvania Real Estate Investment Trust		265,382
7,893		Post Properties, Inc		360,710
7,106		Potlatch Corp		311,385
2,292		PS Business Parks, Inc		162,067
9,525		RAIT Investment Trust		328,422
3,210		Ramco-Gershenson Properties		122,429
18,372		Realty Income Corp		508,904
3,600		Redwood Trust, Inc		209,088
4,793		Republic Property Trust		55,311
280		Resource Capital Corp		4,746
12,590		Senior Housing Properties Trust		308,203
3,218		Sovran Self Storage, Inc		184,327
19,614		Spirit Finance Corp		244,587
3,890	*	Star Maritime Acquisition Corp		38,161
13,468		Strategic Hotels & Resorts, Inc		293,468
10,665		Sunstone Hotel Investors, Inc		285,075
2,154		Tarragon Corp		26,214
12,434		Trustreet Properties, Inc		209,513
2,325		Universal Health Realty Income Trust		90,629
3,780		Urstadt Biddle Properties, Inc (Class A)		72,160
8,806		U-Store-It Trust		180,963
4,820		Winston Hotels, Inc		63,865
6,415		Winthrop Realty Trust		43,943
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		18,889,969
HOTELS AND OTHER LODGING PLACES - 0.88%
3,703		Ameristar Casinos, Inc		113,830
4,930	*	Aztar Corp		268,291
3,863	*	Bluegreen Corp		49,562
7,479	*	Gaylord Entertainment Co		380,905
4,621	*	Great Wolf Resorts, Inc		64,509

248

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
3,678	*	Lodgian, Inc	$	50,021
4,026		Marcus Corp		102,985
2,190	*	Outdoor Channel Holdings, Inc		28,098
807	*	Riviera Holdings Corp		19,497
5,800	*	Trump Entertainment Resorts, Inc		105,792
581	*	Vail Resorts, Inc		26,040
		TOTAL HOTELS AND OTHER LODGING PLACES		1,209,530
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.33%
1,725		Albany International Corp (Class A)		56,770
1,303		Ampco-Pittsburgh Corp		43,624
3,064	*	Asyst Technologies, Inc		22,398
18,117	*	Axcelis Technologies, Inc		105,622
3,219		Black Box Corp		135,166
2,674	*	Blount International, Inc		35,992
9,413		Briggs & Stratton Corp		253,680
13,922	*	Brooks Automation, Inc		200,477
2,329		Cascade Corp		123,204
1,486	*	Cirrus Logic, Inc		10,224
7,600		Curtiss-Wright Corp		281,808
313	*	Cymer, Inc		13,756
10,661	*	Electronics for Imaging, Inc		283,369
10,341	*	Emulex Corp		201,753
3,752	*	EnPro Industries, Inc		124,604
22,821	*	Entegris, Inc		246,923
20,753	*	Extreme Networks, Inc		86,955
49,032	*	Gateway, Inc		98,554
1,514	*	Gehl Co		41,680
6,558	*	Global Imaging Systems, Inc		143,948
1,303	*	Goodman Global, Inc		22,412
2,037		Gorman-Rupp Co		75,308
2,412	*	Kadant, Inc		58,805
1,431	*	Komag, Inc		54,206
9,899	*	Kulicke & Soffa Industries, Inc		83,152
1,770		Lindsay Manufacturing Co		57,791
6,057		Modine Manufacturing Co		151,607
991		Nacco Industries, Inc (Class A)		135,371
3,271		NN, Inc		40,659
823		Nordson Corp		41,010
4,267	*	Oil States International, Inc		137,525
16,080	*	Palm, Inc		226,567
7,707	*	Paxar Corp		177,723
4,499	*	ProQuest Co		47,015
37,260	*	Quantum Corp		86,443
2,340		Robbins & Myers, Inc		107,453
22,169	*	Safeguard Scientifics, Inc		53,649
464		Sauer-Danfoss, Inc		14,964
199	*	Scansource, Inc		6,050
3,744	*	Semitool, Inc		49,833
2,240		Standex International Corp		67,491
230	*	T-3 Energy Services, Inc		5,072
3,110	*	Tecumseh Products Co (Class A)		52,559
2,478		Tennant Co		71,862

249

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
436	*	Ultratech, Inc	$	5,441
5,576		Woodward Governor Co		221,423
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		4,561,898
INSTRUMENTS AND RELATED PRODUCTS - 2.40%
1,137		Analogic Corp		63,831
2,765	*	Anaren, Inc		49,106
632		Badger Meter, Inc		17,506
3,425	*	Bio-Rad Laboratories, Inc (Class A)		282,631
288	*	Biosite, Inc		14,069
2,295	*	Coherent, Inc		72,453
4,001		Cohu, Inc		80,660
5,207	*	Conmed Corp		120,386
19,300	*	Credence Systems Corp		100,360
2,190		Datascope Corp		79,804
375	*	Eagle Test Systems, Inc		5,468
3,022		EDO Corp		71,742
2,966	*	Esterline Technologies Corp		119,322
558	*	Excel Technology, Inc		14,279
4,719	*	Fossil, Inc		106,555
6,968	*	HealthTronics, Inc		46,407
1,939	*	Herley Industries, Inc		31,392
1,568	*	ICU Medical, Inc		63,786
9,470	*	Input/Output, Inc		129,076
5,608		Invacare Corp		137,676
490	*	Ixia		4,704
1,500	*	Kensey Nash Corp		47,700
4,427	*	Kopin Corp		15,804
3,722	*	L-1 Identity Solutions, Inc		56,314
1,284	*	Medical Action Industries, Inc		41,396
4,854	*	Merit Medical Systems, Inc		76,887
2,059		Mine Safety Appliances Co		75,462
6,566	*	MKS Instruments, Inc		148,260
363	*	Molecular Devices Corp		7,648
3,137		Movado Group, Inc		90,973
384		MTS Systems Corp		14,830
7,705	*	Newport Corp		161,420
410	*	Northstar Neuroscience, Inc		5,896
2,969		Oakley, Inc		59,558
1,269	*	Photon Dynamics, Inc		14,835
169	*	Rofin-Sinar Technologies, Inc		10,218
3,547	*	Rudolph Technologies, Inc		56,468
12,452		STERIS Corp		313,417
671	*	Symmetry Medical, Inc		9,280
1,070	*	Teledyne Technologies, Inc		42,939
827	*	Thoratec Corp		14,539
3,856	*	Varian, Inc		172,710
386	*	Veeco Instruments, Inc		7,230
2,168	*	Viasys Healthcare, Inc		60,314
133		Vital Signs, Inc		6,639
630	*	Volcano Corp		10,326
457	*	Wright Medical Group, Inc		10,639
3,456		X-Rite, Inc		42,509

250

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
196		Young Innovations, Inc	$	6,527
795	*	Zoll Medical Corp		46,301
3,283	*	Zygo Corp		54,005
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		3,292,257
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
3,010		Clark Inc		50,056
4,917		Crawford & Co (Class B)		35,894
6,171		Hilb, Rogal & Hamilton Co		259,923
1,702		James River Group Inc		55,009
1,243		National Financial Partners Corp		54,655
8,405		USI Holdings Corp		129,101
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		584,638
INSURANCE CARRIERS - 4.51%
4,947		21st Century Insurance Group		87,315
680	*	ACA Capital Holdings, Inc		10,513
1,230		Affirmative Insurance Holdings, Inc		20,012
6,280		Alfa Corp		118,127
10,121		American Equity Investment Life Holding Co		131,877
1,870	*	American Physicians Capital, Inc		74,875
7,762	*	AMERIGROUP Corp		278,578
3,700		Amtrust Financial Services, Inc		31,635
5,815	*	Argonaut Group, Inc		202,711
1,540		Baldwin & Lyons, Inc (Class B)		39,332
2,899		Bristol West Holdings, Inc		45,891
2,970	*	CNA Surety Corp		63,855
10,001		Commerce Group, Inc		297,530
7,621		Delphi Financial Group, Inc (Class A)		308,346
2,904		Direct General Corp		59,939
2,380		Donegal Group, Inc (Class A)		46,624
940		EMC Insurance Group, Inc		32,073
2,350		FBL Financial Group, Inc (Class A)		91,838
1,246	*	First Acceptance Corp		13,357
1,670	*	First Mercury Financial Corp		39,278
1,789	*	Fpic Insurance Group, Inc		69,717
1,824		Great American Financial Resources, Inc		42,043
2,466		Harleysville Group, Inc		85,866
680	*	Healthspring, Inc		13,838
7,689		Horace Mann Educators Corp		155,318
850		Independence Holding Co		18,556
3,868		Infinity Property & Casualty Corp		187,173
790		Kansas City Life Insurance Co		39,563
3,307		LandAmerica Financial Group, Inc		208,705
4,432	*	Meadowbrook Insurance Group, Inc		43,832
2,184		Midland Co		91,619
1,266	*	Molina Healthcare, Inc		41,158
940		National Interstate Corp		22,842
435		National Western Life Insurance Co (Class A)		100,111
2,452	*	Navigators Group, Inc		118,137
1,157		NYMAGIC, Inc		42,346
2,545		Odyssey Re Holdings Corp		94,929
11,697		Ohio Casualty Corp		348,688

251

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
20,722		Phoenix Cos, Inc	$	329,273
6,077	*	PMA Capital Corp (Class A)		56,030
3,801		Presidential Life Corp		83,432
6,109	*	ProAssurance Corp		304,961
4,122		RLI Corp		232,563
2,369		Safety Insurance Group, Inc		120,132
1,880	*	SCPIE Holdings, Inc		49,143
2,997	*	SeaBright Insurance Holdings, Inc		53,976
5,363		Selective Insurance Group, Inc		307,246
2,748		State Auto Financial Corp		95,438
3,123		Stewart Information Services Corp		135,413
2,164	*	Triad Guaranty, Inc		118,739
3,760		United Fire & Casualty Co		132,540
6,848	*	Universal American Financial Corp		127,647
6,798		Zenith National Insurance Corp		318,894
		TOTAL INSURANCE CARRIERS		6,183,574
LEATHER AND LEATHER PRODUCTS - 0.33%
3,615		Genesco, Inc		134,840
4,351		Timberland Co (Class A)		137,405
1,550		Weyco Group Inc		38,518
5,104		Wolverine World Wide, Inc		145,566
		TOTAL LEATHER AND LEATHER PRODUCTS		456,329
LEGAL SERVICES - 0.07%
3,408	*	FTI Consulting, Inc		95,049
		TOTAL LEGAL SERVICES		95,049
LUMBER AND WOOD PRODUCTS - 0.13%
1,270		Skyline Corp		51,079
2,719		Universal Forest Products, Inc		126,760
		TOTAL LUMBER AND WOOD PRODUCTS		177,839
METAL MINING - 0.37%
4,972		Cleveland-Cliffs, Inc		240,844
9,513	*	Rosetta Resources, Inc		177,608
1,947		Royal Gold, Inc		70,053
1,171	*	Stillwater Mining Co		14,626
		TOTAL METAL MINING		503,131
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.63%
4,884		Blyth, Inc		101,343
14,075		Callaway Golf Co		202,821
5,146	*	Jakks Pacific, Inc		112,389
8,765	*	K2, Inc		115,610
709		Marine Products Corp		8,324
1,306		Nautilus, Inc		18,284
3,717	*	RC2 Corp		163,548
1,860	*	Russ Berrie & Co, Inc		28,737
1,481	*	Steinway Musical Instruments, Inc		45,985
2,124		Yankee Candle Co, Inc		72,811
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		869,852

252

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
MISCELLANEOUS RETAIL - 0.62%
770	*	1-800-FLOWERS.COM, Inc (Class A)	$	4,743
1,149	*	AC Moore Arts & Crafts, Inc		24,899
1,037		Big 5 Sporting Goods Corp		25,324
2,628		Books-A-Million, Inc		59,603
10,902		Borders Group, Inc		243,660
2,650		Cash America International, Inc		124,285
1,517	*	dELiA*s, Inc		15,913
839		Longs Drug Stores Corp		35,557
1,475	*	Pricesmart, Inc		26,417
1,890	*	Systemax, Inc		32,981
444	*	Valuevision International, Inc (Class A)		5,834
8,833	*	Zale Corp		249,179
		TOTAL MISCELLANEOUS RETAIL		848,395
MOTION PICTURES - 0.47%
7,029	*	Avid Technology, Inc		261,901
35,652	*	Blockbuster, Inc (Class A)		188,599
2,346		Carmike Cinemas, Inc		47,835
1,181	*	Macrovision Corp		33,375
5,565	*	Time Warner Telecom, Inc (Class A)		110,910
		TOTAL MOTION PICTURES		642,620
NONDEPOSITORY INSTITUTIONS - 1.00%
4,133	*	Accredited Home Lenders Holding Co		112,748
3,086		Advanta Corp (Class B)		134,642
9,198		Ares Capital Corp		175,774
9,682		CharterMac		207,873
957	*	CompuCredit Corp		38,098
11,970	*	Doral Financial Corp		34,354
1,700	b,m*	DVI, Inc		3
2,114		Federal Agricultural Mortgage Corp (Class C)		57,353
4,857		Financial Federal Corp		142,844
2,133	*	INVESTools, Inc		29,414
10,655		MCG Capital Corp		216,510
2,222		Medallion Financial Corp		27,486
3,256		NGP Capital Resources Co		54,538
6,057	*	Ocwen Financial Corp		96,064
1,487		Technology Investment Capital Corp		24,000
270	*	World Acceptance Corp		12,677
		TOTAL NONDEPOSITORY INSTITUTIONS		1,364,378
NONMETALLIC MINERALS, EXCEPT FUELS - 0.14%
5,979		Compass Minerals International, Inc		188,697
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		188,697
OIL AND GAS EXTRACTION - 2.37%
2,751	*	Bill Barrett Corp		74,855
338	*	Bois d'Arc Energy, Inc		4,945
7,921	*	Brigham Exploration Co		57,903
400	*	Bronco Drilling Co, Inc		6,876
1,570	*	Callon Petroleum Co		23,597
2,386	*	Comstock Resources, Inc		74,109

253

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
591	*	Dawson Geophysical Co	$	21,530
1,736		Delta & Pine Land Co		70,221
740	*	Delta Petroleum Corp		17,138
3,090	*	Edge Petroleum Corp		56,362
9,746	*	Encore Acquisition Co		239,069
2,046	*	Energy Partners Ltd		49,963
9,408	*	EXCO Resources, Inc		159,089
830	*	Geomet, Inc		8,632
18,818	*	Hanover Compressor Co		355,472
6,890	*	Harvest Natural Resources, Inc		73,241
5,353	*	Houston Exploration Co		277,178
4,435	*	McMoRan Exploration Co		63,066
15,988	*	Meridian Resource Corp		49,403
7,460	*	Newpark Resources, Inc		53,787
20,330	*	Parker Drilling Co		166,096
800	v*	PetroCorp		0
10,675	*	PetroHawk Energy Corp		122,763
5,428	*	Petroquest Energy, Inc		69,153
1,340	*	RAM Energy Resources, Inc		7,383
5,111	*	Stone Energy Corp		180,674
2,526	*	Sulphco, Inc		11,923
5,374	*	Swift Energy Co		240,809
2,100	*	Trico Marine Services, Inc		80,451
2,804	*	Union Drilling, Inc		39,480
820	*	Venoco, Inc		14,399
2,052	*	Veritas DGC, Inc		175,713
7,405	*	Warren Resources, Inc		86,787
6,797	*	Whiting Petroleum Corp		316,740
		TOTAL OIL AND GAS EXTRACTION		3,248,807
PAPER AND ALLIED PRODUCTS - 1.13%
10,290		Bowater, Inc		231,525
6,472	*	Buckeye Technologies, Inc		77,535
5,680	*	Caraustar Industries, Inc		45,951
3,510		Chesapeake Corp		59,740
8,524		Glatfelter		132,122
3,030		Greif, Inc (Class A)		358,752
9,063		Longview Fibre Co		198,933
5,046	*	Mercer International, Inc		59,896
3,018	*	Playtex Products, Inc		43,429
5,790		Rock-Tenn Co (Class A)		156,967
2,810		Schweitzer-Mauduit International, Inc		73,201
7,665		Wausau Paper Corp		114,898
		TOTAL PAPER AND ALLIED PRODUCTS		1,552,949
PERSONAL SERVICES - 0.53%
2,020		Coinmach Service Corp (Class A)		24,038
4,680	*	Coinstar, Inc		143,068
4,012		G & K Services, Inc (Class A)		156,027
8,403		Regis Corp		332,255
1,730		Unifirst Corp		66,449
		TOTAL PERSONAL SERVICES		721,837

254

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
PETROLEUM AND COAL PRODUCTS - 0.36%
694		Alon USA Energy, Inc	$	18,259
2,294		ElkCorp		94,260
1,820	*	Giant Industries, Inc		136,409
3,274	*	Headwaters, Inc		78,445
1,529		WD-40 Co		53,316
4,278		Western Refining, Inc		108,918
		TOTAL PETROLEUM AND COAL PRODUCTS		489,607
PRIMARY METAL INDUSTRIES - 1.99%
7,827		Belden CDT, Inc		305,957
3,580	*	Brush Engineered Materials, Inc		120,897
1,843	*	Century Aluminum Co		82,290
6,870		Chaparral Steel Co		304,135
789	*	General Cable Corp		34,487
4,550		Gibraltar Industries, Inc		106,971
5,329	*	Lone Star Technologies, Inc		257,977
1,941		Matthews International Corp (Class A)		76,378
5,946		Mueller Industries, Inc		188,488
1,556		Olympic Steel, Inc		34,590
916	*	Oregon Steel Mills, Inc		57,168
5,547		Quanex Corp		191,871
4,049		Schnitzer Steel Industries, Inc (Class A)		160,745
2,292		Steel Technologies, Inc		40,225
3,447	*	Superior Essex, Inc		114,613
3,525		Texas Industries, Inc		226,411
6,180		Tredegar Corp		139,730
2,254	*	Wheeling-Pittsburgh Corp		42,217
13,362		Worthington Industries, Inc		236,775
		TOTAL PRIMARY METAL INDUSTRIES		2,721,925
PRINTING AND PUBLISHING - 1.86%
5,219	*	ACCO Brands Corp		138,147
9,871		American Greetings Corp (Class A)		235,621
4,259		Banta Corp		155,028
16,718		Belo (A.H.) Corp (Class A)		307,110
5,458		Bowne & Co, Inc		87,001
751	*	Consolidated Graphics, Inc		44,362
1,462		Courier Corp		56,974
1,364		CSS Industries, Inc		48,245
4,620		Ennis, Inc		113,005
1,470		GateHouse Media, Inc		27,283
2,981		John H Harland Co		149,646
7,493		Journal Communications, Inc (Class A)		94,487
7,063		Journal Register Co		51,560
8,413		Lee Enterprises, Inc		261,308
3,953		Media General, Inc (Class A)		146,933
2,957	*	Playboy Enterprises, Inc (Class B)		33,887
37,097	*	Primedia, Inc		62,694
8,533		Reader's Digest Association, Inc		142,501
2,456		Schawk, Inc		47,990
6,495	*	Scholastic Corp		232,781
3,384		Standard Register Co		40,608

255

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
5,369	*	Sun-Times Media Group, Inc (Class A)	$	26,362
3,759	*	Valassis Communications, Inc		54,506
		TOTAL PRINTING AND PUBLISHING		2,558,039
RAILROAD TRANSPORTATION - 0.10%
2,297		Florida East Coast Industries		136,901
		TOTAL RAILROAD TRANSPORTATION		136,901
REAL ESTATE - 0.14%
2,035		California Coastal Communities, Inc		43,651
640	*	Housevalues, Inc		3,603
610	*	LoopNet, Inc		9,138
890		Orleans Homebuilders, Inc		16,732
18,900		Stewart Enterprises, Inc (Class A)		118,125
		TOTAL REAL ESTATE		191,249
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.49%
11,289		Cooper Tire & Rubber Co		161,433
938	*	Deckers Outdoor Corp		56,233
580	*	Metabolix, Inc		10,985
4,139		Schulman (A.), Inc		92,093
145	*	Skechers U.S.A., Inc (Class A)		4,830
5,690		Spartech Corp		149,192
3,141		Titan International, Inc		63,291
6,081		Tupperware Corp		137,491
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		675,548
SECURITY AND COMMODITY BROKERS - 0.80%
554		Calamos Asset Management, Inc (Class A)		14,864
419		Cohen & Steers, Inc		16,831
1,112		GAMCO Investors, Inc (Class A)		42,768
610	*	KBW, Inc		17,928
19,215	*	Knight Capital Group, Inc (Class A)		368,352
9,302	*	LaBranche & Co, Inc		91,439
3,446	*	MarketAxess Holdings, Inc		46,762
3,440	*	Piper Jaffray Cos		224,116
2,808		Sanders Morris Harris Group, Inc		35,858
1,150	*	Stifel Financial Corp		45,115
3,040		SWS Group, Inc		108,528
3,246		Waddell & Reed Financial, Inc (Class A)		88,811
		TOTAL SECURITY AND COMMODITY BROKERS		1,101,372
SOCIAL SERVICES - 0.08%
4,239	*	Capital Senior Living Corp		45,103
3,930	*	Res-Care, Inc		71,330
		TOTAL SOCIAL SERVICES		116,433
SPECIAL TRADE CONTRACTORS - 0.52%
4,780		Comfort Systems USA, Inc		60,419
7,128	*	Dycom Industries, Inc		150,543
5,782	*	EMCOR Group, Inc		328,707
5,014	*	Insituform Technologies, Inc (Class A)		129,662
1,420	*	Layne Christensen Co		46,619
		TOTAL SPECIAL TRADE CONTRACTORS		715,950

256

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
1,044		Apogee Enterprises, Inc	$	20,160
1,852	*	Cabot Microelectronics Corp		62,857
786	*	US Concrete, Inc		5,596
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		88,613
TEXTILE MILL PRODUCTS - 0.10%
2,627		Oxford Industries, Inc		130,431
1,441		Xerium Technologies, Inc		14,107
		TOTAL TEXTILE MILL PRODUCTS		144,538
TOBACCO PRODUCTS - 0.21%
4,762		Universal Corp		233,386
2,762		Vector Group Ltd		49,026
		TOTAL TOBACCO PRODUCTS		282,412
TRANSPORTATION BY AIR - 0.74%
522	*	Air Methods Corp		14,574
3,625	*	Alaska Air Group, Inc		143,188
2,933	*	Atlas Air Worldwide Holdings, Inc		130,519
4,156	*	Bristow Group, Inc		149,990
8,188	*	ExpressJet Holdings, Inc		66,323
5,981	*	Frontier Airlines Holdings, Inc		44,259
6,193	*	JetBlue Airways Corp		87,941
6,892	*	Mesa Air Group, Inc		59,064
1,167	*	PHI, Inc		38,196
5,622	*	Republic Airways Holdings, Inc		94,337
7,225		Skywest, Inc		184,310
		TOTAL TRANSPORTATION BY AIR		1,012,701
TRANSPORTATION EQUIPMENT - 1.88%
852		A.O. Smith Corp		32,001
762	*	AAR Corp		22,243
2,704	*	Accuride Corp		30,447
3,865	*	Aftermarket Technology Corp		82,247
9,176		American Axle & Manufacturing Holdings, Inc		174,252
2,001		Arctic Cat, Inc		35,198
13,003		ArvinMeritor, Inc		237,045
6,136		Clarcor, Inc		207,458
8,532		Federal Signal Corp		136,853
1,081		Freightcar America, Inc		59,941
1,512		Greenbrier Cos, Inc		45,360
4,542		Group 1 Automotive, Inc		234,912
2,209	*	K&F Industries Holdings, Inc		50,166
4,202		Kaman Corp		94,083
4,877		Monaco Coach Corp		69,058
1,310	*	Navistar International Corp		43,793
708		Noble International Ltd		14,195
5,576	*	Orbital Sciences Corp		102,821
1,478		Polaris Industries, Inc		69,215
1,248	*	Sequa Corp (Class A)		143,595

257

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
4,071		Superior Industries International, Inc	$	78,448
6,906	*	Tenneco, Inc		170,716
647	*	TransDigm Group, Inc		17,152
2,394		Triumph Group, Inc		125,517
23,853	*	Visteon Corp		202,273
5,515		Wabash National Corp		83,277
632		Winnebago Industries, Inc		20,799
		TOTAL TRANSPORTATION EQUIPMENT		2,583,065
TRANSPORTATION SERVICES - 0.40%
1,310		Ambassadors International, Inc		59,762
616	*	Dynamex, Inc		14,390
12,395	*	Lear Corp		366,024
6,804	*	RailAmerica, Inc		109,408
		TOTAL TRANSPORTATION SERVICES		549,584
TRUCKING AND WAREHOUSING - 0.45%
4,735		Arkansas Best Corp		170,460
414		Forward Air Corp		11,977
5,547		Heartland Express, Inc		83,316
2,101	*	Marten Transport Ltd		38,511
374	*	P.A.M. Transportation Services, Inc		8,235
200	*	Patriot Transportation Holding, Inc		18,672
2,711	*	Saia, Inc		62,922
10,044	*	SIRVA, Inc		34,953
1,309	*	U.S. Xpress Enterprises, Inc (Class A)		21,559
677	*	USA Truck, Inc		10,866
9,086		Werner Enterprises, Inc		158,823
		TOTAL TRUCKING AND WAREHOUSING		620,294
WATER TRANSPORTATION - 0.23%
2,965	*	Gulfmark Offshore, Inc		110,921
1,808		Horizon Lines, Inc (Class A)		48,744
4,428	*	Hornbeck Offshore Services, Inc		158,080
		TOTAL WATER TRANSPORTATION		317,745
WHOLESALE TRADE-DURABLE GOODS - 1.07%
5,329		Agilysys, Inc		89,207
1,102		Barnes Group, Inc		23,969
2,010		BlueLinx Holdings, Inc		20,904
5,167		Building Material Holding Corp		127,573
703		Castle (A.M.) & Co		17,891
1,986	*	Digi International, Inc		27,387
3,982	*	Genesis Microchip, Inc		40,377
560	*	Houston Wire & Cable Co		11,704
20,220		IKON Office Solutions, Inc		331,001
9,068	*	Insight Enterprises, Inc		171,113
701		Lawson Products, Inc		32,169
3,823	*	Merge Technologies, Inc		25,079
7,435		Owens & Minor, Inc		232,492
9,819		PEP Boys-Manny Moe & Jack		145,910
4,840		Ryerson Tull, Inc		121,436
2,796	*	West Marine, Inc		48,287
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,466,499

258

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Value Index Fund
SHARES		COMPANY		VALUE
WHOLESALE TRADE-NONDURABLE GOODS - 1.19%
17,877	*	Alliance One International, Inc	$	126,212
890	*	Central European Distribution Corp		26,433
1,865	*	Core-Mark Holding Co, Inc		62,384
5,809	*	Hain Celestial Group, Inc		181,299
1,816		Kenneth Cole Productions, Inc (Class A)		43,566
2,236		K-Swiss, Inc (Class A)		68,735
363	*	Maui Land & Pineapple Co, Inc		12,313
1,612		Myers Industries, Inc		25,244
2,498		Nash Finch Co		68,195
4,045		Nu Skin Enterprises, Inc (Class A)		73,740
1,377	*	Perry Ellis International, Inc		56,457
3,717	*	School Specialty, Inc		139,350
2,620	*	Smart & Final, Inc		49,518
5,079	*	Source Interlink Cos, Inc		41,445
3,745		Spartan Stores, Inc		78,383
6,770		Stride Rite Corp		102,092
17,659	*	Terra Industries, Inc		211,555
5,814	*	United Stationers, Inc		271,430
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		1,638,351
		TOTAL COMMON STOCKS
		(Cost $114,278,638)		133,362,122
WARRANTS - 0.00%
COMMUNICATIONS - 0.00%**
1	v*	RCN Corp Wts		0
		TOTAL COMMUNICATIONS		0
		TOTAL WARRANTS
		(Cost - $0)		0
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 5.55%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 5.55%
$     7,610,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		7,605,899
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		7,605,899
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $7,608,985)		7,605,899
		TOTAL PORTFOLIO - 102.82%
		(Cost $121,887,623)		140,968,021
		OTHER ASSETS & LIABILITIES, NET- (2.82)%		(3,860,567	)
		NET ASSETS - 100.00%	$	137,107,454

259

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

*	Non-income producing
**	Percentage represents less than 0.01%
b	In bankruptcy
d	All or a portion of these securities have been segregated by the custodian to cover margin
	or other requirements on futures contracts in the amount of $171,900.
m	Indicates a security has been deemed illiquid.
v	Security at fair value

260

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, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.40%
AGRICULTURAL PRODUCTION-CROPS - 0.05%
5,323	*	Chiquita Brands International, Inc	$	85,008
		TOTAL AGRICULTURAL PRODUCTION-CROPS		85,008
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.13%
5,458		Pilgrim's Pride Corp		160,629
47		Seaboard Corp		82,955
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		243,584
AMUSEMENT AND RECREATION SERVICES - 0.84%
7,041	*	Bally Technologies, Inc		131,526
4,834	*	Bally Total Fitness Holding Corp		11,843
2,669	*	Century Casinos, Inc		29,786
1,117		Churchill Downs, Inc		47,741
2,030		Dover Downs Gaming & Entertainment, Inc		27,141
2,742		Dover Motorsports, Inc		14,560
3,129	*	Lakes Entertainment, Inc		33,762
4,079	*	Leapfrog Enterprises, Inc		38,669
3,909	*	Life Time Fitness, Inc		189,626
8,599	*	Live Nation, Inc		192,618
4,957	*	Magna Entertainment Corp		22,356
6,048	*	Marvel Entertainment, Inc		162,752
2,880	*	MTR Gaming Group, Inc		35,194
3,537	*	Multimedia Games, Inc		33,955
6,200	*	Pinnacle Entertainment, Inc		205,468
9,267	*	Six Flags, Inc		48,559
1,951		Speedway Motorsports, Inc		74,918
1,005	*	Town Sports International Holdings, Inc		16,562
9,205		Westwood One, Inc		64,987
3,632	*	WMS Industries, Inc		126,612
2,692		World Wrestling Entertainment, Inc		43,880
		TOTAL AMUSEMENT AND RECREATION SERVICES		1,552,515
APPAREL AND ACCESSORY STORES - 1.74%
7,068	*	Aeropostale, Inc		218,189
2,979		Bebe Stores, Inc		58,954
3,830		Brown Shoe Co, Inc		182,844
1,284		Buckle, Inc		65,291
1,755	*	Cache, Inc		44,296
6,262	*	Carter's, Inc		159,681
3,822	*	Casual Male Retail Group, Inc		49,877
4,148		Cato Corp (Class A)		95,031
2,340	*	Charlotte Russe Holding, Inc		71,955
15,857	*	Charming Shoppes, Inc		214,545
2,898	*	Children's Place Retail Stores, Inc		184,081
4,732		Christopher & Banks Corp		88,299
880	*	Citi Trends, Inc		34,883

261

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
641		DEB Shops, Inc	$	16,922
5,811	*	Dress Barn, Inc		135,571
2,149	*	DSW, Inc (Class A)		82,887
5,594		Finish Line, Inc (Class A)		79,882
5,920	*	HOT Topic, Inc		78,973
2,917	*	J Crew Group, Inc		112,450
3,280	*	Jo-Ann Stores, Inc		80,688
2,355	*	JOS A Bank Clothiers, Inc		69,119
2,891	*	New York & Co, Inc		37,814
9,364	*	Pacific Sunwear Of California, Inc		183,347
8,710	*	Payless Shoesource, Inc		285,862
952	*	Shoe Carnival, Inc		30,083
3,772		Stage Stores, Inc		114,631
884	*	Syms Corp		17,600
3,077		Talbots, Inc		74,156
4,342	*	Tween Brands, Inc		173,376
2,791	*	Under Armour, Inc (Class A)		140,806
8,907	*	Wet Seal, Inc (Class A)		59,410
		TOTAL APPAREL AND ACCESSORY STORES		3,241,503
APPAREL AND OTHER TEXTILE PRODUCTS - 0.75%
1,673		Columbia Sportswear Co		93,186
2,690	*	Guess ?, Inc		170,627
4,256	*	Gymboree Corp		162,409
4,382	*	Hartmarx Corp		30,937
3,305		Kellwood Co		107,479
1,948	*	Maidenform Brands, Inc		35,298
7,289		Phillips-Van Heusen Corp		365,689
15,886	*	Quiksilver, Inc		250,205
1,771	*	True Religion Apparel, Inc		27,114
6,278	*	Warnaco Group, Inc		159,336
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,402,280
AUTO REPAIR, SERVICES AND PARKING - 0.46%
1,334	*	Amerco, Inc		116,071
1,455		Bandag, Inc		73,376
1,224		Central Parking Corp		22,032
3,204	*	Dollar Thrifty Automotive Group, Inc		146,134
2,062	*	Midas, Inc		47,426
1,486		Monro Muffler, Inc		52,159
6,862	*	PHH Corp		198,106
763	*	Standard Parking Corp		29,307
5,459	*	Wright Express Corp		170,157
		TOTAL AUTO REPAIR, SERVICES AND PARKING		854,768
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.23%
1,274	*	America's Car-Mart, Inc		15,110
1,410		Asbury Automotive Group, Inc		33,220
5,900	*	CSK Auto Corp		101,185
2,111		Lithia Motors, Inc (Class A)		60,712
2,058	*	MarineMax, Inc		53,364
3,114	*	Rush Enterprises, Inc (Class A)		52,689
3,897		Sonic Automotive, Inc (Class A)		113,169
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		429,449

262

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.09%
2,030	*	Builders FirstSource, Inc	$	36,195
2,775	*	Central Garden & Pet Co		134,366
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		170,561
BUSINESS SERVICES - 10.66%
8,113	*	@Road, Inc		59,225
6,145	*	24/7 Real Media, Inc		55,612
50,613	*	3Com Corp		208,019
1,944	*	3D Systems Corp		31,026
5,662		Aaron Rents, Inc		162,952
5,910		ABM Industries, Inc		134,216
3,556	*	Acacia Research (Acacia Technologies)		47,579
1,350	*	Access Integrated Technologies, Inc (Class A)		11,772
7,698	*	Actuate Corp		45,726
3,066		Administaff, Inc		131,133
2,657	*	Advent Software, Inc		93,766
4,108	*	Advo, Inc		133,921
7,222	*	Agile Software Corp		44,415
3,181	*	Altiris, Inc		80,734
3,406	*	American Reprographics Co		113,454
4,414	*	AMN Healthcare Services, Inc		121,562
2,111	*	Ansoft Corp		58,686
4,230	*	Ansys, Inc		183,963
9,910	*	aQuantive, Inc		244,381
4,051		Arbitron, Inc		175,975
9,629	*	Ariba, Inc		74,528
14,574	*	Art Technology Group, Inc		33,957
6,550	*	Aspen Technology, Inc		72,181
2,154	*	Asset Acceptance Capital Corp		36,230
2,975	*	Audible, Inc		23,592
6,806	*	Avocent Corp		230,383
1,358	*	Bankrate, Inc		51,536
1,114		Barrett Business Services		26,090
23,995	*	BearingPoint, Inc		188,841
15,524	*	BISYS Group, Inc		200,415
5,616		Blackbaud, Inc		146,016
3,758	*	Blackboard, Inc		112,890
1,933	*	Blue Coat Systems, Inc		46,295
9,851	*	Borland Software Corp		53,589
2,855	*	Bottomline Technologies, Inc		32,690
5,820		Brady Corp (Class A)		216,970
4,090	*	CACI International, Inc (Class A)		231,085
440	*	Capella Education Co		10,670
5,905		Catalina Marketing Corp		162,388
7,403	*	CBIZ, Inc		51,599
10,615	*	Chordiant Software, Inc		35,136
7,132	*	Ciber, Inc		48,355
961	*	Clayton Holdings, Inc		17,980
60,580	*	CMGI, Inc		81,177
19,472	*	CNET Networks, Inc		177,000
2,898	*	Cogent Communications Group, Inc		47,006
5,577	*	Cogent, Inc		61,403

263

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
6,038		Cognex Corp	$	143,825
1,620	*	Commvault Systems, Inc		32,416
1,212		Computer Programs & Systems, Inc		41,196
2,085	*	COMSYS IT Partners, Inc		42,138
4,196	*	Concur Technologies, Inc		67,304
2,905	*	Convera Corp (Class A)		13,334
2,283	*	CoStar Group, Inc		122,277
4,041	*	Covansys Corp		92,741
6,412	*	CSG Systems International, Inc		171,393
3,810	*	Cybersource Corp		41,986
1,548	*	DealerTrack Holdings, Inc		45,542
6,614		Deluxe Corp		166,673
4,879	*	Dendrite International, Inc		52,254
4,308	*	Digital Insight Corp		165,815
5,257	*	Digital River, Inc		293,288
1,150	*	DivX, Inc		26,531
3,297	*	DynCorp International, Inc (Class A)		52,323
15,589	*	Earthlink, Inc		110,682
4,107	*	Echelon Corp		32,856
6,098	*	Eclipsys Corp		125,375
2,250	*	eCollege.com, Inc		35,213
6,255	*	eFunds Corp		172,013
2,323	*	Electro Rent Corp		38,794
2,690	*	Emageon, Inc		41,318
7,771	*	Epicor Software Corp		104,986
1,947	*	EPIQ Systems, Inc		33,041
3,739	*	Equinix, Inc		282,743
3,125	*	eSpeed, Inc (Class A)		27,281
9,972	*	Evergreen Energy, Inc		98,623
680	*	ExlService Holdings, Inc		14,307
4,905	*	FalconStor Software, Inc		42,428
856	*	First Advantage Corp (Class A)		19,654
2,042	*	Forrester Research, Inc		55,359
1,752	*	FTD Group, Inc		31,343
7,679	*	Gartner, Inc		151,967
2,875	*	Gerber Scientific, Inc		36,110
3,612		Gevity HR, Inc		85,568
4,037	*	Global Cash Access, Inc		65,521
1,345	*	H&E Equipment Services, Inc		33,316
3,536		Healthcare Services Group		102,403
1,766		Heartland Payment Systems, Inc		49,890
2,469	*	Heidrick & Struggles International, Inc		104,587
3,157	*	Hudson Highland Group, Inc		52,659
6,710	*	Hypercom Corp		42,609
7,728	*	Hyperion Solutions Corp		277,744
1,922	*	i2 Technologies, Inc		43,860
949	*	ICT Group, Inc		29,979
2,621	*	iGate Corp		18,032
2,934	*	IHS, Inc (Class A)		115,834
2,215	*	Infocrossing, Inc		36,105
10,960	*	Informatica Corp		133,822
4,267	*	Infospace, Inc		87,516
4,018		infoUSA, Inc		47,854
1,201	*	Innerworkings, Inc		19,168

264

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,570	*	Innovative Solutions & Support, Inc	$	26,737
1,420		Integral Systems, Inc		32,901
4,535		Interactive Data Corp		109,021
3,819	*	Internap Network Services Corp		75,884
4,722	*	Internet Capital Group, Inc		48,448
1,600		Interpool, Inc		37,376
5,816	*	Interwoven, Inc		85,321
3,813	*	inVentiv Health, Inc		134,790
8,292	*	Ipass, Inc		48,757
10,305		Jack Henry & Associates, Inc		220,527
3,811	*	JDA Software Group, Inc		52,477
2,740	*	Jupitermedia Corp		21,701
4,273	*	Kanbay International, Inc		122,934
5,571	*	Keane, Inc		66,351
2,595		Kelly Services, Inc (Class A)		75,099
2,149	*	Kenexa Corp		71,476
3,816	*	Kforce, Inc		46,441
2,598	*	Knot, Inc		68,172
5,674	*	Korn/Ferry International		130,275
4,156	*	Kronos, Inc		152,691
7,281	*	Labor Ready, Inc		133,461
16,685	*	Lawson Software, Inc		123,302
7,562	*	Lionbridge Technologies		48,699
1,031	*	Liquidity Services, Inc		17,744
2,347	*	LoJack Corp		40,087
4,710	*	Magma Design Automation, Inc		42,060
3,535	*	Manhattan Associates, Inc		106,333
2,357	*	Mantech International Corp (Class A)		86,808
2,825	*	Mapinfo Corp		36,866
3,352		Marchex, Inc (Class B)		44,850
1,563	*	Marlin Business Services, Inc		37,559
10,780	*	Mentor Graphics Corp		194,363
1,229	*	MicroStrategy, Inc (Class A)		140,118
4,475	*	Midway Games, Inc		31,236
12,364	*	Move, Inc		68,126
13,885	*	MPS Group, Inc		196,889
2,662	*	Neoware, Inc		35,165
3,533	*	Ness Technologies, Inc		50,381
5,746	*	NetFlix, Inc		148,592
1,714	*	Netratings, Inc		30,012
3,458	*	Netscout Systems, Inc		28,701
4,898	*	NIC, Inc		24,343
16,174	*	Nuance Communications, Inc		185,354
2,121	*	Omniture, Inc		29,864
3,461	*	On Assignment, Inc		40,667
3,052	*	Online Resources Corp		31,161
2,616	*	Open Solutions, Inc		98,466
1,431	*	Opnet Technologies, Inc		20,678
10,581	*	Opsware, Inc		93,324
4,858	*	Packeteer, Inc		66,069
14,525	*	Parametric Technology Corp		261,741
2,767	*	PDF Solutions, Inc		39,983
2,294		Pegasystems, Inc		22,642
3,044	*	PeopleSupport, Inc		64,076

265

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,364	*	Perficient, Inc	$	38,793
11,195	*	Perot Systems Corp (Class A)		183,486
4,292	*	Phase Forward, Inc		64,294
2,192	*	Portfolio Recovery Associates, Inc		102,344
2,157	*	PRA International		54,507
9,256	*	Premiere Global Services, Inc		87,377
5,287	*	Progress Software Corp		147,666
1,594		QAD, Inc		13,374
2,125		Quality Systems, Inc		79,199
9,038	*	Quest Software, Inc		132,407
3,271	*	Radiant Systems, Inc		34,149
2,754	*	Radisys Corp		45,909
2,324	*	Raser Technologies, Inc		14,223
14,206	*	RealNetworks, Inc		155,414
8,166	*	Redback Networks, Inc		203,660
1,008		Renaissance Learning, Inc		17,872
9,060	*	Rent-A-Center, Inc		267,361
2,935	*	Rewards Network, Inc		20,398
1,878	*	RightNow Technologies, Inc		32,339
3,895		Rollins, Inc		86,118
7,841	*	S1 Corp		43,204
3,380	*	SafeNet, Inc		80,917
10,353	*	Sapient Corp		56,838
7,027	*	Secure Computing Corp		46,097
1,611	*	SI International, Inc		52,229
7,909	*	Sitel Corp		33,376
2,593	*	Smith Micro Software, Inc		36,795
3,314	*	Sohu.com, Inc		79,536
62	b,m*	SONICblue, Inc		0
8,240	*	SonicWALL, Inc		69,381
32,661	*	Sonus Networks, Inc		215,236
8,305		Sotheby's		257,621
7,215	*	Spherion Corp		53,607
2,470	*	SPSS, Inc		74,273
4,851	*	SRA International, Inc (Class A)		129,716
1,281		Startek, Inc		17,345
1,238	*	Stratasys, Inc		38,886
12,002	*	Sybase, Inc		296,449
4,030	*	SYKES Enterprises, Inc		71,089
872	*	Synchronoss Technologies, Inc		11,964
1,615	*	SYNNEX Corp		35,433
1,097		Syntel, Inc		29,400
9,363	*	Take-Two Interactive Software, Inc		166,287
2,017		TAL International Group, Inc		53,834
2,128	*	Taleo Corp (Class A)		29,090
4,046		Talx Corp		111,063
4,432	*	TeleTech Holdings, Inc		105,836
2,902		TheStreet.com, Inc		25,828
8,568	*	THQ, Inc		278,631
28,204	*	TIBCO Software, Inc		266,246
918	*	Tiens Biotech Group USA, Inc		3,608
2,940	*	TNS, Inc		56,595
3,238	*	TradeStation Group, Inc		44,523
5,027	*	Transaction Systems Architects, Inc		163,729

266

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
335	*	Travelzoo, Inc	$	10,033
5,454	*	Trizetto Group, Inc		100,190
3,226	*	Ultimate Software Group, Inc		75,037
8,706		United Online, Inc		115,616
3,920	*	Universal Compression Holdings, Inc		243,471
12,864	*	Valueclick, Inc		303,976
3,263	*	Vasco Data Security International		38,667
1,872	*	Verint Systems, Inc		64,172
984	*	Vertrue, Inc		37,795
2,988		Viad Corp		121,313
3,871	*	Vignette Corp		66,078
1,052	*	Volt Information Sciences, Inc		52,821
5,606	*	WebEx Communications, Inc		195,593
7,114	*	webMethods, Inc		52,359
6,013	*	Websense, Inc		137,277
2,267	*	WebSideStory, Inc		28,700
10,308	*	Wind River Systems, Inc		105,657
4,343	*	Witness Systems, Inc		76,133
		TOTAL BUSINESS SERVICES		19,867,254
CHEMICALS AND ALLIED PRODUCTS - 6.23%
3,146	*	Acadia Pharmaceuticals, Inc		27,653
4,086	*	Adams Respiratory Therapeutics, Inc		166,750
2,022	*	Adeza Biomedical Corp		30,148
5,599	*	Adolor Corp		42,104
1,057	*	Advanced Magnetics, Inc		63,124
7,617	*	ADVENTRX Pharmaceuticals, Inc		22,470
2,959	*	Albany Molecular Research, Inc		31,247
4,557	*	Alexion Pharmaceuticals, Inc		184,057
13,021	*	Alkermes, Inc		174,091
4,301	*	Alnylam Pharmaceuticals, Inc		92,041
5,550	*	Alpharma, Inc (Class A)		133,755
6,046	*	American Oriental Bioengineering, Inc		70,557
2,324		American Vanguard Corp		36,952
3,117	*	Anadys Pharmaceuticals, Inc		15,336
3,131		Arch Chemicals, Inc		104,294
7,793	*	Arena Pharmaceuticals, Inc		100,608
4,986	*	Array Biopharma, Inc		64,419
5,042	*	Atherogenics, Inc		49,966
3,287	*	Auxilium Pharmaceuticals, Inc		48,286
4,247	*	AVANIR Pharmaceuticals (Class A)		9,811
4,107	*	Aventine Renewable Energy Holdings, Inc		96,761
7,143	*	AVI BioPharma, Inc		22,715
1,449		Balchem Corp		37,210
2,169	*	Bentley Pharmaceuticals, Inc		22,059
3,104	*	BioCryst Pharmaceuticals, Inc		35,882
3,977	*	Bioenvision, Inc		18,453
11,791	*	BioMarin Pharmaceuticals, Inc		193,254
1,989	*	Bradley Pharmaceuticals, Inc		40,934
780	*	Cadence Pharmaceuticals, Inc		9,610
5,157	*	Calgon Carbon Corp		31,973
3,356		Cambrex Corp		76,248
1,015	*	Caraco Pharmaceutical Laboratories Ltd		14,210
8,504	*	Cell Genesys, Inc		28,829

267

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,185		CF Industries Holdings, Inc	$	184,223
2,268	*	Chattem, Inc		113,581
2,722	*	Coley Pharmaceutical Group, Inc		26,376
3,492	*	Combinatorx, Inc		30,241
4,050	*	Conor Medsystems, Inc		126,887
2,533	*	Cotherix, Inc		34,170
7,318	*	Cubist Pharmaceuticals, Inc		132,529
3,786	*	Cypress Bioscience, Inc		29,342
3,974	*	Cytokinetics, Inc		29,726
8,854	*	Dendreon Corp		36,921
2,367	*	Digene Corp		113,427
7,658	*	Durect Corp		34,002
3,405	*	Elizabeth Arden, Inc		64,865
3,307	*	Emisphere Technologies, Inc		17,494
8,423	*	Encysive Pharmaceuticals, Inc		35,461
5,650	*	Enzon Pharmaceuticals, Inc		48,082
5,725		Ferro Corp		118,450
2,882	*	Genitope Corp		10,145
18,409	*	Genta, Inc		8,146
4,684		Georgia Gulf Corp		90,448
8,564	*	Geron Corp		75,192
1,741	*	GTx, Inc		31,059
7,593		H.B. Fuller Co		196,051
3,824	*	Hana Biosciences, Inc		24,359
15,162	*	Hercules, Inc		292,778
1,114	*	Hi-Tech Pharmacal Co, Inc		13,557
17,031	*	Human Genome Sciences, Inc		211,866
3,291	*	Idenix Pharmaceuticals, Inc		28,599
8,838	*	Immucor, Inc		258,335
6,652	*	Indevus Pharmaceuticals, Inc		47,229
930		Innophos Holdings, Inc		13,652
1,612		Innospec, Inc		75,039
499		Inter Parfums, Inc		9,576
3,234	*	InterMune, Inc		99,446
4,504	*	Inverness Medical Innovations, Inc		174,305
5,457	*	Keryx Biopharmaceuticals, Inc		72,578
1,300		Koppers Holdings, Inc		33,891
417		Kronos Worldwide, Inc		13,578
5,189	*	KV Pharmaceutical Co (Class A)		123,394
3,528		MacDermid, Inc		120,305
1,925		Mannatech, Inc		28,355
4,009	*	MannKind Corp		66,108
4,349	*	Martek Biosciences Corp		101,506
16,216	*	Medarex, Inc		239,835
6,482	*	Medicines Co		205,609
7,282		Medicis Pharmaceutical Corp (Class A)		255,817
1,158	*	Medifast, Inc		14,568
2,890		Meridian Bioscience, Inc		70,892
3,335	*	Metabasis Therapeutics, Inc		25,079
10,030	*	MGI Pharma, Inc		184,652
2,554		Minerals Technologies, Inc		150,150
3,373	*	Momenta Pharmaceuticals, Inc		53,057
7,756	*	Nabi Biopharmaceuticals		52,586
2,683	*	Nastech Pharmaceutical Co, Inc		40,594

268

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,218	*	NBTY, Inc	$	300,052
4,593	*	Neurocrine Biosciences, Inc		47,859
2,107	*	New River Pharmaceuticals, Inc		115,274
2,287		NewMarket Corp		135,047
1,246		NL Industries, Inc		12,884
3,406	*	Northfield Laboratories, Inc		13,862
8,157	*	Novavax, Inc		33,444
3,062	*	Noven Pharmaceuticals, Inc		77,928
6,239	*	NPS Pharmaceuticals, Inc		28,263
7,203	*	Nuvelo, Inc		28,812
9,620		Olin Corp		158,922
3,787	*	OM Group, Inc		171,475
5,589	*	Omnova Solutions, Inc		25,598
6,099	*	Onyx Pharmaceuticals, Inc		64,527
6,136	*	OraSure Technologies, Inc		50,683
7,598	*	OSI Pharmaceuticals, Inc		265,778
360	*	Osiris Therapeutics, Inc		9,115
3,634	*	Pacific Ethanol, Inc		55,927
4,625	*	Pain Therapeutics, Inc		41,163
6,677	*	Panacos Pharmaceuticals, Inc		26,775
4,470	*	Par Pharmaceutical Cos, Inc		99,994
3,677	*	Parexel International Corp		106,523
1,368	*	Parlux Fragrances, Inc		7,620
3,206	*	Penwest Pharmaceuticals Co		53,284
21,858	*	Peregrine Pharmaceuticals, Inc		25,355
10,498		Perrigo Co		181,615
2,526	*	PetMed Express, Inc		33,722
3,113	*	Pharmion Corp		80,129
1,000	*	Physicians Formula Holdings, Inc		18,690
1,552	*	Pioneer Cos, Inc		44,480
11,694	*	PolyOne Corp		87,705
3,081	*	Pozen, Inc		52,346
4,311	*	Prestige Brands Holdings, Inc		56,129
2,874	*	Progenics Pharmaceuticals, Inc		73,977
3,882	*	Quidel Corp		52,873
2,624	*	Renovis, Inc		8,292
1,310	*	Replidyne, Inc		7,519
20,137	*	Revlon, Inc		1,007
20,137	*	Revlon, Inc (Class A)		25,775
4,747	*	Rockwood Holdings, Inc		119,909
5,902	*	Salix Pharmaceuticals Ltd		71,827
7,011	*	Santarus, Inc		54,896
3,753	*	Sciele Pharma, Inc		90,072
6,038		Sensient Technologies Corp		148,535
5,432	*	Sirna Therapeutics, Inc		70,670
3,248	*	Solexa, Inc		42,711
420	*	Somaxon Pharmaceuticals, Inc		5,960
1,007		Stepan Co		31,892
5,871	*	SuperGen, Inc		29,825
2,088	*	SurModics, Inc		64,979
3,176	*	Tanox, Inc		63,202
5,232		Tronox, Inc (Class B)		82,613
520	*	Trubion Pharmaceuticals, Inc		9,365
6,807		UAP Holding Corp		171,400

269

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,030	*	United Therapeutics Corp	$	164,741
1,257	*	USANA Health Sciences, Inc		64,937
11,698	*	USEC, Inc		148,799
12,018	*	Valeant Pharmaceuticals International		207,190
2,206	*	Verasun Energy Corp		43,569
9,250	*	Viropharma, Inc		135,420
768	*	Visicu, Inc		8,602
8,722	*	WR Grace & Co		172,696
2,605	*	Xenoport, Inc		63,953
4,736	*	Zymogenetics, Inc		73,740
		TOTAL CHEMICALS AND ALLIED PRODUCTS		11,605,846
COAL MINING - 0.20%
6,779	*	Alpha Natural Resources, Inc		96,465
14,078	*	International Coal Group, Inc		76,725
2,062	*	James River Coal Co		19,135
2,382		Penn Virginia Corp		166,835
1,125	*	Westmoreland Coal Co		22,129
		TOTAL COAL MINING		381,289
COMMUNICATIONS - 2.28%
5,639		Alaska Communications Systems Group, Inc		85,656
4,287	*	Anixter International, Inc		232,784
884		Atlantic Tele-Network, Inc		25,901
2,540	*	Audiovox Corp (Class A)		35,789
6,181	*	Brightpoint, Inc		83,134
2,125	*	Cbeyond Communications, Inc		65,004
3,211		Centennial Communications Corp		23,087
49,348	*	Charter Communications, Inc (Class A)		151,005
33,091	*	Cincinnati Bell, Inc		151,226
4,847		Citadel Broadcasting Corp		48,276
2,748		Commonwealth Telephone Enterprises, Inc		115,031
2,902		Consolidated Communications Holdings, Inc		60,652
34,578	*	Covad Communications Group, Inc		47,718
6,133	*	Cox Radio, Inc (Class A)		99,968
1,352	*	Crown Media Holdings, Inc (Class A)		4,908
2,455		CT Communications, Inc		56,269
4,493	*	Cumulus Media, Inc (Class A)		46,682
19,823	*	Dobson Communications Corp (Class A)		172,658
4,140		Emmis Communications Corp (Class A)		34,114
4,081		Entercom Communications Corp (Class A)		115,003
9,198	*	Entravision Communications Corp (Class A)		75,608
1,041	*	Eschelon Telecom, Inc		20,622
3,510		Fairpoint Communications, Inc		66,515
15,490	*	FiberTower Corp		91,081
923	*	Fisher Communications, Inc		40,806
19,054	*	Foundry Networks, Inc		285,429
6,929	*	General Communication, Inc (Class A)		108,993
2,400	*	Globalstar, Inc		33,384
2,836		Golden Telecom, Inc		132,838
5,734		Gray Television, Inc		42,030
5,813	*	IDT Corp (Class B)		76,034
3,303	*	InPhonic, Inc		36,630
4,345		Iowa Telecommunications Services, Inc		85,640

270

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,198	*	iPCS, Inc	$	121,681
6,611	*	j2 Global Communications, Inc		180,150
3,446	*	Lightbridge, Inc		46,659
4,040	*	Lin TV Corp (Class A)		40,198
2,182	*	Lodgenet Entertainment Corp		54,615
5,570	*	Mastec, Inc		64,278
7,511	*	Mediacom Communications Corp (Class A)		60,388
1,988		North Pittsburgh Systems, Inc		47,990
3,687	*	Novatel Wireless, Inc		35,653
1,891	*	NTELOS Holdings Corp		33,811
1,230	*	Orbcomm, Inc		10,849
9,926	*	Radio One, Inc (Class D)		66,901
3,949	*	RCN Corp		119,062
1,267		Salem Communications Corp (Class A)		15,141
4,276	*	SAVVIS, Inc		152,696
979		Shenandoah Telecom Co		46,023
5,694		Sinclair Broadcast Group, Inc (Class A)		59,787
6,014	*	Spanish Broadcasting System, Inc (Class A)		24,718
1,833		SureWest Communications		50,481
3,022	*	Syniverse Holdings, Inc		45,300
4,730	*	Terremark Worldwide, Inc		31,786
10,645	*	TiVo, Inc		54,502
3,743		USA Mobility, Inc		83,731
4,220	*	Vonage Holdings Corp		29,287
8,291	*	Wireless Facilities, Inc		23,629
		TOTAL COMMUNICATIONS		4,249,791
DEPOSITORY INSTITUTIONS - 9.37%
1,613		1st Source Corp		51,826
770		Abington Community Bancorp, Inc		14,769
2,134		Alabama National Bancorp		146,670
2,888		Amcore Financial, Inc		94,351
1,461		AmericanWest Bancorp		35,385
1,617		Ameris Bancorp		45,567
2,565		Anchor Bancorp Wisconsin, Inc		73,923
1,344		Arrow Financial Corp		33,291
980		Bancfirst Corp		52,920
1,407	*	Bancorp, Inc		41,647
1,295		BancTrust Financial Group, Inc		33,048
7,786		Bank Mutual Corp		94,288
2,159		Bank of Granite Corp		40,956
1,677		Bank of the Ozarks, Inc		55,442
5,881		BankAtlantic Bancorp, Inc (Class A)		81,217
3,350		BankFinancial Corp		59,664
4,055		BankUnited Financial Corp (Class A)		113,378
1,464		Banner Corp		64,914
1,310		Berkshire Hills Bancorp, Inc		43,833
2,221	*	BFC Financial Corp (Class A)		14,192
4,756		Boston Private Financial Holdings, Inc		134,167
7,813		Brookline Bancorp, Inc		102,897
1,363		Cadence Financial Corp		29,536
890		Camden National Corp		41,047
1,588		Capital City Bank Group, Inc		56,056
1,212		Capital Corp of the West		38,893

271

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,857		Capitol Bancorp Ltd	$	85,793
3,130		Cardinal Financial Corp		32,083
3,664		Cascade Bancorp		113,694
800		Cass Information Systems, Inc		28,944
6,916		Cathay General Bancorp		238,671
7,744	*	Centennial Bank Holdings, Inc		73,258
1,574		Center Financial Corp		37,729
1,282		Centerstate Banks of Florida, Inc		26,794
3,982		Central Pacific Financial Corp		154,342
547		Charter Financial Corp		28,181
3,249		Chemical Financial Corp		108,192
6,258		Chittenden Corp		192,058
5,471		Citizens Banking Corp		144,982
1,113		Citizens First Bancorp, Inc		34,214
1,834		City Bank		65,657
2,325		City Holding Co		95,069
1,919		Clifton Savings Bancorp, Inc		23,393
1,988		Coastal Financial Corp		33,299
1,915		CoBiz, Inc		42,207
1,419		Columbia Bancorp		37,533
2,102		Columbia Banking System, Inc		73,822
1,305	*	Community Bancorp		39,398
3,864		Community Bank System, Inc		88,872
3,027		Community Banks, Inc		84,041
1,926		Community Trust Bancorp, Inc		79,987
5,330		Corus Bankshares, Inc		122,963
7,731		CVB Financial Corp		111,790
3,322		Dime Community Bancshares		46,541
1,617	*	Dollar Financial Corp		45,050
2,806		Downey Financial Corp		203,659
1,095		Enterprise Financial Services Corp		35,675
4,725	*	Euronet Worldwide, Inc		140,285
1,083		Farmers Capital Bank Corp		36,963
3,181		Fidelity Bankshares, Inc		126,190
1,736		First Bancorp		37,914
9,192		First Bancorp		87,600
1,879		First Busey Corp		43,311
4,457		First Charter Corp		109,642
9,535		First Commonwealth Financial Corp		128,055
2,970		First Community Bancorp, Inc		155,242
1,282		First Community Bancshares, Inc		50,716
4,924		First Financial Bancorp		81,788
2,694		First Financial Bankshares, Inc		112,771
1,675		First Financial Corp		59,379
1,583		First Financial Holdings, Inc		62,022
1,682		First Indiana Corp		42,656
2,427		First Merchants Corp		65,990
6,495		First Midwest Bancorp, Inc		251,227
14,459		First Niagara Financial Group, Inc		214,861
2,155		First Place Financial Corp		50,621
1,081	*	First Regional Bancorp		36,851
3,301		First Republic Bank		129,003
1,079		First South Bancorp, Inc		34,409
2,582		First State Bancorporation		63,905

272

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,146	*	FirstFed Financial Corp	$	143,718
10,342		FirstMerit Corp		249,656
5,541		Flagstar Bancorp, Inc		82,228
2,389		Flushing Financial Corp		40,780
7,478		FNB Corp		136,623
963		FNB Corp		40,013
2,881	*	Franklin Bank Corp		59,176
8,598		Fremont General Corp		139,374
5,337		Frontier Financial Corp		156,001
1,832		GB&T Bancshares, Inc		40,615
6,740		Glacier Bancorp, Inc		164,726
1,518		Great Southern Bancorp, Inc		44,796
6,745		Greater Bay Bancorp		177,596
1,275		Greene County Bancshares, Inc		50,656
3,610		Hancock Holding Co		190,752
5,429		Hanmi Financial Corp		122,315
3,687		Harleysville National Corp		71,196
1,800		Heartland Financial USA, Inc		51,930
1,438		Heritage Commerce Corp		38,308
1,508		Home Bancshares, Inc		36,252
1,073		Home Federal Bancorp, Inc		18,413
1,781		Horizon Financial Corp		42,851
1,236		IBERIABANK Corp		72,986
1,897		Independent Bank Corp		68,349
2,940		Independent Bank Corp		74,353
2,295		Integra Bank Corp		63,158
2,389		Interchange Financial Services Corp		54,923
5,977		International Bancshares Corp		184,749
670	*	Intervest Bancshares Corp		23,055
7,214	*	Investors Bancorp, Inc		113,476
2,457		Irwin Financial Corp		55,602
702		ITLA Capital Corp		40,653
2,863		Kearny Financial Corp		45,980
4,107		KNBT Bancorp, Inc		68,710
2,455		Lakeland Bancorp, Inc		36,580
1,725		Lakeland Financial Corp		44,039
2,086		Macatawa Bank Corp		44,348
4,337		MAF Bancorp, Inc		193,821
2,328		MainSource Financial Group, Inc		39,436
3,707		MB Financial, Inc		139,420
1,848		MBT Financial Corp		28,311
1,031		Mercantile Bank Corp		38,869
1,041		MetroCorp Bancshares, Inc		21,903
2,851		Mid-State Bancshares		103,748
2,392		Midwest Banc Holdings, Inc		56,810
2,558		Nara Bancorp, Inc		53,513
596		NASB Financial, Inc		24,645
6,484		National Penn Bancshares, Inc		131,301
4,636		NBT Bancorp, Inc		118,264
6,506	*	Net 1 UEPS Technologies, Inc		192,317
6,129	*	NetBank, Inc		28,439
14,851		NewAlliance Bancshares, Inc		243,556
1,259	*	Northern Empire Bancshares		37,191
2,369		Northwest Bancorp, Inc		65,053

273

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,130		OceanFirst Financial Corp	$	25,911
9,059		Old National Bancorp		171,396
1,779		Old Second Bancorp, Inc		52,125
1,581		Omega Financial Corp		50,466
2,606		Oriental Financial Group, Inc		33,748
6,020		Pacific Capital Bancorp		202,152
1,515		Park National Corp		149,985
5,556		Partners Trust Financial Group, Inc		64,672
1,311		Pennfed Financial Services, Inc		25,329
1,591		Peoples Bancorp, Inc		47,253
3,294		PFF Bancorp, Inc		113,676
2,000	*	Pinnacle Financial Partners, Inc		66,360
1,537		Placer Sierra Bancshares		36,534
550		Preferred Bank		33,050
1,796		Premierwest Bancorp		28,664
2,440		PrivateBancorp, Inc		101,577
3,306		Prosperity Bancshares, Inc		114,090
4,431		Provident Bankshares Corp		157,744
8,686		Provident Financial Services, Inc		157,477
5,669		Provident New York Bancorp		84,922
854		QC Holdings, Inc		13,630
3,614	*	R & G Financial Corp (Class B)		27,647
2,168		Renasant Corp		66,406
10,019		Republic Bancorp, Inc		134,856
1,016		Republic Bancorp, Inc (Class A)		25,491
1,149		Rockville Financial, Inc		20,510
1,425	*	Roma Financial Corp		23,598
723		Royal Bancshares of Pennsylvania (Class A)		19,000
3,361		S&T Bancorp, Inc		116,526
1,617		S.Y. Bancorp, Inc		45,276
1,949		Sandy Spring Bancorp, Inc		74,413
541		Santander BanCorp		9,657
1,076		SCBT Financial Corp		44,901
1,844		Seacoast Banking Corp of Florida		45,731
2,034		Security Bank Corp		46,416
1,126		Shore Bancshares, Inc		33,960
873		Sierra Bancorp		25,614
3,785	*	Signature Bank		117,259
1,722		Simmons First National Corp (Class A)		54,329
1,092		Smithtown Bancorp, Inc		29,615
1,287		Southside Bancshares, Inc		33,115
1,795		Southwest Bancorp, Inc		50,009
1,399		State National Bancshares, Inc		53,848
2,351		Sterling Bancorp		46,315
9,181		Sterling Bancshares, Inc		119,537
3,168		Sterling Financial Corp		74,987
5,550		Sterling Financial Corp		187,646
1,332		Suffolk Bancorp		50,789
1,865	*	Sun Bancorp, Inc		39,296
3,801	*	Superior Bancorp		43,103
6,772		Susquehanna Bancshares, Inc		182,031
4,609	*	SVB Financial Group		214,872
749		Taylor Capital Group, Inc		27,421
3,208	*	Texas Capital Bancshares, Inc		63,775

274

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,202		Texas United Bancshares, Inc	$	41,277
2,377		TierOne Corp		75,137
862		Tompkins Trustco, Inc		39,178
1,749		Trico Bancshares		47,590
9,845		Trustco Bank Corp NY		109,476
6,368		Trustmark Corp		208,297
12,625		UCBH Holdings, Inc		221,695
4,040		UMB Financial Corp		147,500
7,289		Umpqua Holdings Corp		214,515
1,651		Union Bankshares Corp		50,504
4,850		United Bankshares, Inc		187,453
4,529		United Community Banks, Inc		146,377
3,369		United Community Financial Corp		41,237
824		United Security Bancshares		19,858
1,448		Univest Corp of Pennsylvania		44,135
1,422		USB Holding Co, Inc		34,270
1,200	*	ViewPoint Financial Group		20,328
1,457		Vineyard National Bancorp		33,540
1,913	*	Virginia Commerce Bancorp		38,030
1,385		Virginia Financial Group, Inc		38,766
13,971		W Holding Co, Inc		83,267
1,671		Washington Trust Bancorp, Inc		46,604
1,389	*	Wauwatosa Holdings, Inc		24,752
2,860		WesBanco, Inc		95,896
2,206		West Bancorporation, Inc		39,223
1,966		West Coast Bancorp		68,102
4,065		Westamerica Bancorporation		205,811
1,620	*	Western Alliance Bancorp		56,327
511	*	Westfield Financial, Inc		17,681
1,960		Willow Grove Bancorp, Inc		29,243
1,987		Wilshire Bancorp, Inc		37,693
3,448		Wintrust Financial Corp		165,573
731		WSFS Financial Corp		48,926
1,247		Yardville National Bancorp		47,037
		TOTAL DEPOSITORY INSTITUTIONS		17,452,710
EATING AND DRINKING PLACES - 1.84%
3,267	*	AFC Enterprises		57,728
9,663		Applebees International, Inc		238,386
1,871	*	BJ's Restaurants, Inc		37,813
4,616		Bob Evans Farms, Inc		157,960
914	*	Buffalo Wild Wings, Inc		48,625
2,544	*	California Pizza Kitchen, Inc		84,741
4,011		CBRL Group, Inc		179,532
4,485	*	CEC Entertainment, Inc		180,521
3,156	*	Chipotle Mexican Grill, Inc (Class B)		164,112
8,793		CKE Restaurants, Inc		161,791
4,909	*	Cosi, Inc		24,987
4,941		Domino's Pizza, Inc		138,348
2,482		IHOP Corp		130,801
4,740	*	Jack in the Box, Inc		289,330
7,113	*	Krispy Kreme Doughnuts, Inc		78,954
2,135		Landry's Restaurants, Inc		64,242
2,659	*	Luby's, Inc		28,957

275

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,603	*	McCormick & Schmick's Seafood Restaurants, Inc	$	38,536
1,358	*	Morton's Restaurant Group, Inc		22,611
2,970	*	O'Charleys, Inc		63,202
3,322	*	Papa John's International, Inc		96,371
3,584	*	PF Chang's China Bistro, Inc		137,554
4,576	*	Rare Hospitality International, Inc		150,688
2,092	*	Red Robin Gourmet Burgers, Inc		74,998
7,603		Ruby Tuesday, Inc		208,626
2,244	*	Ruth's Chris Steak House, Inc		41,020
9,008	*	Sonic Corp		215,742
3,906	*	Steak N Shake Co		68,746
6,634	*	Texas Roadhouse, Inc (Class A)		87,967
8,025		Triarc Cos (Class B)		160,500
		TOTAL EATING AND DRINKING PLACES		3,433,389
EDUCATIONAL SERVICES - 0.36%
11,202	*	Corinthian Colleges, Inc		152,683
7,902		DeVry, Inc		221,256
2,816	*	Educate, Inc		20,050
687	*	Lincoln Educational Services Corp		9,268
1,846		Strayer Education, Inc		195,768
3,163	*	Universal Technical Institute, Inc		70,250
		TOTAL EDUCATIONAL SERVICES		669,275
ELECTRIC, GAS, AND SANITARY SERVICES - 3.40%
3,196		Allete, Inc		148,742
1,940		American Ecology Corp		35,909
2,342		American States Water Co		90,448
50,509	*	Aquila, Inc		237,392
6,570		Avista Corp		166,287
4,292		Black Hills Corp		158,546
2,578		California Water Service Group		104,151
1,373		Cascade Natural Gas Corp		35,588
2,777	*	Casella Waste Systems, Inc (Class A)		33,963
2,016		CH Energy Group, Inc		106,445
2,064	*	Clean Harbors, Inc		99,918
7,368		Cleco Corp		185,895
4,260		Crosstex Energy, Inc		134,999
11,867		Duquesne Light Holdings, Inc		235,560
6,450	*	El Paso Electric Co		157,187
3,839		Empire District Electric Co		94,785
917		EnergySouth, Inc		36,772
5,518		Idacorp, Inc		213,271
2,440		ITC Holdings Corp		97,356
2,770		Laclede Group, Inc		97,033
920		Markwest Hydrocarbon, Inc		44,666
3,297		Metal Management, Inc		124,791
2,830		MGE Energy, Inc		103,521
3,644		New Jersey Resources Corp		177,026
5,795		Nicor, Inc		271,206
3,543		Northwest Natural Gas Co		150,365
4,535		NorthWestern Corp		160,448
1,047		Ormat Technologies, Inc		38,551
3,998		Otter Tail Corp		124,578

276

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,978		Peoples Energy Corp	$	221,869
1,358	*	Pico Holdings, Inc		47,218
9,969		Piedmont Natural Gas Co, Inc		266,671
2,051	*	Pike Electric Corp		33,493
9,298	*	Plug Power, Inc		36,169
9,866		PNM Resources, Inc		306,833
3,355		Portland General Electric Co		91,424
2,095		Resource America, Inc (Class A)		55,308
1,974		SJW Corp		76,512
3,778		South Jersey Industries, Inc		126,223
5,163		Southwest Gas Corp		198,104
2,934		Southwest Water Co		40,372
8,171		Synagro Technologies, Inc		36,116
68	b,m,v*	Touch America Holdings, Inc		0
3,307		UIL Holdings Corp		139,522
4,537		Unisource Energy Corp		165,737
5,783	*	Waste Connections, Inc		240,284
972		Waste Industries USA, Inc		29,665
4,665	*	Waste Services, Inc		45,950
11,600		Westar Energy, Inc		301,136
6,348		WGL Holdings, Inc		206,818
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		6,330,823
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 7.05%
1,680	*	Acme Packet, Inc		34,675
3,205	*	Actel Corp		58,203
5,881		Acuity Brands, Inc		306,047
15,822	*	Adaptec, Inc		73,731
8,753		Adtran, Inc		198,693
4,657	*	Advanced Analogic Technologies, Inc		25,101
4,754	*	Advanced Energy Industries, Inc		89,708
10,158	*	Aeroflex, Inc		119,052
4,172	*	American Superconductor Corp		40,927
5,482	*	AMIS Holdings, Inc		57,945
13,141	*	Amkor Technology, Inc		122,737
6,192	*	Anadigics, Inc		54,861
20,665	*	Andrew Corp		211,403
39,914	*	Applied Micro Circuits Corp		142,094
13,838	*	Arris Group, Inc		173,113
6,671	*	Atheros Communications, Inc		142,226
4,480	*	ATMI, Inc		136,774
21,405	*	Avanex Corp		40,455
4,142		Baldor Electric Co		138,426
1,440		Bel Fuse, Inc (Class B)		50,098
8,608	*	Benchmark Electronics, Inc		209,691
9,126	*	Bookham, Inc		37,143
9,983	*	Broadwing Corp		155,934
36,474	*	Brocade Communications Systems, Inc		299,452
2,625	*	CalAmp Corp		22,155
14,240	*	Capstone Turbine Corp		17,515
2,913	*	Carrier Access Corp		19,109
6,639	*	C-COR, Inc		73,958
3,445	*	Ceradyne, Inc		194,643
5,372	*	Checkpoint Systems, Inc		108,514

277

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,731	*	China BAK Battery, Inc	$	24,326
16	v*	China Energy Savings Technology, Inc		1
1,741	*	Color Kinetics, Inc		37,170
2,916	*	Comtech Telecommunications Corp		111,012
64,957	*	Conexant Systems, Inc		132,512
786	*	CPI International, Inc		11,790
4,858		CTS Corp		76,271
1,974		Cubic Corp		42,836
2,447	*	Diodes, Inc		86,820
1,025	*	Directed Electronics, Inc		11,736
4,211	*	Ditech Networks, Inc		29,140
3,853	*	DSP Group, Inc		83,610
2,237	*	DTS, Inc		54,113
4,020	*	Electro Scientific Industries, Inc		80,963
4,839	*	Emcore Corp		26,760
2,013	*	EMS Technologies, Inc		40,320
5,274	*	Energy Conversion Devices, Inc		179,211
6,317	*	EnerSys		101,072
8,555	*	Evergreen Solar, Inc		64,761
3,968	*	Exar Corp		51,584
28,482	*	Finisar Corp		91,997
2,880	*	First Solar, Inc		85,824
2,946		Franklin Electric Co, Inc		151,395
6,475	*	FuelCell Energy, Inc		41,829
31,823	*	Gemstar-TV Guide International, Inc		127,610
3,226	*	Genlyte Group, Inc		251,983
12,898	*	GrafTech International Ltd		89,254
2,868	*	Greatbatch, Inc		77,207
9,726	*	Harmonic, Inc		70,708
12,076	*	Hexcel Corp		210,243
1,694	*	Hittite Microwave Corp		54,750
3,284	*	Hutchinson Technology, Inc		77,404
1,532	*	ID Systems, Inc		28,832
2,705	*	Ikanos Communications, Inc		23,506
4,509		Imation Corp		209,353
6,688	*	Interdigital Communications Corp		224,382
2,629		Inter-Tel, Inc		58,259
4,732	*	InterVoice, Inc		36,247
1,563	*	iRobot Corp		28,228
3,612	*	IXYS Corp		32,147
11,163	*	Kemet Corp		81,490
1,741	*	Lamson & Sessions Co		42,237
14,937	*	Lattice Semiconductor Corp		96,792
2,864	*	Littelfuse, Inc		91,304
1,521	*	Loral Space & Communications, Inc		61,935
2,831		LSI Industries, Inc		56,195
6,876	*	Mattson Technology, Inc		64,084
1,882	*	Maxwell Technologies, Inc		26,254
19,759	*	McData Corp (Class A)		109,662
2,938	*	Medis Technologies Ltd		51,209
2,643	*	Mercury Computer Systems, Inc		35,310
4,837		Methode Electronics, Inc		52,385
9,195	*	Micrel, Inc		99,122
9,553	*	Microsemi Corp		187,716

278

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,019	*	Microtune, Inc	$	32,989
15,150	*	Mindspeed Technologies, Inc		28,937
5,415	*	MIPS Technologies, Inc		44,945
3,569	*	Mobility Electronics, Inc		11,956
3,024	*	Monolithic Power Systems, Inc		33,597
4,714	*	Moog, Inc (Class A)		180,028
3,377	*	MoSys, Inc		31,237
16,705	*	MRV Communications, Inc		59,136
1,051	*	Multi-Fineline Electronix, Inc		21,325
570		National Presto Industries, Inc		34,126
1,867	*	Netlogic Microsystems, Inc		40,495
6,780	*	Omnivision Technologies, Inc		92,547
20,559	*	ON Semiconductor Corp		155,632
11,923	*	Openwave Systems, Inc		110,049
2,142	*	Oplink Communications, Inc		44,040
4,593	*	Optical Communication Products, Inc		7,533
710	*	Optium Corp		17,707
1,968	*	OSI Systems, Inc		41,190
2,612		Park Electrochemical Corp		66,998
2,456	*	Parkervision, Inc		27,384
3,168	*	Pericom Semiconductor Corp		36,337
5,347	*	Photronics, Inc		87,370
6,351		Plantronics, Inc		134,641
6,207	*	Plexus Corp		148,223
3,403	*	PLX Technology, Inc		44,375
11,552	*	Polycom, Inc		357,072
3,344	*	Portalplayer, Inc		44,977
1,114	*	Powell Industries, Inc		35,169
8,951	*	Power-One, Inc		65,163
17,447	*	Powerwave Technologies, Inc		112,533
6,456	*	Quantum Fuel Systems Technologies Worldwide, Inc		10,330
2,438	*	Radyne Corp		26,184
1,966		Raven Industries, Inc		52,689
3,975		Regal-Beloit Corp		208,727
25,631	*	RF Micro Devices, Inc		174,034
2,234	*	Rogers Corp		132,141
9,742	*	Semtech Corp		127,328
10,604	*	Silicon Image, Inc		134,883
11,022	*	Silicon Storage Technology, Inc		49,709
3,190	*	Sirenza Microdevices, Inc		25,073
20,871	*	Skyworks Solutions, Inc		147,767
4,549	*	Spectrum Brands, Inc		49,584
1,334	*	Staktek Holdings, Inc		6,870
2,878	*	Standard Microsystems Corp		80,526
12,226	*	Stratex Networks, Inc		59,052
1,311	*	Sunpower Corp (Class A)		48,730
1,659	*	Supertex, Inc		65,116
23,330	*	Sycamore Networks, Inc		87,721
5,913	*	Symmetricom, Inc		52,744
3,259	*	Synaptics, Inc		96,760
5,472		Technitrol, Inc		130,726
605	*	Techwell, Inc		9,716
7,479	*	Tekelec		110,914
5,986	*	Tessera Technologies, Inc		241,475

279

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
25,718	*	Transmeta Corp	$	28,547
16,688	*	Transwitch Corp		23,363
7,267	*	Trident Microsystems, Inc		132,114
17,822	*	Triquint Semiconductor, Inc		80,199
5,913	*	TTM Technologies, Inc		66,994
1,838	*	Ulticom, Inc		17,626
3,194	*	Universal Display Corp		47,942
1,646	*	Universal Electronics, Inc		34,599
15,506	*	Utstarcom, Inc		135,678
7,605	*	Varian Semiconductor Equipment Associates, Inc		346,180
2,894	*	Viasat, Inc		86,270
2,479		Vicor Corp		27,542
2,188	*	Virage Logic Corp		20,327
2,343	*	Volterra Semiconductor Corp		35,145
14,680	*	Zhone Technologies, Inc		19,231
1,890	*	Zoltek Cos, Inc		37,176
6,688	*	Zoran Corp		97,511
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		13,140,198
ENGINEERING AND MANAGEMENT SERVICES - 2.47%
2,510	*	Advisory Board Co		134,385
10,317	*	Applera Corp (Celera Genomics Group)		144,335
9,306	*	Ariad Pharmaceuticals, Inc		47,833
1,634		CDI Corp		40,687
1,705	*	Cornell Cos, Inc		31,253
1,466	*	CRA International, Inc		76,818
7,111	*	CV Therapeutics, Inc		99,270
7,422	*	deCODE genetics, Inc		33,622
3,701		Diamond Management & Technology Consultants, Inc		46,040
12,195	*	Digitas, Inc		163,535
4,000	*	Diversa Corp		43,520
6,088	*	eResearch Technology, Inc		40,972
2,489	*	Essex Corp		59,512
12,293	*	Exelixis, Inc		110,637
1,887	*	Exponent, Inc		35,211
3,011	*	First Consulting Group, Inc		41,431
6,374	*	Harris Interactive, Inc		32,125
2,252	*	Huron Consulting Group, Inc		102,106
8,515	*	ICOS Corp		287,722
11,628	*	Incyte Corp		67,908
3,620	*	Infrasource Services, Inc		78,807
9,927	*	Isis Pharmaceuticals, Inc		110,388
1,526	*	Kendle International, Inc		47,993
1,260		Landauer, Inc		66,112
3,249	*	LECG Corp		60,042
9,771	*	Lexicon Genetics, Inc		35,273
4,225	*	Lifecell Corp		101,992
4,466	*	Luminex Corp		56,718
2,817		MAXIMUS, Inc		86,707
4,581	*	Maxygen, Inc		49,337
16,614	*	Monogram Biosciences, Inc		29,573
1,431	*	MTC Technologies, Inc		33,700
5,299	*	Myriad Genetics, Inc		165,859
5,801	*	Navigant Consulting, Inc		114,628

280

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,767	*	Omnicell, Inc	$	70,179
4,495	*	Per-Se Technologies, Inc		124,871
2,300	*	PharmaNet Development Group, Inc		50,761
6,758	*	Regeneron Pharmaceuticals, Inc		135,633
17,726	*	Rentech, Inc		66,827
6,482	*	Resources Connection, Inc		206,387
3,405	*	Rigel Pharmaceuticals, Inc		40,417
11,480	*	SAIC, Inc		204,229
3,948	*	Sangamo Biosciences, Inc		26,057
6,886	*	Savient Pharmaceuticals, Inc		77,192
3,688	*	Senomyx, Inc		47,907
730	*	Stanley, Inc		12,344
4,625	*	Symyx Technologies, Inc		99,854
1,460	*	Tejon Ranch Co		81,526
7,012	*	Telik, Inc		31,063
7,338	*	Tetra Tech, Inc		132,744
2,312	*	Trimeris, Inc		29,386
3,771	*	Washington Group International, Inc		225,468
5,678		Watson Wyatt & Co Holdings (Class A)		256,362
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		4,595,258
ENVIRONMENTAL QUALITY AND HOUSING - 0.02%
6,128	*	Home Solutions of America, Inc		35,910
		TOTAL ENVIRONMENTAL QUALITY AND HOUSING		35,910
FABRICATED METAL PRODUCTS - 1.16%
1,136		Ameron International Corp		86,756
4,668		Aptargroup, Inc		275,599
1,975	*	Chart Industries, Inc		32,015
2,157		CIRCOR International, Inc		79,356
2,632	*	Commercial Vehicle Group, Inc		57,378
235		Compx International, Inc		4,738
1,474		Dynamic Materials Corp		41,419
3,764	*	Griffon Corp		95,982
1,542		Gulf Island Fabrication, Inc		56,900
1,782		Insteel Industries, Inc		31,702
10,485	*	Jacuzzi Brands, Inc		130,329
1,876	*	Ladish Co, Inc		69,562
1,520		Lifetime Brands, Inc		24,974
4,737	*	Mobile Mini, Inc		127,615
14,219		Mueller Water Products, Inc (Class A)		211,437
2,628	*	NCI Building Systems, Inc		135,999
1,178	*	PGT, Inc		14,902
388		Shiloh Industries, Inc		7,353
2,997		Silgan Holdings, Inc		131,628
4,839		Simpson Manufacturing Co, Inc		153,154
3,898	*	Smith & Wesson Holding Corp		40,305
8,042	*	Taser International, Inc		61,200
2,438		Valmont Industries, Inc		135,285
3,927		Watts Water Technologies, Inc (Class A)		161,439
		TOTAL FABRICATED METAL PRODUCTS		2,167,027
FOOD AND KINDRED PRODUCTS - 0.97%
1,139	*	Altus Pharmaceuticals, Inc		21,470

281

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,193	*	Boston Beer Co, Inc (Class A)	$	42,924
589		Coca-Cola Bottling Co Consolidated		40,305
10,223	*	Darling International, Inc		56,329
2,124		Diamond Foods, Inc		40,377
882		Farmer Bros Co		18,831
6,761		Flowers Foods, Inc		182,479
6,857	*	Gold Kist, Inc		144,134
1,481		Imperial Sugar Co		35,855
1,837		J&J Snack Foods Corp		76,052
3,081	*	Jones Soda Co		37,896
3,079		Lancaster Colony Corp		136,430
3,893		Lance, Inc		78,171
1,555	*	M&F Worldwide Corp		39,279
1,303		MGP Ingredients, Inc		29,461
1,128		National Beverage Corp		15,826
1,813	*	Peet's Coffee & Tea, Inc		47,573
4,349	*	Performance Food Group Co		120,206
1,869		Premium Standard Farms, Inc		34,707
3,391	*	Ralcorp Holdings, Inc		172,568
2,108		Reddy Ice Holdings, Inc		54,429
2,149		Sanderson Farms, Inc		65,093
4,646		Tootsie Roll Industries, Inc		151,924
4,373		Topps Co, Inc		38,920
4,145	*	TreeHouse Foods, Inc		129,324
		TOTAL FOOD AND KINDRED PRODUCTS		1,810,563
FOOD STORES - 0.34%
143		Arden Group, Inc (Class A)		17,705
2,701		Great Atlantic & Pacific Tea Co, Inc		69,524
1,500		Ingles Markets, Inc (Class A)		44,685
3,031	*	Pantry, Inc		141,972
7,198	*	Pathmark Stores, Inc		80,258
5,139		Ruddick Corp		142,607
900	*	Susser Holdings Corp		16,200
276		Village Super Market (Class A)		23,595
1,077		Weis Markets, Inc		43,198
3,617	*	Wild Oats Markets, Inc		52,012
		TOTAL FOOD STORES		631,756
FURNITURE AND FIXTURES - 0.67%
4,295		Ethan Allen Interiors, Inc		155,092
6,108		Furniture Brands International, Inc		99,133
8,705		Herman Miller, Inc		316,514
1,733		Hooker Furniture Corp		27,173
6,182	*	Interface, Inc (Class A)		87,908
3,173		Kimball International, Inc (Class B)		77,104
6,632		La-Z-Boy, Inc		78,722
2,626		Sealy Corp		38,734
7,231	*	Select Comfort Corp		125,747
1,532		Stanley Furniture Co, Inc		32,861
6,693	*	Tempur-Pedic International, Inc		136,939
3,838	*	Williams Scotsman International, Inc		75,302
		TOTAL FURNITURE AND FIXTURES		1,251,229

282

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
FURNITURE AND HOMEFURNISHINGS STORES - 0.27%
2,766	*	Cost Plus, Inc	$	28,490
3,837	*	Guitar Center, Inc		174,430
3,261		Haverty Furniture Cos, Inc		48,263
3,819		Knoll, Inc		84,018
11,139	*	Pier 1 Imports, Inc		66,277
3,862	*	Restoration Hardware, Inc		32,866
4,215		Tuesday Morning Corp		65,543
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		499,887
GENERAL BUILDING CONTRACTORS - 0.51%
196		Amrep Corp		24,010
766	*	Avatar Holdings, Inc		61,931
1,634		Brookfield Homes Corp		61,357
840	*	Cavco Industries, Inc		29,434
6,460	*	Hovnanian Enterprises, Inc (Class A)		218,994
2,405		Levitt Corp (Class A)		29,437
1,595		M/I Homes, Inc		60,913
2,828		McGrath RentCorp		86,622
2,895	*	Meritage Homes Corp		138,149
1,110	*	Palm Harbor Homes, Inc		15,562
2,846	*	Perini Corp		87,600
967	*	Team, Inc		33,681
2,612		Technical Olympic USA, Inc		26,564
4,370	*	WCI Communities, Inc		83,817
		TOTAL GENERAL BUILDING CONTRACTORS		958,071
GENERAL MERCHANDISE STORES - 0.48%
6,450	*	99 Cents Only Stores		78,497
14,808	*	Big Lots, Inc		339,399
939		Bon-Ton Stores, Inc		32,536
4,136	*	Cabela's, Inc		99,802
6,497		Casey's General Stores, Inc		153,004
865	*	Conn's, Inc		20,129
5,000		Fred's, Inc		60,200
2,782	*	Retail Ventures, Inc		52,969
3,748		Stein Mart, Inc		49,698
		TOTAL GENERAL MERCHANDISE STORES		886,234
HEALTH SERVICES - 1.55%
2,207	*	Alliance Imaging, Inc		14,677
3,470	*	Amedisys, Inc		114,059
4,136	*	Amsurg Corp		95,128
5,565	*	Apria Healthcare Group, Inc		148,307
1,354	*	Bio-Reference Labs, Inc		30,451
1,109	*	Corvel Corp		52,755
4,064	*	Cross Country Healthcare, Inc		88,676
680	*	eHealth, Inc		13,675
502	*	Emeritus Corp		12,475
3,778	*	Enzo Biochem, Inc		53,912
4,013	*	Five Star Quality Care, Inc		44,745
2,476	*	Genesis HealthCare Corp		116,941
1,747	*	Genomic Health, Inc		32,494
3,607	*	Gentiva Health Services, Inc		68,749

283

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,463	*	Healthways, Inc	$	212,930
2,066	*	Horizon Health Corp		40,432
3,756	*	Hythiam, Inc		34,705
3,559	*	Kindred Healthcare, Inc		89,865
2,694		LCA-Vision, Inc		92,566
1,473	*	LHC Group, Inc		41,995
4,807	*	Magellan Health Services, Inc		207,759
2,744	*	Matria Healthcare, Inc		78,835
1,076	*	Medcath Corp		29,439
887		National Healthcare Corp		48,962
12,092	*	Nektar Therapeutics		183,919
985	*	Nighthawk Radiology Holdings, Inc		25,118
4,218	*	Odyssey HealthCare, Inc		55,931
3,362		Option Care, Inc		47,909
6,884	*	Psychiatric Solutions, Inc		258,288
1,563	*	Radiation Therapy Services, Inc		49,266
2,156	*	RehabCare Group, Inc		32,017
3,115	*	Stereotaxis, Inc		32,147
3,103	*	Sun Healthcare Group, Inc		39,191
5,722	*	Sunrise Senior Living, Inc		175,780
2,203	*	Symbion, Inc		40,778
5,998	*	United Surgical Partners International, Inc		170,043
1,484	*	VistaCare, Inc (Class A)		15,063
		TOTAL HEALTH SERVICES		2,889,982
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.16%
4,483		Granite Construction, Inc		225,585
2,726	*	Matrix Service Co		43,889
1,248	*	Sterling Construction Co, Inc		27,156
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		296,630
HOLDING AND OTHER INVESTMENT OFFICES - 10.99%
4,314		Acadia Realty Trust		107,936
4,305	v*	Affordable Residential Communities LP		1,033
4,305	*	Affordable Residential Communities LP		50,153
1,160		Agree Realty Corp		39,869
241	*	Alexander's, Inc		101,136
3,824		Alexandria Real Estate Equities, Inc		383,930
2,829		American Campus Communities, Inc		80,542
17,494		American Financial Realty Trust		200,131
5,735		American Home Mortgage Investment Corp		201,413
7,179		Anthracite Capital, Inc		91,389
5,205		Anworth Mortgage Asset Corp		49,500
10,520		Apollo Investment Corp		235,648
1,522		Arbor Realty Trust, Inc		45,797
7,619		Ashford Hospitality Trust, Inc		94,857
8,807		BioMed Realty Trust, Inc		251,880
4,181		Capital Lease Funding, Inc		48,500
364		Capital Southwest Corp		45,951
1,372		Capital Trust, Inc (Class A)		68,518
1,220		CBRE Realty Finance, Inc		19,166
5,513		Cedar Shopping Centers, Inc		87,712
1,470		CentraCore Properties Trust		47,525
1,130		Cherokee, Inc		48,488

284

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,454		Compass Diversified Trust	$	24,936
4,296		Corporate Office Properties Trust		216,819
5,168		Cousins Properties, Inc		182,275
10,252		Crescent Real Estate Equities Co		202,477
872		Crystal River Capital, Inc		22,262
7,041		Deerfield Triarc Capital Corp		119,204
9,170		DiamondRock Hospitality Co		165,152
3,389		Digital Realty Trust, Inc		116,005
3,126		EastGroup Properties, Inc		167,429
3,205		Education Realty Trust, Inc		47,338
403	*	Enstar Group, Inc		38,648
3,410		Entertainment Properties Trust		199,280
7,329		Equity Inns, Inc		116,971
2,608		Equity Lifestyle Properties, Inc		141,953
5,003		Equity One, Inc		133,380
7,766		Extra Space Storage, Inc		141,807
8,239		FelCor Lodging Trust, Inc		179,940
6,196		Fieldstone Investment Corp		27,138
5,844		First Industrial Realty Trust, Inc		274,025
2,966		First Potomac Realty Trust		86,340
7,881		Franklin Street Properties Corp		165,895
19,736		Friedman Billings Ramsey Group, Inc (Class A)		157,888
2,336		Getty Realty Corp		72,182
1,437		Gladstone Capital Corp		34,287
1,942		Gladstone Investment Corp		29,732
4,778		Glimcher Realty Trust		127,620
4,925		GMH Communities Trust		49,989
2,581		Gramercy Capital Corp		79,727
2,698	*	Harris & Harris Group, Inc		32,619
6,208		Healthcare Realty Trust, Inc		245,464
4,462		Hersha Hospitality Trust		50,599
7,988		Highland Hospitality Corp		113,829
7,070		Highwoods Properties, Inc		288,173
4,612		Home Properties, Inc		273,353
6,774		HomeBanc Corp		28,654
9,933		IMPAC Mortgage Holdings, Inc		87,410
9,136		Inland Real Estate Corp		171,026
5,515		Innkeepers U.S.A. Trust		85,483
5,964		Investors Real Estate Trust		61,191
84,516		iShares Russell 2000 Index Fund		6,596,474
3,206		JER Investors Trust, Inc		66,268
3,449		Kite Realty Group Trust		64,220
10,517		KKR Financial Corp		281,750
5,188		LaSalle Hotel Properties		237,870
6,864		Lexington Corporate Properties Trust		153,891
3,013		LTC Properties, Inc		82,285
6,291		Luminent Mortgage Capital, Inc		61,086
6,153		Maguire Properties, Inc		246,120
5,449		Medical Properties Trust, Inc		83,370
10,685		MFA Mortgage Investments, Inc		82,168
3,078		Mid-America Apartment Communities, Inc		176,185
7,356	*	Mills Corp		147,120
3,609		MortgageIT Holdings, Inc		53,233
2,235		MVC Capital, Inc		29,860

285

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,234		National Health Investors, Inc	$	106,722
7,427		National Retail Properties, Inc		170,450
11,079		Nationwide Health Properties, Inc		334,807
5,878		Newcastle Investment Corp		184,099
2,483		Newkirk Realty Trust, Inc		44,793
7,558		NorthStar Realty Finance Corp		125,236
4,737		Novastar Financial, Inc		126,241
7,833		Omega Healthcare Investors, Inc		138,801
1,879		Parkway Properties, Inc		95,848
4,782		Pennsylvania Real Estate Investment Trust		188,315
5,757		Post Properties, Inc		263,095
5,044		Potlatch Corp		221,028
2,022		PS Business Parks, Inc		142,976
6,765		RAIT Investment Trust		233,257
2,216		Ramco-Gershenson Properties		84,518
13,090		Realty Income Corp		362,593
2,493		Redwood Trust, Inc		144,793
3,604		Republic Property Trust		41,590
413		Resource Capital Corp		7,000
1,509		Saul Centers, Inc		83,282
8,846		Senior Housing Properties Trust		216,550
2,625		Sovran Self Storage, Inc		150,360
13,294		Spirit Finance Corp		165,776
2,600	*	Star Maritime Acquisition Corp		25,506
9,882		Strategic Hotels & Resorts, Inc		215,329
2,358		Sun Communities, Inc		76,305
7,825		Sunstone Hotel Investors, Inc		209,162
4,174		Tanger Factory Outlet Centers, Inc		163,120
1,573		Tarragon Corp		19,143
8,988		Trustreet Properties, Inc		151,448
1,555		Universal Health Realty Income Trust		60,614
2,543		Urstadt Biddle Properties, Inc (Class A)		48,546
6,342		U-Store-It Trust		130,328
5,832		Washington Real Estate Investment Trust		233,280
4,207		Winston Hotels, Inc		55,743
5,156		Winthrop Realty Trust		35,319
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		20,477,447
HOTELS AND OTHER LODGING PLACES - 0.69%
3,490		Ameristar Casinos, Inc		107,283
4,711	*	Aztar Corp		256,373
2,802	*	Bluegreen Corp		35,950
5,434	*	Gaylord Entertainment Co		276,754
3,307	*	Great Wolf Resorts, Inc		46,166
1,959	*	Isle of Capri Casinos, Inc		52,070
2,549	*	Lodgian, Inc		34,666
2,963		Marcus Corp		75,794
1,387	*	Monarch Casino & Resort, Inc		33,122
2,278	*	Morgans Hotel Group Co		38,567
2,002	*	Outdoor Channel Holdings, Inc		25,686
1,481	*	Riviera Holdings Corp		35,781
4,279	*	Trump Entertainment Resorts, Inc		78,049
4,074	*	Vail Resorts, Inc		182,597
		TOTAL HOTELS AND OTHER LODGING PLACES		1,278,858

286

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.76%
1,067		Aaon, Inc	$	28,041
3,684		Actuant Corp (Class A)		175,543
3,507		Albany International Corp (Class A)		115,415
2,313	*	Allis-Chalmers Energy, Inc		53,292
993		Ampco-Pittsburgh Corp		33,246
2,192	*	Astec Industries, Inc		76,939
2,508	*	ASV, Inc		40,805
5,920	*	Asyst Technologies, Inc		43,275
12,994	*	Axcelis Technologies, Inc		75,755
525	*	Basin Water, Inc		3,554
2,363		Black Box Corp		99,222
5,338	*	Blount International, Inc		71,849
6,565		Briggs & Stratton Corp		176,927
10,022	*	Brooks Automation, Inc		144,317
4,128		Bucyrus International, Inc (Class A)		213,665
1,595		Cascade Corp		84,376
12,066	*	Cirrus Logic, Inc		83,014
2,210	*	Columbus McKinnon Corp		46,454
5,669		Curtiss-Wright Corp		210,207
4,872	*	Cymer, Inc		214,124
2,982	*	Dril-Quip, Inc		116,775
7,483	*	Electronics for Imaging, Inc		198,898
10,897	*	Emulex Corp		212,600
1,784	*	ENGlobal Corp		11,471
2,867	*	EnPro Industries, Inc		95,213
18,562	*	Entegris, Inc		200,841
15,410	*	Extreme Networks, Inc		64,568
1,448	*	Flanders Corp		14,335
36,961	*	Gateway, Inc		74,292
1,292	*	Gehl Co		35,569
6,680	*	Global Imaging Systems, Inc		146,626
2,967	*	Goodman Global, Inc		51,032
1,525		Gorman-Rupp Co		56,379
2,153	*	Hydril		161,884
6,497	*	Intermec, Inc		157,682
2,760	*	Intevac, Inc		71,622
1,778	*	Kadant, Inc		43,348
3,809		Kaydon Corp		151,370
4,000	*	Komag, Inc		151,520
7,430	*	Kulicke & Soffa Industries, Inc		62,412
1,376	*	LB Foster Co (Class A)		35,652
1,402		Lindsay Manufacturing Co		45,775
1,987		Lufkin Industries, Inc		115,405
5,208	*	Micros Systems, Inc		274,462
871	*	Middleby Corp		91,168
4,297		Modine Manufacturing Co		107,554
723		Nacco Industries, Inc (Class A)		98,762
1,923	*	NATCO Group, Inc (Class A)		61,305
4,528	*	Netgear, Inc		118,860
2,055		NN, Inc		25,544
3,770		Nordson Corp		187,859
6,570	*	Oil States International, Inc		211,751

287

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
12,169	*	Palm, Inc	$	171,461
5,501	*	Paxar Corp		126,853
3,374	*	ProQuest Co		35,258
29,632	*	Quantum Corp		68,746
3,558	*	Rackable Systems, Inc		110,191
2,795	*	RBC Bearings, Inc		80,105
1,654		Robbins & Myers, Inc		75,952
16,102	*	Safeguard Scientifics, Inc		38,967
1,276		Sauer-Danfoss, Inc		41,151
3,496	*	Scansource, Inc		106,278
2,939	*	Semitool, Inc		39,118
2,860	*	Sigma Designs, Inc		72,787
1,550		Standex International Corp		46,702
346	*	T-3 Energy Services, Inc		7,629
2,194	*	Tecumseh Products Co (Class A)		37,079
2,201		Tennant Co		63,829
1,944	*	TurboChef Technologies, Inc		33,087
3,201	*	Ultratech, Inc		39,948
8,268	*	VA Software Corp		41,588
3,763		Watsco, Inc		177,463
3,908		Woodward Governor Co		155,187
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		7,011,933
INSTRUMENTS AND RELATED PRODUCTS - 5.13%
2,463	*	Abaxis, Inc		47,413
3,003	*	Abiomed, Inc		42,342
8,696	*	Affymetrix, Inc		200,530
7,114	*	Align Technology, Inc		99,383
9,153	*	American Medical Systems Holdings, Inc		169,514
1,193	*	American Science & Engineering, Inc		70,995
1,800		Analogic Corp		101,052
2,495	*	Anaren, Inc		44,311
1,666	*	Angiodynamics, Inc		35,802
1,638	*	Argon ST, Inc		35,283
2,934		Arrow International, Inc		103,805
3,557	*	Arthrocare Corp		141,995
2,351	*	Aspect Medical Systems, Inc		44,222
1,779		Badger Meter, Inc		49,278
2,406	*	Bio-Rad Laboratories, Inc (Class A)		198,543
2,141	*	Biosite, Inc		104,588
5,625	*	Bruker BioSciences Corp		42,244
2,926	*	Candela Corp		36,195
6,893	*	Cepheid, Inc		58,591
3,959	*	Cerus Corp		23,200
3,982	*	Coherent, Inc		125,712
2,906		Cohu, Inc		58,585
3,864	*	Conmed Corp		89,336
12,935	*	Credence Systems Corp		67,262
3,032	*	Cyberonics, Inc		62,580
1,600		Datascope Corp		58,304
5,025	*	Depomed, Inc		17,336
2,340	*	DexCom, Inc		23,072
2,588	*	Dionex Corp		146,765
2,924	*	DJ Orthopedics, Inc		125,206

288

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
191	*	DXP Enterprises, Inc	$	6,693
812	*	Eagle Test Systems, Inc		11,839
2,013		EDO Corp		47,789
3,476	*	ESCO Technologies, Inc		157,949
3,423	*	Esterline Technologies Corp		137,707
2,120	*	ev3, Inc		36,528
1,423	*	Excel Technology, Inc		36,415
2,998	*	FEI Co		79,057
8,559	*	Flir Systems, Inc		272,433
5,910	*	Formfactor, Inc		220,148
5,904	*	Fossil, Inc		133,312
2,777	*	Foxhollow Technologies, Inc		59,928
3,588	*	Haemonetics Corp		161,532
4,384	*	HealthTronics, Inc		29,197
2,000	*	Herley Industries, Inc		32,380
7,005	*	Hologic, Inc		331,196
1,857	*	ICU Medical, Inc		75,543
2,950	*	I-Flow Corp		44,103
3,026	*	II-VI, Inc		84,546
6,159	*	Illumina, Inc		242,110
9,533	*	Input/Output, Inc		129,935
2,576	*	Integra LifeSciences Holdings Corp		109,712
2,721	*	Intralase Corp		60,896
4,258		Invacare Corp		104,534
3,734	*	Ionatron, Inc		15,309
2,250	*	IRIS International, Inc		28,463
3,422	*	Itron, Inc		177,396
5,387	*	Ixia		51,715
1,468	*	Kensey Nash Corp		46,682
9,150	*	Kopin Corp		32,666
5,745	*	Kyphon, Inc		232,098
8,457	*	L-1 Identity Solutions, Inc		127,954
7,421	*	LTX Corp		41,558
1,706	*	Measurement Specialties, Inc		36,918
1,209	*	Medical Action Industries, Inc		38,978
4,723		Mentor Corp		230,813
3,768	*	Merit Medical Systems, Inc		59,685
3,929		Mine Safety Appliances Co		143,998
4,959	*	MKS Instruments, Inc		111,974
2,405	*	Molecular Devices Corp		50,673
2,451		Movado Group, Inc		71,079
2,358		MTS Systems Corp		91,066
2,685	*	Natus Medical, Inc		44,598
1,578	*	Neurometrix, Inc		23,528
5,528	*	Newport Corp		115,812
670	*	Nextest Systems Corp		7,551
1,666	*	Northstar Neuroscience, Inc		23,957
4,196	*	NuVasive, Inc		96,928
1,336	*	NxStage Medical, Inc		11,196
3,395		Oakley, Inc		68,104
531	*	OYO Geospace Corp		30,846
2,207	*	Palomar Medical Technologies, Inc		111,829
1,992	*	Photon Dynamics, Inc		23,286
2,886		PolyMedica Corp		116,623

289

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
3,922	*	RAE Systems, Inc	$	12,550
2,066	*	Rofin-Sinar Technologies, Inc		124,910
3,183	*	Rudolph Technologies, Inc		50,673
6,905	*	Sirf Technology Holdings, Inc		176,216
2,371		Sirona Dental Systems, Inc		91,307
3,304	*	Sonic Solutions, Inc		53,855
2,265	*	SonoSite, Inc		70,056
3,878	*	Spectranetics Corp		43,783
8,780		STERIS Corp		220,993
4,573	*	Symmetry Medical, Inc		63,245
4,412	*	Teledyne Technologies, Inc		177,054
7,165	*	ThermoGenesis Corp		30,881
6,788	*	Thoratec Corp		119,333
1,193		United Industrial Corp		60,545
3,956	*	Varian, Inc		177,189
3,822	*	Veeco Instruments, Inc		71,586
3,890	*	Ventana Medical Systems, Inc		167,387
4,367	*	Viasys Healthcare, Inc		121,490
2,191	*	Vital Images, Inc		76,247
865		Vital Signs, Inc		43,181
864	*	Volcano Corp		14,161
4,642	*	Wright Medical Group, Inc		108,066
3,538		X-Rite, Inc		43,517
530		Young Innovations, Inc		17,649
1,343	*	Zoll Medical Corp		78,216
2,393	*	Zygo Corp		39,365
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		9,545,664
INSURANCE AGENTS, BROKERS AND SERVICE - 0.33%
2,041		Clark, Inc		33,942
2,644		Crawford & Co (Class B)		19,301
4,713		Hilb Rogal & Hobbs Co		198,512
1,214		James River Group, Inc		39,236
5,052		National Financial Partners Corp		222,136
5,899	*	USI Holdings Corp		90,609
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		603,736
INSURANCE CARRIERS - 2.63%
4,554		21st Century Insurance Group		80,378
790	*	ACA Capital Holdings, Inc		12,213
1,231		Affirmative Insurance Holdings, Inc		20,028
4,230		Alfa Corp		79,566
7,142		American Equity Investment Life Holding Co		93,060
1,278	*	American Physicians Capital, Inc		51,171
6,723	*	AMERIGROUP Corp		241,288
3,000		Amtrust Financial Services, Inc		25,650
4,219	*	Argonaut Group, Inc		147,074
1,168		Baldwin & Lyons, Inc (Class B)		29,831
1,946		Bristol West Holdings, Inc		30,805
5,746	*	Centene Corp		141,179
1,957	*	CNA Surety Corp		42,076
7,066		Commerce Group, Inc		210,214
597	*	Darwin Professional Underwriters, Inc		14,000
5,509		Delphi Financial Group, Inc (Class A)		222,894

290

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,882		Direct General Corp	$	38,844
1,924		Donegal Group, Inc (Class A)		37,691
791		EMC Insurance Group, Inc		26,989
1,707		FBL Financial Group, Inc (Class A)		66,710
2,176	*	First Acceptance Corp		23,327
1,480	*	First Mercury Financial Corp		34,810
1,289	*	Fpic Insurance Group, Inc		50,232
1,097		Great American Financial Resources, Inc		25,286
1,668		Harleysville Group, Inc		58,080
3,762	*	HealthExtras, Inc		90,664
2,301	*	Healthspring, Inc		46,825
5,796		Horace Mann Educators Corp		117,079
918		Independence Holding Co		20,040
2,688		Infinity Property & Casualty Corp		130,072
445		Kansas City Life Insurance Co		22,286
2,301		LandAmerica Financial Group, Inc		145,216
3,355	*	Meadowbrook Insurance Group, Inc		33,181
1,528		Midland Co		64,100
1,620	*	Molina Healthcare, Inc		52,666
1,969		National Interstate Corp		47,847
302		National Western Life Insurance Co (Class A)		69,502
1,708	*	Navigators Group, Inc		82,291
755		NYMAGIC, Inc		27,633
1,656		Odyssey Re Holdings Corp		61,769
8,259		Ohio Casualty Corp		246,201
14,967		Phoenix Cos, Inc		237,826
4,635	*	PMA Capital Corp (Class A)		42,735
2,636		Presidential Life Corp		57,860
4,307	*	ProAssurance Corp		215,005
2,851		RLI Corp		160,853
1,811		Safety Insurance Group, Inc		91,836
1,427	*	SCPIE Holdings, Inc		37,302
2,250	*	SeaBright Insurance Holdings, Inc		40,523
3,800		Selective Insurance Group, Inc		217,702
1,918		State Auto Financial Corp		66,612
2,207		Stewart Information Services Corp		95,696
2,312		Tower Group, Inc		71,834
1,497	*	Triad Guaranty, Inc		82,140
2,817		United Fire & Casualty Co		99,299
4,967	*	Universal American Financial Corp		92,585
4,777		Zenith National Insurance Corp		224,089
		TOTAL INSURANCE CARRIERS		4,894,665
JUSTICE, PUBLIC ORDER AND SAFETY - 0.05%
2,628	*	Geo Group, Inc		98,603
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		98,603
LEATHER AND LEATHER PRODUCTS - 0.44%
1,291	*	CROCS, Inc		55,771
3,146	*	Genesco, Inc		117,346
6,172	*	Iconix Brand Group, Inc		119,675
2,837		Steven Madden Ltd		99,550
6,464	*	Timberland Co (Class A)		204,133
1,002		Weyco Group, Inc		24,900

291

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
7,261		Wolverine World Wide, Inc	$	207,084
		TOTAL LEATHER AND LEATHER PRODUCTS		828,459
LEGAL SERVICES - 0.11%
5,369	*	FTI Consulting, Inc		149,741
1,258	*	Pre-Paid Legal Services, Inc		49,226
		TOTAL LEGAL SERVICES		198,967
LUMBER AND WOOD PRODUCTS - 0.19%
1,468		American Woodmark Corp		61,436
9,903	*	Champion Enterprises, Inc		92,692
1,324		Deltic Timber Corp		73,853
783		Skyline Corp		31,492
2,183		Universal Forest Products, Inc		101,771
		TOTAL LUMBER AND WOOD PRODUCTS		361,244
METAL MINING - 0.45%
5,427		Cleveland-Cliffs, Inc		262,884
35,686	*	Coeur d'Alene Mines Corp		176,646
15,464	*	Hecla Mining Co		118,454
6,614	*	Rosetta Resources, Inc		123,483
2,540		Royal Gold, Inc		91,389
5,474	*	Stillwater Mining Co		68,370
		TOTAL METAL MINING		841,226
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.61%
3,311		Blyth, Inc		68,703
9,770		Callaway Golf Co		140,786
5,053		Daktronics, Inc		186,203
3,569	*	Jakks Pacific, Inc		77,947
6,100	*	K2, Inc		80,459
1,245		Marine Products Corp		14,616
4,480		Nautilus, Inc		62,720
4,264	*	Progressive Gaming International Corp		38,674
2,619	*	RC2 Corp		115,236
1,403	*	Russ Berrie & Co, Inc		21,676
4,446	*	Shuffle Master, Inc		116,485
963	*	Steinway Musical Instruments, Inc		29,901
5,486		Yankee Candle Co, Inc		188,060
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,141,466
MISCELLANEOUS RETAIL - 1.05%
3,591	*	1-800-FLOWERS.COM, Inc (Class A)		22,121
2,035	*	AC Moore Arts & Crafts, Inc		44,098
2,996		Big 5 Sporting Goods Corp		73,162
1,834	*	Blue Nile, Inc		67,656
1,920		Books-A-Million, Inc		43,546
8,337		Borders Group, Inc		186,332
1,901	*	Build-A-Bear Workshop, Inc		53,266
3,958		Cash America International, Inc		185,630
6,624	*	CKX, Inc		77,700
3,073	*	dELiA*s, Inc		32,236
10,324	*	Drugstore.com, Inc		37,786
4,813	*	Ezcorp, Inc (Class A)		78,211

292

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,076	*	GSI Commerce, Inc	$	95,175
4,077	*	Hibbett Sporting Goods, Inc		124,471
4,076		Longs Drug Stores Corp		172,741
1,453	*	Overstock.com, Inc		22,957
3,023	*	Priceline.com, Inc		131,833
884	*	Pricesmart, Inc		15,832
2,301	*	Stamps.com, Inc		36,241
1,117	*	Systemax, Inc		19,492
3,900	*	Valuevision International, Inc (Class A)		51,246
3,726		World Fuel Services Corp		165,658
6,188	*	Zale Corp		174,563
1,717	*	Zumiez, Inc		50,720
		TOTAL MISCELLANEOUS RETAIL		1,962,673
MOTION PICTURES - 0.55%
5,473	*	Avid Technology, Inc		203,924
25,934	*	Blockbuster, Inc (Class A)		137,191
1,873		Carmike Cinemas, Inc		38,190
11,343	*	Denny's Corp		53,426
2,281	*	Gaiam, Inc (Class A)		31,204
6,944	*	Macrovision Corp		196,237
18,620	d*	Time Warner Telecom, Inc (Class A)		371,097
		TOTAL MOTION PICTURES		1,031,269
NONDEPOSITORY INSTITUTIONS - 0.87%
2,737	*	Accredited Home Lenders Holding Co		74,665
8,687		Advance America Cash Advance Centers, Inc		127,265
2,492		Advanta Corp (Class B)		108,726
6,615		Ares Capital Corp		126,413
1,455		Asta Funding, Inc		44,290
6,683		CharterMac		143,484
2,759	*	CompuCredit Corp		109,836
1,255	*	Credit Acceptance Corp		41,829
11,060	*	Doral Financial Corp		31,742
1,541	b,m*	DVI, Inc		2
1,507		Federal Agricultural Mortgage Corp (Class C)		40,885
3,640		Financial Federal Corp		107,052
3,630	*	First Cash Financial Services, Inc		93,908
5,676	*	INVESTools, Inc		78,272
7,456		MCG Capital Corp		151,506
2,091		Medallion Financial Corp		25,866
2,208		NGP Capital Resources Co		36,984
4,364	*	Ocwen Financial Corp		69,213
1,110	*	Penson Worldwide, Inc		30,425
2,406		Technology Investment Capital Corp		38,833
1,449	*	United PanAm Financial Corp		19,938
2,349	*	World Acceptance Corp		110,286
		TOTAL NONDEPOSITORY INSTITUTIONS		1,611,420
NONMETALLIC MINERALS, EXCEPT FUELS - 0.11%
2,959		AMCOL International Corp		82,083
4,126		Compass Minerals International, Inc		130,217
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		212,300

293

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
OIL AND GAS EXTRACTION - 3.09%
1,498	*	Arena Resources, Inc	$	63,980
2,248	*	Atlas America, Inc		114,581
2,724	*	ATP Oil & Gas Corp		107,789
3,455	*	Atwood Oceanics, Inc		169,191
11,325	*	Aurora Oil & Gas Corp		36,353
1,760	*	Basic Energy Services, Inc		43,384
4,556		Berry Petroleum Co (Class A)		141,282
3,836	*	Bill Barrett Corp		104,378
2,198	*	Bois d'Arc Energy, Inc		32,157
5,822	*	Brigham Exploration Co		42,559
1,790	*	Bronco Drilling Co, Inc		30,770
2,558	*	Callon Petroleum Co		38,447
2,800	*	Carrizo Oil & Gas, Inc		81,256
641	*	Clayton Williams Energy, Inc		23,275
3,401	*	Complete Production Services, Inc		72,101
5,557	*	Comstock Resources, Inc		172,600
1,039	*	Dawson Geophysical Co		37,851
4,576		Delta & Pine Land Co		185,099
7,117	*	Delta Petroleum Corp		164,830
2,158	*	Edge Petroleum Corp		39,362
6,899	*	Encore Acquisition Co		169,232
5,196	*	Energy Partners Ltd		126,886
7,110	*	EXCO Resources, Inc		120,230
3,766	*	Exploration Co of Delaware, Inc		50,238
10,248	*	Gasco Energy, Inc		25,108
4,329	*	GeoGlobal Resources, Inc		33,983
1,123	*	Geomet, Inc		11,679
1,078	*	GMX Resources, Inc		38,269
1,624	*	Goodrich Petroleum Corp		58,756
26,268	*	Grey Wolf, Inc		180,198
1,687	*	Gulfport Energy Corp		22,926
13,338	*	Hanover Compressor Co		251,955
4,610	*	Harvest Natural Resources, Inc		49,004
2,517	*	Hercules Offshore, Inc		72,741
3,758	*	Houston Exploration Co		194,589
9,814	*	Mariner Energy, Inc		192,354
3,152	*	McMoRan Exploration Co		44,821
10,767	*	Meridian Resource Corp		33,270
2,070	*	Metretek Technologies, Inc		25,502
12,409	*	Newpark Resources, Inc		89,469
5,132	*	Parallel Petroleum Corp		90,169
14,723	*	Parker Drilling Co		120,287
800	v*	PetroCorp		0
18,419	*	PetroHawk Energy Corp		211,819
1,769	*	Petroleum Development Corp		76,155
5,661	*	Petroquest Energy, Inc		72,121
5,342	*	Pioneer Drilling Co		70,942
83	*	PrimeEnergy Corp		5,354
2,674	*	Quest Resource Corp		27,007
3,318	*	RAM Energy Resources, Inc		18,282
4,030		RPC, Inc		68,026
3,432	*	Stone Energy Corp		121,321
4,628	*	Sulphco, Inc		21,844

294

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,427	*	Superior Well Services, Inc	$	36,474
3,879	*	Swift Energy Co		173,818
5,078	*	Syntroleum Corp		17,570
1,443	*	Toreador Resources Corp		37,186
8,335	*	Transmeridian Exploration, Inc		28,756
1,471	*	Trico Marine Services, Inc		56,354
1,790	*	Union Drilling, Inc		25,203
8,043	*	Vaalco Energy, Inc		54,290
1,570	*	Venoco, Inc		27,569
4,697	*	Veritas DGC, Inc		402,204
7,264	*	Warren Resources, Inc		85,134
3,850	*	W-H Energy Services, Inc		187,457
4,804	*	Whiting Petroleum Corp		223,866
		TOTAL OIL AND GAS EXTRACTION		5,751,663
PAPER AND ALLIED PRODUCTS - 0.80%
7,555		Bowater, Inc		169,988
4,903	*	Buckeye Technologies, Inc		58,738
3,719	*	Caraustar Industries, Inc		30,087
6,912	*	Cenveo, Inc		146,534
2,598		Chesapeake Corp		44,218
5,603		Glatfelter		86,847
10,216	*	Graphic Packaging Corp		44,235
2,211		Greif, Inc (Class A)		261,782
8,469		Longview Fibre Co		185,895
3,465	*	Mercer International, Inc		41,130
2,022		Neenah Paper, Inc		71,417
7,077	*	Playtex Products, Inc		101,838
4,061		Rock-Tenn Co (Class A)		110,094
1,927		Schweitzer-Mauduit International, Inc		50,198
5,793		Wausau Paper Corp		86,837
		TOTAL PAPER AND ALLIED PRODUCTS		1,489,838
PERSONAL SERVICES - 0.38%
4,082		Coinmach Service Corp (Class A)		48,576
3,605	*	Coinstar, Inc		110,205
2,906		G & K Services, Inc (Class A)		113,014
4,354		Jackson Hewitt Tax Service, Inc		147,905
5,940		Regis Corp		234,868
1,193		Unifirst Corp		45,823
		TOTAL PERSONAL SERVICES		700,391
PETROLEUM AND COAL PRODUCTS - 0.33%
1,501		Alon USA Energy, Inc		39,491
1,410		Delek US Holdings, Inc		23,110
2,811		ElkCorp		115,504
1,990	*	Giant Industries, Inc		149,151
5,789	*	Headwaters, Inc		138,704
2,158		WD-40 Co		75,249
2,950		Western Refining, Inc		75,107
		TOTAL PETROLEUM AND COAL PRODUCTS		616,316
PRIMARY METAL INDUSTRIES - 1.93%
14,279	*	AK Steel Holding Corp		241,315

295

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
5,738		Belden CDT, Inc	$	224,298
2,473	*	Brush Engineered Materials, Inc		83,513
3,120	*	Century Aluminum Co		139,308
6,008		Chaparral Steel Co		265,974
7,790	*	CommScope, Inc		237,439
3,246		Encore Wire Corp		71,444
6,751	*	General Cable Corp		295,086
3,357		Gibraltar Industries, Inc		78,923
3,965	*	Lone Star Technologies, Inc		191,946
4,335		Matthews International Corp (Class A)		170,582
4,696		Mueller Industries, Inc		148,863
1,084		Olympic Steel, Inc		24,097
4,779	*	Oregon Steel Mills, Inc		298,257
5,069		Quanex Corp		175,337
2,941	*	RTI International Metals, Inc		230,045
3,070		Schnitzer Steel Industries, Inc (Class A)		121,879
1,520		Steel Technologies, Inc		26,676
2,608	*	Superior Essex, Inc		86,716
2,965		Texas Industries, Inc		190,442
4,468		Tredegar Corp		101,021
1,518	*	Wheeling-Pittsburgh Corp		28,432
9,478		Worthington Industries, Inc		167,950
		TOTAL PRIMARY METAL INDUSTRIES		3,599,543
PRINTING AND PUBLISHING - 1.27%
6,105	*	ACCO Brands Corp		161,599
6,869		American Greetings Corp (Class A)		163,963
3,279		Banta Corp		119,356
11,770		Belo (A.H.) Corp (Class A)		216,215
3,734		Bowne & Co, Inc		59,520
1,430	*	Consolidated Graphics, Inc		84,470
1,425		Courier Corp		55,532
932		CSS Industries, Inc		32,965
3,248		Ennis, Inc		79,446
2,010		GateHouse Media, Inc		37,306
3,623		John H Harland Co		181,875
5,719		Journal Communications, Inc (Class A)		72,117
5,196		Journal Register Co		37,931
6,185		Lee Enterprises, Inc		192,106
3,432		Martha Stewart Living Omnimedia, Inc (Class A)		75,161
2,777		Media General, Inc (Class A)		103,221
2,755	*	Playboy Enterprises, Inc (Class B)		31,572
3,771	*	Presstek, Inc		23,984
25,073	*	Primedia, Inc		42,373
2,803	*	Private Media Group Ltd		11,296
13,018		Reader's Digest Association, Inc		217,401
2,021		Schawk, Inc		39,490
4,729	*	Scholastic Corp		169,487
2,112		Standard Register Co		25,344
8,993	*	Sun-Times Media Group, Inc (Class A)		44,156
6,470	*	Valassis Communications, Inc		93,815
		TOTAL PRINTING AND PUBLISHING		2,371,701

296

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
RAILROAD TRANSPORTATION - 0.22%
4,707		Florida East Coast Industries	$	280,537
4,833	*	Genesee & Wyoming, Inc (Class A)		126,818
		TOTAL RAILROAD TRANSPORTATION		407,355
REAL ESTATE - 0.11%
1,706		California Coastal Communities, Inc		36,594
804		Consolidated-Tomoka Land Co		58,210
2,566	*	Housevalues, Inc		14,447
290	*	LoopNet, Inc		4,344
782		Orleans Homebuilders, Inc		14,702
13,212		Stewart Enterprises, Inc (Class A)		82,575
		TOTAL REAL ESTATE		210,872
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.55%
778	*	AEP Industries, Inc		41,475
8,512		Cooper Tire & Rubber Co		121,722
1,462	*	Deckers Outdoor Corp		87,647
820	*	Metabolix, Inc		15,531
1,363		PW Eagle, Inc		47,024
3,058		Schulman (A.), Inc		68,041
1,530	*	Skechers U.S.A., Inc (Class A)		50,964
4,320		Spartech Corp		113,270
2,034		Titan International, Inc		40,985
1,590	*	Trex Co, Inc		36,395
8,204		Tupperware Corp		185,492
4,165		West Pharmaceutical Services, Inc		213,373
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,021,919
SECURITY AND COMMODITY BROKERS - 1.01%
2,982		Calamos Asset Management, Inc (Class A)		80,007
1,648		Cohen & Steers, Inc		66,200
714		GAMCO Investors, Inc (Class A)		27,460
1,552	*	GFI Group, Inc		96,628
2,273		Greenhill & Co, Inc		167,747
5,110		International Securities Exchange, Inc		239,097
840	*	KBW, Inc		24,688
13,636	*	Knight Capital Group, Inc (Class A)		261,402
6,898	*	LaBranche & Co, Inc		67,807
4,320	*	MarketAxess Holdings, Inc		58,622
1,844	*	Morningstar, Inc		83,072
2,708		optionsXpress Holdings, Inc		61,445
2,427	*	Piper Jaffray Cos		158,119
2,080		Sanders Morris Harris Group, Inc		26,562
1,493	*	Stifel Financial Corp		58,570
2,141		SWS Group, Inc		76,434
957	*	Thomas Weisel Partners Group, Inc		20,193
143		Value Line, Inc		6,499
11,108		Waddell & Reed Financial, Inc (Class A)		303,915
		TOTAL SECURITY AND COMMODITY BROKERS		1,884,467
SOCIAL SERVICES - 0.14%
3,491	*	Bright Horizons Family Solutions, Inc		134,962
3,225	*	Capital Senior Living Corp		34,314
1,516	*	Providence Service Corp		38,097

297

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
2,797	*	Res-Care, Inc	$	50,766
		TOTAL SOCIAL SERVICES		258,139
SPECIAL TRADE CONTRACTORS - 0.39%
471		Alico, Inc		23,847
3,423		Chemed Corp		126,583
5,008		Comfort Systems USA, Inc		63,301
5,189	*	Dycom Industries, Inc		109,592
4,088	*	EMCOR Group, Inc		232,403
3,449	*	Insituform Technologies, Inc (Class A)		89,191
1,701	*	Integrated Electrical Services, Inc		30,261
1,559	*	Layne Christensen Co		51,182
		TOTAL SPECIAL TRADE CONTRACTORS		726,360
STONE, CLAY, AND GLASS PRODUCTS - 0.17%
3,592		Apogee Enterprises, Inc		69,362
3,301	*	Cabot Microelectronics Corp		112,036
2,774		CARBO Ceramics, Inc		103,664
4,314	*	US Concrete, Inc		30,716
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		315,778
TEXTILE MILL PRODUCTS - 0.06%
1,954		Oxford Industries, Inc		97,016
2,194		Xerium Technologies, Inc		21,479
		TOTAL TEXTILE MILL PRODUCTS		118,495
TOBACCO PRODUCTS - 0.14%
3,310		Universal Corp		162,223
5,202		Vector Group Ltd		92,336
		TOTAL TOBACCO PRODUCTS		254,559
TRANSPORTATION BY AIR - 0.84%
7,598	*	ABX Air, Inc		52,654
1,411	*	Air Methods Corp		39,395
11,754	*	Airtran Holdings, Inc		137,992
5,269	*	Alaska Air Group, Inc		208,126
2,617	*	Atlas Air Worldwide Holdings, Inc		116,457
2,966	*	Bristow Group, Inc		107,043
3,980	*	EGL, Inc		118,524
6,234	*	ExpressJet Holdings, Inc		50,495
4,530	*	Frontier Airlines Holdings, Inc		33,522
22,749	*	JetBlue Airways Corp		323,036
4,836	*	Mesa Air Group, Inc		41,445
1,601	*	PHI, Inc		52,401
4,260	*	Republic Airways Holdings, Inc		71,483
8,266		Skywest, Inc		210,866
		TOTAL TRANSPORTATION BY AIR		1,563,439
TRANSPORTATION EQUIPMENT - 2.08%
2,659		A.O. Smith Corp		99,872
4,865	*	AAR Corp		142,009
3,003	*	Accuride Corp		33,814
2,807	*	Aftermarket Technology Corp		59,733
7,006		American Axle & Manufacturing Holdings, Inc		133,044

298

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,100		American Railcar Industries, Inc	$	37,444
1,960		Arctic Cat, Inc		34,476
9,505		ArvinMeritor, Inc		173,276
10,109	*	BE Aerospace, Inc		259,599
6,718		Clarcor, Inc		227,136
1,923	*	Comtech Group, Inc		34,979
6,176		Federal Signal Corp		99,063
8,368	*	Fleetwood Enterprises, Inc		66,191
1,587		Freightcar America, Inc		87,999
1,473	*	Fuel Systems Solutions, Inc		32,524
7,659	*	GenCorp, Inc		107,379
1,309	*	GenTek, Inc		45,278
1,911		Greenbrier Cos, Inc		57,330
3,189		Group 1 Automotive, Inc		164,935
2,813		Heico Corp		109,229
2,507	*	K&F Industries Holdings, Inc		56,934
3,152		Kaman Corp		70,573
1,358	*	Miller Industries, Inc		32,592
3,249		Monaco Coach Corp		46,006
8,150	*	Navistar International Corp		272,455
1,463		Noble International Ltd		29,333
8,031	*	Orbital Sciences Corp		148,092
5,229		Polaris Industries, Inc		244,874
871	*	Sequa Corp (Class A)		100,217
2,716		Superior Industries International, Inc		52,337
6,091	*	Tenneco, Inc		150,570
1,460	*	TransDigm Group, Inc		38,705
1,975		Triumph Group, Inc		103,549
16,345	*	Visteon Corp		138,606
4,056		Wabash National Corp		61,246
6,225		Westinghouse Air Brake Technologies Corp		189,116
4,194		Winnebago Industries, Inc		138,025
		TOTAL TRANSPORTATION EQUIPMENT		3,878,540
TRANSPORTATION SERVICES - 0.43%
2,677		Ambassadors Group, Inc		81,247
958		Ambassadors International, Inc		43,704
1,491	*	Dynamex, Inc		34,830
5,379	*	HUB Group, Inc (Class A)		148,191
8,780	*	Lear Corp		259,273
4,857		Pacer International, Inc		144,593
5,102	*	RailAmerica, Inc		82,040
		TOTAL TRANSPORTATION SERVICES		793,878
TRUCKING AND WAREHOUSING - 0.44%
3,231		Arkansas Best Corp		116,316
3,052	*	Celadon Group, Inc		51,121
4,318		Forward Air Corp		124,920
8,177		Heartland Express, Inc		122,819
1,834	*	Marten Transport Ltd		33,617
3,647	*	Old Dominion Freight Line		87,783
782	*	P.A.M. Transportation Services, Inc		17,220
246	*	Patriot Transportation Holding, Inc		22,967
941	*	Quality Distribution, Inc		12,534

299

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
1,840	*	Saia, Inc	$	42,706
6,776	*	SIRVA, Inc		23,580
1,067	*	U.S. Xpress Enterprises, Inc (Class A)		17,573
712	*	Universal Truckload Services, Inc		16,910
1,197	*	USA Truck, Inc		19,212
6,630		Werner Enterprises, Inc		115,892
		TOTAL TRUCKING AND WAREHOUSING		825,170
WATER TRANSPORTATION - 0.28%
4,101	*	American Commercial Lines, Inc		268,657
2,060	*	Gulfmark Offshore, Inc		77,065
1,792		Horizon Lines, Inc (Class A)		48,312
3,296	*	Hornbeck Offshore Services, Inc		117,667
		TOTAL WATER TRANSPORTATION		511,701
WHOLESALE TRADE-DURABLE GOODS - 1.25%
4,199		Agilysys, Inc		70,291
6,051		Applied Industrial Technologies, Inc		159,202
5,114		Barnes Group, Inc		111,230
5,664	*	Beacon Roofing Supply, Inc		106,596
1,648		BlueLinx Holdings, Inc		17,139
3,988		Building Material Holding Corp		98,464
1,173		Castle (A.M.) & Co		29,853
2,941	*	Conceptus, Inc		62,614
3,464	*	Digi International, Inc		47,769
2,551	*	Drew Industries, Inc		66,352
4,468	*	Genesis Microchip, Inc		45,306
990	*	Houston Wire & Cable Co		20,691
14,752		IKON Office Solutions, Inc		241,490
6,238	*	Insight Enterprises, Inc		117,711
3,425	*	Interline Brands, Inc		76,960
2,083	*	Keystone Automotive Industries, Inc		70,801
7,734		Knight Transportation, Inc		131,865
584		Lawson Products, Inc		26,800
5,930	*	LKQ Corp		136,331
3,497	*	Merge Technologies, Inc		22,940
885	*	MWI Veterinary Supply, Inc		28,586
5,096		Owens & Minor, Inc		159,352
7,427		PEP Boys-Manny Moe & Jack		110,365
8,648	*	PSS World Medical, Inc		168,895
3,338		Ryerson Tull, Inc		83,750
5,271	*	Tyler Technologies, Inc		74,110
1,998	*	West Marine, Inc		34,505
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,319,968
WHOLESALE TRADE-NONDURABLE GOODS - 1.25%
6,347	*	Akorn, Inc		39,669
13,039	*	Alliance One International, Inc		92,055
5,988	*	Allscripts Healthcare Solutions, Inc		161,616
1,757		Andersons, Inc		74,479
3,988	*	Central European Distribution Corp		118,444
1,225	*	Core-Mark Holding Co, Inc		40,976
83	b,m*	Daisytek International Corp		0
626	*	Green Mountain Coffee Roasters, Inc		30,818

300

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Small-Cap Blend Index Fund
SHARES		COMPANY		VALUE
4,186	*	Hain Celestial Group, Inc	$	130,645
1,276		Kenneth Cole Productions, Inc (Class A)		30,611
3,510		K-Swiss, Inc (Class A)		107,897
428	*	Maui Land & Pineapple Co, Inc		14,518
6,156		Men's Wearhouse, Inc		235,529
3,701		Myers Industries, Inc		57,958
1,682		Nash Finch Co		45,919
7,769		Nu Skin Enterprises, Inc (Class A)		141,629
1,942	*	Nuco2, Inc		47,754
957	*	Perry Ellis International, Inc		39,237
2,974	*	School Specialty, Inc		111,495
1,872	*	Smart & Final, Inc		35,381
5,099	*	Source Interlink Cos, Inc		41,608
2,544		Spartan Stores, Inc		53,246
4,664		Stride Rite Corp		70,333
12,864	*	Terra Industries, Inc		154,111
5,639	*	United Natural Foods, Inc		202,553
4,211	*	United Stationers, Inc		196,612
273	*	Valley National Gases, Inc		7,221
1,643	*	Volcom, Inc		48,558
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,330,872
		TOTAL COMMON STOCKS
		(Cost 162,251,241)		185,183,684
WARRANTS - 0.00%
COMMUNICATIONS - 0.00%**
5	v*	RCN Corp Wts		0
		TOTAL COMMUNICATIONS		0
		TOTAL WARRANTS
		(Cost - $0)		0
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.58%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.58%
$     1,080,000	d	Federal Home Loan Bank (FHLB), 4.800%, 01/02/07		1,079,418
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		1,079,418
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $1,079,856)		1,079,418
		TOTAL PORTFOLIO - 99.98%
		(Cost $163,331,097)		186,263,102
		OTHER ASSETS & LIABILITIES, NET - 0.02%		29,798
		NET ASSETS - 100.00%	$	186,292,900
	*	Non-income producing
	**	Percentage represents less than 0.01%
	b	In bankruptcy
	d	All or a portion of these securities have been segregated by the custodian to cover margin
		or other requirements on futures contracts in the amount of $61,783.
	m	Indicates a security has been deemed illiquid.
	v	Security valued at fair value.

301

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY INDEX FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.87%
AGRICULTURAL PRODUCTION-CROPS - 0.11%
27,374		Gallaher Group plc	$	614,499
		TOTAL AGRICULTURAL PRODUCTION-CROPS		614,499
AGRICULTURAL SERVICES - 0.03%
8,287		Yara International ASA		188,395
		TOTAL AGRICULTURAL SERVICES		188,395
AMUSEMENT AND RECREATION SERVICES - 0.59%
13,150		Aristocrat Leisure Ltd		165,041
698	*	bwin Interactive Entertainment		14,963
23,873		Ladbrokes plc		195,502
2,312		Lottomatica S.p.A.		96,197
4,200		Nintendo Co Ltd		1,090,542
8,950		OPAP S.A.		345,926
1,800		Oriental Land Co Ltd		94,231
1,341		Paddy Power plc		26,659
32,599		PartyGaming plc		20,265
4,965		Publishing & Broadcasting Ltd		83,673
23,536		Rank Group plc		107,719
13		Round One Corp		38,452
6,900		Sega Sammy Holdings, Inc		186,118
14,057		Sky City Entertainment Group Ltd		50,906
21,780		TABCORP Holdings Ltd		289,685
55,380		Tattersall's Ltd		170,922
13,692		William Hill plc		169,431
		TOTAL AMUSEMENT AND RECREATION SERVICES		3,146,232
APPAREL AND ACCESSORY STORES - 0.37%
2,000		Aoyama Trading Co Ltd		59,997
17,881		Burberry Group plc		225,994
2,100		Fast Retailing Co Ltd		200,462
39,000		Giordano International Ltd		21,309
19,781		Hennes & Mauritz AB (B Shares)		999,748
9,034		Inditex S.A.		486,671
		TOTAL APPAREL AND ACCESSORY STORES		1,994,181
APPAREL AND OTHER TEXTILE PRODUCTS - 0.13%
7,000		Asics Corp		87,879
1,879		Benetton Group S.p.A.		35,866
9,000		Gunze Ltd		45,225
20,000		Mitsubishi Rayon Co Ltd		134,448
6,000		Nisshinbo Industries, Inc		62,165
5,000		Onward Kashiyama Co Ltd		63,821
700		Shimamura Co Ltd		80,408
2,000		Tokyo Style Co Ltd		21,629
24,000		Toyobo Co Ltd		72,400
5,000		Wacoal Holdings Corp		67,938
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		671,779

302

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
AUTO REPAIR, SERVICES AND PARKING - 0.09%
8,000		Aisin Seiki Co Ltd	$	268,224
3,800		NOK Corp		74,720
3,000		Park24 Co Ltd		38,444
5,800		Sumitomo Rubber Industries, Inc		74,909
		TOTAL AUTO REPAIR, SERVICES AND PARKING		456,297
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.01%
4,931		Jardine Cycle & Carriage Ltd		47,582
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		47,582
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.14%
8,765		Grafton Group plc		146,479
94,884		Kingfisher plc		443,088
4,355		Travis Perkins plc		169,176
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		758,743
BUSINESS SERVICES - 2.10%
8	*	Access Co Ltd		36,906
1,148		Acciona S.A.		213,825
5,280		Adecco S.A.		360,739
28,475		Aegis Group plc		78,055
11,336		Aggreko plc		96,662
1,300		Asatsu-DK, Inc		41,292
2,714	*	Atos Origin S.A.		160,966
11,430		Autostrade S.p.A.		328,770
3,588	*	Business Objects S.A.		140,811
5,215		Cap Gemini S.A.		327,336
7,923		Cintra Concesiones de Infraestructuras de Transporte S.A.		132,826
17,327		Computershare Ltd		121,725
2,300		CSK Holdings Corp		98,181
2,377		Dassault Systemes S.A.		126,137
73		Dentsu, Inc		214,083
36		eAccess Ltd		20,329
3,700	*	Elpida Memory, Inc		203,336
20,650		First Choice Holidays plc		115,232
700		FUJI SOFT, Inc		16,588
75,000		Fujitsu Ltd		588,631
3,388		Getronics NV		27,460
8,403		GN Store Nord		124,212
54		Goodwill Group, Inc		44,015
45,752		Group 4 Securicor plc		168,413
4,588		Gruppo Editoriale L'Espresso S.p.A.		24,952
840		Hakuhodo DY Holdings, Inc		54,562
55,208		Hays plc		172,143
4,408		Indra Sistemas S.A.		108,287
35	*	KK DaVinci Advisors		34,704
3,800		Konami Corp		114,953
65,031		LogicaCMG plc		236,833
12,940		Michael Page International plc		114,583
16,957		Misys plc		71,798
82,000		NEC Corp		392,068
800		Nomura Research Institute Ltd		116,029
52		NTT Data Corp		260,426
300		Obic Co Ltd		62,090
900		Oracle Corp Japan		41,671

303

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
1,000		Otsuka Corp	$	101,676
2,639		Promotora de Informaciones S.A.		46,018
3,869		Public Power Corp		98,059
263	*	Rakuten, Inc		122,655
1,738		Randstad Holdings NV		120,218
72,613		Rentokil Initial plc		235,655
53,524		Reuters Group plc		466,618
52,855		Sage Group plc		280,456
36,980		SAP AG.		1,965,302
8,900		Secom Co Ltd		461,434
13,810		Securitas AB (B Shares)		214,333
172		SGS S.A.		191,691
36,000		Singapore Post Ltd		25,584
744		Societe Des Autoroutes Paris-Rhin-Rhone		59,418
52,000		Solomon Systech International Ltd		8,089
4,715	*	Telelogic AB		10,538
2,863		Tietoenator Oyj		92,366
1,000		TIS, Inc		23,654
3,500	*	Trend Micro, Inc		102,643
1,040		USS Co Ltd		67,728
47,799		WPP Group plc		646,236
609		Yahoo! Japan Corp		242,566
		TOTAL BUSINESS SERVICES		11,174,566
CHEMICALS AND ALLIED PRODUCTS - 9.72%
5,034		Air Liquide S.A.		1,195,455
11,347		Akzo Nobel NV		692,159
1,000		Alfresa Holdings Corp		60,418
33,183	*	Alliance Boots plc		544,138
2,735		Altana AG.		169,685
51,000		Asahi Kasei Corp		333,843
23,300		Astellas Pharma, Inc		1,059,224
65,090		AstraZeneca plc		3,497,092
20,761		BASF AG.		2,023,893
30,319		Bayer AG.		1,627,312
1,885		Beiersdorf AG.		122,225
11,000		Chugai Pharmaceutical Co Ltd		226,923
2,881		Ciba Specialty Chemicals AG.		191,633
9,291		Clariant AG.		139,155
7,587		CSL Ltd		391,486
11,000		Daicel Chemical Industries Ltd		77,551
15,800		Daiichi Sankyo Co Ltd		493,895
26,000		Dainippon Ink and Chemicals, Inc		101,374
6,132		DSM NV		302,978
10,600		Eisai Co Ltd		582,530
17,972	*	Elan Corp plc		255,031
239,761		GlaxoSmithKline plc		6,309,376
2,126		H Lundbeck A/S		58,619
1,449		Haw Par Corp Ltd		6,708
2,390		Henkel KGaA		351,709
4,300		Hitachi Chemical Co Ltd		118,516
47,948		Imperial Chemical Industries plc		424,344
7,500		JSR Corp		194,109
3,000		Kaken Pharmaceutical Co Ltd		23,419
8,000		Kansai Paint Co Ltd		63,325
21,000		Kao Corp		566,447
19,500		Kingboard Chemical Holdings Ltd		76,588

304

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
1,200		Kose Corp	$	36,301
14,000		Kuraray Co Ltd		165,170
12,000		Kyowa Hakko Kogyo Co Ltd		102,752
4,576		Linde AG.		472,732
1,427		Lonza Group AG.		123,318
11,995		L'Oreal S.A.		1,201,796
24,023		Mayne Pharma Ltd		77,177
6,700		Mediceo Paltac Holdings Co Ltd		126,957
2,139		Merck KGaA		221,764
45,500		Mitsubishi Chemical Holdings Corp		286,753
16,000		Mitsubishi Gas Chemical Co, Inc		167,388
7,000		Nippon Kayaku Co Ltd		55,880
5,000		Nippon Shokubai Co Ltd		53,149
5,000		Nissan Chemical Industries Ltd		62,182
96,562		Novartis AG.		5,567,075
10,052		Novo Nordisk A/S (Class B)		837,251
1,769		Novozymes A/S (B Shares)		152,198
673		Omega Pharma S.A.		50,772
12,127		Orica Ltd		232,610
3,215	*	Orion Oyj (Class B)		69,813
25,519		Reckitt Benckiser plc		1,166,200
29,004		Roche Holding AG.		5,200,963
42,491		Sanofi-Aventis		3,923,497
3,000		Santen Pharmaceutical Co Ltd		84,450
186		Serono S.A.		166,995
16,700		Shin-Etsu Chemical Co Ltd		1,118,432
13,000		Shionogi & Co Ltd		255,620
16,000		Shiseido Co Ltd		346,876
40,000		Showa Denko KK		153,271
898	*	SNIA S.p.A.		202
6,230		SSL International plc		45,103
61,000		Sumitomo Chemical Co Ltd		473,115
24,685		Symbion Health Ltd		74,043
4,317		Syngenta AG.		803,171
6,000		Taisho Pharmaceutical Co Ltd		109,155
10,000		Taiyo Nippon Sanso Corp		90,080
38,100		Takeda Pharmaceutical Co Ltd		2,615,663
8,000		Tanabe Seiyaku Co Ltd		104,533
32,000		Teijin Ltd		197,101
9,000		Tokuyama Corp		137,036
53,000		Toray Industries, Inc		397,261
16,000		Tosoh Corp		70,720
4,698		UCB S.A.		322,172
51,449		Unilever plc		1,438,513
5,481	*	Zeltia S.A.		40,372
6,000		Zeon Corp		64,838
		TOTAL CHEMICALS AND ALLIED PRODUCTS		51,743,580
COAL MINING - 0.25%
27,231		Xstrata plc		1,359,604
		TOTAL COAL MINING		1,359,604
COMMUNICATIONS - 5.70%
3,228		Antena 3 de Television S.A.		76,018
6,805		Belgacom S.A.		299,760
47,185		British Sky Broadcasting plc		482,262
347,441		BT Group plc		2,051,054

305

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
101,813		Cable & Wireless plc	$	314,471
16,441		Carphone Warehouse Group plc		101,080
4,130		Cosmote Mobile Telecommunications S.A.		122,120
118,410		Deutsche Telekom AG.		2,163,282
6,228		Elisa Oyj		170,591
70,684		France Telecom S.A.		1,954,762
16		Fuji Television Network, Inc		36,570
13,154	*	Hellenic Telecommunications Organization S.A.		395,202
600		Hikari Tsushin, Inc		26,369
57,000	*	Hutchison Telecommunications International Ltd		143,630
165,088		ITV plc		344,250
102		KDDI Corp		691,685
2,658		M6-Metropole Television		94,945
31,026		Mediaset S.p.A.		368,192
1,230		Mobistar S.A.		104,969
2,049	*	Modern Times Group AB (B Shares)		134,685
218		Nippon Telegraph & Telephone Corp		1,073,468
784		NTT DoCoMo, Inc		1,238,536
31,580		Portugal Telecom SGPS S.A.		410,200
2,800		ProSiebenSat.1 Media AG.		91,849
2,126		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		27,391
5,718		Publicis Groupe S.A.		241,159
80,765		Royal KPN NV		1,148,227
169,017		Seat Pagine Gialle S.p.A.		100,734
296,403		Singapore Telecommunications Ltd		633,872
4,230		Sky Network Television Ltd		19,521
4,945		Societe Television Francaise 1		183,491
1,367	*	Sogecable S.A.		48,722
753		Swisscom AG.		285,040
13,575		Tele2 AB (B Shares)		198,292
78,420		Telecom Corp of New Zealand Ltd		268,518
660,828		Telecom Italia S.p.A.		1,997,619
186,162		Telefonica S.A.		3,961,364
15,123		Telekom Austria AG.		405,250
30,993		Telenor ASA		582,809
11,000		Television Broadcasts Ltd		67,174
78,086		TeliaSonera AB		641,596
159,698		Telstra Corp Ltd		521,877
6,312	*	Tiscali S.p.A.		21,080
1,000		Tokyo Broadcasting System, Inc		33,360
542,500		Vodafone Group plc		1,503,020
163,538		Vodafone Group plc (ADR)		4,543,086
		TOTAL COMMUNICATIONS		30,323,152
DEPOSITORY INSTITUTIONS - 17.45%
11,000		77 Bank Ltd		69,787
75,837		ABN AMRO Holding NV		2,437,636
36,680		Allied Irish Banks plc		1,089,433
15,443		Alpha Bank S.A.		466,827
76,615		Australia & New Zealand Banking Group Ltd		1,706,023
193,199		Banca Intesa S.p.A.		1,491,933
8,428		Banca Intesa S.p.A.		61,523
46,118		Banca Monte dei Paschi di Siena S.p.A.		298,454
17,336		Banca Popolare di Milano		300,929
13,918		Banche Popolari Unite Scpa		382,513
148,232		Banco Bilbao Vizcaya Argentaria S.A.		3,569,074
10,531		Banco BPI S.A.		82,157

306

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
86,953		Banco Comercial Portugues S.A.	$	321,389
7,247		Banco Espirito Santo S.A.		130,294
15,018		Banco Popolare di Verona e Novara Scrl		431,181
35,450		Banco Popular Espanol S.A.		642,503
247,984		Banco Santander Central Hispano S.A.		4,628,729
58,817		Bank of East Asia Ltd		333,092
22,000		Bank of Fukuoka Ltd		160,464
1,325		Bank of Ireland		30,609
39,404		Bank of Ireland		910,263
10,000		Bank of Kyoto Ltd		93,273
48,000		Bank of Yokohama Ltd		375,917
271,735		Barclays plc		3,883,981
35,010		BNP Paribas		3,819,651
155,000		BOC Hong Kong Holdings Ltd		420,465
70,338		Capitalia S.p.A.		665,730
30,000		Chiba Bank Ltd		253,603
4,965		Close Brothers Group plc		98,818
26,105		Commerzbank AG.		994,164
53,564		Commonwealth Bank of Australia		2,092,043
25,047		Credit Agricole S.A.		1,053,392
20,461		Danske Bank A/S		909,169
48,000		DBS Group Holdings Ltd		707,286
14,723		Depfa Bank plc		263,345
21,702		Deutsche Bank AG.		2,903,149
24,037		Dexia		658,396
27,036		DNB NOR Holding ASA		383,738
9,110		EFG Eurobank Ergasias S.A.		329,983
7,761		Erste Bank der Oesterreichischen Sparkassen AG.		595,227
48,958		Fortis		2,088,737
14,000		Gunma Bank Ltd		84,114
32,500		Hang Seng Bank Ltd		444,152
50,000		Hokuhoku Financial Group, Inc		183,186
473,310		HSBC Holdings plc		8,627,878
13,510		Investec plc		174,453
30,000		Joyo Bank Ltd		165,623
2,519	*	Jyske Bank		178,820
235,122		Lloyds TSB Group plc		2,630,984
20,483		Mediobanca S.p.A.		483,718
360		Mitsubishi UFJ Financial Group, Inc		4,446,872
30,000		Mitsui Trust Holdings, Inc		344,355
398		Mizuho Financial Group. Inc		2,842,738
67,170		National Australia Bank Ltd		2,142,026
15,447		National Bank of Greece S.A.		711,637
21,000		Nishi-Nippon City Bank Ltd		90,349
86,784		Nordea Bank AB		1,337,391
3,756		OKO Bank (Class A)		62,968
104,520		Oversea-Chinese Banking Corp		524,730
8,487		Piraeus Bank S.A.		273,583
1,381		Raiffeisen International Bank Holding AG.		210,573
185		Resona Holdings, Inc		505,231
130,958		Royal Bank of Scotland Group plc		5,110,318
46,579		Sanpaolo IMI S.p.A.		1,082,160
13		Sapporo Hokuyo Holdings, Inc		125,625
67,000		Shinsei Bank Ltd		394,101
25,000		Shizuoka Bank Ltd		248,099
19,440		Skandinaviska Enskilda Banken AB (Class A)		617,621
15,414		Societe Generale		2,616,646

307

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
257		Sumitomo Mitsui Financial Group, Inc	$	2,634,679
51,000		Sumitomo Trust & Banking Co Ltd		534,835
7,000		Suruga Bank Ltd		86,702
21,069		Svenska Handelsbanken (A Shares)		637,060
2,415		Sydbank A/S		115,432
83,444		UBS A.G.		5,071,012
326,245		UniCredito Italiano S.p.A		2,859,569
48,000		United Overseas Bank Ltd		607,139
76,829		Westpac Banking Corp		1,470,028
7,000		Wing Hang Bank Ltd		82,344
		TOTAL DEPOSITORY INSTITUTIONS		92,893,631
EATING AND DRINKING PLACES - 0.32%
3,634		Autogrill S.p.A.		66,823
86,779		Compass Group plc		492,744
12,521		Enterprise Inns plc		331,700
1,388		Mitchells & Butlers plc		19,309
10,193		Punch Taverns plc		255,259
3,991		Sodexho Alliance S.A.		250,402
8,474		Whitbread plc		277,915
		TOTAL EATING AND DRINKING PLACES		1,694,152
EDUCATIONAL SERVICES - 0.02%
2,200		Benesse Corp		83,744
		TOTAL EDUCATIONAL SERVICES		83,744
ELECTRIC, GAS, AND SANITARY SERVICES - 4.89%
16,336	*	AGL Energy Ltd		208,637
18,296		Alinta Ltd		170,703
5,047		Caltex Australia Ltd		91,628
151,111		Centrica plc		1,048,868
27,600		Chubu Electric Power Co, Inc		825,646
74,500		CLP Holdings Ltd		550,731
8,998		Contact Energy Ltd		52,745
6,500		Electric Power Development Co		286,206
30,838		Endesa S.A.		1,458,551
180,006		Enel S.p.A.		1,856,969
82,374		Energias de Portugal S.A.		417,552
17,727		Fortum Oyj		504,513
6,934		Gas Natural SDG S.A.		274,504
7,938		Gaz de France		365,176
7,800		Hokkaido Electric Power Co, Inc		199,252
145,000		Hong Kong & China Gas Ltd		326,228
53,500		Hong Kong Electric Holdings Ltd		262,056
32,692		Iberdrola S.A.		1,429,291
59,742		International Power plc		446,547
32,100		Kansai Electric Power Co, Inc		865,854
14,107		Kelda Group plc		255,773
15,900		Kyushu Electric Power Co, Inc		419,529
113,348		National Grid plc		1,635,649
2,970		Oest Elektrizitatswirts AG. (Class A)		158,468
82,000		Osaka Gas Co Ltd		305,248
454		Puma AG. Rudolf Dassler Sport		177,195
19,913		RWE AG.		2,194,885
35,787		Scottish & Southern Energy plc		1,088,892
61,882		Scottish Power plc		906,305
25,460		SembCorp Industries Ltd		63,743

308

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
9,627		Severn Trent plc	$	277,088
37,073		Snam Rete Gas S.p.A.		210,311
1,902		Sociedad General de Aguas de Barcelona S.A. (Class A)		69,673
26,800	*	Sojitz Holdings Corp		81,523
42,403		Suez S.A.		2,195,855
17,900		Tohoku Electric Power Co, Inc		447,481
50,400		Tokyo Electric Power Co, Inc		1,630,520
92,000		Tokyo Gas Co Ltd		489,358
5,955		Union Fenosa S.A.		294,783
35,419		United Utilities plc		540,928
6,677		Vector Ltd		11,855
11,858		Veolia Environnement		914,141
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		26,010,860
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 5.58%
86,598		ABB Ltd		1,552,865
6,900		Advantest Corp		395,429
96,422		Alcatel S.A.		1,387,367
5,400		Alps Electric Co Ltd		58,581
53,269		ARM Holdings plc		131,157
439		Bang & Olufsen A/S (B Shares)		56,577
299		Barco NV		27,234
26,000	*	Chartered Semiconductor Manufacturing Ltd		21,698
4,061	*	CSR plc		51,684
9,000		Dainippon Screen Manufacturing Co Ltd		80,845
30,345		EMI Group plc		157,450
619,336		Ericsson (LM) (B Shares)		2,501,426
7,400		Fanuc Ltd		728,776
6,000		Fisher & Paykel Appliances Holdings Ltd		16,233
16,900		Fisher & Paykel Healthcare Corp		50,723
81,000	*	Foxconn International Holdings Ltd		265,026
23,000		Fuji Electric Holdings Co Ltd		124,659
6,577		Gamesa Corp Tecnologica S.A.		181,018
1,340		Germanos S.A.		33,608
1,400		Hirose Electric Co Ltd		158,935
2,000		Hitachi High-Technologies Corp		59,493
142,000		Hitachi Ltd		885,375
17,100		Hoya Corp		666,728
5,600		Ibiden Co Ltd		282,341
31,461	*	Infineon Technologies AG.		443,540
2,104	*	Intracom S.A.		14,276
48,763		Koninklijke Philips Electronics NV		1,839,032
1,128		Kudelski S.A.		42,491
6,800		Kyocera Corp		641,116
1,000		Mabuchi Motor Co Ltd		59,493
82,000		Matsushita Electric Industrial Co Ltd		1,636,486
14,000		Matsushita Electric Works Ltd		162,228
895		Micronas Semiconductor Holdings, Inc		19,685
12,000		Minebea Co Ltd		83,896
81,000		Mitsubishi Electric Corp		739,179
8,600		Murata Manufacturing Co Ltd		581,740
1,000	*	NEC Electronics Corp		29,242
7,000		NGK Spark Plug Co Ltd		131,759
4,600		Nidec Corp		355,615
6,500		Nitto Denko Corp		325,533
653		NKT Holding A/S		57,742
171,550		Nokia Oyj		3,505,503

309

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
9,200		Omron Corp	$	261,300
5,600		Pioneer Corp		76,891
27,000		Ricoh Co Ltd		551,321
1,300		Rinnai Corp		38,889
4,400		Rohm Co Ltd		438,133
3,000		Sanken Electric Co Ltd		37,032
54,000	*	Sanyo Electric Co Ltd		68,518
1,861		Schindler Holding AG.		117,067
9,475		Schneider Electric S.A.		1,051,874
41,000		Sharp Corp		706,273
2,200		Shinko Electric Industries		57,493
42,000		Sony Corp		1,799,924
5,400		Stanley Electric Co Ltd		108,222
39,000	*	STATS ChipPAC Ltd		29,751
27,463		STMicroelectronics NV		510,071
1,800		Sumco Corp		152,162
3,000		Taiyo Yuden Co Ltd		52,939
5,062		Tandberg ASA		76,313
5,300		TDK Corp		421,310
46,451		Terna Rete Elettrica Nazionale S.p.A.		157,432
10,123		Thomson		197,903
2,000		Uniden Corp		13,663
4,200		Ushio, Inc		86,290
2,953		Valeo S.A.		122,907
10,000		Venture Corp Ltd		88,020
48,248		Vivendi Universal S.A.		1,885,847
6,000		Yaskawa Electric Corp		69,426
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		29,720,755
ENGINEERING AND MANAGEMENT SERVICES - 0.24%
1,075		Aker Kvaerner ASA		134,134
13,812		Amec plc		113,989
24,712		Capita Group plc		293,701
11,976		Downer EDI Ltd		66,078
2,260		Fugro NV		107,996
8,000		JGC Corp		137,473
1,400		Meitec Corp		42,469
5,844		SBM Offshore NV		200,959
16,703		Serco Group plc		124,930
4,697		WorleyParsons Ltd		78,897
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,300,626
FABRICATED METAL PRODUCTS - 0.25%
37,492		Amcor Ltd		214,558
164		Geberit AG.		252,763
9,000		Hitachi Cable Ltd		50,519
11,000		JS Group Corp		231,545
23,123		Rexam plc		237,917
7,000		Sanwa Shutter Corp		41,410
6,618		Ssab Svenskt Stal AB (Series A)		157,089
2,187		Ssab Svenskt Stal AB (Series B)		49,356
6,200		Toyo Seikan Kaisha Ltd		102,686
		TOTAL FABRICATED METAL PRODUCTS		1,337,843
FOOD AND KINDRED PRODUCTS - 3.48%
24,000		Ajinomoto Co, Inc		317,230
15,400		Asahi Breweries Ltd		246,519

310

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
12,831		C&C Group plc	$	227,809
87,202		Cadbury Schweppes plc		933,094
239		Carlsberg A/S (Class A)		22,001
1,100		Carlsberg A/S (Class B)		109,244
4,280		Coca Cola Hellenic Bottling Co S.A.		167,234
18,953		Coca-Cola Amatil Ltd		116,093
2,000		Coca-Cola West Japan Co Ltd		46,301
1,985		Danisco A/S		169,024
115,898		Diageo plc		2,274,935
799		East Asiatic Co Ltd A.S.		44,697
2,917		Ebro Puleva S.A.		73,931
235		Givaudan S.A.		217,546
3,834		Greencore Group plc		23,686
9,899		Groupe Danone		1,500,106
10,177		Heineken NV		484,031
2,000		House Foods Corp		32,973
4,114		Iaws Group plc		105,355
7,365		InBev NV		485,523
2,300		Ito En Ltd		70,350
58,569		J Sainsbury plc		469,316
13,000		Kaneka Corp		118,415
3,800		Katokichi Co Ltd		30,782
4,646		Kerry Group plc (Class A)		116,096
5,000		Kikkoman Corp		60,376
33,000		Kirin Brewery Co Ltd		518,827
9,823		Lion Nathan Ltd		63,271
8,000		Meiji Dairies Corp		62,989
10,000		Meiji Seika Kaisha Ltd		47,813
16,639		Nestle S.A.		5,912,751
10,000		Nichirei Corp		56,048
8,000		Nippon Meat Packers, Inc		87,391
7,000		Nisshin Seifun Group, Inc		72,232
3,200		Nissin Food Products Co Ltd		118,583
14,000		Olam International Ltd		19,443
3,592	b,m,v*	Parmalat Finanziaria S.p.A.		0
3,139		Pernod-Ricard S.A.		720,990
3,500		Q.P. Corp		30,263
6,900		Royal Numico NV		371,164
17,622		Sampo Oyj (A Shares)		471,750
10,000		Sapporo Holdings Ltd		56,972
32,255		Scottish & Newcastle plc		353,351
2,252		Suedzucker AG.		54,490
37,500		Swire Pacific Ltd (Class A)		402,803
7,000		Takara Holdings, Inc		45,116
20,287		Tate & Lyle plc		305,260
5,000		Toyo Suisan Kaisha Ltd		80,123
18,000		Want Want Holdings Ltd		29,340
4,400		Yakult Honsha Co Ltd		126,448
5,000		Yamazaki Baking Co Ltd		48,485
		TOTAL FOOD AND KINDRED PRODUCTS		18,518,570
FOOD STORES - 1.54%
25,010		Carrefour S.A.		1,516,678
48,004		Coles Myer Ltd		530,485
586		Colruyt S.A.		125,160
2,970		Delhaize Group		247,582
2,300		FamilyMart Co Ltd		62,619

311

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund
SHARES		COMPANY		VALUE
34,648		Goodman Fielder Ltd	$	60,715
2,653		Jeronimo Martins SGPS S.A.		59,535
2,384		Kesko Oyj (B Shares)		125,942
64,909	*	Koninklijke Ahold NV		690,603
2,400		Lawson, Inc		85,912
34,300		Seven & I Holdings Co Ltd		1,066,426
32,832		Sonae SPGS S.A.		65,443
332,319		Tesco plc		2,631,978
49,177		Woolworths Ltd		927,743
		TOTAL FOOD STORES		8,196,821
FURNITURE AND FIXTURES - 0.04%
22,301	*	MFI Furniture plc		59,712
1,232		Neopost S.A.		154,742
		TOTAL FURNITURE AND FIXTURES		214,454
FURNITURE AND HOMEFURNISHINGS STORES - 0.20%
73,365		DSG International plc		275,085
10,888		Electrolux AB (Series B)		217,889
17,159		Harvey Norman Holdings Ltd		51,469
21,681		Kesa Electricals plc		144,015
1,100		Nitori Co Ltd		47,788
1,300		Shimachu Co Ltd		37,687
3,500		Yamada Denki Co Ltd		297,046
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		1,070,979
GENERAL BUILDING CONTRACTORS - 0.97%
16,072		Balfour Beatty plc		139,406
10,118		Barratt Developments plc		244,664
4,279		Bellway plc		129,359
3,277		Berkeley Group Holdings plc		109,783
1,389		Bilfinger Berger AG.		101,798
18,000		Cheung Kong Infrastructure Holdings Ltd		55,886
17,253		CRH plc		719,226
3,100		Daito Trust Construction Co Ltd		142,229
22,000		Daiwa House Industry Co Ltd		382,673
18,241		Fletcher Building Ltd		142,011
15,148		George Wimpey plc		165,648
27,500	*	Haseko Corp		98,441
3,388		Hellenic Technodomiki Tev S.A.		37,836
1,855		Hochtief AG.		135,167
1,127		Imerys S.A.		100,270
33,000		Kajima Corp		144,750
13,000		Keppel Land Ltd		58,484
5,319		Leighton Holdings Ltd		84,894
14,946		Lend Lease Corp Ltd		217,547
25,000		Obayashi Corp		162,178
11,738		Persimmon plc		350,717
17,000		Sekisui Chemical Co Ltd		135,566
21,000		Sekisui House Ltd		305,811
23,000		Shimizu Corp		114,995
15,223		Skanska AB (B Shares)		300,193
34,000		Taisei Corp		103,710
21,948		Taylor Woodrow plc		183,176
2,069		Technical Olympic S.A.		6,937
2,150		Titan Cement Co S.A.		117,213
6,000		Toda Corp		25,461

312

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES	COMPANY		VALUE
4,826	YIT OYJ	$	133,463
	TOTAL GENERAL BUILDING CONTRACTORS		5,149,492
GENERAL MERCHANDISE STORES - 0.72%
25,900	Aeon Co Ltd		560,418
9,000	Daimaru, Inc		121,986
42,254	Experian Group Ltd		495,982
4,000	Hankyu Department Stores, Inc		33,343
7,800	Isetan Co Ltd		140,918
20,000	Keio Corp		129,406
61,000	Kintetsu Corp		177,866
70,113	Marks & Spencer Group plc		984,297
13,300	Marui Co Ltd		155,123
17,000	Mitsukoshi Ltd		79,568
2,674	PPR		399,573
12,000	Takashimaya Co Ltd		169,606
45,000	Tokyu Corp		288,139
6,000	UNY Co Ltd		78,148
1,000	Warehouse Group Ltd		5,073
	TOTAL GENERAL MERCHANDISE STORES		3,819,446
HEALTH SERVICES - 0.20%
1,010	Coloplast A/S (Class B)		91,366
29,000	Fraser and Neave Ltd		85,086
2,625	Fresenius Medical Care AG.		349,873
7,284	Getinge AB (B Shares)		163,322
5,407	Intertek Group plc		88,241
32,550	Parkway Holdings Ltd		66,639
11,155	Sonic Healthcare Ltd		131,021
268	Straumann Holding AG.		64,883
	TOTAL HEALTH SERVICES		1,040,431
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.66%
9,092	Abertis Infraestructuras S.A.		270,042
9,936	ACS Actividades Cons y Servicios S.A.		560,183
13,107	Biffa plc		78,786
8,528	Bouygues S.A.		547,445
6,000	Chiyoda Corp		117,474
1,762	Fomento de Construcciones y Contratas S.A.		179,561
2,536	Grupo Ferrovial S.A.		247,558
22,471	Multiplex Group		70,772
11,000	Nishimatsu Construction Co Ltd		36,326
8,000	Okumura Corp		39,595
34,367	Transurban Group		206,711
8,925	Vinci S.A.		1,140,440
	TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		3,494,893
HOLDING AND OTHER INVESTMENT OFFICES - 2.36%
18,790	3i Group plc		371,400
29,745	Amvescap plc		347,111
39,000	CapitaCommercial Trust		66,621
28,700	CapitaMall Trust		54,453
59,023	CFS Gandel Retail Trust		108,554
53,998	Commonwealth Property Office Fund		62,656
2,737	Fabege AB		73,363
80,156	GPT Group		354,317
6,700	Great Portland Estates plc		90,977

313

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
2,981		Groupe Bruxelles Lambert S.A.	$	358,287
139	*	Groupe Bruxelles Lambert S.A.		4
10,531	*	Immoeast AG		148,050
33,258		ING Industrial Fund		62,217
58,900		iShares MSCI EAFE Index Fund		4,312,658
1,200		Jafco Co Ltd		59,292
13		Japan Prime Realty Investment Corp		47,191
17		Japan Real Estate Investment Corp		182,849
14		Japan Retail Fund Investment Corp		114,113
23,300		JFE Holdings, Inc		1,200,193
35,400		Kiwi Income Property Trust		38,409
19,492		Land Securities Group plc		886,572
80,000		Link Real Estate Investment Trust		164,560
10,330		Macquarie Communications Infrastructure Group		51,370
104,709		Macquarie Infrastructure Group		285,975
75,072		Macquarie Office Trust		91,257
72,941		Man Group plc		746,577
9,446	*	Meinl European Land Ltd		242,525
18		Nippon Building Fund, Inc		238,982
713		Nobel Biocare Holding AG.		210,799
20,000		Noble Group Ltd		14,344
9		Nomura Real Estate Office Fund, Inc		82,434
40		NTT Urban Development Corp		77,308
1,798		PSP Swiss Property AG.		103,291
2,096		Rodamco Europe NV		278,895
3,846		Sacyr Vallehermoso S.A.		228,460
30,900		Softbank Corp		601,097
39,000		Suntec Real Estate Investment Trust		46,279
49,000		Wharf Holdings Ltd		181,113
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		12,584,553
HOTELS AND OTHER LODGING PLACES - 0.23%
8,337		Accor S.A.		646,006
15,247		Intercontinental Hotels Group plc		376,749
2,044		NH Hoteles S.A.		40,500
49,153		Shangri-La Asia Ltd		126,701
20,000		United Overseas Land Ltd		56,593
		TOTAL HOTELS AND OTHER LODGING PLACES		1,246,549
INDUSTRIAL MACHINERY AND EQUIPMENT - 3.41%
3,955		Alfa Laval AB		178,514
4,592	*	Alstom RGPT		622,531
14,000		Amada Co Ltd		148,347
2,500		Amano Corp		31,385
373		Andritz AG.		80,898
1,800		ARRK Corp		27,120
6,500		ASM Pacific Technology		36,184
19,529	*	ASML Holding NV		485,679
13,548		Atlas Copco AB (A Shares)		455,165
8,430		Atlas Copco AB (B Shares)		273,367
89,861	*	Brambles Ltd		910,051
44,700		Canon, Inc		2,516,617
10,900		Casio Computer Co Ltd		247,301
6,414	*	Charter plc		113,654
13,700		Citizen Watch Co Ltd		104,875
3,000		Daifuku Co Ltd		47,620
9,700		Daikin Industries Ltd		337,448

314

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
12,000		Ebara Corp	$	45,981
18,395		FKI plc		37,188
20,300		FUJIFILM Holdings Corp		834,141
2,000		Glory Ltd		35,209
2,420		Heidelberger Druckmaschinen		114,619
4,200		Hitachi Construction Machinery Co Ltd		112,936
10,861	*	Husqvarna AB (B Shares)		169,754
12,216		IMI plc		121,268
45,000		Ishikawajima-Harima Heavy Industries Co Ltd		152,389
1,100		Itochu Techno-Science Corp		58,510
20,000		Japan Steel Works Ltd		156,296
37,600		Komatsu Ltd		763,027
2,000		Komori Corp		37,393
20,000		Konica Minolta Holdings, Inc		282,341
47,000		Kubota Corp		435,225
4,300		Kurita Water Industries Ltd		92,862
7,178	*	Logitech International S.A.		207,063
4,400		Makita Corp		134,952
18,103		Meggitt plc		109,881
5,117		Metso Oyj		258,299
130,000		Mitsubishi Heavy Industries Ltd		590,984
65,000		Mitsui & Co Ltd		972,228
28,000		Mitsui Engineering & Shipbuilding Co Ltd		91,055
2,500		Mitsumi Electric Co Ltd		55,040
14,000		NTN Corp		125,524
2,486		OCE NV		40,659
5,899	*	Ocean RIG ASA		43,425
17,000		Oki Electric Industry Co Ltd		37,856
5,000		Okuma Holdings, Inc		57,981
3,000		OSG Corp		49,158
1,332		Rheinmetall AG.		101,067
2,452,147		Rolls-Royce Group plc (B Shares)		4,849
6,296		Safran S.A.		146,107
40,703		Sandvik AB		591,583
4,026		Scania AB (B Shares)		282,869
5,400		Seiko Epson Corp		131,364
199		SIG Holding AG.		66,469
16,950		SKF AB (B Shares)		313,203
2,200		SMC Corp		312,054
1,510		Solarworld AG.		94,880
137		Sulzer AG.		155,945
22,000		Sumitomo Heavy Industries Ltd		231,083
4,262		Technip S.A.		292,554
34,500		Techtronic Industries Co		44,709
4,300		THK Co Ltd		110,928
6,600		Tokyo Electron Ltd		520,213
2,000		Tokyo Seimitsu Co Ltd		94,450
5,651		Tomra Systems ASA		38,971
118,000		Toshiba Corp		768,455
8,700		Toyota Tsusho Corp		233,209
238	*	Unaxis Holding AG.		117,682
7,461	*	Vestas Wind Systems A/S		315,344
2,462		Wartsila Oyj (B Shares)		132,630
581		Wincor Nixdorf AG.		90,392
8,100		Yokogawa Electric Corp		128,437
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		18,159,447

315

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
INSTRUMENTS AND RELATED PRODUCTS - 0.90%
130,166		BAE Systems plc	$	1,085,078
2,005		Cochlear Ltd		91,793
2,976		Elekta AB		62,707
12,469		Finmeccanica S.p.A.		337,942
31,594	*	Invensys plc		170,271
1,500		Keyence Corp		371,707
5,337		Luxottica Group S.p.A.		164,009
12,000		Nikon Corp		263,182
9,000		Nippon Electric Glass Co Ltd		189,068
233		Nobel Biocare Holding AG.		68,954
9,000		Olympus Corp		282,845
126,000		PCCW Ltd		76,621
1,846		Phonak Holding AG.		146,953
4,892	*	Qiagen NV		75,038
39,261		Smith & Nephew plc		409,729
1,308		Swatch Group AG.		289,027
2,290		Swatch Group AG.		102,425
1,991		Synthes, Inc		237,417
6,800		Terumo Corp		267,417
1,011	*	William Demant Holding		81,971
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		4,774,154
INSURANCE AGENTS, BROKERS AND SERVICE - 0.90%
158,617		HBOS plc		3,515,643
1,635		MLP AG.		32,460
33,475		QBE Insurance Group Ltd		762,315
23,310		Suncorp-Metway Ltd		374,433
34,846		Unipol S.p.A.		112,926
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,797,777
INSURANCE CARRIERS - 6.08%
13,475		ABC Learning Centres Ltd		89,346
60,665		Aegon NV		1,156,363
18,070		Alleanza Assicurazioni S.p.A		241,156
18,015		Allianz AG.		3,680,287
77,976		AMP Ltd		621,656
40,018		Assicurazioni Generali S.p.A.		1,757,506
106,125		Aviva plc		1,708,040
33,672		AXA Asia Pacific Holdings Ltd		193,760
69,713		AXA S.A.		2,822,385
1,743		CNP Assurances		194,651
386		Codan A/S		37,515
19,460		Corp Mapfre S.A.		87,853
48,223		Credit Suisse Group		3,373,829
2,707		Fondiaria-Sai S.p.A		129,499
71,073		Friends Provident plc		301,976
78,338		ING Groep NV		3,473,531
66,443		Insurance Australia Group Ltd		333,036
11,464		Irish Life & Permanent plc		316,280
7,653		KBC Groep NV		938,504
8,869		Mediolanum S.p.A.		72,294
29,700		Millea Holdings, Inc		1,048,191
49,000		Mitsui Sumitomo Insurance Co Ltd		536,095
8,633		Muenchener Rueckver AG.		1,486,259
217,318		Old Mutual plc		741,442
101,321		Prudential plc		1,387,701

316

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
27,776		Resolution plc	$	348,879
123,216		Royal & Sun Alliance Insurance Group plc		367,913
42,073		SCOR		124,506
36,000		Sompo Japan Insurance, Inc		440,150
84,838	*	Standard Life plc		491,274
8,839		Storebrand ASA		112,415
14,105		Swiss Reinsurance Co		1,199,243
9,750		T&D Holdings, Inc		644,784
654	*	Topdanmark A/S		108,136
937		TrygVesta A.S.		71,575
1,086		Wiener Staedtische Allgemeine Versicherung AG.		76,266
6,065		Zurich Financial Services AG.		1,632,597
		TOTAL INSURANCE CARRIERS		32,346,893
JUSTICE, PUBLIC ORDER AND SAFETY - 0.02%
101,018	*	PAN Fish ASA		92,347
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		92,347
LEATHER AND LEATHER PRODUCTS - 0.36%
8,468		Adidas-Salomon AG.		421,751
2,627		Hermes International		328,570
10,238		LVMH Moet Hennessy Louis Vuitton S.A.		1,080,494
28,000		Yue Yuen Industrial Holdings		88,914
		TOTAL LEATHER AND LEATHER PRODUCTS		1,919,729
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.10%
11,967		Brisa-Auto Estradas de Portugal S.A.		149,281
64,000		ComfortDelgro Corp Ltd		67,182
16,000		Keihin Electric Express Railway Co Ltd		110,247
9,000		Keisei Electric Railway Co Ltd		51,200
8,000		SMRT Corp Ltd		6,207
33,000		Tobu Railway Co Ltd		159,447
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		543,564
LUMBER AND WOOD PRODUCTS - 0.02%
1,561		Nobia AB		60,083
3,374	*	Sonae Industria SGPS S.A.		33,404
		TOTAL LUMBER AND WOOD PRODUCTS		93,487
METAL MINING - 1.95%
45,099		Alumina Ltd		225,696
60,178		Anglo American plc		2,935,081
145,849		BHP Billiton Ltd		2,912,674
12,016		Boliden AB		308,915
8,081		Iluka Resources Ltd		42,418
13,351		Newcrest Mining Ltd		277,691
17,489	*	Paladin Resources Ltd		122,864
11,785		Rio Tinto Ltd		691,172
43,361		Rio Tinto plc		2,307,583
800		Sumitomo Titanium Corp		89,475
916		Umicore		155,982
20,230		Zinifex Ltd		300,048
		TOTAL METAL MINING		10,369,599
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
1,300		Aderans Co Ltd		32,280
2,890		Amer Sports Oyj		63,633

317

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
5,167		Bulgari S.p.A.	$	73,322
23,584		Futuris Corp Ltd		36,673
8,000		Namco Bandai Holdings, Inc		117,306
11,000		Sankyo Co Ltd		609,134
8,200		Yamaha Corp		173,640
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,105,988
MISCELLANEOUS RETAIL - 0.74%
1,000		Circle K Sunkus Co Ltd		17,772
21,785		Compagnie Financiere Richemont AG.		1,269,376
2,802		DCC plc		95,243
985		Douglas Holding AG.		50,931
2,500		EDION Corp		37,078
1,116		Folli-Follie S.A.		44,048
11,492		HMV Group plc		32,233
35,331		Home Retail Group		283,628
87,000		Hutchison Whampoa Ltd		884,171
30		Index Corp		17,646
1,988	*	KarstadtQuelle AG.		57,629
1,400		Matsumotokiyoshi Co Ltd		31,116
9,161		Next plc		322,867
34,100		Nippon Mining Holdings, Inc		245,280
35,336		Origin Energy Ltd		230,670
13,116		Pacific Brands Ltd		27,022
800		Ryohin Keikaku Co Ltd		61,241
2,486		Sanoma-WSOY Oyj		70,063
65,583		Signet Group plc		152,166
		TOTAL MISCELLANEOUS RETAIL		3,930,180
MOTION PICTURES - 0.02%
1,762	*	Premiere AG.		29,539
5,300		Toho Co Ltd		95,752
		TOTAL MOTION PICTURES		125,291
NONCLASSIFIABLE ESTABLISHMENTS - 1.32%
25,996		E.ON AG.		3,528,703
35,353		Siemens AG.		3,506,599
		TOTAL NONCLASSIFIABLE ESTABLISHMENTS		7,035,302
NONDEPOSITORY INSTITUTIONS - 0.41%
2,920		Acom Co Ltd		98,147
3,000		Aeon Credit Service Co Ltd		56,846
2,900		Aiful Corp		81,635
13,630		Cattles plc		117,224
17,030		Challenger Financial Services Group Ltd		55,383
8,506	*	Collins Stewart plc		42,303
6,600		Credit Saison Co Ltd		227,385
1,961		D Carnegie AB		42,251
3,455		Deutsche Postbank AG.		291,752
1,300		Hitachi Capital Corp		24,797
5,615		Hypo Real Estate Holding AG.		353,851
18,714		ICAP plc		175,330
1,507		Perpetual Trustees Australia Ltd		93,034
2,800		Promise Co Ltd		87,055
10,281		Provident Financial plc		141,212
200		SFCG Co Ltd		31,074
4,170		Takefuji Corp		165,041

318

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
5,093	*	Tower Australia Group Ltd	$	12,261
2,173	v*	Tower Australia Group Ltd		2,144
8,506	*	Tullett Prebon plc		108,255
		TOTAL NONDEPOSITORY INSTITUTIONS		2,206,980
NONMETALLIC MINERALS, EXCEPT FUELS - 0.17%
64,000		Itochu Corp		525,423
2,568		Solvay S.A.		393,904
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		919,327
OIL AND GAS EXTRACTION - 1.97%
7,790	*	Acergy S.A.		149,923
142,654		BG Group plc		1,935,645
26,572	*	DET Norske Oljeselskap		49,009
34		Inpex Holdings, Inc		279,417
7,710	*	Lundin Petroleum AB		89,534
4,962		Neste Oil Oyj		150,848
6,894	*	Petroleum Geo-Services ASA		161,979
8,695		ProSafe ASA		123,413
23,947		Santos Ltd		186,568
8,282	*	SeaDrill Ltd		139,800
3,000		Singapore Petroleum Co Ltd		8,528
4,454	*	TGS Nopec Geophysical Co ASA		92,149
90,627		Total S.A.		6,537,873
18,768		Woodside Petroleum Ltd		564,579
		TOTAL OIL AND GAS EXTRACTION		10,469,265
PAPER AND ALLIED PRODUCTS - 0.39%
1,426		Billerud AB		25,308
2,208		Holmen AB (B Shares)		96,113
3,000		Kokuyo Co Ltd		47,418
116		Mayr-Melnhof Karton AG.		21,744
37		Nippon Paper Group, Inc		139,599
6,499		Norske Skogindustrier ASA		112,048
29,000		OJI Paper Co Ltd		154,010
17,031		PaperlinX Ltd		52,832
24,145		Stora Enso Oyj (R Shares)		382,470
7,804		Svenska Cellulosa AB (B Shares)		407,530
1,400		Uni-Charm Corp		83,173
21,066		UPM-Kymmene Oyj		531,690
		TOTAL PAPER AND ALLIED PRODUCTS		2,053,935
PERSONAL SERVICES - 0.01%
6,491		Davis Service Group plc		64,055
		TOTAL PERSONAL SERVICES		64,055
PETROLEUM AND COAL PRODUCTS - 4.68%
204,586		BP plc		2,273,267
102,265		BP plc (ADR)		6,861,982
108,606		ENI S.p.A.		3,652,935
4,175		Hellenic Petroleum S.A.		57,537
1,380		Motor Oil Hellas Corinth Refineries S.A.		35,559
6,915		OMV AG.		392,417
15,080		Premier Farnell plc		58,315
36,955		Repsol YPF S.A.		1,278,095
130,092		Royal Dutch Shell plc (A Shares)		4,546,712
138,823		Royal Dutch Shell plc (B Shares)		4,865,451

319

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
6,200		Showa Shell Sekiyu KK	$	69,395
27,331		Statoil ASA		724,347
11,000		TonenGeneral Sekiyu KK		108,979
		TOTAL PETROLEUM AND COAL PRODUCTS		24,924,991
PRIMARY METAL INDUSTRIES - 2.15%
6,993		Acerinox S.A.		212,776
416		Bekaert S.A.		52,003
101,965		BHP Billiton plc		1,865,688
28,056		BlueScope Steel Ltd		190,898
1,496		Boehler-Uddeholm AG.		104,861
35,830		Corus Group plc		372,170
12,000		Daido Steel Co Ltd		79,761
11,000		DOWA HOLDINGS CO Ltd		94,097
8,000	v*	Dowa Mining Co Ltd		67
13,000		Fujikura Ltd		114,373
25,000		Furukawa Electric Co Ltd		157,136
672		Hoganas AB (Class B)		17,620
8,390		Johnson Matthey plc		231,463
118,000		Kobe Steel Ltd		404,554
38,000		Mitsubishi Materials Corp		142,734
23,000		Mitsui Mining & Smelting Co Ltd		115,188
29,028		Mittal Steel Co NV		1,225,418
16,000		Nippon Light Metal Co Ltd		41,007
256,000		Nippon Steel Corp		1,471,400
37,000		Nisshin Steel Co Ltd		137,423
28,776		Norsk Hydro ASA		893,020
23,519		OneSteel Ltd		86,883
3,823		Outokumpu Oyj		149,680
1,645		Salzgitter AG.		215,084
30,200		Sumitomo Electric Industries Ltd		472,014
170,000		Sumitomo Metal Industries Ltd		738,540
21,000		Sumitomo Metal Mining Co Ltd		269,459
15,014		ThyssenKrupp AG.		707,346
1,000		Toho Titanium Co Ltd		52,519
3,700		Tokyo Steel Manufacturing Co Ltd		58,016
1,657		Vallourec		481,865
5,647		Viohalco S.A.		70,369
3,625		Voestalpine AG.		204,661
		TOTAL PRIMARY METAL INDUSTRIES		11,430,093
PRINTING AND PUBLISHING - 0.80%
11,054		APN News & Media Ltd		52,789
5,391		Arnoldo Mondadori Editore S.p.A.		56,362
25,000		Dai Nippon Printing Co Ltd		386,118
11,683		Daily Mail & General Trust		164,014
6,317		De La Rue plc		79,715
8,141		Emap plc		128,715
7,227		Eniro AB		95,537
20,531		Independent News & Media plc		81,577
37,969		John Fairfax Holdings Ltd		144,759
2,328	*	Metro International S.A. (B Shares)		3,095
4,713		PagesJaunes Groupe S.A.		93,756
32,422		Pearson plc		489,761
28,645		Reed Elsevier NV		488,540
51,046		Reed Elsevier plc		560,204
2,026		Schibsted ASA		72,459

320

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
63,000		Singapore Press Holdings Ltd	$	175,804
21,000		Toppan Printing Co Ltd		231,873
11,079		Trinity Mirror plc		101,846
10,761		United Business Media plc		146,014
11,835		Wolters Kluwer NV		340,419
32,206		Yell Group plc		359,435
		TOTAL PRINTING AND PUBLISHING		4,252,792
RAILROAD TRANSPORTATION - 0.42%
64		Central Japan Railway Co		661,485
142		East Japan Railway Co		948,616
15,659		Firstgroup plc		176,295
24,000		Odakyu Electric Railway Co Ltd		153,473
67		West Japan Railway Co		286,568
		TOTAL RAILROAD TRANSPORTATION		2,226,437
REAL ESTATE - 2.45%
3,000		Allgreen Properties Ltd		2,562
1,500	*	Allgreen Properties Ltd		655
32,275		Ascendas Real Estate Investment Trust		56,185
4,526		Bovis Homes Group plc		96,062
21,591		British Land Co plc		724,590
9,228		Brixton plc		104,073
52,000		CapitaLand Ltd		210,204
6,225		Castellum AB		82,973
32,612		Centro Properties Group		234,254
63,000		Cheung Kong Holdings Ltd		775,523
20,400		City Developments Ltd		168,919
288		Cofinimmo		57,862
1,572		Corio NV		128,449
101,394		DB RREEF Trust		142,062
1,940		Fadesa Inmobiliaria S.A.		90,015
471		Gecina S.A.		90,152
11,820		Hammerson plc		364,971
94,000		Hang Lung Properties Ltd		235,656
38,000		Henderson Land Development Co Ltd		212,514
20,000		Hopewell Holdings		70,195
24,179		Hysan Development Co Ltd		63,258
17,330	*	IMMOFINANZ Immobilien Anlagen AG.		247,065
63,708		Investa Property Group		126,222
3,182		IVG Immobilien AG.		136,680
18,133		Kerry Properties Ltd		84,740
705		Klepierre		133,080
5,504		Kungsleden AB		84,418
4,800		Leopalace21 Corp		153,271
11,273		Liberty International plc		308,130
57,222		Macquarie Goodman Group		343,277
39,336		Mirvac Group		173,568
49,000		Mitsubishi Estate Co Ltd		1,268,182
34,000		Mitsui Fudosan Co Ltd		829,965
110,410		New World Development Ltd		222,288
3,770		ORIX Corp		1,091,353
30,000		Shun TAK Holdings Ltd		45,897
4,000		Singapore Land Ltd		22,429
44,972		Sino Land Co		104,996
18,841		Slough Estates plc		289,774
58,052		Stockland Trust Group		379,416

321

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
16,000		Sumitomo Realty & Development Co Ltd	$	513,592
56,000		Sun Hung Kai Properties Ltd		643,277
10,000		Tokyo Tatemono Co Ltd		111,424
17,000		Tokyu Land Corp		160,279
1,914		Unibail		467,667
873		Wereldhave NV		116,277
62,619		Westfield Group		1,037,496
1,089		Wihlborgs Fastigheter AB		22,708
15,500		Wing Tai Holdings Ltd		23,042
		TOTAL REAL ESTATE		13,051,647
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.45%
5,682		Ansell Ltd		50,457
25,400		Bridgestone Corp		566,674
5,484		Continental AG.		637,767
15,000		Denki Kagaku Kogyo KK		62,392
5,788		Michelin (C.G.D.E.) (Class B)		553,930
27,000		Mitsui Chemicals, Inc		207,823
3,795		Nokian Renkaat Oyj		77,749
102,833		Pirelli & C S.p.A.		102,419
6,000		Sumitomo Bakelite Co Ltd		41,444
2,185		Uponor Oyj		81,799
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,382,454
SECURITY AND COMMODITY BROKERS - 1.28%
7,152		Australian Stock Exchange Ltd		215,372
8,523		Babcock & Brown Ltd		166,845
52,000		Daiwa Securities Group, Inc		583,337
4,259		Deutsche Boerse AG.		783,829
50		E*Trade Securities Co Ltd		47,477
3,623		Euronext NV		428,036
1,120		Hellenic Exchanges S.A.		20,610
44,000		Hong Kong Exchanges and Clearing Ltd		483,653
271,806		Legal & General Group plc		838,201
6,806		London Stock Exchange Group plc		174,571
10,430		Macquarie Bank Ltd		649,822
4,900		Matsui Securities Co Ltd		37,181
10,000		Mitsubishi Securities Co		111,088
33,500		Nikko Cordial Corp		384,249
73,900		Nomura Holdings, Inc		1,394,105
2,679		OMX AB		49,307
457		SBI Holdings, Inc		153,991
5,097		Schroders plc		111,375
16,000		Shinko Securities Co Ltd		62,115
32,000		Singapore Exchange Ltd		118,924
4,098	*	Tower Ltd		6,381
		TOTAL SECURITY AND COMMODITY BROKERS		6,820,469
SOCIAL SERVICES - 0.02%
6,447		Vedior NV		133,697
		TOTAL SOCIAL SERVICES		133,697
SPECIAL TRADE CONTRACTORS - 0.06%
5,000		COMSYS Holdings Corp		55,376
2,544		KCI Konecranes Oyj		74,888
4,000		Kinden Corp		32,368
3,144		Kone Oyj (Class B)		178,210
		TOTAL SPECIAL TRADE CONTRACTORS		340,842

322

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
STONE, CLAY, AND GLASS PRODUCTS - 1.12%
39,000		Asahi Glass Co Ltd	$	468,636
6,000		Central Glass Co Ltd		34,385
9,194		Cimpor Cimentos de Portugal S.A.		76,339
13,191		Compagnie de Saint-Gobain		1,108,319
7,377		Cookson Group plc		90,709
5,256		CRH plc		218,829
36,299		CSR Ltd		107,447
1,704		FLSmidth & Co A/S		108,295
28,894		Hanson plc		435,902
8,396		Holcim Ltd		769,662
2,469		Italcementi S.p.A.		69,649
17,289		James Hardie Industries NV		131,148
6,258		Lafarge S.A.		930,997
11,000		NGK Insulators Ltd		169,892
16,000		Nippon Sheet Glass Co Ltd		75,022
880	*	RHI AG.		44,955
37,844		Rinker Group Ltd		539,190
15,000		Sumitomo Osaka Cement Co Ltd		49,032
37,000		Taiheiyo Cement Corp		144,885
12,000		Toto Ltd		120,197
36,000		UBE Industries Ltd		103,458
2,859		Wienerberger AG.		169,830
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		5,966,778
TEXTILE MILL PRODUCTS - 0.00%**
4,153	*	Fiberweb plc		16,914
8,000		Texwinca Holdings Ltd		5,544
		TOTAL TEXTILE MILL PRODUCTS		22,458
TOBACCO PRODUCTS - 0.87%
10,846		Altadis S.A.		567,677
64,894		British American Tobacco plc		1,815,705
28,602		Imperial Tobacco Group plc		1,125,644
189		Japan Tobacco, Inc		913,197
12,480		Swedish Match AB		233,341
		TOTAL TOBACCO PRODUCTS		4,655,564
TRANSPORTATION BY AIR - 0.50%
4,762		Air France-KLM		200,462
24,000		All Nippon Airways Co Ltd		84,904
33,136		Auckland International Airport Ltd		51,128
13,954		BBA Aviation plc		74,725
23,619	*	British Airways plc		243,945
40,000		Cathay Pacific Airways Ltd		98,633
9,586		Deutsche Lufthansa AG.		263,835
439		Flughafen Wien AG.		43,115
16,511		Iberia Lineas Aereas de Espana		60,155
32,000	*	Japan Airlines Corp		57,006
20,827		Macquarie Airports		59,183
36,959		Qantas Airways Ltd		152,286
1,080	*	Ryanair Holdings plc (ADR)		88,020
37,478		SABMiller plc		862,230
1,899	*	SAS AB		32,316
23,000		Singapore Airlines Ltd		262,429
		TOTAL TRANSPORTATION BY AIR		2,634,372

323

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
TRANSPORTATION EQUIPMENT - 4.42%
42,729		Cobham plc	$	162,096
38,000		Cosco Corp Singapore Ltd		56,985
37,256		DaimlerChrysler AG.		2,301,605
1,054		DaimlerChrysler AG.		64,726
23,100		Denso Corp		916,197
131		D'ieteren S.A.		46,638
13,280		European Aeronautic Defence and Space Co		457,538
21,984	*	Fiat S.p.A.		420,208
26,690		GKN plc		145,279
46,400		Hankyu Hanshin Holdings, Inc		265,132
11,000		Hino Motors Ltd		56,569
65,300		Honda Motor Co Ltd		2,578,967
53,500		Johnson Electric Holdings Ltd		36,660
9,000		JTEKT Corp		190,958
50,000		Kawasaki Heavy Industries Ltd		187,807
22,000		Keppel Corp Ltd		252,453
4,910		Lagardere S.C.A.		395,367
5,112		MAN AG.		461,973
6,000		NHK Spring Co Ltd		63,073
16,000		NSK Ltd		157,708
6,185		Peugeot S.A.		409,857
330		Porsche AG.		419,959
7,745		Renault S.A.		930,361
173		Rieter Holding AG.		90,511
73,875		Rolls-Royce Group plc		647,652
18,000		SembCorp Marine Ltd		39,902
2,600		Shimano, Inc		75,375
55,000		Singapore Technologies Engineering Ltd		110,448
22,724		Smiths Group plc		441,150
3,356		Thales S.A.		167,368
2,000		Tokai Rika Co Ltd		50,922
32,108		Tomkins plc		154,495
1,900		Toyoda Gosei Co Ltd		43,986
8,600		Toyota Industries Corp		395,294
119,800		Toyota Motor Corp		8,013,176
2,882		Trelleborg AB (B Shares)		69,041
9,942		Volkswagen AG.		1,127,211
13,151		Volvo AB (B Shares)		905,747
7,100		Yamaha Motor Co Ltd		223,133
		TOTAL TRANSPORTATION EQUIPMENT		23,533,527
TRANSPORTATION SERVICES - 0.21%
6,776		Arriva plc		101,362
98		Kuoni Reisen Holding		52,438
53,065		MTR Corp		133,442
5,452		National Express Group plc		120,627
31,389		Stagecoach Group plc		94,032
1,022		Stolt-Nielsen S.A.		31,306
28,483		Sydney Roads Group		29,678
25,883		Toll Holdings Ltd		373,268
8,034	*	TUI AG.		160,563
		TOTAL TRANSPORTATION SERVICES		1,096,716

324

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
TRUCKING AND WAREHOUSING - 0.47%
32,206		Deutsche Post AG.	$	971,005
834		DSV A/S		152,367
8,000		Kamigumi Co Ltd		65,476
5,000		Mitsubishi Logistics Corp		77,602
31,000		Nippon Express Co Ltd		169,581
4,000		Seino Holdings Corp		37,578
18,164		TNT NV		781,180
16,000		Yamato Transport Co Ltd		246,040
		TOTAL TRUCKING AND WAREHOUSING		2,500,829
WATER TRANSPORTATION - 0.39%
46		AP Moller - Maersk A/S		433,225
1,522		Cargotec Corp (B Shares)		84,583
7,121		Carnival plc		360,839
310		Compagnie Maritime Belge S.A.		13,344
524		D/S Torm A/S		34,322
377		Euronav NV		11,267
1,791		Frontline Ltd		57,735
18,000		Kawasaki Kisen Kaisha Ltd		140,818
2,003		Kuehne & Nagel International AG.		145,725
43,000		Mitsui OSK Lines Ltd		424,201
13,000		Neptune Orient Lines Ltd		17,715
43,000		Nippon Yusen Kabushiki Kaisha		314,357
8,300		Orient Overseas International Ltd		52,820
		TOTAL WATER TRANSPORTATION		2,090,951
WHOLESALE TRADE-DURABLE GOODS - 0.95%
3,353		AGFA-Gevaert NV		85,690
12,604		Assa Abloy AB (Class B)		274,322
800		Autobacs Seven Co Ltd		29,242
22,758		Boral Ltd		137,065
3,680		Buhrmann NV		54,698
13,087		Bunzl plc		161,048
3,000		Canon Marketing Japan Inc		68,190
3,961		Compagnie Generale d'Optique Essilor International S.A.		425,877
1,500		Creative Technology Ltd		9,976
14,625		Electrocomponents plc		83,974
17,605	*	Hagemeyer NV		89,239
18,321		Inchcape plc		181,513
886	*	Kingboard Laminates Holdings Ltd		948
5,066		Kingspan Group plc		134,215
24,000	*	Melco International Development		56,897
14		NET One Systems Co Ltd		18,470
94,300		Nissan Motor Co Ltd		1,135,514
2,952		Rautaruukki Oyj		117,488
11,143	*	Securitas Direct AB (B Shares)		35,321
11,143	*	Securitas Systems AB (B Shares)		45,087
44,600		Sumitomo Corp		667,473
2,314	*	Tandberg Television ASA		29,021
15,194		Wesfarmers Ltd		450,230
27,414		Wolseley plc		661,826
1,755		Zodiac S.A.		117,919
		TOTAL WHOLESALE TRADE-DURABLE GOODS		5,071,243
WHOLESALE TRADE-NONDURABLE GOODS - 1.22%
793		Axfood AB		32,781
5,364		Billabong International Ltd		73,673

325

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

SHARES		COMPANY		VALUE
1,758		Casino Guichard Perrachon S.A.	$	163,373
3,317		Celesio AG.		177,946
43,000		Esprit Holdings Ltd		480,124
81,331		Foster's Group Ltd		444,253
7,433		Fyffes plc		17,465
85,300		Li & Fung Ltd		265,387
64,000		Marubeni Corp		324,827
6,756		Metro AG.		430,839
56,600		Mitsubishi Corp		1,065,367
52,000		Nippon Oil Corp		347,817
1,728		Oriflame Cosmetics S.A.		71,180
7,804		Orkla ASA		441,817
1,136		Societe BIC S.A.		79,103
2,700		Suzuken Co Ltd		101,644
71,535		Unilever NV		1,954,605
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		6,472,201
		TOTAL COMMON STOCKS		531,471,790
		(Cost $396,862,373)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 0.04%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.04%
$     210,000		Federal Home Loan Banks (FHLB) 4.800%, 01/02/07		209,887
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		209,887
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $209,972)		209,887
		TOTAL PORTFOLIO - 99.91%
		(Cost $397,072,345)		531,681,677
		OTHER ASSETS & LIABILITIES, NET - 0.09%		499,277
		NET ASSETS - 100.00%	$	532,180,954
	*	Non-income producing
	**	Percentage represents less than 0.01%
	b	In bankruptcy
	m	Indicates a security has been deemed illiquid
	v	Security valued at fair value
		ABBREVIATION:
		ADR - American Depositary Receipt

326

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - International Equity Index Fund

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INTERNATIONAL EQUITY INDEX FUND
SUMMARY OF MARKET VALUES BY COUNTRY (Unaudited)
December 31, 2006

			% OF
		VALUE	MARKET
DOMESTIC
UNITED STATES OF AMERICA	$	4,587,271	0.86	%
TOTAL DOMESTIC		4,587,271	0.86
FOREIGN
AUSTRALIA		29,547,592	5.56
AUSTRIA		3,160,869	0.60
BELGIUM		6,523,787	1.23
DENMARK		4,269,102	0.80
FINLAND		7,490,938	1.41
FRANCE		53,717,273	10.10
GERMANY		39,538,759	7.44
GREECE		3,348,561	0.63
HONG KONG		9,135,000	1.72
IRELAND		4,602,275	0.87
ITALY		20,513,085	3.86
JAPAN		118,467,299	22.28
NETHERLANDS		17,944,778	3.38
NORWAY		4,730,574	0.89
NEW ZEALAND		713,501	0.13
PORTUGAL		1,772,985	0.33
SINGAPORE		4,863,943	0.91
SPAIN		21,559,034	4.05
SWEDEN		13,662,498	2.57
SWITZERLAND		36,520,251	6.87
UNITED KINGDOM		125,012,302	23.51
TOTAL FOREIGN		527,094,406	99.14
TOTAL PORTFOLIO	$	531,681,677	100.00	%

327

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SOCIAL CHOICE EQUITY FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 99.97%
AGRICULTURAL PRODUCTION-CROPS - 0.01%
1,750	*	Chiquita Brands International, Inc	$	27,948
		TOTAL AGRICULTURAL PRODUCTION-CROPS		27,948
AMUSEMENT AND RECREATION SERVICES - 0.02%
1,088		International Speedway Corp (Class A)		55,532
		TOTAL AMUSEMENT AND RECREATION SERVICES		55,532
APPAREL AND ACCESSORY STORES - 0.81%
3,913		American Eagle Outfitters, Inc		122,125
533	*	AnnTaylor Stores Corp		17,504
734		Bebe Stores, Inc		14,526
1,065	*	Charming Shoppes, Inc		14,409
2,739	*	Chico's FAS, Inc		56,670
2,815		Foot Locker, Inc		61,733
19,013		Gap, Inc		370,754
6,742	*	Kohl's Corp		461,355
9,538		Limited Brands, Inc		276,030
5,324		Nordstrom, Inc		262,686
1,000	*	Pacific Sunwear Of California, Inc		19,580
2,834		Ross Stores, Inc		83,036
799		Stage Stores, Inc		24,282
1,910	*	Urban Outfitters, Inc		43,987
		TOTAL APPAREL AND ACCESSORY STORES		1,828,677
APPAREL AND OTHER TEXTILE PRODUCTS - 0.18%
77		Columbia Sportswear Co		4,289
837	*	Hartmarx Corp		5,909
1,141		Kellwood Co		37,105
1,579		Liz Claiborne, Inc		68,623
77		Phillips-Van Heusen Corp		3,863
1,141		Polo Ralph Lauren Corp		88,610
2,510		VF Corp		206,021
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		414,420
AUTO REPAIR, SERVICES AND PARKING - 0.02%
305		Bandag, Inc		15,381
122		Central Parking Corp		2,196
153		Ryder System, Inc		7,812
609	*	Wright Express Corp		18,983
		TOTAL AUTO REPAIR, SERVICES AND PARKING		44,372
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.07%
533		Advance Auto Parts		18,953
761		Asbury Automotive Group, Inc		17,929
381	*	Autozone, Inc		44,028
839	*	Carmax, Inc		44,996
381	*	Copart, Inc		11,430

328

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,141	*	Rush Enterprises, Inc (Class A)	$	19,306
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		156,642
BUILDING MATERIALS AND GARDEN SUPPLIES - 1.18%
685		Fastenal Co		24,578
42,078		Home Depot, Inc		1,689,852
31,417		Lowe's Cos, Inc		978,640
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		2,693,070
BUSINESS SERVICES - 6.68%
4,704	*	3Com Corp		19,333
764	*	3D Systems Corp		12,193
5,659	*	Activision, Inc		97,561
324		Administaff, Inc		13,857
10,831	*	Adobe Systems, Inc		445,371
3,183	*	Akamai Technologies, Inc		169,081
1,479	*	Alliance Data Systems Corp		92,393
388	*	aQuantive, Inc		9,568
2,354	*	Ariba, Inc		18,220
3,285	*	Art Technology Group, Inc		7,654
200	*	Aspen Technology, Inc		2,204
814	*	Audible, Inc		6,455
4,120	*	Autodesk, Inc		166,695
20,462		Automatic Data Processing, Inc		1,007,754
6,481	*	BEA Systems, Inc		81,531
3,158	*	BearingPoint, Inc		24,853
1,826	*	BISYS Group, Inc		23,574
1,800	*	Blackboard, Inc		54,072
397	*	Blue Coat Systems, Inc		9,508
1,978	*	Bottomline Technologies, Inc		22,648
305		Brink's Co		19,496
1,024	*	Cerner Corp		46,592
989	*	Checkfree Corp		39,718
4,076	*	Ciber, Inc		27,635
18,471	*	CMGI, Inc		24,751
2,341	*	CNET Networks, Inc		21,280
2,487	*	Cogent Communications Group, Inc		40,339
2,093	*	Cogent, Inc		23,044
600		Cognex Corp		14,292
4,857	*	Compuware Corp		40,459
1,978	*	Convergys Corp		47,037
153	*	CSG Systems International, Inc		4,090
685		Deluxe Corp		17,262
290	*	Digital River, Inc		16,179
1,833	*	DST Systems, Inc		114,801
100	*	Earthlink, Inc		710
21,075	*	eBay, Inc		633,725
381	*	eFunds Corp		10,478
6,071	*	Electronic Arts, Inc		305,736
2,046	*	Emdeon Corp		25,350
684	*	Equinix, Inc		51,724
10,999	*	Evergreen Energy, Inc		108,780
3,597	*	Expedia, Inc		75,465
685		Fair Isaac Corp		27,845
305	*	First Advantage Corp (Class A)		7,003
5,313	*	Fiserv, Inc		278,507
99	*	Gartner, Inc		1,959

329

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
989	*	Gerber Scientific, Inc	$	12,422
1,008	*	Getty Images, Inc		43,163
3,452	*	Google, Inc (Class A)		1,589,577
1,054	*	iGate Corp		7,252
4,403		IMS Health, Inc		120,994
1,598	*	Infocrossing, Inc		26,047
1,674	*	Informatica Corp		20,440
1,522		infoUSA, Inc		18,127
14,603	*	Innovative Solutions & Support, Inc		248,689
1,537		Interactive Data Corp		36,949
1,998	*	Internap Network Services Corp		39,700
6,878	*	Intuit, Inc		209,848
400	*	inVentiv Health, Inc		14,140
1,446	*	Ipass, Inc		8,502
2,167	*	Iron Mountain, Inc		89,584
533		Jack Henry & Associates, Inc		11,406
258	*	Jupitermedia Corp		2,043
461	*	Kanbay International, Inc		13,263
685	*	Kinetic Concepts, Inc		27,092
1,674	*	Lamar Advertising Co (Class A)		109,463
2,313	*	Lawson Software, Inc		17,093
1,265	*	Lionbridge Technologies		8,147
700	*	Liquidity Services, Inc		12,047
1,646		Manpower, Inc		123,335
837		Marchex, Inc (Class B)		11,199
874	*	Mentor Graphics Corp		15,758
181,356		Microsoft Corp		5,415,290
1,528	*	Midway Games, Inc		10,665
3,125		MoneyGram International, Inc		98,000
1,885	*	Monster Worldwide, Inc		87,916
685	*	MPS Group, Inc		9,713
1,141	*	Ness Technologies, Inc		16,271
820	*	NIC, Inc		4,075
6,633	*	Novell, Inc		41,125
2,799	*	Nuance Communications, Inc		32,077
5,192		Omnicom Group, Inc		542,772
2,099	*	Opsware, Inc		18,513
689	*	Parametric Technology Corp		12,416
926	*	PeopleSupport, Inc		19,492
381	*	Portfolio Recovery Associates, Inc		17,789
3,000	*	Premiere Global Services, Inc		28,320
1,396	*	Quest Software, Inc		20,451
1,725	*	RealNetworks, Inc		18,872
2,500	*	Rewards Network, Inc		17,375
2,809		Robert Half International, Inc		104,270
1,680	*	Salesforce.com, Inc		61,236
4,181	*	Sapient Corp		22,954
6,541		ServiceMaster Co		85,753
617	*	Smith Micro Software, Inc		8,755
406	*	Sohu.com, Inc		9,744
17,366	*	Sonus Networks, Inc		114,442
995	*	Spherion Corp		7,393
2,891		Startek, Inc		39,144
67,922	*	Sun Microsystems, Inc		368,137
913	*	SYKES Enterprises, Inc		16,105
17,746	*	Symantec Corp		370,004
913	*	SYNNEX Corp		20,031

330

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
381	*	TeleTech Holdings, Inc	$	9,098
4,355	*	TIBCO Software, Inc		41,111
3,144	*	Tiens Biotech Group USA, Inc		12,356
2,206		Total System Services, Inc		58,216
305	*	Travelzoo, Inc		9,135
302	*	Trizetto Group, Inc		5,548
5,629	*	Unisys Corp		44,131
1,290		United Online, Inc		17,131
1,071	*	United Rentals, Inc		27,236
533	*	Universal Compression Holdings, Inc		33,105
760	*	Vasco Data Security International		9,006
4,014	*	VeriSign, Inc		96,537
457		Viad Corp		18,554
457	*	WebEx Communications, Inc		15,945
		TOTAL BUSINESS SERVICES		15,181,271
CHEMICALS AND ALLIED PRODUCTS - 9.58%
39,828		Abbott Laboratories		1,940,022
2,516	*	Abraxis BioScience, Inc		68,787
837	*	Adams Respiratory Therapeutics, Inc		34,158
229	*	Adolor Corp		1,722
3,095	*	ADVENTRX Pharmaceuticals, Inc		9,130
10,860		Air Products & Chemicals, Inc		763,241
1,000		Alberto-Culver Co		21,450
77	*	Alexion Pharmaceuticals, Inc		3,110
229	*	Alkermes, Inc		3,062
24,027	*	Amgen, Inc		1,641,284
515	*	Arena Pharmaceuticals, Inc		6,649
528	*	Array Biopharma, Inc		6,822
385	*	Atherogenics, Inc		3,815
1,700	*	Auxilium Pharmaceuticals, Inc		24,973
3,879		Avery Dennison Corp		263,500
6,009		Avon Products, Inc		198,537
3,746	*	Barr Pharmaceuticals, Inc		187,750
2,071	*	Bentley Pharmaceuticals, Inc		21,062
3,347	*	Bioenvision, Inc		15,530
989	*	BioMarin Pharmaceuticals, Inc		16,210
1,978	*	Bradley Pharmaceuticals, Inc		40,707
44,360		Bristol-Myers Squibb Co		1,167,555
1,217		Cabot Corp		53,025
2,739	*	Calgon Carbon Corp		16,982
1,300	*	Caraco Pharmaceutical Laboratories Ltd		18,200
1,541	*	Cell Genesys, Inc		5,224
685	*	Cephalon, Inc		48,231
229	*	Charles River Laboratories International, Inc		9,904
1,217		Clorox Co		78,071
12,425		Colgate-Palmolive Co		810,607
2,555	*	Combinatorx, Inc		22,126
481	*	Cotherix, Inc		6,489
305	*	Cypress Bioscience, Inc		2,364
913		Dade Behring Holdings, Inc		36,347
2,875	*	Dendreon Corp		11,989
215	*	Digene Corp		10,303
4,818	*	Durect Corp		21,392
6,693		Ecolab, Inc		302,524
429	*	Encysive Pharmaceuticals, Inc		1,806
1,929	*	Enzon Pharmaceuticals, Inc		16,416

331

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
533		Estee Lauder Cos (Class A)	$	21,757
8,469	*	Forest Laboratories, Inc		428,531
11,894	*	Genentech, Inc		964,960
5,797	*	Genzyme Corp		356,979
381	*	Geron Corp		3,345
9,753	*	Gilead Sciences, Inc		633,262
1,857		H.B. Fuller Co		47,948
2,379	*	Hospira, Inc		79,887
1,968	*	Human Genome Sciences, Inc		24,482
3,549	*	Huntsman Corp		67,325
1,029	*	Idexx Laboratories, Inc		81,600
861	*	Immucor, Inc		25,167
1,261	*	Inverness Medical Innovations, Inc		48,801
761	*	Invitrogen Corp		43,065
9,812	*	King Pharmaceuticals, Inc		156,207
1,141		Lubrizol Corp		57,198
1,983		Mannatech, Inc		29,210
632	*	Medarex, Inc		9,347
1,978		Medicis Pharmaceutical Corp (Class A)		69,487
3,606	*	Medimmune, Inc		116,726
55,601		Merck & Co, Inc		2,424,204
457	*	MGI Pharma, Inc		8,413
3,347	*	Millennium Pharmaceuticals, Inc		36,482
9,146		Mylan Laboratories, Inc		182,554
913	*	Nabi Biopharmaceuticals		6,190
700	*	Nalco Holding Co		14,322
2,035	*	Nastech Pharmaceutical Co, Inc		30,790
837	*	NBTY, Inc		34,794
1,969	*	Neurocrine Biosciences, Inc		20,517
1,772	*	Noven Pharmaceuticals, Inc		45,097
100	*	NPS Pharmaceuticals, Inc		453
609	*	Nuvelo, Inc		2,436
100	*	OraSure Technologies, Inc		826
793	*	Pacific Ethanol, Inc		12,204
1,902	*	Par Pharmaceutical Cos, Inc		42,548
1,141	*	PDL BioPharma, Inc		22,980
1,522	*	Penwest Pharmaceuticals Co		25,296
4,767		Perrigo Co		82,469
1,065	*	Pharmion Corp		27,413
607	*	Pioneer Cos, Inc		17,397
761	*	Pozen, Inc		12,929
8,898		PPG Industries, Inc		571,341
13,117		Praxair, Inc		778,232
2,953	*	Prestige Brands Holdings, Inc		38,448
64,413		Procter & Gamble Co		4,139,824
457	*	Progenics Pharmaceuticals, Inc		11,763
1,161	*	Renovis, Inc		3,669
7,137		Rohm & Haas Co		364,843
2,815		RPM International, Inc		58,805
1,893	*	Salix Pharmaceuticals Ltd		23,038
38,050		Schering-Plough Corp		899,502
1,674	*	Sciele Pharma, Inc		40,176
1,917	*	Sepracor, Inc		118,049
1,826		Sigma-Aldrich Corp		141,917
1,532	*	Sirna Therapeutics, Inc		19,931
600	*	Somaxon Pharmaceuticals, Inc		8,514
675	*	SuperGen, Inc		3,429

332

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
229	*	Tanox, Inc	$	4,557
919	*	USANA Health Sciences, Inc		47,476
1,065		Valspar Corp		29,437
1,214	*	VCA Antech, Inc		39,079
1,162	*	Vertex Pharmaceuticals, Inc		43,482
5,096	*	Watson Pharmaceuticals, Inc		132,649
1,448	*	Zymogenetics, Inc		22,545
		TOTAL CHEMICALS AND ALLIED PRODUCTS		21,767,380
COMMUNICATIONS - 5.60%
6,981		Alltel Corp		422,211
5,857	*	American Tower Corp (Class A)		218,349
381	*	Anixter International, Inc		20,688
87,691		AT&T, Inc		3,134,953
42,376		BellSouth Corp		1,996,333
5,822		Cablevision Systems Corp (Class A)		165,811
1,400		CenturyTel, Inc		61,124
8,450		Citadel Broadcasting Corp		84,162
609		Citizens Communications Co		8,751
153	*	Cox Radio, Inc (Class A)		2,494
1,065	*	Crown Castle International Corp		34,400
2,438	*	Crown Media Holdings, Inc (Class A)		8,850
703	*	Dobson Communications Corp (Class A)		6,123
1,734		Embarq Corp		91,163
1,370		Entercom Communications Corp (Class A)		38,607
788	*	FiberTower Corp		4,633
837		Global Payments, Inc		38,753
2,282		Gray Television, Inc		16,727
761		Hearst-Argyle Television, Inc		19,406
6,562	*	IAC/InterActiveCorp		243,844
11,229	*	Level 3 Communications, Inc		62,882
9,747	*	Liberty Global, Inc (Class A)		284,125
5,718	*	Liberty Media Corp - Capital (Series A)		560,250
19,766	*	Liberty Media Holding Corp (Interactive A)		426,353
900	*	Lightbridge, Inc		12,186
4,336	*	Lin TV Corp (Class A)		43,143
324	*	NeuStar, Inc (Class A)		10,511
1,598	*	NII Holdings, Inc		102,975
942	*	Novatel Wireless, Inc		9,109
3,573	*	Radio One, Inc (Class D)		24,082
413		Salem Communications Corp (Class A)		4,935
464	*	SAVVIS, Inc		16,569
393	*	SBA Communications Corp (Class A)		10,808
2,944	*	Spanish Broadcasting System, Inc (Class A)		12,100
47,830		Sprint Nextel Corp		903,509
800		Telephone & Data Systems, Inc		43,464
350	*	Terremark Worldwide, Inc		2,352
2,920	*	TiVo, Inc		14,950
8,062	*	Univision Communications, Inc (Class A)		285,556
61,869		Verizon Communications, Inc		2,304,002
19,233	*	Viacom, Inc (Class B)		789,130
5,976		Windstream Corp		84,979
6,313	*	Wireless Facilities, Inc		17,992
5,644	*	XM Satellite Radio Holdings, Inc (Class A)		81,556
		TOTAL COMMUNICATIONS		12,724,900

333

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
DEPOSITORY INSTITUTIONS - 10.07%
91,140		Bank of America Corp	$	4,865,965
17,429		BB&T Corp		765,656
700		City National Corp		49,840
4,031		Comerica, Inc		236,539
533		Commerce Bancorp, Inc		18,799
1,065		Compass Bancshares, Inc		63,527
23,659		Fifth Third Bancorp		968,363
1,370		First Horizon National Corp		57,239
4,640		Fremont General Corp		75,214
4,792		Hudson City Bancorp, Inc		66,513
2,054		IndyMac Bancorp, Inc		92,759
12,398		Keycorp		471,496
3,474		M&T Bank Corp		424,384
5,248		Marshall & Ilsley Corp		252,481
10,344		Mellon Financial Corp		436,000
600		Mercantile Bankshares Corp		28,074
21,643		National City Corp		791,268
3,183		New York Community Bancorp, Inc		51,246
4,564		Northern Trust Corp		276,989
9,603		PNC Financial Services Group, Inc		711,006
3,555		Popular, Inc		63,812
2,130	*	R & G Financial Corp (Class B)		16,295
20,008		Regions Financial Corp		748,299
8,203		Sovereign Bancorp, Inc		208,274
10,131		State Street Corp		683,235
11,429		SunTrust Banks, Inc		965,179
6,085		Synovus Financial Corp		187,601
1,443		TD Banknorth, Inc		46,580
1,750		UnionBanCal Corp		107,188
54,569		US Bancorp		1,974,852
50,333		Wachovia Corp		2,866,464
32,156		Washington Mutual, Inc		1,462,776
77,635		Wells Fargo & Co		2,760,701
1,077		Zions Bancorporation		88,788
		TOTAL DEPOSITORY INSTITUTIONS		22,883,402
EATING AND DRINKING PLACES - 1.30%
3,727	*	AFC Enterprises		65,856
1,027		Applebees International, Inc		25,336
609		Bob Evans Farms, Inc		20,840
500	*	Cheesecake Factory		12,300
4,057		Darden Restaurants, Inc		162,970
38,859		McDonald's Corp		1,722,619
18,641	*	Starbucks Corp		660,264
6,473		Tim Hortons, Inc		187,458
3,043		Wendy's International, Inc		100,693
		TOTAL EATING AND DRINKING PLACES		2,958,336
EDUCATIONAL SERVICES - 0.00%**
38	*	Laureate Education, Inc		1,848
		TOTAL EDUCATIONAL SERVICES		1,848
ELECTRIC, GAS, AND SANITARY SERVICES - 5.66%
17,540	*	AES Corp		386,582
6,769		AGL Resources, Inc		263,382
2,688		Allete, Inc		125,100
8,211		Alliant Energy Corp		310,129

334

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,623		Aqua America, Inc	$	36,972
6,009		Atmos Energy Corp		191,747
9,685		Avista Corp		245,127
3,119		Cascade Natural Gas Corp		80,844
1,826		CH Energy Group, Inc		96,413
8,372		Cleco Corp		211,226
18,144		Consolidated Edison, Inc		872,182
5,250		Crosstex Energy, Inc		166,373
5,553		Duquesne Light Holdings, Inc		110,227
20,856		El Paso Corp		318,680
10,344		Empire District Electric Co		255,393
2,434		Energen Corp		114,252
14,547		Energy East Corp		360,766
547		EnergySouth, Inc		21,935
9,660		Hawaiian Electric Industries, Inc		262,269
10,040		Idacorp, Inc		388,046
1,141		ITC Holdings Corp		45,526
11,333		KeySpan Corp		466,693
10,664		Kinder Morgan, Inc		1,127,718
533		Laclede Group, Inc		18,671
586		Markwest Hydrocarbon, Inc		28,450
2,754		Metal Management, Inc		104,239
3,213		MGE Energy, Inc		117,532
6,922		National Fuel Gas Co		266,774
153		New Jersey Resources Corp		7,433
2,309		Nicor, Inc		108,061
21,387		NiSource, Inc		515,427
8,339		Northeast Utilities		234,826
4,859	*	NRG Energy, Inc		272,153
9,186		NSTAR		315,631
14,223		OGE Energy Corp		568,920
7,834		Oneok, Inc		337,802
3,972		Otter Tail Corp		123,768
20,460		Pepco Holdings, Inc		532,165
2,130		Piedmont Natural Gas Co, Inc		56,978
20,992		Puget Energy, Inc		532,357
4,355		Questar Corp		361,683
1,058		Resource America, Inc (Class A)		27,931
9,448	*	Sierra Pacific Resources		159,010
1,370		South Jersey Industries, Inc		45,772
19,586		Synagro Technologies, Inc		86,570
12,638		TECO Energy, Inc		217,753
2,967		UGI Corp		80,940
2,054		UIL Holdings Corp		86,658
4,052		Unisource Energy Corp		148,020
3,955		Vectren Corp		111,847
2,266	*	Waste Services, Inc		22,320
3,955		WGL Holdings, Inc		128,854
19,837		Williams Cos, Inc		518,142
4,960		WPS Resources Corp		267,989
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		12,862,258
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.37%
9,417	*	Advanced Micro Devices, Inc		191,636
3,348	*	Agere Systems, Inc		64,181
3,950		American Power Conversion Corp		120,831
8,949		Ametek, Inc		284,936

335

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
14,159	*	Apple Computer, Inc	$	1,201,250
2,509	*	Arris Group, Inc		31,388
1,732	*	Atheros Communications, Inc		36,926
381		Baldor Electric Co		12,733
500	*	Benchmark Electronics, Inc		12,180
5,483	*	Brocade Communications Systems, Inc		45,015
1,800	*	CalAmp Corp		15,192
4,280	*	Capstone Turbine Corp		5,264
352	*	C-COR, Inc		3,921
111,940	*	Cisco Systems, Inc		3,059,320
15,358	*	Conexant Systems, Inc		31,330
922	*	Cree, Inc		15,969
1,600		CTS Corp		25,120
800	*	Directed Electronics, Inc		9,160
2,237	*	Ditech Networks, Inc		15,480
2,980	*	Emcore Corp		16,479
34,544		Emerson Electric Co		1,523,045
305	*	Energizer Holdings, Inc		21,652
350	*	Energy Conversion Devices, Inc		11,893
426	*	Evergreen Solar, Inc		3,225
8,531	*	Finisar Corp		27,555
917	*	FuelCell Energy, Inc		5,924
2,002	*	GrafTech International Ltd		13,854
229	*	Greatbatch, Inc		6,165
1,065		Harman International Industries, Inc		106,404
2,754	*	Harmonic, Inc		20,022
118,067		Intel Corp		2,390,857
1,170	*	Interdigital Communications Corp		39,254
3,823	*	InterVoice, Inc		29,284
1,061		Lincoln Electric Holdings, Inc		64,106
1,157	*	Loral Space & Communications, Inc		47,113
270		LSI Industries, Inc		5,360
6,334	*	LSI Logic Corp		57,006
2,778	*	McData Corp (Class A)		15,418
814	*	Medis Technologies Ltd		14,188
13,437	*	Micron Technology, Inc		187,581
4,529		Molex, Inc		143,252
48,282		Motorola, Inc		992,678
6,447	*	MRV Communications, Inc		22,822
5,855		National Semiconductor Corp		132,909
609	*	Novellus Systems, Inc		20,962
1,074	*	Omnivision Technologies, Inc		14,660
4,640	*	ON Semiconductor Corp		35,125
3,771	*	Optical Communication Products, Inc		6,184
685		Park Electrochemical Corp		17,570
1,442		Plantronics, Inc		30,570
639	*	Plexus Corp		15,259
1,742	*	Polycom, Inc		53,845
1,112	*	Power-One, Inc		8,095
3,036	*	Powerwave Technologies, Inc		19,582
1,722	*	QLogic Corp		37,746
32,617		Qualcomm, Inc		1,232,596
5,015	*	Quantum Fuel Systems Technologies Worldwide, Inc		8,024
1,522		RadioShack Corp		25,539
1,341	*	Radyne Corp		14,402
3,182	*	RF Micro Devices, Inc		21,606
584	*	Silicon Storage Technology, Inc		2,634

336

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
41,167	*	Sirius Satellite Radio, Inc	$	145,731
5,122	*	Sycamore Networks, Inc		19,259
2,434	*	Symmetricom, Inc		21,711
609		Technitrol, Inc		14,549
1,750	*	Tekelec		25,953
2,130		Teleflex, Inc		137,513
9,034	*	Tellabs, Inc		92,689
34,800		Texas Instruments, Inc		1,002,240
1,359	*	Thomas & Betts Corp		64,254
7,799	*	Transmeta Corp		8,657
4,390	*	Transwitch Corp		6,146
995	*	Trident Microsystems, Inc		18,089
2,018	*	Triquint Semiconductor, Inc		9,081
2,358	*	TTM Technologies, Inc		26,716
1,000		Vicor Corp		11,110
685		Whirlpool Corp		56,869
6,438		Xilinx, Inc		153,289
12,138	*	Zhone Technologies, Inc		15,901
70	*	Zoltek Cos, Inc		1,377
428	*	Zoran Corp		6,240
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		14,481,651
ENGINEERING AND MANAGEMENT SERVICES - 0.78%
1,293	*	Amylin Pharmaceuticals, Inc		46,639
913	*	Applera Corp (Celera Genomics Group)		12,773
604	*	Ariad Pharmaceuticals, Inc		3,105
6,485	*	Celgene Corp		373,082
305		Corporate Executive Board Co		26,749
548	*	CV Therapeutics, Inc		7,650
894	*	Digitas, Inc		11,989
153	*	Gen-Probe, Inc		8,013
1,478	*	Harris Interactive, Inc		7,449
1,734	*	Hewitt Associates, Inc (Class A)		44,651
381	*	ICOS Corp		12,874
1,592	*	Incyte Corp		9,297
2,057	*	Isis Pharmaceuticals, Inc		22,874
434	*	Lexicon Genetics, Inc		1,567
5,629		Moody's Corp		388,739
10,384		Paychex, Inc		410,583
86	*	Per-Se Technologies, Inc		2,389
5,280		Quest Diagnostics, Inc		279,840
737	*	Regeneron Pharmaceuticals, Inc		14,792
3,926	*	Rentech, Inc		14,801
153	*	Telik, Inc		678
3,320	*	Tetra Tech, Inc		60,059
685	*	Trimeris, Inc		8,706
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		1,769,299
FABRICATED METAL PRODUCTS - 0.68%
5,918		Commercial Metals Co		152,684
837	*	Commercial Vehicle Group, Inc		18,247
1,774		Dynamic Materials Corp		49,849
1,674		Gulf Island Fabrication, Inc		61,771
21,502		Illinois Tool Works, Inc		993,177
800		Insteel Industries, Inc		14,232
457	*	Jacuzzi Brands, Inc		5,681
1,970		Pentair, Inc		61,858

337

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,130		Silgan Holdings, Inc	$	93,550
685		Snap-On, Inc		32,633
913		Valmont Industries, Inc		50,662
		TOTAL FABRICATED METAL PRODUCTS		1,534,344
FOOD AND KINDRED PRODUCTS - 2.82%
9,584		Campbell Soup Co		372,722
8,595		Coca-Cola Enterprises, Inc		175,510
700		Corn Products International, Inc		24,178
13,502		General Mills, Inc		777,715
11,637		H.J. Heinz Co		523,781
661	*	Hansen Natural Corp		22,262
5,781		Hershey Co		287,894
14,110		Kellogg Co		706,347
1,522		McCormick & Co, Inc		58,688
3,347		Pepsi Bottling Group, Inc		103,456
42,269		PepsiCo, Inc		2,643,926
17,476		Sara Lee Corp		297,616
7,876		Wrigley (Wm.) Jr Co		407,347
		TOTAL FOOD AND KINDRED PRODUCTS		6,401,442
FOOD STORES - 0.34%
16		Arden Group, Inc (Class A)		1,981
17,944		Kroger Co		413,968
2,434	*	Pathmark Stores, Inc		27,139
5,076		Supervalu, Inc		181,467
2,967		Whole Foods Market, Inc		139,241
		TOTAL FOOD STORES		763,796
FORESTRY - 0.26%
3,100		Rayonier, Inc		127,255
6,738		Weyerhaeuser Co		476,040
		TOTAL FORESTRY		603,295
FURNITURE AND FIXTURES - 0.54%
1,598		Hillenbrand Industries, Inc		90,974
8,585		Johnson Controls, Inc		737,623
3,347		Leggett & Platt, Inc		79,993
10,724		Masco Corp		320,326
536	*	Tempur-Pedic International, Inc		10,967
		TOTAL FURNITURE AND FIXTURES		1,239,883
FURNITURE AND HOMEFURNISHINGS STORES - 0.10%
4,412	*	Bed Bath & Beyond, Inc		168,097
1,182		Circuit City Stores, Inc		22,434
229	*	Mohawk Industries, Inc		17,143
1,558	*	Restoration Hardware, Inc		13,259
229		Williams-Sonoma, Inc		7,200
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES		228,133
GENERAL BUILDING CONTRACTORS - 0.49%
605		Beazer Homes USA, Inc		28,441
2,586		Centex Corp		145,514
6,748		DR Horton, Inc		178,755
1,141	*	Hovnanian Enterprises, Inc (Class A)		38,680
46		Lennar Corp (B Shares)		2,260
3,575		Lennar Corp (Class A)		187,545

338

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,522		Levitt Corp (Class A)	$	18,629
609		MDC Holdings, Inc		34,743
242	*	Meritage Homes Corp		11,548
49	*	NVR, Inc		31,605
7,968		Pulte Homes, Inc		263,900
533		Ryland Group, Inc		29,112
1,413		Standard-Pacific Corp		37,854
2,649	*	Toll Brothers, Inc		85,377
642	*	WCI Communities, Inc		12,314
		TOTAL GENERAL BUILDING CONTRACTORS		1,106,277
GENERAL MERCHANDISE STORES - 1.19%
457	*	99 Cents Only Stores		5,562
305	*	Big Lots, Inc		6,991
12,460		Costco Wholesale Corp		658,760
3,195		Dollar General Corp		51,312
2,967		Family Dollar Stores, Inc		87,022
5,772		JC Penney Co, Inc		446,522
457	*	Retail Ventures, Inc		8,701
19,506		Target Corp		1,112,817
11,672		TJX Cos, Inc		332,885
		TOTAL GENERAL MERCHANDISE STORES		2,710,572
HEALTH SERVICES - 1.37%
1,411	*	Alliance Imaging, Inc		9,383
761	*	Amsurg Corp		17,503
229	*	Bio-Reference Labs, Inc		5,150
1,399		Brookdale Senior Living, Inc		67,152
2,108	*	Community Health Systems, Inc		76,984
229	*	Corvel Corp		10,894
2,257	*	DaVita, Inc		128,378
1,357	*	Edwards Lifesciences Corp		63,833
3,147	*	Express Scripts, Inc		225,325
747	*	Five Star Quality Care, Inc		8,329
6,938		Health Management Associates, Inc (Class A)		146,461
687	*	Healthways, Inc		32,777
2,075	*	Hythiam, Inc		19,173
3,534	*	Laboratory Corp of America Holdings		259,643
1,055	*	LifePoint Hospitals, Inc		35,554
2,232	*	Lincare Holdings, Inc		88,923
837	*	Medcath Corp		22,900
2,961	*	Nektar Therapeutics		45,037
2,557		Omnicare, Inc		98,777
229		Option Care, Inc		3,263
512	*	Pediatrix Medical Group, Inc		25,037
2,011		Pharmaceutical Product Development, Inc		64,794
1,028	*	Psychiatric Solutions, Inc		38,571
1,370	*	RehabCare Group, Inc		20,345
1,283	*	Sierra Health Services, Inc		46,239
1,324	*	Sunrise Senior Living, Inc		40,673
685	*	Symbion, Inc		12,679
1,925	*	Triad Hospitals, Inc		80,523
989		Universal Health Services, Inc (Class B)		54,820
1,674	*	VistaCare, Inc (Class A)		16,991
17,150	*	WellPoint, Inc		1,349,534
		TOTAL HEALTH SERVICES		3,115,645

339

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
HOLDING AND OTHER INVESTMENT OFFICES - 3.07%
12,466		Allied Capital Corp	$	407,389
229		AMB Property Corp		13,422
1,217		American Financial Realty Trust		13,922
2,206		Annaly Mortgage Management, Inc		30,685
6,933		Archstone-Smith Trust		403,570
1,370		AvalonBay Communities, Inc		178,169
2,662		Boston Properties, Inc		297,825
300		Capital Southwest Corp		37,872
1,355		Cherokee, Inc		58,143
2,500		Colonial Properties Trust		117,200
761		Crescent Real Estate Equities Co		15,030
1,600		Developers Diversified Realty Corp		100,720
3,416		Duke Realty Corp		139,714
18,958		Equity Office Properties Trust		913,207
10,689		Equity Residential		542,467
300		Essex Property Trust, Inc		38,775
153		FelCor Lodging Trust, Inc		3,342
4,085		General Growth Properties, Inc		213,360
2,510	*	Harris & Harris Group, Inc		30,346
761		Health Care Property Investors, Inc		28,020
153		Highwoods Properties, Inc		6,236
1,913		Hospitality Properties Trust		90,925
11,561		Host Marriott Corp		283,823
1,902		HRPT Properties Trust		23,490
2,358		iStar Financial, Inc		112,760
6,196		Kimco Realty Corp		278,510
153		Liberty Property Trust		7,518
8,062		Luminent Mortgage Capital, Inc		78,282
1,065		MFA Mortgage Investments, Inc		8,190
1,300		Mid-America Apartment Communities, Inc		74,412
1,200		Nationwide Health Properties, Inc		36,264
4,765		New Plan Excel Realty Trust		130,942
3,023		NTL, Inc		76,301
1,000		Post Properties, Inc		45,700
7,726		Prologis		469,509
3,600		Public Storage, Inc		351,000
6,541		Simon Property Group, Inc		662,538
6,500		Spirit Finance Corp		81,055
913		Tarragon Corp		11,111
3,955		Vornado Realty Trust		480,533
1,751		Weingarten Realty Investors		80,739
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		6,973,016
HOTELS AND OTHER LODGING PLACES - 0.22%
3,419		Choice Hotels International, Inc		143,940
3,324	*	Gaylord Entertainment Co		169,291
6,705	*	Great Wolf Resorts, Inc		93,602
3,727	*	Lodgian, Inc		50,687
1,978		Marcus Corp		50,597
		TOTAL HOTELS AND OTHER LODGING PLACES		508,117
INDUSTRIAL MACHINERY AND EQUIPMENT - 5.71%
22,133		3M Co		1,724,825
3,080	*	AGCO Corp		95,295
5,629		American Standard Cos, Inc		258,090
1,065		Ampco-Pittsburgh Corp		35,656

340

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
34,197		Applied Materials, Inc	$	630,935
745	*	Astec Industries, Inc		26,150
3,389	*	Axcelis Technologies, Inc		19,758
1,978		Black & Decker Corp		158,181
685		Briggs & Stratton Corp		18,461
842	*	Brooks Automation, Inc		12,125
757		Cascade Corp		40,045
229		CDW Corp		16,103
1,293	*	Columbus McKinnon Corp		27,179
1,598		Cummins, Inc		188,852
6,922		Deere & Co		658,075
42,186	*	Dell, Inc		1,058,447
685		Donaldson Co, Inc		23,776
761	*	Dril-Quip, Inc		29,801
42,912	*	EMC Corp		566,438
305	*	Emulex Corp		5,951
652	*	Entegris, Inc		7,055
305	*	Flowserve Corp		15,393
1,141	*	FMC Technologies, Inc		70,320
400	*	Gardner Denver, Inc		14,924
913	*	Gehl Co		25,135
3,009		Graco, Inc		119,217
4,497	*	Grant Prideco, Inc		178,846
54,815		Hewlett-Packard Co		2,257,830
229	*	Intermec, Inc		5,558
33,483		International Business Machines Corp		3,252,873
518	*	Intevac, Inc		13,442
2,352	*	Lam Research Corp		119,058
1,978	*	LB Foster Co (Class A)		51,250
837		Lennox International, Inc		25,621
1,446	*	Lexmark International, Inc (Class A)		105,847
617		Lufkin Industries, Inc		35,835
1,838		Manitowoc Co, Inc		109,232
913		Modine Manufacturing Co		22,852
457		Nordson Corp		22,772
837	*	Oil States International, Inc		26,977
2,226		Pall Corp		76,908
1,522	*	ProQuest Co		15,905
310	*	Rackable Systems, Inc		9,601
305		Sauer-Danfoss, Inc		9,836
1,545	*	Semitool, Inc		20,564
2,500	*	Sigma Designs, Inc		63,625
5,553		Smith International, Inc		228,062
22,820	*	Solectron Corp		73,480
1,293		SPX Corp		79,080
1,978		Stanley Works		99,474
3,275		Tennant Co		94,975
585	*	TurboChef Technologies, Inc		9,957
840	*	Ultratech, Inc		10,483
1,983	*	VA Software Corp		9,974
2,282	*	Varian Medical Systems, Inc		108,555
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		12,984,659
INSTRUMENTS AND RELATED PRODUCTS - 5.12%
457	*	Advanced Medical Optics, Inc		16,086
859	*	Affymetrix, Inc		19,809
77		Analogic Corp		4,323

341

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
2,358		Bard (C.R.), Inc	$	195,643
533		Bausch & Lomb, Inc		27,748
17,752		Baxter International, Inc		823,515
2,465		Beckman Coulter, Inc		147,407
7,769		Becton Dickinson & Co		544,995
5,457		Biomet, Inc		225,210
23,862	*	Boston Scientific Corp		409,949
486	*	Bruker BioSciences Corp		3,650
903	*	Cepheid, Inc		7,676
229		Cooper Cos, Inc		10,191
4,620	*	Credence Systems Corp		24,024
4,377		Dentsply International, Inc		130,653
3,437	*	Depomed, Inc		11,858
77	*	DJ Orthopedics, Inc		3,297
533	*	Flir Systems, Inc		16,965
242	*	Formfactor, Inc		9,015
305	*	Hologic, Inc		14,420
533	*	Illumina, Inc		20,952
1,627	*	Input/Output, Inc		22,176
444	*	Intuitive Surgical, Inc		42,580
1,636	*	Ixia		15,706
69,557		Johnson & Johnson		4,592,153
3,779		Kla-Tencor Corp		188,005
2,157	*	LTX Corp		12,079
28,250		Medtronic, Inc		1,511,658
533	*	Millipore Corp		35,498
1,245	*	MKS Instruments, Inc		28,112
305	*	OYO Geospace Corp		17,717
1,293	*	Photon Dynamics, Inc		15,115
6,529		Pitney Bowes, Inc		301,575
3,500	*	RAE Systems, Inc		11,200
381	*	Resmed, Inc		18,753
305	*	Rofin-Sinar Technologies, Inc		18,440
1,598		Roper Industries, Inc		80,284
6,541	*	St. Jude Medical, Inc		239,139
8,586		Stryker Corp		473,174
77	*	Techne Corp		4,270
1,770		Tektronix, Inc		51,631
8,489	*	Thermo Electron Corp		384,467
2,500	*	ThermoGenesis Corp		10,775
1,598	*	Waters Corp		78,254
22,360	*	Xerox Corp		379,002
1,902		X-Rite, Inc		23,395
5,172	*	Zimmer Holdings, Inc		405,381
800	*	Zygo Corp		13,160
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		11,641,085
INSURANCE AGENTS, BROKERS AND SERVICE - 0.62%
4,031		Brown & Brown, Inc		113,715
3,195		Clark, Inc		53,133
3,575		Crawford & Co (Class B)		26,098
12,865		Hartford Financial Services Group, Inc		1,200,433
900	*	USI Holdings Corp		13,824
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		1,407,203
INSURANCE CARRIERS - 4.49%
11,737		Aetna, Inc		506,804

342

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,141		Affirmative Insurance Holdings, Inc	$	18,564
21,199		Aflac, Inc		975,154
3,879		Ambac Financial Group, Inc		345,503
2,397		American Financial Group, Inc		86,076
1,491	*	AMERIGROUP Corp		53,512
3,651		Assurant, Inc		201,718
823	*	Centene Corp		20,221
20,382		Chubb Corp		1,078,412
9,047		Cincinnati Financial Corp		409,920
1,293		Commerce Group, Inc		38,467
1,348		Erie Indemnity Co (Class A)		78,157
1,217		Hanover Insurance Group, Inc		59,390
2,022		HCC Insurance Holdings, Inc		64,886
631	*	HealthExtras, Inc		15,207
13,436		Lincoln National Corp		892,150
153	*	Markel Corp		73,455
4,640		MBIA, Inc		338,998
1,065		Mercury General Corp		56,157
2,434		MGIC Investment Corp		152,222
663	*	Molina Healthcare, Inc		21,554
457		Odyssey Re Holdings Corp		17,046
1,674		Phoenix Cos, Inc		26,600
34	*	PMA Capital Corp (Class A)		313
989		PMI Group, Inc		46,651
9,931		Principal Financial Group		582,950
23,253		Progressive Corp		563,188
685		Protective Life Corp		32,538
17,357		Prudential Financial, Inc		1,490,272
1,750		Radian Group, Inc		94,343
5,151		Safeco Corp		322,195
22,371		St. Paul Travelers Cos, Inc		1,201,099
381		Stancorp Financial Group, Inc		17,164
1,750		Unitrin, Inc		87,693
4,792		W.R. Berkley Corp		165,372
1,033	*	WellCare Health Plans, Inc		71,174
		TOTAL INSURANCE CARRIERS		10,205,125
LEATHER AND LEATHER PRODUCTS - 0.14%
7,186	*	Coach, Inc		308,711
609		Weyco Group, Inc		15,134
		TOTAL LEATHER AND LEATHER PRODUCTS		323,845
LUMBER AND WOOD PRODUCTS - 0.00%**
533	*	Champion Enterprises, Inc		4,989
		TOTAL LUMBER AND WOOD PRODUCTS		4,989
METAL MINING - 0.10%
2,358	*	Rosetta Resources, Inc		44,024
5,067		Royal Gold, Inc		182,311
		TOTAL METAL MINING		226,335
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.21%
1,131		Callaway Golf Co		16,298
545		Daktronics, Inc		20,083
609	*	K2, Inc		8,033
1,636		Marine Products Corp		19,207
16,836		Mattel, Inc		381,504

343

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
229		Nautilus, Inc	$	3,206
1,519	*	Russ Berrie & Co, Inc		23,469
84	*	Steinway Musical Instruments, Inc		2,608
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		474,408
MISCELLANEOUS RETAIL - 1.34%
6,181	*	Amazon.com, Inc		243,902
7,226		Best Buy Co, Inc		355,447
609	*	Coldwater Creek, Inc		14,933
16,995		CVS Corp		525,315
432	*	Dollar Tree Stores, Inc		13,003
515	*	Drugstore.com, Inc		1,885
2,408	*	GSI Commerce, Inc		45,150
164	*	Nutri/System, Inc		10,396
4,479	*	Office Depot, Inc		170,963
130	*	Overstock.com, Inc		2,054
749		Petsmart, Inc		21,616
14,591		Staples, Inc		389,580
913		Tiffany & Co		35,826
22,482		Walgreen Co		1,031,699
4,182		World Fuel Services Corp		185,932
		TOTAL MISCELLANEOUS RETAIL		3,047,701
MOTION PICTURES - 2.06%
457	*	Avid Technology, Inc		17,028
8,284	*	Discovery Holding Co (Class A)		133,290
761	*	DreamWorks Animation SKG, Inc (Class A)		22,442
761		Regal Entertainment Group (Class A)		16,225
115,525		Time Warner, Inc		2,516,135
57,786		Walt Disney Co		1,980,326
		TOTAL MOTION PICTURES		4,685,446
NONDEPOSITORY INSTITUTIONS - 3.17%
1,131	*	Accredited Home Lenders Holding Co		30,854
335		Advanta Corp (Class A)		13,336
913		Advanta Corp (Class B)		39,834
5,659		American Capital Strategies Ltd		261,785
34,476		American Express Co		2,091,659
3,595	*	AmeriCredit Corp		90,486
1,438		Ares Capital Corp		27,480
1,000		Asta Funding, Inc		30,440
8,104		Capital One Financial Corp		622,549
2,418		CapitalSource, Inc		66,036
837		CharterMac		17,970
7,081		CIT Group, Inc		394,907
1,337	*	CompuCredit Corp		53,226
16,548		Countrywide Financial Corp		702,463
1,589	*	Credit Acceptance Corp		52,961
5,933	*	Doral Financial Corp		17,028
1,141		Federal Agricultural Mortgage Corp (Class C)		30,955
1,441		First Marblehead Corp		78,751
25,015		Freddie Mac		1,698,519
5,705		MCG Capital Corp		115,926
4,813		Medallion Financial Corp		59,537
1,437	*	Nelnet, Inc (Class A)		39,316
12,778		SLM Corp		623,183
500	*	United PanAm Financial Corp		6,880

344

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
685	*	World Acceptance Corp	$	32,161
		TOTAL NONDEPOSITORY INSTITUTIONS		7,198,242
NONMETALLIC MINERALS, EXCEPT FUELS - 0.16%
2,282		AMCOL International Corp		63,303
571		Florida Rock Industries, Inc		24,582
2,978		Vulcan Materials Co		267,633
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		355,518
OIL AND GAS EXTRACTION - 3.13%
23,710		Anadarko Petroleum Corp		1,031,859
941	*	Atlas America, Inc		47,963
957	*	ATP Oil & Gas Corp		37,868
5,100	*	Aurora Oil & Gas Corp		16,371
8,942		Baker Hughes, Inc		667,610
2,054		Berry Petroleum Co (Class A)		63,695
900	*	Bronco Drilling Co, Inc		15,471
1,750		Cabot Oil & Gas Corp		106,138
2,702	*	Callon Petroleum Co		40,611
2,206	*	Cameron International Corp		117,028
837	*	Carrizo Oil & Gas, Inc		24,290
4,391	*	Cheniere Energy, Inc		126,768
13,220		Chesapeake Energy Corp		384,041
4,698		Cimarex Energy Co		171,477
533	*	Delta Petroleum Corp		12,344
4,412	*	Denbury Resources, Inc		122,609
2,054	*	Edge Petroleum Corp		37,465
1,370	*	Encore Acquisition Co		33,606
913	*	Energy Partners Ltd		22,295
5,640		ENSCO International, Inc		282,338
10,578		Equitable Resources, Inc		441,632
1,370	*	EXCO Resources, Inc		23,167
1,217	*	Exploration Co of Delaware, Inc		16,235
3,195	*	Forest Oil Corp		104,413
7,406	*	Gasco Energy, Inc		18,145
8,651	*	GeoGlobal Resources, Inc		67,910
2,815	*	Global Industries Ltd		36,708
533	*	GMX Resources, Inc		18,922
761	*	Goodrich Petroleum Corp		27,533
4,031	*	Grey Wolf, Inc		27,653
1,919	*	Helix Energy Solutions Group, Inc		60,199
5,095		Helmerich & Payne, Inc		124,675
1,674	*	Houston Exploration Co		86,680
2,662	*	McMoRan Exploration Co		37,854
11,130	*	Meridian Resource Corp		34,392
4,000	*	Metretek Technologies, Inc		49,280
3,490	*	National Oilwell Varco, Inc		213,518
457	*	Oceaneering International, Inc		18,143
1,712	*	Parallel Petroleum Corp		30,080
4,857	*	PetroHawk Energy Corp		55,856
153	*	Petroleum Development Corp		6,587
1,136	*	Petroquest Energy, Inc		14,473
5,377		Pioneer Natural Resources Co		213,413
2,081	*	Plains Exploration & Production Co		98,910
3,119		Pogo Producing Co		151,084
3,727	*	Pride International, Inc		111,847
2,200	*	Quest Resource Corp		22,220

345

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
1,636	*	Quicksilver Resources, Inc	$	59,861
5,210		Range Resources Corp		143,067
2,358		Rowan Cos, Inc		78,286
3,570	*	Southwestern Energy Co		125,129
1,978		St. Mary Land & Exploration Co		72,870
1,750	*	Stone Energy Corp		61,863
533	*	Superior Energy Services		17,418
1,065	*	Swift Energy Co		47,723
2,662		Tidewater, Inc		128,734
457	*	Todco		15,616
1,716	*	Toreador Resources Corp		44,221
913	*	Unit Corp		44,235
2,098		W&T Offshore, Inc		64,451
1,141	*	Warren Resources, Inc		13,373
1,141	*	Whiting Petroleum Corp		53,171
14,044		XTO Energy, Inc		660,770
		TOTAL OIL AND GAS EXTRACTION		7,104,164
PAPER AND ALLIED PRODUCTS - 0.87%
2,206		Bemis Co		74,960
1,674		Bowater, Inc		37,665
3,651	*	Buckeye Technologies, Inc		43,739
1,750		Chesapeake Corp		29,785
11,835		International Paper Co		403,574
12,933		Kimberly-Clark Corp		878,797
8,215		MeadWestvaco Corp		246,943
2,358		Packaging Corp of America		52,112
1,217		Rock-Tenn Co (Class A)		32,993
2,434		Sonoco Products Co		92,638
1,378		Temple-Inland, Inc		63,429
1,674		Wausau Paper Corp		25,093
		TOTAL PAPER AND ALLIED PRODUCTS		1,981,728
PERSONAL SERVICES - 0.03%
1,200		Regis Corp		47,448
305		Weight Watchers International, Inc		16,022
		TOTAL PERSONAL SERVICES		63,470
PETROLEUM AND COAL PRODUCTS - 2.79%
1,964		Alon USA Energy, Inc		51,673
17,632		Apache Corp		1,172,704
1,750		Ashland, Inc		121,065
18,573		Devon Energy Corp		1,245,877
9,515		EOG Resources, Inc		594,212
6,940		Frontier Oil Corp		199,456
617	*	Headwaters, Inc		14,783
9,346		Hess Corp		463,281
3,036		Holly Corp		156,050
8,815		Murphy Oil Corp		448,243
4,716	*	Newfield Exploration Co		216,700
8,367		Noble Energy, Inc		410,569
5,020		Sunoco, Inc		313,047
16,123		Valero Energy Corp		824,853
4,513		Western Refining, Inc		114,901
		TOTAL PETROLEUM AND COAL PRODUCTS		6,347,414

346

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
PRIMARY METAL INDUSTRIES - 1.30%
1,125	*	Brush Engineered Materials, Inc	$	37,991
3,428	*	Century Aluminum Co		153,060
4,132		Chaparral Steel Co		182,924
1,080	*	CommScope, Inc		32,918
27,451	*	Corning, Inc		513,608
457		Encore Wire Corp		10,059
3,265		Gibraltar Industries, Inc		76,760
2,206		Hubbell, Inc (Class B)		99,733
989	*	Lone Star Technologies, Inc		47,877
3,119		Mueller Industries, Inc		98,872
10,815		Nucor Corp		591,148
2,200		Olympic Steel, Inc		48,906
2,092		Quanex Corp		72,362
5,300		Steel Dynamics, Inc		171,985
3,955		Steel Technologies, Inc		69,410
3,030		Tredegar Corp		68,508
5,574		United States Steel Corp		407,682
8,503	*	Wheeling-Pittsburgh Corp		159,261
6,465		Worthington Industries, Inc		114,560
		TOTAL PRIMARY METAL INDUSTRIES		2,957,624
PRINTING AND PUBLISHING - 0.97%
761	*	ACCO Brands Corp		20,144
457		Dow Jones & Co, Inc		17,366
1,141	*	Dun & Bradstreet Corp		94,463
6,709		EW Scripps Co (Class A)		335,047
77		Harte-Hanks, Inc		2,134
11,500		McGraw-Hill Cos, Inc		782,230
1,000		Meredith Corp		56,350
10,139		New York Times Co (Class A)		246,986
2,700	*	Presstek, Inc		17,172
653		R.H. Donnelley Corp		40,963
614		Standard Register Co		7,368
9,194		Tribune Co		282,991
685	*	Valassis Communications, Inc		9,933
381		Washington Post Co (Class B)		284,074
		TOTAL PRINTING AND PUBLISHING		2,197,221
RAILROAD TRANSPORTATION - 0.68%
17,650		CSX Corp		607,690
533	*	Genesee & Wyoming, Inc (Class A)		13,986
1,826	*	Kansas City Southern Industries, Inc		52,917
17,074		Norfolk Southern Corp		858,651
		TOTAL RAILROAD TRANSPORTATION		1,533,244
REAL ESTATE - 0.11%
3,371	*	CB Richard Ellis Group, Inc (Class A)		111,917
1,293		Forest City Enterprises, Inc (Class A)		75,511
229		Jones Lang LaSalle, Inc		21,107
5,017		Stewart Enterprises, Inc (Class A)		31,356
		TOTAL REAL ESTATE		239,891
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.08%
2,891		Cooper Tire & Rubber Co		41,341
1,750		Sealed Air Corp		113,610
837		Spartech Corp		21,946
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		176,897

347

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
SECURITY AND COMMODITY BROKERS - 3.49%
837		A.G. Edwards, Inc	$	52,974
5,692		Ameriprise Financial, Inc		310,214
1,293		BlackRock, Inc		196,407
720	*	Cbot Holdings, Inc (Class A)		109,058
29,551		Charles Schwab Corp		571,516
685		Chicago Mercantile Exchange Holdings, Inc		349,179
7,292	*	E*Trade Financial Corp		163,487
533		Eaton Vance Corp		17,594
6,661		Franklin Resources, Inc		733,842
9,815		Goldman Sachs Group, Inc		1,956,620
1,400	*	IntercontinentalExchange, Inc		151,060
415		International Securities Exchange, Inc		19,418
153	*	Investment Technology Group, Inc		6,561
3,043		Janus Capital Group, Inc		65,698
1,065		Jefferies Group, Inc		28,563
2,168		Legg Mason, Inc		206,068
25,568		Merrill Lynch & Co, Inc		2,380,381
892	*	Nasdaq Stock Market, Inc		27,465
2,604	*	NYSE Group, Inc		253,109
1,065		SEI Investments Co		63,431
6,081		T Rowe Price Group, Inc		266,165
		TOTAL SECURITY AND COMMODITY BROKERS		7,928,810
SOCIAL SERVICES - 0.01%
2,700	*	Capital Senior Living Corp		28,728
		TOTAL SOCIAL SERVICES		28,728
SPECIAL TRADE CONTRACTORS - 0.02%
381	*	Layne Christensen Co		12,508
2,277	*	Quanta Services, Inc		44,789
		TOTAL SPECIAL TRADE CONTRACTORS		57,297
STONE, CLAY, AND GLASS PRODUCTS - 0.06%
132	*	Cabot Microelectronics Corp		4,480
229		CARBO Ceramics, Inc		8,558
1,434		Eagle Materials, Inc		61,992
4,054		Gentex Corp		63,080
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		138,110
TRANSPORTATION BY AIR - 0.68%
2,607	*	Airtran Holdings, Inc		30,606
989	*	Alaska Air Group, Inc		39,066
4,373	*	Continental Airlines, Inc (Class B)		180,386
5,568	*	ExpressJet Holdings, Inc		45,101
6,445		FedEx Corp		700,056
2,400	*	Frontier Airlines Holdings, Inc		17,760
4,082	*	JetBlue Airways Corp		57,964
3,694	*	Mesa Air Group, Inc		31,658
800	*	PHI, Inc		26,184
3,068		Skywest, Inc		78,265
22,561		Southwest Airlines Co		345,635
		TOTAL TRANSPORTATION BY AIR		1,552,681
TRANSPORTATION EQUIPMENT - 0.95%
1,141	*	Accuride Corp		12,848

348

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
381	*	Aftermarket Technology Corp	$	8,108
2,206		American Axle & Manufacturing Holdings, Inc		41,892
2,398		ArvinMeritor, Inc		43,716
4,031		Autoliv, Inc		243,069
15,262	*	BE Aerospace, Inc		391,928
1,781		Brunswick Corp		56,814
229		Federal Signal Corp		3,673
800	*	Fuel Systems Solutions, Inc		17,664
7,608		Genuine Parts Co		360,847
7,857		Harley-Davidson, Inc		553,683
2,758		Harsco Corp		209,884
788		Noble International Ltd		15,799
1,750		Superior Industries International, Inc		33,723
1,370	*	Tenneco, Inc		33,866
685		Thor Industries, Inc		30,133
1,598	*	TRW Automotive Holdings Corp		41,340
4,468	*	Visteon Corp		37,889
1,065		Westinghouse Air Brake Technologies Corp		32,355
		TOTAL TRANSPORTATION EQUIPMENT		2,169,231
TRANSPORTATION SERVICES - 0.12%
1,293		CH Robinson Worldwide, Inc		52,871
2,054		Expeditors International Washington, Inc		83,187
1,940	*	RailAmerica, Inc		31,195
3,047		Sabre Holdings Corp (Class A)		97,169
		TOTAL TRANSPORTATION SERVICES		264,422
TRUCKING AND WAREHOUSING - 0.60%
18,083		United Parcel Service, Inc (Class B)		1,355,863
		TOTAL TRUCKING AND WAREHOUSING		1,355,863
WATER TRANSPORTATION - 0.02%
1,217	*	Gulfmark Offshore, Inc		45,528
153	*	Hornbeck Offshore Services, Inc		5,462
		TOTAL WATER TRANSPORTATION		50,990
WHOLESALE TRADE-DURABLE GOODS - 0.54%
4,900		Adesa, Inc		135,975
900		Agilysys, Inc		15,066
5,172		Barnes Group, Inc		112,491
1,522		BorgWarner, Inc		89,828
1,700		Castle (A.M.) & Co		43,265
822	*	Cytyc Corp		23,263
1,446		IKON Office Solutions, Inc		23,671
503		Martin Marietta Materials, Inc		52,267
1,141	*	MWI Veterinary Supply, Inc		36,854
3,454	*	Patterson Cos, Inc		122,652
4,260		Reliance Steel & Aluminum Co		167,759
5,071		Ryerson Tull, Inc		127,231
153	*	Tech Data Corp		5,794
3,058		W.W. Grainger, Inc		213,877
1,129	*	WESCO International, Inc		66,396
		TOTAL WHOLESALE TRADE-DURABLE GOODS		1,236,389
WHOLESALE TRADE-NONDURABLE GOODS - 0.99%
381		Airgas, Inc		15,438
6,200	*	Akorn, Inc		38,750

349

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Social Choice Equity Fund
SHARES		COMPANY		VALUE
381	*	Allscripts Healthcare Solutions, Inc	$	10,283
1,522	*	Dean Foods Co		64,350
4,260	*	Endo Pharmaceuticals Holdings, Inc		117,491
761	*	Henry Schein, Inc		37,274
2,773	*	Idearc, Inc		79,446
1,217		Nash Finch Co		33,224
6,998		Nike, Inc (Class B)		692,984
9,923		Safeway, Inc		342,939
1,446		Spartan Stores, Inc		30,265
1,293		Stride Rite Corp		19,498
21,112		Sysco Corp		776,077
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		2,258,019
		TOTAL COMMON STOCKS
		(Cost $202,458,617)		227,232,275
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 1.75%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.75%
$     3,990,000		Federal Home Loan Bank (FHLB) 4.800%, 01/02/07		3,987,850
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		3,987,850
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $3,989,468)		3,987,850
		TOTAL PORTFOLIO - 101.72%
		(Cost $206,448,085)		231,220,125
		OTHER ASSETS & LIABILITIES, NET - (1.72%)		(3,915,537	)
		NET ASSETS - 100.00%	$	227,304,588
	*	Non-income producing
	**	Percentage is less than .01%

350

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
REAL ESTATE SECURITIES FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES		COMPANY		VALUE
COMMON STOCKS - 98.96%
AMUSEMENT AND RECREATION SERVICES - 1.32%
785,500	*	Sunterra Corp	$	9,465,275
		TOTAL AMUSEMENT AND RECREATION SERVICES		9,465,275
HOLDING AND OTHER INVESTMENT OFFICES - 92.18%
216,600		Acadia Realty Trust		5,419,332
130,000		American Financial Realty Trust		1,487,200
620,100		Archstone-Smith Trust		36,096,021
265,500		AvalonBay Communities, Inc		34,528,275
262,500		BioMed Realty Trust, Inc		7,507,500
369,000		Boston Properties, Inc		41,283,720
289,300		BRE Properties, Inc (Class A)		18,810,286
127,000	g,v	CBRE Realty Finance, Inc		1,995,170
287,200		Cogdell Spencer, Inc		6,174,800
479,200		Corporate Office Properties Trust		24,185,224
114,924		Crescent Real Estate Equities Co		2,269,749
85,000		Digital Realty Trust, Inc		2,909,550
225,000		Douglas Emmett, Inc		5,982,750
284,500		EastGroup Properties, Inc		15,237,820
46,200		Equity Lifestyle Properties, Inc		2,514,666
602,600		Equity Office Properties Trust		29,027,242
413,300		Equity Residential		20,974,975
97,800		Essex Property Trust, Inc		12,640,650
91,500		Extra Space Storage, Inc		1,670,790
288,200		Federal Realty Investment Trust		24,497,000
46,000		First Potomac Realty Trust		1,339,060
484,300		General Growth Properties, Inc		25,294,989
140,000	g,v*	GSC Capital Corp		3,220,000
101,600		Highwoods Properties, Inc		4,141,216
1,284,000		Host Marriott Corp		31,522,200
184,000		Kilroy Realty Corp		14,352,000
390,000		Kimco Realty Corp		17,530,500
64,900		LaSalle Hotel Properties		2,975,665
255,400		Macerich Co		22,109,978
106,600	*	Mills Corp		2,132,000
891,800		Mission West Properties, Inc		11,682,580
35,200		Pennsylvania Real Estate Investment Trust		1,386,176
211,200	g,v*	People's Choice Financial Corp		422,400
391,700		Prologis		23,803,609
30,000		PS Business Parks, Inc		2,121,300
295,900		Public Storage, Inc		28,850,250
302,800		Regency Centers Corp		23,669,876
535,400		Simon Property Group, Inc		54,230,666
173,600		SL Green Realty Corp		23,050,608
139,200		Strategic Hotels & Resorts, Inc		3,033,168
98,400		Sunstone Hotel Investors, Inc		2,630,232
373,400		Taubman Centers, Inc		18,991,124
179,700		United Dominion Realty Trust, Inc		5,712,663

351

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Real Estate Securities Fund
SHARES		COMPANY		VALUE
105,400		U-Store-It Trust	$	2,165,970
299,900		Vornado Realty Trust		36,437,850
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		658,018,800
HOTELS AND OTHER LODGING PLACES - 1.70%
42,600		Hilton Hotels Corp		1,486,740
170,000		Starwood Hotels & Resorts Worldwide, Inc		10,625,000
		TOTAL HOTELS AND OTHER LODGING PLACES		12,111,740
REAL ESTATE - 3.76%
310,000	g,v	Asset Capital Corp, Inc		2,424,200
530,008	*	Brookfield Properties Corp		20,845,215
100,000	*	MI Developments, Inc		3,570,000
		TOTAL REAL ESTATE		26,839,415
		TOTAL COMMON STOCKS
		(Cost $576,366,555)		706,435,230
		TOTAL PORTFOLIO - 98.96%
		(Cost $576,366,555)		706,435,230
		OTHER ASSETS & LIABILITIES, NET - 1.04%		7,447,980
		NET ASSETS - 100.00%	$	713,883,210
	*	Non-income producing
	g	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, 2006 , the value of these securities amounted to $8,061,770 or 1.13% of net assets.
	v	Security valued at fair value

352

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Managed Allocation Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MANAGED ALLOCATION FUND II
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
SHARES	COMPANY		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 100.30%
852,862	TIAA-CREF Institutional Bond Plus Fund II	$	8,605,383
57,481	TIAA-CREF Institutional High-Yield Fund II		579,410
246,925	TIAA-CREF Institutional International Equity Fund		3,148,298
472,433	TIAA-CREF Institutional Large-Cap Growth Fund		4,799,923
297,849	TIAA-CREF Institutional Large-Cap Value Fund		4,774,521
34,553	TIAA-CREF Institutional Short-Term Bond Fund II		346,224
58,817	TIAA-CREF Institutional Small-Cap Equity Fund		916,382
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
	(Cost $22,609,804)		23,170,141
	TOTAL PORTFOLIO - 100.30%
	(Cost $22,609,804)		23,170,141
	OTHER ASSETS & LIABILITIES, NET - (0.30)%		(61,135	)
	NET ASSETS - 100.00%	$	23,109,006

353

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 97.60%
CORPORATE BONDS - 35.90%
ASSET BACKED - 10.47%
$     5,000,000		AmeriCredit Automobile Receivables Trust Series 2006-
		AF (Class A4)	5.640%	09/06/13	Aaa	$	5,066,300
200,171	g,i	AQ Finance NIM Trust Series 2004-RN2	5.550	04/25/09	Aaa		200,141
127,868	g, i ,v	AQ Finance NIM Trust Series 2004-RN3	5.530	05/25/09	Aaa		127,868
78,426	g	Asset Backed Funding Corp NIM Trust Series 2005-
		WMC1 (Class N1)	5.900	07/26/35	NR		78,353
400,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980	06/25/34	Aaa		401,493
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1B)	5.700	02/25/34	Baa2		968,874
1,000,000	i	Chase Funding Mortgage Loan Asset-Backed
		Certificates Series 2004-2 (Class 1M1)	5.700	02/25/34	Aa2		994,272
1,330,685		Chase Manhattan Auto Owner Trust Series 2004-A
		(Class A4)	2.830	09/15/10	Aaa		1,306,284
1,010,000		CIT Equipment Collateral Series 2005-VT1 (Class A4)	4.360	11/20/12	Aaa		998,648
1,378,049	i	CIT Group Home Equity Loan Trust Series 2002-1
		(Class AF6)	6.200	02/25/30	Aaa		1,384,396
2,700,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		2,704,612
4,050,000		Citicorp Mortgage Securities, Inc Series 2006-2 (Class A3)	5.563	09/25/36	Aaa		4,044,111
255,267	i	Countrywide Home Equity Loan Trust Series 2004-B
		(Class 1A)	5.570	02/15/29	Aaa		255,433
393,723		Detroit Edison Securitization Funding LLC Series 2001-1
		(Class A3)	5.875	03/01/10	Aaa		395,033
596,484	i	GMAC Mortgage Corporation Loan Trust 2005-HE2	4.622	11/25/35	Aaa		590,295
1,350,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A3	5.590	03/01/30	Aaa		1,349,471
1,350,000		GMAC Mortgage Corporation Loan Trust 2006-HLTV A4	5.810	03/01/36	Aaa		1,353,768
1,810,274	g, i	Golden Securities Corp Series 2003-A (Class A1)	5.626	12/02/13	Aaa		1,803,853
9,000,000	g	Hertz Vehicle Financing LLC Series 2005-1A (Class A3)	5.010	02/25/11	Aaa		8,946,225
4,600,000	v	HFC Home Equity Loan Asset Backed Certificates
		Series 2006-4 (Class A1F)	5.790	03/20/36	Aaa		4,594,319
2,020,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		2,035,794
6,760,000		Household Credit Card Master Note Trust I Series 2006-1
		(Class A)	5.100	06/15/12	Aaa		6,763,711
15,000,000		Hyundai Auto Receivables Trust Series 2006-A (Class
		A3)	5.130	06/15/10	Aaa		14,978,865
165,238	g	Long Beach Asset Holdings Corp Series 2006-4 (Class
		N1)	5.877	06/25/46	NR		164,927
1,263,374	g,v	Long Beach Asset Holdings Corp Series 2006-6 (Class
		N1)	6.072	09/25/46	NR		1,238,107
2,764,908	g	Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		2,797,827
3,380,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NR		3,341,171

354

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,000,000	i	Morgan Stanley Capital I Series 2006-HE1 (Class A2)	5.470	01/25/36	Aaa	$	2,000,950
675,000	i	Morgan Stanley Capital I Series 2006-T21 (Class AJ)	5.273	10/12/52	Aaa		669,594
370,000		Peco Energy Transition Trust Series 1999-A (Class A7)	6.130	03/01/09	Aaa		373,109
334,438		Public Service New Hampshire Funding LLC Series
		2001-1 (Class A2)	5.730	11/01/10	Aaa		336,036
8,000,000	i	Residential Asset Mortgage Products, Inc Series 2004-
		RS11 (Class M1)	5.970	11/25/34	Aa1		8,057,672
477,230		Residential Asset Securities Corp Series 2001-KS2
		(Class AI6)	6.489	10/25/30	Aaa		477,046
1,350,000		Residential Funding Mortgage Securities II, Inc Series
		2006-H12 (Class A2)	5.750	02/25/36	Aaa		1,351,609
1,080,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class A3)	5.570	02/25/36	Aaa		1,078,951
200,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HI1 (Class M2)	6.060	02/25/36	Aa2		200,942
2,020,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI3 (Class A3)	5.960	02/25/36	Aaa		2,035,558
6,760,000		Residential Funding Mortgage Securities II, Inc Series
		2006-HI4 (Class A3)	5.440	09/25/36	Aaa		6,724,469
1,400,000	v	Residential Funding Mortgage Securities II, Inc Series
		2006-HI5 (Class A2)	5.520	04/25/21	Aaa		1,400,219
2,500,000	v	Residential Funding Mortgage Securities II, Inc Series
		2006-HI5 (Class A3)	5.500	08/25/25	Aaa		2,490,234
2,020,000	i	Residential Funding Mortgage Securities II, Inc Series
		2006-HSA2 (Class AI3)	5.550	03/25/36	Aaa		2,017,829
1,487,970	g,v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		1,500,538
8,000,000	g,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		7,932,188
5,000,000		Triad Auto Receivables Owner Trust Series 2005-A
		(Class A4)	4.220	06/12/12	Aaa		4,912,590
9,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A3)	5.500	09/21/09	Aaa		9,038,079
10,000,000		Volkswagen Auto Lease Trust Series 2006-A (Class A4)	5.540	04/20/11	Aaa		10,067,450
1,258,730	g, i	Wachovia Loan Trust Series 2005-SD1 (Class A)	5.710	05/25/35	NR		1,259,542
		TOTAL ASSET BACKED					132,808,756
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.25%
1,720,000		Home Depot, Inc	5.400	03/01/16	Aa3		1,681,702
1,350,000		Lowe's Cos, Inc	8.250	06/01/10	A1		1,468,407
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					3,150,109
CHEMICALS AND ALLIED PRODUCTS - 0.54%
1,620,000		Abbott Laboratories	5.600	05/15/11	A1		1,642,930
740,000		Ecolab, Inc	6.875	02/01/11	A2		778,029
280,000		EI Du Pont de Nemours & Co	3.375	11/15/07	A2		274,482
1,105,000		EI Du Pont de Nemours & Co	4.125	03/06/13	A2		1,031,490
250,000		Lubrizol Corp	4.625	10/01/09	Baa3		245,079
1,010,000		Lubrizol Corp	5.500	10/01/14	Baa3		984,800
1,960,000		Procter & Gamble Co	4.950	08/15/14	Aa3		1,915,615
		TOTAL CHEMICALS AND ALLIED PRODUCTS					6,872,425
COMMUNICATIONS - 2.16%
670,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		649,960
16,000		AT&T Corp	6.000	03/15/09	NR		16,180
1,350,000		AT&T, Inc	5.100	09/15/14	A2		1,311,867

355

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     940,000		AT&T, Inc	6.150	09/15/34	A2	$	922,790
180,000		BellSouth Corp	6.875	10/15/31	A2		189,619
1,180,000		Comcast Corp	5.650	06/15/35	Baa2		1,067,618
5,000,000		Comcast Corp	5.875	02/15/18	Baa2		4,936,312
270,000		Comcast Corp	6.500	11/15/35	Baa2		271,396
1,250,000	g	COX Communications, Inc	5.875	12/01/16	Baa3		1,241,134
950,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		1,165,979
600,000		Embarq Corp	7.995	06/01/36	Baa3		624,058
330,000		France Telecom S.A.	7.750	03/01/11	A3		359,428
1,330,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa1		1,452,668
370,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		479,497
2,530,000		Sprint Capital Corp	8.375	03/15/12	Baa3		2,814,674
2,000,000		Sprint Nextel Corp	6.000	12/01/16	Baa3		1,951,107
485,000		Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		462,775
430,000		Verizon Global Funding Corp	5.850	09/15/35	A3		411,021
2,190,000		Verizon Global Funding Corp	7.375	09/01/12	A3		2,395,805
670,000		Verizon New England, Inc	4.750	10/01/13	Baa1		616,171
1,120,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		1,126,785
500,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		466,141
1,790,000		Viacom, Inc	5.750	04/30/11	Baa3		1,789,711
670,000		Viacom, Inc	6.875	04/30/36	Baa3		662,869
		TOTAL COMMUNICATIONS					27,385,565
DEPOSITORY INSTITUTIONS - 3.19%
1,350,000		Bank of America Corp	5.375	08/15/11	Aa2		1,359,959
700,000		Bank of America Corp	5.625	10/14/16	Aa2		712,115
670,000		Bank of America Corp	5.750	08/15/16	Aa3		684,133
500,000		Bank of America Corp	6.250	04/15/12	Aa2		522,739
1,350,000		Bank of America NA	6.000	10/15/36	Aa2		1,390,015
2,225,000		Bank One Corp	5.250	01/30/13	A1		2,209,582
1,350,000		Bank One Corp	2.625	06/30/08	Aa3		1,299,046
740,000		Bank One NA	5.500	03/26/07	Aa2		740,058
840,000	g, i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A2		820,357
500,000		Capital One Bank	5.125	02/15/14	A2		491,226
1,100,000		Citigroup, Inc	5.125	02/14/11	Aa1		1,097,238
2,570,000		Citigroup, Inc	5.125	05/05/14	Aa1		2,539,025
1,720,000		Citigroup, Inc	5.850	12/11/34	Aa1		1,748,638
840,000		Eksportfinans A/S	5.125	10/26/11	Aaa		843,607
650,000		FIA Card Services NA	4.625	08/03/09	Aa1		641,522
270,000		Golden West Financial Corp	4.750	10/01/12	Aa3		262,416
270,000		Greenpoint Financial Corp	3.200	06/06/08	A3		261,956
370,000		JPMorgan Chase & Co	7.875	06/15/10	A1		399,810
250,000		JPMorgan Chase & Co	4.500	01/15/12	Aa3		241,767
1,690,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		1,649,372
560,000		M&I Marshall & Ilsley Bank	4.125	09/04/07	Aa3		555,970
500,000		Manufacturers & Traders Trust Co	5.629	12/01/21	A3		492,168
370,000		Mellon Funding Corp	6.400	05/14/11	A2		386,513
740,000		Mellon Funding Corp	4.875	06/15/07	A1		738,679
370,000		National Westminster Bank plc	7.375	10/01/09	Aa2		390,255
670,000		Popular North America, Inc	3.875	10/01/08	A3		650,726
840,000		Popular North America, Inc	5.650	04/15/09	A3		842,455
330,000	g, i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		318,171
810,000		Regions Financial Corp	6.375	05/15/12	A2		848,574

356

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,010,000		Union Bank of California NA	5.950	05/11/16	A2	$	1,035,088
940,000		US Bank NA	5.700	12/15/08	Aa2		947,045
550,000		Wachovia Bank NA	4.850	07/30/07	Aa2		548,204
1,010,000		Wachovia Bank NA	4.800	11/01/14	Aa3		967,017
940,000		Wachovia Corp	5.250	08/01/14	A1		927,587
1,350,000		Wachovia Corp	5.300	10/15/11	Aa3		1,354,331
1,350,000		Washington Mutual, Inc	5.500	08/24/11	A3		1,355,829
2,530,000		Wells Fargo & Co	5.300	08/26/11	Aa1		2,542,046
1,550,000		Wells Fargo Bank NA	4.750	02/09/15	Aa1		1,482,107
670,000		Wells Fargo Bank NA	5.950	08/26/36	Aa1		690,897
2,190,000		Wells Fargo Bank NA	6.450	02/01/11	Aa1		2,286,824
1,250,000		Wells Fargo Capital X	5.950	12/15/36	Aa3		1,250,906
		TOTAL DEPOSITORY INSTITUTIONS					40,525,973
ELECTRIC, GAS, AND SANITARY SERVICES - 1.51%
770,000		Atmos Energy Corp	4.000	10/15/09	Baa3		740,115
330,000		Carolina Power & Light Co	5.700	04/01/35	A3		322,497
270,000		CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		298,923
330,000		Consolidated Natural Gas Co	5.000	12/01/14	Baa1		316,764
939,000		Consolidated Natural Gas Co	6.250	11/01/11	Baa1		970,786
500,000		Consumers Energy Co	4.400	08/15/09	Baa2		487,108
1,915,000		FirstEnergy Corp	6.450	11/15/11	Baa3		1,995,672
1,010,000		Florida Power & Light Co	4.850	02/01/13	Aa3		987,391
670,000		Florida Power Corp	4.500	06/01/10	A2		649,726
750,000	i	FPL Group Capital, Inc	6.350	10/01/66	A3		759,984
270,000		National Fuel Gas Co	5.250	03/01/13	Baa1		265,600
560,000		National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		567,124
2,020,000		Nisource Finance Corp	5.400	07/15/14	Baa3		1,964,658
1,350,000		Northern States Power Co	6.250	06/01/36	A2		1,443,248
670,000		Northern States Power-Minnesota	5.250	07/15/35	A2		623,319
330,000		Ohio Power Co	5.300	11/01/10	A3		328,802
670,000		ONEOK Partners LP	5.900	04/01/12	Baa2		677,385
2,020,000		Pacific Gas & Electric Co	4.200	03/01/11	Baa1		1,932,545
270,000		Public Service Co of Colorado	5.500	04/01/14	A3		269,588
330,000		Puget Sound Energy, Inc	6.274	03/15/37	Baa2		335,116
770,000		Southern California Edison Co	5.350	07/15/35	A2		717,918
250,000		Southern California Edison Co	6.000	01/15/34	A2		255,414
740,000		Texas Eastern Transmission LP	5.250	07/15/07	Baa1		737,983
220,000		TXU Electric Delivery Co	7.250	01/15/33	Baa2		247,195
1,280,000		Virginia Electric and Power Co	4.750	03/01/13	Baa1		1,230,647
		TOTAL ELECTRIC, GAS, AND SANITARY					19,125,508
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.31%
2,130,000		Cisco Systems, Inc	5.250	02/22/11	A1		2,135,203
840,000		Cisco Systems, Inc	5.500	02/22/16	A1		842,676
370,000		Cooper Industries, Inc	5.250	07/01/07	A3		368,865
500,000		International Business Machines Corp	6.220	08/01/27	A1		527,522
		TOTAL ELECTRONIC AND OTHER ELECTRIC					3,874,266
FABRICATED METAL PRODUCTS - 0.15%
500,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		491,475
1,350,000		Illinois Tool Works, Inc	5.750	03/01/09	Aa3		1,363,325
		TOTAL FABRICATED METAL PRODUCTS					1,854,800

357

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
FOOD AND KINDRED PRODUCTS - 0.50%
$     1,180,000	Anheuser-Busch Cos, Inc	4.700	04/15/12	A1	$	1,137,519
270,000	Bottling Group LLC	4.625	11/15/12	Aa3		260,834
600,000	Bunge Ltd Finance Corp	5.100	07/15/15	Baa2		558,456
670,000	Companhia Brasileira de Bebidas	8.750	09/15/13	Baa1		770,158
740,000	Coors Brewing Co	6.375	05/15/12	Baa2		766,085
1,500,000	Diageo Capital plc	5.125	01/30/12	A3		1,481,064
370,000	Kellogg Co	6.600	04/01/11	A3		387,452
330,000	Kraft Foods, Inc	6.500	11/01/31	A3		353,827
670,000	WM Wrigley Jr Co	4.650	07/15/15	A1		634,028
	TOTAL FOOD AND KINDRED PRODUCTS					6,349,423
FOOD STORES - 0.14%
740,000	Kroger Co	6.800	04/01/11	Baa2		775,027
670,000	Safeway, Inc	4.125	11/01/08	Baa2		654,804
370,000	Safeway, Inc	7.250	02/01/31	Baa2		401,634
	TOTAL FOOD STORES					1,831,465
FURNITURE AND FIXTURES - 0.04%
560,000	Masco Corp	4.625	08/15/07	Baa1		555,922
	TOTAL FURNITURE AND FIXTURES					555,922
GENERAL BUILDING CONTRACTORS - 0.10%
1,350,000	Centex Corp	5.250	06/15/15	Baa2		1,278,927
	TOTAL GENERAL BUILDING CONTRACTORS					1,278,927
GENERAL MERCHANDISE STORES - 0.45%
670,000	May Department Stores Co	3.950	07/15/07	Baa1		663,484
2,020,000	Target Corp	5.875	07/15/16	A1		2,085,541
930,000	Wal-Mart Stores, Inc	6.875	08/10/09	Aa2		968,440
1,350,000	Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		1,306,746
770,000	Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		740,379
	TOTAL GENERAL MERCHANDISE STORES					5,764,590
HEALTH SERVICES - 0.05%
670,000	Laboratory Corp of America Holdings	5.625	12/15/15	Baa3		659,391
	TOTAL HEALTH SERVICES					659,391
HOLDING AND OTHER INVESTMENT OFFICES - 0.29%
670,000	Archstone-Smith Trust	5.750	03/15/16	Baa1		674,491
500,000	Colonial Properties Trust	6.250	06/15/14	Baa3		508,782
1,350,000	iStar Financial, Inc	5.150	03/01/12	Baa2		1,310,150
500,000	iStar Financial, Inc	5.700	03/01/14	Baa2		495,473
670,000	Simon Property Group LP	5.600	09/01/11	A3		673,984
	TOTAL HOLDING AND OTHER INVESTMENT OFFICES					3,662,880
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.21%
1,690,000	Caterpillar, Inc	6.050	08/15/36	A2		1,742,117
935,000	Dover Corp	6.500	02/15/11	A2		974,521
	TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					2,716,638

358

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
INSTRUMENTS AND RELATED PRODUCTS - 0.10%
$     270,000		Johnson & Johnson	3.800	05/15/13	Aaa	$	251,036
600,000		Medtronic, Inc	4.750	09/15/15	A1		568,984
500,000		Thermo Electron Corp	5.000	06/01/15	Baa2		468,432
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					1,288,452
INSURANCE CARRIERS - 0.78%
1,350,000		Aetna, Inc	6.625	06/15/36	A3		1,448,375
330,000		Allstate Corp	5.000	08/15/14	A1		322,138
1,350,000		American International Group, Inc	5.050	10/01/15	Aa2		1,316,893
670,000	i	ING Groep NV	5.775	12/30/49	A2		667,236
670,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		653,033
500,000	g	Mantis Reef Ltd	4.799	11/03/09	A3		487,663
770,000		Metlife, Inc	5.000	06/15/15	A2		746,031
500,000		Metlife, Inc	5.700	06/15/35	A2		489,003
1,010,000	g	Pricoa Global Funding I	3.900	12/15/08	Aa3		981,521
330,000		Principal Financial Group, Inc	6.050	10/15/36	A2		338,773
670,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		667,653
1,110,000		WellPoint, Inc	5.000	01/15/11	Baa1		1,096,351
655,000		WellPoint, Inc	5.850	01/15/36	Baa1		638,078
		TOTAL INSURANCE CARRIERS					9,852,748
METAL MINING - 0.12%
330,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		312,817
670,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		636,946
500,000		Vale Overseas Ltd	6.250	01/11/16	Baa3		505,335
		TOTAL METAL MINING					1,455,098
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.10%
770,000	g	Controladora Mabe S.A. C.V.	6.500	12/15/15	NR		775,248
560,000		Harsco Corp	5.125	09/15/13	A3		546,355
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES					1,321,603
MISCELLANEOUS RETAIL - 0.03%
330,000		CVS Corp	6.125	08/15/16	Baa2		340,148
		TOTAL MISCELLANEOUS RETAIL					340,148
MOTION PICTURES - 0.38%
1,310,000		Historic TW, Inc	6.625	05/15/29	Baa2		1,319,858
670,000		News America, Inc	6.200	12/15/34	Baa2		645,932
330,000		News America, Inc	7.625	11/30/28	Baa2		370,048
910,000		Time Warner, Inc	6.875	05/01/12	Baa2		962,156
1,480,000		Walt Disney Co	5.700	07/15/11	A3		1,503,459
		TOTAL MOTION PICTURES					4,801,453
NONDEPOSITORY INSTITUTIONS - 2.84%
1,350,000	g	American Honda Finance Corp	5.125	12/15/10	A1		1,343,647
1,010,000		Capital One Financial Corp	5.500	06/01/15	A3		1,008,318
1,480,000		Capital One Financial Corp	5.700	09/15/11	A3		1,499,203
980,000		Capital One Financial Corp	6.150	09/01/16	Baa1		1,011,287
870,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		837,623
1,350,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		1,361,214
330,000		CIT Group, Inc	5.125	09/30/14	A2		320,747
410,000		FIA Card Services NA	5.375	01/15/08	Aa1		410,215

359

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,350,000		General Electric Capital Corp	5.650	06/09/14	Aaa	$	1,375,842
6,930,000		General Electric Capital Corp	6.000	06/15/12	Aaa		7,172,977
330,000	g, i	HSBC Capital Funding LP	4.610	12/30/49	A1		307,335
1,520,000		HSBC Finance Corp	5.250	01/14/11	Aa3		1,519,864
1,690,000		HSBC Finance Corp	5.250	04/15/15	Aa3		1,672,626
3,750,000		HSBC Finance Corp	5.500	01/19/16	Aa3		3,767,325
670,000		HSBC Finance Corp	5.700	06/01/11	Aa3		681,402
1,520,000		International Lease Finance Corp	5.450	03/24/11	A1		1,527,157
1,010,000		John Deere Capital Corp	7.000	03/15/12	A3		1,082,175
2,700,000		Landwirtschaftliche Rentenbank	5.000	11/08/16	Aaa		2,690,644
2,020,000		MBNA Corp	5.000	06/15/15	Aa2		1,959,779
1,077,000		MBNA Corp	6.125	03/01/13	Aa2		1,120,589
430,000		Residential Capital Corp	6.125	11/21/08	Baa3		432,054
1,420,000		Residential Capital Corp	6.500	04/17/13	Baa3		1,441,442
330,000		SLM Corp	5.400	10/25/11	A2		330,772
460,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		443,124
750,000	g	USB Realty Corp	6.091	12/30/49	A1		750,420
		TOTAL NONDEPOSITORY INSTITUTIONS					36,067,781
OIL AND GAS EXTRACTION - 0.93%
500,000		Anadarko Petroleum Corp	5.950	09/15/16	Baa2		500,892
1,110,000		Baker Hughes, Inc	6.875	01/15/29	A2		1,226,467
600,000		BJ Services Co	5.750	06/01/11	Baa1		604,801
1,110,000		Burlington Resources Finance Co	7.200	08/15/31	A2		1,302,572
930,000		Burlington Resources Finance Co	6.400	08/15/11	A2		970,935
500,000	g	Empresa Nacional de Petroleo ENAP	6.750	11/15/12	A2		526,717
270,000		Equitable Resources, Inc	5.150	11/15/12	A2		263,219
330,000		Nexen, Inc	5.050	11/20/13	Baa2		319,283
740,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		734,190
330,000		PC Financial Partnership	5.000	11/15/14	Baa2		315,001
670,000		Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		663,327
770,000		Petro-Canada	5.950	05/15/35	Baa2		729,707
1,350,000		Weatherford International Ltd	6.500	08/01/36	Baa1		1,366,021
2,230,000		XTO Energy, Inc	6.250	04/15/13	Baa2		2,299,261
		TOTAL OIL AND GAS EXTRACTION					11,822,393
OTHER MORTGAGE BACKED SECURITIES - 6.64%
2,230,000		Banc of America Commercial Mortgage, Inc Series
		2002-2 (Class A3)	5.118	07/11/43	NR		2,216,408
2,000,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-1 (Class B)	5.005	11/10/42	NR		1,980,410
650,000	i	Banc of America Commercial Mortgage, Inc Series
		2005-6 (Class AJ)	5.181	09/10/47	Aaa		643,473
670,000	i	Banc of America Commercial Mortgage, Inc Series
		2006-2 (Class A4)	5.741	05/10/45	NR		692,814
2,000,000		Banc of America Commercial Mortgage, Inc Series
		2006-4 (Class A4)	5.634	07/10/46	Aaa		2,041,598
670,000	h,v	Banc of America Commercial Mortgage, Inc Series
		2006-5 (Class A4)	5.414	09/10/47	Aaa		673,091
2,452,818		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		2,462,267
475,787		Bank of America Alternative Loan Trust Series 2004-8
		(Class 3A1)	5.500	09/25/19	Aaa		474,204

360

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     4,050,000	i	Bear Stearns Commercial Mortgage Securities Series
		2004-PWR5 (Class A5)	4.978	07/11/42	Aaa	$	3,965,882
2,000,000	i	Bear Stearns Commercial Mortgage Securities Series
		2005-PW10 (Class AJ)	5.458	12/11/40	Aaa		2,020,032
2,075,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW11 (Class A4)	5.458	03/11/39	NR		2,107,160
1,500,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW12 (Class A4)	5.711	09/11/38	Aaa		1,548,516
2,000,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-PW14 (Class A4)	5.201	12/11/38	NR		1,975,940
1,000,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-T22 (Class A4)	5.467	04/12/38	Aaa		1,018,208
1,465,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-T24 (Class A4)	5.537	10/12/41	Aaa		1,485,529
2,020,000		Citigroup/Deutsche Bank Commercial Mortgage Trust
		Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		2,057,794
4,286,437		Citimortgage Alternative Loan Trust Series 2006-A1
		(Class 2A1)	5.250	03/25/21	Aaa		4,231,520
1,081,168	i	Countrywide Alternative Loan Trust Series 2004-31T1
		(Class A2)	5.700	09/25/34	NR		1,082,933
1,010,000		Countrywide Alternative Loan Trust Series 2005-J8
		(Class 1A5)	5.500	07/25/35	Aaa		976,317
1,829,606	i	Countrywide Alternative Loan Trust Series 2006-12CB
		(Class A10)	5.700	05/25/36	Aaa		1,827,831
1,789,198		Countrywide Home Loan Mortgage Pass Through Trust
		Series 2005-17 (Class 1A10)	5.250	09/25/35	NR		1,775,289
1,480,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-
		C1 (Class A4)	5.556	02/15/39	NR		1,503,781
1,400,000	i	Credit Suisse Mortgage Capital Certificates Series 2006-
		C2 (Class A3)	5.659	03/15/39	Aaa		1,437,191
1,620,000		Credit Suisse Mortgage Capital Certificates Series 2006-
		C4 (Class A3)	5.467	09/15/39	Aaa		1,632,468
2,000,000		Credit Suisse Mortgage Capital Certificates Series 2006-
		C5 (Class A3)	5.311	12/15/39	Aaa		1,991,628
3,000,000	g,i	Credit Suisse/Morgan Stanley Commercial Mortgage
		Certificate Series HC1A (Class A1)	5.540	05/15/23	Aaa		3,000,936
569,115		CS First Boston Mortgage Securities Corp Series 2004-
		8 (Class 7A1)	6.000	12/25/34	NR		569,651
1,120,000		Ge Capital Commercial Mortgage Corp Series 2003-C2
		(Class A4)	5.145	07/10/37	Aaa		1,112,368
1,350,000	i	Greenwich Capital Commercial Funding Corp Series
		2004-GG1 (Class A7)	5.317	06/10/36	Aaa		1,348,655
1,350,000		GS Mortgage Securities Corp II Series 2006-GG8 (Class A4)	5.560	11/10/39	Aaa		1,371,180
1,490,000		JP Morgan Chase Commercial Mortgage Securities
		Corp Series 2003-CB6 (Class A2)	5.255	07/12/37	Aaa		1,488,358
6,760,000	i	LB-UBS Commercial Mortgage Trust Series 2004-C7
		(Class A6)	4.786	10/15/29	Aaa		6,543,477
870,000		LB-UBS Commercial Mortgage Trust Series 2005-C3
		(Class A2)	4.553	07/15/30	Aaa		853,147
1,350,000	i	LB-UBS Commercial Mortgage Trust Series 2005-C5
		(Class AJ)	5.057	09/15/40	NR		1,319,555
1,000,000	i	LB-UBS Commercial Mortgage Trust Series 2006-C4
		(Class A4)	5.899	06/15/38	Aaa		1,046,000

361

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,819,280		MASTR Alternative Loans Trust Series 2004-8 (Class
		5A1)	6.000	09/25/34	NR	$	1,818,713
1,373,145		MASTR Asset Securitization Trust Series 2005-2
		(Class 3A1)	5.500	11/25/33	Aaa		1,349,047
870,000		Merrill Lynch Mortgage Trust Series 2005-LC1 (Class A4)	5.291	01/12/44	Aaa		866,647
700,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class A4)	5.660	05/12/39	NR		720,348
1,400,000	i	Merrill Lynch/Countrywide Commercial Mortgage
		Trust Series 2006-1 (Class A4)	5.435	02/12/39	NR		1,416,824
2,000,000	i	Morgan Stanley Capital I Series 2006-HQ8 (Class AJ)	5.468	03/12/44	Aaa		2,028,216
670,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class A4)	5.731	07/12/44	NR		688,670
300,000		Morgan Stanley Capital I Series 2006-IQ11 (Class AJ)	5.779	10/15/42	NR		307,912
1,350,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2005-C20 (Class A7)	5.118	07/15/42	Aaa		1,328,266
540,000	i	Wachovia Bank Commercial Mortgage Trust Series
		2006-C24 (Class A3)	5.558	03/15/45	Aaa		547,631
1,730,712		Wamu Alternative Mortgage Pass-Through Certificates
		Series 2006-2 (Class 2CB)	6.500	03/25/36	Aaa		1,752,889
6,431,382		Washington Mutual, Inc Series 2003-S10 (Class A1)	4.500	10/25/18	NR		6,197,937
2,610,399		Wells Fargo Mortgage Backed Securities Trust Series
		2005-1 (Class 2A1)	5.000	01/25/20	Aaa		2,576,078
206,045		Wells Fargo Mortgage Backed Securities Trust Series
		2005-5 (Class 1A1)	5.000	05/25/20	Aaa		201,023
		TOTAL OTHER MORTGAGE BACKED SECURITIES					84,275,812
PAPER AND ALLIED PRODUCTS - 0.14%
670,000		Bemis Co	4.875	04/01/12	Baa1		650,947
1,120,000		Kimberly-Clark Corp	7.100	08/01/07	Aa3		1,130,825
		TOTAL PAPER AND ALLIED PRODUCTS					1,781,772
PETROLEUM AND COAL PRODUCTS - 0.09%
670,000		Conoco Funding Co	6.350	10/15/11	A1		700,156
370,000		ConocoPhillips	5.900	10/15/32	A1		376,900
		TOTAL PETROLEUM AND COAL PRODUCTS					1,077,056
PIPELINES, EXCEPT NATURAL GAS - 0.29%
670,000		Enbridge Energy Partners LP	4.000	01/15/09	Baa2		649,323
270,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		266,697
330,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		323,880
500,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		492,090
370,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		364,774
670,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		655,981
600,000		TransCanada Corp	5.850	03/15/36	A2		583,619
370,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		339,149
		TOTAL PIPELINES, EXCEPT NATURAL GAS					3,675,513
PRIMARY METAL INDUSTRIES - 0.03%
330,000		Alcoa, Inc	6.000	01/15/12	A2		338,597
		TOTAL PRIMARY METAL INDUSTRIES					338,597
RAILROAD TRANSPORTATION - 0.25%
670,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		705,911
370,000		Canadian National Railway Co	4.400	03/15/13	A3		351,540
710,000		Canadian National Railway Co	6.200	06/01/36	A3		751,946

362

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     500,000		CSX Corp	6.000	10/01/36	Baa2	$	497,901
187,000		Norfolk Southern Corp	7.250	02/15/31	Baa1		218,187
263,000		Norfolk Southern Corp	5.590	05/17/25	Baa1		254,494
330,000		Union Pacific Corp	6.500	04/15/12	Baa2		345,329
		TOTAL RAILROAD TRANSPORTATION					3,125,308
SECURITY AND COMMODITY BROKERS - 1.88%
1,500,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		1,525,151
1,450,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa3		1,464,509
670,000		Goldman Sachs Group, Inc	4.750	07/15/13	Aa3		646,107
430,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		426,248
1,380,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		1,363,750
1,180,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		1,229,421
1,350,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		1,427,181
430,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		430,671
1,280,000		Lehman Brothers Holdings, Inc	5.500	04/04/16	A1		1,282,253
1,280,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		1,353,519
670,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		655,348
585,000		Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		597,141
1,380,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		1,422,817
2,360,000		Morgan Stanley	3.625	04/01/08	Aa3		2,312,653
2,190,000		Morgan Stanley	5.750	10/18/16	Aa3		2,225,163
840,000		Morgan Stanley	6.250	08/09/26	Aa3		880,887
4,458,928	g	Morgan Stanley Tracers	6.789	06/15/12	Baa2		4,638,400
		TOTAL SECURITY AND COMMODITY BROKERS					23,881,219
STONE, CLAY, AND GLASS PRODUCTS - 0.01%
180,000		CRH America, Inc	6.400	10/15/33	Baa1		179,760
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					179,760
TRANSPORTATION BY AIR - 0.08%
1,010,000		FedEx Corp	5.500	08/15/09	Baa2		1,010,704
		TOTAL TRANSPORTATION BY AIR					1,010,704
TRANSPORTATION EQUIPMENT - 0.66%
2,020,000	g	BAE Systems Holdings, Inc	6.400	12/15/11	Baa2		2,088,910
1,010,000		Boeing Capital Corp	5.800	01/15/13	A2		1,037,658
1,350,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		1,348,127
670,000		DaimlerChrysler NA Holding Corp	5.875	03/15/11	Baa1		672,976
270,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		277,576
330,000		General Dynamics Corp	3.000	05/15/08	A2		320,069
370,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		388,764
270,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		334,640
1,010,000		United Technologies Corp	6.050	06/01/36	A2		1,066,132
740,000		United Technologies Corp	6.350	03/01/11	A2		769,992
		TOTAL TRANSPORTATION EQUIPMENT					8,304,844
WHOLESALE TRADE-DURABLE GOODS - 0.05%
650,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		664,580
		TOTAL WHOLESALE TRADE-DURABLE GOODS					664,580
WHOLESALE TRADE-NONDURABLE GOODS - 0.14%
180,000		Colgate-Palmolive Co	6.450	06/16/28	Aa3		200,530

363

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     1,690,000		Sysco Corp	5.375	09/21/35	A1	$	1,585,600
		TOTAL WHOLESALE TRADE-NONDURABLE					1,786,130
		TOTAL CORPORATE BONDS					455,467,609
		(Cost $456,210,053)
GOVERNMENT BONDS - 61.70%
AGENCY SECURITIES - 13.37%
2,627,136		Cal Dive International, Inc	4.930	02/01/27	NR		2,524,652
1,690,000		Federal Farm Credit Bank (FFCB)	3.375	07/15/08	Aaa		1,648,446
1,690,000		FFCB	4.125	04/15/09	Aaa		1,659,736
8,185,000		Federal Home Loan Mortgage Corp (FHLMC)	3.750	04/15/07	Aaa		8,152,432
15,910,000		FHLMC	4.625	06/01/07	Aaa		15,876,223
1,280,000		FHLMC	4.000	08/17/07	Aaa		1,270,193
8,790,000		FHLMC	4.375	11/16/07	Aaa		8,725,517
4,730,000		FHLMC	5.125	04/18/08	Aaa		4,729,657
2,700,000		FHLMC	5.000	09/16/08	Aaa		2,698,470
1,010,000		FHLMC	3.750	02/27/09	Aaa		980,813
6,830,000		FHLMC	7.000	03/15/10	Aaa		7,240,799
13,688,000		FHLMC	5.875	03/21/11	Aa2		14,106,225
16,900,000		FHLMC	6.250	03/05/12	Aa2		16,923,550
2,700,000		FHLMC	5.750	06/27/16	Aa2		2,811,764
7,670,000		FHLMC	5.125	10/18/16	Aaa		7,738,887
1,860,000		Federal National Mortgage Association (FNMA)	3.375	05/15/07	Aaa		1,848,079
2,700,000		FNMA	3.750	08/15/07	Aaa		2,675,433
3,380,000		FNMA	5.250	06/15/08	Aaa		3,388,074
6,760,000		FNMA	5.000	09/15/08	Aaa		6,756,186
6,760,000		FNMA	3.660	02/25/09	Aaa		6,567,137
1,500,000		FNMA	4.625	12/15/09	Aaa		1,487,636
21,200,000		FNMA	7.125	06/15/10	Aaa		22,654,691
3,380,000		FNMA	4.125	01/30/12	Aaa		3,227,336
6,760,000		FNMA	5.250	08/01/12	Aa2		6,802,919
670,000		FNMA	6.210	08/06/38	Aaa		775,884
1,040,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		1,047,549
670,000		Private Export Funding Corp	5.870	07/31/08	Aaa		678,188
5,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		4,982,350
4,050,000		Private Export Funding Corp	4.550	05/15/15	Aaa		3,905,515
2,700,000		Private Export Funding Corp	4.950	11/15/15	Aaa		2,674,421
2,000,000		Private Export Funding Corp	5.000	12/15/16	Aaa		1,996,916
1,096,875		Totem Ocean Trailer Express, Inc	4.514	12/18/19	NR		1,056,609
		TOTAL AGENCY SECURITIES					169,612,287
FOREIGN GOVERNMENT BONDS - 2.56%
330,000		African Development Bank	3.250	08/01/08	Aaa		320,924
1,010,000		Asian Development Bank/Pasig	4.125	09/15/10	Aaa		984,124
1,690,000		Canada Mortgage & Housing Corp	4.800	10/01/10	Aaa		1,678,341
270,000		Chile Government International Bond	5.500	01/15/13	A2		272,692
1,110,000		China Development Bank	5.000	10/15/15	A2		1,078,865
600,000		Development Bank of Japan	4.250	06/09/15	Aaa		563,625
2,190,000		Eksportfinans A/S	5.500	05/25/16	Aaa		2,253,957
600,000		European Investment Bank	4.875	02/15/36	Aaa		570,916
1,690,000	g	Federal Republic of Germany	3.875	06/01/10	Aaa		1,640,123

364

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     2,020,000		International Finance Corp	5.125	05/02/11	Aaa	$	2,036,281
1,620,000		Israel Government International Bond	5.500	11/09/16	A2		1,609,648
1,350,000		Italy Government International Bond	5.250	09/20/16	Aa2		1,359,677
270,000		Korea Development Bank	5.750	09/10/13	A3		275,154
670,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		674,162
810,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		819,274
2,130,000		Mexico Government International Bond	5.625	01/15/17	Baa1		2,128,466
646,000		Mexico Government International Bond	5.875	01/15/14	Baa1		661,685
242,000		Mexico Government International Bond	6.375	01/16/13	Baa1		255,363
1,650,000		Mexico Government International Bond	6.750	09/27/34	Baa1		1,784,343
1,500,000		Province of Manitoba Canada	4.900	12/06/16	Aa1		1,478,606
3,380,000		Province of Manitoba Canada	4.450	04/12/10	Aa1		3,324,978
1,010,000		Province of Ontario	4.750	01/19/16	Aa1		985,014
370,000		Province of Ontario	5.500	10/01/08	Aa1		372,417
2,600,000		Province of Quebec Canada	5.125	11/14/16	Aa2		2,592,028
930,000		Province of Quebec Canada	7.500	09/15/29	Aa2		1,186,644
1,350,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		1,550,630
		TOTAL FOREIGN GOVERNMENT BONDS					32,457,937
MORTGAGE BACKED SECURITIES - 32.49%
2,020,000		Federal Home Loan Mortgage Corp (FHLMC)	5.000	06/15/29			1,989,262
990,722		FHLMC	6.000	12/15/30			994,890
4,050,000		FHLMC	5.000	06/15/31			3,949,649
1,010,000		FHLMC	5.500	05/15/33			1,000,794
1,858,485		FHLMC	4.500	09/15/35			1,783,160
82,988		Federal Home Loan Mortgage Corp Gold (FGLMC)	7.500	01/01/16			86,454
6,340		FGLMC	7.500	05/01/16			6,605
9,660		FGLMC	7.500	06/01/16			10,077
3,050,216		FGLMC	4.500	09/01/18			2,946,851
2,998,120		FGLMC	4.500	01/01/19			2,892,749
5,239,006		FGLMC	4.500	05/01/19			5,054,877
3,903,263		FGLMC	5.000	05/01/20			3,835,035
602,325		FGLMC	4.500	07/01/20			580,595
94,974		FGLMC	7.000	10/01/20			98,154
9,734,534		FGLMC	4.500	06/01/21			9,383,341
11,179		FGLMC	6.500	10/01/28			11,469
157,516	d	FGLMC	6.500	01/01/29			161,605
23,755		FGLMC	6.500	03/01/29			24,372
64,554		FGLMC	6.500	07/01/29			66,190
27,671		FGLMC	8.000	01/01/31			29,079
163,750	d	FGLMC	6.500	09/01/31			167,591
168,815		FGLMC	8.000	09/01/31			177,335
26,109		FGLMC	7.000	10/01/31			26,857
997,545		FGLMC	7.000	12/01/31			1,026,726
3,897,380		FGLMC	6.000	03/01/33			3,935,442
1,194,215		FGLMC	6.000	03/01/33			1,205,878
682,020		FGLMC	6.000	03/01/33			688,208
4,208,700		FGLMC	5.000	09/01/33			4,068,079
1,967,442		FGLMC	5.500	09/01/33			1,948,624
2,219,491		FGLMC	5.500	09/01/33			2,198,262
1,704,650		FGLMC	5.500	09/01/33			1,688,345
2,530,182		FGLMC	5.500	10/01/33			2,505,981
8,003,484		FGLMC	5.500	12/01/33			7,928,988

365

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     6,739,926		FGLMC	5.000	01/01/34	$	6,514,732
1,150,973		FGLMC	5.500	12/01/34		1,139,459
5,381,267		FGLMC	4.500	04/01/35		5,048,339
2,683,422		FGLMC	6.000	05/01/35		2,703,873
1,826,409		FGLMC	6.000	07/01/35		1,840,328
1,166,001		FGLMC	6.000	08/01/35		1,174,888
1,218,393		FGLMC	5.000	10/01/35		1,176,014
3,367,121		FGLMC	5.000	11/01/35		3,250,003
1,230,804		FGLMC	6.000	01/01/36		1,239,908
1,348,778		FGLMC	7.000	01/01/36		1,384,152
965,404		FGLMC	6.500	05/01/36		983,305
11,622,715	v	FGLMC	6.500	08/01/36		11,797,057
1,000,000	h,v	FGLMC	6.500	12/01/36		1,015,000
13,000,000	h	FGLMC	6.000	01/15/37		13,093,444
124,209		Federal National Mortgage Association (FNMA)	5.000	06/01/13		123,650
1,922,031		FNMA	4.440	07/01/13		1,848,755
62,131		FNMA	6.000	09/01/13		63,102
2,444,247		FNMA	4.736	10/01/13		2,381,939
48,907		FNMA	6.500	12/01/13		50,083
2,229,878		FNMA	4.778	02/01/14		2,182,619
35,484		FNMA	6.000	06/01/14		36,033
5,984		FNMA	6.500	07/01/14		6,134
4,592,525		FNMA	4.640	11/01/14		4,442,520
8,460,856		FNMA	4.805	03/01/16		8,323,504
2,983,474		FNMA	6.000	06/25/16		2,989,749
114,874		FNMA	6.500	10/01/16		117,681
601,684	d	FNMA	6.500	11/01/16		616,383
400,662	d	FNMA	6.500	04/01/17		410,352
439,597		FNMA	5.500	04/01/18		440,437
202,525		FNMA	5.500	05/01/18		202,912
1,865,294		FNMA	4.500	10/01/18		1,803,833
4,169,003	d	FNMA	5.000	11/01/18		4,107,657
270,038		FNMA	6.000	01/01/19		274,230
438,718		FNMA	4.500	05/01/19		423,742
897,265		FNMA	5.000	11/01/23		874,163
774,252		FNMA	5.500	02/01/24		770,544
449,065		FNMA	5.500	07/01/24		446,674
5,856		FNMA	8.000	07/01/24		6,193
5,745,068		FNMA	5.000	03/01/25		5,590,567
12,542,638		FNMA	5.000	10/01/25		12,205,330
3,360		FNMA	7.500	01/01/29		3,510
13,763		FNMA	6.500	04/01/29		14,117
17,819		FNMA	7.500	07/01/29		18,598
3,810		FNMA	7.500	07/01/29		3,977
3,858		FNMA	7.500	02/01/31		4,018
25,168		FNMA	7.500	03/01/31		26,208
9,898		FNMA	7.500	05/01/31		10,307
23,389		FNMA	6.500	09/01/31		23,945
18,479		FNMA	6.500	10/01/31		18,919
141,670		FNMA	6.500	11/01/31		145,036
279,858		FNMA	6.000	01/01/32		282,600
501,589		FNMA	5.000	02/01/33		485,202
2,867,355		FNMA	5.000	02/01/33		2,774,626

366

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     2,639,016		FNMA	4.500	03/25/33	$	2,547,477
1,443,570		FNMA	4.500	08/01/33		1,356,248
1,190,613		FNMA	5.000	08/01/33		1,151,715
1,010,000		FNMA	5.500	08/25/33		1,003,090
1,267,632		FNMA	5.500	09/01/33		1,254,710
992,427		FNMA	5.500	09/01/33		982,311
2,549,881		FNMA	4.500	10/01/33		2,395,637
1,362,203		FNMA	5.000	10/01/33		1,317,699
1,336,164		FNMA	5.000	10/01/33		1,292,510
3,092,534		FNMA	5.500	10/01/33		3,061,009
5,045,794		FNMA	5.500	10/01/33		4,994,357
5,537,671		FNMA	5.000	11/01/33		5,356,750
3,695,671		FNMA	5.500	12/01/33		3,657,998
5,711,382		FNMA	6.000	02/01/34		5,759,536
672,897		FNMA	5.000	03/01/34		650,913
1,350,446		FNMA	5.000	03/01/34		1,306,326
497,412		FNMA	5.000	03/01/34		481,161
442,532		FNMA	5.000	03/01/34		428,074
3,800,395		FNMA	5.000	04/01/34		3,673,725
8,828,279		FNMA	5.000	08/01/34		8,534,024
2,138,634		FNMA	5.500	09/01/34		2,115,706
8,706,438		FNMA	5.500	09/01/34		8,613,097
400,000		FNMA	5.500	10/25/34		392,696
1,166,880		FNMA	6.000	11/01/34		1,175,626
1,098,366		FNMA	5.500	01/01/35		1,086,591
11,102,317		FNMA	5.000	02/25/35		10,921,050
4,121,663		FNMA	5.500	04/01/35		4,074,586
8,074,547	h	FNMA	5.500	04/01/35		7,987,980
1,339,131		FNMA	5.500	05/01/35		1,323,836
2,816,073		FNMA	6.000	05/01/35		2,835,755
187,255		FNMA	7.500	06/01/35		194,027
10,375,867		FNMA	5.500	09/01/35		10,270,096
3,011,149		FNMA	5.000	10/01/35		2,907,993
3,346,837		FNMA	5.500	10/01/35		3,308,610
1,017,306		FNMA	5.000	11/01/35		978,013
6,227,944		FNMA	5.500	11/01/35		6,156,809
677,535		FNMA	5.500	12/01/35		669,797
3,440,034		FNMA	6.000	12/01/35		3,464,076
547,207		FNMA	5.000	02/01/36		526,072
922,044		FNMA	5.000	02/01/36		886,431
3,766,657		FNMA	6.500	02/01/36		3,838,454
6,599,779		FNMA	6.000	03/01/36		6,644,467
5,723,894		FNMA	6.000	03/01/36		5,738,920
2,995,800		FNMA	6.500	04/01/36		3,052,283
2,260,198		FNMA	6.500	04/01/36		2,302,813
3,892,772		FNMA	5.500	04/01/36		3,831,218
5,744,972		FNMA	5.000	05/01/36		5,523,073
1,965,162		FNMA	5.500	05/01/36		1,934,088
6,709,124	d	FNMA	6.000	06/01/36		6,754,552
652,968		FNMA	6.000	06/01/36		657,389
4,824,119	h	FNMA	6.000	08/01/36		4,833,768
1,998,222		FNMA	7.000	11/01/36		2,051,091
3,000,000	h	FNMA	6.500	12/01/36		3,040,688

367

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     15,000,000	h	FNMA	5.500	01/25/37		$	14,821,875
29,000,000	h	FNMA	6.000	01/25/37			29,190,298
3,000,000	h	FNMA	6.500	01/25/37			3,056,250
662		Government National Mortgage Association (GNMA)	7.000	01/15/28			685
5,105		GNMA	7.000	02/15/28			5,276
16,770		GNMA	6.500	05/15/28			17,257
2,218		GNMA	7.000	06/15/28			2,293
4,205		GNMA	7.000	06/15/28			4,346
82,664		GNMA	6.500	09/15/28			85,061
20,903		GNMA	6.500	09/15/28			21,509
10,508		GNMA	7.500	11/15/28			10,977
47,336		GNMA	6.500	11/15/28			48,709
22,964		GNMA	7.500	07/15/29			23,962
5,754		GNMA	8.500	07/15/30			6,174
3,136		GNMA	8.500	07/15/30			3,365
50,919		GNMA	8.500	10/15/30			54,639
51,659		GNMA	8.500	10/20/30			55,226
7,661		GNMA	8.500	12/15/30			8,221
11,758		GNMA	7.000	06/20/31			12,105
40,673		GNMA	7.000	07/15/31			42,034
55,110		GNMA	7.000	07/15/31			56,954
22,582		GNMA	6.500	07/15/31			23,208
93,623		GNMA	7.500	02/15/32			97,759
4,450		GNMA	6.500	03/15/33			4,568
2,771,184		GNMA	5.500	09/15/33			2,761,064
1,206,903		GNMA	5.500	02/20/35			1,198,374
8,446,629		GNMA	5.000	03/20/35			8,181,279
8,438,393		GNMA	5.500	05/20/35			8,378,759
3,375,623		GNMA	5.500	02/20/36			3,350,957
		TOTAL MORTGAGE BACKED SECURITIES					412,201,980
MUNICIPAL BONDS - 0.05%
670,000		Charlotte-Mecklenburg Hospital Authority	5.000	08/01/15	Aaa		654,751
		TOTAL MUNICIPAL BONDS					654,751
U.S. TREASURY SECURITIES - 13.23%
1,225,000		United States Treasury Bond	5.375	02/15/31			1,313,690
9,065,000		United States Treasury Bond	4.500	02/15/36			8,627,342
4,458,750	k	United States Treasury Inflation Indexed Bonds	3.375	01/15/07			4,452,463
2,202,953	k	United States Treasury Inflation Indexed Bonds	3.875	01/15/09			2,264,041
1,980,000		United States Treasury Note	4.875	04/30/08			1,978,317
5,410,000		United States Treasury Note	5.125	06/30/08			5,427,042
10,765,000		United States Treasury Note	5.000	07/31/08			10,783,731
2,700,000		United States Treasury Note	3.125	09/15/08			2,625,021
24,180,000		United States Treasury Note	4.875	10/31/08			24,193,781
1,000,000		United States Treasury Note	4.625	11/15/09			996,950
17,565,000		United States Treasury Note	4.500	09/30/11			17,412,537
2,250,000		United States Treasury Note	4.500	11/30/11			2,230,200
5,315,000		United States Treasury Note	4.625	11/15/16			5,281,781
60,536,000	d	United States Treasury Note	8.000	11/15/21			80,248,927
		TOTAL U.S. TREASURY SECURITIES					167,835,823
		TOTAL GOVERNMENT BONDS					782,762,778
		(Cost $789,504,815)

368

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Bond Fund
				MATURITY
SHARES		COMPANY	RATE	DATE		VALUE
		TOTAL BONDS			$	1,238,230,387
		(Cost $1,245,714,868)
PREFERRED STOCKS - 0.05%
24,000		Bank of America Corp				621,600
		TOTAL PREFERRED STOCKS				621,600
		(Cost $600,000)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 7.64%
COMMERCIAL PAPER - 0.39%
$5,000,000	c	Procter & Gamble International S.C.A.	5.230	01/09/07		4,994,867
		TOTAL COMMERCIAL PAPER				4,994,867
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 7.25%
20,000,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07		19,989,222
8,830,000		FHLB	5.120	01/12/07		8,818,653
12,980,000		FHLB	5.200	01/03/07		12,980,000
15,000,000		Federal National Mortgage Association (FNMA)	5.150	01/09/07		14,987,145
10,790,000		FNMA	5.150	01/25/07		10,748,324
24,530,000		FNMA	5.160	01/08/07		24,512,486
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				92,035,830
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $97,024,827)				97,030,697
		TOTAL PORTFOLIO - 105.29%
		(Cost $1,343,339,695)				1,335,882,684
		OTHER ASSETS & LIABILITIES, NET - (5.29)%				(67,169,831	)
		NET ASSETS - 100.00%			$	1,268,712,853
	+	As provided by Moody's Investors Service (Unaudited).
	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
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions
		from registration to qualified institutional buyers.
		At December 31, 2006, the value of these securities amounted to $47,30,677or 3.73% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	v	Security valued at fair value.
		ABBREVIATION:
		NR - Not Rated

369

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
BOND PLUS FUND II
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 98.36%
CORPORATE BONDS - 35.06%
ASSET BACKED - 14.04%
$     200,000	i	Centex Home Equity Series 2004-C (Class AF5)	5.980%	06/25/34	Aaa	$	200,747
434,221	i	CIT Group Home Equity Loan Trust Series 2002-2
		(Class MF2)	6.390	12/25/30	A3		432,130
650,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A3	5.590	03/01/30	Aaa		649,745
650,000		GMAC Mortgage Corporation Loan Trust 2006-
		HLTV A4	5.810	03/01/36	Aaa		651,814
500,000	g	Hertz Vehicle Financing LLC Series 2005-1A (Class
		A3)	5.010	02/25/11	Aaa		497,013
500,000		Household Automotive Trust Series 2006-2 (Class
		A3)	5.610	08/17/11	Aaa		503,910
500,000		Household Automotive Trust Series 2006-3 (Class
		A4)	5.340	09/17/13	Aaa		503,779
68,849	g	Long Beach Asset Holdings Corp Series 2006-4
		(Class N1)	5.877	06/25/46	NR		68,720
62,543	g,v	Long Beach Asset Holdings Corp Series 2006-6
		(Class N1)	6.072	09/25/46	NR		61,292
382,951	g	Marriott Vacation Club Owner Trust Series 2006-1A
		(Class A)	5.737	04/20/28	Aaa		387,511
234,119	g	Marriott Vacation Club Owner Trust Series 2006-2A
		(Class A)	5.362	10/20/28	Aaa		233,988
339,819	g,v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		341,678
500,000	i	Renaissance Home Equity Loan Trust Series 2006-3
		(Class AF3)	5.586	11/25/36	Aaa		499,611
1,000,000		Residential Funding Mortgage Securities II, Inc
		Series 2006-H12 (Class A3)	5.790	02/25/36	Aaa		1,004,042
250,000	v	Residential Funding Mortgage Securities II, Inc
		Series 2006-HI5 (Class A2)	5.520	04/25/21	Aaa		250,039
500,000	i	Saxon Asset Securities Trust Series 2002-2 (Class
		AF6)	5.620	11/25/30	Aaa		498,192
368,309	g,v	Sierra Receivables Funding Co Series 2006-1A
		(Class A1)	5.840	05/20/18	Aaa		371,420
2,000,000	g,v	Sonic Capital LLC Series 2006-1A (Class A2)	5.096	12/20/31	Aaa		1,983,047
500,000	g,v	Wachovia Amortization Controlled Heloc NIM
		Series 2006-N1 (Class N1)	5.683	08/12/47	A3		496,797
		TOTAL ASSET BACKED					9,635,475
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.25%
150,000		Home Depot, Inc	5.400	03/01/16	Aa3		146,660
25,000		Lowe's Cos, Inc	8.250	06/01/10	A1		27,193
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES					173,853

370

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
CHEMICALS AND ALLIED PRODUCTS - 0.40%
$     100,000		Abbott Laboratories	5.600	05/15/11	A1	$	101,415
50,000		Lubrizol Corp	4.625	10/01/09	Baa3		49,016
50,000		Lubrizol Corp	5.500	10/01/14	Baa3		48,752
75,000		Procter & Gamble Co	4.950	08/15/14	Aa3		73,302
		TOTAL CHEMICALS AND ALLIED PRODUCTS					272,485
COMMUNICATIONS - 2.00%
25,000		America Movil S.A. de C.V.	6.375	03/01/35	A3		24,252
50,000		AT&T, Inc	5.100	09/15/14	A2		48,588
25,000		AT&T, Inc	6.150	09/15/34	A2		24,542
75,000		Comcast Cable Communications Holdings, Inc	8.375	03/15/13	Baa2		85,419
25,000		Comcast Corp	5.650	06/15/35	Baa2		22,619
200,000		Comcast Corp	5.875	02/15/18	Baa2		197,452
50,000		Comcast Corp	6.500	11/15/35	Baa2		50,258
50,000	g	COX Communications, Inc	5.875	12/01/16	Baa3		49,645
25,000		Deutsche Telekom International Finance BV	8.250	06/15/30	A3		30,684
100,000		Embarq Corp	7.995	06/01/36	Baa3		104,010
25,000		France Telecom S.A.	7.750	03/01/11	A3		27,229
25,000		New Cingular Wireless Services, Inc	8.750	03/01/31	Baa1		32,398
25,000		New Cingular Wireless Services, Inc	7.875	03/01/11	Baa1		27,306
50,000		Rogers Cable, Inc	6.750	03/15/15	Ba2		51,517
50,000		Rogers Wireless, Inc	7.500	03/15/15	Ba2		54,250
175,000		Sprint Capital Corp	8.375	03/15/12	Baa3		194,691
25,000		Telecom Italia Capital S.A.	5.250	11/15/13	Baa2		23,854
25,000		Verizon Global Funding Corp	5.850	09/15/35	A3		23,897
25,000		Verizon Global Funding Corp	7.375	09/01/12	A3		27,349
200,000		Verizon New Jersey, Inc	5.875	01/17/12	A3		201,212
25,000		Verizon Virginia, Inc	4.625	03/15/13	Baa1		23,307
50,000		Viacom, Inc	6.875	04/30/36	Baa3		49,468
		TOTAL COMMUNICATIONS					1,373,947
DEPOSITORY INSTITUTIONS - 4.20%
100,000		Bank of America Corp	5.375	08/15/11	Aa2		100,738
50,000		Bank of America Corp	5.625	10/14/16	Aa2		50,865
100,000		Bank of America Corp	5.750	08/15/16	Aa3		102,109
25,000		Bank of America Corp	6.250	04/15/12	Aa2		26,137
50,000		Bank of America NA	6.000	10/15/36	Aa2		51,482
50,000		Bank One Corp	5.250	01/30/13	A1		49,654
50,000	g,i	BOI Capital Funding No. 2 LP	5.571	12/30/49	A2		48,831
25,000		Capital One Bank	5.125	02/15/14	A2		24,561
50,000		Citigroup, Inc	5.125	02/14/11	Aa1		49,874
250,000		Citigroup, Inc	5.125	05/05/14	Aa1		246,987
50,000		Citigroup, Inc	5.850	12/11/34	Aa1		50,833
100,000		Eksportfinans A/S	5.125	10/26/11	Aaa		100,429
50,000		JPMorgan Chase & Co	7.875	06/15/10	A1		54,028
25,000		JPMorgan Chase & Co	4.500	01/15/12	Aa3		24,177
100,000		Mellon Funding Corp	6.400	05/14/11	A2		104,463
100,000		Nederlandse Waterschapsbank NV	4.750	11/28/08	Aaa		99,186
25,000	g,i	Rabobank Capital Funding Trust	5.254	12/30/49	Aa2		24,104
50,000		Regions Financial Corp	6.375	05/15/12	A2		52,381
100,000		Union Bank of California NA	5.950	05/11/16	A2		102,484

371

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
			MATURITY
PRINCIPAL	ISSUER	RATE	DATE	RATING+		VALUE
$     50,000	US Bank NA	5.700	12/15/08	Aa2	$	50,375
75,000	Wachovia Bank NA	4.800	11/01/14	Aa3		71,808
75,000	Wachovia Corp	5.250	08/01/14	A1		74,010
75,000	Wachovia Corp	5.300	10/15/11	Aa3		75,241
100,000	Washington Mutual, Inc	5.500	08/24/11	A3		100,432
1,000,000	Wells Fargo & Co	5.300	08/26/11	Aa1		1,004,761
100,000	Wells Fargo Bank NA	4.750	02/09/15	Aa1		95,620
50,000	Wells Fargo Capital X	5.950	12/15/36	Aa3		50,036
	TOTAL DEPOSITORY INSTITUTIONS					2,885,606
ELECTRIC, GAS, AND SANITARY SERVICES - 1.90%
190,000	Carolina Power & Light Co	5.125	09/15/13	A3		186,824
25,000	Carolina Power & Light Co	5.700	04/01/35	A3		24,432
50,000	Atmos Energy Corp	4.000	10/15/09	Baa3		48,059
50,000	CenterPoint Energy Resources Corp	7.875	04/01/13	Baa3		55,356
25,000	Consolidated Natural Gas Co	5.000	12/01/14	Baa1		23,997
75,000	Consolidated Natural Gas Co	6.250	11/01/11	Baa1		77,539
25,000	Consumers Energy Co	4.400	08/15/09	Baa2		24,355
100,000	FirstEnergy Corp	6.450	11/15/11	Baa3		104,213
50,000	Florida Power & Light Co	4.850	02/01/13	Aa3		48,881
50,000	Florida Power Corp	4.500	06/01/10	A2		48,487
50,000	National Rural Utilities Cooperative Finance Corp	5.750	08/28/09	A2		50,636
200,000	Northern States Power Co	6.250	06/01/36	A2		213,815
50,000	ONEOK Partners LP	5.900	04/01/12	Baa2		50,551
100,000	Pacific Gas & Electric Co	4.200	03/01/11	Baa1		95,671
25,000	Public Service Co of Colorado	5.500	04/01/14	A3		24,962
50,000	Puget Sound Energy, Inc	6.274	03/15/37	Baa2		50,775
25,000	Southern California Edison Co	5.350	07/15/35	A2		23,309
50,000	Texas Eastern Transmission LP	5.250	07/15/07	Baa1		49,864
25,000	Virginia Electric and Power Co	4.750	03/01/13	Baa1		24,036
25,000	Waste Management, Inc	7.750	05/15/32	Baa3		29,704
50,000	Westar Energy, Inc	6.000	07/01/14	Baa2		51,198
	TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					1,306,664
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.18%
100,000	Cisco Systems, Inc	5.250	02/22/11	A1		100,244
25,000	Cisco Systems, Inc	5.500	02/22/16	A1		25,080
	TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					125,324
FABRICATED METAL PRODUCTS - 0.07%
25,000	Fortune Brands, Inc	4.875	12/01/13	Baa2		23,420
25,000	Fortune Brands, Inc	5.125	01/15/11	Baa2		24,574
	TOTAL FABRICATED METAL PRODUCTS					47,994
FOOD AND KINDRED PRODUCTS - 0.26%
25,000	Anheuser-Busch Cos, Inc	4.700	04/15/12	A1		24,100
25,000	Bottling Group LLC	4.625	11/15/12	Aa3		24,151
50,000	Coors Brewing Co	6.375	05/15/12	Baa2		51,762
50,000	Kraft Foods, Inc	6.500	11/01/31	A3		53,610
25,000	WM Wrigley Jr Co	4.650	07/15/15	A1		23,658
	TOTAL FOOD AND KINDRED PRODUCTS					177,281

372

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
FOOD STORES - 0.15%
$     50,000		Kroger Co	6.800	04/01/11	Baa2	$	52,367
50,000		Safeway, Inc	4.125	11/01/08	Baa2		48,866
		TOTAL FOOD STORES					101,233
GENERAL BUILDING CONTRACTORS - 0.18%
75,000		Centex Corp	5.250	06/15/15	Baa2		71,052
50,000		DR Horton, Inc	6.500	04/15/16	Baa3		50,325
		TOTAL GENERAL BUILDING CONTRACTORS					121,377
GENERAL MERCHANDISE STORES - 0.33%
100,000		Target Corp	5.875	07/15/16	A1		103,245
50,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		48,398
75,000		Wal-Mart Stores, Inc	4.125	02/15/11	Aa2		72,115
		TOTAL GENERAL MERCHANDISE STORES					223,758
HOLDING AND OTHER INVESTMENT OFFICES - 0.25%
25,000		Archstone-Smith Trust	5.750	03/15/16	Baa1		25,168
25,000		Colonial Properties Trust	6.250	06/15/14	Baa3		25,439
50,000		iStar Financial, Inc	5.150	03/01/12	Baa2		48,524
25,000		iStar Financial, Inc	5.700	03/01/14	Baa2		24,774
50,000		Simon Property Group LP	5.600	09/01/11	A3		50,297
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					174,202
INSTRUMENTS AND RELATED PRODUCTS - 0.10%
25,000		Johnson & Johnson	3.800	05/15/13	Aaa		23,244
25,000		Medtronic, Inc	4.750	09/15/15	A1		23,708
25,000		Thermo Electron Corp	5.000	06/01/15	Baa2		23,422
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					70,374
INSURANCE CARRIERS - 0.69%
50,000		Aetna, Inc	6.625	06/15/36	A3		53,644
25,000		Allstate Corp	5.000	08/15/14	A1		24,404
50,000		American International Group, Inc	5.050	10/01/15	Aa2		48,774
25,000	i	ING Groep NV	5.775	12/30/49	A2		24,897
25,000	g	Liberty Mutual Group, Inc	6.500	03/15/35	Baa3		24,367
50,000		Metlife, Inc	5.000	06/15/15	A2		48,444
25,000		Metlife, Inc	5.700	06/15/35	A2		24,450
150,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		149,475
50,000		WellPoint, Inc	5.000	01/15/11	Baa1		49,385
25,000		WellPoint, Inc	5.850	01/15/36	Baa1		24,354
		TOTAL INSURANCE CARRIERS					472,194
METAL MINING - 0.07%
25,000		Barrick Gold Finance Co	4.875	11/15/14	Baa1		23,698
25,000	g	Corp Nacional del Cobre de Chile - CODELCO	4.750	10/15/14	Aa3		23,767
		TOTAL METAL MINING					47,465
MISCELLANEOUS RETAIL - 0.08%
50,000		CVS Corp	6.125	08/15/16	Baa2		51,538
		TOTAL MISCELLANEOUS RETAIL					51,538

373

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
MOTION PICTURES - 0.55%
$     25,000		Historic TW, Inc	6.625	05/15/29	Baa2	$	25,188
125,000		News America, Inc	6.200	12/15/34	Baa2		120,510
125,000		Time Warner, Inc	6.875	05/01/12	Baa2		132,164
100,000		Walt Disney Co	5.700	07/15/11	A3		101,585
		TOTAL MOTION PICTURES					379,447
NONDEPOSITORY INSTITUTIONS - 6.48%
50,000	g	American Honda Finance Corp	5.125	12/15/10	A1		49,765
50,000		Capital One Financial Corp	5.500	06/01/15	A3		49,917
50,000		Capital One Financial Corp	5.700	09/15/11	A3		50,649
50,000		Capital One Financial Corp	6.150	09/01/16	Baa1		51,596
50,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		48,139
50,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		50,415
25,000		CIT Group, Inc	5.125	09/30/14	A2		24,299
25,000		FIA Card Services NA	5.375	01/15/08	Aa1		25,013
100,000		Ford Motor Credit Co	9.875	08/10/11	B1		106,953
500,000		General Electric Capital Corp	6.000	06/15/12	Aaa		517,531
25,000	g,i	HSBC Capital Funding LP	4.610	12/30/49	A1		23,283
150,000		HSBC Finance Corp	5.250	01/14/11	Aa3		149,987
50,000		HSBC Finance Corp	5.250	04/15/15	Aa3		49,486
125,000		HSBC Finance Corp	5.500	01/19/16	Aa3		125,578
500,000		HSBC Finance Corp	5.700	06/01/11	Aa3		508,509
2,000,000	g	Hypothekenbank in Essen AG.	5.000	01/20/12	Aaa		1,990,808
25,000		John Deere Capital Corp	7.000	03/15/12	A3		26,787
50,000		Landwirtschaftliche Rentenbank	5.000	11/08/16	Aaa		49,827
100,000		MBNA Corp	5.000	06/15/15	Aa2		97,019
25,000		MBNA Corp	6.125	03/01/13	Aa2		26,012
50,000		Residential Capital Corp	6.125	11/21/08	Baa3		50,239
100,000		Residential Capital Corp	6.500	04/17/13	Baa3		101,510
250,000		SLM Corp	5.400	10/25/11	A2		250,585
25,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		24,083
		TOTAL NONDEPOSITORY INSTITUTIONS					4,447,990
OIL AND GAS EXTRACTION - 0.91%
100,000		Anadarko Petroleum Corp	5.950	09/15/16	Baa2		100,178
50,000		BJ Services Co	5.750	06/01/11	Baa1		50,400
50,000		Burlington Resources Finance Co	6.400	08/15/11	A2		52,201
25,000		Burlington Resources Finance Co	7.200	08/15/31	A2		29,337
100,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		97,750
25,000		Nexen, Inc	5.050	11/20/13	Baa2		24,188
75,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		74,411
25,000		PC Financial Partnership	5.000	11/15/14	Baa2		23,864
25,000		Pemex Project Funding Master Trust	5.750	12/15/15	Baa1		24,751
50,000		Petro-Canada	5.950	05/15/35	Baa2		47,384
100,000		XTO Energy, Inc	6.250	04/15/13	Baa2		103,106
		TOTAL OIL AND GAS EXTRACTION					627,570

374

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
OTHER MORTGAGE BACKED SECURITIES - 5.71%
$     80,000		Banc of America Commercial Mortgage, Inc Series
		2006-4 (Class A4)	5.634	07/10/46	Aaa	$	81,664
50,000		Banc of America Commercial Mortgage, Inc Series
		2006-5 (Class A4)	5.414	09/10/47	Aaa		50,231
181,690		Banc of America Mortgage Securities Series 2006-1
		(Class A8)	6.000	05/01/36	Aaa		182,390
175,000		Bear Stearns Commercial Mortgage Securities Series
		2006-PW13 (Class A4)	5.540	09/11/41	NR		177,529
1,150,000	i	Bear Stearns Commercial Mortgage Securities Series
		2006-T22 (Class A4)	5.467	04/12/38	Aaa		1,170,939
300,000		Citicorp Mortgage Securities, Inc Series 2005-4
		(Class 1A7)	5.500	07/25/35	Aa1		291,610
100,000		Citigroup/Deutsche Bank Commercial Mortgage
		Trust Series 2006-CD3 (Class A5)	5.617	10/15/48	Aaa		101,871
400,000		Countrywide Alternative Loan Trust Series 2005-
		42CB (Class A12)	5.500	10/25/35	Aa1		387,243
50,000	i	Credit Suisse Mortgage Capital Certificates Series
		2006-C2 (Class A3)	5.659	03/15/39	Aaa		51,328
100,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C4 (Class A3)	5.467	09/15/39	Aaa		100,770
250,000		Credit Suisse Mortgage Capital Certificates Series
		2006-C5 (Class A3)	5.311	12/15/39	Aaa		248,954
100,000	i	LB-UBS Commercial Mortgage Trust Series 2006-
		C4 (Class A4)	5.899	06/15/38	Aaa		104,600
75,000	i	Merrill Lynch Mortgage Trust Series 2006-C1 (Class
		A4)	5.660	05/12/39	NR		77,180
200,000		Morgan Stanley Capital I Series 2005-HQ5 (Class
		A2)	4.809	01/14/42	NR		197,702
100,000	i	Morgan Stanley Capital I Series 2006-HQ9 (Class
		A4)	5.731	07/12/44	NR		102,787
100,000	i	Morgan Stanley Capital I Series 2006-T23 (Class A4)	5.810	08/12/41	NR		104,099
250,000		Residential Accredit Loans, Inc Series 2005-QS6
		(Class A7)	5.750	05/25/35	Aa1		246,955
250,000		Residential Accredit Loans, Inc Series 2005-QS7
		(Class A6)	5.500	06/25/35	Aa1		240,753
		TOTAL OTHER MORTGAGE BACKED SECURITIES					3,918,605
PETROLEUM AND COAL PRODUCTS - 0.15%
100,000		Conoco Funding Co	6.350	10/15/11	A1		104,501
		TOTAL PETROLEUM AND COAL PRODUCTS					104,501
PIPELINES, EXCEPT NATURAL GAS - 0.39%
25,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		24,694
50,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		49,073
25,000		Enterprise Products Operating LP	5.600	10/15/14	Baa3		24,605
50,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		49,294
50,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		48,954
50,000		TransCanada Corp	5.850	03/15/36	A2		48,635
25,000		TransCanada Pipelines Ltd	4.000	06/15/13	A2		22,915
		TOTAL PIPELINES, EXCEPT NATURAL GAS					268,170

375

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
PRIMARY METAL INDUSTRIES - 0.04%
$     25,000		Alcoa, Inc	6.000	01/15/12	A2	$	25,651
		TOTAL PRIMARY METAL INDUSTRIES					25,651
RAILROAD TRANSPORTATION - 0.26%
25,000		Burlington Northern Santa Fe Corp	6.750	07/15/11	Baa1		26,340
50,000		Canadian National Railway Co	4.400	03/15/13	A3		47,505
50,000		Canadian National Railway Co	6.200	06/01/36	A3		52,954
50,000		Union Pacific Corp	6.500	04/15/12	Baa2		52,323
		TOTAL RAILROAD TRANSPORTATION					179,122
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.04%
25,000	g	Sealed Air Corp	5.375	04/15/08	Baa3		24,880
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS					24,880
SECURITY AND COMMODITY BROKERS - 1.48%
25,000		Bear Stearns Cos, Inc	5.700	11/15/14	A1		25,419
100,000		Credit Suisse USA, Inc	5.500	08/16/11	Aa3		101,001
25,000		Goldman Sachs Group, Inc	5.000	01/15/11	Aa3		24,782
100,000		Goldman Sachs Group, Inc	5.950	01/15/27	A1		98,822
50,000		Goldman Sachs Group, Inc	6.450	05/01/36	A1		52,094
100,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		105,717
25,000		Goldman Sachs Group, Inc	5.500	11/15/14	Aa3		25,039
75,000		Lehman Brothers Holdings, Inc	5.500	04/04/16	A1		75,132
75,000		Lehman Brothers Holdings, Inc	6.625	01/18/12	A1		79,308
25,000		Merrill Lynch & Co, Inc	5.000	02/03/14	Aa3		24,453
25,000		Merrill Lynch & Co, Inc	5.770	07/25/11	Aa3		25,519
100,000		Merrill Lynch & Co, Inc	6.220	09/15/26	A1		103,103
125,000		Morgan Stanley	3.625	04/01/08	Aa3		122,492
150,000		Morgan Stanley	5.750	10/18/16	Aa3		152,408
		TOTAL SECURITY AND COMMODITY BROKERS					1,015,289
STONE, CLAY, AND GLASS PRODUCTS - 0.04%
25,000		CRH America, Inc	6.400	10/15/33	Baa1		24,967
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					24,967
TRANSPORTATION BY AIR - 0.07%
50,000		FedEx Corp	5.500	08/15/09	Baa2		50,035
		TOTAL TRANSPORTATION BY AIR					50,035
TRANSPORTATION EQUIPMENT - 0.50%
50,000		Boeing Capital Corp	5.800	01/15/13	A2		51,369
25,000		DaimlerChrysler NA Holding Corp	6.500	11/15/13	Baa1		25,701
25,000		General Dynamics Corp	3.000	05/15/08	A2		24,248
50,000		Lockheed Martin Corp	6.150	09/01/36	Baa1		52,536
25,000		Northrop Grumman Corp	7.750	02/15/31	Baa2		30,985
50,000		United Technologies Corp	6.050	06/01/36	A2		52,779
100,000		United Technologies Corp	6.350	03/01/11	A2		104,053
		TOTAL TRANSPORTATION EQUIPMENT					341,671
WHOLESALE TRADE-DURABLE GOODS - 0.15%
100,000		Vale Overseas Ltd	6.875	11/21/36	Baa3		102,243
		TOTAL WHOLESALE TRADE-DURABLE GOODS					102,243

376

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
		TOTAL CORPORATE BONDS
		(Cost $ 28,530,344)				$	28,770,911
GOVERNMENT BONDS - 56.44%
AGENCY SECURITIES - 12.73%
$     500,000		Federal Farm Credit Bank (FFCB)	5.375	07/18/11	Aaa		508,550
5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.125	10/24/07	Aaa		4,995,035
250,000		FHLMC	5.250	07/18/11	Aaa		252,968
200,000		FHLMC	5.750	06/27/16	Aa2		208,279
1,200,000		FHLMC	5.125	10/18/16	Aaa		1,210,778
1,000,000		Federal National Mortgage Association (FNMA)	7.125	06/15/10	Aaa		1,068,618
250,000		Private Export Funding Corp	4.550	05/15/15	Aaa		241,081
250,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		251,815
		TOTAL AGENCY SECURITIES					8,737,124
FOREIGN GOVERNMENT BONDS - 3.91%
25,000		Chile Government International Bond	5.500	01/15/13	A2		25,249
100,000		Eksportfinans A/S	5.500	05/25/16	Aaa		102,920
25,000		European Investment Bank	4.875	02/15/36	Aaa		23,788
100,000		International Finance Corp	5.125	05/02/11	Aaa		100,806
100,000		Israel Government International Bond	5.500	11/09/16	A2		99,361
100,000		Italy Government International Bond	6.875	09/27/23	Aa2		115,575
25,000		Korea Development Bank	5.750	09/10/13	A3		25,477
25,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		25,155
100,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		101,145
100,000		Mexico Government International Bond	5.875	01/15/14	Baa1		102,428
25,000		Mexico Government International Bond	6.375	01/16/13	Baa1		26,381
100,000		Mexico Government International Bond	6.750	09/27/34	Baa1		108,142
100,000		Province of Manitoba Canada	4.900	12/06/16	Aa1		98,574
50,000		Province of Ontario	4.750	01/19/16	Aa1		48,763
50,000		Province of Quebec Canada	5.125	11/14/16	Aa2		49,847
1,500,000		Province of Quebec Canada	5.750	02/15/09	Aa2		1,518,738
50,000		Province of Saskatchewan Canada	8.000	02/01/13	Aa1		57,431
50,000		Republic of Colombia	7.375	09/18/37	Ba2		53,675
		TOTAL FOREIGN GOVERNMENT BONDS					2,683,455
MORTGAGE BACKED SECURITIES - 28.91%
1,500,000		Federal Home Loan Mortgage Corp (FHLMC)	4.000	09/15/19			1,365,803
1,806,975		Federal Home Loan Mortgage Corp Gold (FGLMC)	4.500	07/01/20			1,741,785
874,977		FGLMC	4.500	09/01/20			843,411
845,558		FGLMC	5.000	10/01/20			830,778
1,779,278	d	FGLMC	5.500	10/01/20			1,777,832
189,593		FGLMC	6.500	05/01/36			193,109
565,082		Federal National Mortgage Association (FNMA)	5.000	07/01/33			546,620
3,584,995		FNMA	5.500	07/01/33			3,548,450
358,868	h	FNMA	5.500	04/01/35			355,021
3,633,420		FNMA	5.000	10/01/35			3,508,947
193,309		FNMA	7.000	01/01/36			197,502
3,275,505	d	FNMA	6.000	04/01/36			3,297,683
249,828		FNMA	6.500	04/01/36			254,539

377

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$       896,460		FNMA	6.500	04/01/36	$	913,363
150,000	h	FNMA	6.500	12/01/36		152,034
329,085		Government National Mortgage Association
		(GNMA)	5.000	02/15/33		320,433
		TOTAL MORTGAGE BACKED SECURITIES				19,847,310
U.S. TREASURY SECURITIES - 10.89%
2,000,000		United States Treasury Bond	8.000	11/15/21		2,651,280
680,000		United States Treasury Bond	4.500	02/15/36		647,170
636,963	k	United States Treasury Inflation Indexed Bonds	3.375	01/15/07		636,066
50,000		United States Treasury Note	4.875	04/30/08		49,958
750,000		United States Treasury Note	4.625	09/30/08		747,270
10,000		United States Treasury Note	4.500	09/30/11		9,913
2,124,000		United States Treasury Note	4.625	10/31/11		2,116,672
622,000		United States Treasury Note	4.625	11/15/16		618,113
		TOTAL U.S. TREASURY SECURITIES				7,476,442
		TOTAL GOVERNMENT BONDS
		(Cost $ 38,454,837)				38,744,331
		TOTAL BONDS
		(Cost $66,985,181)				67,515,242
SHARES		COMPANY
PREFERRED STOCKS - 0.15%
4,000		Bank of America Corp				103,600
		TOTAL PREFERRED STOCKS				103,600
		(Cost $100,000)
PRINCIPAL		ISSUER
SHORT-TERM INVESTMENTS - 1.51%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES-1.51%
$     1,040,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07		1,039,440
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				1,039,440
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $1,039,861)				1,039,440
		TOTAL PORTFOLIO - 100.02%
		(Cost $68,125,042)				68,658,282
		OTHER ASSETS & LIABILITIES, NET - (0.02)%				(16,816	)
		NET ASSETS-100.00%			$	68,641,466

378

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS- Bond Plus Fund II
	+	As provided by Moody's Investors Service (unaudited).
	d	All or a portion of these securities have been segregated by the custodian to cover securities purchased on a
		delayed delivery basis.
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in
		transactions exempt from registration to qualified institutional buyers.
		At December 31, 2006, the value of these securities amounted to $6,952,731 or 10.13% of net assets.
	h	These securities were purchased on a delayed delivery basis.
	i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
	v	Security valued at fair value.

379

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short Term Bond Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
SHORT-TERM BOND FUND II
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
BONDS - 98.06%
CORPORATE BONDS - 35.60%
ASSET BACKED - 15.37%
$     1,000,000		AmeriCredit Automobile Receivables Trust Series 2006-AF (Class A4)	5.640%	09/06/13	Aaa	$	1,013,260
329,627		Centex Home Equity Series 2002-A (Class AF6)	5.540	01/25/32	Aaa		328,478
434,221	i	CIT Group Home Equity Loan Trust Series 2002-2 (Class MF2)	6.390	12/25/30	A3		432,130
3,000,000	i	Citicorp Mortgage Securities, Inc Series 2006-1 (Class A3)	5.706	07/25/36	Aaa		3,005,124
500,000		Household Automotive Trust Series 2006-2 (Class A3)	5.610	08/17/11	Aaa		503,910
68,849	g	Long Beach Asset Holdings Corp Series 2006-4 (Class N1)	5.877	06/25/46	NR		68,720
62,543	g,v	Long Beach Asset Holdings Corp Series 2006-6 (Class N1)	6.072	09/25/46	NR		61,292
765,902	g	Marriott Vacation Club Owner Trust Series 2006-1A (Class A)	5.737	04/20/28	Aaa		775,021
339,819	g,v	New York City Tax Lien Series 2006-AA (Class A)	5.930	07/01/36	Aaa		341,678
500,000	i	Renaissance Home Equity Loan Trust Series 2006-3 (Class AF3)	5.586	11/25/36	Aaa		499,611
939,822		Residential Asset Securitization Trust Series 2006-A6 (Class 2A6)	6.000	07/25/36	Aaa		945,030
1,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-H12 (Class A3)	5.790	02/25/36	Aaa		1,004,042
1,000,000		Residential Funding Mortgage Securities II, Inc Series 2006-HI3 (Class A2)	5.950	02/25/36	Aaa		1,003,672
368,309	g,v	Sierra Receivables Funding Co Series 2006-1A (Class A1)	5.840	05/20/18	Aaa		371,420
		TOTAL ASSET BACKED					10,353,388
CHEMICALS AND ALLIED PRODUCTS - 0.58%
100,000		Abbott Laboratories	5.600	05/15/11	A1		101,415
250,000		Eli Lilly & Co	2.900	03/15/08	Aa3		242,900
50,000		Lubrizol Corp	4.625	10/01/09	Baa3		49,016
		TOTAL CHEMICALS AND ALLIED PRODUCTS					393,331
COMMUNICATIONS - 0.46%
125,000		CBS Corp	5.625	05/01/07	Baa3		125,064
125,000		Verizon Global Funding Corp	7.375	09/01/12	A3		136,747
50,000	g	Viacom, Inc	5.750	04/30/11	Baa3		49,992
		TOTAL COMMUNICATIONS					311,803
DEPOSITORY INSTITUTIONS - 5.97%
100,000		Bank of America Corp	5.375	08/15/11	Aa2		100,738
250,000		Bank One NA	3.700	01/15/08	Aa2		246,004
1,000,000		Citigroup, Inc	5.125	02/14/11	Aa1		997,489
300,000		Eksportfinans A/S	5.125	10/26/11	Aaa		301,288
250,000		JPMorgan Chase & Co	3.500	03/15/09	Aa3		241,298
250,000		M&I Marshall & Ilsley Bank	4.400	03/15/10	Aa3		243,990
125,000		Mellon Funding Corp	4.875	06/15/07	A1		124,777
125,000		US Bank NA	5.700	12/15/08	Aa2		125,937
125,000		Wachovia Bank NA	4.850	07/30/07	Aa2		124,592
125,000		Wachovia Corp	5.300	10/15/11	Aa3		125,401
250,000		Washington Mutual, Inc	5.500	08/24/11	A3		251,079
1,150,000		Wells Fargo & Co	4.875	01/12/11	Aa1		1,137,702
		TOTAL DEPOSITORY INSTITUTIONS					4,020,295

380

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
EATING AND DRINKING PLACES - 0.19%
$     125,000		McDonald's Corp	5.950	01/15/08	A2	$	125,741
		TOTAL EATING AND DRINKING PLACES					125,741
ELECTRIC, GAS, AND SANITARY SERVICES - 1.83%
125,000		Atmos Energy Corp	4.000	10/15/09	Baa3		120,149
25,000		Consumers Energy Co	4.400	08/15/09	Baa2		24,355
475,000		Duke Energy Corp	3.750	03/05/08	A2		465,986
125,000		Midamerican Energy Holdings Co	4.625	10/01/07	Baa1		124,187
250,000		Ohio Power Co	5.300	11/01/10	A3		249,093
125,000		ONEOK Partners LP	5.900	04/01/12	Baa2		126,378
125,000		Pepco Holdings, Inc	5.500	08/15/07	Baa3		124,900
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					1,235,048
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 0.26%
125,000		Cisco Systems, Inc	5.250	02/22/11	A1		125,305
50,000		Hewlett-Packard Co	3.625	03/15/08	A3		49,020
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					174,325
FABRICATED METAL PRODUCTS - 0.18%
125,000		Fortune Brands, Inc	5.125	01/15/11	Baa2		122,869
		TOTAL FABRICATED METAL PRODUCTS					122,869
FOOD AND KINDRED PRODUCTS - 0.51%
125,000	g	Cadbury Schweppes US Finance LLC	3.875	10/01/08	Baa2		121,735
100,000		Diageo Capital plc	5.125	01/30/12	A3		98,738
125,000		Kraft Foods, Inc	4.000	10/01/08	A3		122,314
		TOTAL FOOD AND KINDRED PRODUCTS					342,787
FOOD STORES - 0.37%
125,000		Fred Meyer, Inc	7.450	03/01/08	Baa2		127,676
125,000		Safeway, Inc	4.125	11/01/08	Baa2		122,165
		TOTAL FOOD STORES					249,841
GENERAL MERCHANDISE STORES - 0.91%
250,000		May Department Stores Co	3.950	07/15/07	Baa1		247,569
125,000		Target Corp	3.375	03/01/08	A1		122,237
125,000		Wal-Mart Stores, Inc	4.375	07/12/07	Aa2		124,527
125,000		Wal-Mart Stores, Inc	4.000	01/15/10	Aa2		120,995
		TOTAL GENERAL MERCHANDISE STORES					615,328
HOLDING AND OTHER INVESTMENT OFFICES - 0.19%
125,000		Simon Property Group LP	5.600	09/01/11	A3		125,743
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					125,743
INSURANCE CARRIERS - 0.70%
350,000		UnitedHealth Group, Inc	5.250	03/15/11	A3		348,774
125,000		WellPoint, Inc	5.000	01/15/11	Baa1		123,463
		TOTAL INSURANCE CARRIERS					472,237
MOTION PICTURES - 0.15%
100,000		Walt Disney Co	5.700	07/15/11	A3		101,585
		TOTAL MOTION PICTURES					101,585
NONDEPOSITORY INSTITUTIONS - 3.77%
50,000		American General Finance Corp	2.750	06/15/08	A1		48,215

381

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
$     250,000	g	American Honda Finance Corp	5.125	12/15/10	A1	$	248,824
100,000		Capital One Financial Corp	5.700	09/15/11	A3		101,297
250,000		Caterpillar Financial Services Corp	2.700	07/15/08	A2		240,696
50,000		Caterpillar Financial Services Corp	4.875	06/15/07	A2		49,901
100,000		CIT Group Funding Co of Canada	5.600	11/02/11	A2		100,831
25,000		FIA Card Services NA	5.375	01/15/08	Aa1		25,013
100,000		Ford Motor Credit Co	9.875	08/10/11	B1		106,953
125,000		General Motors Acceptance Corp	6.125	08/28/07	Ba1		125,025
250,000		HSBC Finance Corp	5.250	01/14/11	Aa3		249,978
500,000		HSBC Finance Corp	5.700	06/01/11	Aa3		508,509
125,000		Residential Capital Corp	6.125	11/21/08	Baa3		125,597
100,000		Toyota Motor Credit Corp	2.875	08/01/08	Aaa		96,331
400,000	g	USB Realty Corp	6.091	12/30/49	A1		400,224
100,000		Western Financial Bank	9.625	05/15/12	Aa3		109,963
		TOTAL NONDEPOSITORY INSTITUTIONS					2,537,357
OIL AND GAS EXTRACTION - 0.33%
125,000		Anadarko Petroleum Corp	3.250	05/01/08	Baa2		121,394
50,000		BJ Services Co	5.750	06/01/11	Baa1		50,400
50,000		Ocean Energy, Inc	4.375	10/01/07	Baa3		49,607
		TOTAL OIL AND GAS EXTRACTION					221,401
OTHER MORTGAGE BACKED SECURITIES - 1.41%
249,824		Banc of America Mortgage Securities Series 2006-1 (Class A8)	6.000	05/01/36	Aaa		250,786
200,000		Morgan Stanley Capital I Series 2005-HQ5 (Class A2)	4.809	01/14/42	NA		197,702
500,000	i	Saxon Asset Securities Trust Series 2002-2 (Class AF6)	5.620	11/25/30	Aaa		498,192
		TOTAL OTHER MORTGAGE BACKED SECURITIES					946,680
PIPELINES, EXCEPT NATURAL GAS - 0.91%
250,000		Enterprise Products Operating LP	4.000	10/15/07	Baa3		246,942
125,000		Enterprise Products Operating LP	4.950	06/01/10	Baa3		122,682
125,000		Panhandle Eastern Pipe Line	4.800	08/15/08	Baa3		123,235
125,000		Plains All American Pipeline LP	4.750	08/15/09	Baa3		122,385
		TOTAL PIPELINES, EXCEPT NATURAL GAS					615,244
SECURITY AND COMMODITY BROKERS - 0.85%
150,000		Goldman Sachs Group, Inc	6.600	01/15/12	Aa3		158,576
250,000		Merrill Lynch & Co, Inc	4.125	09/10/09	Aa3		243,144
175,000		Morgan Stanley	3.625	04/01/08	Aa3		171,489
		TOTAL SECURITY AND COMMODITY BROKERS					573,209
TRANSPORTATION BY AIR - 0.15%
100,000		FedEx Corp	5.500	08/15/09	Baa2		100,070
		TOTAL TRANSPORTATION BY AIR					100,070
TRANSPORTATION EQUIPMENT - 0.51%
100,000		DaimlerChrysler NA Holding Corp	5.750	09/08/11	Baa1		99,861
250,000		General Dynamics Corp	3.000	05/15/08	A2		242,476
		TOTAL TRANSPORTATION EQUIPMENT					342,337
		TOTAL CORPORATE BONDS					23,980,619
		(Cost $23,893,776)

382

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short Term Bond Fund II
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
GOVERNMENT BONDS - 62.46%
AGENCY SECURITIES - 23.53%
$     1,000,000		Federal Farm Credit Bank (FFCB)	5.375	07/18/11	Aaa	$	1,017,101
1,000,000		Federal Home Loan Bank (FHLB)	5.375	08/19/11	Aaa		1,017,050
5,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.125	10/24/07	Aaa		4,995,035
1,000,000		FHLMC	4.750	11/03/09	Aaa		995,150
900,000		FHLMC	5.250	07/18/11	Aaa		910,687
250,000		Federal National Mortgage Association (FNMA)	4.625	12/15/09	Aaa		247,939
3,000,000		FNMA	7.125	06/15/10	Aaa		3,205,853
200,000	g	Private Export Funding Corp	7.170	05/15/07	Aaa		201,452
200,000		Private Export Funding Corp	5.870	07/31/08	Aaa		202,444
1,000,000		Private Export Funding Corp	7.200	01/15/10	Aaa		1,060,740
2,000,000		Private Export Funding Corp	4.900	12/15/11	Aaa		1,992,940
		TOTAL AGENCY SECURITIES					15,846,391
FOREIGN GOVERNMENT BONDS - 1.35%
500,000		International Finance Corp	5.125	05/02/11	Aaa		504,030
300,000		Kreditanstalt fuer Wiederaufbau	5.250	05/19/09	Aaa		301,864
100,000		Landwirtschaftliche Rentenbank	5.250	07/15/11	Aaa		101,145
		TOTAL FOREIGN GOVERNMENT BONDS					907,039
MUNICIPAL BONDS - 0.75%
500,000		Grand Prairie Sports Facilities	7.130	09/15/18	Aaa		506,505
		TOTAL MUNICIPAL BONDS					506,505
U.S. TREASURY SECURITIES - 36.83%
12,000,000		United States Treasury Note	4.625	03/31/08			11,949,960
125,000		United States Treasury Note	4.875	04/30/08			124,894
1,000,000		United States Treasury Note	5.125	06/30/08			1,003,150
2,250,000		United States Treasury Note	4.875	10/31/08			2,251,282
2,565,000		United States Treasury Note	4.500	09/30/11			2,542,736
4,476,000		United States Treasury Note	4.625	10/31/11			4,460,555
2,500,000		United States Treasury Note	4.500	11/30/11			2,478,000
		TOTAL U.S. TREASURY SECURITIES					24,810,577
		TOTAL GOVERNMENT BONDS
		(Cost $42,081,500)					42,070,512
		TOTAL BONDS
		(Cost $65,975,276)					66,051,131
		TOTAL PORTFOLIO - 98.06%
		(Cost $65,975,276)					66,051,131
		OTHER ASSETS & LIABILITIES, NET - 1.94%					1,308,272
		NET ASSETS - 100.00%				$	67,359,403

383

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Short Term Bond Fund II
	+	As provided by Moody's Investors Service (Unaudited)
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions
		exempt from registration to qualified institutional buyers.
		At December 31, 2006, the value of these securities amounted to $2,640,358 or 4.04% of net assets.
	i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
	v	Security valued at fair value.
		ABBREVIATION:
		NR - Not Rated

384

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
HIGH-YIELD FUND II
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
CORPORATE BONDS - 96.15%
AGRICULTURAL PRODUCTION-CROPS - 0.21%
$     141,000		Dole Food Co, Inc	8.625%	05/01/09	B3	$	140,119
		TOTAL AGRICULTURAL PRODUCTION-CROPS					140,119
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.21%
130,000		Pilgrim's Pride Corp	9.625	09/15/11	Ba3		135,850
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK					135,850
AGRICULTURAL SERVICES - 0.39%
250,000		American Rock Salt Co LLC	9.500	03/15/14	Caa1		257,500
		TOTAL AGRICULTURAL SERVICES					257,500
AMUSEMENT AND RECREATION SERVICES - 2.39%
400,000	g	Buffalo Thunder Development Authority	9.375	12/15/14	B2		406,000
125,000		Mohegan Tribal Gaming Authority	6.125	02/15/13	Baa2		124,063
125,000		Mohegan Tribal Gaming Authority	6.875	02/15/15	Ba2		125,313
383,000	g	Pokagon Gaming Authority	10.375	06/15/14	B3		419,385
500,000		Speedway Motorsports, Inc	6.750	06/01/13	Ba2		500,000
		TOTAL AMUSEMENT AND RECREATION SERVICES					1,574,761
APPAREL AND OTHER TEXTILE PRODUCTS - 0.51%
350,000	d	Broder Brothers	11.250	10/15/10	B2		339,500
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS					339,500
AUTO REPAIR, SERVICES AND PARKING - 1.99%
165,000	g	Avis Budget Car Rental LLC	7.625	05/15/14	Ba3		160,875
245,000	g	Hertz Corp	10.500	01/01/16	B2		269,500
110,000	g	Hertz Corp	8.875	01/01/14	B1		115,225
775,000	d	Keystone Automotive Operations, Inc	9.750	11/01/13	Caa1		767,250
		TOTAL AUTO REPAIR, SERVICES AND PARKING					1,312,850
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 1.15%
375,000		Asbury Automotive Group, Inc	8.000	03/15/14	B3		380,625
375,000		Autonation, Inc	7.000	04/15/14	Ba2		377,813
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS					758,438
BUSINESS SERVICES - 4.01%
325,000	g	Activant Solutions, Inc	9.500	05/01/16	Caa1		302,250
500,000		Advanstar Communications, Inc	10.750	08/15/10	B1		538,125
500,000		Iron Mountain, Inc	8.625	04/01/13	B3		516,250
280,000		Lamar Media Corp	6.625	08/15/15	Ba3		277,550
250,000		Lamar Media Corp	7.250	01/01/13	Ba3		254,688
194,000		Serena Software, Inc	10.375	03/15/16	Caa1		205,883
300,000		United Rentals North America, Inc	7.750	11/15/13	B3		301,125
250,000		Universal Compression, Inc	7.250	05/15/10	B1		251,250
		TOTAL BUSINESS SERVICES					2,647,121

385

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
CHEMICALS AND ALLIED PRODUCTS - 6.69%
$     500,000		BCP Crystal US Holdings Corp	9.625	06/15/14	B3	$	552,500
140,000	g	Berry Plastics Holding Corp	8.875	09/15/14	B2		142,100
380,000		Chemtura Corp	6.875	06/01/16	Ba1		365,750
155,000	g	Georgia Gulf Corp	10.750	10/15/16	B2		148,800
250,000		Hercules, Inc	6.750	10/15/29	Ba3		245,000
375,000	g	Huntsman International LLC	7.875	11/15/14	B3		377,813
515,000	g	Ineos Group Holdings plc	8.500	02/15/16	B2		491,825
160,000	j	Koppers Holdings, Inc (Step Bond, 0.000% - 9.875% until 11/15/09)
			0.000	11/15/14	B3		128,000
250,000		Koppers, Inc	9.875	10/15/13	B2		271,875
285,000	g	Mosaic Co	7.375	12/01/14	B1		292,481
250,000		Nalco Co	7.750	11/15/11	B1		255,625
500,000	g	Nell AF SARL	8.375	08/15/15	B2		513,750
645,000	g	Reichhold Industries, Inc	9.000	08/15/14	B2		632,100
		TOTAL CHEMICALS AND ALLIED PRODUCTS					4,417,619
COAL MINING - 2.14%
500,000		Arch Western Finance LLC	6.750	07/01/13	B1		496,250
250,000		Foundation PA Coal Co	7.250	08/01/14	Ba3		254,375
640,000	g	Griffin Coal Mining Co Pty Ltd	9.500	12/01/16	Ba2		659,200
		TOTAL COAL MINING					1,409,825
COMMUNICATIONS - 12.55%
750,000	d	Allbritton Communications Co	7.750	12/15/12	B1		757,500
800,000		American Cellular Corp	10.000	08/01/11	B3		846,000
250,000	g	Charter Communications Operating LLC	8.000	04/30/12	B3		259,688
158,000	g	Charter Communications Operating LLC	8.375	04/30/14	B3		164,913
550,000		Citizens Communications Co	9.000	08/15/31	Ba2		596,750
250,000		Citizens Communications Co	9.250	05/15/11	Ba2		276,563
250,000		Echostar DBS Corp	6.375	10/01/11	Ba3		248,438
1,090,000	g	Intelsat Bermuda Ltd	11.250	06/15/16	Caa1		1,196,275
180,000		Intelsat Subsidiary Holding Co Ltd	8.250	01/15/13	B2		182,700
250,000		Liberty Media Corp	8.250	02/01/30	Ba2		245,057
250,000		PanAmSat Corp	9.000	08/15/14	B2		264,063
850,000	d	Qwest Communications International, Inc	7.250	02/15/11	Ba3		869,125
250,000		Qwest Corp	7.250	10/15/35	Ba1		246,875
300,000		Qwest Corp	7.500	10/01/14	Ba1		318,000
150,000		Qwest Corp	8.875	03/15/12	Ba1		167,063
250,000		Rogers Cable, Inc	7.875	05/01/12	Ba2		270,219
500,000		Rogers Wireless, Inc	6.375	03/01/14	Ba2		506,250
300,000		Shaw Communications, Inc	8.250	04/11/10	Ba2		318,750
250,000		Videotron Ltee	6.875	01/15/14	Ba2		251,563
275,000	g	Windstream Corp	8.125	08/01/13	Ba3		297,688
		TOTAL COMMUNICATIONS					8,283,480
ELECTRIC, GAS, AND SANITARY SERVICES - 11.59%
625,000		AES Corp	9.375	09/15/10	B1		678,906
500,000		Allied Waste North America, Inc	6.375	04/15/11	B2		493,750
250,000		Allied Waste North America, Inc	6.500	11/15/10	B2		250,625
200,000		Allied Waste North America, Inc	7.875	04/15/13	B2		206,250
13,000		Aquila, Inc	9.950	02/01/11	B2		14,239
250,000		CMS Energy Corp	8.500	04/15/11	Ba3		271,875
250,000		Dynegy Holdings, Inc	8.375	05/01/16	B2		262,500
155,000		Dynegy Holdings, Inc	8.750	02/15/12	NR		164,300
600,000		Edison Mission Energy	7.500	06/15/13	B1		627,000

386

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     560,000	g	El Paso Performance-Linked Trust	7.750	07/15/11	B2	$	592,200
300,000		General Cable Corp	9.500	11/15/10	B1		318,000
250,000		Inergy LP	8.250	03/01/16	B1		262,500
495,877		Midwest Generation LLC	8.300	07/02/09	Ba2		510,134
625,000		Mirant North America LLC	7.375	12/31/13	B2		634,375
500,000		NRG Energy, Inc	7.375	02/01/16	B1		502,500
375,000		Reliant Energy, Inc	6.750	12/15/14	B2		366,563
250,000		Reliant Energy, Inc	9.500	07/15/13	B2		268,125
500,000		Sierra Pacific Resources	8.625	03/15/14	B1		536,830
250,000		Southern Natural Gas Co	8.000	03/01/32	Ba1		292,125
250,000		Williams Cos, Inc	7.750	06/15/31	Ba2		262,500
125,000		Williams Cos, Inc	8.125	03/15/12	Ba2		135,313
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES					7,650,610
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 2.28%
305,000	g,o	Freescale Semiconductor, Inc	10.125	12/15/16	B2		305,381
605,000	g	Freescale Semiconductor, Inc	9.125	12/15/14	B1		601,219
435,000		L-3 Communications Corp	7.625	06/15/12	Ba3		450,225
135,000	g	Nortel Networks Ltd	10.125	07/15/13	B3		145,800
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT					1,502,625
FABRICATED METAL PRODUCTS - 0.78%
250,000		Ball Corp	6.875	12/15/12	Ba1		255,000
250,000		Crown Americas LLC and Crown Americas Capital Corp	7.750	11/15/15	B1		259,375
		TOTAL FABRICATED METAL PRODUCTS					514,375
FOOD AND KINDRED PRODUCTS - 0.73%
231,000		Constellation Brands, Inc	7.250	09/01/16	Ba2		237,353
250,000		Del Monte Corp	6.750	02/15/15	B2		247,500
		TOTAL FOOD AND KINDRED PRODUCTS					484,853
FOOD STORES - 1.35%
875,000		Stater Brothers Holdings	8.125	06/15/12	B1		888,125
		TOTAL FOOD STORES					888,125
FURNITURE AND HOMEFURNISHINGS STORES - 0.95%
600,000		GSC Holdings Corp	8.000	10/01/12	B1		627,000
		TOTAL FURNITURE AND HOMEFURNISHINGS STORES					627,000
GENERAL BUILDING CONTRACTORS - 0.78%
250,000		Beazer Homes USA, Inc	8.375	04/15/12	Ba1		256,875
250,000		K Hovnanian Enterprises, Inc	8.000	04/01/12	Ba1		255,625
		TOTAL GENERAL BUILDING CONTRACTORS					512,500
HEALTH SERVICES - 2.14%
250,000		DaVita, Inc	6.625	03/15/13	B2		250,625
350,000		DaVita, Inc	7.250	03/15/15	B3		357,000
150,000		HCA, Inc	7.500	11/06/33	Caa1		122,250
640,000	g	HCA, Inc	9.125	11/15/14	B2		684,000
		TOTAL HEALTH SERVICES					1,413,875
HOLDING AND OTHER INVESTMENT OFFICES - 1.69%
550,000		Sungard Data Systems, Inc	10.250	08/15/15	Caa1		587,125
500,000		Sungard Data Systems, Inc	9.125	08/15/13	Caa1		525,000
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES					1,112,125

387

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
HOTELS AND OTHER LODGING PLACES - 1.23%
$     300,000		MGM Mirage	8.500	09/15/10	Ba2	$	321,000
500,000	d	MGM Mirage	6.750	09/01/12	Ba2		492,500
		TOTAL HOTELS AND OTHER LODGING PLACES					813,500
INDUSTRIAL MACHINERY AND EQUIPMENT - 0.85%
300,000		Case New Holland, Inc	9.250	08/01/11	Ba3		317,625
250,000		Scientific Games Corp	6.250	12/15/12	Ba3		244,375
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT					562,000
INSTRUMENTS AND RELATED PRODUCTS - 0.38%
250,000		Fisher Scientific International, Inc	6.750	08/15/14	Baa3		253,472
		TOTAL INSTRUMENTS AND RELATED PRODUCTS					253,472
JUSTICE, PUBLIC ORDER AND SAFETY - 0.84%
250,000		Corrections Corp of America	6.250	03/15/13	Ba3		247,813
300,000		Corrections Corp of America	6.750	01/31/14	Ba3		303,000
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY					550,813
LEGAL SERVICES - 0.69%
437,000	g	FTI Consulting, Inc	7.750	10/01/16	Ba2		453,388
		TOTAL LEGAL SERVICES					453,388
MISCELLANEOUS RETAIL - 2.81%
250,000		AmeriGas Partners LP	7.125	05/20/16	B1		250,000
250,000		Couche-Tard US LP	7.500	12/15/13	Ba2		255,625
250,000		FTD, Inc	7.750	02/15/14	B3		250,313
250,000	g	Michaels Stores, Inc	11.375	11/01/16	Caa1		260,625
250,000		Rite Aid Corp	7.500	01/15/15	B2		247,500
185,000	g	Sally Holdings LLC	9.250	11/15/14	B2		188,469
371,000	g	Stripes Acquisition LLC	10.625	12/15/13	B2		402,535
		TOTAL MISCELLANEOUS RETAIL					1,855,067
NONDEPOSITORY INSTITUTIONS - 3.97%
225,000	d	Ford Motor Credit Co	5.700	01/15/10	B1		215,686
250,000	d	Ford Motor Credit Co	7.000	10/01/13	B1		238,745
250,000		Ford Motor Credit Co	7.875	06/15/10	B1		252,077
250,000	g	Ford Motor Credit Co	9.750	09/15/10	B1		265,953
140,000		Ford Motor Credit Co	9.875	08/10/11	B1		149,734
200,000		General Motors Acceptance Corp	5.625	05/15/09	Ba1		198,421
250,000		General Motors Acceptance Corp	7.250	03/02/11	Ba1		259,984
150,000		General Motors Acceptance Corp	8.000	11/01/31	Ba1		172,210
140,000		General Motors Acceptance Corp	7.750	01/19/10	Ba1		146,533
725,000		GMAC LLC	6.000	12/15/11	Ba1		721,846
		TOTAL NONDEPOSITORY INSTITUTIONS					2,621,189
OIL AND GAS EXTRACTION - 6.65%
170,000		Chesapeake Energy Corp	6.500	08/15/17	Ba2		166,175
625,000		Chesapeake Energy Corp	6.875	11/15/20	Ba2		614,063
250,000		Chesapeake Energy Corp	7.500	09/15/13	Ba2		260,313
205,000		Chesapeake Energy Corp	7.625	07/15/13	Ba2		216,019
500,000		Chesapeake Energy Corp	7.750	01/15/15	Ba2		520,625
320,000	g	Complete Production Services, Inc	8.000	12/15/16	B2		328,000
530,000		Denbury Resources, Inc	7.500	04/01/13	B1		537,950
125,000		Encore Acquisition Co	6.000	07/15/15	B1		114,063
250,000		Encore Acquisition Co	7.250	12/01/17	B1		241,875

388

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
$     250,000		Hanover Compressor Co	9.000	06/01/14	B2	$	270,000
260,000		Pogo Producing Co	7.875	05/01/13	B1		263,900
203,000		Range Resources Corp	7.500	05/15/16	B1		208,075
650,000	g	Sabine Pass LNG LP	7.250	11/30/13	Ba3		645,938
		TOTAL OIL AND GAS EXTRACTION					4,386,996
PAPER AND ALLIED PRODUCTS - 6.14%
150,000		Abitibi-Consolidated, Inc	6.000	06/20/13	B2		120,000
788,000		Abitibi-Consolidated, Inc	8.550	08/01/10	B2		748,600
156,000		Bowater, Inc	6.500	06/15/13	B2		142,350
140,000		Bowater, Inc	9.000	08/01/09	B2		146,650
273,000		Caraustar Industries, Inc	7.375	06/01/09	B3		264,128
780,000		Cenveo Corp	7.875	12/01/13	B3		748,800
250,000		Domtar, Inc	7.125	08/15/15	B2		245,000
157,000		Domtar, Inc	7.875	10/15/11	B2		162,888
300,000	g	Georgia-Pacific Corp	7.000	01/15/15	Ba3		299,250
386,000		Graphic Packaging International Corp	9.500	08/15/13	B3		407,230
500,000		Greif, Inc	8.875	08/01/12	Ba3		525,000
250,000		Jefferson Smurfit Corp US	8.250	10/01/12	B2		243,750
		TOTAL PAPER AND ALLIED PRODUCTS					4,053,646
PERSONAL SERVICES - 0.39%
250,000		Mac-Gray Corp	7.625	08/15/15	B2		253,750
		TOTAL PERSONAL SERVICES					253,750
PETROLEUM AND COAL PRODUCTS - 1.47%
250,000		Equistar Chemicals LP	8.750	02/15/09	B1		261,875
545,000		Lyondell Chemical Co	8.000	09/15/14	B1		565,438
140,000		Tesoro Corp	6.250	11/01/12	Ba1		139,300
		TOTAL PETROLEUM AND COAL PRODUCTS					966,613
PRIMARY METAL INDUSTRIES - 1.33%
200,000		AK Steel Corp	7.875	02/15/09	B2		200,000
700,000	g	Novelis, Inc	8.250	02/15/15	B2		677,250
		TOTAL PRIMARY METAL INDUSTRIES					877,250
PRINTING AND PUBLISHING - 5.19%
202,527	o	AAC Group Holding Corp	12.750	10/01/12	Caa1		215,692
300,000		American Achievement Corp	8.250	04/01/12	B1		307,125
500,000	g	Idearc, Inc	8.000	11/15/16	B2		507,500
840,000		Morris Publishing Group LLC	7.000	08/01/13	B1		795,900
250,000		Primedia, Inc	8.875	05/15/11	B2		255,000
305,000	g	Quebecor World Capital Corp	8.750	03/15/16	B2		292,038
760,000	d	RH Donnelley Corp	8.875	01/15/16	B3		798,000
250,000		Visant Corp	7.625	10/01/12	B2		253,125
		TOTAL PRINTING AND PUBLISHING					3,424,380
SECURITY AND COMMODITY BROKERS - 0.32%
200,000		E*Trade Financial Corp	7.375	09/15/13	Ba2		208,000
		TOTAL SECURITY AND COMMODITY BROKERS					208,000
SOCIAL SERVICES - 0.73%
500,000	g	Knowledge Learning Corp, Inc	7.750	02/01/15	B2		478,750
		TOTAL SOCIAL SERVICES					478,750
STONE, CLAY, AND GLASS PRODUCTS - 0.80%
500,000		Owens Brockway Glass Container, Inc	8.750	11/15/12	Ba2	$	530,000

389

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
				MATURITY
PRINCIPAL			RATE	DATE	RATING+		VALUE
		TOTAL STONE, CLAY, AND GLASS PRODUCTS					530,000
TRANSPORTATION EQUIPMENT - 1.91%
$     150,000	g	Bombardier, Inc	6.750	05/01/12	Ba2		147,000
211,000	g	Bombardier, Inc	8.000	11/15/14	Ba2		216,275
280,000		Ford Motor Co	7.450	07/16/31	Caa1		219,800
150,000		Ford Motor Co	6.625	10/01/28	Caa1		108,750
200,000		General Motors Corp	7.700	04/15/16	Caa1		188,500
150,000		General Motors Corp	8.375	07/15/33	Caa1		138,750
100,000		General Motors Corp	7.200	01/15/11	Caa1		97,000
150,000	g	Lear Corp	8.500	12/01/13	B3		145,500
		TOTAL TRANSPORTATION EQUIPMENT					1,261,575
TRANSPORTATION SERVICES - 0.67%
450,000		United Rentals North America, Inc	6.500	02/15/12	B1		444,375
		TOTAL TRANSPORTATION SERVICES					444,375
WATER TRANSPORTATION - 0.77%
500,000		Gulfmark Offshore, Inc	7.750	07/15/14	B1		510,000
		TOTAL WATER TRANSPORTATION					510,000
WHOLESALE TRADE-DURABLE GOODS - 3.85%
620,000	g	Baker & Taylor, Inc	11.500	07/01/13	B2		636,257
426,000	g,i,o	CDRV Investors, Inc	9.860	12/01/11	Caa1		415,350
400,000		IKON Office Solutions, Inc	7.750	09/15/15	Ba3		419,000
231,000		Interline Brands, Inc	8.125	06/15/14	B3		237,353
250,000		Russel Metals, Inc	6.375	03/01/14	Ba2		238,438
600,000		Ryerson, Inc	8.250	12/15/11	B3		595,500
		TOTAL WHOLESALE TRADE-DURABLE GOODS					2,541,898
WHOLESALE TRADE-NONDURABLE GOODS - 0.63%
400,000		Supervalu, Inc	7.500	11/15/14	B1		417,081
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					417,081
		TOTAL CORPORATE BONDS					63,446,894
		(Cost $62,509,607)
SHORT-TERM INVESTMENTS - 1.53%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES-1.53%
1,010,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07	P1		1,009,456
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES					1,009,456
		TOTAL SHORT-TERM INVESTMENTS					1,009,456
		(Cost $1,009,865)
		TOTAL PORTFOLIO - 97.68%					64,456,350
		(Cost $63,519,472)
		OTHER ASSETS & LIABILITIES, NET - 2.32%					1,530,977
		NET ASSETS - 100.00%				$	65,987,327

390

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - High-Yield Fund II
	+	As provided by Moody's Investors Service (Unaudited)
	d	All or a portion of these securities have been segregated by the custodian
		to cover securities purchased on a delayed delivery basis.
	g	Security is exempt from registration under Rule 144 (A) of the Securities Act of 1933 and may be resold in transactions
		exempt from registration to qualified institutional buyers.
		At December 31, 2006, the value of these securities amounted to $15,538,546 or 23.55% of net assets.
	i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
	j	Zero coupon
	o	Payment-in-kind security.
		ABBREVIATION:
		NR - Not Rated

391

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
Tax-Exempt Bond Fund II
Statement of investments (Unaudited)
December 31, 2006

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
LONG-TERM MUNICIPAL BONDS - 96.50%
ALASKA - 4.51%
$     1,460,000		Alaska Railroad Corp	5.250%	08/01/16	Aaa	$	1,624,834
1,000,000		Northern TOB Securitization Corp	4.625	06/01/23	Baa3		1,000,390
		TOTAL ALASKA					2,625,224
ARIZONA - 1.03%
555,000		Arizona Health Facilities Authority	5.625	12/01/15	Aaa		598,651
		TOTAL ARIZONA					598,651
ARKANSAS - 0.07%
35,000		Arkansas Housing Development Agency, ETM	8.375	07/01/10	NR		37,821
		TOTAL ARKANSAS					37,821
CALIFORNIA - 2.71%
345,000	*	California Statewide Communities Development Authority
		Mandatory Put 10/01/16	4.250	11/01/33	Aaa		355,329
625,000		State of California	5.250	11/01/18	A1		675,875
500,000		State of California	5.000	09/01/16	A1		544,725
		TOTAL CALIFORNIA					1,575,929
DISTRICT OF COLUMBIA - 1.65%
885,000		District of Columbia, COP	5.250	01/01/14	Aaa		963,146
		TOTAL DISTRICT OF COLUMBIA					963,146
FLORIDA - 8.73%
1,150,000		Charlotte County Florida Utility Revenue	5.000	10/01/14	Aaa		1,245,749
2,000,000		Florida State Board of Education Lottery Revenue	5.000	07/01/14	Aaa		2,161,960
100,000	a	Orange County Health Facilities Authority Revenue, ETM	5.700	10/01/12	#Aaa		109,766
1,440,000	a	Orange County Health Facilities Authority, ETM	6.250	10/01/10	Aaa		1,571,314
		TOTAL FLORIDA					5,088,789
GEORGIA - 2.69%
100,000		Cherokee County Water & Sewer Authority	5.500	08/01/18	Aaa		112,794
1,350,000		Georgia State GO	5.000	07/01/13	Aaa		1,454,490
		TOTAL GEORGIA					1,567,284
ILLINOIS - 0.28%
150,000		Madison-Bond Etc Counties Community Unit School District No 5	5.000	02/01/19	Aaa		164,100
		TOTAL ILLINOIS					164,100
INDIANA - 4.72%
1,620,000		Hammond Multi-School Building Corp, First Mortgage	5.000	07/15/17	Aaa		1,775,601
900,000		Indiana State Finance Authority Revenue	5.000	02/01/15	Aaa		975,123
		TOTAL INDIANA					2,750,724

392

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
MASSACHUSETTS - 3.76%
$     2,000,000		Massachusetts St Water Pollution Abatement	5.000	08/01/16	Aaa	$	2,191,080
		TOTAL MASSACHUSETTS					2,191,080
MARYLAND - 3.81%
2,000,000		Maryland State GO	5.250	03/01/15	Aaa		2,222,440
		TOTAL MARYLAND					2,222,440
MICHIGAN - 7.68%
1,000,000		Detroit Water Supply System	5.000	07/01/14	Aaa		1,081,660
1,000,000		Michigan State Transportation Revenue	5.250	05/15/18	Aaa		1,123,910
2,000,000		Michigan State Trunk Line	5.500	11/01/16	Aa3		2,267,720
		TOTAL MICHIGAN					4,473,290
MISSOURI - 7.29%
2,000,000		Missouri State Board of Public Buildings	5.000	10/01/16	Aa1		2,197,180
1,750,000	a	Missouri State Health & Educational Facilities Authority, BJC
		Heakth Project, ETM	6.750	05/15/13	#Aaa		2,047,920
		TOTAL MISSOURI					4,245,100
NEW JERSEY -2.78%
450,000		New Jersey Economic Development Authority, School Facilities
		Construction	5.250	09/01/14	Aaa		493,920
1,000,000		New Jersey Transportation Trust Fund Authority	5.250	12/15/19	A1		1,124,260
		TOTAL NEW JERSEY					1,618,180
NEW YORK - 5.59%
500,000		Hudson Yards Infrastructure Corp	4.500	02/15/47	Aaa		499,980
175,000		Lackawanna Housing Authority	5.000	09/01/14	NR		183,260
185,000		Lackawanna Housing Authority	5.000	09/01/15	NR		194,269
195,000		Lackawanna Housing Authority	5.000	09/01/16	NR		205,054
500,000		Metropolitan Transportation Authority	5.125	07/01/13	Aaa		509,305
1,500,000		New York State Environmental Facilities Corp	5.250	06/15/15	Aaa		1,667,325
		TOTAL NEW YORK					3,259,193
OHIO - 8.74%
2,015,000		Medina County Library District GO	5.250	12/01/19	Aaa		2,188,451
1,675,000		Ohio State GO	5.000	06/15/14	Aa1		1,811,044
1,000,000		State of Ohio	5.000	11/01/16	Aa1		1,095,000
		TOTAL OHIO					5,094,495
OREGON - 3.41%
1,850,000		Oregon State Department of Administrative Services, COP	5.250	05/01/17	Aaa		1,986,419
		TOTAL OREGON					1,986,419
PENNSYLVANIA - 5.61%
2,000,000		Delaware Valley Regional Finance Authority	5.500	07/01/12	Aa3		2,166,060
115,000		Pennsylvania Economic Development Financing Authority	6.000	11/01/11	A3		122,706
915,000		Pittsburgh City GO	5.000	09/01/13	Aaa		978,455
		TOTAL PENNSYLVANIA					3,267,221
PUERTO RICO - 3.83%
2,015,000		Puerto Rico Commonwealth	5.500	07/01/15	Baa3		2,229,275
		TOTAL PUERTO RICO					2,229,275

393

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Tax-Exempt Bond Fund II

				MATURITY
PRINCIPAL		ISSUER	RATE	DATE	RATING+		VALUE
TENNESSEE - 4.62%
$     2,500,000		Tennessee Energy Acquisition Corp	5.000	09/01/16	Aa3	$	2,694,375
		TOTAL TENNESSEE					2,694,375
TEXAS - 5.68%
1,250,000		Alliance Airport Authority, Federal Express Project, AMT	4.850	04/01/21	Baa2		1,272,286
500,000	h	Northwest Independent School District	5.000	02/15/16	Aaa		544,225
1,000,000	a	San Felipe-Del Rio Consolidated Independent School District	5.500	08/15/19	Aaa		1,063,110
390,000		Texas Public Building Authority, ETM	7.125	08/01/11	Aaa		427,007
		TOTAL TEXAS					3,306,628
VIRGINIA - 1.74%
930,000		Fairfax County Economic Development Authority	5.000	05/15/16	Aa1		1,014,900
		TOTAL VIRGINIA					1,014,900
WASHINGTON - 5.57%
1,000,000		Washington Economic Development Finance Authority	5.000	06/01/16	Aaa		1,089,190
2,000,000		Washington State GO	5.000	07/01/18	Aaa		2,156,240
		TOTAL WASHINGTON					3,245,430
		TOTAL LONG-TERM MUNICIPAL BONDS
		(Cost $55,374,832)					56,219,694
SHORT-TERM MUNICIPAL BONDS - 2.28%
NEW YORK - 0.74%
280,000	*	Jay Street Development Corp	1.000	05/01/20	Aaa/VMIG1		280,000
150,000	*	New York City Municipal Water Finance Authority	0.900	06/15/35	Aa2/VMIG1		150,000
		TOTAL NEW YORK					430,000
WYOMING - 1.54%
900,000	*	Lincoln County WY	2.690	11/01/14	Aaa/P-1		900,000
		TOTAL WYOMING					900,000
		TOTAL SHORT-TERM MUNICIPAL BONDS
		(Cost $1,330,000)					1,330,000
		TOTAL PORTFOLIO - 98.78%
		(Cost $56,704,832)					57,549,694
		OTHER ASSETS AND LIABILITIES, NET - 1.22%					708,314
		NET ASSETS - 100.00%				$	58,258,008
	+	As provided by Moody's Investors Service (Unaudited)
	*	Variable Rate Demand Note (VRDN)
	a	The Fund has been informed that each issuer has placed direct
		obligations of the U.S. Government in an irrevocable trust, solely
		for the payment of principal and interest.
	h	These securities were purchased on a delayed delivery basis.
		ABBREVIATION:
		AMT - Alternative Minimum Tax
		COP - Certificate of Participation
		ETM - Escrowed to Maturity
		GO - General Obligation

394

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Inflation-Linked Bond Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
INFLATION-LINKED BOND FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
GOVERNMENT BONDS - 97.77%
U.S. TREASURY SECURITIES - 97.77%
$     24,212,036	k	United States Treasury Inflation Indexed Bonds	3.625%	01/15/08	$	24,465,536
21,826,538	k	United States Treasury Inflation Indexed Bonds	3.875	01/15/09		22,431,788
15,403,519	k	United States Treasury Inflation Indexed Bonds	4.250	01/15/10		16,214,669
36,836,315	k	United States Treasury Inflation Indexed Bonds	0.875	04/15/10		34,931,141
15,759,956	k	United States Treasury Inflation Indexed Bonds	3.500	01/15/11		16,405,169
23,108,409	k	United States Treasury Inflation Indexed Bonds	2.375	04/15/11		23,021,753
9,173,073	k	United States Treasury Inflation Indexed Bonds	3.375	01/15/12		9,578,523
29,478,307	k	United States Treasury Inflation Indexed Bonds	3.000	07/15/12		30,346,444
28,011,868	k	United States Treasury Inflation Indexed Bonds	1.875	07/15/13		27,079,914
28,985,132	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/14		28,170,361
25,500,235	k	United States Treasury Inflation Indexed Bonds	2.000	07/15/14		24,763,022
25,897,327	k	United States Treasury Inflation Indexed Bonds	1.625	01/15/15		24,388,031
22,517,285	k	United States Treasury Inflation Indexed Bonds	1.875	07/15/15		21,588,447
21,955,283	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/16		21,210,560
21,582,582	k	United States Treasury Inflation Indexed Bonds	2.500	07/15/16		21,756,106
34,751,462	k	United States Treasury Inflation Indexed Bonds	2.375	01/15/25		34,618,017
22,524,700	k	United States Treasury Inflation Indexed Bonds	2.000	01/15/26		21,177,048
23,098,546	k	United States Treasury Inflation Indexed Bonds	3.625	04/15/28		27,920,368
26,611,555	k	United States Treasury Inflation Indexed Bonds	3.875	04/15/29		33,528,165
7,015,889	k	United States Treasury Inflation Indexed Bonds	3.375	04/15/32		8,479,896
		TOTAL U.S. TREASURY SECURITIES				472,074,958
		TOTAL GOVERNMENT BONDS
		(Cost $481,471,422)				472,074,958
SHORT-TERM INVESTMENTS - 1.79%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 1.79%
8,660,000		Federal Home Loan Bank (FHLB)	4.800	01/02/07		8,655,333
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES				8,655,333
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $8,658,845)				8,655,333
		TOTAL PORTFOLIO - 99.56%
		(Cost $490,130,267)				480,730,291
		OTHER ASSETS & LIABILITIES, NET - 0.44%				2,111,126
		NET ASSETS - 100.00%			$	482,841,417
	k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the
		Consumer Price Index.

395

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
TIAA-CREF INSTITUTIONAL MUTUAL FUNDS
MONEY MARKET FUND
STATEMENT OF INVESTMENTS (Unaudited)
December 31, 2006
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
SHORT-TERM INVESTMENTS - 100.26%
BANK NOTES - 0.48%
$     1,907,000		JPMorgan Chase Bank NA	5.220%	06/15/07	$	1,861,634
		TOTAL BANK NOTES				1,861,634
CERTIFICATES OF DEPOSIT - 10.31%
5,400,000		Abbey National plc	5.300	02/06/07		5,400,053
1,500,000		Abbey National plc	5.280	02/14/07		1,500,018
3,000,000		American Express Bank FSB	5.565	01/08/07		3,000,011
3,500,000		American Express Centurion Bank	5.280	01/17/07		3,500,015
5,000,000		Bank Of Montreal	5.285	02/27/07		5,000,078
6,000,000		Deutsche Bank	5.290	01/09/07		6,000,013
2,000,000		Dexia Bank	5.295	01/30/07		2,000,016
4,000,000		Dexia Bank	5.295	02/08/07		4,000,021
5,575,000		Lloyds Bank plc	5.305	01/31/07		5,575,023
4,000,000		Rabobank	5.290	03/05/07		4,000,000
		TOTAL CERTIFICATES OF DEPOSIT				39,975,248
COMMERCIAL PAPER - 76.02%
7,000,000	c	Abbott Laboratories	5.230	02/08/07		6,961,356
2,400,000	c	Alcon Capital Corp	5.230	01/19/07		2,393,731
7,000,000		American Honda Finance Corp	5.230	03/09/07		6,931,865
1,200,000	c	Anheuser-Busch Cos, Inc	5.180	04/02/07		1,184,287
2,875,000	c	Atlantis One Funding Corp	5.280	01/08/07		2,872,048
2,215,000	c	Atlantis One Funding Corp	5.300	02/14/07		2,200,652
1,661,000	c	Atlantis One Funding Corp	5.185	06/25/07		1,619,135
1,085,000		Barclays U.S. Funding Corp	5.250	02/20/07		1,077,089
1,465,000		Barclays U.S. Funding Corp	5.220	02/28/07		1,452,679
2,705,000		Barclays U.S. Funding Corp	5.240	03/05/07		2,680,195
1,650,000	c	Beta Finance, Inc	5.250	01/19/07		1,645,669
5,200,000	c	Beta Finance, Inc	5.260	01/25/07		5,181,800
5,000,000	c	BMW US Capital Corp	5.210	02/07/07		4,973,226
6,000,000		Calyon North America, Inc	5.235	01/16/07		5,986,913
1,000,000		Calyon North America, Inc	5.225	02/27/07		991,735
3,770,000	c	Cargill Global Funding plc	5.250	02/12/07		3,746,909
5,000,000		Caterpillar Financial Services Corp	5.225	03/19/07		4,944,757
4,000,000	c	CC (USA), Inc	5.250	01/12/07		3,993,583
1,885,000	c	CC (USA), Inc	5.250	02/05/07		1,875,379
1,000,000	c	CC (USA), Inc	5.250	05/01/07		982,500
940,000	c	Ciesco LP	5.250	01/11/07		938,629
5,000,000	c	Ciesco LP	5.260	01/22/07		4,984,658
1,000,000	c	Ciesco LP	5.260	01/25/07		996,493
4,000,000	c	Corporate Asset Funding Corp, Inc	5.250	01/17/07		3,990,667
3,000,000	c	Corporate Asset Funding Corp, Inc	5.255	02/14/07		2,980,732

396

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     1,000,000	c	Danske Corp	5.255	01/18/07	$	997,518
2,000,000	c	Danske Corp	5.235	03/29/07		1,974,722
2,400,000	c	Danske Corp	5.220	04/10/07		2,365,746
1,400,000	c	Dorada Finance, Inc	5.250	01/18/07		1,396,529
3,500,000	c	Dorada Finance, Inc	5.260	01/23/07		3,488,792
6,000,000	c	Edison Asset Securitization LLC	5.240	01/10/07		5,992,140
1,000,000	c	Edison Asset Securitization LLC	5.240	02/28/07		991,558
4,730,000	c	Fairway Finance Corp	5.260	01/17/07		4,718,942
1,563,000	c	Fairway Finance Corp	5.180	05/16/07		1,532,639
1,000,000		General Electric Capital Corp	5.230	02/06/07		994,770
3,300,000		General Electric Capital Corp	5.230	02/07/07		3,282,262
2,000,000		General Electric Capital Corp	5.210	03/12/07		1,979,739
2,460,000		Goldman Sachs Group LP	5.300	01/26/07		2,450,980
4,335,000		Goldman Sachs Group LP	5.270	02/01/07		4,315,721
2,200,000	c	Govco, Inc	5.250	01/29/07		2,191,017
2,100,000	c	Govco, Inc	5.250	02/20/07		2,084,688
1,500,000	c	Govco, Inc	5.250	03/13/07		1,484,439
650,000	c	Govco, Inc	5.240	03/16/07		643,038
4,760,000	c	Grampian Funding LLC	5.225	03/20/07		4,706,140
1,000,000	c	Grampian Funding LLC	5.200	03/27/07		987,837
3,000,000	c	Greyhawk Funding LLC	5.240	01/19/07		2,992,095
1,500,000	c	Greyhawk Funding LLC	5.300	02/22/07		1,488,517
2,300,000	c	Greyhawk Funding LLC	5.250	02/23/07		2,282,223
1,695,000	c	Harley-Davidson Funding Corp	5.210	01/12/07		1,692,302
2,200,000	c	Harley-Davidson Funding Corp	5.210	01/22/07		2,193,295
2,800,000	c	Harley-Davidson Funding Corp	5.220	03/05/07		2,774,275
2,680,000	c	Harrier Finance Funding LLC	5.260	01/11/07		2,676,088
2,065,000	c	Harrier Finance Funding LLC	5.260	02/26/07		2,048,104
1,600,000		HBOS Treasury Services plc	5.245	02/12/07		1,590,209
2,500,000		HBOS Treasury Services plc	5.235	03/01/07		2,478,551
2,500,000		HBOS Treasury Services plc	5.270	03/20/07		2,471,454
7,000,000		HSBC Finance Corp	5.220	03/16/07		6,924,890
1,500,000	c	IBM Capital, Inc	5.220	03/16/07		1,484,057
2,185,000		ING Finance	5.200	02/05/07		2,173,954
3,450,000		ING Finance	5.240	03/27/07		3,407,316
3,000,000	c	Johnson & Johnson	5.250	01/11/07		2,995,750
3,500,000	c	Johnson & Johnson	5.200	01/12/07		3,494,418
3,500,000	c	Kitty Hawk Funding Corp	5.260	02/12/07		3,478,522
1,000,000	c	Kitty Hawk Funding Corp	5.250	03/30/07		987,167
3,000,000	c	Links Finance LLC	5.255	01/16/07		2,993,503
2,000,000	c	Links Finance LLC	5.315	02/08/07		1,988,779
3,825,000		Merrill Lynch & Co, Inc	5.220	01/22/07		3,813,353
6,200,000		Morgan Stanley Dean Witter	5.240	02/13/07		6,161,121
750,000		Morgan Stanley Dean Witter	5.230	03/07/07		742,985
500,000	c	Nestle Capital Corp	5.200	01/16/07		498,917
1,300,000	c	Nestle Capital Corp	5.190	01/17/07		1,297,001
1,500,000	c	Nestle Capital Corp	5.220	02/09/07		1,491,518
1,200,000	c	Nestle Capital Corp	5.195	02/23/07		1,190,822
3,061,000		Paccar Financial Corp	5.230	01/04/07		3,059,666
1,900,000		Paccar Financial Corp	5.210	01/17/07		1,895,600
2,000,000		Paccar Financial Corp	5.230	02/15/07		1,986,925
2,600,000	c	Park Avenue Receivables Corp	5.260	01/19/07		2,593,162
4,170,000	c	Park Avenue Receivables Corp	5.280	02/21/07		4,138,808

397

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     1,000,000	c	Private Export Funding Corp	5.220	01/24/07	$	996,665
1,000,000	c	Private Export Funding Corp	5.260	01/30/07		995,763
3,000,000	c	Private Export Funding Corp	5.210	03/01/07		2,974,384
1,040,000	c	Private Export Funding Corp	5.210	03/14/07		1,029,163
1,000,000	c	Private Export Funding Corp	5.170	06/26/07		974,865
2,000,000	c	Procter & Gamble International S.C.A.	5.230	01/03/07		1,999,419
2,230,000	c	Procter & Gamble International S.C.A.	5.230	01/05/07		2,228,704
2,600,000	c	Procter & Gamble International S.C.A.	5.230	01/11/07		2,596,223
4,500,000	c	Ranger Funding Co LLC	5.260	01/24/07		4,484,878
2,000,000	c	Ranger Funding Co LLC	5.250	03/12/07		1,979,583
2,700,000		Royal Bank of Scotland plc	5.240	01/24/07		2,690,961
2,400,000	c	Scaldis Capital LLC	5.225	02/02/07		2,388,853
2,025,000	c	Scaldis Capital LLC	5.265	02/21/07		2,009,896
1,500,000	c	Scaldis Capital LLC	5.200	04/16/07		1,477,250
1,000,000	c	Scaldis Capital LLC	5.190	05/18/07		980,360
1,000,000	c	Sedna Finance, Inc	5.280	01/26/07		996,333
2,500,000	c	Sedna Finance, Inc	5.260	02/09/07		2,485,754
1,700,000	c	Sheffield Receivables Corp	5.260	01/04/07		1,699,255
5,000,000	c	Sheffield Receivables Corp	5.260	01/18/07		4,987,581
1,500,000	c	Sigma Finance, Inc	5.235	01/04/07		1,499,346
1,000,000	c	Sigma Finance, Inc	5.230	03/02/07		991,283
2,000,000		Societe Generale North America, Inc	5.250	01/08/07		1,997,951
1,000,000		Societe Generale North America, Inc	5.245	01/19/07		997,385
800,000		Societe Generale North America, Inc	5.230	02/16/07		794,654
1,881,000		Societe Generale North America, Inc	5.270	03/08/07		1,862,826
3,500,000		Swedish Export Credit Corp	5.225	01/05/07		3,497,968
3,500,000		Swedish Export Credit Corp	5.230	02/16/07		3,476,610
5,000,000		Toronto-Dominion Holdings USA, Inc	5.195	01/29/07		4,979,797
5,000,000		Toyota Motor Credit Corp	5.230	01/23/07		4,983,989
2,000,000		Toyota Motor Credit Corp	5.230	02/21/07		1,985,182
1,667,000		UBS Finance, (Delaware), Inc	5.255	01/08/07		1,665,297
2,500,000		UBS Finance, (Delaware), Inc	5.245	02/20/07		2,481,788
2,800,000		UBS Finance, (Delaware), Inc	5.250	03/08/07		2,773,050
4,820,000	c	Variable Funding Capital Corp	5.250	02/06/07		4,794,695
5,285,000	c	Yorktown Capital LLC	5.300	02/16/07		5,249,344
1,000,000	c	Yorktown Capital LLC	5.270	03/07/07		990,485
		TOTAL COMMERCIAL PAPER				294,648,791
U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES - 6.89%
3,340,000		Federal Home Loan Bank (FHLB)	5.200	01/19/07		3,331,333
4,000,000		Federal Home Loan Mortgage Corp (FHLMC)	5.175	01/02/07		3,999,427
85,000		FHLMC	5.150	02/13/07		84,477
2,105,000		FHLMC	5.135	03/06/07		2,085,877
2,570,000		Federal National Mortgage Association (FNMA)	5.180	01/03/07		2,569,270
1,620,000		FNMA	5.150	02/07/07		1,611,425
6,387,000		FNMA	5.130	02/28/07		6,334,218
5,865,000		FNMA	5.135	03/07/07		5,810,622
890,000		FNMA	5.170	03/28/07		879,008
		TOTAL U.S GOVERNMENT AND AGENCIES DISCOUNT NOTES				26,705,657
VARIABLE NOTES - 6.56% ( i )
5,000,000		International Business Machines Corp	5.363	06/28/07		5,001,104

398

TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - Money Market Fund
				MATURITY
PRINCIPAL		ISSUER	RATE	DATE		VALUE
$     4,000,000		National City Bank of Indiana	5.400	06/04/07	$	4,001,216
4,000,000		PNC Bank NA	5.295	01/02/08		3,998,997
6,405,000		Suntrust Bank	5.295	09/27/07		6,404,745
3,000,000		US Bank NA	5.320	11/30/07		3,000,124
3,000,000		US Bank NA	5.320	12/05/07		3,000,464
		TOTAL VARIABLE NOTES				25,406,650
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $388,597,980)				388,597,980
		TOTAL PORTFOLIO - 100.26%
		(Cost $388,597,980)				388,597,980
		OTHER ASSETS & LIABILITIES, NET - (0.26%)				(1,013,122	)
		NET ASSETS - 100.00%			$	387,584,858
	c	Commercial Paper issued under the Private Placement exemption under Section 4(2) of the Securities
		Act of 1933, as amended.
	i	Floating rate or variable rate securities reflects the rate at December 31, 2006.
		The cost of portfolio investments for federal income tax purposes is substantially the same
		as the amounts disclosed above.

399

TIAA-CREF Lifecycle Funds - Percentages

The following is information about the holdings of the TIAA-CREF Lifecycle Funds in
the TIAA-CREF Institutional Mutual Funds as of December 31, 2006 (Unaudited):

	Lifecycle 2010 Fund:			Lifecycle 2015 Fund:		Lifecycle 2020 Fund:
	Number of	Percent of Total	Institutional Funds	Number of	Percent of Total	Number of	Percent of Total
	Shares held in	Shares outstanding	Institutional Class	Shares held in	Shares outstanding	Shares held in	Shares outstanding
	Funds	in the Funds	Shares @ 12-31-06	Funds	in the Funds	Funds	in the Funds
TIAA-CREF Institutional Mutual Funds:
Bond Fund - Institutional Class	2,541,598	2.00%	127,012,462	1,921,342	1.51%	1,511,932	1.19%
Growth Equity Fund - Institutional Class	2,251,943	12.96%	13,373,289	2,223,307	12.80%	2,105,560	12.12%
Inflation-Linked Bond Fund - Institutional Class	2,454,310	5.84%	41,999,204	1,931,043	4.60%	1,444,259	3.44%
International Equity Fund - Institutional Class	371,519	1.02%	36,548,732	459,473	1.26%	395,947	1.08%
Large-Cap Value Fund - Institutional Class	1,046,951	11.94%	8,770,869	1,034,556	11.80%	979,023	11.16%
Real Estate Securities Fund - Institutional Class	178,817	1.16%	15,383,032	166,513	1.08%	182,415	1.19%
Small-Cap Equity Fund - Institutional Class	178,402	2.59%	6,889,989	211,528	3.07%	181,952	2.64%

	Lifecycle 2025 Fund:		Lifecycle 2030 Fund:		Lifecycle 2035 Fund:
	Number of	Percent of Total	Number of	Percent of Total	Number of	Percent of Total
	Shares held in	Shares outstanding	Shares held in	Shares outstanding	Shares held in	Shares outstanding
	Funds	in the Funds	Funds	in the Funds	Funds	in the Funds
TIAA-CREF Institutional Mutual Funds:
Bond Fund - Institutional Class	946,355	0.75%	786,397	0.62%	432,850	0.34%
Growth Equity Fund - Institutional Class	1,677,365	9.65%	1,699,038	9.78%	1,243,170	7.16%
Inflation-Linked Bond Fund - Institutional Class	949,308	2.26%	739,369	1.76%	436,698	1.04%
International Equity Fund - Institutional Class	330,465	0.90%	347,502	0.95%	236,567	0.65%
Large-Cap Value Fund - Institutional Class	779,871	8.89%	789,904	9.01%	578,424	6.59%
Real Estate Securities Fund - Institutional Class	133,460	0.87%	124,930	0.81%	105,768	0.69%
Small-Cap Equity Fund - Institutional Class	133,044	1.93%	124,543	1.81%	90,233	1.31%
	Lifecycle 2040 Fund:		All Lifecycle Funds:
	Number of	Percent of Total	Number of	Percent of Total
	Shares held in	Shares outstanding	Shares held in	Shares outstanding
	Funds	in the Funds	Funds	in the Funds
TIAA-CREF Institutional Mutual Funds:
Bond Fund - Institutional Class	431,230	0.34%	8,571,704	6.75%
Growth Equity Fund - Institutional Class	1,563,879	9.00%	12,764,262	73.47%
Inflation-Linked Bond Fund - Institutional Class	392,805	0.94%	8,347,792	19.88%
International Equity Fund - Institutional Class	280,210	0.77%	2,421,683	6.63%
Large-Cap Value Fund - Institutional Class	727,361	8.29%	5,936,090	67.68%
Real Estate Securities Fund - Institutional Class	123,916	0.81%	1,015,819	6.60%
Small-Cap Equity Fund - Institutional Class	123,232	1.79%	1,042,934	15.14%

1

TIAA-CREF LIFECYCLE FUNDS - 2010 Fund

TIAA-CREF LIFECYCLE FUNDS
2010 Fund
Statement of Investments (Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.35%
2,541,598	TIAA-CREF Institutional Bond Fund	$	25,314,318
2,251,943	TIAA-CREF Institutional Growth Equity Fund		16,822,017
2,454,310	TIAA-CREF Institutional Inflation-Linked Bond Fund		24,395,839
371,519	TIAA-CREF Institutional International Equity Fund		4,736,872
1,046,951	TIAA-CREF Institutional Large-Cap Value Fund		16,782,623
178,817	TIAA-CREF Institutional Real Estate Securities Fund		2,839,610
178,402	TIAA-CREF Institutional Small-Cap Equity Fund		2,779,504
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		93,670,783
	(Cost $92,947,803)
	TOTAL PORTFOLIO - 99.35%		93,670,783
	(Cost $92,947,803)
	OTHER ASSETS & LIABILITIES, NET - 0.65%		616,545
	NET ASSETS - 100.00%	$	94,287,328

2

TIAA-CREF LIFECYCLE FUNDS - 2015 Fund

TIAA-CREF LIFECYCLE FUNDS
2015 Fund
Statement of Investments (Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.79%
1,921,342	TIAA-CREF Institutional Bond Fund	$	19,136,570
2,223,307	TIAA-CREF Institutional Growth Equity Fund		16,608,102
1,931,043	TIAA-CREF Institutional Inflation-Linked Bond Fund		19,194,564
459,473	TIAA-CREF Institutional International Equity Fund		5,858,283
1,034,556	TIAA-CREF Institutional Large-Cap Value Fund		16,583,933
166,513	TIAA-CREF Institutional Real Estate Securities Fund		2,644,219
211,528	TIAA-CREF Institutional Small-Cap Equity Fund		3,295,600
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		83,321,271
	(Cost $82,261,653)
	TOTAL PORTFOLIO - 99.79%		83,321,271
	(Cost $82,261,653)
	OTHER ASSETS & LIABILITIES, NET - 0.21 %		174,119
	NET ASSETS - 100.00%	$	83,495,390

3

TIAA-CREF LIFECYCLE FUNDS - 2020 Fund

TIAA-CREF LIFECYCLE FUNDS
2020 Fund
Statement of Investments (Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.34%
1,511,932	TIAA-CREF Institutional Bond Fund	$	15,058,846
2,105,560	TIAA-CREF Institutional Growth Equity Fund		15,728,533
1,444,259	TIAA-CREF Institutional Inflation-Linked Bond Fund		14,355,933
395,947	TIAA-CREF Institutional International Equity Fund		5,048,328
979,023	TIAA-CREF Institutional Large-Cap Value Fund		15,693,743
182,415	TIAA-CREF Institutional Real Estate Securities Fund		2,896,745
181,952	TIAA-CREF Institutional Small-Cap Equity Fund		2,834,809
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		71,616,937
	(Cost $70,594,948)
	TOTAL PORTFOLIO - 99.34%		71,616,937
	(Cost $70,594,948)
	OTHER ASSETS & LIABILITIES, NET - 0.66%		473,989
	NET ASSETS - 100.00%	$	72,090,926

4

TIAA-CREF LIFECYCLE FUNDS - 2025 Fund

TIAA-CREF LIFECYCLE FUNDS
2025 Fund
Statement of Investments(Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.44%
946,355	TIAA-CREF Institutional Bond Fund	$	9,425,697
1,677,365	TIAA-CREF Institutional Growth Equity Fund		12,529,915
949,308	TIAA-CREF Institutional Inflation-Linked Bond Fund		9,436,125
330,465	TIAA-CREF Institutional International Equity Fund		4,213,424
779,871	TIAA-CREF Institutional Large-Cap Value Fund		12,501,333
133,460	TIAA-CREF Institutional Real Estate Securities Fund		2,119,351
133,044	TIAA-CREF Institutional Small-Cap Equity Fund		2,072,825
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		52,298,670
	(Cost $51,435,968)
	TOTAL PORTFOLIO - 99.44%		52,298,670
	(Cost $51,435,968)
	OTHER ASSETS & LIABILITIES, NET - 0.56%		292,373
	NET ASSETS - 100.00%	$	52,591,043

5

TIAA-CREF LIFECYCLE FUNDS - 2030 Fund

TIAA-CREF LIFECYCLE FUNDS
2030 Fund
Statement of Investments (Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.34%
786,397	TIAA-CREF Institutional Bond Fund	$	7,832,515
1,699,038	TIAA-CREF Institutional Growth Equity Fund		12,691,810
739,369	TIAA-CREF Institutional Inflation-Linked Bond Fund		7,349,327
347,502	TIAA-CREF Institutional International Equity Fund		4,430,646
789,904	TIAA-CREF Institutional Large-Cap Value Fund		12,662,157
124,930	TIAA-CREF Institutional Real Estate Securities Fund		1,983,889
124,543	TIAA-CREF Institutional Small-Cap Equity Fund		1,940,381
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		48,890,725
	(Cost $48,056,144)
	TOTAL PORTFOLIO - 99.34%		48,890,725
	(Cost $48,056,144)
	OTHER ASSETS & LIABILITIES, NET - 0.66%		324,110
	NET ASSETS - 100.00%	$	49,214,835

6

TIAA-CREF LIFECYCLE FUNDS - 2035 Fund

TIAA-CREF LIFECYCLE FUNDS
2035 Fund
Statement of Investments (Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 98.93%
432,850	TIAA-CREF Institutional Bond Fund	$	4,311,191
1,243,170	TIAA-CREF Institutional Growth Equity Fund		9,286,479
436,698	TIAA-CREF Institutional Inflation-Linked Bond Fund		4,340,779
236,567	TIAA-CREF Institutional International Equity Fund		3,016,229
578,424	TIAA-CREF Institutional Large-Cap Value Fund		9,272,130
105,768	TIAA-CREF Institutional Real Estate Securities Fund		1,679,597
90,233	TIAA-CREF Institutional Small-Cap Equity Fund		1,405,826
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		33,312,231
	(Cost $32,698,759)
	TOTAL PORTFOLIO - 98.93%		33,312,231
	(Cost $32,698,759)
	OTHER ASSETS & LIABILITIES, NET - 1.07%		360,250
	NET ASSETS - 100.00%	$	33,672,481

7

TIAA-CREF LIFECYCLE FUNDS - 2040 Fund

TIAA-CREF LIFECYCLE FUNDS
2040 Fund
Statement of Investments (Unaudited)
December 31, 2006

SHARES	ISSUER		VALUE
	TIAA-CREF INSTITUTIONAL MUTUAL FUNDS - INSTITUTIONAL CLASS - 99.00%
431,230	TIAA-CREF Institutional Bond Fund	$	4,295,055
1,563,879	TIAA-CREF Institutional Growth Equity Fund		11,682,178
392,805	TIAA-CREF Institutional Inflation-Linked Bond Fund		3,904,480
280,210	TIAA-CREF Institutional International Equity Fund		3,572,680
727,361	TIAA-CREF Institutional Large-Cap Value Fund		11,659,590
123,916	TIAA-CREF Institutional Real Estate Securities Fund		1,967,779
123,232	TIAA-CREF Institutional Small-Cap Equity Fund		1,919,947
	TOTAL TIAA-CREF INSTITUTIONAL MUTUAL FUNDS		39,001,709
	(Cost $38,423,130)
	TOTAL PORTFOLIO - 99.00%		39,001,709
	(Cost $38,423,130)
	OTHER ASSETS & LIABILITIES, NET - 1.00%		395,679
	NET ASSETS - 100.00%	$	39,397,388

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 quarterly 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, 2007	By:	/s/ Scott C. Evans
		Scott C. Evans
		President
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Date:     February 28, 2007	By:	/s/ Scott C. Evans
		Scott C. Evans
		President
		(principal executive officer)
Date:     February 28, 2007	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Treasurer
		(principal financial officer and
		principal accounting officer)

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)